THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 5th APRIL 2024 Reglstered Charity Commi55i0n Number.. 229049
THE CONGREGATION OF THE SISTERS OF THE FINDING OFJESUS INTHETEMPLE Forthe year ended 5 April 2024 CONTENTS Pa8e Trustees and their advisers Page Report of the Trustees Pagè Independent Auditors, Report Page Statement of Financial Attlvities Pa8e Balance Sheet Page 10-16 Notes to the Flnancial Statements
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS INTHE TEMPLE For the year ended 5 April 2024 TRUSTEES AND THEIR ADVISERS TERMS OF TRUST The trust was set up by Deed dated 20th Au8U5t 1962 and registered as a Charity. no.. 229049. On 2nd Novèmber 1995 the Tru5tee5 became incorporated Isee under Structure, Governance and Management" in the Report of the Trustees on page 21. TRUSTEES Sister Marie-Louise le Vern Slster Valentine Rannou PRINCIPAL ADDRESS 28 Penzance Street LONDON Wll 4QX STOCKBROKERS Quilter Cheviot Senator House 85, Queen Victoria Street LONDON EC4V 4AB J.M. Finn & Co. Ltd. 4. Coleman Street LONDON EC2R STA PROPERTY CONSULTANTS Gerald Eve 72 Welbeck Street LONDON W16 OAY BANKERS The Royal Bank of Scotland plc SOLICITORS SBP Law Glade House 52-54 Carter Lane LONDON EC4V 5EF AUDITORS Cocke. Vellacott & Hlll 15 City Business Centre Lower Road LONDON SE16 2XB
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 REPORT OF THE TRUSTEES The trustees present their report together with the financial statements of the Congregation for the year ended 5th April 2022 which comply with current statutory requirements. the requirernents of the Con8resation'5 governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I january 20191. Reference and administrative details are set out on page l and form part of this report. STRUCTURE. GOVERNANCE AND MANAGEMENT The Congregation Is a religious order of nuns founded in 1862 by Mother Ste Marie. a French sister of the Miséricorde of Sées, and Cardinal N. Wisernan, Archbishop of Westminster. Its aims were to meet a need of the church in England at the time of the Oxford rnovement and to help students preparing for the priesthood. In 1892 various circumstances caused the transfer of the Generalate to France. In 1966 the Congregation launched into the 'Missionary Activity of the Church~ in the Ivory Coast. West Afrlca and In 1993 expartded its mission to Ouagadougou, Burkina Faso. The Congregation becarne a trust set up by charitable trust deed dated 20th August 1962 and re81Stered a5 a charity no. 229049 on 28th January 1964. On 2nd November 1995, the Charity commissioners for England and Wales granted a certificate of incorporation to the trustees as a body corporate by the name of "The Incorporated Trustees of the Charity of the Sister5 of the Temple". This trust relates to the activities of the Order performed in England. The Congregation 15 under the authority of the Superior General of the Order who is based in France and whose term of office is for Six years. The Superior General must vlslt annually all the houses of the Congregation and the communities in Africa must be visited every year. The community In England has a local supervisor, namely Sister Marie-Loui5e le Vern who is named by the Superlor General after due deliberation by the General Chapter (which includes the Superior General and one representative from En8land bein8 the aforesaid Sister Marie-Louise le Vernl. Under the terms of the Trust Deed, the trustees are appointed and removed by the local supervi50r. namely Sister Mari Louise le Vern. The trustees are re5pon5ible for the management of the Congregation, and they meet regularly during the year. The trustees keep up to date with the requirements of Charity Law and they attend seminars and seek professional advlce when nece55Bry. The trustees have examined the major strategic. business and general risks, which the Congregation faS and confirm that Sy5terns have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen risks. TRUSTEES The tTUStees of the Con8re8ation in office during the year were Sister Marie-Louise le Vern and Sister Valentine Rannou. The trustees meet and confer very regularly and review all a5petts of the chaYity'5 operations. At least once a year the trustees like to meet with the stockbrokers in order to review in depth the respective investment portfolios. Any transactions involved in remitting funds from England to the Mother-House of the Order in France. for thè Orderf5 Missionary comrnitments in Africa, are regarded as being in the nature of related party transactions Isee note 111.
