Charity number: 211200 Slsters of Charity of St Paul The Apostle Trustees, Report and Financial Statements For the year ended 31 December 2023
Sist8rs of Charity of St Paul The Apostle Contents Page Reference and administrative details of the Charity. its Trustees and advisers Trustees, report Independent auditor's report on the financial statements 10-13 Consolldated statement of financial activities 14 Consolidated balance sheet 15 Charity balance sheet 16 Consolidated statement of cash flows 17 Notes to the financial statements 18-41
Sisters of Charity of St Paul The Apostle Reference and Administrative Details of the Charity, its Trustees and Advisers For the year ended 31 December 2023 Trustees Sister T Murphy, Councillor & Bursar Sister A Sullivan. Congregational Leader Sister E Browne, Councillor Sister C Bordea, Councillor Sister M Hayes. Councillor Sister M Lynch, Councillor Charity registered numbers 211200 and SC038528 Registered office St. Pauls Convent 94 Selly Park Road Selly Park Birmingham B29 7LL Independent auditors Dains Audit Limited 15 Colmore Row Birmingham B3 2BH Bankers Lloyds Bank PIC 134 New Street Birmingham B2 4NP Solicitors Anthony Collins LLP 134 Edrnund Street Birmingham B3 2ES Investment Managers Evelyn Partners 103 Colmore Row Birmingham B3 3AG Page 1
Sisters of Charlty of St Paul The Apostle Trustees. Report Forthe year ended 31 December 2023 The Trustees present their annual report together with the audited financial statements of the Charity for the period 1 January 2023 to 31 December 2023. Introduction The Sisters of Charity of St Paul the Apostle is an unineorpomted charity registered with the Charity Commission of England and Wale5 under Registration Number 211200. The Charity is also registered with the Office of the Scottish Charity Regulator under Regi51ralion Number SC038528 and with the Charities Regulatory Authority in the Republic of Ireland under Registration Number 20011598. The Sister5 of Charity of Sl Paul the Apostle is a Religious Congregation founded in 1847 and there are currently 90 members. 11 is governed and managed by the Congregational Leader together with an eleeled Council of five Sisters referred to as the Leadership Team. These are the Trustees of the Charity listed on page 1. Objectives and activltles 8. Poli¢ie$ and objectlves The Charity's Trust Deed slates the Trust's principal objectives lo be the support or advancement by lawful charitable means of any charitable work for the time being carried on by the Congregation and if al any time the Congregation ceases lo exist or ceases to carry on charitable work then for the aclvancemenl of the Roman Catholic Religion by such lawful Charitable means as the Trustees or a majority of the Trustees think fit. The Trustees hold meetings on a regLJlar basis to conduct the operations of the Charity and implement ils investment and other policies. In presenting this Report and Financial Slalement for the year ended 31 December 2023 the Trustees have had regard to public benefit guidance published by the Charity Commission. b. Activities undertaken to achieve objectives In fulfilmenl of the objectives of the Trust it is the policy of the Charity lo serve the public benefit by undertaking a variety of charitable aclivilies. Members are involved in Education al various levels. Health Care. Care of the Elderly, including elderly and sick members, various forms of Soci21 and Pastoral work, Initial Formation and Training of members. There have been no material changes in policy during the last year. 11 is the policy of the Charity lo serve the public benefit by.. EDUCATION Mernbers of the Congregation leach in Pre-schools, Primary Schools and Secondary Schools are involved in Diocesan Adult Education and Formation Programmes, Literacy and Numeracy programmes for adult immigrants and children with special needs. They also work as counsellors, school governors and voluntary helpers. Within the field of education, the pastoral care, security and safety of pupils are regarded as a priority. The Charity operates the following school5". England Sl Paul's Roman Catholic School for Girls, Birmingham 11.000+ sludentsl. This is a Voluntsry Aided, non- selective Comprehensive School. Page 2
Sisters of Charity of St Paul The Apostle Trustees, Report Icontinuedl For the year ended 31 December 2023 Objectives and activities Icontinuedl In order to secure the Mission and well*stablished ethos of St Paul's and, following an extensive and lengthy process of collaboration with appropriate legal advice, the Trustees transferred the responsibilities for the legal Irusleeship of this school lo the newly established Gaudete Schools. Trust. This Trust was set up In collaboration with four other Registered Charities. (Religious Orders) as a Charitable Incorporated Organisation on 24th February 2023, and as a Public Juridic Person IPJPI by the Roman Catholic Bishops Conference of England and Wales on 1st November 2022. The estsblishmenl and operation of the GaLJdele Trust is funded from a Trust Fund set up by the five Member Religious Orders. St. Paul's School for GIHS will continue to be administered by a Board of Governors, with the foundation governors appointed by the G8udele Trustees. The freehold land and buildings remain in the ownership of the Sisters of Charity of Sl Paul, the Apostte. Ireland The Congregation owns the freehold land and buildings of St Paul's Senior Primary School, Greenhills, Dublin 1300+ studenlsl, now called Holy Spirit Primary School which is under the patronage of the Archdiocese of Dublin and funded by the Department of Education and Skills. The Congregation owns the freehold land and buildings of these schools.. Scoil POI (St Paul's) Secondary School, Kilfinane1600+ sludenlsl st. Paul's Secondary School. Greenhills. Dublin 121500+ students) The Trusteeship was Iransterred to Le Chéile, a Catholic Schools Trust, on 1st September 2009 with a licence, which expires on 31 August 2029, to Use the properties lo operate the schools. A Trustee and Chairpersons of the Board of Management of each of these schools attend regular meetings of the Le Chéile Trust. South Afrita Selly Park Primary School. Ruslenburg1500 students approximalelyl Selly Park Secondary School, Ruslenburg1300+ students) The Iwo schools owned by the Congregation, Selly Park Primary School, Ruslenburg and Selly Park Secondary School. Ru5tenburg have been under the euslodianship of the Catholic Schools, Trust Gauleng since January 2014, with the plan lo eventually donatè the Schools and thus transfer Ownership of those properties lo the Catholic Schools, Trust. This process is currently under way. A Deed of Donation was signed by both parties in December 2023. Application for approval from Ecclesiastical authorities for the donation to tske place was made in December 2023. On receipt of Vatican approval, the process of transfer will take place. The ethos. charism and traditions of the schools are evident. The properties are in excellent condib'on, the schools are financially viable and are well-Sourced. Goveinance and Management are dedicated and committed lo providing a sound. falth-filled education into the future. This will mark the end of the Congregation's mission in South Africa after 70 years, leaving a legacy of service to Catholic Education whi¢h is greatly appreciated. Page 3
