2023-07-31-accounts

Charity registration number 220594

CONVENT OF THE SACRED HEART OF JESUS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

CONVENT OF THE SACRED HEART OF JESUS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number

Principal address

Registered office

Independent examiner

Bankers

Solicitors

Investment Managers

Miss J M A Bear, Sister in Charge Miss A Edwards Miss M C B Levasseur 220594 The Priory 85 Old High Street Headington OX3 9HT Convent of the Sacred Heart The Priory 85 Old High Street Headington Oxford Ox3 9HT Critchleys Audit LLP Beaver House 23 -38 Hythe Bridge Street Oxford Ox1 2EP OX1 2EP HSBC Bank Plc 108 London Road Headington Oxford Ox3 9AP Franklins Solicitors Walton House 15 Ock Street Abingdon OX14 5AN Evelyn Partners 103 Colmore Row Birmingham B3 3AG

CONVENT OF THE SACRED HEART OF JESUS

CONTENTS

	Page
Trustees report	1 - 3
Statement of Trustees responsibilities	4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8 - 16

CONVENT OF THE SACRED HEART OF JESUS

TRUSTEES REPORT

FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report and financial statements for the year ended 31 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's deed, 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 (FRS 102)" (effective 1 January 2019).

Objectives 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 to time think fit.

In fulfilment of the objectives of the trust it is the policy of the charity to undertake a broad range of charitable activities. The principal areas in which the charity is involved are listed below:

• Education Social and pastoral care Provision of worship

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

Achievements and performance

During the year the Convent of the Sacred Heart was active in all the areas listed above, as explained below.

Education

One sister was deputy head of a local catholic primary school. She retired in 2010 and now acts as a governor and volunteer. Her State and Teachers pensions are covenanted to the charity.

Social and pastoral care

The sister in England continues to help in a wide range of activities in a local parish. In addition , rooms at the Priory are made available on a non--profit making basis to various outside organisations, mainly other Charities, who provide counselling and remedial services to the general public. The Priory is also willing to host meetings and discussion groups organised by other religious groups and local neighbourhood organisations.

Provision of worship

The sisters ensure that the Chapel is available to be used for worship by both Roman Catholics and groups from other faiths.

Student accommodation

Providing accommodation to tenants mainly students attending various 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.

• 1 -

CONVENT OF THE SACRED HEART OF JESUS

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

Financial review

The Statement of Financial Activities shows incoming resources increased by £11,213. Resources expended this year increased by £41,727.

At 31st July 2023 the total funds of the Convent of the Sacred Heart were £5.0m. Of this £5.0m represents fixed assets needed for the work of the charity.

The convent has a discretionary investment management agreement with Evelyn Partners (previously called Smith & Williamson). The trustees meet with the fund managers once a year and ensure that the fund is managed in accordance with their written guidelines and with the religious and ethical principles of the 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 to mitigate those risks.

The trustees have reviewed the reserves of the charity. As explained above, reserves of the Convent of the Sacred Heart were £5.0m. Of this, £5.0m represents fixed assets 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 to continue the charitable work of the convent as membership ages and reduces in numbers.

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The Congregation now only has 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 continuing commitment to support its members, many of whom continue to carry out charitable work long past the normal retirement age.

Structure, governance and management

The convent of the Sacred Heart of Jesus is the English house of the Congregation of the Sacred Heart (St Aubin).

A Charitable Trust was created to hold and own the assets of the English house. This trust is governed by a Trust Deed dated 28 November 1962, amended by a Scheme dated 20 July 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 trustee (and who reports to the Superior General of the order); she is assisted in this task by the remaining two other trustees. The power of appointing new trustees rests with the Superior General of the order.

The trustees have a Statement of Investment Principles, in addition they review annually the Reserves of the charity and carry out a Risk Assessment.

The Trustees who served during the year and up to the date of signature of the financial statements were: Miss J M A Bear, Sister in Charge Miss A Edwards Miss M C B Levasseur

• 2 -

CONVENT OF THE SACRED HEART OF JESUS TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY2023 How our aepAce8 benefftth• publlc The chanty 15 able to benelrt Ihe publ￿ Dy means oi me ways In wnicn ns premises •re useo. In aaomon To th8 provision o15afe and affordable 8rx*)mmodation for students attending colleges in and to wests, relig￿u5 C secular. frorn overseas it aiso opens the Priory premises for worship. Furthermo￿. The priory makes rooms avaiiatsie a numoer or org8n15aWOn5 an¢J IndMOuals ID huld tneeiings and group5. 111 (1ddi￿VIl. ti I￿￿1 hurch and Catholic School use the convent grounds on a règular basis for children'5 actmbes. The Tnjstees ha¥e had regard to th¢ chanty Commission's Guidan￿ on publlc benefiL The TnJsl8e5 report w8$ approved ty Ihe Board of Trust688. Mi88 J M A Bear. Sister in Charge loL

CONVENT OF THE SACRED HEART OF JESUS

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2023

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 and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 4 -

