Churity numbèr.. 2r200 Sisters of Chor*ty of St Poul Thè Apostle Trustees, Report and Financiol Stotements For the year ended 31 De¢ember 2024 ,ADIINS AUDIT Sisters of Ch¢Jrlty of St Puul Thè ￿ostIe Content$ Page Reference and Admlnlstrotffjve Detoils of the Charlty. its Trustèe$ und Advl$ers Trvstees, Report Indépendent oudltor's report on the fEnanciol stotèments Canso14datÈd Statement of FinancFol Activ¢tles 15 Consolidottd 8alance Sheet 16 Churity 8alunce Sheet 17 Consolidated Sttstement of Cash Flows 18 Notes to the Financlal Statements 19-42 Sister5 of Chtsrlty of St Pavl The Apostle Refèrence ond Admlni5tratlve Detalts of the Chorltu. its Trvstees ond Advisers For thè yeor ended 31 December 2024 TrvstèÈs Sister T Murphy. Councillor & Bufsor Slsrer A Sullivan, Congregotionol Leader Sister E Browne. Councillor Sister C 8ordecJ. Covncillor Slster N Hoyes. Cooncillor Sister M Lynch. Counclllor Charlty règlstered nL*mber$ 211200 ond sco5￿26 Reg￿tered offlce St. Pcjuls Conveni 94 Selly Park Rood Selly Pork Birmingham 829 7LL Independent gud)tors Doins Avdit Llmited 2 Chomberlain Square Porodise &irminghom B3 3AX Bankers Lloyds Bank PIC 134 New Streei 8irminghom B2 4NP Solicltors Anthony Collins LLP 134 Edmund Street Birminuhom 83 2ES Investmént Mona9ers Evelyn Partners 103 Colmore Row Blrminoham B3 SAG Poge I Slstèrs of Chorlly of St Paul The ApostlÈ Tru$t•ès' Report For the uear ended 31 Decembèr 2024 The Trustees present their onnual report together with the oudited finonciol stotement5 of the Chority for the periDd 1 Jonuory 2024 to 31 Oecember 2024. Intrtsdvction The Sisters of Choriiy of St Puul the Apostle is on unincorporated chority registered with ihe Charlty Commisslon of England ond Wole5 vnder Registrotion Number 2112QO. The Chority is C51s0 regisrered wirh the Offlce of the Scottlsh Chariiu Reguloror under Reglstrotlon Number SC03852B and with the Chorities Regulatory Authority in the Repub11C Ot Ireland under Reoistrotion Number 20011598 The Sisters ol Chority ol St Povl the Apostle is o Religious Congregation founded in 1847 oncl there ore currently 90 members It IS governed tsnd Ynonoged by the Congregutionol Leoder together with on electe¢ Council of five Slsters referred io os rhe Leodership Teom. These ore the Tru5tee5 of the Churity listed On poge l. Objertives and octivities a. PollcSès ond objectives The Chority's Trust Deed stotes the Trust's prlncipol objecrives to be the support or odvoncement by lowful churitoble meufjs of any choritoble work for the time being corrled cin by ihe Congregation ond If ot ofjy time the Congregotlon ceose5 to ex15t tsr ceoses tD CQ7rry on choriioble work then for ihe odvoTrcement of the Roman Cciiholic Religion by such lowful choritable means 0$ the Trustees or o majority ol the Trustees think fit The Trustees hold meetings ori a regular osis to conduct Ihe operL)tions ot the Chority and Implement Its Investment ond other policies In presenting thig Report ond Finonciol Siotement lor the year ended 37 December 2023 the Trustees htsve hod regord to public benefit guidance pub115hed by the Chorily Commission b. Activ¢tles undertaken to achieve ¢bject¢ves In fulfilment of ihe objecrives of the Trust it is the pollcy of the Chority to serve the public benefit by undertoklng a voriely of choritoble (Jcrivit5es. Members ore Involved In Edvcotion ot various levels. Health Core. Core of the Elclerly. including elderly and sick members. vorious forms of Sc>ciol ond Postorol work. Initiol Formation and Troinlng of members. There have been no materiol chc3nges in policy durir)g the lost yeor. It Is the policy ol the Chority to serye the public benefit bu.. . EDLICATION Members ot the Congregotlon teach in Pre-schools. Prlmoru Schools ond Secondory SchDols are involved in Olocescsn Adult Educotion ond Formorion Progrommes. Liieracy ond Numerocy progrommes for odvlt Immigronts oncl children wlth specEoI needs. They olso work as counsellors. school governors and voluntoru helpers education. the postoral care. secvrity ond sofety of pvpils ore regarded 05 o prlority. Within the field of The Charity operotes the following schools. Englrjnd St P(7vI's Roman Cothollc School for Glrls. Birmingham O.OOO+ students). This Is o Voluntory Alded. non-selectlve Comprehensive School Poge 2 51ster$ of Charlty of St P¢ul The Apostle Trustees, Report {continued) For the yeur endèd 31 Oetember 2024 Objectives ond ortivitles {continuod) In order to secure the Mission and well-estoblished ethos of St Poul's ond. lollowino on extensive and lengthy proces5 of collaboraiion with appropritsre legtsl odvlce. the Trustees tronsferred the responsibilities for the legcsl trusteeship c>* this school 10 the newly estoblished Gaudete Schools. Trust. This Trust W05 sei up in colloborotion with four other Registered Choritie5. (Religious Orders) os o Chciriioble Incorporored or0qn￿S0t1On on 24 February 2023. ond os o Public Juridlc Person IPJPI by the Roman Colholic Bishops Conference of England arid Woles on 1 Novèmbef 2022. The estublishment ond operotion of the Gaudete Trust Is funded from o Trust FLSnd sei vp by the live Member Reli9lOVS Orders. St. Poul's School for Girls wlll continue to be odmiTristered bu ci Boord of Governors. with the fr>tsndotion governors appointed by the Goudete Trustees. The freehold lund ond buildlng5 remain In ihe ownership ol the Sisters of Chority of St Paul. Ihe Apostle. Ireland The Conoregotion own5 the freehc>ld lond and buildings of Si Paul's Senior Primary School. Greenhills. Dublin (300+ students). now colled Holy Spiril Primary School which 15 under the potfonoge of the Archdiocese tsf Dublln ond funded by the Deportment of Educotitsn ond Skills. The CongTegotion owns the freehold lond ond buildings of these two schools.. Scoil POI (St POLJI'S) Secondory Schtsol. Kilfinone (600+ students) st. Puul's Secondory School. Greenhills. Dublin 12 (500+ students) The Trusteeship wos tronsferred 10 Le Chéile. o Catholic Schools Trust. on 1st Septeniber 2009 with o licence. which expires on 31 August 2D29. to Ltr5e tlie properties to operote the schcols. A Trustèe ond Chcjirpersons of the Boord of Management of each of these schools attend reguloi" meetlngs of rhe Le Chéile Trust. Romanio The Congregolion curreniiy finances three Pre-schools. one Prim¢Jry School ond one Secondory School.. Compulung-mvscel (One Building) Pre-SchDol. Primory School (morning session) and Secondtsry Schoc>l (olternoon session) 500+ students. Pre-school I00+ Children Pre-school 80+ Children Onesti Tomesti The Vlodimir Ghiku Doy Centre wus officlolly opened in November 2017. It coters for 30+ children wilh outism ond severe leorning dIff￿Ultie$. The Charliy hos established sound Ilnonciol structures for these schools ond ihe accovnts are submitted for onnuol audit Members of the Congregotion's frustees visit ihese scho¢Jls ot leost once o yeor if possible ond meet with School Manogers to ensure that the ethos ol the schDoI is in accordonce with the mission of the Congregatson. Ihot the propellies ore well mointoined ond rhoi the finances are odminisiered eflicientlu. Feedb(>ck from th& visit is given ot full Trustee Meetings. The Sisters of Chority of St. Poul the Apostle Romonltsn Assoclation. encompassing the properties of Campulung. One5ti ond Tomesii wa5 estoblished In 2010. Page 3 Slsters