REGIMRED CHARITY NUMBER- 229110 TRUSTEES. REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 FOR THE SISTERS OF PROVIOENC£ IROSMINIAt41 Dun¢8n & Toplis Audit Limited, Statutory Auditor 3 Prtnces Court Royal Wav Lou8hborough Leicestershire LEII SXR THE SISTERS OF PROVIDENCE IROSMINIANI CONTENTS OF THE FINANCIAL STATEMÉNTS FOR THE YEAR ENOED 31 OECEMBf R 20Z3 Page Reference and Administrative Oetai15 Trustees, Report 5tstement of Tru5tees' REspofisibilities io Report otthe Independent Auditor5 11 to 13 Statement of Financial Activities 14 Balance Sheet 15 Cash Flow Statemet)t 16 Note5 to the Cash Flow Statement 17 Notes to the Flnancial Statemefit5 18 to 29 THE SISTERS OF PROVIDENCE IROSMINIAIII REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TAVSTEES Sister K A Toone Sister J Taorney &5ter L Pereira (resigned 28.2.241 Slster M B Leydon Sister S M 6 Cronin (resigned 28.3.231 Slster T Molloy PRIIICIPAL AODRES5 Rosmlni House 19 Garton Road Lou8hborou8h Leicester5hlre LEII 2DY REGISTERED CHAAtTY NUMBER 229120 INDEPENDENT AUDITORS Duncan & Toplis Audit LSmited, Statutory Auditor 3 Pdnces Court Royal Way Loughborou8h Leicesrershire LEII 5XR 8ANKERS CAF Bank Ltd 25 King5 Hlll Averiue West Mallin8 Kent ME19 4JQ 50LICITORS Edward Hands and lewis 44 Church Gate Loughborough Lelcesiershire Lf 11 IUE INVESTMEIIF ADVISERS OCM Wealth Manogement knmited 3 Bouverfe Court orthampton NN4 7YD Page I THE SISTERS OF PROVIDENCE1fl0SMINIANI TBUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMSER 2023 The trustees present their report and accounts of the English District of the congregation of Sisrers Of Providerce. Rosminian for the year ended 31 December 2023. The accounts have been prÈpared iu accordance with the accounting policies set out in note 2 to the 8ccounts and comply with the Charity's Trust Deed. applicable laws and the requirements of Statement of Recommended Practice on Accounting and Reporting by Chariiies. statement of Recommended Practice applicable to charities preparing their occounts In accord3nce with trhe Financial ReportlnE 5Tandard applicable in the United Kingdom and Republic of Ireland IFIIS 1021. tllective from accounting periods comTYencin8 l January 2019 or later. Pa8e 2 THE SISTERS OF PROVIDENCE IR05MINIANI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECE MBER 2023 obJecrivES AND ACTIVMES The trustees have paid due regord to guidance i￿ue& by the Chèrty Commission tn decidin8 what bctwitiès the Charity shtruld undertake. The En*ish Distrirt of the Sister5 of Providence. Rosminian oim5 to svpport the religious and the charltable works carried on by the members of the Congregatlon and fo care for those members throughout thelr lives with the Congre8atlon. These ministrios, all ol whlch beneflt numerous members of the general publlc, fall ￿ntO the felkwing main area5-. l. Educatlon The actfvity within the area of edu£atlon now takes the form of involvement in a 5UPPOrtive role. Lou8hborou8h Amherst khool (former￿ Our Lady's Convent School) merÉed with Louthborough schools Foundation Iformerfy Loughborough Endowed Schookl on 31 August 2015. One trustee Is a memberof the GovernSn8 8oard of Laughborou8h Amhersr School. 2. Pastoral work The alms of the trustees In thls area Include.. Enablin8 all members of the ConÉreEatlon to carry out meaningful pastoral work within the community after a5se55ing their skills and the need5 of the local •rea', The lollowng are examples of the work undertaken by individual si5ter$'. padsh mlnisrry and helping parishloners develop their spiritual Ilves,. lèBding children and teathers In meditatlon pratti£e', visitin8 h05Pltals ttnd older people In their own homes,. . guiding prayer groups., offering hospitality ro individuat5 and gfOUPS for doys of rellertion orfor people seekin8 help 3. Overseas mlsslonarywoik The Charity provide5 SUPPOrt lor the Con8re8ation's misslons Sn Tanzanla. Indla and South America. The mwior15 are under the control of mernbers of thÈ Congregation and any tlnèntial support is used to help towards the formatlon of new niember5 and their studie5 and to meet the need for ￿￿ks. school equipment ènd mpdital supplles. Two members of rhe Distrpct continue to minister in Tanzania., one is a School manager 05 well as a Project5 Manager and the 5e¢ond slster holds the pos5tion of Dlstrfct Bursar. 4. for members ofthe Conye8o*lon In ¥trmmon with many Reli8lous Con8regatlons In Greèt Brftaln, the a8e proflle of the member51$ iTrcreaslng 45 ex15ting members 8row older. The Congregat40n has an obllgation, both rnoral and legal. to providè care for its members, none of whom have resour￿ of thelr own and all of whom have devoted a significant part of their live5 to the care and education of other5. As the age profile of the Congregatlen increases so does the need to provide Increasing and increasingly expensive care to the sisters. At present flvÈ rnember5 f*ceive spÈclJl carè in Rosmlni House at Lought¥)rtru8h. Over the next decade, the trustees expect this number to increase. As a cansequence the tru5tee5 Bre giwn8 carefijl consideration to the impètt of this on the work of individual members, the property requirernent5 and the flnancial Impll£atlon5. In th15 regard one aim of the trustees Is te enable all Member5 10 continue with thelf IndlvSdual rn1Tristr￿s for as long a5 pos￿￿¢e. ThÈ maintenance and upkeep of the Rosmlnl House bulldlng Ss very cost￿. RepaSrs as a result of structural damage and repalrs and replacement r>f equipment continue on an on80ing basis. The tru5tee5 have a duty to ensure that the bullding and its contents are well maintained Jnd rneet with the required Health and Safèty standard5. Any incomelstipend ieceived by the sistets is donated to the Charity and thereby ensures that the work ot the 515ters and the Chority may continue and dèvelop lrtto the future.. 5. Protertlon of thlldren and vulnerable adult5 Along w￿h all other organlsations who setve in the community, the trustees rerognlsÈ thÈ absolute necesslty of ensurlng the proteerion and safety of all those the Charity seTres. This means all sister5 who are in any kind of ministry in Great 8ritain havin¥ to obtsin clearance frorn the Disc105ure and Barring ￿r¥ICe ID8SI. The trustees are committed to IMp￿MentIng all polKies and procedures of the Catholic safeguarding Standard5 Agency ICSSAI and of the Religlous Llfe Safeguardln8 Se*vSce IflLSS1. One slster is responslble for ensurlng the SafeÉuardlng Policy Is adhered to by all sister5 who rnay have contact ￿th children and vulnerab people. Thls sitter and the trustees, partlclpate in on-going 5afe8uarding training in order to ensure that bèst practite is lirmlv followÈd. The s15tèrs whts are invofved In parlshes and schools ablde by the pollcies and guidelines In place In these spÈcific arèas. P•8e 3 ThE SISTERS OF PROVIDENCE IR05MINIANI TRUSTEE5' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE The following paragraphs Oiltline the main achievements during the year in each of the Charity's principal activities. l. Edu¢¥ilon There are no lonÉer any sisters working In a teaching position in Loughborough Amherst khool. Through her membership of the Board of Governor5, one of the trustee5 ha5 been actively involved in areas of development and in faith based 4cti¥lties within the School. Thls sister continues to support developments in LoughborouEh Amherst School followin8 the transfer of the school's operaiions to LouÈhborough Schools Foundation Ilormerly LouEhborough Endowed Sihoolsl in 2015. She continue5 to provide spiritual support when the need afises. The trystees continue to provide the equivalent of six bur5arie5 each school year to Loughborough Amherst School. Several pupils whose parents were experiencing financial difficultyes In 2023 were supported financially and were enabled to continue thelr education in 3 seamless way The Head teacher, Mr James Neville. of Lou8hborou8h Amherst khool write5. 'The generou5 5cholèrship and bur5arièl 5UPPOrt ot the 515ters of Providence ha5 an enoTmOU5 impact on the lives of pupi15 at Amherst School, en3blin8 pupils who could not otherwise aice55 such a school to benefit frorn the Catholic education on offer. The trustees. following a request for financial 5UPPOrt, agreed to pay the boarding fees for a young Eirl from the Ukraine who with her brother and p3renis fled the war stricken country. The parents. having secured the safety and educ8tion for their children, have slnce returned 10 their country. It was Expected that the Con8re¥ation would receive an allnua5 income from Loughborough Schools Foundation for the rentil of the properly which houses Lou8hborou8h Amherst School. The Chief Operaring Qfficer of Loughborough Schools Foundation informed us that the Governing Body was unable ro pay the required reni81 and after much discussion with our Finantial Adviser the trustees decided that, as part of our charitable activitie5. we would make a gifi to the school of the lent that was due for the year 2022 and Ihe following rhree years to 2025. 