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 administe￿d 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 Irr￿ularItie$, 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 d1￿Clor5 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
ReStr￿ted 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