Charity 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 2024
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| 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 2024
| Trustees in the year | The Reverend Mother M E Taylor, Superior and Treasurer |
|---|---|
| Miss J M Kilvington | |
| Mrs J E Oatway | |
| Mrs E Smith | |
| Father R Beck | |
| Charity registered number 215027 Principal office 15 Cornwood Road Plympton Plymouth PL7 1AL Accountant Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS1 6FL Bankers NatWest 74/76 Ridgeway Plympton Plymouth PL7 2AF Solicitors Knights plc Springfield House 45 Welsh Back Bristol BS1 4AG Investment advisors Evelyn Partners Portwall Place Portwall Lane Bristol BS1 6NA |
Page 1
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the The Convent of the Sisters of Charity - Servants of the Poor for the 1 January 2024 to 31 December 2024.
The Trustees confirm that the financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.
Objectives and activities
a. Policies and objectives
The object of the Charity is to honour the Charity of our Lord and Saviour Jesus Christ by works of Mercy, Spiritual and Temporal, the poor, the sick, prisoners, orphans, aged and infirm persons or persons in any other need.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
Until 2019 the Community of the Sisters of Charity had two main divisions situated at 83 Fore Street and St Vincent's Nursing Home both in Plympton St Maurice, Plymouth, Devon. St Vincent's Nursing Home was closed in 2018 and then sold in November 2019. A new Mother House was purchased in 2018 at Greenacres, 15 Cornwood Road, Plympton.
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 to a greater or lesser degree by the Community. The Reverend Mother Superior has pastoral responsibility for the Home and also has some pastoral responsibility in the local parish.
The Charity has also continued to provide accommodation at 2 properties at a discounted rate throughout the year, and make donations as appropriate to other worthy causes.
Achievements and performance
a. Review of activities
During the year, the Sisters have continued to be involved in the local parish and continue to provide a residence for a Chaplain to the community.
b. Investment policy and performance
The Trustees are satisfied that sufficient investment income was obtained from the investment portfolio, given the market conditions in the year.
Page 2
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The reserves of the Charity must be of a sufficient level to ensure that its recurring commitments and planned revenue expenditure can be met. The Charity aims to hold at least three month's expenditure in cash. At the year end the Charity held £16,698 in cash. The Charity had unrestricted funds of £1,922,978.
The Trustees will continue to monitor total reserves to ensure they remain at a sufficient level. The Charity seeks to make provision for their care of sick and infirm members, and eventually for their funeral expenses. Once these requirements have been met, any surplus will be distributed by way of grants in accordance with the objects of the Charity.
c. Material investments policy
The Holding Trustees, on behalf of the Trustees, have considered the most appropriate policy for investing funds. They consider that investment in a medium risk portfolio comprised of equity, fixed income stocks and cash meets their requirements to balance generation of both income and capital growth.
The Investment Managers have also been instructed to follow the Statement of Ethical Investment Policy of the Church of England. This seeks to invest in companies that will successfully develop their business in the interest of shareholders but which also demonstrate reasonable employment practices and are conscientious concerning issues of corporate governance, environmental performance and are sensitive to the communities in which they operate. The portfolio therefore excludes companies primarily involved in tobacco, alcohol, gambling, armaments and pornography.
d. Results
The accounts on pages 8 - 16 set out the details of the Statement of Financial Activities for the year ended 31 December 2024 and the balance sheet as at that date.
There was net expenditure for the year of £150,863 (2023 - £153,679). There were both realised and unrealised gains on the investment portfolio totalling £42,398 (2023 - losses of £4,210) giving a net decrease in funds for the year of £108,465 (2023 - £157,889).
Structure, governance and management
a. Constitution
The Convent of the Sisters of Charity - Servants of the Poor is a registered charity, number 215027, and is constituted under a Trust deed.
The Charity's address is 15 Cornwood Road, Plympton, PL7 1AL, and its legal and certain administrative matters are dealt with at Knights plc, Springfield House, 45 Welsh Back, Bristol, BS1 4AG.
Page 3
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (CONTINUED)
b. Methods of appointment or election of Trustees
The general control and management of the Charity is vested in the Trustees who, during the year were:
The Reverend Mother M E Taylor, Superior and Treasurer Miss J M Kilvington Mrs J E Oatway Mrs E Smith Father R Beck
The Reverend Mother Superior is assisted in the overall management of the community on legal matters and investment policy by the Holding Trustees and independent investment advisors.