2. Pastoral work One sister coniinues her merTTrber5hip of the ¥ovprnin8 body of LoughbDrough Amherst School and this sister has taken r>n a supportive role In Loughborough Amher51 School by èciive participation in ihe Chaplaincy Team where she Is In contact with young people. Somètimes she is called upon by p3rents. pupils and members of g13ff who wish to discuss various personal issues, for eximple. Another sister does voluniary work In the local Carholic khool. St Mary's Academy.. she helps children who have reading difficulties and the teachers report thèt they find this an enormous benefit to both the teachers and pupi15 Involved. The Junior pupils In Loughborough, Amherst School use our garden on an occasional basi5 for nature studie5. picnic5 and walks Pupils frorn both lunior and Senior departrnenis of the school use the chapel In Rosrnini House for prayer Service$ 10 mark special milestones in the life of the school or on special feasts of the Church. During 2023, one sister continued to host and lead an adult meditation 8roup each week in the convent. several people participaied and they reported that they found ir very benefici31. Thi5 Slster organised sessions with the teachers in a number of schoo15 in the Diocese of Nottingham when requested to do so by the Head teachers of the schoo15. She has been responsible for SniroduCinE the practice of meditatlDn and Lectio Divina io pupils in the Sacred Hearr school. Loughborou8h. as well as to a number of schools throughout the Diocese of Notiingham. The pupils and their teachers report that this practice ha5 benefitted the mental nd @motional health of the pupils to an enormous deÉree. A few people frorn the locality attend Mass in our Chapel orcasiDn211y and some people come to the convent ro speak about personal difficulties or to ask for prayers. Friends of the sisters and people frorTI the locality continue to drop in to share a meal or a cup of colfEe a chat. The sisiers feel that this hospitality and listening eletneDt Is very Importa￿￿ and all visitor5 are welcoffled. One slster continues to knit children's clothes on an on8oin8 ba515 and these were donated to Rainbow5 Hospice to ra￿se badly needed funds. These ministries. carried out on a voluniary basis by the sisters. enable the Charity to reach out to those in need with￿￿ society generally and benefii a very significant number of people. 3. Overseas missiortary work During the year the Charity continued to support the 515ters who minister ￿n Taniania, India 3nd South America. We responded to two requests for monies ta suppori ihe student sisters to enable them to undergo their professional traininÉ to qualify Ihem ro work with people in their areas. A total of E113.755 40 from the Mother General's Fund was donated during 2023 lor this purpose. Likewise. £15,000 vjas donated ID response to a request to help with the building of a small convent for the Sisters in the Kibondo Parish, Diocese of Kigoma, Tanzania. ID a letter dated 29th April 2024, Sr M Andrew, Project Mana8er and Trustee of the Tanzanian District wrote, '1 wish to thank you rnost sincerety for the donation of £15,WO tOW3rd5 the cost of the house in the Érounds of St Monica's School. Kibondo. Kigom3 Tanzania. .The house Is now nearing complerion. The sisiers are very happy wlth the prospect of moving In soon." There are two sisters from the English District ministering in Tantaniè. These sisters ère supported financially from central fund5 in Lou8hborough. Pa8e4 THE SISTefts OF PROVIDENCE IROSMINIANI TRUSTEES, REPORT FOR YNE YEAR ENDED 31 OECEMBER 2023 The tru5tee5 SUPPOrt the Antonio Rosmini Children's Centre Sn Kwediboma which continues to expand and develop as the demahd on their serwice5 continues to grow 5wIftty. In 2023 we did not provide any financial support as Thone was requested. The children in this centre have either lost their parents or have been abandoned by them. Some parents are Unab￿ to £a¥e for their children because of Sllness or family problems. If this centre didn't exist many of rhese children would probably ￿ left to dle of neglect 5torvation. The Tru5tee5 are deeply Committed tts this projett and the sisters report thar thar the lives of many chlldreTr have bpen transforrned and continue to be tTall5formed because of the financial suppert received. The school attached to the Antonio Rosmini Children's Centre providè5 3 quality èducation, not just for these chlldren. but also for children frem the Outlyi￿ areas who otherwise ml8ht not have afty acce$5 to an education. 4, Care ol mèmbÈrs of the Cor)8re¢atlo The 8verage a8e of the rnernbers 45 76 so thè majority of members need additiot)al support. Flve members of the Congregation recetved special care in the Rosmini House during the year 2023. Earlier in the year two of the sisters died. The sisters in the Care Unlt are supported on a twenty four hour ba515 by • team of five profes5ionol CaTers and a nurse. The tare is of a hl8h standard. It 15 important to ensure thèt thls standard Is malntained so that our sisters can be cared for in the Convent instead of being placed in residential care elsewhere which would be very costly. The 'c3re Èlement, Is a mèlor challenge facing the Congregation and the trustee5 for the fore5ee8ble fvture. Costs cantinue to rlse and the trustees haye a duty to ensure that sufflcleni funds are available to meet these rlsing costs. These older and fra8lle sisters spent rnany year5 mini5terin8 on behalf of many peopk so they deserve to be treated and eared for wlth deep respett in their old age. It must be noted that Member5 of the Con8re8ation who are retifed from their professlotlal work are also invofved in the 'care element, within the Congregation,. one 51Ster works a5 a Carer on è pèrt time basis and some slsters ujdertake to dr￿e and accom￿n¥ the more fragile slsters for medic31 appolntments to the hospitals and clinKs. This year onte azain, saw members being called upon to assist in the Care Unit because of stafl shortages due to illness on a number of octasion5. This meant that members of the community were fa£ed wlth additlenal responslbSlities durinÉ 2023. One slster Is the DistrKt Bursar whsle a second Sister rnana8es the House Offiee and a thlrd sSster undertakes other administrative dutles wlthin the convent. These specific ministrie5 3re often ¥ery time con5umin8 but we believe that wlthout the contribution of these IndSvidual si5ter5 the trustees would need to employ a greater number of lty staff. S. Othtr Grants were made to Cafod and we also responded to appeals made as a result of natural disaster5 in variou5 parts of the wortd In addition 10 local appeals in the U.K. We supply financial support on a monthly basis te the food bank in Loughborough. We provide financlal support to the Superior General for her pef5onBI and travel expense5. When requested. we aim to make a contribvtion 10 the Superior General'5 Fund which 15 Used for various charitable projects. This fvnd Is a&0 used to cover the cost of the edv¢atbn and professSonal tralninÉ of the young sisrers in TanR3nia. Page S THE SISTERS OF PROVIOENCE IROSMINIANI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FIP4ANCIAI REVIEW The Charity had funds at the beginning of rhe year of £20.016,967. There was an overall net deficrt of £61,291 during the year 8iMng reserves at 31 December 2023 01 £19.955,676. There was a Bain on in¥e5tment5 in rhe year of É315.791. The rate ol return Df ihe investments is considered by the rrusiees to be satisfactory In li6ht of their income and capital needs. The porilolio remains i mix ol equity ond non-eouity Investment5. ID sumtnary, the tru5tee5 are 5at15fied with the overall results lor the year given the Fnarket conditions. There is no formal criteria or measure5 Such as KPI'S that the Charity uses to assess svccess In the period. Reserves polity The average Bge of members of the congresation is 76 years. We have two members who are over ninety and six in their eighties. Care and t)ursing costs continue to rise. Therefore it is