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 REPORT OF THE TRUSTEES Icontinued) 08JEcfivES AND AcfiviTIES The Congregation's mission is to advance the Roman Catholic faith through charitable works. The nature of the charitable activitie5 is reviewed by meetings every six ye3rs of the Chapter of the Ordei. In planning activities for the year, the trustees keep in mind the Charity Commission guidance on public benefit. Living in today's world, loyal to the spirit of our origin5, we aTe challenged by the needs of our time to take part in the mission of Christ through our activities and our various commitments in Health Education Chrlstian traininB Youth activities Due to a decrease in the number of sisters In Europe. our Congregation is faced with the closure of communitles. The situation is totally different in Africa where we are expanding and opening house5 With the actlvltles glven above. A new noviciate had to be built in Abidjan due to an increase in vocation5. The Congregation still owns and maintains a community in London, where the sisters are involved In parlsh vlsltln8 and keeping an open house in the Notting Hill Gate neighbourhood. The Congregation's grant-making policy is of prime Importan to the Order and has been establrshed to achieve its objects for the publlc benefit. Firstly, it is to liaise closely with the Mother House in France as to the approprlate amount to remit thereto for the Order's Missionary work in Africa and, when called upon, to support the retired sisters in our home "Home Ste Anne" in Vernon, France Secondly, the CtsngTegation endeavours to meet the demands of charitable appeals as and when they arise. ACHIEVEMENTS AND PERFORMANCE The net incoming resources for the year before gains on investments amounted to £208,512 (2023 net incoming resources £217.520J. This included investment income and interest totalling £344,189 f2Q23- £307,5741. After crediting net gains on investment assets of £427,700 (2023 net losses £757,279J, the statement of financial activitses reveals an increase in net movement in funds amounting to £636,212 {2023- decrease £539,759J. Detalls of grants made in the year and charitable activities in general are given in note 4 to the accounts. FINANCIAL REVIEW The balance sheet on pa8e 9 of the financial statements shows total unrestricted funds of £12.703,280 an increase of £636,212 on the 2023 total. The tru5tee5 regolved to maintain the two desi8nated funds, namely The Fund for Aged and Sick Sisters and Students and The Retirement Fund. The position will be reviewed at the end of the next financial year its Conslder whether or not to regard the two funds as viable. The investment reserve, amounting to £8,994,490 12023 £8,529,649), is also a designated fund and reflects the historical cost of the investment portfolio 3t the balance sheet date. Movements of flxed assets durlng the year are shown in note5 6 and 7 to the flnanclal statements. The freehold property now comprises the convent in London, which was acquired on 28, July 1998 at a cost of £792,024. The trustees consider that the cost of obtaining a full professional valuation of the property at the Balance Sheet date would not be justified.
