Chaiity number: 215027 THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Bishop Fleming
ThE CONVENT OF ThE SISTERS OF CHARITY- SERVANTS OF THE POOR CONTENTS Reference and Administrative Details of Ihe Charty, its Trustees and Advisers Page Trustees. Report Independent Examiner's Report statement of Financial ActivitFes Balance ShÈet Notes to the Financial Statements 10-16
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteè$ in th& year The Reverend Mother M E Taylor, Superior and Treasurer The Reverend Sister C Lockhart, Assistant Superior (deceased 2 May 20231 Miss J M KIlOn Mrs J E Oalway Mis E Smith Falh&i R Beck Charity registered number 215027 Princlpal offlce 15 Cornwood Road PMpton Plymouth PL7 1AL A¢¢ouTrtant Bishop Fleming LLP Chartefed Ae¢ountsnts 7 0 Temple Back Bristol BS16FL Bankers Nalwest 74n6 Ridgeway Plympton Ptymouth PL7 ZAF Solicitors Knights plc Springfiehl House 45 Welsh Back Bristol BS14AG Investment advisors Evetyn Partners Porhvall Place Pothall Lane Bristol 8S16NA Page 1
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trtsslees present their annual report logelher wtth the financial statements of the The Convant ofthe Sisters of Charity- Servants of the Poor foi the 1 January 2023 to 31 December 2023. The Trustees confirm that the finana91 ststements have been prepared In accoTdance with the accounting liues set out in notes to the accounts and comply wrth the Charity's goveming document, the Charitios Act 2011 and Accounting and Reporting by Charities." Statement of Recommended Practice applicablè lo charities preparing their Accounts in accordance Mth the Financial ReFK)rting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. Objèrtives and activities a. Policies and obje¢tives The objecl of the Charity is to honour the Chartty of our Lord and Savioui Jesus Christ by works of Merry, Spiritual and Temporal, the poor, the sitrk, prisoners, orphans, aged end infirm persons or pèrsons in any other need. In setting objectives and planning for activits'es, the Trustees have given due consideration lo general guidance published by the Chaiity Commission relating to public btsnefit, including the guidance 'Public benefit". running a charity IPB21'. b. Strategigs for achièving objectivès Until 2019 the Community of the Sisters of Charity had maln divisions situated al 83 Fore Street and St Vincent's Nursing Home both in Plympton Sl Maurice. Ptymouth. Devon. Sl Vincenys Nursing Hotne was closed in 2018 then sold in November 2019. A new Mother House was purchased in 2018 at Greenacre$, 15 Cornwood Road, Ptympton. The Reverend Mother Superior is in Charge of the Community as a whole. c. Activities undertaken to achieve objectives Most of the Sisters have been funded lo a greater or lesser degreo by the Community. The Réverend Mother SUIrior has pastoral responsilylty for the Home and 81so has som& pastoral responsibility in the lo(21 parlsh. One Sister was ongag$d in ectJmeniI and 50aal work on the Isle of Lewi5 duiing the yeai. Mu¢h of her work invofved the teaching of prayer 8nd spiJituality and membotship of the Scottish General Syn(>d. She was also a locum priest in Stornoway, supervised a curate on the Isle of SW and was also a trusl&e of the Diocese of Argyll and the Isles, being a careT of Oban Cathe(tral. The Charity has also continued to provide accommodation at 2 properties at a dis¢ounlèd rale throughout the year. and make donalions as appropriate lo othèr Worthy Causes. Achievèments and perfomian¢e Review of actiVleS Duiing the yèar. the &slers have conlinued lo be invofved in the local parish and continue to provide a residence foi a Chaplain to the community. b. Investment policy and perforniance The Trustees are satisfied that sufficient invtsstment income was obtained from the investment portfolio, given the mrket conditions in the year. Page 2