important to maintain reserves. The trustees have desiEnated funds out of the 8eneral fund for specific purposes as follows.. Retirement Fund A fund has bÈen designated for the purpose of providing for the charrty's commitmeni to provlde for the retirement and care in old age and sickness of the Congregation's members. Fixed Assets Fund - In order 10 fulfil its charitable objectives the chèrity needs a number of propertie5. Although Lhese properties are unrestricted assets they cannot be reali5ed without ullderminin8 the charity's work. The trustees therefore consider li appropriate to reflÈct the investment in properties by mean5 of a designated fund. Scholarship Fund - The trustees have made a commirment to pay a iotal ol £IIO,QJO annually for bursaries to Loughborough Amherst School. The monies used Is ai the discretion of Loughborough Amherst sthool for pupils whose familie5 ma¥ be experett3 Nora Pereira (Resigned 28102120241 Sister Mary Bridget Leydon Sister Sheila Bernadette Cronin- (Resigned 28103/20231 Sister Terpsa Molloy A brief biographical detail on each of the trustees is given below. Sisterjohanna Toomey Sister Johanna Toomey joined the congregation in 1965. Sh& trained as 3 teacher in Mary Ward, Nott1ngh3m and later attended Cardiff Universir¥ where She graduaied was awarded an M.Phil for her disserlalion on R05mini and Education. She Spent part of her life teaching In Heathfield House Comprehensive School. Cardiff and In both Loughborough & Cardiff convent schools. She wa5 tfre Headmistress ol the18tter. She has held the position of Superior Gener31 of Lhe Congreg3rion since 2013. Sister Kathleen Ann Toone sister Kathleen Ann Toone joined the Con8regation in 1954. She worked as a teacher in a number of schools and as Headteather In Sacred Heart Primary SchoDI, Lou8hborou8h before her retirernent. Sister Lorett3 Nora Pereira Sister Loretta Nora Pereira Joined the Congregation In 1964. She qJalified as a Junior school teacher and taught in Our Lady's Conveni School in Cardiff, Our Lady'5 Convent in Lou8hborou8h and wès Head Teacher of St Audrey's School, Wisbech for a number of years. She also held 3 Position of Chaplain in Ratcliffe College, spent time as a Parish Sistèr ith Leicèster and is presently en8a8ed in pastoral work. Sister Mary 8rid8et Leydo Sister Mary Bridget Leydon joined the ConÉregation in 1962. She qualified as a Montessori teacher and spenr all her working life In the Pre-school departYnefTrt Our Lady'5 Cofivent School, Loughborou8h. She was Head of the Pre-school and Inlani Departments fol several years. At present She is engaged in administrative work in R05mini House. She 15 also a rnember of the Governing 803rd of Arnherst School and asslsis with the Chaplaincy team. Sister Sheila Bernadette Cronin sister Sheila Bernadette Cronin joined the ConEre8atlon in 1981. She was Snvolved In pastoral work for a few years. She has held the posirion as Carer In Rosmini House lThfirmary fof several years. Sister Teresa Molloy Sister Teresa MDlloy joined the CoTrgregatioll in 1963. She gualified as a JuDiar School teacher. She gained an Arts Degrep. from the Open Universiiy and she a150 qU311lied as a teacher ol blind and visually irnpèired childrèn in the University of BirminÈham where she was awarded a B. Phil. in special education. ghe taught in St Joseph's khool for childrefi with visual impairments, Dublin, for many year5. The trustees are ultimately responsible for the policie5, activities and assets of the Charity. They meet four times a year. Or when the need arises. to review developments with regard to the charity or it5 activitie5 and mÈkÈ any Irnportant decisions. When necessary, the trustees seek advice and 5UPPOrt from the Charity's profÈssional advisers including property consultants, inve51ment5 rnana8ers, solicitors and accountants. The day to day managerTient of thè Charity's activitiÈs, and the implÈmentation of policies, is dele8ated to the appropriate membèrs of the Congregation. The sisters involved in p3Storal duties work under the dirEction of 8uideline5 Set out by the Roman Catholic Dioce5E of Nuttingham. Paee 8 THE SISTERS OF PROVIDENCE IAOSMINIA141 TrUSTEES' REPORT FOR THE YEAR ENDED 31 OECEMBER 2023 The English Oistrirt is 8ovemed by the District Co•rdinator who via5 appointed by the Superior General followin8 consultation with the Sisters. There is a $￿tern of accountsbility operational to ensure that the Co-ordinator is fvlly informed of the progre55 and developmertt of the ministries carried out by the Sisters. Thè Cts-ordinator provides the Superlor General and her Coundl with an annual written report detailin8 the various activities and events of the District. A visit by the Supèrior General is made at ￿ast once everythree year5. At the be84nning of 2023 the Dlstrtet comprlsed of twenty slsters. 01 this number, two are ministering in Tanzantd and a third 515ter has holdk the position of Super4or General since 2013 and she is based In Rome. Slnce the begSnnln8 of the year 2023, two sSsters have dled. Iusk Mana8ement In line with the requirement for tIU5teès to undertèke a risk assessment exertise and report on the same in their annual report. rhe trijstees have looked Bt the risks the Con8Te8ation currèntly fèces and have rewewed the meèsures already In place. or needit)E to be put in place, to de31 with them. Thè trustees have identified five rnain areas where risks rnay occui.. overnante and management -operational -Repvtational -Laws, regulatlons, extemal and envlronment Governante and managemènt looks at the rtsks of the Con¥regètlon, at the skllls and trainlng of its members and staff and the good Use of Its resources. Operational looks èt the risks inherent in the Charty'5 activltie5 maintenance or dlfficultles with srèff, for example. the member5 engaging in inappropdate a￿￿ties. poor Fin#nctal risks in¢ludÈ those grislng as a result of poor budgetary control. inapproprlate spendlng, pooraccountlng etc. Reputational lock$ 4t P0S5iblÈ damage to the Con8regatlon'sandlor Charlty's reputatlon. Laws. re8ulatlons, exrernal and envlronment look at the efFerts of government policie5, the c0Tr5equence$ o* non-compliance with Ièws and regulatlons. The Chanty has a Safeguarding Policy in place for the protection of children and vulnerable atlults as outlined on poge 3. Hawn8 a5se5sed thÈ major risks to whith the Chaiity is exposed, the trustees belleve that by monltorSn8 reserye levels, by ensuring controls exlsr over key flnancial systern& and by examining the operational and busine55 risk5 faced by the Charity, they have estsbllshed effettive systems to mitigate those ris￿. Trustees InduclioTr and tralnlnB All current trustee5 are well experienced in the natUTe of the role and undÉrstènd thelr legal responsltrAlitles. New trustees will recelve an induction, be made awarÈ of the role ol a trustee as laid down by the CharSty CommlssSon and, If approprlate, attend approprlète training and development semlnars to help them devek*p their role. Fundral$lh8 No third party orzanisations or consultants were used for raisin8 funds forThe Sisters of Providence IRosmlnSa*)l. Volufjtee The charity does not require the use of volunteers. E¥gDts sln¢• the gfth¢ y¢4r Infomiation relatlng to events since the end of the year is glven in the notes to the financial stateme*ts. EMPLOYEES. ADVISERS AND MEMBERS OF THE CONGREGATION The trustees wish to record their recognition of the qualities and tommltment of all thelr staff and the indlvldual meM￿r$ of the Congregarion, tO8ether with our FlnancSal Adviser, Accountant and othér profes5itrnals who help us in so many ways. Thelr dedlcation and posltive approach ère very much appreciated. Approved by ordeT of the board of trustees orF......... and slgned on Its behalf by.. Sister M B Leydon- Trustee Pa8e 9 THE 515TERS OF PROVIDENCE IROSMINIANI STATEMENT OF TRUSTEES. RESPONSIBILITIES FOII THE YEAR ENDED 31 DECEMBER 21J23 The trustees are responsible for prepar1ng the Trustees, Report and the fSnanclal siatemenis in èccordance wlth applicable law and United Kingdom AciountinÈ Standards (United KIDgdom Generally AIcEpred Accounting Practice). The law èpplicable to ¢h3rities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Re8ulations 2008 and the provisions of the trust deed requires rhe trustees to prepare financial statements for each financial yetr which give a true and fair view of the state of 3ff8irs of the charity and of the incomin8 resouries and application of resources, including the income and expenditurè, of