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 REPORT OF THE TRUSTEES Icontinuedl FINANCIAL REVIEW Icontinuedl At 5th Aprll 2024 the market value of the investments wa5 £11.085,892 f2023 - £10,713,578) and was greater than cost by £2,091,402 12023 - rnore thun cost by £2.183.929). The stockbrokers have decreased the liquidity base by £311,678 12023- increase to £70,187) and they continue to manage their respeuive portfolios wlth caution during these uncertain times. The Congregation's investments are rnanaged on a discretionary basis by Quilter Cheviot and JM Finn & Co. Both parties are carefully monitored by the trustees who receive regular update5 and reports. Quilter Cheviot maintains about 14% of the portfolio in fixed interest holdings and rhe remainder in equitles. JM Finn & Co maintains about Il% of the investments in fixed interest stocks, the remainder in equitles. The trustees are content with thls arrangement, and thev note that the overall spread is about 12% fixed Interest and 88% in equitie5. The level of income generatèd by the respective portfoli05 is regarded a5 satisfactory, viz. Quilter Cheviot 2.7%, IM Finn & Co 3.1%, total overall yield 2.9%. These percentages are based upon the dosin8 market values of the stocks and shares held and are less than those achieved in the previous financial year. The trustees expect the brokers to at least maintain the yields, at the same time, during these uncertain market conditions, protecting as far H5 reasonably possible the value of the portfolio and, where prudent, taking any gains which may arise and. If necessary, reali5in8 any losses. Reserves are being maintained at their present level pending consideration of the current position. PLANS FOR FUTURE PERIODS The Congregation still owns a Community House in London where the sisters continue thelr work in the eommunity and are happy in their environment. The statutory annual visit the Mother General, losiane Sagnan. took place in July 2024. Mother Josiane is very keen, as are the sisters based in London, to continue sending a few young African slsters to study English In London whlch will be of benefit to their mission when they return io our communltles in Africa. Sister Pascaline Gansonré from Burkina Fa50 IS looking forward to arriving as soon as possible provided, that is, she is Suc$$fUl in obtaining her student visa $0 she can take up her place at the London School U.K. In France, the "Petite Unité de Vie" care unit brlngs comfort, security and happiness to the elderly and sick members of the Congregation. The Sister Bursar of the Order. together with the "Association Gustave Doré" reminds us that our income is very low compared to our expenses because the sisters, salaries are insufficient to cover the needs of the retired sisters and the formation expenses of new slsters as well as the comrnunities in Africa. As always, the Congre8ation 15 Cotmmitted to our communltles in Africa where the financial needs are huge. The bullding of the dispensary in Tanda Ivory Coast is progresslng well. At Komsilga, In the countryside of Burklna Faso, archltects are drawing up plans for a new 'Foyer d'Etudiants" adjacent to our noviciate and the 'Collè8e du Sacré Coeurt which is desperately in need of accommodation. Architects are also at work in the construction of a new dispensary that is urgently nèeded to serve the people who live in poor isolated communities. The Chapter is mindful of the prohibitive cost of these undertakin8s which will also necessitate the training of managers. doctors. state registered nurses. midwives. and support staff. All decisions of the Order, about the welfare of our sisters and the welfare and promotion of the people in our care, are taken at the regular meetings of the General Chapter and with the advice of specialists. where appropriate, to act wlth wisdom and care. The Congregation remains determined to develop their mission work and to move speedily into the future.
THE CONGREGATION OF THE SISTERS OF THE FINDING OFJESUS INTHETEMPLE For the year ended 5 April 2024 REPORTOF THE TRUSTEES Icontinuedl TRUSTEES RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The Tru5tee5 are responsible for preparin8 the financial statements for each financial year that give a true and fair view of the state of affairs of the Congregation at the end of the financial year and of the incoming resource5 and application of the resources of the Congregation for that period. In preparing these accounts the Trustees are required to.. select 5Ultable accounting policies and then apply them consistently.. observe the methods and principles in the applicable Charity SORP,. make judgements and estimates that are reasonable and prudent,. state whether applitable accounting standards have been followed, subjett to any material departures that must be disclosed and explained in the financial statements,. prepare the financial statements on a @olng concern basis unless it is inappropriate to presume that the Congregation will continue to operate. The Tru5tee5 are responsible for keepin8 sufficient accounting records which disclose with reasonable accuracy at any time the financial position of the Congregation and to ensure that the financial statements comply with the Charities Act 2011 and regulations thereunder, the Charities IAccounts and Report51 Regulations 2008 and applicable accounting standards. They are also responsible for such internal control as is deemed necessary to enable the preparation of financial statements to be free from material misstatement whether due to fraud of error. The Trustees are also responslble for safeguarding the assets of the Con8Te8ation and hence for taking reasonable steps for the preventlon and detection of fraud or other irregularities. AUDITORS Me55rs. Cocke, Vellacott & Hill have SiBnified their willingnèss to continue in office as the Con8re8ation's auditor5. Approved by the trustees signed their on their behalf.. M. L. le Vern 5 December 2024
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CONGREGATION OF THE SISTER5 OF THE FINDING OFJESUS IN THE TEMPLE Oplnlon We have audited the financial statements of The Congregation of the Sisters of the Finding of Jesu5 Iri the Ternple for the year ended 5th April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the ccounts including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation Is appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) includlng "Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" In our opinion the financial statements give a true and fair view, of the State of the charitvs affair5 as at 5th April 2024 and of its incomin8 resources and application of resource5. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirernents of thè Charities Act 2011. Basi5 for Opinlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial 5taternentS Section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial staternents in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bas15 for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the tru5tee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to event5 or conditions that. individually or collectivèly, rnay cast significant doubt on the company's ability to continue as a going concern for a perlod of at least twelve months from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going conrn are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report, other than the financial stateffjents and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial Statements does not cover the other information and we do not express any form of assuiance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doin8 SO, consider whether the other information is mateTially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appeaTS to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatement5, we are required to determine whether there is a material misstatement in the financial statement5 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other Information. we are required to report that fact. We have ntsthing to report in thi5 regard.