of Charity of St Poul Thè Apostle Trustee5' Report (contlnuèd) For the yeor ended 51 Dècèmber 2024 Objective$ ond artlvlties (coniinued) 2. HEALTH CARE Care of the Eld•rly The Congregauon operotes the following Core Focilifies Registered Cort Home w¢th Nvrslng St PaLs1's Nursing Home. Selly Pork. 8irminghom (24 beds). The Trustees hDve engoged The S¢Jint John of God Hospitoller Services to monoge this Core Home ond hold quurterly review meetings with them. us In the Mother Hovsè a ieom of Care Profession015 Is in place to support frail c7nd elderly members to maintoln the octiviiies tsf doily living for os long CT5 possible. This Core Provision olso operotes in bronch h(>uses os oppropriote. tland The Chority. which Includes the results ol St Anne's Registered Core Horye. Musselburgh. Scotlond 137 beds). is 0150 listed on the Scottish Charity Re9iSter.' SC038528. In this Core Home the t4onoger stoff provide qvolity core in complionce with the stondords set bu the Scottish Care Commission. Bourd of Monagement meetings ore held regularly ot which the Monager presents a comprehensive report ro the Trvstees Rom ni In Tomesti, one member works In o Centre for mentolly ond physlcolly disobled odulr& Page 4 Sistèrs of Chority of St Poul The Apostle Trustees. Report (contlnued) For the yeor ended 31 December 2024 Objèctives ond artÉvrtle$ leontinued) S. SOCIAL AND PASTORAL CARE The Congregoiion operotes o Doy Ctsnference Centre which facililotes eductsiion and rellgious/voluniory groups. Some members contribute tts retreat ond postorol progr(Jmmes In other centre5 os requested. Member5 work In the fields of p5y¢hotheropy on(J counselling, sociol work ond porish postorol min15tries. hospiiol and prison choploiftcu, u welfare centre. on inier-church project for refugees ond osylum seekers. (J doy centfe lor the homeless ond tslcohoi/drugs dependency units. There is an increusing inter-faith dimension to all ol these ministries. Members work in postorul ond parish minI5tries in eoch counlfy where the Congregotion hus a mission. Nember5 olso visit the sick and needy In their own homes ond In hospitol> 4. FORMATION AND TRAINING OF MEMBERS ANDTRUSTEES The lormotlon oncl education of new members ore reoorded os very ImporiorEt. For this purpose. deslgnoted hovses ond personnel are In ploce in Rom0n￿￿ und Englond. Progrtsmmes ol on-going troining ond formutlon ore also provided for oll members on ts regulor basis either bu personnel wlthin the Congregoiion or bu other agencles. Members are encok5rogèd to ovoil ol OPPOftunlties io develop their own spirituol. theological ond professionol form(Jtion. There is a policy ol Induction ond on-goin¥ rroining for Trustees. 5. SAFEGUARDING Trustees of the Charity.. Toke opproprifjte steps io ensbre incidenis ol abuse connot ond do nc>l take place. Huve odequote and proper Saleguording policies ond Systems In ploce In tsccordonce with". Catholic Sulegvordino Advisorg Service (CSSA). Englond. Religious Life Sofegvtsrding Service {RLSS). England The Notionol Boord lor Sofeguording Children in the Catholic Church. Irelond. The Scottish Catholic Sofegvording Service. Ensure they deal wlth allegoiions/concern5 01 obuse geriously ond responsibly ond in the interests ol the Charity. occesslng advlce when necessary. from RLSS ond/or legol odvisers (￿) Ensure ihot Trusiees. Members of the Congregation, sloff ond volunteers are regularly Ljpdaied on Sofeguording motters ond engoge in relevant s¢legucJrding traiTring. Poge 5 S15ters of Chorlty of st Paul The Apostle Trv$tèe$' Aeport (continved) For the year ended 31 Oecember 2024 Achievem•nts and performonce Maln achievement5 Qf thè Chority Dvring the last twelve months the Chorily has rewolned foirhful ro its oblectlves. bu serving the publlc beneflt In the fleld of Educotlon Heolth Core. Core of the Elderly. Soclol ond Postorol Cole. Formotion and Troining of Members wlth a particvlor emphosis on Sateguardlng. The Trustees have undergone o series of Trusiee Troining Modules, to enoble them to fulfll iheir duties in occordanc with the Chority Commission guidelines. A GDPR Policy ond a Retention of Documents Pollcy hDve been drown up GDPR remoins on agendo item on the ogendo for oll Trvsiee Meetings. Eng¢Jgement with others The Trustees hove regord to the need io foster the buslnegs relotlonships they hove built up which 5UPPOrt the chorlty and give con5ideroiion In thls re9ord when moking principal decisions thtst could offect the t>usinesses concerned. Porticulor considerotion is given to the controctuol obligutions we mointain with St John tsf God Hospitoller Services ond the Elior Group Poge 6 SJster5 of Chority of St Pavl The Ap¢Xtle Trustees, Report (¢ontlnvèd} For the year ended 31 December 2024 Finun¢iol review o. Golng concern After consl¢Jering the level ol reserves Ictsrrent ancl projected}. the diversity of Income streams (snd the steps taken to mitigate inclu(Jing cost reductions. the Trustees ossess thot the chority wlll continue io provide its public benefit during the nexl 12 months ond beyond. They thereftsre consider that It is oppropriaie tor the finoncial stctement5 to be prepor2d on o going concern bosis. b. Investments The investments held by ihe Congregolion were ocquired in accordance with powers availab￿ to the Trustees, The Trustees ore mindful of the need to hove rjn elhicol opprooch 10 investment. The Trustees seÈk to ensure that the Invesr only in companies thot ore supportive ond not In conflict wlth the work of the Charity. The Trustees do noi Snvest In companies involved In the monuforture or)d sole of ormanients nor ony involved in illicit or illegal drugs or phormoceuticolg, slmilorly. they ovoid componies thtst exploit the environment. Together w11h rhe Investmeni Manogers the Trusiees decided to dlvest investment In fossil fuels. The investment monogers report lo the Trustees In detoil eoch quarter on the performonce of the investments. Comporisons with a number of recognised performance indice5 enoble rhe Trustees to consider the return on lThvestments lo be sotisloctory. t. Insvronce Cover Trvstees ensure thot there is odequote cover In pluce for L)11 the octivities of the Chority. d. Risk Manogemeni The Trustees hove considered the mmpleted and received its flrst residents in September 2025. The Dupuis Centre offers 10 slngle en-suite rooms. o chapel, 2 meeting rooms ond dinlng room. It is ovoilable for those wishlng io spencl o quiei dou. or longer on retreoi. Orgonised rÈtreats olso fetsture on the coleTidor. In addition. it Is being used by church ond school groups lor meetings ond trolning purposes. The Conference Centre is o day-only focillty whSch can coter lor up to 80 depending tsn the seoting arrongements. This is ovailable for meetirigs ond iroinlng tss well 0$ doy retreots and 15 being used by church ond school group5 os well as vorious locol ond noiionul choritable orgonisotions. Those who visit both ovr Centres are very appreciative of the hospitolity of the Sisters ond stoff os well as the qulet and beoutifvl surroundings. Page 9 Sl$t•r$ of Charity of St Paul The Apostlè Trvstees, Report (contlnved) For th¢ yeor ended 31 December 2024 Dlscl¢svre of information to auditors Euch of the persons who cre Trustee5 Ot the tlme when this Trustees. report is opproved hos conflrmed thot.. so for c7S thot