Sisters of Charlty ol St Paul The Apostle Trustees. Report lcontinuedl For the year ended 31 December 2023 Objectlves and activlties Icontinued} Romania The Congregation currently finances three Pre-schools, one Primary School and one Secondary School.. campulung-muscel (One Building) Pre-school, Primary School (morning sessionl and Secondary School (afternoon session) 500+ student5. Pre-school 100+ Children Pre-school 80+ Children Onesli Tomesli The Vladimir Ghika Day Centre was officially opened in November 2017. It caters for 30+ children wlh autism and severe learning difficulties. The Charity has established sound financial structures for these schools and the accounts are submitted for annual audit. Members of the Congregation's Trustees visit these schools at least once a year if possible and meet with School Managers lo ensure that the ethos of the school is in accordance with the mission of the Congregation, th81 the properties are well maintained and that the financès are administed efficiently. Feedback from the visit is given al full Trustee Meetings. The Sisters of Charity of St. Paul the Apostle Romanian Association, encompassing the properties of Campulung, Onesti and Tomesli was established in 2010. HEALTH CARE Care of the Elderly The Congregation operates the following Care Facilities.. En land Re9iStered Care Home with Nursing st Paul's Nursing Home. Selly Park. Birmingham124 beds). The Trustees have engaged The Saint John of God Hospitaller Services to manage this Care Home and hold quarterly review meeting5 Wlth them. Mother House In the Mother House a team of Care Prolessionals is in place to support frail and elderly members lo maintain the activities of daily living for as long as possible. This Care Provision also operates in branch houses as appropriate. Scotland The Charity, which includes the results of St Anne's Registered Care Home. Musselburgh, Scolland137 bedsl, is also listed on the Scottish Charity Register". SC038528. In this Care Home the Manager and staff provide quality care in compliants with the standards sel by the Scottish Care Commission. Board of Management meetings are held regularly al which the Manager presents a comprehensive report lo the Trustees. Romania In Tomesti. one member works in a Centre for mentally and physically disabled adults. Page 4
Sisters of Charity of St Paul The Apostle Trustees, Report Icontlnued} For th8 year ended 31 December 2023 Objectives and aetivities Icontinugdl SOCIAL AND PASTORAL CARE The Congregation operates a Day Conference Centre which facilitates education and religiouslvoluntary groups. Some members contribute to retreat and pastoral programmes in other centres as requested. Members work in the fields of psychotherapy and counselling, social work and parish pastoral ministries. hospital and prison chaplaincy. a welfare centre, an inter-church project for refugees and asylum seekers, a day centre for the homeless and alcoholldrugs dependency units. There Is an increasing inter-faith dimension lo all of these ministries. Membets work in pastoral and parish ministries in each country where the Congregation has a mission. Membets also visit the sick and needy in their own homes. FORMATION AND TRAINING OF MEMBERS AND TRUSTEES The formation and education of new members are regarded as very important. For this purpose, designated houses and personnel are in place in Romania and England. Programmes of on-going training and formation are also provided for all members on a regular ba515 either by personnel within the Congregation or by other agencies. Members are encouraged lo avail of opportunities to develop their own spiritual, theologieal and professional formation. There is a policy of induction and on-going training for Trustees. SAFEGUARDING Trustees of the Charity". Take appropriate steps to ensure incidents of abLJse cannot and do not lake place. Have adequate and proper Safeguarding policies and Systems in place in accordance with.. Catholic Safeguarding Advisory Service ICSASI, England. Religious Life Safeguarding Setvice IRLSSI, England The National Board for Safeguarding Children in the Catholic Church, Ireland. The Scottish Catholic Safeguarding Service. liiil Ensure they deal with allegalionslconcerns of abuse seriously and responsibly and in the interests of the Charity. livl Ensure that members of the Congregation are regularly updated on Safeguarding matters. Achievements and pèrfomiance Main achievements of the Charlty During the last e1ve months the Charity has remained faithful lo ils objectives, by serving the public benefit in the field of Education, Health Care, Care of the Elderly, Social and Pastoral Care, Formation and Training of Members with a particular emphasis on Safeguarding. This year, the Charity has responded posib'vely lo the National Refugee crisis, by providing Sisters to help with teaching English. We have also provided food an(S clothing lo those in need. During the year, members of the Congregation have been directly involved in helping refugees from Ukraine cope better with their current situation caused by the war in their country. The Charity has also responded positively by providing a Convent in Coventry for Ukrainian families. The Trustees have undergone a series of Trustee Training Mocjules, lo enable them lo fulfil their duties in accordance with the Charity Commission guidelines. A GDPR Policy and a Retention of Documents Policy have been drawn up. GDPR remains an agenda item on the agenda for all Trustee Meetings. Page 5
Sisters of Charity of St Paul The Apostle Trustees, Report Icontinuedl For the year ended 31 December 2023 Financial review . Going concern The Trustees have undertaken a detailed assessment of cashflows for the period lo January 2028 considering likely income scenarios, cost reductions and government support. After considering the level of reserves Icurrenl and projecledl, the diversity of income streams and the steps taken lo miligale including cost reductions. the Trustees assess that the charity will continue lo provide its public benefit during the next 12 months and beyond. They therefore consider that il is appropriate for the financial slalements to be prepared on a going concern basis. b. Investments The investments held by the Congregation were acquired in accordance wth powers available to the Trustees. The Trustees are mindful of the need lo have an ethical approach lo investment. The Trustees seek to ensure that they invest only in companies that are supportive and not in conflict with the work of the Charity. The Trustees do not invest in companies involved in the manufacture and sale of armaments nor any involved in illicit or illegal drugs or pharmaceuticals. similarly. they avoid companies that exploit the environment. Together with the Investment Managers the Trustees decided to divest investment in fossil fuels. The investment managers report lo the Trustees in detail each quarter on the performance of the inveslmenls. Comparisons with a number of recognised performance indices enable the Trustees to consider the return on investments to be salisfaclory. . Insurance Cover Trustees ensure that there 15 adequate cover in place for all the activities of the Charity. d. Rlsk Management The Trustees have considered the major risks to which the Charity is exposed. in particular those related lo the operations and finances of the Charity, and believe that there are adequate systems in place lo miligale exposure to the major risks. Members working in Romania and South Africa are allowed sufficient funds lo ensure their personal safety and to care for their health. They also meet the health and safety requirements of the area in which they work. The Trustees Risk Assessment document was updated in February 2024. Page 6