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESU5 IN THE TEMPLE Icontinuedl Matters on whlch we are requlred to report by exception We have nothing to report in re5pert of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion". the information given in the Tru5tees' Annual Report is inconsistent in any material respect with the financial statements.. or sufficient accounting record5 have not been kept,. or the financial statements are not in agreement with the accountin8 records and returns,. or we have not received all the informatlon and explanations we require for our audit. Responsibilities of the trustees As explained more fully In the Trustees, Responsibilities Statement sèt out on page 5 the trustees are re5POll5ible for the preparatlon and presentatlon of the financial statements and foi being satisfied that they give a true and fair view and for such internal control a5 the tru5t8e5 determine is necessary to enable the preparation ol financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibilities for the audit of the finaneial statements We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordance with Act and relevant regulations rnade or having effect thereunder. Our objectives are to obtain reasonable 3S5urance about whether thè finaneial staternènts as a wholè are free from material misstatement, whether due to fraud OT error, and to issue an auditor's iepoTt that includes our opinion. Reasonable assurance is a high level of assurance but 15 not a guarantee that an audit ¢onducted in accordan wlth ISAS IUKI will always detect a materlal misstatement when it exists. Misstatement5 can arise from fraud or eTror and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial stètements. We receive and review monthly a¢¢OLJnts summaries from the trustees, attend the annual meetin8 and any others as required. We have regular contact with the trustees who are responsible for the day to day operations and who notify us of any transactions of which they are uncertain. A further descTlPtion of our responsibilities for the audit of the financial Statements is located on the Financial Reportin8 Council's website at.. www.frc.org.uklauditorsresponsibllitles. This description forms part of our auditor's report. Use of our report This report is made solely to the trustees, a5 a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee5 those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the tharity's trustees as a body for our audit work, for this report, or for the opinion we have formed. Cocke, Vellacott & Hill Chartered Aceountants and Statutory Auditor 15 City Busine55 Centre Lower Road LONDON SE16 2XB 5 December 2024 Cocke, Vèllacott & Hill are elleible to act as auditor5 in term5 of section 1212 of the Companies Act 2006.
THE CONGREGATION OF THE SISTERS OFTHE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 STATEMENT OF FINANCIAL A1VITIEs (incorporating Income and Expenditure Account) General Fund Deslgnated Funds Total 2024 Total 2023 Notes Income from Donations and legades Charitable actlvities Investments Other 16,606 344,189 16,606 344.189 4,254 307.574 Total 360.795 360.795 311,828 Expènditure on Raising fund5 Charitable activtties 21dl 56.060 96,223 56.060 96,223 56,908 37,4( Total 152.283 152283 94,308 Net gains / Ilosse51 on investments 427,700 427,700 1757.279) Net Income I lempenditurel 636,212 636,212 1539,759) Transfers between funds io 1464.8261 464.826 Net movement Fn funds 171,386 464,826 636,212 1539.759) Reconciliation of funds Total funds brought fOnard io 2,448,299 9,618,769 12,067,068 12,606,827 Total funds carried forward io 2,619,685 10,083,595 12,703,280 12,067,068 The notes on ptige5 10 to 16Aorm part of thesefinancial statements.