Trustee is owore. rhere is no relevont oudit information ol which the charituble group's ouditors ore unoware. ond thot Trusiee hos token oll the steps rhot ouohl to have been token os o Trustee in orcjer to be tsware of ony relevoni audit Informatlon ond to estoblish thot the churiiable group's oudltors ore oware ot thot informotlon. Avditors The deslgnoted trustees wlll propose o motion reoppointing Doins Audit Limited ot o meeting of the rrustee5. Approved by order ol the rnembers of the boDrd of Trustees und signed on their beholf by". Slstèr A Sullivon Trvstee Dote.. Page 10 Slsters of Churlty of 5t Paul The Apostle IndÈpendent Auditors, Report to the Mèmbers of St5ters of Charity of St Puul The Ap05tle Opinion We have oudited rhe finoncial siotemen15 01 Sisters of Chority ol St Paul The Apostle (the 'parent choritu? ond its svbsidlories {the 'group) for the year ended 31 December 2024 whlch comprise the Consolidoted slotement of Iinoncial activities. Ihe Con501idoted balonce sheet, Ihe Chariiy bolonce sheet. the Consolidoted siotenient of cosh flows ond ihe r2lttied notes. including o summory of significont occovntimg policies. The finonc501 reportlng fromework that hos been appli&d in their preporotion is opplicable low ond United Kingdom Accounting Srandords. including Financlol Reporting Standord 102 'The Financlol REporting Standard opplicoble in the UK ond Republic ol Ireland, (United Kin9dom Genertslly Accepted Accounting Praciicel. The finonciol stotements hove been prepared In accordance with Accounting ond Reporting by Chorities preparin9 their accounts In accordonce wilh the Finonciol Reporting 5tondards applicoble in the UK ond Republic of Ireland (FRS 102} in preference to the Accounting cnd Reporting by Chorities. StaieMer)t of Recommended Proctice issved on l April 2005 which Is referred to in the extont regulotions but hos been wlthclrown. This hus been done in order for the OCCDUnts to provide o true tsnd fair view in utcordtsnce with the Generally Accepted Accounting Prociice effective for reporting perlods beginllin9 on or ofter l Jonuaru 2015. In our opinlon the tinonclol statements-. give a true ond foir view of the sioie of ihe Group's and of the parent chtsflty'g oflolrs as ot 31 December 2024 ond of the Group's Incoming resouices and opplicotion of resources. InEluding Its income ond expendiivre for the ear then ellded.. hove been properly prepored In occordonce with United Kingdom Gènerally Accepted Accounting Prottice.. ond htsve been Prepored in occordance with the requirements of the Chorities Aci 2011, the Charitles ond Trustee Investment (Scotlondl Act 2005 and regvlotions 6 ond 8 of the Chorities Accounts (Scotland) Regu5oiions 2006 8asls for opinion We conducted our oudit in occordonce wlth Internationol Standords on Auditlng (UK) {ISAs IUKII and opplicoble low. Our responsibilities under Ihtsse stondord5 ore fvriher described in the Auditors. responsibililles foi the oudit of the linonciol statements section of our report. We ore independent of the Group in occordonce with the ethicol requirements thoi ore relevont to our oudit of the flnoncial statements in the United Kingdom, including the Flnonciol Reporting Council's Ethicol Stondord, ond we hove fulfilleLI our other ethicol responsibilities In accordance with these requirements. We believe ihot the oudit evidence we hove obioined is sufficieni ond opproprlote to provide c3 bosis for our opinion. Poge 11 SlstÈrs of Chorfty of St Poul The Ap¢)Stle Independent Audltors. Report to thè Membèr5 of Sisters of Chority of St Paul Thè Apostle (Continued) Concluslons reloting to going concèrn ln ouditing the finonclol gtcjtements. we hove concluded thot the Trustees. use of the going concern bosis of occovnting in the preporotion of the finoncial slotements Is oppropriote. 8ased on the work we hove performed. we hove not idenrified ony moteriol uncertolnties reloting to events or conditlon5 thot. Indiwduolly or colleclively. may cost Si9nificont doubt on the Group's or the porent chority's ability 10 continve os a 90ing concern for CT period ol ot leost twelve month5 from when the finoncial stoiemenrs ore outhorised for Issue. Our iesponslbilities ond the responsibilitles of the Trustees with respeet to going concern ore descrlbed in th2 relevont seciitsn5 of this report. Othèr Informtstlon The other informotion compr15es the informotion Included In rhe Annuol report other than the flnoncial slotements ond our Auditor5, report thereon. The Trustees ore responsible for the other informotion cont(Jined wlthin the Annual report. Our opiriion on the flnoncial statements does not cover the other informotion ond. excepi to the exfent otherwise explicitly sioied in our repory, we do not express ony form of assurunce conclusion Ihereon Our responsibility Is to read the oiher Informotion ond. In dolng $0. consider whether the other Informoiion Is moteriolly inconsistent with the financiol stotements or ovi knowledg& obtained In the course of the oudit. tsr otherwise appeors to be moteriolly misstoled. If we identify such moteriol inconsistencies or apparent material misstotements. we ore required ro derei rnine whether this gives rise ro (J n)oteriol misstatement in the finonciol siotements Iherllselves If. b05ed on the work we hove performed, we conclude thoi there is a materiol mI￿t01e[llent of this other informoiitsn. we ore required to report thot foct. We hove noihing ro report in this regard. Motters on which we are reqvired to report by exception We hove llothing to report in respect of the followng matters wher@ the Chorlties (Accovnts and Reports) Regultstions 2008 and the Chorilies Accovnts (Scorland) Regulations 2Q106 (os amended) requires us to report TO you If. in our oplnion.. the informotion given in the Trustees. report is inconsistent in onu moterial respect with the fincsnciol stotements., or the porent Charlty has not kept sufficient ond proper occounting records.. or the pijrent Chority finonciol statements ore not in ogreemenl with the occounting records and returns.. or we hove not received oll the Informotion ond explonotions we reqvire for our audit. Poge 12 S6sters of Charlty of St Paul The Apostle Independent Ayditors, Report to the Members of Sisters of Chgrftu of St Poul The Apostle (continued) Responslbiliti¢s of trustèes As explained more fully in the Trusteeg responsibilities Statement, the Trustees ore resptsnslble for Ihe preparoiion Of the linoncial stotemenis which give ts true ond fair vlew. ond fDr such Internol control os 1he Trustees determine is necessory to enoble the preparotion of flnanciol Slate￿entS thot ore free from moterial mi55totement. whether due to fraud or error. In preparing ihe finoncial st012menis. the Trvstees ore responsible for assessing the Group's ond the porent chorit¥'s obilily 10 continue 05 0 going concern. disclosing. ¢Js opplicoble. motters reloied to golng concern ond using the going concern bosls tsf occouniing unless the Trustees either Intend io Iiquidoie the Group or the porent chariiy or to ceose operations. or hove no reolisiic oiiernotive but to do so. Audltorg responslbilities for thè audit of the finanool statements We hove been oppolnted os oudEtoi under sectlon 151 of the Charities Act 2011 and section 44(1)(¢) of the Chorities on Trustee Investment (Scotlandl Act 