Sisters of CharSty of St Paul The Apostle Trustees. Report {continuedl Forthe year ended 31 December 2023 e. Rèserrfes Policy Unrestricted funds General unreslricled funds it is the policy of the Trustees. having regard to the specific designated funds referred to below, lo maintain the total of the General unrestricted funds, which are the free reserves of the charity and the mission and donation fund, at a level which in lolal would not exceed 6 months expenditure. Such funds may be held in order lo finance both the working capital and capital Investment in furtherance of the objectives of the eharity. Free reserves at 31 December 2023 as defined above are £1,567,460 12022 £1,421,596) together with the Mission and Donation fund of £1,500,000 12022 £1,500,000) al that date. in aggregate represent not more than 6 months projected expenditure. Designal8d funds this represents amounts that have been put aside out of unreslricled funds at the discretion of the Trustees for particular projects. The designated funds al 31 December 2023 were £19,724,099 12022 £24.751,8981. The designation is for adminislralive purposes only and does not legally restri¢l the Trustees discretion lo apply the fund. The designated funds are". Retirement and Medical fund The Trustees have designated funds to provide for their commitment lo make due provision for the retirement and care in old age and sickness of the Congregation's members. Mission and Donation fund Funds are designated for ongoing mission work. Fixed Assets In order to fulfil ils charitable objectives the Congregation needs a large number of properties. Any propety surplus to requirements 1s sold. bul the remainder although unrestricted cannot be re8lised without undermining the Congregation's work. The Trustees hold a propety review meeting every six months lo ensure that properties continue lo fulfil the needs of the Congregational Mission. The contents of the properties and motor vehicles are similarly used in the work of the Congregation. A proportion of the fixed assets is represented by the Endowment fund. The Tru51ees consider that the value of all the fixed assets should be reflected by endowment or designated funds and accordingly, have crealecl a designated fund for this purpose Investments Included in the value of investments is an unreali5e(S surplus and this figure will vary year on year as Stock market values fiucluate. The Trustees believe that il is inappropriate to consider that the unrealised surplus is available for the ongoing work of the Charity and aeeordingly, the unrealised surplus has been sel up as a designated fund. Restricted funds Reslrieled funds of £25,960 12022 - £20.4081 represent donations that are allocated by the donor for specific purposes. Endowment fund Endowment funds of £8,620,278 12022 £7,178,119) represent those assets that must be held permanently by the Charity, comprising the land and buildings occupied by the Mother House. Depreciation on the properties is charged against the fund. Page 7
Sisters of Charity of St Paul The Apostle Trustees. Report Icontlnuedl Forthe year ended 31 December 2023 f. Results The net movement in funds foT the year of £13,434,224112022 - £12,593.53811 is in line with expeclalions. With an ageing community. income is increasingly reflected in pen510ns earned for past services and investment income rather than salaries. This also results in greater reliance on paid lay employees and the importance of managing properties lo reflect their best use for the on-going charitable work. Structure, governance and management a. Constitution The Charty is governed by a Trust Deed dated 27 May 1957 and a Charity Commission Scheme of 17 November 1967. The Charity is consliluled as an Unincorporated Association. The Trustees were appointed at the General Chapter meeting in July 2016 and look up office on 1 October 2016. Trustees are appointed for a six year term, and in accordance with the Constitution, can only serve for a maximum of 0 full consecutive terms in office. Elections are held every six years. b. Fundraising Section 162a of the Charities Act 2011 requires charities lo make a statement regarding fundraising activities. Although we do not undertake widespread fundraising from the general public. the legislation defines fund raising as "soliciting or otherwise procuring money or other propety for charitable purposes.. Such amounts receivable are presented in our accounts as "income from donations and legacies" and include grants. The Trustees are aware of the Charity Governance Code. This 15 8 voluntary code which the Trustees have not yet signed up to. Future plans The Dupuis Retreat and Conference Centre, named after our Foundress Genevieve Dupuis, was completed and received ils first residents in September 2023. The Dupuis Centre offers 10 single en-suite rooms, a chapel, 2 meeting rooms and a dining room. 1115 available for those wishing lo spend a quiet day, or longer, on retreat. Organised retreats are also being added lo the calendar. In addition, il is being used by ehurch and school groups for meetings and training purposes. The Conference Centre is a day-only facility which can cater for up to 80 depending on the sealing arrangements. This is available for meetings and training as well a5 day retreats and is being used by church and school groups. Engagement with others The Trustees have regard lo the need lo foster the business relationships they have built up which support the charity and give consideration in this regard when making principal decisions that could affect the businesses concerned. Particular consideration is given lo the contractual obligations we maintain with Saint of God Hospitsller Services and the Elior Group. Page 8
Sisters of Charlty of St Paul The Apostle Trustees. Report {continuedl Forthe year ended 31 December 2023 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in a¢¢ordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally A¢¢epted Accounting Praclicel. The law applicable lo charities in England & Wales and Scotland requires the Trustees to prepare financial statements for each financial which give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resource5, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements". prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scollandl Act 2005. the Charities Accounts (Scollandl Regulations 2006 las amended) and the provisions of the Trust deed. They are a150 responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to audito Each of the persons who are Trustees al the lime when this Trustees. report is approved has confimed that". so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charrftable group's auditors are aware of that information. Auditors The designated trustees will propose a mobon reappointing Dains Audit Limited at a meetin9 of the trustees. Approved by order of the members of the board of Trustees and signed on their behalf by.. Sister A Sullivan Trustee Dale. 23 May 2024 Page 9
Sisters of Charity of St Paul The Apostle Independent Auditors. Report to the Members of Sisters of Charity of St Paul The Apostle Opinion We have audited the financial statements of Sisters of Charity of Sl Paul The Apostle {Ihe 'parent charty'l and its subsidiaries (the 'group'l for the year ended 31 December 2023 which comprise the Consolidated statement of financial aclivilies, the Consolidated balance sheet, the Charity balance sheet, the Consolidated 5tstement of cash flows and the related notes, including a surnmary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel. The financial statements have been prepared in aceordance with Accounting and Reporting by Charities preparing their accounts in aceordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referrecl to in the extsnl regulations bul ha5 been withdrawn. This has been done in order for the accounts to provide a true and fair view in aceordance with the Generally Accepted Accounb'ng Practice effective for reportin9 periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the stste of the Group's and of the parent charity's affairs as al 31 Decembèr 2023 and of the Group's incoming resources and application of resources. including sts income and expenditure for the year then ended., have been properly prepared in accordan¢e with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment Iscotlandl Act 2005 and regulation5 6 and 8 of the Charities Accounts (Scotlandl Regulations 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditors. responsibilities lor the audit of the financial slalement5 section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled OUT Other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concgrn In auditing the financial slatemenls. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin9 to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitys ability to continue as a going concern for a period of al least e1ve months from when the financial slalemenls are authorised for issue. Our responsibilits'es and the responsibilities of the Trustees with respect lo going con¢ern are described in the relevant sections of thi5 report. Page 10