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 BALANCE SHEET as at 5th April 2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 792,070 11.085A92 792.085 10.713,578 Total fixed assets 11.877.962 11,505.663 CURRENT ASSETS Debtors Cash at bank and In hand 56,214 806,434 147,761 462.804 Total current assets 862,648 610,565 LIABILITIES Creditor5.' Amounts fallin8 due within one year 137.3301 149,160J Net current asset5 Iliabilitiesl 82S.318 551,405 Total assets less current liabilities 12,703.280 12.067.068 FUNDS OF THE CHARITY Total unrestricted income funds io 12.703.280 12,067,068 Total charity funds io 12.703.280 12,067,068 The financial statements were approved by the trustees on 5 December 2024 and signed on thelr behalf bv.. M. L. le Vern l Trustee The notes on pages 10 to 16form part of thesefinonci015tutements.
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE Forthe year ended 5 April 2024 NOTES TO THE ACCOUNTS I. GENERAL INFORMATION The Congregation is a charity reglstered wlth the Charity Commission In England and Wales as number 229049 on 28 january 1964 and Is governed by Charitable Trust Deed. The address of its registered office is clo Cocke, Vellacott & Hill, 28 City Business Centre, Lower Road, London SE16 2XB. ACCOUNTING POUCIES The principal accounting policies are summarised below. The accounting policie5 have been applied consistently throughout the year and preceding year. lal Basis of preparation and going Concern The financial statèments of the Congregation are prepared undèr the hlstorScal cost convention as modified by the revaluation of ceTtain fixed assets ès stated in the relevant notes to these accounts. The financial Statements are prepared in accordance with applicable Accounting Stand3rd5, With the re¢ommendation5 of Charity Commission in "Charities SORP IFRS 1021" other than set out below, and with the Charities Act 2011. The accounts are prepared in British pounds sterling which is the functional currency of the charity. The trust constitutes a public benefit entity as detined by FRSIO2. The trustees consider that there are no material uncertainties about the charitV5 ability to continue as a going concern. Ibl Income re¢o8nltlon With the exception of voluntary income, which is included in the statement of financial activities when recelved, all income is credited to the statement of financial activities when it becomes receivable and can be measured reliablv. Dividend income is recognised once the dividend has been declared and notiflcatlon has been received of the dividend due. Icl Empendlture rècognition Expenditure is included in the statement of financial activitie5 as 500n as theTe 15 a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be Tequired. and the arnount of the obligation can be measured reliablv. Expenditure includes attributable VAT for that expenditure which cannot be recovered. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. See Ildl below for further informatlon. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Congregation. In the case of unconditional grants these are accrued once the recipient has been notified of the grant award. Grant5 award5 that are Subject to the recipient fulfilling performance condition5 are only accrued when the recipient ha5 been notified of the grant and any remainin8 unfulfilled condition attaching to that grant s outside of the control of the Congregation. io
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE Forthe year ended S April 2024 NOTES TO THE ACCOUNTS Icontinuedl 2. ACCOUNTING POLICIES Icontinuedl Idl Costs and basls of apportlonlng costs lil The costs of raising funds comprise the fees paid to the two stockbroker5 in connection with the mana8ernent of the charity's listed investments. (IS) Charltable activlties are those costs directly incurred in the provision of care service5 and supportin8 the Order in their pastoral work both in the UK and overseas. liiil Governance costs include those costs directly Incurred in complying with the statutory obligations of managing the charity. lèl Taxation The charity is considered to pass the tests set out in paragraph 1 schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered bv chapter 3 part 11 of the Corporation Taxes Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such incorne or gain5 are applied exclusively to charitable purpose5. VAT Incurred is not recoverable and is treated a5 part of the expenditure headin8 for which it was incurred lfj Tanglble flxed assets The London property and the motor cars are valued at cost. The Brlstol property wa5 sold in a previous year. No depreciation is provided in the5È atcounts in respect of properties 3s the trustees consider that any depreciation charge would not be significant. Depreciation is applied to the undernoted tangible fixed assets as follows- Furniture and fittings 25% per annum on reducing balance Motor C3TS 25% per annum on Teducing balance Igl Fimed 355èt Investments Investments are a form of basic financial instrument and are init23lly Tecognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. Foi listed investments, fair value 15 based on the closing middle market price on a recognised stock exchange. Realised and unrealised gains and losses are accounted for in the stalement of financial activities in arriving at the net movement of funds for the year. Investment income has been taken into account on the basis of the due date foi payment. Ihl Funds structure lil Unrestricted designated fund5'. these funds are amounts set aside and desiÈnated for specific purposes by the trustees. lill Unrestricted 8eneral funds.. the general reserve represents those funds not designated. which the trustees may use in the furtherance of the charitable objectives of the Congregation. For further details of each fund are disclosed in note 10.