2005 ond report ill ¢5ccordonce with ihe Act ond relevont regulations made or hoving effect thereunder. Our objectives ore to obtoln retssonable ossurtsnce obout whether the financiol statements os D whole are free from rmoierial m1s51otement. wheiher due lo froud or e1"ror. ond to issve tsn AudilOfS' report thot includes our opinion. Reosonable ossvronce Is a high level of ossuronce, but Is not a guorontee thot on ovdit condueted in accordurice with ISAS (UK) will olwayg detect a moteriol misstoiement when it exist& Nisstotements con orise from fraud or error ond are conssdered moterial il. Individuolly or In the oggre¢Jtsre. they could reosonaLily be expected ro Influence the economic decisions of users token on the bosls of these finoncial sioiernents, Irregulorities. Including frovd. ore instances of non-compliance wilh lows ond regulations We design procedures in line with our responsibillties. ovtlined obove. lo detect moteriol mlssttsiements in respect of irregvlorilies. including froud. The exteni to which our procectures ure copoble of detecting Irregularities. including froud Is detoiled below.. Our approach to Identifying and ossessing the rlsks ol moteriol missttstement itt respect of irregulurities. includlng froud ond non-complionce with lows ond regulotlon5, wos os follows. the senlor stalutory ouditor ensured thot the engogement ieom collectively had ihe tsppropriole competence, Cupubilities and skills to identify or recognise non-compliance with applicoble lows and reoulations.. we Ideniilled the lows and reguloiions opplicoble to the Choritu through discusslons Wlth dlrectors ond other monogemeni. and from our commercial knowledge ond experience of the charity sector.. we focused on specific Ic>ws ond re9vlotl0n5 which we coTrsidered moy hove o direu materlol effect on the finonclol stotements or the operotions of ihe Chority, including the finoncial reporting legi5101ion. Chorities Act 2011. taxation legisloflon. anli-brlbery, empltsymerit, ond envlronniental and heolth ond sofety legislorion.. we a55essed the extent of comp11once with the lows tsnd regulJtion5 identified obove through moking enquiries 01 monogement ond Inspecting legol correspofidence.. ond identlfied lows ond regulotions were communicored withln rhe oudil teom regularly ond the team remolned alert ID Instance5 of non-complionce throughout the ovdit. Page 13 Slsters of Charity of St Pavl The Apostle Independent Auditors. Report to thè Members of Sistèrs of Chartty of St Paul Thè Apostle (coiitinued) We Ossessed the 5vsceptlbility of the Chority'5 flnonciol srcstements its moterlol misslotement. includlng obtoinlng on undersionding of how fraud might occur, by.. moking enqviries of monagement os to where they considered there wos susceptibility to fraud. their knowledge of octuol. suspected ond alleged fraud.. consideriDg the Internul controls in place to mifigate rlsks of froud ond non-complionce wlth lows and regulations. To oddress the rlsk ol fraud through management knas ond override of controls. we.. performed analytlcol procedures to identify ony unusuol or unexpected relotionships. tested iovrnal entries to Identify unusual trunsoctions.. Ossessed whether judgements ond assurnprioris mode in determlning the occounting estimote$ Sel out in Note 5 were Indicotive tsl potentitsl bios.. investigated the rationole behind significont or unusuol tronsoctions. In response ro the risk of irfegulorities und non-cornplionce with lows ond regvlotions. we designecl procedvres whlch Included, but were not lirllited tts rjgreeing finonciol stotement disclosures to underlying supporting documentotion-, reading the Trinvtes of meetings of those charged with governance". enquiring of monogement os to acruol tsnd potential litlgtstioll ond clLilms'. reviewing correspondence with HMRC. relevont regulotars ar)d Ihe Charity's legal odvisors. Becouse of the inherent limittstions of on audit. there Is o risk thot we will not detect oll irregulurities. Including those leading to o molei'icjl missioiement In the finonciol stolements or non-complioiice with regLIIoTion. Th15 risk increoses the more thol complionce with o law or regulotion is removed from the events ond Irunsoctions reflected in the fln(Jnciol stalÈmenis. tss we will be legs likely to becorne oware of Instonces of non-eomplionce. The risk Is olso greater regording Irregularities occurring due to froud rother than error os froud Involves inteniional concealment, forgery, collusion omlssion or misrepr¢sentotion. A further description of our resptsnsibillties for the oudit of the finoncial statements is locuted on the Fintsnciol Reporting Council's website ot" s This descriptlon forms parl of our Auditors, report. Usè of our rèport This report Is mude solely to the chority's trv5tee& os a body. in accordance with Port 4 of the Chorities (Accounts ond Reports) Flegvlations 2008 and regulollon 10 of the Chorities Accounts (Scotlandl Regulotions 2006 Our audit work hos been undertaken so thot we mlght stote to the chority's rrustees those matters we Ofe required to store to them In cyn Avditor5' report ond for no other purpose. To the fvllest extent permitted by low, we do rFot occept or ossvme responslbility to onyone other thon the chorlty ond Its trustees. os o body. for our oudit work, fc>r thls report. or for the opinions we hove formed. Doins Avdbt Llmited Stotutory Avditor Chartered Accounronts Birminghom Page14 Sisters of Charsty of St Paul The Apostlè Con$olldoted Statement of flnonclol attlvitles For the year ended 31 De¢•mber 2024 Unrestrided funds 2024 Restricted funds 2024 Endowment funds 2024 Total funds 2024 Totol funds 2023 Note Income ond endowments from.. 2.478.663 4.696,157 542,17B 964,096 Donations tsnd legocles 2.650.755 55.038 2,705.793 1.978.002 40S,881 Choritoble actrivilies 1.976.002 405.881 Investments Other income 162.345 162,345 Total intome ond endowments 5.196.983 55.038 5.252.021 8,681.094 Empenditvre on.. Roising funds Choriioble octiwities 46.767 46.767 56.(140 7,300.925 1276.251 38.435 206.38J 7.545.743 2.276,251 10.124.106 1.868.672 oiher expenditure 12 12.048.818 Totol expendttufe 9.625.943 38.435 20&383 9.86q761 Net expendltvre before bnvestmentS (3.567.724) (4.426.960) 16.603 (206.383) {4.616.740) Net g(Tins/(lossesl on Investments 784.732 200.417 794.732 Net movemènt in fund5 before other (lossesjlggins (3,642.228) 16.603 (206.383) (3.832.008) Q.167.307) Other (losses)/gains Foreign exchonge IIOs5es)/goins G6.055) (2(055) {266,917) Net movement in funds (5.668.283) 16.603 (206.383) {3.858.063) (5.434.224) Recondli(Jilon of funds: T0101 lunds brought forworcl 19 21.291.559 (5.668.283) 25.960 .620.278 29.937,797 13.85&063) 33,372.021 Net movÈmeni In fund5 16.605 (206.383) (3.434.224) Ygtol funds carried forward 29,937.797 19 17.623.276 42.563 8.415,895 26.079.734 The ntstes on p¢Jges 19 to 42 form port of these finoncial statements. PEJge 15 Si$ters of Churity of St Poul Thè Apostlè Registered number: 211200 Consolidoted Balunce Sheet A5 at 31 December 2024 2024 2023 Note FFxèd ¢Js$et$ Tungib1e assets Investments 15.095.169 10.102.606 17.605.666 16 70.738.711 25.197.775 28.344.377 Cvrrènt asset$ Debtors 17 67.667 305,144 Cash ot bcink ond in hond 22 7.286.970 1.626.387 1.354.657 1.929,531 CrEditor& tsmounts folling due within one year 18 {472,678) (336.111) Net currènt assets 881.959 1.593.420 Net assets 26,079.754 29.937.797 Endowment funds 19 9.413.895 E.620.278 eslricted funds 19 42.563 25,960 Unrestricted funds 19 17.623.276 21.291,559 Totol funds 26.079,734 29.937.797 The flnanclul statements were opproved and outhorised for ISs￿e by the Trustees and signed on their beholf by.. Slstér A Sulltvgn Trusree Dote.. The notes on poges 19 to 42 torm part of these flnonclol stotements. Poge 76 Sisters of Chaftty of St Poul The Apostle Registered number.. 