the charity for that period. In preparing thosè financial statements, the tru&tees are required to select Suitable accounting policies and then apply them consistentty.. observe the methods and principles in Ihe Charity 50RP.. make iudgemenis and estimates thai are reasonable and prudent.. state whèther applicable accountin8 Standards have been followed, subject to any material departures disc105ed and explained prepare the financial staternent5 on the going concern ba515 unle55 It is inappropnate to presume thai rhe charity will continue The trustees are responsible for keeping proper atcountin8 records which disclose with re350nable accuracy 3t any tirne the financial position ol the charity and to en3ble them to ensure that the fin3nci31 statement5 comply with the Charities Act 2011. the Ch8riiy (Accounts and Report51 Regulations 2008 and the provision5 of rhe trust deed. They Ire also responsible for safeguarding the assets of the charity and hence for iaking reasonable steps for the prevention and detection of fraud and other Irre8ularities. Page 10 REPORT OF niE INDEPENDENT AUOITORS TO THE TRUSTEES OF TME SISTERS OF PROVIDENCE IROSMINIANI Oplnion We have audlted the fSnanclal statetnents of The 51ster5 of prov￿ence IRosminianl (the 'ch3rity'l for the year ended 31 Oecember 2023 whith comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statemenr and notes to the fSnanoèl statemÈnts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 èpplicable 18w and United Kingdom Accounting Standard5 (United Kirigdom Gpneralty Accepted Ac£ountin8 Pratticel. In our opinion the flnanclal 5taternerits'. 8ivÈ 3 true and fair view of the state of rhe charlty's affairs as at 31 December 2023 and of its incoming resoUr￿S tnd pplication of resource5, for the year then ended,. have been properly prepared In accordante with United ￿n8dorn Senerally Accepted Accountln8 Practlce,. and have been preparèd ift accordance with the requirements of the Charitie5 Act 2011. Ba51s for oplidon We conducted oijr audit in accordance wfth Intemational Standards on Auditing IUKI IISA5 IUKII and applica￿e law. Our responsibllltles under those standards are further described In the Auditors. re5pon5tbil￿tles for the audit of the finanoal statements 5ertion of ciur report. We are Independent of the charity i) &¢cordance wlth the ethlcal requirements that are relevant 10 our audit of the financial statement5 In the UK. including the FRC'S Ethical Standard, and we hève fulfilled our other ethical reswn5ibilitits in accordance with these reoulrements. We belleve that the audit eY*dente we have obtalnèd is $ufficlent and appropri•te to prowde a basis For ouropinion. C¢￿¢1￿$40￿$ i&l•tln8 to 8olnB tohe•m In auditing the finonci31 staternents. we have cencluded that the trustees, use of thÈ goln8 tonterth basis of atcountin8 in the preparatlon of the flnanclal statements Is appropriate. Based on the work we have perfoTmÈd, we have not identrfied any material uncertainties re13ting to events or condltions that. individually or collettively, rnay cast Si8nlflcant doubt on the charity's ability to continue as a EoSng concem for a period of at least twelve rnonths from when the financial statements are authoylsed for Issue. Our responslbllltles and the responslbSlltles of the trustees wlth respett to goln8 concÈrft arÈ de5crlbtd ltt the rÈlevant sectlons of this report. OEhÈrlnformitlthi The tTUStees are responsible lor the other inform*ion. The other informatlon comprlses the InformatSon included In the Annual Report, r*ther than the flnanclal statements and our Report ol the Indepeftdent Audftors thereon. Our opinion on the financial statements does not cover the other infom8tiors and. extept to the extent tstherwise explicitly ttated in our report, we do not express any form of as5urafice Conclusion thereon. In tonnertion wlth our audit of the financial Statements, our responsibllity is to read the other informatlon •nd. In doing $0, consider whether the orher informatton Is materSally Inconsistent wlth the linantial statements or our knowledge obtalned in the audSt or otherwise appears to be mèterially mi5Stated. 11 we identify such materièl incon515tencies Dr 4pparent material mlsstatements, we are requlred to determine whether this 8ive5 rlse to a material m155tstement in the flnancial 5t3ternents themselves. If, bè5ed on the work we have performed, we conclude rhat there15 a material mlsstatement of th15 Other Inforrnatlon, we are ￿qUired to report thatfact. We have nothing to report In this reÉard. Matters on whith we are re9￿￿ed to report by exceptlon We have nothing to report in respect of the following rnatter5 where the Char¢tie$ (Accounts aTrd Reports) Regulations 2fX)8 requires us to report to you if, in our O￿nIon.. the infomiation given in the trustees Report is inconsistent in any mèterial respett with the financial statements,. or sufficient accountlnz records have not been kept., or the flnanclal statements are not In 88reement with the atcoufit4n8 records and returns.. or we have not receNed 311 the information and explanation5 we require for our audit. R•5ponslblllllos ol tnFs1tts As explait)ed mere fully It) the Statement of TrustèÈs' Responsibilitie5. the trustee5 are responsible tor thè prèparation of the flnènclal statements which 8lve a true and fair VIÈW, and lor such internal control Js the trustee5 determlne 55 ne¢e55ary ro enable the PfÈparotion of financial 5tatement5 that are free frorn rnateflal rn155tatement, whetherdue to fraud or error. In preparing the flnancial statement5, the trustees are responslble for assessing the charltrfs 3bi1Sty to continue as a going Concèrn. dlsclosing. as applicable, matters related to 80in8 concem tJsin8 the goin8 concern basi5 of accounting unle55 the triJ5tees eithèr intend to liquid4te the charityor to cease operation5, or have no realistic alternative but to do so. Page 11 REPORT OF THE INDEPENDENT AUDITOR5 TO THE TRusfEES OF THE 515TERS OF PROVIDENCE IROSMINIANI Our re5pon5ibilities for the audit of the financial statements We have been appointed ès auditors under Section 144 of the Charitie5 Act 2011 and report in accordance with the Act and relevant iegulations rnade or having effect thereunder. Our objÉctives are to obtain re3sonable as5ur3nce about whethÈr the linantial statements as a whole are free from materlal rnisst3tement, whether due to fraud or error. and to issue a Report of the Independent Auditor5 that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee thai an audii conduaed in accordance with ISAS IUKI will always de¢eci a material misstatement when Il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggreg2te,:hey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent ro which our procedures are capable of detecting irregularities. Including fraud 15 detailed below.. We have identified areas of I3ws and regulations that could reasonably be expected to have a material effect on the financial statemefjt5 frDm our general commercial expenence, knowledge of the sector, 3 review of re¢ul8tory and legal correspondence and through disCU55ion5 with Trustees and oiher key managernent obtained as part of the work required by auditing siandard5. We have also discussed with the Trustees and other key rnonaEement the policies and procedures re13ting to compliance with laws and regulations. We commufiicated laws and rÈiulations throughout the team and remained aleri 10 aDy Indications of non-compliance throu8hout the audir. The poteniial impact of different laws athd regulations Varies considerably. Firstly, the charity 15 subject to laws and regulations that directly impact the financial statÈments (for example flnantia5 reportin8 legislalionl and we have assessed the txteni of Compliance with such laws as part of our financial statements audit. We evaluated manèÈemenr's intentive5 and opportuTritie5 lor fraudulent manipulètion of the financial statements linclvding risk of override of controls) ano determined that the principal T15k5 were related to manaÉemeni bias In accounting esiima¢es and iudgemental areas of the financièS statements such a5 the valuation of investment properly and IncoTne recognition, as well as the risk ol inappropriate journal entTie5 to manipulate reponed surplus/deficit. Audit proiedures performed by the engagement team Included the identificaiion and iestinÉ of unusual rnaterial nominal ledger entrie5 and challenging rnan38ement on key assumptions atyd judgements made in the preparatioD of the financial staiements. We carried out detailed