THE CONVENT OF THE SISTERS OF CHARl-sERVANTs OF THE POOR TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER 2023 Financial reviÈw Going concern After making appropriate enquiries. the Tiuslees have a reasonable expectatron that the Charity has adequate resources to continLte in operational exi5ten¢e for the foieseeable future. FOT this ieason, they continu& to adopt the gn9 concèrn basis in prèparing the financial slalements. Further detai15 regarding the adoption oflhe going concem basis can be found in the accounling policles. b. Resèrves pollcy The reserves of the Charity must of a sufficient level lo ensure that rts iecurring commitments and planned revenue expenditure can be met. The Charity aims to hold at least three month's expenditsJ¥e in cash. Al the year fjnd the Charity held £32,444 in cash. The Charity had unre8trict8d funds of Q,031,443. The Trustees will continue to Onitor total reserves to ensure they remain at a suffiagnt leval. The Charity seeks to make provision for their care of sick and int7rm memb&t5, and entUallY fo¥ their funeral expenses. Once these requirements have been met. any surplus will be distrib(rted by way of grants in accordance with the objécts ofthe Charity. ¢. Material investments policy Tho Hokling Trustees, on behalf of the Tntstees. have considered the most appropriate policy for invgsting fvnds. They consider that investment in a medium risk portfolio comprised of equity, fixed incorne stocks and cash meets their requirements to balance gen@f8tion of both in¢ome and cap&tal g¥owih. The Investment Managers have also been inslrueted to follow the Statement of Ethical Investment Policy of the Church of England. This seeks lo invest in companies th8t will Success1 develop thei¥ business in the interest of shareholders but which aLso demonstrate reasonable employment practices and are conscients.ous wncerning issues of corporate gov9rnan¢e, environmental performance and are senlIve to the communitles in which they opeTate. The portfolio therefore excludes companies prirnarily inVoed in toba¢co: alcohol, gambling. atmaments and Pornography. d. Resutts The afXOLsnts on pages 8 - 16 set out the details of the Statement of Financial for the year ended 31 Deornber 2023 and the balance sheet as at that date. There was net expenditilfe for the year of £153.67912072- £152,454). There wgie trKJth realis8d afid unrealised losses on the investn*nt portfolio totalling £4,21012022 - losses of £138,188) giving a net decrease in funds for the y$8r of £157,889 (2022 - £290,642). Structure, governance and management a. Constitution The CDnvent of the Sisters of Charify - Sgrvants of the PooT is a regrstered charity, number 215027, and is constituted undeT a Tiust deed. The CharityÈ address 1$ 15 Cornwood Road, Plympton, PL7 1AL, and ils legal and certain adnwnistrgtive matters are dealt wtth at Knights plc, Springfiekl House. 45 Welsh Back, Brtstol. BS1 4AG. Page 3
THE COWENT OF THE SISTERS OF CHARITY- SERVANTS OF ThE POOR TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 StructuYe¥ govemance and managemènt (CONTINUED) b. Methods of appointment or èlection of Trustees The general control and management of the Charity Is vested in the Trustees who, during the year W8re.' The Reverend Mother M E Taylor, Superioi and Treasurer The Reverend Sister, C Lockhart, Assistant Superior Idec&ased 2 May 2023) Miss J M Kifvington Mrs J E Oaiway Mrs E Smith Father R Beck The Reverend Mother Superior is 8SSlSted in the overall management of the community on Feg81 matters and investment ptslicy by the Holding Trusleos and independent investment advisors. The Hokling Trustees during the year were.. Mr K Esoott Mr P NichoLson Mrsorr Mr l Oxenham Mr K Poacock Trusteas rectrive travel expenses as required. However, the Hokling Trust¢gs recoive no remuneration for their role as Trustees. The Reverend Mother Superior is appointed by the Professed Sislets of the Community. The Assistant Superior is appointed by the Reverend Mother Superior. All other Tfustees are appointed by the Reverend Mother Supeiior and the siste of the Communty al meeting of the Chapter. c. Pay policy for key management personnel The pay of key manageent peOnnel is agreed by the Trustees. The pay is benchmarked against &rrrilaf organisalions. Page 4