211200 Chorliy Balence Sheet As at 31 December 2024 2024 2023 Note Fixed ossets Tongible ossets 15 15.080.831 10.102,606 17.605.666 10.738.711 Investments 16 25.183.437 28.344,377 Current assets Debtors Cash oi btsnk ond In hond 17 65,510 655.510 964.707 766.694 1.030.217 1.422.204 Crediiors.. omounts faS1ing due within one yeor 18 (467.009} (330.780) Net current osséts 563.208 1.091.424 29.435.801 Net gsset5 25.746.645 Chority funds Endowment funds 8.41J.895 8.620,278 25.960 Resirictecl funds 42.563 20.789.563 Unresiricted funds 17.290.187 Total funds 25.746.645 29.435.E01 The Chorlty's net mtsvement In funds for the yeor wos £(5.689.156) (2025- £11.179.412)). The fin(Jnciol stutements were opproved and outhunsed for i55ue by the Trustees ond slgned on their behalf by. 51ster A Sv15bvan Trustee Dole. The notes on poges 19 to 42 form port of these finonciol strjtements. Poge 17 Slster$ of Chorlty of St Povl The Apostle Consolldoted Staternent of Cosh Flows For the year ended 31 Oecember 2024 2024 2025 Note Cash flows from operating activitles Net C05h used in operoting uctiviiies 21 0.934,168) {2.364.546) C05h flows from invèstlng octivltles Dividends. interests ana rents from ifivestments Proceeds from the sole of tongible lixed os5ets Purchase of rongible fixed ossets Proceeds from sole ol invesiment5 Purchose of ir)vesiments Di5posoI ol subsidiaru 380,945 542.178 86.681 922.741 (331.615) 4.618,095 (1.926.659) 2.657.853 (5.072.521) (1.373.21 {1,339.413) Net cash providèd by/iused In) investing ottlvltiès 1.681.787 (517.117) Change in cash ond cosh equivolents in the yerJr Cash ond cosh equivolents at rhe beginning of the yeor Chonge iii cosh oncl cosh equivolents duE to Q￿chonge rote movements <252.381) (2.881,663) 1.854.335 4 862.509 57.901 (126.511) Cosh ond costt equivalents at the end of the yèar 22 1.639.855 1.854,335 The notes on poges 19 to 42 form port of these flnonciol stotements Poge 18 Slsters of Chority of St Poul The Apostle Noi¢s to the Finoncial StotemÈntS For the yèar ended 31 December 2024 Genèral informotion Sisters of Chori(y of St Poul the Apostle Is an vnincorporuted Churily registered in Englond. Woles ond Scotlond. The reglstered office oddress and registered numberg ore given on poge l. The principal tsctivities onol objectrive5 of the Chority ore set out In the Tiusiees, Report beginning on poge 2. Accountlng policies 2.1 eosls of preportstlon of financial statements The financial 5ttstements h¢Jve been prepared in occordonce with the Chorities SOFIP (FRS 102)- Accountlng and Reporting by Charities.. Stotement ol Recommended Practice c>pplicoble to choriiies prewring ihelr occovnts In accordonce wiih the Flnancial Reporting gtondord appllcuble in the UK ond Republic of Irelorid (FRS 1021 (effective l Januarg 2019). the Financiol Repor11ng Siondoyd opplicoble in the UK Republic ol Ireland (FRS 102) rjnd ihe Chorities Act 2011. the Chorities and Trustee Investment {Scotland) Act 2005 ond the Charitie5 AccoLSnts (Scotlondl Regvlcitions 2006 las amendEd). The finonciol stDtements hove been prepored to give a 'tru& and fair, view and hove deported trtsm the Chorilies (Accounts ond Report5) Reoulotions 2008 only to the extent requlred to provide a 'true and fair, iew. This deporture hos Involved following the Chorities SORP (FFIS 1021 published in Ocic>ber 2019 father thon the Accouniing ond FlepoKting bu Charlties.. Stoiemenr of Recommended Proctice effective from l April 2005 which hos since been withdrawn. Sisters of Chorlty ol St P¢Jul The Ap05tle meets the definition of a publlc benÈfii entity under FRS 102. Assets ond Iiobllities ore Initiolly recoonised at historicol cost or transoction volue unless 01herwise stoted in the relevtsni aCCOUnilng poIIcg. The Consolidated $10tement of tinarhciol activities (SOFA) on(5 Consolidoied bolonce sheet consolidote the fln(5nciol stotemenis ol the Chority ond its subsidlory undertoking The resulrs of the 5ubsiditsry ore consolidoted on a line bu line basis, Poge 19 Slsters ot Charity of St Pavl The Apostlè Note5 to the Finonclol Stotements Fgr the year ended 31 Decembèr 2024 Accountlng polities (continued) 2.2 Income All Income Is recognised once the Chority hos entitlement to the income. It Is proboble that the income will be I'ecelved and rhe omoLsni of income receiv(Jble con be measured reliobly. Grofjts ore included in rhe Consolidoted statement of *inoDciol octivities on a receivable basis. The bolonce ol income received for speciflc purposes but not expended durillg the period is shown In the relevant funds on the Balonce sheet. Where Income 15 received In odvonce of entitlement Of reteipt. Its recognifion is deferred ond included in creditor5 os deferred income. Where entitlemelll occurs before income Is receiverj. the income is occrved. Gift5 in kind donotecj for d15tribution ore Included at voluotlon ond recogriised os Income when they ore distributed to the projects Gifts don¢Jted for resole ore included as income when theu ore solcl. Income tox recoweroble In rel¢Jtion ta donotions received under Gift Aid or deeds of covenont is recognised oi the time ol the donation. Income tox recoveroble in relotion to investment Income Is recognised ot the rime the investment income 15 receivable. Oiher Income is recognised in the period in whlch It Is receivcjble ond to Ihe extent the ooods hove been provided or on completlon of the Se￿iCe. 2.3 E¥penditvre Expenditure Is accountecj for on on occruols bosis ond hos been clossified using the followlng methocl.. EKpendlture on raising funds Includes trll expenditure incvrred by the Group lo rrJise fund5 *or Its chariloble pvrp05es and includes costs of oll lundroi51ng Octivities events and non-choritoble troding. Expendirure on choritable octivities is incurred c>n directly underraking ihe activllies which furiher ihe Group's objectives. os well os any ossocioted 5typptsrt CtsSt5. Expenditlire in each of Ihe houses hove been ivided on the type of octivities corried out bu eoch house. The cyivision Is on o percentoge bosis The boses ol the ollocation of percentooe Is reviewed eoch yeor The percentage ollocorecf to ooch of the choritoble octivities for eoch Df the houses hcss beell decided bu the TrLJStees. Gronts pouoble ore chargecl in the yeor when the offer is made except in those coses where the offer Is ctsnditionol, such gronls being recognised os expenditure when the condifions ottoching ore fulfllled. Gronrs oltered subject io conditions which hove not been met oi the yeor end ore noted os a commirment. but not accrued os expenditure. All expenditure ig inclvsive of Irrecoveroble VAT. 2.4 Govertlment gronts Government grollls ore credited to the Consolldoteol stolement of finuncicl Oalvlties OS the related expenditure is Incurred. P(Jge 20 Sisters of Chor5ty of Si Ptsul The Apostlè Notes to thè Flnaneiol Stotements For the yeor ended 31 December 2024 Accountlng polic6es (tontlnuèd) 2.5 Interest rtrcelvoble Interesi on fvnds held on deposit is Included when receivtsble ond the amount con be measured reliably by the Group. thls is ntsrmally vpon norifScation of the Interesr paid or payable by the institutlon with whom the funds ore deposited. 