Charity Registralion Number: 220594 Convent of The Sacred Heart ofJesus Annual Report and Financial Statements Year Ended 31 July 2021
Convent of The Sacred Heart of Jesus Contents Contents Page Charity Reference and Administrative Details Trustees, Annual Report Independent Examinerfs Report statement of Financial Actlvitles Balance Sheet Notes lo the Financial Ststements
Convent of The Sacred Heart of Jesus Charlty Reference and Adminlstrative Details Charity Registration Number 220594 Trustees Miss J M A Bear, Sister in Charge Miss A Edwards Miss M C B Levasseur Registered Offi Convent of the Sacred Heart The Priory 85 Old High Street Headinglon Oxford OX3 9HT Independent Examiners Crilchleys Audit LLP Beaver House 23 - 38 Hythe Bridge Street Oxford OX12EP Solicitor Franklins Solicitors Walton House 15 Ock Street Abingdon OX14 SAN Bankers HSBC Bank PIC 108 London Road Headington Oxford OX3 gAP Investrnent Managers Smith & Williamson Investment Management 9 Colmore Row Birmingham B3 2BT Page 1
Convent of The Sacred Heart of Jesus Trustees, Annual Report Structure, governance and management The Convent of the Sacred Heart of Jesus is the English house of the Congregation of the Sacred Heart (St Aubinl. A Charrtable Trust was created to hold and own the assets of the English house. This trust is govemed by a Trust Deed dated 28 November 1962. amended by a Scheme dated 20 Ju 2000, and is registered with the Charity Commission, Charity Registration No. 220594. The charity now has three trustees, all of whom are members of order of the Sacred Heart (St Aubin}. The charity is administered by the Sister in charge of the Priory, who is a Iruslee land who reports to the Superior General of the orderl., she is assisted in this task by the remaining I9 other trustees. The power of appoinb'ng new trustees rests with the Superior General of the order. The trustees have a Statement of Investment Principles. in addition they revlew annually the Reserves of the charity and carry out a Risk Assessment. Obje¢tives and activities The charity's trust deed states that the trust's principal objectives are the advancement of religious and other charitable work being carried on by the Society as the trustees, with the approval of the Superior. shall from time lo lime think fiL In fulfilment of the objectives of the trust it is the policy of the charity to undertake a broad range of charitable a¢b'vities. The principal areas in which the charity is involved are listed below.. Education Social and pastoral care Provision of worship Achievements and perfomianee Durfng Ihe year the Convent of the Sacred Heart was active in all the areas listed above. as explalned below. Education One sister was deputy head of a local catholic primary. She retired in 2010 and now a¢ts as a governor and volunteer. Her State and Teacheis pensions are covenantsd to the ¢harity. Social and pastoral care The sister in England continues to help in a wide range of activities in a local parish. In addition, rooms al the Priory are made available on a non-profit making basis to various outside organisalions. mainly other Charities, who provide ¢ounselling and remedial services lo the general public. The Priory, is also willing lo host meetings and discussion groups organised by other religious groups and local neighbourhood organisations. Pmvision of worship The sisters ensure that the Chapel 15 available to be used for worship by both Roman Calholics and groups from other faiths. Page 2
Convent of The Sacred Heart of Jesus Trustees, Annual Report Achlevements and performance fconllnu¢d) student accommodation Providing 8¢commodation to tenants mainly Sdents attending vatious colleges in Oxford. this rent is treated as income to the charity. In addition to these students who pay rent to the Convent of the Sacred Heart, accommodation is also provided free of charge to foreign priests who have been sent by their diocese, university. or superiors to study in Oxford. How our SEice$ beneflt the publi¢ The charity is able lo benefit the public by means of the ways in which ils premises are used. In addition to the provision of safe and avoidable 8¢commodation for students attending colleges in Oxford and lo priests, religious or secular, from overseas it also opens the Priory premises for worship. Furthermore, the Priory makes rooms available for a number of organisations and individuals to hold rrEetings and discussion groups. In addition, a local church and Catholic School use the convent grounds on a regular basis for children's activities. The Trustees have had regard to the Charity Commission's guIdare on public benefit Financial review, investment pollcy and ServeS The Statement of Financial Activities shows in¢oming resources decreased by £9,642. Thls was due to small reductions in dividend income and sludenl rents. Resources expended this year decreased by £48.298, largely because the previous year included costs of renovating a propety. At 319t July 2021 the total funds of the Convent of the Sacred heart were £4.9m. Of this, £2.2m rePsents fixed assets needed for the work of the charity. The convent has a discrelFonary investment management agreement with Smith & Williamson. The trustees meet with the fund managers once a year and ensure that the fvnd is managed in accordance with their written guidelines and with the religious and ethical pllnciples of Ihe order. which follow those of the Archdiocese of Birmingham. In addition, the trustees have a Statement of Investment Principles. The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established lo mitigate those risks. The trustees have reviewed the reserves of the charity. As exp18ined above, reserves of the Convent of the Sacred heart We £4.9m. Of this, £2.2m represents fixed as*ls needed for the work of the charity. The balance of reserves is intended to provide for the ongoing improvement of the convent buildings and the support of the older members of the order so as to be able lo continue the charitable work of the convent as membership ages and reduces in numbers. Future Plans The Congregation now has only a few members, all of whom have given their working lives to the charitable activities of the Congregation. The number of new vocations to the order is declining and therefore the average age of the membership of the Congregation is increasing. The charity has a conts"nuing commitment to support its members, many of whom continue to carry out charitable work long past the nonnal retirement age. Page 3
Convent of The Sacred Heart of Jesus Trustees, Annual Report statement of trustees, responsibilltles The Irltstees of the charity are required to prepare, for each financial year. accounts which give a true and fair view of the slate of affairs of the charity and of the incoming reSoUrS and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently- make judgements and estimates that afe reasonable and prudent., stale whether applicable accounting standards and statements of recommended pracb'ce have been followed subject to any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that this basis applies. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and which enable them lo ensure that the financial statements comply with stalulory requirements and with the Trust Deed dated 28 November 1962. 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 the trustees and signed on their behalf by.. JMABear Trustee Date.. 21.05.2022 Page 4
Independent Examinefs Report to tha Trustees of The Convent of The Sacred Heart of Jesus I report to the trustees on my examination of the accounts of The Convent of the Sacred Heart of Jesus (the Trust) ft)r the year ended 31 Juty 2021 which are set out on pages 6 10 15. Responsibilitles and basls of report As Ihe charity trustees of the Trust you are responsible for the preparatron of the accounts in accordan with the requirements of the Charities Act 20111.the Acl'l. I report in respect of my examination of the TTLlStee's accounts carried OLrt under section 145 of the 2011 Act and in carrying out my examination I have ft)Ilowed all the applicable Directions given by the Charity Commissioner under seCtn 145{51{bl of the 2011 Act. Independent exarnlnevs 8tatement I have completed my examination. I confirm that no malerlal matters have come to my attention in connection with the ex8mlnalion giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 2. the accounts do not accord wllh those records.. or 3. the a¢¢ounts do not comply with the applicable requirements concernlng the form and conlenl of accounts sel out in the Charities (Accounts and Reportsl 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. Katherine Wilkes FCA Crilchleys Audit LLP Beaver House 23-38 Hythe Biidge Street Oxford OX12EP Date" 2715122 Page 5
Convent of the Sacred Heart of Jesus Statement of Flnancial Activities {in¢luding Income and Expgnditure Account} For the year ended 31 July 2021 Unreslricled Funds Total 2021 Total 2020 Note Income and endowments from: Donations and legacies Other trading activities Investments 45.372 58,672 35.830 45,372 58,672 35,830 45,570 63,481 40A66 Total Income 139,874 139,874 149,S16 Expenditure on: Raising funds Charrtable activities 8,115 134,385 8.115 134,385 7,418 183,380 142.500 142.500 190,798 Net expenditure for the period 12,6261 {2.6261 141282) Other recognised gains: Nel gainslllosses} on investments 12 257,140 257,140 (85.6001 Net movgmgnt in funds 254,514 254,514 (126,8821 Reconciliation of Funds Funds brought foNard at 1 August 2020 4.598,270 4,598,270 4,72S,151 Funds carrled forward at 31 July 2021 4,852,784 4.852,784 4.598.270 The statement ot financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes numbered 1 to 19 form part of these financial statements.