THE CoNvEr OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Struclurei govemance and management (CONTINUED) d. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those rèlated to the operations and finances of the Charity, and are 8atisfie(I that systerrB an¢J procedures ere in pla¢& to mitigate exposure lo the major r*sks. The Trustees have identififjd the main fisk as stock ma¥k61 fluctUaOnS. Srgnificant gxternal Ftsks to funding may $sS[tate the devglopmènt of a strategic plan which wll allow for the diversificalton of funding and activtties. The properbes and investments of the Charity are hekl by Hokjing Trustees who manage and deal with them in accordance with the de(asions of the Trustees. In addthot7, they exerase an advisory rol6. Th& Trustees have delegated management of the investrnents of the Chatity to Evefyn Partners for management on a discretionary basi5 but in accordance with the investrnent policy laid down ty the Trustees. Reports are made quarterly to the Tnjstees on the value and perfomianee of the portfoh'o and annual m&8tsngs are held to review the performance of the portfolio and for guidance on the continuing suitabtlily of the investment policy, Intemal risks are minirThsed by the implementstion of appropriate authorisation and consistent pr0dUreS. The T¥uslees and Holding Trustees regLFlarty review these procedures to ensure that they still meet the needs of the Chaiity. Plans for future periods The Trustees have carried out a review of the reseNes policy and how they use their funds to meet thelr chaitable objectives. This has included a ieview of a¢commodation needs and expenditure and S0 a review of property hoktings and how thèse contribute to the Charity's ¢harilable objectives. The Reverend Mother Superior Mll continue to provide pastoral support wherè possiblg. The Charity wll continue to make financial contribtAions to other charities which align with the Charity's charitable obj'ecfives. Page 5
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 STA TEMENT OF TRUSTEES. RESPONSIBILlnES The Trustees are responsible for preparing the Trustees, Report Snd the financial statements in accordance with applicable law and Unlled Kingdom Accounting Standards (United Trfjngdom Genefally Accepted AccouTrting Pra¢tice}. The taw applicable lo charities in England & Wales requires the Trustees lo prepare fin8ncial statements for each financial wfiich give a true and fair view of the slate of affaiis of the Chartty and of ils incofThng resources and application of resources, including its income and expenditure, for that perirxl. In prepar*ng thèse fin8ncial statements, the Trustee5 are requi¥ed to.. select suit8bl& accounting policies and then apply them consislefttly., observe the methods and principles of the Charities SORP (FRS 1021,. make judgfnents and accounting èstimates that are reasonable and piudent., state whether applicable UK Accounting StatrYl8rds IFRS 102) have been followed, subject lo any matèlial departures disclosed and explaine(l in the financ4al statemènts.. prepare the financial st8temtrnts on the going concern basis unloss it 15 inappropriate to presunp that the Charity will continue in busine5S. The Trustees are re3ponsible for keeping adequate accounting records that are sufficient to show and explain the Charity's Irdnsaclions and disclose with reasoneble accuracy al any lim8 the financial position of the Charity an(1 enable them to ensure that the financial statements comply with the Charities Act 2011, thè Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detectitsn of fraud and other irregularities. Approved by order of the members of the board of Trustee¥ and signed on their behatf by.. Ic The Reverend Mothèr M E Taylor Date.. 8(j oi li)F.LF. liJJt, Page 6
