CHARITY NUMBER: 2Z9394 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE SISTERS OF THE BLESSED SACRAMENT FOR THE YEAR ENDED 31 DECEMBER 2023
THE SISTERS OF THE BLESSED SACRAMENT CONTENTS PAGE Legal and Administratwe Information Trustees, RekM)rt Statement of Trustees, Responsibilities Report of the Independent Examiners 5tatemenl of Financlal Actlvitles Balance Sheet Notes to the Financial Statements
THE SISTERS OF THE BLESSED SACRAMENT LEGALAND ADMINISTRATIVE INFORMATION Trustees Marie Joan Fulgoney ISi5ter Mary Andrew) Joan Forristal Isister Mary Patrick) Mary Catherine Murphy (Sister Catherine) Zita Fogarty (Sister Zital Charity number 229394 Principal address Upper Beeding steyning West Sussex BN44 3TF Independent Examiner Mark Cummins FCCA TCGroup The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Bankers Barclays Bank PIC 139 North Street Brighton East Sussex BN44 3TN Lloyds Bank 41-43 South Street West Sussex BNII 3AU Solicitors Dean Wilson LLP Rldgeland House 165 Dyke Road Brighton East Sussex BN3 ITL Investment advlsors Greenbank 30 Gresham Street London EC2V 7QN
THE SISTERS OF THE BLESSED SACRAMENT TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Tru5tee5 present their report for the year ended 31 December 2023 under the Charities Act 2011, together with the audited accounts forthe year, and confirm that the latter comply with the requirements of the Act, the Tnjst Deed and the Charities Statement of Recommended Practice 2005. STRucfuRE, GOVERNANCE AND MANAGEMENT Governlng Document The Charity Is governed by a Trust Deed and by the Constitutions of the Congregation of the Blessed Sacrament. THE TRUSTEES: The Trustees are appointed from within the Religious Congregation. The Trustees of the Charlty during the yearwere as follows: Marie Joan Fulgoney (Sister Mary Andrew) loan Forristal (Sister Mary Patrick) Catherine Murphy (Sister Mary Catherine) Zita Fogarty (Sister Mary Zital The discretion of appointment and withdrowal of Trustees is the responsibility of the Superior General of the Congregation of the Blessed Sacrament and the General Council of the Congregation. The Superior General is Sisterjailde Soares de Araujo. who is currently residing at 113 Avenue Victor Hugo, 26000 Valence - France. THE sisfERS OF THE BLESSED SACRAMENT: The Sisters of the Blessed Sacrament are the English region of The Congregation of the Blessed Sacrament, based in Valence, France. The Sisters of the Blessed Sacrament maintain the Sisters of the Blessed Sacrament in two Community Houses (Upper Beeding and Henfleldl. They also provide funds for various religious and charitable causes.
THE SISTERS OF THE BLESSED SACRAMENT TRUSTEES, REpoirr FOR THE YEAR ENDED 31 DECEMBER 2023 MISSION STATEMENT: The Sisters arrived from France in 1903 and opened the school known as The Towers Convent School. Following the closure of the School in July 2020, the Sisters of The Blessed Sacrament, slgned a lease with the Trustees of Steyning Grammar School Foundation on the 6, July 2020. The Lease will be for the educational and school purposes of the young people of the community in and around the area of Steyning and those in any other catchment aa of other local schools in West Sussex who may wish to attend The Towers. The Sister5 aim to carry on supporting children and young people, based on the educational vision of Blessed Peter Vigne, the founder of the Order, whose vision is captured in their mission statement: As a Gospel centered Eucharistic community, we: strive to build a loving environment, whlch enables all to grow in the knowledge and love of God and of each other- where each individual will be equally valued-. and by supporting the ethos of Steyning Grammar School where all may flourlsh, academically and personally, developing their own talents and valuing the unique gifts of those around them. AIMS OBJECTIVES, AND AcfiviTIES: The main aimsof the Charity are: the advancement of religion education one Sister currently involved full-time teaching relief and 5UPPOrt of those in need especially Sisters working in overseas missions the support of the religious work carried out by the members of the Congregation particularly In: parish ministry hospital chaplaincy support to those in Care Homes and Nursing Homes 5UPPOrt to the housebound and vulnerable lonely people. Encouraging and supporting the provision of worship within the wider community and the school, particularly in promoting Christian Union groups. Since the closure of The Towers school in July 2020, the Sisters have continued to be involved in education by voluntary offering their teaching experience to support the students of Steyning Grammar School. The Governors. Staff and Parents of Steyning Grammar School are very respectful of The Towers ethos and values and welcome the pastoral support and involvement of the Sisters.