2.6 Foreign currencle5 lonetary assets ond liabilities ore tron51oted Into sterling cjt the rates of exchange rvllng at the balonce sheet dot¢. Differerices on exchonge ore credlted or chorged to the Stotement of flnonciol activities in the period in which they arise. 2.7 Ton9iblè flxed assets ond depreclotlon Tongible fixed assets ure initiolly recognlsed ot Cost. After recognition. under the revolutstion model. tangible Ilxed ossets whc>se fuir volue con be meosured relitsbly sholl be corried ot o revoluÈd amount. being their fair volue ot the dote Of revaluotion less tsny subsequent occumuloled depreciotion and subsequent accumulated imptsirment losses. The freehold lond ond butldlngs Occupied by the Mother House. nomelg St Poul'5 Convent. hove been Included in the flnonciol stotemerpts ot the1r foir volue bosed orb the results of o professionol voSuation corrled out in December 2020. with depreciotion belng chorged since th15 dote ond subsequenr Improvements included ot cost. The other property hEld by the Chority. nomely the branch houses. ore held at hisiorical cost. the cost being deemed os the volue of the properties on transitioTr to FRS102 following a professionol voluoTion in 2005. The volue of lané is e5tlmoted by the Trustees ond Is not depreciored becovse it hos on indefinitely long FLJrnilvrÈ. fixture5 fittings hove been Included in the tirtoncial siotements at the Trustees. voluotlDll Ot 51 December 199& with subsequent a£qui5itions with on Individuol cost in excess of £5.000 included ot cost. Revoluotitsns ore made with sufflcient regularllu to ensure That the corruing omount does n01 differ materiolly from thot which would be determined using loir value or thE end of the reporting dote. Foir volues are determined from morket-bosed evidefjce by oppraisal that is normally undertoken by professionally quolified volvers. 11 there is no morket-bosed evidence of foir volue becouse of the speciolised noture of the ton9ible fiyecl ossei ond it is rorely sold. except os port of o contrlbuting business. o Chofity may rieed to estirnate foir value using on Income or deprecloied replocement C051 opprooch. At eoch repc>rtlng dote the Chority assesses whether there is any Indication of impairment. 11 such inclicotion exists. the recoveroble Cjmount of ihe osset Is determined to be rhe higher ol ils foir value less cosis to sell ond its value in vs2. An Impuirment Is recognised where ihe corryillg omouni exceeds the recoveroble omouni. Page 21 S15ters of Chorlty of St Potsl The Apostle Notes io the Flnonclgl Statements For the year ended 31 December 2024 Accounting pollcles f financiol octlvllles os o finance cost. Pttge 22 S15ters of Ch¢rlty of St Poul The Apostle Noiès to the Finunciol Statements For the yeor ended 51 December 2024 Accounting poliaès (contlnued> 2.12 Flnunclol In5trvments The Churity only hos financiol ossets and Iiobilities of a kind thot qvalify os basic financiol insiruments. Basic finonciol Instruments ore Iniliolly recognisecl 01 tronsaciion valve and subseguently meosured oi iheir settlement value. 2.13 Penslons The GrDUP operates o defined contribution pension scheme ond the pension choroe represents the (Jmounts poyable by the Group 10 the fund in respect of the yeor. 2.14 Fund actounting The charity malntoins vorious types of funds os follows.. un￿$trI￿e6 funds Designoted funds which represent omounts set oside ovi of vnr¢strictÈd funds ut the discretion of the Trustees lor purticvlar projects The de5i¥notion is for administrotive purposes only ond does not legolly restrict the Trustees discretion to apply the fund. General unreslricted funds represent unrestricred income th(st Is eypendable (Jt the discretion of the Trustees in the fvrtheronte of the object5 of the chorrty. Such funds moy be held in order to *inonce both working copitul ond copitol investment Resirkcfedfunds Restrlcted funds represerLt gronts, donations and legacies received which are ollocoied by the donor for specific purposes. Endowmenrfund Representing those osseis Thot musi be h&ld permanently by the Chorytu. comprising ihe Lond & Bvildings occupied by the Mother House. Depreciation Dn the propertie5 is chorged against the fund. Investment Income. gains ond losses ore ollocoted to the appropriore fund. Po9e 23 Slsters of Charlty of St Poul The Apostle Note$ to the Flnan¢iol Statements For the yeor ended JI Decembèr 2024 Judgement$ in applylng o¢courtting polities ond key sources of estimation uncertalnty In preporing these lingnclal stotements. the Trustees ore requlred to moke judgements, estimates and tsssumptiong about the corrying omovnt5 of ossets ond liabilities that ore not readily opparent from other sources The estimates ond asstsciated ossumptitsns ore b05ed on historical experience ond other fociors thot ore consi(Jered to be relevant Actuol results may differ from those esiimotes ond tynderlying ossumption5 ure coniinuolly reviewed Keysources of eshn70t￿n uneertoinly.. Tongible flxed Qssets are deprecioted over thelr useful Ilves toking into occount resicjvol values where oppropriare The tsctvol lives of Ihese asseis ore assessed onnvally ond moy vory depending on o number of loctors In assessing osset lives. loctors 5bch tss life cgcle and maintenonce programmeg ore token Inio account. Residuol volue asse5smenis consider Issues such as the remoining life of the asset ond prtsject disposol values At eoch reporting dote, trode debtors are ossessed for recoverobilltu If there 15 Qnu evidence of impoirment. the corrging .931 4.742 1.978.002 1.978.002 4.696.157 I Inctsme Irom charltuble ocrivities In 2023 wos ottrlbvt(Ible to unrestricted funds. Poge 25 Sisters of Charrf(y of St Poul The Apostle Notes to the Flnonclal Stottments For the year ended 310ecernber 2024 Investment incom• Unrestrlthed fund$ 2024 Total funds 2024 Total funcjs 2023 Di￿dendS oncl interest from Investments ent received 401,687 401,687 536.973 4.194 4.194 5.205 405.887 405.881 542.178 All income from investments in 2023 wos ottributoble 10 unreslricied funcls. Other Intt¢ming reso¢Jrees Unrestricted funds 2024 Total funds 2024 Total funds 2023 Goin on soles of property. lond ond other ogsets Sole of ooods & earned income Sundry incorne 4.325 4.325 729.160 43.278 45.278 117 806 114,742 114.742 117.130 162.345 162.54S 964,096 All other incomlng resources in 2023 were ottfibvtable to unrestritted funds. Puge 26 Sisters of Charity of St Poul The Apostle Notes to thÈ Finonciol Stotemènts For the yeor *nded 31 Decèmber 2024 Expeadltvre on roising funds Costs of r¢islng valuntary income Vnrèstri¢ted fvnds 2024 Totol funds 2024 Total funds 2025 Investment monogement fees 46.767 46.767 56.040 Pooe 27 Slsters of Chor5ty of St Paul The Apostle Notes to the Finoncial Siatèments For the yeor ended 31 December 2024 Analy51$ of èxpendlture on choritoble o¢tivitles Summary by fund typ• Unrestrlcted funds 2024 Restrlrted Endowmeni funds funds 2024 2024 TotLII 2024 Educotion 230.789 38435 269.224 Formotlon