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR (Yhe Charity'i I report to the ¢haTity Trustees on my examinath.on of the accounts of the Charrty for the y8ai ended 31 December 2023. RESPONSIBILlnES AND BASIS OF REPORT As the Trustees of the Charity you are responsible for th8 preparation of the accounts in accowdance with the requirements of the Charitteg Act 2011 Uhe 2011 Act). I rewrt in respect of my examination ofthe Charity's accounts cairied out urder section 145 of the 2011 Act and in arryIftg out my examination I have followed the applicable Directions given by the Charity CoFnmission under section 145{51(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attonts.on is drawn lo the fad that the Charfty has prepared the accounts in accordèn(% wf(h Accounting at)d Rerting by Ch8rib"es.' Statement of Recommended Practice applicable to charits'es preparing their accounts in accordance with the FinancAal Reporting Standard aPpCable in the UK and Republic of Ireland IFRS 102) in preference to the AOunting and Reporting by Charthes.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extsnl regulatiorY& but has bgen withdrawn. l undeTStand that this has been done in order for the accounts to provide a true and fail view in accordance with the Generally Accepted Accounting Praclice effective for reporting periods boginning on or after l Jaftu8ry 2015. I have MPleted my examination. I confirm that no m8tters have Come to my attention in wnnection wrth the examination giving me cause lo b&eVe that in ony material respect.. accounting re¢))rds were not kept in respect of the ChaFity as iequired by sertion 130 of the 2011 Act; or the accounts do not accord with those record5', or the accounts do not comF wlh thg applicab requirements concerning the fom and content of accounts set in the Charities (Accounts and Reports) Regulations 2008 other than any Kequirernent that thè accounts give 8 Irue fairf view which is not a fflattar ¢onsid&r$d as part of an independent examination. I have no ¢oncerns and have come across nLF othgr matters in connection knth the exanNn8tion to which attention should be drawn in this ieport in ordei to enable a proper understanding Of the accounts lo bè reachod. This report is made Solely to the Charity's Trustees, os a body, in accordance wth Part 4 of Ihe Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state lo the Charity's Trustees those matters l am requirèd to stsle lo them in an Independent Examinerfs ReFK)rt and for no other purpose. To the fullest extent pernNtted by law, I do not accept OT assume responsibility to anyone other than the Charity and the Charfvs TNstees as a b y, for my work or forthis report. Signed.. Joseph Scaife DChA FCA BISHOP FLEMING LLP Charterod Accountants 10 Temple Back Bristol BSI 6FL Dated.. 1 Page 7
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Incom8 from: Donations and legacies Charitable a¢tivifies Other trading aetivitses Investments other income 144 6.600 6.000 49.141 10.872 125 7,540 6,000 46,661 6.600 6.000 49,141 10.872 Total income 72.757 72,757 60,326 Expenditure on: Raisirkg fvnds Charitable activities 8,862 217,574 8,862 217,574 10,295 202,485 Total expenditure 226.436 226,436 212,780 Net expenditure before nèt losses on investments Net losses on investments 1153,6791 {4,2101 (f 53,6791 14,2101 1152,454) 1138,188) Nèt movement in funds (157,8891 {157,889) (290,642) Reconciliation of funds: Total funds brought forward Net fTK)ven*nt in funds 2,1B9,332 1157,8891 2,189,332 1157,8891 2,479,974 P90,642> Total funds carried forward 2,031,443 2,031,443 2,189,332 The Slalement of Financial Adiyities includes all gains and losses recognised in the year. The notes on pages 10 to 1 S fomi part of these financial ststemenls. Page 8
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR BALANCE SHEET AS AT 31 DECEMBER 2023 Not 2023 2022 Fixed assets Tangible assets Investments 815,147 1.185.792 837,156 1,291,519 Current assets Debtors Cash al bank and in hand 2.000,939 2,128.675 2,876 32,444 9,514 56.103 35.320 Creditors.. Bmounts falling due wthin one year 65,617 10 <4,8161 (4,9601 Net current ass•ts 30,$04 60,657 Total assets less current liabilittes 2.031A43 2.189,332 Net assets excluding pension asset 2,031,443 2,189,332 Totsl net assets 2,031,443 2,189.332 CharFty funds Restricted funds Unreslncted funds 2.031.443 2,189,332 Total tvnds 2,031.443 2,189,322 The ffinanclal statements were approved and authorised for issue by the Trustees and stgned on their behatf by.. ylc/V The Reverend Mother M E Taylor Dale: ..Y) C)LXc>ft&R ,In3u The notes on pages 10 to 16 form part of thes$ financial statements. Page 9