THE SISTERS OF THE BLESSED SACRAMENT TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Management: The Trustees have conSided the main risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments, and its finances. The Trustees believe that by monitoring reSee levels, by ensuring controls exist over expenditure and by VIewIng the operational and business risks faced by the charity, they have put in place effective systems to mitigate those risk5 SAFEGUARDING: The Trustees and members of the Charity fully comply with the Safeguarding Policies of Steynin8 Grammar School and all have had D.B.S. checks. Since the closure of the school all school records pertaining to staff and students have been transferred to an archive data company, in compliance with G.D.P.R. FINANCIAL AcfiviTIES AND RESULTS: The Trustees consider that the charity's assets are available and adequate to fulfil the obligations of the charity RESERVES The total reseNes at 31 December 2023 were £3,842,805 {2022: 3.933,1591 of which £604,14312022: 597,5691 has been designated for the Aged Sisters Fund as set out in note 15. Free reseryes totaled £466,75012022= E448,6061. These funds are Sufficient to meet the future requirement of the charity. DICLOSURE OF INFORMATION TO INDEPENDENT EXAMINERS: The Trustees have confirmed that there is no information of which they are aware and which is relevant to the independent exam that has been withheld from the independent examiners. Approved by the Board of Trustees of the Sisters of the Blessed Sacrament on its behalf by= nd signed on Signed on behalf of the Trustees Joan Forristal {S r Mary Pat Trustee
THE SISTERS OF THE BLESSED SACRAMENT STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees of The Sisters of the Ble55ed Sacrament are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel, including Financial Reporting Standard 102 'The Financial Reporting Standard in the UK and Republic of Ireland,. Charity law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resource5 and application of resource5, including the income and expenditure of the charity for that year. In preparing these accounts the trustees are requlred to.. select suitable accounting policies and apply them consistently obserye the methods and principles in the applicable Charitie5' SORP,. make judgements and estimates that are reasonable and prudent- and prepare the accounts on the going concern basis unless It Is inappropriate to presume the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE SISTERS OFTHE BLESSED SACRAMENT REPORT OF THE INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS Independent examlnerfs report to the trustees of The Sisters of the Blessed Sacrament I report on the accounts of the Charity for the year ended 31 December 2023. which are set out below. Responsiblllties and basis of report As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirement5 of the Charities Act 20111'the 2011 ACVI. Having satisfied myself that the accounts of the Charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of your charitls accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Att. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe.. 111 Accounting records were not kept in respect of the Charityi or 121 The account5 do not accord with those records.. or {31 The accounts do not comply with the accounting requirements of the 2011 Act other than any requirement that the accounts give a 'true and falr VIe which 15 not a matter considered as part of an independent examination; or 141 The accounts have not been prepared in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and reporting of charitie5. I have no concerns and have come across no other matters in connection with the examination to whl¢h attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark Cummlns FCCA for and on behalf of TC Group Office: Steynin81 Wesi Sussex Dated
THE SISTERS OF THE BLESSED SACRAMENT STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Notes UNRESTRicfED DESIGNATED TOTAL TOTAL FUNDS FUNDS 2023 2022 INCOME FROM: Donations and legacie5 Other trading activities Investments 49.448 55.722 22.494 21,926 149,590 49,448 55.722 29.068 21.926 156,164 56,383 45,722 13,523 21,514 137,142 6,574 Other income Total intome 6,574 EXPENDITURE ON: Raising funds Charitable activities 8,017 249,367 257,384 8,017 249.367 257.384 11,12S 241,187 252,312 Total expendlture io Net Incomellexpenditurel before transfers and Investment galnslllosses) 1107.7941 6.574 1101,2201 1115,1701 Gains/llossesl on investments 13 10,866 10,866 164,7821 Net incomellexpenditurèl and movement In funds 196,9281 6.574 {90,3541 1179,9521 Fund balances brought forward 3.335.590 597,569 3,933,IS9 4,113,111 Fund balance5 carrled forward Is 3,238,662 604,143 3.842.805 3,933,159 The statement of financial activities Includes all galns 2nd losses recogni5ed in the period. All income and expenditure derives frtsm continuing activitiès.. The notes on page 9 to 17 form part of these accounts.