The Holding Trustees during the year were:
Mr K Escott Mr P Nicholson Mr S Orr Mr I Oxenham Mr K Peacock
Trustees receive travel expenses as required. However, the Holding Trustees receive no remuneration for their role as Trustees.
The Reverend Mother Superior is appointed by the Professed Sisters of the Community.
The Assistant Superior is appointed by the Reverend Mother Superior.
All other Trustees are appointed by the Reverend Mother Superior and the Sisters of the Community at meeting of the Chapter.
c. Pay policy for key management personnel
The pay of key management personnel is agreed by the Trustees. The pay is benchmarked against similar organisations.
Page 4
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (CONTINUED)
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The Trustees have identified the main risk as stock market fluctuations. Significant external risks to funding may necessitate the development of a strategic plan which will allow for the diversification of funding and activities.
The properties and investments of the Charity are held by Holding Trustees who manage and deal with them in accordance with the decisions of the Trustees. In addition, they exercise an advisory role. The Trustees have delegated management of the investments of the Charity to Evelyn Partners for management on a discretionary basis but in accordance with the investment policy laid down by the Trustees. Reports are made quarterly to the Trustees on the value and performance of the portfolio and annual meetings are held to review the performance of the portfolio and for guidance on the continuing suitability of the investment policy.
Internal risks are minimised by the implementation of appropriate authorisation and consistent procedures. The Trustees and Holding Trustees regularly review these procedures to ensure that they still meet the needs of the Charity.
Plans for future periods
The Trustees have carried out a review of the reserves policy and how they use their funds to meet their charitable objectives.
This has included a review of accommodation needs and expenditure and also a review of property holdings and how these contribute to the Charity's charitable objectives.
The Reverend Mother Superior will continue to provide pastoral support where possible. The Charity will continue to make financial contributions to other charities which align with the Charity's charitable objectives.
After the year end, the Trustees agreed to make larger and more regular charitable donations and £15,000 was paid to Devon Air Ambulance Trust in October 2025.
Page 5
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its 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 (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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 detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
The Reverend Mother M E Taylor, Superior and Treasurer
Date: 30 October 2025
Page 6
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 31 October 2025 Joseph Scaife DChA FCA
BISHOP FLEMING LLP
Chartered Accountants 10 Temple Back Bristol BS1 6FL
Page 7
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Income from: Donations and legacies Charitable activities Other trading activities Investments Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ - 6,600 6,000 40,541 3,396 56,537 8,212 199,188 207,400 (150,863) 42,398 (108,465) 2,031,443 (108,465) 1,922,978 |
Total funds 2024 £ - 6,600 6,000 40,541 3,396 56,537 8,212 199,188 207,400 (150,863) 42,398 (108,465) 2,031,443 (108,465) 1,922,978 |
Total funds 2023 £ 144 6,600 6,000 49,141 10,872 72,757 8,862 217,574 226,436 (153,679) (4,210) (157,889) 2,189,332 (157,889) 2,031,443 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 16 form part of these financial statements.
Page 8
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 7 Investments 8 Current assets Debtors 9 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
2,844 16,698 19,542 (4,243) |
2024 £ 799,267 1,108,412 1,907,679 15,299 1,922,978 1,922,978 1,922,978 - 1,922,978 1,922,978 |
2,876 32,444 35,320 (4,816) |
2023 £ 815,147 1,185,792 |
|---|---|---|---|---|
| 2,000,939 30,504 |
||||
| 2,031,443 | ||||
| 2,031,443 | ||||
| 2,031,443 | ||||
| - 2,031,443 |
||||
| 2,031,443 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
The Reverend Mother M E Taylor, Superior and Treasurer
Date: 30 October 2025
The notes on pages 10 to 16 form part of these financial statements.