Sisters of Charity of St Paul The Apostle Independent Auditors. Report to the Members of Sisters of Charity of St Paul The Apostle (continued) Other information The other information comprises the inforrnation included in the Annual report other than the financial slalemenls and our Auditors. report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial Statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other Information and, in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required lo determine whether this gives rise lo a material misslalemenl in the financial ststemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalement of this other infomialion, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are requlred to report by exception We have nothing lo report in respect of the following matters where the Charits'es (Accounts and Reportsl Regulations 2008 and the Charities Accounts Iscollandl Regulations 2006 las amended) requires us lo report to you if, in our opinion.. the information given In the Trustees, report is inconsistent in any material respect with the financial statements., or the parent Charity has not kept sufficient and proper accounting records., or the parent Charity financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the Group's and the parent charity's ability lo continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative bul to do so. Page11
Slsters of Charity of St Paul The Apostle Independent Auditors, Report to the Members of Sisters of Charity of St Paul The Apostle (continued) Auditors. responsibilities for the audit of the financlal statements We have been appointed a5 auditor under section 151 of the Charitte5 A¢t 2011 and section 44{1llcl of the Charities and Trustee Investment (Scollandl Act 2005 and report in a¢eordanee with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement. whether due to fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit condLJCted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misslalements can arise from fraud or error and aTe considered material If, individually or in the aggregate, they could reasonably expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detèct material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling IrrularItie$, including fraud is etailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the senior statutory auditor ensured that the engagement team collectively had the appropriate competenee, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations". we identified the laws and regulations applicable lo the Charity through discussions with d1Clor5 and other management, and from our commercial knowledge and experience of the charity sector," we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity. Including the financial reporting legislation, Charities Act 2011, laxalion legislation, anti-bribery, employment, and environmental and health and safety legislation," we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence,. and identified laws and regulations were eommunicated within the audit team regularty and the team remained alert lo instsnces of non-complianee throughout the audit. We assessed the susceptibility of the Charity's financial slalemenls to material misslalement, including obtaining an understanding of how fraud might oceur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., considering the internal contro15 in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias anrj override of controls, we.. performed analytical procedures lo identify any unusual or unexpected relationships". tested journal entries lo identify unusual Iransaclions., assessed whether judgements and assumptions made in determining the accounting eslimales Set out in Note 3 were indicative of potenti81 bias., investigated the rationale behind significant or unusual transactions. Page 12
Sisters of Charity of St Paul The Apostle Independent Auditors, Report to the Members of Sisters of Charity of St Paul The Apostle Icontinuedl In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo.. agreeing financial statement disclosures lo underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential litigation and claims., reviewing correspondence with HMRC, relevant regulators and the Charity's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading lo a material mi5slalemenl in the financial slalemenls or non-compliance with regulation. This risk In¢reases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepre5entalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditors, report. Usg of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008 and iegulalion 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to slate lo them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees. as a body. for our audit work. for this report, or for the opinion5 we have formed. 7.7 // /] Dalns Audit Limited Statutory Auditor Chartered Accountants Birmingham Dale. 23 May 2024 Page 13
Sisters of Charlty of St Paul The Apostle Consolidated Statement of financial attivitles For the year ended 31 Decomber 2023 Unrestri¢tgd funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income and endowments from: Donab"ons and legacies Charitable a¢b'vities Investments Other income 2,459,794 4,696,157 542.178 964.096 18.869 2,478,663 4,696.157 542.178 964.096 2,294,402 4,831,136 570,765 93,613 Total income and endowments 8,662,225 18,869 8.681,094 7,789,916 Expenditure on: Raising funds Charitable activities Other expenditure 56,040 9.975,813 1.868.672 56,040 10,124,106 1,868.672 50,078 9,205,727 13.317 134,976 12 Total expenditure 11,900.525 13,317 134,976 12,048,818 9.255,805 Net expenditure before investments Net gainslllossesl on investments 13,238,300) 5.552 1134,9761 {3.367,7241 11,465,889) 200,417 200,417 11,243,417) Net expenditure Transfers between funds Net movement in funds before other Ilossesllgains {3.037,8831 5,552 1134.9761 13,167,307} 12,709,306) 19 11.577.135} 1,577.135 14,615.018) 5,552 1.442.159 3,167.3071 12,709,3061 Othèr {lossesllgain$ Foreign exchange Ilossesllgains Net movement in funds 1266,9171 1266.9171 115,768 14,881,935) 5,552 1.442,159 {3,434,224} 12,593,538) Reconciliatlon of funds.. Total funds brought forward Net movement in funds 19 26,173.494 14,881,935) 20,408 5,552 7.178,119 1,442,159 33,372.021 13,434.2241 35.965.559 12,593,538) Total funds carried forward 19 21,291,559 25.960 8,620,278 29,937,797 33,372,021 The notes on page5 18 10 41 form part of these financial slalements. Page 14
Sisters of Charity of St Paul The Apostle Consolidated Balance Sheet As at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Investments 15 16 17,605.666 10,738,711 16,534,586 12,736,634 28,344.377 29,271,220 Current assets Debtors Cash at bank and in hand 303,144 1,626,387 236,S30 4,388,422 22 1,929.531 4,625,052 Creditors.. amounts falling due within one year 18 1336,1111 1524,2511 Net Current assets 1,593,420 4,100.801 Net assets 29,937.797 33,372,021 Endowment funds Reslricled funds Unrestricted funds 19 8.620.278 25.960 21,291.559 7,178,119 20,408 26,173,494 19 19 Total funds 29,937,797 33,372,021 The financial ststements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Sister A Sullivan Trustee Dale.. 23 May 2024 The notes on pages 18 to 41 form part of these financial statements. Page 15