ThE CONVENT OF THE SISTERS OF CHARifY- SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The Convent of the Sisters of Charity - Servants of the Poor is an unincorporated charity. The prInpaI office is 15 Cornwood Road, Ptymplon, PL7 IAL. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statemènts have bpen prepared in accordance with the chartti.es SORP {FRS 102) A¢¢ounting and Reporting by Charities: Statement of Recommended Practce applicable to charities preparing their accounts in accordance with the Finanual Repc>rting Stsndard applicable ill the UK and Republic of Ireland IFRS 1021 (effective l January 2019), the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1 D2) and the Ch8rrties Act 2011. The financial slatefflents have been prépared lo give a Irue 8nd fair, vlew and have departed from the Charibes IAc¢ounts and Reports) Regulation$ 2008 onty to the extgnl requifed lo provide a 'lrue and fair, view. This departure has involved following thé Charities SORP IFRS 102) published in October 2019 rather than th6 Accounting and Reporb'no by Charities.. Statement of Recommended Placlice eff8ctive from 1 April 2005 which has since been withdrawn. The Convent of the Sisters of Charity - Servants of the Poor meets the definition 018 public bènefit entity under FRS 102. Assets and liabililtes are inilialty recognised at hislorlcal cost or transaction value unless otherwise stated in the relevant accountino policy. 2.2 GOING CONCERN The Trustees have assessed the Statement of Financial Position and fikely future cash flows at the dale of approving these finan(aal statefnents. The Trustees have a reasonable expetaation that the Charity has adequate resources to continue in operational existence and lo meet its finaricaal obligab.ons as they fall duè for at least 12 months from the dale of signing these fin8TFcial StateEnts. AccoTdingly, they continue to adopt the going concern basis in preparing the finanoal slalements. 2J INCOME All income 1$ recognised once the Charity has eTrtitlement to the InGome, il is probable that the income will be received and tho amount of income receivable ¢an b& measured reliabty. The recognition of income from legaii8s is dgpendent on establishing entilement, the wobabilhy of receipt and the ability lo estimate wllh sufficient accuracy the amount receivable. Eviden¢e of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (thiough knowledge of thè existence of 8 valid will and the death of the benefactoi) and thg exècutor is satisfied that the pioperty in question wll not be required to satisfy claims in the estate. Receipl of a legacy must be recognised when it is piobable that it will be received the fair value of the 8mounl rectrivable, which will generally be the expected cash amount to be distributed to the Chaiity, can be reliably meas¢Jred. Inco tax r$coverable in re18tion to donations recelved under Gift 'd 01 deeds of covenant is recognised at the tirn8 of the donation. Income tax recover8ble in rfylalion to itweslnxnt income is Tecogni5ed at the time the investment income is receivable. Page fo
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES {continued) 2.4 EXPENDITURE EXndItle is recognised once there is a legal or con51ru¢tive obligation lo transfer economic benefit to a third party, r( is probable that a transfer of economic beneffts wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Glassified by activity. The costs of each actNity are made up of the totsl of direct costs 8nd shared costs, including support costs involved in undertaking each activity. Direct costs attributsblè lo a single activity are allocated directly to that activty. Shared wsts which contiibute to moro than one activtty and 5UPPOrt costs whlch are not attributable to a single activity are appoth.oned bfyeen those activities on a basis Consistent bwth the