ond Training eolthcore 85.769 85.769 5.653.551 206.383 5.859.914 Social ond Postoral 1.350.856 1.330,836 7.300.925 38.435 206.383 7.545.743 Unrestricted funds 2023 Restricied funds 2023 Endowment funds 2023 Totol 2023 Educotion 5.604,216 13.317 3.617.533 Formation and Troining Healthcore 99.758 99.758 4.959.134 134.976 5.094,110 Sociol ond Posiorol 1,312.705 1.312,705 9,975.813 13.317 154.976 10,124,106 Poge 28 Slsters of ChorSty of St PdL*I The Apostle Notes to the Finonciol Stoternents For the yeor ended 31 December 2024 1Q. Analusis of expendlture by activitles Attivitles undertoken directly 2024 Gront fundir¢g of octivities Support osts Totul funds 2024 2024 2024 Educoiion 250.000 19.224 269.224 85.769 85.769 Formation and Troinlng Heo1ihcore 4.424.551 1,455.563 542.589 5.859.914 Social ofid Ptsstorol 988.247 1.550.836 5.498.367 250.000 1.797.376 7.S45.743 Activities vnderioken Gront funding directly ol octivities Svpport costs 2025 2023 2025 Totol Ivnds 2023 529,598 741,847 3,617.535 99.758 Educoti)n 2,546.088 99.758 Formoiion ond Training 5.094.110 Heolihcor& 3,935.820 977.387 1.158.290 335.318 Soclol ond Pustorol 1.312.705 7.559.053 329.598 2,235.455 10.124,106 Page 29 Slstèrs of Chorlt¥ of St Paul The Apostle Note$ to ihe Flnantitsl SlOt•ments For the yeor endèd 31 Oecemb•r 2024 10. Analy$ls of expenijitvre by actlvitie5 (contrnued) Anolysis of dlrtct costs TotrAI funds 2024 Toiol funds 2023 Staff costs 2.323.140 4.311.085 Depreciotion 419.597 330.900 Provlslons and Sisters expenses 2.755.630 2.977.068 5.498.367 7.559.053 Analysls of svpport eo$ts Totol funds 2024 Total funds 2023 Donoiions and gifts Estoblishment 152.260 210.175 1.198.511 1.374.314 Trovellirig Office. garden ond grovnds Chuich and svndries 98,565 105,958 153.083 189.048 S2.997 232.678 Governonce 141.960 123.282 1.797.376 2.235 455 11. Analy￿$ of gronts Gronts to Insiiiuiion$ 2024 Total funds 2024 Oonatlon to The Gaudete Trust 250.000 250.000 Page 30 Slsters of Chorlty of St Poul The Apostl& Not¢s to the Finonclul Statements For the yeor ended 31 Decèmber 2024 Anoltssis of gronts (continu?d) Gronts io rotal luncjs 2023 2023 329.598 Oonotecl fixed osset5 329,598 In occordonce with o Deed of Donation signed on 15 December 2023. th¢ Stsuth Africon properties thot were held by the porent chortly hove been disposed of through Grants mode to Institvllons ieflective of the gift of ihe schools to Cotholi¢ Schools frvst. 12. Other expenditure Unrestricted funds 2024 Total funds 2024 Totol funds 2025 Los5 on dispos01 Df subsidiury Freehold property Impolrmeni 1.868.672 2.276,251 2.276.251 2.276.251 2.276.251 1.868.672 Irt 2024. Sisters ot the Vernon Road Convent were rehomed (Ind ihe staff wefe made redundont with ¢5 view to glfting rhe property to St Pour's School for Girls. The freehold pioperty representing the vernon Rood Convent tsnd School hove therefore been impoired. In 2023. following the end of the Congregatitsn's mission In South Africo. the Sovth Africon subgidlary was disposed of ot 31 December 2023 for £P4il consideroiion, generaiii)g a ltsss on dispowl equol to the net asseis ot the sub51diary. Poge 31 Slsters of Chgrlty of St Povl The Apostle Notes to the Flnoncigl Statements For the ytor ended 31 December 2024 13. N•t movement In funds Net rnovement in fund5 Is stoied ofter charglng/(crediting1.' 2024 2023 Auditoi"s remvneratlon- audlt ol group finonciol stotements Avditor's remunerotion preparotion of group flnancial stotements eprecioiion of tongible fixed ossets Surplvs oll disposal of flxed 05sets Currency losses 16.375 14.885 13.950 12.680 419.$47 330,900 14.325> 26.055 (729.160) 266.917 Page 52 Slster$ of Charlty of St Povl The Apostle Notes to the Finoncial Stotements For Ihe yeor ended 51 Decembèr 2024 14. Stoff Grovp 2024 Group 2023 Charlty 2024 Chorlty 2023 Wo9es ond sa1ories Soclol securlly Costs 1133,226 157.280 4.151.869 129.556 29.860 2.130.602 2,081.236 129.356 137.280 29.860 Penslon costs 52,634 52.634 2.323,140 4.311.085 2.320.516 2,240.452 Included in 2024 stoff cost5 Is termination puyments totolling £20.50012023- £39.100). The avero9e number of persons employed by the Charity during Ihe yeor was os follows.. Group 2024 No. Group 2023 No. Chority 2024 No. Chority 2023 No. Avera9e number ol employees during the Year 97 204 96 93 No employee received remuneration omouniing to more thon £60.OCJO in eiiher yeor. Key monogement personnel is limited 19 ihe tiustees of the Choflty. There ore no employee beneflts poid ro key manogemeftl personnel. None of the Trvslee5 I'eceived ony emolvments or hod ony expenses reimbursed during the yeor. All of the Trustees Dre members of the Congregotion and in addition to their responsibilities os Trustees. are octlvely Involved In carrying out the objects of Choritu. Accordinglu. oll the Trustees benefited from the occommodotipn costs ond other ossocioted expenditure disclosed os charitoble aciivitieg in the Stoternent of flnonciol octivlties, however ihege benefits were consisieni wilh those received by the rest of the Congregotion and there were no finonciol intentives owarded tts Trustees. The Charity hus orrtsn9ed Insurance to protect the Chtsrity from loss orlsinu from neglect or deftsu1t of its Trvstees. employees or ogents ond to indemnify the Trustees ond officers frtrm the consequence5 of ony neglecl or defoult on their port. Poge 35 Slstèrl of Charity of St P <789.806) 13.861.696) At 31 December 2024 17,463.e73 1,583.601 212.365 19.059.839 Depreciution At 1 Jonuary 2024 Charge for Ihe yeor On disposols Impoirment chorge 4.435.776 351.594 (45.494) (1.585.445) 600.S27 154.303 5.190.606 417,541 74.193 11.554 (43.494) 0.585.445) At 31 December 2024 3.138,431 674.720 165.857 3,979.008 Net book value At 31 December 2024 14.525.442 708.881 46.508 15.080.851 Al 31 December 2023 17.079.599 500,632 25,435 17.605.666 Poge 35 Slsters cf Ch(Trlty of St Povl The Apostle Notes to the Ftnoncial Statements For the year ended 31 Oecember 2024 16. Fixèd asset investment$ Llsted Cosh troding Invéstment8 account Grovp ond Charity Totol Markei voluctlon At l Jonuory 2024 Additions 10.510.763 227.948 10.758,ni 3.072.521 13.604.930) (228.433) {3.072.527) Disptssols Flevaluotlons 4.618.095 1.015.165 (228.433) 360.264 Income net of fees 360.264 Withdrowals 11.781.101) (1.781.101) At 31 Uetember 2024 9.749.721 352.88$ 10.102.606 17. Debtors Group 2024 Group 2023 Chority 2024 Chtsrity 2023 Amounts owed by group vndertckings other debtors 355.662 42.165 286.052 40.006 283.030 Prepayments and occrued income 25.S04 17.092 25.504 16,818 67,667 303.144 65.510 655.510 18. Credltors.. Amovnts folling dve within one yegr Grovp 2024 Group 2023 Chorlty 2024 Charity 2023 Other toxatlon oncl soclal securlty Other creditors 30.047 31.205 30.047 31.205 62.729 42.326 57.060 36.995 Accruols ond deferred income 579.902 262,580 379.902 262.580 472.678 356.111 467.009 330.780 Poge 36 Sisters of Char*ty of St Poul The Apostle Noies to the Fsnat)clal Statements For the year ended 31 December 2024 19. Sttstement of funds Statement of funds- current yeur 8ulance at 7 Janugru 2024 Balance at 31 December 2024 Transfers In/(out> Goin5/ (Losse$l Income Expenditure Vnrestrlcted funds Oeslgnatèd fvnds Retiiement tsnd medicol 8.505.405 0.775.757) 6.n7.648 mission ond donotion 1,500.000 8.985.388 755.306 1.500.000 6.681.274 