CONVENT OF THE SACRED HEART OF JESUS CRITCHLEYS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CONVENT OF THE SACRED HEART OF JESUS I re￿rt lo the Tru5teg$ on my examination of the finartial statemenls of Convent of the Sacred Héart of Jesus (the Twstiitrtne year 31 July 2Q23. R¢spOnsiblllt￿¥ and ba¥1$ of report As the Trustees of the Tw5t you are resrmsiN8 for p￿ParatIOn of the financlal statements In accordance wth the r8quirements oflhe char￿88 Act 2011 lthe 2011 Act). I report it) r•gp•ct of rny etsminalion of the Tru51'$ finanrixl AIAtp.rnenls r3rried out under Section 145 of the 2011 Act. In carying out my 8xnination I have followed all the ap￿1¢able Directions gwen by tt)& Charity Commission unoersecuon 14515Kf)l N tng 2011 Aci. Indop0nd•nt ¢X8mlnef8 ttatefflent I have compl8ted my examination. I that no mattws h8v& come to my att8ntion in ￿nnectIOn Wilh lh8 examination giving m8 Gausè to b81ieve that in any mai&rial respect. accounting records were not kept in respect of the Tru¥l as required by $8¢bon 130 of Ihe 2011 Act,. or rinancial statetn¢nt$ do not acwrd with Ihftp. rp_Mrd8.' ar th8 fina￿la1 *ment8 do not CoM￿Y wth the applic&le requirem8nts concerning thé form and eonient of a¢counts Set out in the Gharits"es (Account$ ana Keportsl R8gulaiiw$ 2008 Otn8rihan any wulrerwTil Iliul Ili¢ sKYount$ and fair￿e￿ whlrth Lq rnattèr censlderl as Dart of an ind8p8nd8nt examinatyon. I have no Co[￿er￿S and have come acr055 no other matters in conne¢tlon vAlh the examinavon to which aiieniiiyi Should ￿ drawn in this r8Wrt in orderto 8nable a proper understanding of the financial $tateffvant81o be reach￿. G ec4LJ Gary Pr&8dy FCA Critchl¢y- Audit LLP B8aver House 23-38 Hyihe Bridge Street Qxfor OX1 2EP Da￿d.....

CONVENT OF THE SACRED HEART OF JESUS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

		**Unrestricted **	Unrestricted
		funds	funds
		2023	2022
	Notes	£	£
Income from:
Donations and legacies	3	40,847	38,706
Other trading activities	4	74,615	69,338
Investments	5	62,063	58,268
Total income		177,525	166,312
Expenditure on:
Raising funds	6	8,902	9,169
Charitable activities	7	170,778	128,784
Total expenditure		179,680	137,953
Net gains/(losses) on investments	10	229,448	(79,034)
Net movement in funds		227,293	(50,675)
Fund balances at 1 August 2022		4,802,109	4,852,784
Fund balances at 31 July 2023		5,029,402	4,802,109

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 6 -

CONVENT OF THE SACRED HEART OF JESUS BALANCE SHEEr AS AT 31 JULY2023 2023 2022 Flx•d ••tr Tangible asset$ Invesknent property 12 13 14 2,112,800 1,270,WO 1,599,802 2,151,200 1,030,000 1,557,62B 4.982,602 4,738,828 Currnnt••••t• Cash at bank and in hand 52,800 70,841 Cr•dkorn: amounts (8lllfig du• wlthln on• ymr Is 16,tx)01 Net ￿rrent 8888ts 40,800 83.281 Totsl 1¥•ob lou currnrrt Ilablllts•• 5.029.402 4.802.109 coThi fund Unrestricted fund$ 5,029,402 4,802.109 5.029,402 4,802,109 The financi￿ 5taleThnts w8r8 apyoved by th• TnJstses on.... . . MISS J MA Bear, &'ster in Charge

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

Charity information

Convent of the Sacred Heart of Jesus is a charity registered in England and Wales, United Kingdom. The address of the registered office is given in the charity information on the first page of these financial statements.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's deed, the Charities Act 2011, the Charities SORP "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 Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustee in furtherance of the general objectives of the charity which have not been designated for other purposes.

1.4 Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probably that the income will be received.

Donations

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred 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 includes income earned from fundraising events and trading activities such as student rentals to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

• 8 -

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

Investment Income

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest, and rent. Where it is not practicable 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 measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probably that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Cost of raising funds

This 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 of charitable activities

These are the costs incurred on the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office and governance costs. They are incurred directly in support of expenditure on the objects of the charity. All support costs are directly attributable.

1.6 Tangible fixed assetsGary

Assets costing £1,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings 50 years Motor vehicles 5 years

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

1.7 Investment properties

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income and expenditure account.

1.8 Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in "net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.9 Impairment of fixed assets

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 its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation.

1.10 Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

1.11 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 outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

2 Critical accounting estimates and judgements

Trustees are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees consider the investment valuations to be the only significant judgement area in the accounts.