Convent of the Sacred Heart of Jesus Balance sheet As at 31 July 2021 2021 2021 2020 2020 Notes Fixed assets Tangible assets Investments 11 12 2,189,600 2,612,843 4,802,443 2,228.961 2,333,466 4.562A27 Current assets Debtors Cash at bank and in hand 13 55.991 55,991 41,142 41,142 Llabilitles Creditors.. Amounts falling due within one year 14 5,650 5.300 Net current as$¢ts 50,341 35,842 Total nel assets 4.852.784 4.598,270 Funds: Unrestri¢ted funds 15 4,852,784 4,598.270 Total fund$ 4,852,784 4,598,270 The financial statements were approved by the trustees and aulhorised for issue on and are signed on their behalf by.. 21.05.2022 JMABgar The notes numbered 1 to 19 form part of these financial statements.
Convent of the Sa¢red Heart of Jesus Notes to the financial statements For the year ended 31 July 2021 1 Statement of Accounting Policies A summary of the principal accounting policies adopted (which have been applied consislenlly. except where noted), judgements and key sources of estimation uncertainty, is set out below. General Infomiatlon and bas18 of Preparation Convent of the Sacred Heart of Jesus is a charity in the United Kingdom. The address of the registered office is given in the Gharity infomialion on page 1 of these financial slatemenl$. The charty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared In accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued in October 2019. the Financial Reporting Standard applicable in the United lQngdom and Republic of Ireland IFRS 102), the Charities Act 2011 and UK Generally Accepted Practi* as it applies from 1 January 2019. The financial statements are prepared on a going concern basis under the historical cost convention. modffied to include certain items al fair value. The financial statements are prepared in steding which is the funetional rrencY of the charty. Golng Concern The financial statements have been prepared on a going concern basis as the trustees believe that no mateiial uncertainties exist. The trustees have considered the level of funds held and the expe¢ted level of income and expenditure for 12 months from authorising these financial slalements. The budgeted income and expenditure is sufficient with Ihe level of reserves for the charity to be able to continue as a going concem. Income All incoming reSoUrS are included in the Statement of Financial Activities ISoFA} when the charity is legally entitled lo the income after any performance conditions have been mel, the amount can be measured reliably and it is probable that the income will be received. Donatlons For donations lo be recc¥Jnised the eharty wll have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donab'on and this requires a level of performance before entitlement can be obtained then income is deferd until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Trading activities Income from trading activities in¢ludes income earned from fundraising events and trading activities such as student rentsls to raise funds for the charity. Income is received in exchange for Supplng goods and services in order to raise funds and is recognised when entitlement has occurred. Investment Income Investment income is earned through holding assets for investment purposes such as shares and propety. 11 incjudes dividends, interest and rent. Where il is not pr8ctscable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measUd reliably. Interest income is recognised using the effective interest method and dividend and rent irscome is recognised as the charity's right to receive payment is estsblished.