Fixed ussets (2.489.465) {46,76n 185,351 Investments 401.687 784.732 1,874.958 19.724,099 401.6B7 .536.252) 0.590.406) 784.752 16.783.880 Gènerol fvnds Genei'ol Fuftds 1.507.460 4.79S.296 (7.OB7.711> 1.590.406 (26,055) 839,396 Totol Unresiricted funds 5,19(985 (9.623,943) 75Q677 17.623,276 21.291.559 Endowment funds Endowment Fund 8.620.278 1206.3851 8.413.B95 Re$trlcted funds Romanits Ivnd 25.960 55.038 (58.435) 42.563 2&079.734 Total of fvnds 29.937.797 S.252.021 (9.868.761) 758.677 Poge 37 SFStèr$ of Churity of St Poul The Apostle Noits to the Finoncial StotemÈnt$ For the year ended 31 December 2024 19. Staiement of funds Designated fvnds The retirement ond medicol fvnd hos been established for the purpose ol provlding for retired members of Ihe Congregation. The mlssion ond donotlon fund represents on ongolrng fund for donotions. The Churity hos o long-term involvement with a number of choritoble projects. pgrticulorly In Romanio and South Africo. ond hos made conslderoble donations in Support of these octivitie& It Is the Intention of the frustees to continue to supporr these projecis and further donations ore likely to be mode in future yeors, olthough no legolly blndlng commitments hove been entered Into In thls regard. The flxed Osset fund represents the book volve of the Chority's tongible fixed ossets. Pfincipolly loncj and building5 currently held for use in octivitie5 In furtherGnce of Ihe objects of the charity oncl the funds ore therefore unovoiloble for use. A proportion of thp fixed o55ets ore represenlea b¥ Endowment funds. comprising the Lond & Buildings occupied by the Moiher House The Investments fund represents the corrying volue of investments ofter (Jeduciing the retirement ond medicol and the m15510n and donation funds. Investment capitol paid awtsy hijs Oeen ironsferred from the retirement ond medical fund bock into genèrol funds. The Sovth Africu education fund represents amoonts eormorked for specific purposes by the Souih Africon 5ubsidiory. such as sports & grounds. 1uckshop ond fundroising. The fund was rellnoui5hed on disposol of the Souih African subsldlory. Sl Mortho's Retreot represents tnonies sei oside lor improverllent work5 Ot St Poul's Convent. Followln9 the completion of the new Dupvis Fletfeol on(J Conference Centre In 2025. 0 transfer wos mode lo endowment fvnds reflective of the fixed 09sel tsddltion The surplus fvnds were tronsferred back into genei-ol funds. Restrltted funds The Romonia fvnd represents monies collecied specificolly for projects in thot covntry. Endowment funds The endowment fund represenis those assets thot must be held perrnonenlly by the Chority. comprising the lond ond bvildings occupied by the Mother House. Depreci0110n on the propertie5 Is chorgecl ogoinst the fund onol capitolise(J improvemeni works are rronsterred Into the fund. Page 38 Slsters of Churity of 5t P(wl The Apostle Notes to the Fifianciol Stotements For the yèar ended 31 December 2024 19. Stulement of funds (tontinvèd} Statement of fvnds- prior ueor Balance ot 1 Jtsnuory 2C>23 Bolcsnce at Goins/ 31 December (Losses) 2023 Transfers in/(ovt) Income Expenditure Designated funds Rethrement tsnd medicol 11.182,678 (2.679.273) 8.503.405 Mlssion ond donotion 1,500.000 1,500.000 8.985.588 735.306 Fixed ussets 9.745.588 53,956 095,9241 (56,0401 {564.276) Invegimenis 536.973 200.417 South Africa educotion 454.995 {454.993) St Mortha's Retreat 1.814.683 0.814,683) 24.751.898 536.975 1706,9571 (5.058.232) 200.417 19,724.099 Generol fvnds Generol Funds 1,421.596 8,125.252 (11,193.568) 3.481.097 (266.917) 1.567.460 Totgl Unrestricte¢J funds (11.900.525) (1,577.135) (66.SOO) 21291.559 2&173.494 8.662.225 Endowmènt tvnds Endowment Fund 7.178.119 (134.976) 1.577.135 8.620.278 R•stricted funds Romanio fund 20,408 18.869 113.31 25.960 29.957.797 Totol of funds 33.372.021 8.681.094 (12.048.818) (66.500) Poge 59 Slsters of Churlty of St Paul The Apo*le Notes to the Financial Sltstements For the year ended 310ecember 2024 20. Anolus15 of net ¢Jssets between funds Analysis of net ossets between fvnds - current perlod Unrestrictèd funds 2024 Rè5trirted Endowment fvnds fund$ 2024 2024 Totul funds 2024 Tongible fixed osset5 Flxed asset Investments 6.681.274 10,102.606 8.413.895 15.095.169 10.102.606 Current ossets 1.312.074 42.563 1,354.637 Creditors due within one yeor 1472.678) (472.678) Total 17.623.276 42.563 8.413.895 26.079.754 Analysls of net assèts between funds - prlor perlod UnrestriclÈd funds 2023 Resrricted funds 2023 Endowment funds 2025 Total funds 2023 Tongible fixed ossets Fixed osset Investments 8.985.388 8.620.278 17.605.666 10,758.711 10.738.711 Currenr ossets 1.903.571 25,960 1.929.531 Credltors due within one yeor (556.111) 1536.111) Totol 21.291.559 25.960 8,620.278 29.957,797 Page 40 Sister$ of Chority of St Poul The Apostle otes to the Finoncial Statements For the year ended 31 December 2024 21. Aeconclliatlon of net movem8nt in tunds to net cash flow from operating octlvities Grgvp 2024 Group 2025 Net expendltvre for the period (a5 per Stotement of Finonciol ActlV111es) (3.832.008) (3.167.307) Adjlsstments for.. Depreciation chorges Impolrment chorges Gains on Investments Dividencls ond inieresi from investments Surplug on ihe 501e of fixed assets Donotec4 fixed assets 330.900 419.547 2.276.251 (784,732) (380.945} (4.325) (200.41n {542.1781 (729.160) 529,598 133.486 Decreose in debtors Increose/(decrease} In cre(8irors Loss on d15P05al of subsidiary 235.477 136,567 (188.1401 1.868.672 Net cash vsed in operatlng actlvitles (1.9)4.168) (2.164,546) 22. Analysi5 of cosh and cgsh eqvivulents Group 2024 Group 2023 CcJsh ot bank 1.286,970 1.626,387 352.885 227.948 Cash In investments Totol cush ond cash equlvalents 1.639.BS5 1.854.535 Poge 41 Slsters of Charltu of St Poul The Apostlè Notes to th¢ Flnantial Statemènts For tht year er*ded 31 December 2024 23. Analysls of changes In net debt At31 December 2024 At l Janvary 2024 Cosh flows Cash tst bank Cfnd in hcsnd 1.626.587 (539.41n 1,286.970 24. Pension commitments The Chority operoies (J defined contribution pension scheme. rhe ossets of which ore held seporately from those of ihe Chority in on Independenlly odministered fund. The pension cost ch(yrge represents contributions poyable by the Chorily and amounted to £52,63412023 £29.8601 The pension liability ond expense Is ollocoted wholly 10 vnrestrictecf funds on the bosis thot all sioff costs ore met from generol funds. 25. Relatèd party tronsgctlons In 2024, the Irish subsidiary contributed £153.524 to the poreni charity durlng the yeor No omounis wefe owing at the bulance sheet dole. In 2023. the Ir15h subs1diory contributed £172,593 to the porellt chority during the yeor Also. following o sole of lond ot ¢Jn Irish property owned by the parent charity, the Irish subsidiory owed the proceeds from the sole of £355.662 10 the porÈnt choriiy 01 the bolonce sheet dote. 26. Principal subsldiarles The followin9 were subsidiory uridertukings of the Chority.. Svrplus / Net ussets 31 (defle￿) December 2024 2024 Sister5 of Chtsritu of St Pavl the Ap05tle (Flepublic of Irelon(J 20011598) 68.907) 353.089 Following the end of the Congregotion's mission In South Africa, Ihe South Africon sutr)&diory wos disposed of ot 31 December 2023 ond is therefore noi included in the consolld¢Jtion in 2024. Poge 42