3 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Donations and gifts	40,847	38,706

• 4 Other trading activities

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Student rents	74,615	69,338

• 10 -

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

5 Investments

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Rental income	24,317	26,908
Income from listed investments	36,560	31,326
Interest receivable	1,186	34
	62,063	58,268

6 Raising funds

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Investment management	8,902	9,169
	8,902	9,169

• 7 Charitable activities

Sisters' Living Costs Chapel costs Gifts & Donations Housekeeping costs Community Costs Share of support costs (see note 8) Share of governance costs (see note 8)	Total 2023 £ 2,243 557 2,794 7,702 80,000 93,296 72,432 5,050 170,778	Total 2022 £ 2,785 573 2,242 6,142 40,000
		51,742 71,342 5,700
		128,784

All expenditure on charitable expenditure in both 2022 and 2023 was unrestricted.

• 11 -

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

8 Support costs Depreciation Building Maintenance Rates, Water, & Insurance Travel Expenses Telephone Heating & Lighting Sundry Independent examiner fees Analysed between Charitable activities	Support costs Governance costs £ £ 38,400 - 16,749 - 2,324 - 2,397 - 1,040 - 10,678 - 844 - - 5,050 72,432 5,050 72,432 5,050	2023 £ 38,400 16,749 2,324 2,397 1,040 10,678 844 5,050 77,482 77,482	Support costs Governance costs £ £ 38,400 - 14,731 - 2,258 - 1,876 - 1,434 - 8,509 - 4,134 - - 5,700 71,342 5,700 71,342 5,700	2022 £ 38,400 14,731 2,258 1,876 1,434 8,509 4,134 5,700
				77,042
				77,042

Governance costs includes payments to the independent examiners of £6,000 (2022- £5,700) for IE fees.

9 Trustees

As a member of the order, one trustee's living expenses during the year were borne by the charity but 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 comprises the trustees. The total amount of employee benefits (excluding the above) received by key management personnel for their services to the charity was £nil (2022: £nil).

The trustees did not have any expenses reimbursed during the year (2022: £Nil)

10 Net gains/(losses) on investments

	**Unrestricted **	Unrestricted
	funds	funds
	2023	2022
	£	£
Revaluation of investments	(10,552)	(79,034)
Revaluation of investment properties	240,000	-
	229,448	(79,034)

• 12 -

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Tangible fixed assets

Cost At 1 August 2022 At 31 July 2023 Depreciation and impairment At 1 August 2022 Depreciation charged in the year At 31 July 2023 Carrying amount At 31 July 2023 At 31 July 2022	Freehold buildings Motor vehicles £ £ 2,420,000 9,295 2,420,000 9,295 268,800 9,295 38,400 - 307,200 9,295 2,112,800 - 2,151,200 -	Total £ 2,429,295
		2,429,295
		278,095 38,400
		316,495
		2,112,800
		2,151,200

Included in land and buildings is land at a value of £500,000 (2022: £500,000) which is not depreciated.

Freehold land and buildings included above are recognised at deemed cost on transition to FRS102. These assets were last valued at 13th August 2018 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.

13 Investment property

Fair value At 1 August 2022 Net gains or losses through fair value adjustments At 31 July 2023	2023 £ 1,030,000 240,000
	1,270,000

No figure for the cost of the investment properties is available. The value at which it was first recognised on the accounts was £45,000 in 1993. This was subsequently revalued £1,030,000 in August 2018 and £1,270,000 as at 31 July 2023. The valuation was undertaken by Savills.

• 13 -

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

13	Investment property		(Continued)
		2023	2022
		£	£
	Freehold	1,270,000	1,030,000

• 14 -

CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

14 Fixed asset investments

Listed investments £ Cost or valuation At 1 August 2022 1,526,939 Additions 262,797 Valuation changes (10,553) Dividends, Interest, and fees - Transfers - Disposals (227,800) At 31 July 2023 1,551,383 Carrying amount At 31 July 2023 1,551,383 At 31 July 2022 1,526,939 Investments at fair value comprise: Equities Securities Cash within investment portfolio	Cash in portfolio 30,689 (262,797) - 27,992 24,735 227,800 48,419 48,419 30,689 2023 £ 1,025,719 525,664 48,419 1,599,802	Total £ 1,557,628 - (10,553) 27,992 24,735 -
		1,599,802
		1,599,802
		1,557,628
		2022 £ 1,344,557 182,382 30,689
		1,557,628

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

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CONVENT OF THE SACRED HEART OF JESUS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

15 Creditors: amounts falling due within one year

15	Creditors: amounts falling due within one year
		2023	2022
		£	£
	Accruals and deferred income	6,000	7,560
16	Analysis of net assets between funds
		Unrestricted	Unrestricted
		funds	funds
		2023	2022
		£	£
	Fund balances at 31 July 2023 are represented by:
	Tangible assets	2,112,800	2,151,200
	Investment properties	1,270,000	1,030,000
	Investments	1,599,802	1,557,628
	Current assets/(liabilities)	46,800	63,281
		5,029,402	4,802,109

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

• 16 -