Slsters of Charity of St Paul The Apostle Charlty Balance Sheet As at 31 December 2023 2023 2022 Note Fixed assets Tangible assets Investrnents 15 17,605,666 10,738,711 16,534,586 12.069,069 16 28.344,377 28.603.655 Current assets Debtors due within 1 year Cash al bank and in hand 17 655,510 766.694 92,890 2,129,226 1.422.204 2,222,116 Creditors.. amounts falling due wrthin one year 18 {330.7801 1210,5581 Net current assets 1,091,424 2,011,558 Net assets 29,435,801 30,615,213 Charity funds Endowment funds ReStrted funds Unrestricted funds 8.620.278 25.960 20.789,563 7,178,119 20,408 23,416,686 Total funds 29,435,801 30,61 S,213 The Charity's nel movement in funds for the year was £11,179,412112022 - £13,090,33911. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by". Sister A Sullivan Tru51ee Date. 23 May 2024 The notes on pages 18 to 41 form part of these financial ststemenls. Page 16
Sisters of Charity of St Paul The Apostle Consolidated Statement of Cash Flows Forthe yearended 31 December 2023 2023 2022 Note Cash flows from operating activities Net cash used in operating activities 22 12,364,546) 11,628,149) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Disposal of subsidiary 542,178 922,141 11,926,659) 2.657,853 1.373.217) 11,339,413) 570,765 2.412 1531.7191 2,014,149 1979.0541 Net cash {used inllprovided by investing activities 1517,1171 1,076,S53 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year Change in cash and cash equivalents due to exchange rate movements 12.881,663} 4.862,509 1126,5111 1551,596) 5,298,337 115,768 Cash and eash equivalents at the end of the year 23 1,854,335 4,862,509 The notes on pages 18 to 41 form part of these financial slalemenls Page 17
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements Forthe year ended 31 December 2023 General infomiation Sisters of Charity of St Paul the Apostle is an unincorporated Chaiity registered in England. Wales and Scotland. The registered Offi address and registered numbers are given on page 1. The principal activities and objectives of the Charity are sel out in the Trustees, Report beginning on page 2. Accounting policies 2.1 Basis of preparation of flnancial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts (Scollandl Regulation5 2006 las amended). The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charib"es'. Slalement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Sisters of Charity of Sl Paul The Apostle meets the definition of a public benefit entity under FRS 102. Assets and Iiabililies are initially recogni5ed al historical cost or transaction value unless othenNise stsled in the relevant accounting policy. The Consolidated statement of financial aclivilie5 ISOFAI and Consolidated balence sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The Tesulls of the subsidiary are consolidated on a line by line basis. Page 18
Sisters of Charlty of St Paul The Apostle Notes to the Financial Statements Forthe year ended 31 December 2023 Accounting policles {continuedl 2.2 Income All income is recognised once the Charity has enlillement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of enlillement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactorl and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed lo the Charity, can be reliably measured. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where ineome is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is a¢¢rued. Gifts In kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Income tax e0verable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Income tax recoverable in relation lo investment income is recognised at the lime the investment income is Teceivable. Other income is recognised in the period in which it is receivable and lo the extent the goods have been provided or on completion of the service. 2.3 Expenditure Expenditure is accounted for on an a¢¢ruals basis and has been classified using the following method. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for tts charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activib.es is ineurred on directly undertaking the activities which further the Group's objectives, as well as any assoeialed support costs. Expenditure in each of the houses have been divided on the type of activities carried out by each house. The division is on a percentage basis. The bases of the allocation of percentage is reviewed each year. The percentage allocated lo each of the charitable activities for eaeh of the houses has been decided by the Trustees. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment. but ntst aecrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 19
Sisters of Charlty of St Paul The Apostle Notes to the Financlal Statements Forthe year ended 31 December 2023 Accounting policies (continued) 2A Government grants Government grants are credited lo the Consolidated statement of financial ath'vities as the related expenditure is incurred. 2.5 Interest recelvable Interest on funds held on deposit is included when ceivable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the Institution with whom the funds are deposited. 2.6 Forelgn currgncies Monetary assets and liabilities are translated into sterling at the rates of exchange rulin9 at the balance sheet date_ Differences on exchange are credited or charged to the Statement of financial activities in the period in which they arise. 2.7 Tangible fixed assets and depreclation Tangible fixed assets are initially recognised at cost. After reeognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried al a revalued amount. being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulateol impairment losses. The freehold land and buildings occupied by the Mother House, namely St Paul's Convent, have been included in the financial statements al their fair value based on the results of a professional valuation carried out in December 2020, with depreciation being charged Since this date and subsequent improvements included at cost. The other property held by the Charity, namely the branch houses. are held at historical cost, the cost being deemed as the value of the properties on transition to FRS102 following a professional valuation in 2005. The value of land 15 estimated by the Trustees and 15 not depreciated because it has an indefinitely long useful life. Furniture. fixtures and fittings have been included in the financial statements al the Trustees, valuation al 31 December 1996, with subsequent acquisitions with an individual cost in excess of £5.000 included at cost. Revaluations are made with sufficient regularty lo ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting dale. Fair values are determined from market-based evidence by appraisal that is nomially undertaken by professionally qualified valuers. If there is no markel-based evidence of fair value because of the 5pecialised nature of the tangible fixed asset and il is rarely sold, exeepl as part of a contributing business, a Charity may need to estimate fair value using an ineome or depreciated replacement cost approach. Al each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists. the recoverable amount of the asset is determined to be the higher of ils fair value less costs lo sell and its value in use. An Impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 20