substantive testing on accounting estimates. Including reviewing ihe methods and data used by management to make those estim3tes, reviewing rent31 yield5 and Internei property price data, reviewing the outcome of prior year estimaies. and assessin@ the knowledge and expertise of rhe prole55ional valuers used by m8n8gement. We also c3rried out detailed 5ub5tantivÈ tests on Tllèlerial Income streams, Including reviewillg the supportlDg documentaiion used to deterrnine the recoEnition of iniome, ethsuring it is consistent and reco8nised in the correct period, and we have reviewed and assessed the knowledge and expertise of the investment manager5 and verified the valuations and income from the Investments to third pèrty conlirmaiions. Secondly, the Charity is subject to Dther law5 and reÈulitions where the consequence for Thon-compliance could have a maierial effect on the arnounts or disclosures In the financial statements. Wè idÈntified the following areas as those most likely to have such an effect.. Health and Safety regulations. Employment law5 and written re5tfiCtions or de51gnalion5 imposed by 8ranl prtrviders or donors We reviewed the sJpporiing documentation for all material incomes received and assured ourselves that any written condillOnS have been adhered to as Èpplicable. We note that Eiven the nature of Ihe charity, Ihere are no specific laws and re8ulations governing the activities, aside Irom Charities Act 2011 and the applicable accounting standards. Auditing sièndards limit the required audit procedures to identify non-complièncÈ with these laws and regulations to enquiry ol the Trustees and other key managèmeni and Inspection. This Inspection included reading minute5 of meeting5 of those charged with governance with rhe investmefjt managers and discussing with those charged wilh governance to confirm that to their knowledge Ihey were not aware of any inst3nces of non-complièncè. Through these procedures. If we became aware of any non-compliance. we considered the impact or? the procedures performed on the related financial statement items. Owing to the inhÈrÈnt limitations of èft audit. there is an unavoidab￿ risk that we may not have detected some rnaterial misstaiements In the financial statements, even th0￿gh we have properly planned and performed our audit in accordance with auditing standards. The furiher rernoved non-compliance with laws and regulaiions is from the events and iransactions reflectèd In the financial statements. the ￿esS likely the inherently lirnited procedures required by auditin8 Standard5 would identify it. As with any audit, there 15 a greater risk of non-detection of Irregularities a5 these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expectèd to detect non-compliance with all laws and re¥ulations. website at www.frc.org.JVauditorsresponsibilities. This description form5 part of our Report of the Independent Auditor5. Page IZ REPORTOF THE IPIDEPÈNDENT AUDITOR5 TOTHE TRUSTEES OF THE 515TERS OF PROVIDENCE IROSMINIANI Use of our report This report is made solely to the charity's trustees, as 3 body. in accordance with Part 4 01 the Charitles (Accounts and Report51 Re8ulaiions 2008. Otsr audit work has been underr8ken so that we miÉht state to the cha￿ty,5 trustees those m3tter5 we are required to state to them in an auditors, report and for fto othèr puip05e. To the fullest extent perrnitted by law, we do not accept or assume respon51bility to anyone other than the charity the charity's tfU5tee5 as & body. for our audit work. for Ihis report, or for the oplnlons we have formed. Duncan & Toplis Audlt LimitÈd, St)tutoryAuditor 3 Pr5nce5 Court Royal Way Loughborough LelcestershSre IEII 5XR 13109 I Page 13 THE SISTERS OF PROVIDENCE IROSMINIANI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Total funds as restated Unresiricied Deslgnated Unrestricted General funds Notes INCOME APIO ENDOWMENTS FROM Donations and legacie5 430 430 28,846 Charitable attiwties Support of rnember5 of the relig50US order 18.448 340,498 358,946 368,344 Other trading 3Ctivr(ies Investmeni income 92.524 4,541 92.524 70,642 86,546 30.363 66,101 Totsl 84.549 437,993 522,542 514,099 EXPENOITURE ON Aaising fund5 113,932 113.932 111.718 haritable activities Support of members of rhe religious order Grants and donaiions pèid 42,525 253,755 416,216 73,196 458.741 326.951 444,184 197.440 Total 410.212 489,412 899,624 753,342 Net gainslllossesl on investments 315,791 315.791 11.448,1021 NET INCOMEIIEXPENDrruREI Transfers between fund5 Other recognlsed gainslllosse51 Gains on rev&lu31iOn al fixed assets 19.8721 125.000 151.4191 1125,0001 11,687,345) 19 245.000 Net movement in luThds 115.128 1176.4191 161,2911 11,442,345) RECONCILIATION Of FUNDS Total funds brought forward 19,635,527 381,440 20,016,967 21,459,312 TOTAL FUN05 CARRIED FORWARD 19,750.655 205,021 19.955,676 20,016,967 The note5 form part of these financial statements Page 14 ThE SISTERS OF PROVIDENCE IROSMINIANI BALANCE SHE 31 DECEM8EII 2023 2023 Total funds 2022 Total funds 35 restated Unresrritted Desi8natÈd Unrestricted General Restritted Notes FIXED ASSETS Tangible assets Investm*nts Investment5 Investment properry 14 7.453,804 38.674 7,492,478 7.538,34J 15 16 11,089,477 910,LIJO 11.089,477 910,(KIO 11.100.314 910.000 19.453,281 38.674 19.491,955 19,548,655 CURf¢ENT A55ETS Debtor5 Cash at baftk and in hand 17 19.619 180,412 19,619 477,786 J9.4(k6 480,263 297,374 297,374 200.031 497,405 499,669 CREDITORS Arnounts fallin8 due wi£hin one year 18 133,6841 133,6841 131,3571 CURRENT ASSETS 297.374 166.347 463,721 468.312 70TALAsseTS IESS CURRENT LIABIL￿1£$ 19,750,655 205.021 19,955,676 20,016,967 IIET ￿sEr5 19,750.655 205.021 19,955,676 20,016,967 FUNDS Unre5trirted fund5 19 19,955,676 20,016,967 TOTAL FUNDS 19,955,676 20,016.967 The financial 5taternents were approved by the 8oard of Trustee5 ar¥d authori5ed for issue on were signed on its behalf by.. and 51ster M B Leydon- Trustee The notes form part of these financlal statements Page 15 THE 515TERS OF PROVIDENCE IR05MINIANI CASH FLOW STATEMENT FOR THE YEAR ENOf D 31 DECEMBER 2023 2023 2022 Note5 Cash flows fiom operating actiwties Cash 8enerated from operatlOll5 1328,3771 1191.2301 Net cash used In operatinE activities 1328,6111 1191,5341 tash flows from ¢nvestin8 activities Purchase of tangible fixed asset5 Purchase ot fixed asset Investments Sale of fixed asset Investments 14941 117.526.7881 17,853,416 112.419.1301 12,601,540 Net cash provided by inve5tin8 actiwtiès 326,134 179,878 Change in cash and cash equivalethts in the reportin8 period Cash and cash equtvalent5 at be8innin8 01 the reportlll8 period 12.4771 111.6561 480.263 491,919 Cash and cash equfvalents at the end of the reporting pefiud 477,786 480.263 The notes form part of these financial Statements Page 16 THE SISTERS OF PROVIDENCE IROSMINIA141 NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENOED 31 DECEM8ER 2023 RECONCIUATION OF NETEXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 as restated Nel expeTrdltyr¢ forth* reportimi per1￿ l*$ Pert￿ si•temtnt of Flnantlal Artlvltle$l AdlustmeTrts for.. Depreclation chèrEes 1Gain1￿055e5 on InvÈstmènt5 Interest paid Increase in debrors Increase In tredltors 161,2911 11,687,3451 46.356 1315,7911 234 47,473 1.448,102 304 13,5271 a,763 2,327 Tl¢t cash u*¢d In opÈratloms 1328,3771 1191,2301 APIALYSIS OF CHANGES IN NEf FUIIDS At 1.1.23 Cash flow At 31.12.23 Net t*Jh Cash at bank and in hand 480.Z63 12,4771 477,786 480.263 12,4771 477,786 Total 480.263 12,4771 477.786 The notes form part of these financlal statement5 Page 17 THE SISTERS OF PROVIDENCE IROSMINIANI NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENEIIAL INFORMATION The Sisters of Providence IBosminianl Is èn Unincorporated charity in England. The charity'5 regisiered number is 229120. The charity's principal address is Rosrnini House, 19 Garton Road. LoughborovEh. Leicestershire. LEII 2DY. The financial 5taternents are presented in sterling whlch is the functional Currency of the charity and are rounded to the nearest E. The significant accounting policies applied in the prep3r31ion of these accounts are ser out below. These politiès have been consistently applied to all ye8r5 presented unles5 Qfherwise stated. The finarKial statements cover the Indiwdual entity. The entity constitutes a public benefit entity as defined by FRS 102. There are no material uncertainties with going concern. ACCOUNTING POLICIES Basis ol prer*arin8 the financial staternent5 The financial statements of the chariry. which