THE CONGREGATION OFTHE SISTERS OF THE FINDING OFJESUS IN THETEMPLE For the year ended 5 April 2024 NOTES TO THE ACCOUNTS Icontinuedl INVESTMENT INCOME 2024 2023 Income from investment assets listed in the UK Income from investment assets listed outside the UK Interest 258,184 46,964 39,041 253,791 45,686 8,097 344,189 307.574 4. CHARITABLE AcfiviTIES Grant Support of fundSng Slsters and activltles pastoral work Governance Total 2024 Total 2023 Grants and donations Isee below) Staff costs Isee note 51 Provi5ion5 Cost of runnin8 prernise5 Property repairs, maintenance and refurbishment Depreciation (see note 61 Sisters, living and pastoral expenses Training and Sisters, formation Bank charges Auditor5, remuneration.. Accountancy and other services Audit Lègal and professional fees 403 403 598 4.001 8,807 4,001 8,807 1,276 S,604 64,515 15 1,724 1,091 187 64,515 15 1,724 1,091 187 9,320 20 1,921 3,926 275 8.232 5,748 1,500 8,232 5,748 1,500 7,932 5,748 Total 2024 403 80.340 15,480 96,223 37.400 TotJ12023 598 22.342 14,460 37,400 Grants and donatlons 2024 2024 No. 2023 2023 No. Remittance to Mother House in France for the Order's missionary work in Africa Isee note 111 Remittance towards major works at Mother House in France Mass offerings and small donations 403 598 403 598 12
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 NOTES TOTHE ACCOUNTS Icontinuedl PARTICULARS OF EMPLOYEES AND TRUSTEES St. Angela's. the residential home for the elderly, closed on 31" May 2012. Thereafter the charity employed two staff to adminlster the property in preparation for its sale in May 2013. Since then, the chaiity has had no employees and is administered by its trustee5. As mernbers of the Order, the living expenses of the trustees during the year were borne by the trust for thè residents in the English House and when there are visits to England from the Mother House in France (note 31 but the trustees received no remuneration or other benefit5 in connection wlth thelr duties during the year. TANGIBLE FIXED A55ETS Furniture and rrttings Freehold Property Total Cost or valuation At 6th April 2023 Additions Disposals 792,024 8,897 800,921 At 5th April 2024 792,024 8,897 800,921 Depreciation At 6th April 2023 Olsposals Charge for the year 8,836 8,836 Is 15 At 5th April 2024 8,851 8,851 Net book value At 5th April 2024 792,024 46 792,070 At 5th Apri12023 792,024 61 792,085 The assets above are held for charity use. The freehold property comprises a convent in London at the cost of £792.024. The trustees do not believe it is necessary to carry out an impairment review. 13
THE CONGREGATION OF THE SISTERS OFTHE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 NOTESTO THE ACCOUNTS Icontinuedl FIXED ASSET INVESTMENTS 2024 Market value 2024 Cost 2023 Mi7rket Vtslue 2023 Cost At 6th April Additions Disposals Realised galns Ilossesl Unrealised gains Ilosse51 10,011,707 3,122,567 12I66,2751 218.850 208,850 7.827,778 3,122,567 12,866,275) 520,227 10,994,007 656,469 (881,4901 (128,3691 (628,910) 8,128.298 656,469 (881,4901 175,499J At 5th April 10,695.699 8.604,297 10,011,707 7,827.778 Cash awaiting investment- sterling 390.193 390,193 701.871 701.871 Market value at 5th April 11,085,892 10,713,578 Historic cost at 5th April 8,994,490 8,529,649 The investments are analysed as below.. Investments listed in the