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 310ecember 2023 Accounting policies Icontinuedl 2.7 Tangible fixed assets and depreciation Icontinuedl Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following ba51S'. Land Buildings Motor vehicle5 Fixtures and fittings no depfecialion 20/0 straight line method 20'k straight line method 10 /0 straight line method Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities. 2.8 Investments Investments in subsidiaries are valued al cost less provision for impairment. Other fixed as5el inveslmenls, which mainly comprise investments quoted on recognised stock exchanges, are staled at middle market value al the year end. Realised and unrealised gains and losses are shown netted off in the appropriate section of the Consolidated statement of f1nancial activities. 2.9 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recogni5ed when there is an obligation at the Balanee sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recogni5ed in the Consolidated ststemenl of financial activities as a finance cost. Page 21
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements Forthe year ended 31 December 2023 Accounting pollcies Icontinuedl 2.12 Financlal instruments The Charity only has financial assets and liabilities of a kind that qualify as basie financial instruments. Basic financial Instruments are initially recognised at transaction value and subsequently measured al their settlement value. 2.13 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 2.14 Fund accounting The charity maintains various types of funds as follows.. Unrestricted funds Designated funds which represent amounts Set aside out of unreslricled funds al the discretion of the Trustees for particular projects. The designation is for adminislralive purposes only and does not legally restrict the Trustees discretion to apply the fund. General unrestricted funds represent unrestricted income that is expendable at the discretion of the Trustees in the furtherance of the objeets of the charity. Such ftjnds may be held in order to fi'nance both working capital and capital investment. Restricted funds Restricted funds represent grants, donations and legacies received which are allocated by the donor for specific purposes. Endowment fund Representing those assets that must be held permanently by the Charity, comprising the Land & Buildings occupied by the Mother House. Depreciation on the properties is charged against the fund. Investment income, gains and losses are allocated lo the appropriate fund. Page 22
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 Judgements in applying accounting policles and key sources of estimation uncertainty In preparing these financial statements, the Trustees are required to make judgements, eslimales and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates and underlying assumptions are Continually reviewed. Key sources of estsmation uncertainly. Tangible fixed assets are depreciated over their useful lives taking into account residual values where appiopriate. The actual lives of these assets are assessed annually and may vary depending on a number of factors. In assessing asset lives, factors such as life cyele and maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining life of the asset and project disposal values. At each reporting date. trade debtors are assessed for recoverability. If there is any evidence of impairment, the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the income statement. The valuation of fixed asset investments 15 eslirnaled by the Charity's inveslrnenl manager with reference to readily available mafket prices of quoted shares, traded bonds and similar investments. The valuation of land and buildings 15 eslimaled by experienced professional valuers commissioned by the Trustees Income from donatlons and legacies Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Emoluments and pènsions Salaries Occupational and stale pensions Supplementary benefits 243.323 1,869,432 36,264 243,323 1,869,432 36.284 Subtotal 2.149.019 2.149,019 Other donations and gifts 310,775 18,869 329,644 Total 2023 2,459,794 18,869 2,478.663 Page 23
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements Forthe year ended 31 December 2023 Income from donations and legacles Icontinuedl Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Emoluments and pensions Salaries Occupational and slate pensions Supplementary benefits 233,627 1,744,924 133.768 233,627 1,744,924 133,768 Subtotal 2,112,319 2,112,319 Legacies other donations and gifts 4,262 129,352 4,262 177,821 48,469 Total 2022 2,245,933 48,469 2,294,402 Income from charitable actlvlties Unrestricted funds 2023 Total funds 2023 Total funds 2022 Education school fees Healthcare - guest fees Grants received 2.890,484 1.800,931 4,742 2.890.484 1,800.931 4,742 3.048,417 1,704,979 77,740 4,696.157 4.696,157 4,831,136 All income from charitsble activities in 2022 was attributable lo unreslricled funds. Page 24
Slsters of Charity of St Paul The Apostle Notes to the Financial Statement8 For the year ended 31 December 2023 Investment income Unrestricted fund5 2023 Total funds 2023 Total funds 2022 Dividends and interest from investments Rent received 536,973 5,205 536.973 5,205 568,291 2.474 542,178 542.178 570,765 All income from investments in 2022 was allributable to unrestricted funds. Other Incoming resources Unrestricted funds 2023 Total funds 2023 Total funds 2022 Gain on sales of propety. land and other assets Sale of goods & earned income Sundry income 729,160 117.806 117,130 729.160 117.806 117,130 5.554 86,091 1,968 964,096 964.096 93.613 All other incoming resources in 2022 were attributable lo unrestricted funds. Page 25
Sisters of Charity of St Paul The Apostle Notes to the FinancSal Statements For the year ended 31 December 2023 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Investment management fees 5S,040 56.040 50,078 Analysis of expenditure on charitable activlties Summary by fund type Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 Total 2023 Education 3.604,216 99,758 4,959,134 1,312,705 13,317 3.617,533 99,758 5.094,110 1,312,705 Formation and Training Healthcare Social and Pastoral 134,976 9,975,813 13,317 134,976 10,124,106 Unrestricted Restrlcted Endowment funds funds funds 2022 2022 2022 Total 2022 Education Formation and Training Healthcare Social and Pastoral 3,127,081 90,634 4.545,324 1.300,362 37,524 3. 164.605 90.634 4,650.126 1,300,362 104,802 9,063,401 37,524 104.802 9,205,727 Page 26
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 10. Analysis of expenditure by activities Activities undertaken directly 2023 Grant funding of activities 2023 Support costs 2023 Total funds 2023 Education Formation and Training Heallheare Social and Pastoral 2,546,088 99,758 3,935,820 977,387 329,598 741,847 3,617.533 99,758 5,094.110 1,312.705 1,158,290 335,318 7,559,053 329,598 2,235,455 10,124,106 Activities undertaken directly 2022 Support Costs 2022 Total funds 2022 Education 2,529,640 90,634 3,486,024 982,880 634,965 3,164,605 90,634 4,650,126 1.300,362 Formation and Training Healthcare Social and Pastoral 1.164,102 317.482 7,089.178 2,116,549 9,205,727 Page 27
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 10. Analysis of expenditure by activltles Icontlnuedl Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Depreciation Provisions and Sisters expenses 4,311.085 330.900 2,917,068 4,112.536 368,277 2,608,365 7,559.053 7,089,178 Analysis of support costs Total funds 2023 Total funds 2022 Donations and gifts Eslablishmenl Travelling Office, garden and grounds Church and sundries 210,175 1.374.314 105.958 189.048 232.678 123,282 177,386 1,433,939 114,821 184,064 141,469 64,870 Governance 2.235.455 2.116.549 Page 28