is a public benefit entity under FR5102, have been prepared in accordance with the Charitie$ 50RP IFR51021 'Accounring and Reportln8 by Charitie5'. Staternent of Recornrnended Pracrice applicable to charitie5 preparing their aciounts in accordance with the Financial Reportlll8 Standard applicable in the UK and Republic of Ireland IFRS102lleffettiv@ I january 20191,, Financial Reporting Stand8rd IQ2 'The Financial Reporting Standard applicable to UK aDd Republic of Ireland, and the Charities Act 2011. The financial statemenis have been prepared on a going concern basis under the historical cost conventi¢n rnodified 10 Include certain Iterns at fairvalue. Significant accountin8 judgernenis and estirnatlon uncertainty In the application ol the charity'5 accouTrting policies. managernent is required io make judgemenis. estimates and S5UTnPtions about Ehe carfyin8 value of as5Èts and IiBbilities that are not readily 3pp8rent from other sources. The estimate5 and underlying assumption5 are based on historical experience and oiher factors Ihat ère tonsidered lo be relevaDf. Acrual results may differ from rhese estimates. The estimates and underlyine assumptions are reviewed on an ongoing ba515. Revision5 to accounting estimates are reco8Dised in the perlod in whlch the estimate is revised if the revi510n affect5 only that period. or In Ihe period of the revision and future period5 if the revision affect5 both current and future periods. The only areas In the accounts where such iudBements and estimates have been made are in respect to estimating the useful economic life of ianÉible fixed assets for the purpose of deterrTiining the annual depreciation charge, valuation of Investmeni properties ID derermining the 8mounts to be Set aside as designated funds, in particular the reriremeni fund. Income All Income is recognised in the Staiemeftt of Financial Activities once the charity ha5 entitleTnenr to the funds. it is probable that tbe income will be received and the amount Ian be rnea5Ufed reliably. DoDated a55etS are accounted for as soon as they are received and are Inclu(led In the accounts at a reasonable estirnate of their value. Any income arislng from donated assets 15 accounted for on a receip15 basis. Legacies are Included in the staiemenr of financial activities when the charity is lÈgally entitled to the income and the amouDt can be quantified with reasonable accuracy. Entitlement is the earlier of the charity being notified of an impendin8 distribution orthe legacy beiDg received. Pr¢fil on disposals ol tangible fixed ossets are accounted for when the charity is le8ally entitled lo the incorne and ihe amount can be quantified Wllh reasonable accuracy. Investment incoine Is earned through holding 3ssets for investment purposes such as shares and property. It includes dividends, Interest and rent. Investrnent income Is recognised once the dividend or relevanr Income ha5 bèen declared 3lld notificaiion has been received of Ihe amount due. Interest on funds held on deposit is included when receivable, and the atnount be measur&d reliably by the charity,. th15 15 normally upon notification of the interest paid or payable by the bank. Rental income is recognised as Ihe charity's righr to receive payment is established. Page 18 continued... THE SISTERS OF PROVIDEPICE IROSMINIANI NOTES TO TNt FINANCIAL STATEMENT5- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES. contlnutd Expendrture Liabilities are recognised as expèndkurè as soon a5 thère Is a Itgal or ctsnstn￿t￿è tsbli88tlon committ¢ng the charity to that expendtture, it is probable that a transfer of econornic benefits will be required in sett￿rnent and the amount of the obligatlon can be measured rellably. Expenditure Is ac£ounted for on an accruals basis and ha5 been classif*d under headings that aggregate all cost related to rhe cate80ry. Where costs cannot be dSrectty attdbuted to particular headlnES they have been alloc4ted to artivlties en a basls tonsistent wSth the use of resources. Expenditure on raislnB funds Include5 311 expenditure a5$0Clated wlth raisin8 fund5 to the charity. Thi5 includes investment manazemeTrt fees. EKpenditUfe on charltable èctiwties includes all co$t5 a550ciated with furtherin8 the tharitable purptsses of the char through the provision of its charitable activities. Such costs include5 charitable yants and donations, tosts in respect to support of members of the con8re8atlon and enablin8 their ministry including governance costs. Charitable grants and donatlons are made where the trustees consSder there is real need follewlng a revlew of rhe details of èach particular case. Grants and dortations paid are included in thè staternènt of of financial actfvities when approved for payment. Provisiory 15 madelor grants and donation5 approved but unpoid ot the bal4nce sheet d4te. Expenditure incurred in the support of members of the reli8Sous order are those costs IrKurred In the areas of health, welfare and housing. Governance cost5 are those costs incijrred ir> connection with the adrnini5trat>Dn of the charity and cornpliance with con511tutional and statutory requiremenrs. The chaTity is not registered for VAT and therelore expenditure is shown ificlusiveof VAT. TèA8lblÈftx•d a$sÈts Tangible fixed a55ets are held at cost less accumvlated depreciation and accurnulated impairment losses. Deweciation is provided at the following annual rares In order to wdte off each a55et over its estlrnated useful life. Residential lènd & buildin Land ènd buildin8s occupied by LAS ltonnerly OLCSI- 1996 valuation Buildings £KcupiÈd by LAS- Alter*ions Fixtures, FlttiTrg5 & equipment Motor vehicles 2% StrèiRht line 15% Reducing balante 25% Reducing ￿lance LAS- Lou8hborou8h Amerhst School (foimer￿ Ouf Lady's Conveftt Schooll. lttvestmefit properties are included in the bal4nce sheet at thelr open market value. Depreclatlon Is pro￿ded only on those Investment propertks wh(ch are leasehold and where the uneNpSred lease term 15 le$5 than 20 yea15. No depretlation Is provided in respett of the residential land and bulldlnÉs, and land and build1n￿ eccupied by LAS- 1996 valuation, 35 the tru5tee5 are 5at15fied that their residu31 value 15 not matÈrially less than their book value and these assets have a very long useful life. The land and building5 occupied by LAS are included on the bèlance sheet at their estimated valuation as at l January 1996. The valuation was deterrrsined by the Trustees wkh professional •ssistante on the basls of replacement cost for eKistSn8 use. Under the transitlonal provSslons of FR5102, the valuèrion Is now regarded as deemed st. Addr(ion5 to freehold land and building5 since that date are inclvded at cost. Imp4lrment A$5ets not measured at faSr value are revlewed for any indication that the asset may be Impiired ot èach balance sheet date. If such Indicatlon exSsts, the recoverable amount of the asset Is estlmated and compared to the carrylng amount. Where the carrying amount exceeds it5 recoverable amount. an impairment loss is retO8nlsed in proflt or bss unless the asset Is carried ar a re¥alued amount where the impairment105S 15 a revaluation detrease. Forel8n £urrentles Trans•rtlons denominbtetl In forel8n ttsrrentles are recorded at the average ratefor rhe year. Monetary assets and liabilities denominated in foreign currenue53re translated into sterting at the rate5 01 exchange rullng at the balance sheet date. All dlfferences are included in net 5ncomlng resources. P38e 19 continued... TrIE SISTER5 OF PROVIDENCE IROSMINIANI NOTES TO THE FINANCtAL STATEMENTS- contlnued FOR THE YEAR ENDED 81 DECEMBER 2023 ACCOUNTING POLICIES- continued Pension cost5 and other p05t-retirement benefits The charity operates a defined colltribution pension scheme. Contriburions payable to the chariiy's pension scheme are charged 10 the 51aiemenr of Financial Activities In the period to which they relate Inve51fflents Quoted investments are valued at their fair value using the closing middle rnarket price on the balance sheet date. Realised È8ins lor losses) on Inwestment assets are calculated as the difference between d15posal proceed5 arTrd their openin8 carrying value or their purchase value Is acquired subsequent to the first day of the financial year. Unreali5ed gains and losses are calculated as the difference between the fair value at the year end and their carrying value ai rhat dare. RealSsed and UDreallsed gains lor 105sesl are combined Sn ihe Staiemenr of Flnancial Actlvitles in the year In which they occur. Accurnulated