UK Investments listed outside the UK 6,994,308 3.701.391 5,264,092 3,340,205 6,975,563 3,036,144 5,078 448 2,749,330 10.695.699 8.604.297 10,011, 707 7,827.778 None of the investments exceeded 5% of the value of the portfolio at the year-end. In ècctsrdance with the provision of the "Charities SORP IFRS 1021" published by the Charity Commission. inve5trnents are shown in the accounts at their rnarket value at the balance sheet date and thè gains Ilossesl on revaluation have been credited Idebitedl to funds. At 5th April 2024 thi5 has brought £2,091,402 into inve5trnent value and funds12023- £2,183,929 brought inj. This is reconciled as follows.. 2024 2023 Reconciliatiorb of movements irb unrealised Bains on investment a55ets'.- Unrealised gains arising on revaluation brought fOnard at 6th April Add Ideductl In respect of dlsposals In the year 2.183.929 2,865,709 1301.3771 (52,870J 1,882,552 2,812,839 Net galns I10sses1 arlslng on revaluations in the year 208,850 1628,9101 Unrealised gains arising on revaluation carried forward at 5th April 2.091A02 2,183,929 14
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE For the year ended 5 April 2024 NOTESTO THE ACCOUNTS Icontinuedl DEBTORS 2024 2023 Dividends due Prepayments 56.214 147.308 453 56,214 147,761 9. CREDITORS.. Amounts falling due withln one year 2024 2023 Accruals 37.330 49.160 10. TOTAL FUNDS Incomin8 Bt71onces ot resources and 6th Apri12023 gains Transfers between funds Resources expended and losses Balances at 5th April 2024 Unrestricted funds Designated funds.. Fixed a55et5 fund Investment reserve Fund for aged and sick sisters and students Retirement fvnd 792.085 8,529,649 1151 464,841 792,070 8,994,490 io,ooo 287,035 10,000 287,035 9.618.769 464,826 10,083,595 General reserve 2,448,299 788,495 1464,8261 1152,2831 2,619.68S Total 12,067,068 788,495 1152,2831 12.703,280 Represented bv'.- Unrestrirted fund5 Tangible fixed assets Investments Net current assets 792.070 11.085,892 825,318 12,703.280 16
THE CONGREGATION OF THE SISTERS OF THE FINDING OF JESUS IN THE TEMPLE Forthe year ended 5 April 2024 NOTESTO THE ACCOUNTS Icontinuedl 10. TOTAL FUNDS Icontinuedl Description of funds-. lal The fixed assets fund comprises the amount of the net book value of the tangible assets at the balance she dale. Ibl The investment reserve fund represents the cost of the investments, these being retained as a permanent nvestment base. Icl The fund for aged and sick sisters and students 15 an amount set aside to meet any demands for funds from aged and sick s15ters and students. Idl The retirement fund exists to meet any calls for funds to assist sisters of the CongTe8ation who have or will have retired. lel The 8eneral reserve is undesignated income. 11. TRANSACTIONS WITH RELATED PARTIES As indicated in Note 4 to the financial statements the Congreeation made no remittances (2023 - none) to the Mother House bank account in Europe for transmissitrn to the Order's missionary work and building WOTk5 in Africa. A substantial payment was made after ihe year end and will be disclosed in next yearfs a¢¢ount5. As explained in note 4, as members of the order. the liwnB expense5 of the trustees are borne by the Trust. No remuneration or other benefits were received by the trustee5 in connection with their duties durin8 the current or preceding year. 16