Sisters of Charty of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 11. Analysis of grants Grants to Institutions 2023 Total funds 2023 Total funds 2022 Donated fixed assets 329,598 329.598 In accordance with a Deed of Donation signed on 15 December 2023, the South African properties that were held by the parent charity have been disposed of through Grants made lo institutions reflective of the gift of the schools lo Catholic Schools Trust. 12. Other expenditure Unrestricted funds 2023 Total funds 2023 Total funds 2022 Loss on disposal of subsidiary 1,868.672 1,868,672 Following the end of the Congregation's mission in South Africa. the South African subsidiary has been disposed of al 31 December 2023 foi £Nil consideration, generating a loss on disposal equal lo the net as5els of the subsidiary (see note 281. 13. Net movement in funds Net movement in funds is slated after chargingllcrediting}'. 2023 2022 Auditor's remuneration - audit of group financial statements Auditor's remuneration - preparation of group financial statements Depreciation of tangible fixed assets Surplus on disposal of fixed assets Currency Ios5esllgainsl 14,885 12,680 330,900 1729,160) 266,917 14.175 12.075 368.303 15,5541 1115.7681 Page 29
Sisters of Charity of St Paul The Apostle Notes to the Financial Ststements Forthe year ended 31 December 2023 14. Staff Group 2023 Group 2022 Charlty 2023 Charity 2022 Wages and salaries Social security costs Pension costs 4,151,869 129,356 29.860 3,944,402 117,835 50,299 2,081,236 129.356 29.860 1,904,598 117.835 50,299 4,311.085 4,112.536 2,240,452 2,072,732 Included in 2023 staff costs is redundancy payments totalling £39,100 12022 - redundancy payment of £5,775). The average number of persons employed by the Charity during the year wa5 85 follows.. Group 2023 No. Group 2022 Charlty 2023 No. Charity 2022 No. Avera9e number of employees during the year 204 196 93 85 No employee received remuneration amounting to more than £60,000 in either year. Key management personnel is limited to the trustees of the Charity. There are no employee benefits paid lo key management personnel. None of the Trustees received any emoluments or had any expenses reimbursed during the year. All of the Trustees are members of the Congregation and in addition lo their responsibilities as Trustees, are actively involved in carrying out the object5 of Charity. Accordingly, a51 the Trustees benefited from the accommodation costs and other associated expenditUTe disclosed as charitable activities in the Statement of financial activities, however these benefits were consislenl with those received by the rest of the Congregation and there were no financial incentives awarded lo Trustees. The Charity has arranged insurance tts protect the Charity from loss arising from neglect or default of ils Trustees, employees or agents and to indemnify the Trustees and officers from the consequences of any neglect or default on their part. Page 30
Sisters of Charity ot St Paul Thè Apostle Notes to the Financial Statements For the year ended 31 December 2023 15. Tangible fixed assets Group Freehold Fixiures and property fittings Motor vehicles Total Cost or valuation At 1 January 2023 Additions Disposals 20,798.477 1,576,133 1859.23SI 766,128 335,031 223,597 15,495 149.145} 21.788,202 1,926.659 1908,3801 At 31 December 2023 21,515,375 1.101,159 189,947 22.806.481 Depreclation At 1 January 2023 Charge for the year On disposals 4,478,014 292,318 334.5561 568,256 32,271 207,346 6.311 149.145} 5,253,616 330,900 1383.701} At 31 December 2023 4,435.776 600,527 164,S12 5,200.815 Net book value At 31 December 2023 17,079.599 500,632 25,435 17,605.666 At 31 December 2022 16,320,463 197,872 16,251 1 $,534,588 The value of freehold land, which is not depreci?led, has been eslimaled by the Trustees al £4,864,216 12022 - £5.079,0251. The majority of the tangible fixed assets are used for charitable activities. A professional valuation of St Paul's Convent was unéertaken by Eddisons in December 2020. re5ulling in a valuation of £7,000,000. Page 31
Slsters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 15. Tanglble fixed assets Icontinuedl Charlty Freehold Flxtures and property fittings Motor vehicles Total Cost or valuation Al 1 January 2023 Ad(Silions Disposals 20,798,477 1,576.133 1859.2351 766,128 335,031 213.388 15.495 149,1451 21,777,993 1,926,659 1908.3801 At 31 December 2023 21.515.375 1,101,159 179,738 22,796.272 Depreciation Al 1 January 2023 Charge for the year On disposals 4,478,014 292,318 1334.556) 568,256 32.271 197,137 6,311 149,145} 5,243,407 330,900 {383.7011 Al 31 December 2023 4,435,776 600,527 154,303 5.190.606 Net book value At 31 December 2023 17,079,599 500,632 25.435 17.605,666 At 31 December 2022 16,320,463 197,872 16,251 16,534,586 Page 32
Sisters of Charty of St Paul The Apostle Notes to the Financlal Statements For the year ended 31 December 2023 16. Fixed asset Investments Llsted Cash trading investments account Total Group Market valuation At 1 January 2023 Additions Disposals On disposal of subsidiaries Revaluation5 Income nel of fees Amounts withdrawn 12,262,547 1.373,217 12,774,314) 1622,3181 271.631 474.087 11.373,2171 2.657.853 12.736,634 1116,4611 1622,3181 271,631 380.514 380,514 11,911,289) {1,911,2891 At 31 December 2023 10.510.763 227,948 10,738,711 Listed Cash trading investments account Total Charity Market valuatlon At 1 January 2023 Additions Disposals Revaluations Income net of fees Amounts withdrawn 11.594.982 1,373.217 12,774,314) 316,878 474,087 {1,373,2171 2,657,853 12,069,069 1116,4611 316.878 380,514 380,S14 {1,911.2891 11.911.289) Al 31 December 2023 10,510,763 227,948 10.738,711 The historical cost of the Charity's investments at 31 December 2023 was £8.131.755 12022 £8,145,167> There were no investments individually greater than 5Qh of the portfolio value al 1 January 2023 and 31 December 2023. Details of the subsidiary undertakings are given in note 28. Page 33
Slsters of Charity of St Paul Thè Apostle Notes to the Financial Statements For the year ended 31 December 2023 17. Debtors Group 2023 Group 2022 Charty 2023 Charity 2022 Amounts owed by group undertakings Other debtors Prepayrnents and accrued income 355,662 283,030 16,818 286,052 17,092 220.180 16.450 76,440 16,450 303,144 236,630 655,510 92,890 18. Creditors: Amounts falling due within one year Group 2023 Group 2022 Charity 2023 Charity 2022 Other laxalion and social se¢uTity Other creditors Accruals and deferred income 31.205 42,326 262,580 28,442 385,231 110.578 31,205 36,995 262,580 28,442 71,348 110,768 336,111 524,251 330,780 210,558 Page 34
Slsters of Charity of St Paul The Apostle Notes to the Financial Statements Forthe year ended 31 December 2023 19. Statement of funds Statement of funds - current year Balance at 31 Gainsl December {Losses 2023 Balance at 1 January 2023 Transfers inl{outi Income Expenditure Unrestricted funds Designated funds Retirement and medical Mission and donation Fixed assets Investments South Africa education St Martha's Retreat 11,182,678 {2.679.2731 8,503,405 1,500,000 9,745,588 53,956 1,500,000 8,985.388 735,306 1195,9241 156,0401 1564,2761 536,973 200,417 454,993 1454,9931 1,814,683 (1,814,683) 24,751,898 536,973 1706,9571 15.058.232) 200,417 19,724,099 General funds General Funds 1,421,596 8,125,252 111,193,568) 3.481.097 1266,9171 1,567,460 Total Unrestrieted funds 26,173,494 8,662,225 111.900,5251 {1.577.1351 166,500) 21,291,559 Endowment funds Endowment Fund 7,178,119 1134,9761 1,577,135 8.620,278 Restrlcted funds Romania fund 20,408 18,869 113,3171 25,960 Total of funds 33.372,021 8,681,094 112,048,818) 166,5001 29.937.797 Page 35