fund5 Restricted fund5 are subject to Specific cOndit￿On$ by donors 85 to how they may be vsed. The purposes and uses of the restricted funds are set out in the notes to the account5. Gener31 funds are unrestricted funds avtilèble for use at the discretion of the trustees in furtherance of the general objectives of the charity and bvhiih have not been de5i8nated for other purp05e5. Designared funds comprise uTrrestricted funds that have been Set a51de by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. InvÈ5tment incorne and gains are allocated to the appropriate fund. Basis ol fsxed a$5et valuatio Prior to l April 1996 all capii?l expenditure wa5 writren off 35 incurred. As at that date the trustees estlmated the current value of fixed assets required to be shown in the balance sheet. Financial Instruments The charity ha5 (h05en to adopt the SectlOn5 11 ènd IZ of the FRS 102 in re5peit oi financial in5trutnents. cofist1tutes a financing rransaciion. where the ir3nsaction Is measured at rhe present value of the future receipts discounted at a rnaTket rate of interest. At the end of each reporting period financial B55et5 rnea5ured at amortised cost are a55e55ed for objective evidence of imp3irmeni. If an asset is impaired rhe impairment Ioss 15 the difference between the carrying amount and the present value of Ihe estimated cash flows discounted ai Ihe asser's original effective Interest rate. The Impairmetyt loss Is recognised in the Income statement. arrangement con5titute5 a financing tr3nsaciion, where the debt instrument is measured at the present value of rhe future re¢eipts discounted at 3 market rate of intèrest. Debt instruments are subsequently cèrried at amortlsed cost. using the effective interest rate rneth(xJ. Trade creditors are obligations to pay for goods or services that fvave been acquired in the ordinary course of business from presented a5 non-curreDt liabilities. Trade creditor5 are Tecusnised initially at transaction price and Subsequently rneasured at amortised cost Using the effective Interest method. Going Concer The financial siaiements have been prepared on the Eoing concern basis as the trustees believe that no material uncertainties èxist The trustees have considered the level of funds held and the expetted le¥el of income and expenditure for 12 month5 frorn authori5ing these finBncial statements. Pège 20 continued... THE SISTERS OF PROVIDENCE IROSMINIANI NOTESTO TFIE FINANCIAL STATEMENTS. CDntlnu•d FOR THE YEAR ENDED 31 OECEM8ER 2023 DONATIONS At4D LEGACIES 2023 2022 as restated Donations Le8acies 430 581 28,265 430 28,846 OTHER TRADING ACTIVlnES 2023 2022 as restated Rental Income 92,524 86,546 INVESfMENT INCOME 2023 2022 15 rèstated Income from listed investment Interest receS¥able 23,061 47,581 6,580 23,783 70,642 30,363 INCOME FROM cHAft￿ABLE AcfiviTIES 2023 2022 as testated A£tNity Support trf members of the rellgiovs order Support of members of the rèll8ious order Salary and pen5$0n inEome Exchange rate1105sl/gain 363,426 14,4801 357,913 10,431 358,946 368.344 RAISING FUNDS lrtvestmefii manazement costs 2023 2022 5 restated Investment management Costs 113,932 111,718 CHARITABLE AcTrvmES COSTS Oirect Costs (see note 91 Support of members of the rellgious order Grants Jnd don3tlOllS Paid 458,741 326,951 785,692 Page 21 continued. THE SISTERS OF PROVIDENCE IROSMINIAN NOTES TO THE FINANCIAL STATEMENfs- wntinuod FOR THE YEAR f NDED 31 DECEMBER 2025 CHARITABLE ACTJVITIES COSTS- ¢ontSnued The grants and dOnat￿Ths payable during the year were 35 IDlh)ws-. 2023 Bur5arie5 paid to Loughbofough Amherst School 125. 115.0 IS,046 7.495 51.899 Dottètions less than El,000 each DonètÈd Amhurst Renièl cost Donation5 for funeral expen5e5 9.713 55.670 5.723 113,755 Donation to Supeiiaf Genera15 Fund to ronlribute toconvenl building in TJnzJnia 15,0 326,951 197,440 OIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 ag restated Staff cosis Auditors, remuneration Auditor5 remuneration- Non audit Rates and water Insurance Light and heat Telephone Postage and stationery 176,237 29,482 1.618 7,948 20.233 31,153 4,014 2,312 8.189 20.972 201,951 125,0( 64,915 22,401 4,275 4.797 13,417 188 46,356 234 178,812 27,S15 1.673 8.577 19.713 25,661 3,638 2.220 14.340 15.809 82,147 115,000 61,169 18,539 3,462 6.279 9,293 5undries Donation5 Household expenses Persortal needs Motor expenses Repairs and maintenance Training and Development 47,473 304 785.692 641,624 io. TRIJSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefi15 for ihe year ended 31 December 2023 nor for the year ended 31 Oecember 2022. Page 22 continued... THE SWERS OF PROVIDEPICE IROSMINIANI NOTES TO THE F114ANCIAL STATEMENTS. contlnued Folt THE YEAIt ENDEO JI DtCEMBER Z023 io. TrUSTÉES' REMUNERATM)N AND BENEFITS. wntinued Trusta•s' •xpenses As wlth other members of the reli8lOU5 order payments were made to the trustees in the femi of travel and subsistence expense5 incurred as part of their chadtable work. Also, they are maintained by the charity. having 8lven all personal ptsssÈssions and income to the order. As members of the institute, none of the trustee5 have resources of their own a5 all earnings. pensions and other Income have been renouncÈd. Durin8 the year. the total amount relinquished by the trustees to the charlty was £121,26812022 £111,9741. ii. STAFF C05T5 2023 2022 ¥s restated W3Be5 And solarfes So(￿al securltyCOSts Other penslon costs 167.072 6,565 169,449 6,634 2,729 176,237 178,812 The averè8e mortthly numbpr of employees d￿rIng the year was as follows.. 2023 2022 as restated 12 Convent support staff 12 No employèes rèceived emoluments in excess of £60.000. The rotal paid to key manaÉement personnel in the period wa% £Nil12022- ENill. 12. OMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unre5fricted - tse51￿aled Unre5trirted - General Restflcted Total fvnds as restated INCOME AND ENDOWMENTS FROM Donations and le8acies 28.846 28,846 Support ol members of the reli8lous order 32.170 336.174 368,344 86.546 1,029 86.546 30,363 Investment ithcome 29,313 21 Total 61,483 452.595 21 Sl4.099 EXPENDITURE ON Raising funds 111,718 111.718 Charltable artlviilès Sijpport ol mernbers of the religious order Grants and donatlons pald 39,531 115,293 389,592 82,147 15,061 444,184 197,440 Total 266,542 471,739 15,061 753.342 Net gainslllossesl on Investments 11,448,102) 11,448.1021 Page 23 contlnued.. THE SISTER5 OF PROVIDENCE IROSMINIANI NOTES TO THE FINANCIAL STATEMENTS- contlnuod FOR THE YEAR ENDED 31 DECEMBER 2023 12. COMPAPATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- contlnuèd Unre5tricled Unrestricted Designated Generèl funds a5 restated NET INCOMEIIEXPEI4DITUREI Transfers betweèn Funds Other recognised £ainslllossesl Gains on revaluation ol fixÈd assets 11,653,161> 115,000 119,1441 194,9831 115.0401 120,0171 11,687.3451 245,0 245,000 Net movement in lund5 11,293,161> 1114.1271 135.0571 11,442,345) RECONCILIATION OF FUNDS Total fund5 brought lorwèrd 20,928,688 495,567 35,057 21,459,312 TOTAL FUNDS CARRIED FORWARD 19,635,527 381.440 ZO,016,967 13. PRIOR YEAR ADJUSTMENT A prior year adiusimenr has been m3de to correct analysis in the previotss year of the rent gifted to the Lovghborough Ainher5t School of £51.899 which was shown within charitable activities but under support of members of Ihe religious order rather than gran15 and donation paid. This adiusrment is purely presentational and had no irnpact on net expenditure or the funds carried forward reported. 14. TANGIBLE FIXED ASSfTS Land and and Motor COST At I january 2023 7,916,298 470,187 494 38,442 8,424,927 494 At 31 December 2023 7.916,298 470,681 38,442 8,425,421 Df PRECIATION At I18nuary 2023 Charge for year 422,964 39,531 425,181 6,825 38,441 886.586 46.357 At 31 Oecernbér 2023 462,495 4a2.006 38,442 932,943 NET BOOK VALUE At 31 December 2023 7,453,803 38,675 7.492,478 At 31 December 2022 7,493,334 45,006 7,538,341 Page 24 continued... THE 515TERS OF PROVIDENCE IROSMINIANI NOTES TO TrIE FINANCIAL STATEMENTS- contlnued FOR THE YEAR E140EO 31 DECEMBER 2023 TANGIBIE FIXED AS5rfs- tolltinu NÈt book value at 31 December 2023 represents fixed assets used for dirert charitèble purposes.. Land Jnd buildings Fixtures and ffttlngs Motor vehicle5 Teaching Advancement of the faith and 5UPPOrt of members 3,283.471 3,283,471 4,170,332 38,675 4.209.