Convent of the Sacred Heart of Jesus Notes to the financlal statements For the year ended 31 July 2021 1 Statement of Accounting Policies (continued) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where theie is a legal or conslruclive obligation to make payments to third parties, itls probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of ralslng funds This includes all expenditure incurred by the charity lo raise funds for its charitable purposes and includes costs of all fundraising aGtivilies events and non-charitable trading. Expenditure on charitable actlvlties These are costs incurred on the charitable activities, including supwrt costs and costs relating lo the governance of the charfty apportloned to chafitable activities. Irrecoverable VAT is charged as an expense against the aclNity for which expenditu arose. Support costs allocation Support costs are those that assist the work of the charity bul do not directly represent charltable acllvities and include office and govemance costs. They are incurred directly in support of expenditure on the objects of the charity. Al support costs are directly attributable. The analysis of these costs is included in note 8. Tangible Fixed Assets Assets costing £1,000 or more are capitalised as tangible fixed assets and a carried at cost, net of depreciation and any provision for impairment. Cost includes costs directly attributable lo making the asset capable of operatlng as intended. Depreciation is provKled on all tangible fixed as5els other than freehold land, at rates calculated lo write off the cost of each asset on a straight-line basis over its expected useful life. as follows". Motor vehicles Freehold buildings 5 years 50 years A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the cafrying value of any fixed asset may not be recoverable. Shortfa115 beeen the carying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Aclivitre$. Liabilitigs Debtors and creditors wth no staled interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impaiiment are recognised in expenditure.
Convent of the Sa¢red Heart of Jesus Notes to the financial statements For the year ended 31 July 2021 1 Statement of Accounting Policies Icontinued} Impalrment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generating unit, is estimated and Compared to the carrying amount. Where the carrying amount exceeds ils recoverable amount, an impairment k)ss is recognised in profit or loss unless the asset 15 carried al a revalued amount where the impaimient loss is a revaluation Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. Investment properties Investment properties are held at deemed cost on transition to FRS102, being the market value at the last valuation date. Investments Investments are gnised inilialty al fair value which is nomially the transaction pri excluding IransactDn costs. Subsequentty, they are measured at fair value with changes recognised in 'net gains I Ilossesl on investments, in the SOFA rf the shares are publiciy traded or their fair value can otherwise be measured reliably. Other investments are measured al cost less impairment Fund Accounting Unreslricled funds are available for use at the discretion of the trustees in furtherance of the general obleclives of the ¢harity and which have not been designated for other purposes.
Convent of the Sacred Heart of Jesus Notes to the financlal statèments For the year ended 31 July 2021 2 Income from donatlons Total 2021 Totsl 2020 Donations 45,372 45,372 45,670 45.570 All income from donations In both 2020 and 2021 was UnstrICted. 3 Income from other tradlng acllvltle8 Total 2021 58,672 58,672 Total 2020 63,481 63,481 Student rents All income from other trading activities in both 2020 and 2021 was unrestricted. 4 Income from Investments Total 2021 Total 2020 Dividends Interest Rentsl in¢ome 14.916 27,977 89 12.400 40,466 20,907 35,830 All income from investments in both 2020 and 2021 was unrestricted.
Convent of the Sacred Heart of Jesu¥ Notes to the financial ststements For the year ended 31 July 2021 S Raising funds Totsl 2021 Total 2020 Investrnent managers fees 8,115 8,115 7,418 7,418 All expenditure on raising funds in both 2020 and 2021 was unrestrited. 6 Analysis of expenditure on charitable activttie5 Direct costs Support costs Total 2021 Total 2020 Charitable aclivrties 52,124 52.124 82.261 82,261 134,385 134,385 183,380 183,380 Total 2021 Total 2020 7 Direct costs Sisters Ilvlng ¢osts Housekeeping Chapel Gifts and donations Community 2,868 6,349 407 2,398 40,102 52,124 3,816 2,721 1,876 1,991 40,073 50,477 Community includes support for the mother house. care and nursing for elderly and Infim members of the order. Afi expenditure on charitable expendS1u in both 2020 and 2021 was unrestricted. Net Incomellexpendlture) for the period Includes: 2021 2020 Depreciation Fees payable to independent examiner 39,361 5,650 40,259 5,720 8 Allocation of support costs Total 2021 Total 2020 Governan¢e Depreciation Building maintenance Heats'ng and lighting Rates, water & insurance Travel expenses Telephone Sundry 5.650 39,361 25,216 4.195 2,115 1,523 1,642 2,559 82,261 5.720 40,259 67,946 4,573 2,354 1,851 8,152 132,904