Sisters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 19. Statement of funds {continuedl Designated funds The retirement and medical fund has been established for the purpose of providing for retired members of the Congregation. The mission and donation fund represents an ongoing fund for donation5. The Charity has a long-lerm involvement with a number of charitable projects, particularly in Romania and South Africa, and has made considerable donations in support of these activities. It is the intention of the Trustees lo continue to support these projects an(5 further donations are likely to be made in future years, although no legally binding commitments have been entered into in this regard. The fixed asset fund represents the book value of the Charity's tangible fixed assets, principally land and buildings currently held for use in activities in furtherance of the objects of the charity and the funds are therefore unavailable for use. A proportion of the fixed assets are represented by Endowment funds, comprising the Land & Buildings occupied by the Mother House The investments fund represents the carrying value of investments after deducting the retirement and medical and the mission and donation funds. Investment capital paid away has been transferred from the retirement and medical fund back into general funds. The South Africa education fund represents amounts earmarked for specifi¢ purposes by the South African subsidiary, such as sports & grounds, luckshop and fundraising. The fund was relinquished on disposal of the South African subsidiary. St Martha's Retreat represents monies sel aside for improvement works al St Paul's Convent. Following the completion of the new Dupuis Retreat and Conference Centre in 2023, a transfer was made lo endowment funds reflective of the fixed asset addition. The surplus funds were transferred back into general funds. Restricted funds The Romania fund represents monies collected specifically for projects in that country. Endowment funds The endowment funé represents those assets that must be held permanently by the Ch8rity, comprising the land and buildings occupied by the Mother House. Depreciation on the propertie5 is charged against the fund 8nd capilalised improvement works are transferred into the fund. Page 36
Slsters of Charity of St Paul The Apostle Notes to the Financial Statements For the year ended 31 December 2023 19. Statement of funds Icontinuedl Statement of funds - prior year Balance at 31 Deeember 2022 Balance at 1 January 2022 Transfers inlloutl Gainsl {Lossesl Income Expenditurg Unrestricted funds Designated funds Retirement and medical Mission and donation Fixed assets Investments South Africa education st Martha's Retreat 11,182,678 11,182,678 1,500,000 9,477,525 2,912.416 1,500.000 9,745,588 53,956 1263,4751 531,538 150.0781 12,133,256) 11,243.417) 568,291 444,466 10,527 454.993 800,000 1,014,683 1,814.683 26,317,085 568,291 1313,5531 1576,5081 11,243,417} 24,751,898 General funds General Funds 2.745,211 7,173,156 18,799,9261 187,387 115.768 1,421,596 Total Unrestricted fund5 29.062,296 7,741,447 19,113.4791 1389,1211 11,127,649) 26, 173,494 Endowment funds Endowment Fund 6,893,800 1104,8021 389,121 7,178,119 Restricted funds Romania fund 9,463 48,469 137,5241 20,408 Total of funds 35,965,559 7,789,916 19,255.8051 11,127,649) 33,372.021 Page 37
Sisters of Charity of St Paul The Apostle Notes to the Financlal Statements Forthe year ended 31 December 2023 20. Summary of funds Summary of funds- currentyear Balance at 31 Galnsl December {Lossesl 2023 Balance at 1 January 2023 Transfers inl{outl Income Expenditure Designated funds 24,751,898 1,421,596 536,973 1706,9571 (5.058.232) 8.125,252 111,193,568) 3,481.097 200,417 19.724,099 1266,9171 1,567,460 General funds Endowment funds 7,178,119 20,408 1134,976} 1,577,135 113.3171 8,620,278 25,960 Reslricled funds 18,869 33,372,021 8,681,094 112,048,818> 166,5001 29,937.797 Summary of funds- prlor year Balance at 31 Galnsl December {Lossesl 2022 Balance at 1 January 2022 Transfer5 inlloutl Income Expenditure Designated funds 26,317,085 2,745,211 568,291 1313,5531 7,173,156 18,799,926) 1576,5081 {1,243,4171 24,751,898 187,387 115,768 1,421,596 General funds Endowment funds Restricted funds 6,893,800 9.463 1104,8021 137,5241 389.121 7,178,119 20.408 48,469 35,965,559 7.789,916 19,255,805) 11,127,649) 33,372.021 Page 38
Slsters of Charity of St Paul Thè Apostle Notes to the Financial Statements For the year ended 31 December 2023 21. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestrlcted Restricted Endowment funds funds funds 2023 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 8,985.388 10,738.711 1,903,571 1336,1111 8.620,278 17,605,666 10,738,711 1.929,531 1336,111} 25,960 Total 21,291,559 25,960 8,620,278 29,937,797 Analysis of net assets between funds - prior year Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 9,356,467 12,736,634 4,604,644 1524,2511 7,178,119 16,534,586 12,736.634 4,625.052 1524,2511 20,408 Total 26,173,494 20,408 7,178,119 33,372.021 Page 39
Sisters ol Charity of St Paul The Apostle Notes to the Financial Statements Forthe year ended 31 December 2023 22. Reconclliatlon of net movement in fund$ to net cash flow frorn operating activitles Group 2023 Group 2022 Net expenditure for the year las per Stslemenl of Financial Activitie51 13,167,307> {2,709,3061 Adjustments for: Depreciation charges IGainslllosses on investments Dividends and interest from investments Surplus on the sale of fixed assets Donated fixed assets Increaselldecreasel in debtors (Decreasellincrease in creditor5 Loss on disposal ol subsidiary 330.900 1200.4171 1542,1781 1729,1601 329,598 133.486 {188.1401 1.868.672 368,303 1,243,417 1570,7651 15,5541 17,5281 53,284 Net cash used in operatlng actlvities 12,164.5461 11,628,149) 23. Analysi5 Of cash and Cash equlvalents Group 2023 Group 2022 Cash al bank Cash in investments 1,626,387 227,948 4,388,422 474,087 Total cash and cash equivalents 1.854,335 4,862,509 24. Analysis of changes in net debt At1 January 2023 Cash flows At31 Disposal of December subsidiary 2023 Cash at bank and in hand 4,388,422 1,422,622) 11,339.4131 1,626.387 Page 40
Sisters of Charity of St Paul The Apostle Notes to the Financlal Statements For the year ended 31 December 2023 25. Capltal commitments Group 2023 Group 2022 Charity 2023 Charity 2022 Contracted for but not provided in these flnancial statements Development of tangible fixed assets 1,814,683 1.814,683 26. Pension commitments The Charity operates a defined contribution pension scheme. the assets of which are held separately from those of the Charity In an independently administered fund. The pension cost charge represents contributions payable by the Charity and amounted lo £29,86012022 - £SO,2991. The pension liability and expense is allocated wholly lo unreslricled funds on the basis that all staff costs are mel from general funds. 27. Related party transactions In 2023, the Irish subsidiary eonlributed £172,593 to the parent charity during the year. Also, following a sale of land at an Irish property owned by the parent charity. the Irish subsidiary owed the proceeds from the sale of £355.662 to the parent charity at the balance sheet date. In 2022, there was one transaction between group enlilies. being a contribution from the parent charity lo the Irish subsidiary of £4,429. No amounts were owing al the balance sheet date. 28. Prlncipal subsidiaries The following were subsidiary undertakings of the Charity.. Net assets 31 December 2023 Surplus I Ideficltl 2023 Sisters of Charity of St Paul the Apostle (Republic of Ireland 200115981 Sisters of Charity of Sl Paul the Apostle (South Africa PBO 18111113128601 {187,358} 1198,591} 501,996 1,868,672 Following the end of the Congiegation s mission in South Africa. the South African subsidiary has been disposed of al 31 December 2023 and is therefore not included in the consolidation from this day forth. The nel assets dispose(J of included cash al bank of £1,339.413. Page41