￿7 7,453,803 38,675 7.492,478 As permitted under FInanc￿l Reportlna Standbrd 102 the charlty has continued to adopt a pollry of not revalulng Its tangible fixed assers. The book value of freehold land and buildlnqs Is based on a 1996 valuation net of depreciation, where ppropriate wlth addltlons since that date at £ost and 8fter èdlustln8 for any impairment losses. Under thè transitional provisions of FR5102. the 1996 valuations are now re8•rded as deemed ¢05t. Other ianglble fixed assets afe stated at cost. Although there rnay be a considerable dSfference between the carrying value and market value of the land and bulldln8S the trustees do not conslder it to be a prattitable exer¢15e to have all the propertles revalued. 15. FIXED￿SET INVESTMENTS Cash and settlement5 pending Listed Snvestments Totals MARKETVALUE At l Janvary 2023 Additions Oisposals Revaluations 10.815,368 16,645,243 117.555,0971 17,472 284,946 881,545 11,l(KJ,314 17,526,788 117,555,og71 17,472 At 310ecember 20Z3 9,922,986 1.166,491 11,089,477 NET BOOK VALUE At 31 December 2023 9,922,986 1.166A91 11,089,477 At 31 December 2022 10,815,368 284,946 11,100,314 CH5h an sertlements pending listed investments Tota15 The InvÈstment assets are held.. In the UK Outside the UK 1,954,979 7.Y68,Q07 1,166,491 3,121.470 7,968,007 9,912,986 1,166,491 11,089,477 Historical c05t'. At 31 December 2023 9,952,746 1,166,491 11,119,237 At 31 December 2022 11,060.856 284,946 11.345.802 Pa8e 25 tontlnued... THE SISTERS OF PROVIDENCE IROSMINIANI NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 15. FIXED A55ET INVESTMENTS- tontlnued Cost or valuation at 31 December 2023 is represented bv.. Cash and sèttlements pending investments Totals Valuarion in 2023 9,922,986 1.166.491 11,089,477 16. IP4VESTMENT PROPERTY FAIR VALUE At l January 2023 and 31 December 2023 910,000 NEf BOOK VALUE Al 31 Decernber 2023 910,000 At 310ecember 2022 910,000 nvestment properties are held in the UK. Hlstoric&l cost ar 31 December 2023 £274,28912022- £274.2891- The valuation of Ihe investment properties was carrEd out by Freckeltons Ltd an Independent qualified firm on an open market basis at 30 June 2023. The methods and assumptions used to ascertain the fair value are In aicordance with RIC5 standards, arid the valuation was prepared havinÉ regard io the market based evidence for similar properties SO￿ In the local area. There are two iftve5tment properties for wh￿ch an elerneDt of cost remains within land and buildings. The land and buildings are Included In the f￿nancIal statements at a 1996 valuation èi which time the two properties In question were not of investmeni nature and it 15 not praciical to ascertain the element of Ihe 1996 valuation comprised by thèse propertie5. No dÈprec13tion Is provided in respect of these propeitie5. Fair value at 31 De£ern￿r 2023 is repiesented by.. Valuation in 2023 910.000 17. DEBTORS.. AMOUNTS FAILING DUE WITHIN ONE YEAR 2023 2022 as resrated Prepayrllents and accrued Income 19,619 19.406 Pagé 26 Dntinued... ThE 515TER5 OF PROVIDENCE IROSMINIA141 NOTESTO THE FINANCIAL 5TATEMENTS_ contlnutd FOR TIIE YEAR END£ D 31 DECEMBER 2023 CREDITORS.. AMOUMTS FALUNG DUE wrrNIN ONE YEAR 2023 2022 as restate(5 Trade crÈditor5 Social security and other taxes Other£reditors Accrued expenses 682 3,030 972 29.000 943 2,176 958 27,280 33,684 31,357 MOVEMENT IN FUNDS Net Tr3n5fers berween funds movement Sn funds At 31.12.23 At 1.1.23 Unrestrlcted funds General Fund Fixed ￿Set Fund Scholarship Fund Retirement Fund 381,440 .403,335 2,556,0 8,676,192 151.4191 139,5311 1124,9991 154,658 1125,(KXSI 205.021 8,363.804 2.556.001 8,830,850 125.000 20,016,967 161,2911 19.955,676 TOTAL FUNDS 20,016,967 161,2911 19,955,676 Net movement In funds, in£ludéd in the above are as follows= Incomin8 resources Resources expended fjalns and losses Movement in f￿ndS unrestr￿¢& lunds General Fund Fixed Asset Fund Scholarship Fund Retiremeot Fund 437,993 1489,4121 139,5311 1124,9991 12415,6821 ISJ.4191 139,5311 1124,9991 154,658 84,549 315,791 522,542 1899.6241 315,791 161,2911 TOTAL FLINDS 522.542 1899,6241 315,791 161,2911 Comparatlvesfw movement In fiEnds Net movement in funds Transfers between funds At 31.12.22 At 1.1.22 ilnrqstrlrted fvnds General Fund Fixed Assèt fund ScholBTship Fund Retirement Fund 495,567 8,197.866 2,556.000 10,174.822 119,1441 205.469 1115,0001 11,498,63DI 194,9831 381.440 8,403,335 2,556,000 8.676.192 115,iXJO 21,424,255 11,417,305) 20,017 20.016.967 Rtthtled lund¥ Indi¥ Fund 35.057 115,0401 120,0171 TOTAL FUNDS 21,459,312 11,442.3451 20,016.967 Pa8e 27 continued... THE SISTERS OF PROVIDENCE IROSMINIANI NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBÉR 2023 19. MOVEMENT IN FUN05- coniinued ComparatNe nei movernent in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in lunds unrestricted funds General Fund Fixed Asset Fund Scholarship Fund Retirernent Fund 452,595 1471.7391 139.5311 1115.0001 1112,0111 119,1441 205.469 1115.0001 11,498.S301 245.000 61,483 11,448,102) 514,078 1738,2811 11.203,1021 11,427,305) RestrirtÈd funds India Fund 21 115,0611 115.0401 TOTAL FUNDS 514.099 1753,34ZI 11,203,1021 11,442,345) A current year 12 months and pnor year 12 months combined position is a5 follows.. Net movernent in fJnd5 Tran5fer5 between fund5 At 31.12.23 At 1.1.22 Unrestricted funds General Fun Fixed Asset Fund khtslarship Fund RelirEFYeni fund 495,S67 8.197.866 2,556.000 10.174.822 170,5631 165.938 1239,9991 11.343.972) 1219,9831 205.021 8,363,804 2,556,001 8.830,850 240,(M)O 21,424,255 11,488,596) 20.017 19.955,676 Restricted luTrd5 35.057 115.0401 120,0171 TOTAL FUNDS 21,459,312 11,503.6361 19.955.676 A current year 12 rnonths and prior yèar 12 monthscombined net movement in funds, included in the above are a5 follobv5'. Incoming resources Resources expended Gains and losses Movement Unrestrlrted fvnd5 General Fund Fixed Asset FunL% Scholarship Fund Retirement Fund 890,588 1961.1511 179,0621 1239,9991 1357.6911 170,5631 165.938 1239.9991 11,343,972> 245.000 146,032 11,132,311) 1,036,620 11.637.905) 1887,3111 11,488,596> Restrided funds 21 115,0611 115,0401 TOTAL FUNDS 1,036,641 11,652,966) 1887.3111 11.503,6361 Fixed Assets Fund Page 28 continued... THE SISTERS OF PROVIDENCE IROSMINIANI NOYESTO TKE FINANCIAL STATEMENTS. wTrtlftued FOR THE YEAR ENDED 31 DECEMÈE R 2023 19. MOVEMENT IN FUNDS- eor¢tlMed In order to fvlfil its charitable oblectDie the charity need5 a number of properties. Although these properties are unrestricted assets they can net be rÈèli5ed without vndermlning the charity's work. ThÈ trustees therefore consider It appropriate to reflert the Investment in propertie5 by means of desi8nated fund. RetSrement Fund A fund has been desl8nated for the pvrp05e of providlng lor the chartty's comm￿Ment to provide for the retirement and care In old age and sitknès5 of the Order's members. Scholèrship Fund Tbe rrustees have made a commitrnènt to pay a total ef £IIO,000 for bursanes for Lou8hborough Amhersi School. The monies are used at the discretion of LouEhborov8h Amherst School lor pupi15 whose families may be experienclng specific pedods of hardship. llo pupil receives a full bursary so wrents are expected to contribute as much as they can affor& at allv 8l¥Èn time. India FL*nd Funds which the donors stipulated should be tssed in the Cangre8ation's schools In the Indlan Dlstrirt. 20. RELATeo PARTY DISCLOSURES LoughborouÉh Amherst School Iformerty Our Lady's Convent Scheoll is related to this Charity a5 one trustee is a govemor of the Khool. Rent was gifted to the LouBhborou6h Amherst sthool dudng the year of É55,67012022- £51.8991. Bur53ries in respect of pupSls at Loughborough Amherst School. have been Sn¥oiced durln8 the year totalling E125,(K)O 12022.. £IIS,0001. at the year end £Nil12022.. £Nill was still out5tandln 21. FRC ETHKAL STANOARD- PROVISIONS AVAILABLE FOR SMALI ENnTIES ITr common With many ¢hariiies of our size and nature vle use ovrauditor5 to aS5iSt with the preparat￿n of the &ccount5, rhey a150 process our weekly and monthly payrolls. 22. ULTIMATE CONTROLUMG PARTY The £harlty Is controlled by itg trustees. FIMAIICIAL INSTRUMENTS The carryln8 amount of the charlty's financlal Instruments are as follows.. 2023 2022 Financlal assets at falr value through imrome and expendlture 5fed Investments 9,922,986 10,815.368 The Incomes, expenses, net gaSns and nèt k>55e5 3ttrlbuiabk to the charty's financlal Instruments are surnmarised as folbws.. Z023 2022 Net zalns and losses Ilntludln8 change5 in fair value) Financial asset5 measured at fair val￿e threugh net ineomelexpenditure 315,791 11.448.1021 The total In¢ome from fi.nancial assets that are measured at faiT value through the income statement was E70,64112022 E3Q,3421. Page 29