us8 of resources. Centr81 staff costs are 8llocaled on the batsis of lime spent, and depretiation Charges allocated on the portion ofthe asset's use. Expenditure on raising fltnds includes all expènditure incurred by the Charity to raise fvnds for its charitable purposes and includes costs of all fundiaising activities events and non-charilable trading. Expenditure oll charitable 8ctivitiès is inctsrr9d on directty undertaknng the activities which furthei the chality objectives, as well as any associated support costs A¢1 expenditure is indusNe of irrecoverable VAT. 2.5 IlnEREST RECEIVABLE Interest on funds hehl on deposit is in¢lud8d when re¢eivable and the amount can be measured reli8bty by the Charity,. this is normalty upon nolificalion of the interest kydid oi p8yabl8 by the in5tilution with whom the funds are deposited. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIAnoN Tangible fjxad assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the $1 or value ofthe asset Can be measured reliably. Tangible fixed assets are initialty recognised at cost. After recognits'on, und8r the c05t model. tsngible )Ixgd assets are measured al cost less accumulated depre(aation and any accumulated impairment losses. All costs incurred to bring 8 tsngible fixed asset into its int&¥tded worknng condib.on should b¢ included in the measurement of cosL Depreciation ts charged so Ss to allocate the cost of t8ngible fixed assets tess their re5Ual value ovei their esb'maled useful lives. Depweaation is provided on Ihe following basts., Freehokl property and improvements Fixtures, fjtttngs and equipment 2.7 INVESTMENTS 2Q/D and 10% straight ne 250A reducing balanc Fixed asset investments are a fomi of finanL?al instrument and arè initialty recognised at theif transaction cost and subsequently measured al fair value al the Balance Sheet date, unless the value 13nnot be measured reliab in which case it is m6asured at cost less impairmant. InvesbYEent gains and losses, whether realised or unrealised, are combined and presentwj as 'GainsllLosses} on investments. in the Stslement of Financial Activlties. Page11
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES {continued) 2.8 DEBTORS Trade and other debtors are Cognised at Ihe 5etdement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any tr8de discounts due. 2.9 CASH AT BANK AND IN HAND Cash ot bank and in hand indudès cash and short-lèrm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounl. 2.10 LIABILITIES AND PROVISIONS atrxfits'es are recognised when there is an obligation at the Balance Sheet date as a result of a past evènl, rt Is probabla that a transfer of ecoT7omi¢ benèfit w%ll be requiTed in settlement, and the amount of the settlement can be estimated reliabty. abilities ale recognised at the amoulrt that the Charity anticipates it wll pay lo settle the debt or the amount it has received as advanced payments for the goods or sewices rt must provide. Provisions are measured at the best estimate ot the amounts iequired to settle the obligation. Where the effect ofthe ts'm8 value of money is mater¢el, the provision is based on the present value ofthosg amounts, discounted at the pre-tax discLiunt rate that reflècts the risks specific to the liability. The unwindinD of the discount Is recognised in the Slatemènt of Finan81 Activitie5 as a finance cost. 2.11 FINANCIAL INSTRUMENTS The Charity has finanaal assets and financial liabilify'es of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised 31 transaetr.on value and stsbsequently measured at Ihgir settlement value with the exception of bank loans which are subsequently measured al arrK)Ttised txjst using the effective inleiesl method. 2.12 PENSIONS The Charity operates a defjned conlrlbution pension scheme and the pension chargè repres•nts tho amounts payable by the Cltaity lo the fvnd in respect ofthè year. 2.13 FUND ACCOUNTING General funds ar& unrestricted funds which are available for use at the discretion of the Trustees in furtheranctr of the genefal objectives of the Charity and which have not been designated for other purposes. Investment income. gains and losses are allocated lo the appropriate fund. Page 12