Page 9
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. GENERAL INFORMATION
The Convent of the Sisters of Charity - Servants of the Poor is an unincorporated charity. The principal office is 15 Cornwood Road, Plympton, PL7 1AL.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Convent of the Sisters of Charity - Servants of the Poor meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 GOING CONCERN
The Trustees have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3 INCOME
All income is recognised once the Charity has entitlement to the income, it 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 to estimate with sufficient accuracy the amount receivable. Evidence of entitlement 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 benefactor) and the executor is satisfied that the property 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 to the Charity, can be reliably measured.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 10
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. ACCOUNTING POLICIES (continued)
2.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold property and - 2% and 10% straight line improvements Fixtures, fittings and equipment - 25% reducing balance
2.7 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
Page 11
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. ACCOUNTING POLICIES (continued)
2.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term 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.
2.10 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date 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 it will pay to 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 settle the obligation. Where the effect of the time 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 to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 PENSIONS
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.13 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Activities undertaken directly 2024 £ Convent and retreat 199,188 ANALYSIS OF DIRECT COSTS Staff costs Depreciation Light, heat and water Insurance Garden supplies and expenses Housekeeping, provisions, clothing and healthcare Travelling and vehicle expenses Nursing home fees and funeral costs Donations Miscellaneous Accounting services Bank charges Governance costs (Profit)/loss on disposal of fixed assets 4. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2024 £ 199,188 Total funds 2024 £ 128,048 28,427 10,016 5,775 3,671 2,894 339 - - 5,323 6,681 260 7,754 - 199,188 2024 £ 4,800 |
Total funds 2023 £ 217,574 |
|---|---|---|
| Total funds 2023 £ 118,821 27,569 10,374 5,184 4,886 4,479 353 16,664 5,730 4,205 6,527 278 12,484 20 217,574 |
||
| 2023 £ 4,800 |
Page 13
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. STAFF COSTS
| 2024 £ Wages and salaries 120,960 Social security costs 6,147 Contribution to defined contribution pension schemes 941 128,048 The average number of persons employed by the Charity during the year was as follows: 2024 No. Convent and retreat 8 |
2023 £ 112,244 5,704 873 |
|---|---|
| 118,821 | |
| 2023 No. 8 |
No employee received remuneration amounting to more than £60,000 in either year.
All Trustees and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Charity are considered to be key management personnel. Total remuneration in respect of senior employees is £8,035 (2023 - £8,798). As detailed in note 6 of the financial statements, the Trustees do not receive any remuneration in their role as Trustees.
6. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL).
One of the Trustees at the year end is the Reverend Mother Superior who is resident in and maintained by the Community as is customary and necessary for the performance of their duties in carrying out the objects 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 2024
7. TANGIBLE FIXED ASSETS
| Freehold property and improvemen ts £ COST At 1 January 2024 891,944 Additions - At 31 December 2024 891,944 DEPRECIATION At 1 January 2024 104,132 Charge for the year 18,454 At 31 December 2024 122,586 NET BOOK VALUE At 31 December 2024 769,358 At 31 December 2023 787,812 8. FIXED ASSET INVESTMENTS Listed investments £ COST OR VALUATION At 1 January 2024 1,150,466 Additions 247,635 Disposals (366,138) Revaluations 33,742 AT 31 DECEMBER 2024 1,065,705 |
Fixtures, fittings and equipment £ 55,470 12,547 68,017 28,135 9,973 38,108 29,909 27,335 Other fixed asset investments £ 35,326 7,381 - - 42,707 |
Total £ 947,414 12,547 959,961 132,267 28,427 160,694 799,267 815,147 Total £ 1,185,792 255,016 (366,138) 33,742 1,108,412 |
|---|---|---|
Page 15
THE CONVENT OF THE SISTERS OF CHARITY - SERVANTS OF THE POOR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. DEBTORS
| DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income |
2024 £ - 2,844 2,844 |
2023 £ 224 2,652 |
|---|---|---|
| 2,876 |
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other taxation and social security Pension contributions outstanding Accruals and deferred income |
2024 £ 1,632 211 2,400 4,243 |
2023 £ 2,138 278 2,400 |
|---|---|---|
| 4,816 |
11. FINANCIAL INSTRUMENTS
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| FINANCIAL ASSETS | ||
| Financial assets measured at fair value through income and expenditure | 1,065,705 | 1,150,466 |
Financial assets measured at fair value through income and expenditure comprise market value of listed investments.
12. PENSION COMMITMENTS
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £211 (2023 - £278) were payable to the fund at the balance sheet date and are included in creditors.
Page 16