Convent ol the Sacred Heart of Jesug Notes to the financial Statements Forthe year ended 31 July 2021 9 Govemance co$ts Total 2021 Total 2020 Independent examinerfs remuneration 5,720 5,720 5,650 10 Trustees, and key management personnol remuneratlon and exnseS As a member of the order, one trustees, INin9 expenseg during the yea¥ were bome by the charity bul the trustees received no remuneration or other benefits in connection with their duties as trustees during the year. The key management personnel of the charity comprise the trustees. The total amount of employee benefits (excluding the above) received by key management personnel for their services to the charity was £Nil12020.' £Nill The tnjstees did not have any expenses reimbursed during the year12020.- £Nill 11 Tangible fixed assets Freehold land and buildings Motor vehides Total Cost As at 1 August 2020 Additions Disposals As at 31 July 2021 2,420.000 9.295 2A29.295 2.420,000 9,295 2,429,295 Depreciation As al 1 August 2020 Charges in period Eliminated on disposal AS at 31 July 2021 192,000 38,400 8,334 961 200,334 39A61 230,400 9,295 239.695 Net book values As al 31 July 2021 2,189,600 2,189,600 As at 1 August 2020 2.228.000 961 2.228.961 Included in freehold land and buildings is land at a value of £500.00012020'. £500,000) which is not depreciated. Freehold land and building5 included above are recognised al deemed cost on transition lo FRS102. These assets were last valued at 31 July 2013 by Mr N Morgan Msc FRICS. The historic cost equivalent of these assets is £59,572 in 1972. The historic cost for freehold land and buildings Is not known.
Convent of the Sacred Heart of Jesus Notes to the financial statements For the year ended 31 July 2021 12 Fixed asset investments Investment Properbes Bank deposits Listed investments Total Cost or valuatio As at 1 August 2020 Addib'ons Disposals Revaluation As al 31 July 2021 1,030,000 64.803 1,238,663 276,309 1226,541) 257,140 1.545.571 2,333,466 276,309 (254,072) 257,140 2,612.843 {27.5311 1,030,000 37.272 Carying amount As at 31 July 2021 1,030,000 37.272 1545 571 2.612.843 As al 1 August 2020 1,030,000 64,803 1,238,663 2,333,466 Investsments at fair value comprise-. 2021 2020 Equities Securities Investment properties Cash within investment portfolio 1.326.609 218,962 1.030,000 37,272 1,054.222 184,441 1,030,000 64,803 2 612 843 The fair value of listed investments is delemiined by reference to the quoted prfce for Sdentical assets in an active market al the balance sheet date. No figure for the cost of the investment properties is available. The value al which it was first recognised in the accounts was £45.000 in 1993. This was subsequently revalued to £640.000 in July 2013 and £1,030,000 in August 2018. The valuation was undertaken by Mr N Morgan Msc FRICS on behalf of Langtons. 13 Debtors There were no debtors at the end the 2021 or 2020 period 14 Creditors: amounts falling due wlthln one year 2021 2020 Accruals and deferred income 5.300 5.300 5,650
Convent of the Sacred H¢art of Jesus Notes to the financlal statements For the year ended 31 July 2021 15 Funds Balance at 1 August 2020 Gains, losses. and transfers Balance at 31 July 2021 Income Expenditure Unrestricted fvnds Total funds 4,598.270 4.598,270 139,874 139.874 142,500 142,500 257,140 257,140 4,852,784 4,852,784 Comparative funds Balance at 1 August 2019 Galns, losses. and transfers Balance at 31 July 2020 Income Expenditure Unreslricled funds Total funds 4,725,151 4 725,151 149,516 149,516 190,798 85,600 85,600 4,598,270 4 598,270 16 Analysis of net assets bgtwegn funds Fund balances at 31 Juty 2021 are represented by.. Unrestricted funds Totsl funds Investments Tangible fixed assets Current assets Current liabilities Total net assets 2,612,843 2,189,600 55,991 5,650 4,852.784 2.612.843 2,189,600 55,991 5.650 4.852.784 17 Contingent liabilities There are no contingent liabilities that require disclosure. 18 Related party There were no related paty transactions during 2021 or 2020