THE CONVENTOF THE SISTERS OF CHARITY-SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activttios undertaken directly 2023 Total funds 2023 Totsl funds 2022 Convent and retreat 217,574 217.574 202,485 ANALYSIS OF DIRECT COSTS Total funds 2023 Total funds 2022 Stsff costs Deprecialion Light. heat and water Insurance Garden supptt'es and èxpense5 Housekeéping, piovisions, clothing and heatthcare Travelling and vehicle expenses Nurng home fees and fvneral Costs Donations MislIaneOUS AccoLtnt'ng s•rvice$ 8ank charges Governance Costs (Profitllloss on disposal of fixed assets 118.821 27.569 10,374 5,184 4,886 4A79 353 16,664 5.730 4.Z05 117,070 30.055 8,232 4,728 3,712 6,654 224 15,704 5,833 3,700 li 8,527 278 12.484 20 3,502 334 8,737 217.574 202,485 INDEPENDENT EXAMINER'S REMUNERATION 2023 20 Fees payable to the Charivs independent exarFNner for the independenl examination ol the Charitys annual accounts 4.800 4,800 Paga13
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STAFF COSTS 2023 2022 Wages end salaries Social security costs Contribution lo defined contribution pension schemes 112,244 5.704 873 102,860 764 118,821 111,070 The average number ol persons employed by the Charity during the year was as follows.. 2023 2022 No. Convent and retreat No amployee recèived remuneration amounting to more than £60.000 in either year. AII Trnstees and certain senior employees who have authority and reSPDnsibility for planrking, directing and Controlling the a¢tivities ol the Charity are considered to be key management personnel. Totsl remuneration in Tespect of sonlor employees is £8,798 (2022 £12,374). As detailed in note 6 of the finanual slatemenls, the frustees do not receive any remuneration in their role as Trustees. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trusteès ieceived any remuneration or other benefits12022- £NILI. During the year ended 31 December 2023. no Trustee expenses have been incurrod {2022- £NILI. One of the Trustees al the yoar end Is Professed Sistors of the Community and is resd8nt in and maintained the Community as is customary and nècessary for the performan¢9 of thgi¥ duties in caryy.ng out the objeGts of the Charity. Page 14
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Freehold Fixtures. property and fittings and improvements equipment Total COST At 1 January2023 Additions Disposak 886,364 5,$80 55.SSO 941,914 5,580 180) {80 Al 31 Dgcember 2023 891.944 55A70 947.414 DEPRECIATION At 1 January 2023 Charge for the year On dispx)sals BS,678 18.454 19.080 9,115 (801 104.758 2769 {60) Al 31 December 2023 104.132 28,135 132,267 NET BOOK VALUE At 31 December2023 787.812 27,335 81S.147 At 31 December 2022 800,686 38,470 837,156 FIXED ASSET INVESTMENTS Other fixed L¥sted asset jDvestments inygstments Total COST OR VALUATION At 1 J8nuary 2023 Additions C4'5posals Revaluations 1,273,801 180,783 (297.7661 {6A521 16,383 18,943 1.290,184 199,726 1297,7661 16.3521 AT 31 DECEMBER 2023 1.150.466 35.326 1.185.792 Page IS
THE CONVENT OF THE SISTERS OF CHARITY- SERVANTS OF THE POOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 DEB TORS 2023 2022 DUE MTHIN ONE YEAR Other dèbtQTS Pr&payments and accrued income 224 2,652 224 9,290 2.876 9,514 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other tax8tion and soual security Pension contributions outslandlng Accruals 8nd deferred income 2.138 278 2.4QO 2,302 258 2,400 4.816 4,960 FINANCIAL INSTRUMENTS 2023 2022 FINANCIAL ASSETS Financial assets measured at fair value through income and expenditure 1,1S1.801 1,275,136 Finandal assets measured at falr value through income gnd expendiknre Comprise market value ol listed investments. 12. PENSION COMMrrMEKrs The group 0rateS a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administèfed fund. The pension cost charge represents contributions payable by the oroup to the fund and amounted lo £278 {2022 £2581 were payable to the nd al the balance sheet dale and are included in ¢reditotS. P8ge 16