THE SISTERS OF THE BLESSED SACRAMENT BALANCE SHEET A5 AT 31 DECEMBER 2023 2023 zozz Notes FIXED ASSETS Tan8ible Assets Investments 12 13 2.322.239 449,673 2,452.523 432,461 2,771,912 2,884,984 CURRENT ASSETS Cash at bank and in hand Accrued income 1,066,719 1.050,892 1,073,293 1,050,892 CURRENT UABILITIES Creditors due within one year 14 {2,400) (2,717 NET CURRENT ASSETS 1,070,893 1,048.175 TOTAL ASSEfs LESS CURRENT LIA81LITIES 3,842,805 3,933,159 NET ASSETS 3,842,805 3,933,159 REPRESENTED BY: UNRESTRICTED FUNDS General funds 15 3,238,662 3,335,590 Designated funds 15 604,143 597,569 3.933,159 3,842,805 3.933,159 The accounts were approved by the board and signed on their behalf by: Joan Forri5tal I Trustee ry Patrick) Date-. Charity number.. 229394
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATUTORY INFORMATION The charity is governed by a Trust Deed and by the rules of the Congregation of the Blessed Sacrament. The principal addressand charity number are detailed in the Legal and Administrative Information. ACCOUNTING POUCIES 2.1 Basis of preparation The financial statements have been prepared in accordance with the Charities, Statement of Recommended Practice ISORP IFR510211 and Financial Reportingstandard 102. The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at Cost or transaction value unless otherwise stated in the relevant accounting policy. The accounts are presented in Sterling and rounded to the nearest £1. After making appropriate enquirie5, the trustees have a reasonable expectatlon that the charlty has adequate resources to continue in operatianal existence for the foreseeable future. The charity therefore continues to adopt the going ¢on¢ern basis in preparing its financial statements. 2.2 Income Investment income and other trading activity income is accounted for on an accruals basis. Donations, legacies, grants and other voluntary income are accounted for as and when entitlement arises, the amount can be reliably measured and the economic benefit is considered probable. Where a donor or an appeal h35 imposed restrictions the income is credited to a restricted fund. 23 Expenditure Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to which it relates. Govemance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fee5 and costs linked to the strategic management of the charity.
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES cont'd 2.4 Tangible fjxed assets and depreciation Tangible fixed a55ets other than freehold land are stated at cost less depreciation. Depreciation 15 provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life asfollows: Freehold13nd is not depreciated Freehold buildings 15-50 years straight line Fixtures, fittings and equipment 20% and 25% stralght Ilne Computer equipment 33% strai6ht line Motor vehicles 25% reducing balance Minor item5 of capital expenditure up to £l.000 a written off to the Staternent of Financial Activities a5 incurred. 2.5 Investments Listed investments are Included at falr value as at the balance sheet date. Unrealised gains and10sse5 arising on revaluation are credited or charged to the Statement of Financlal Attivities and are allocated to the appropriate fund according to the ownership of the underlying assets. 2.6 Cash at bank and In hand Cash at bank and in hand include5 cash and short term highly liquid Investments. The trustees seek to use short and medium term deposits where possible to maximise the return on monies held at the bank and to manage cashflow. 2.7 Debtors Trade and other debtors are recognised where the charity has a present obligation resulting from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle Ihe obligation can be measured or estimated reliably. 2.8 Credltors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured orestimated reliably. io
THE sisfERS OF THE BLESSED SACRAMENT NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING pouaES cont'd 2.9 Fund accounting Unrestricted funds comprise those fund5 which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds comprise those funds set aside by the trustees out of general funds for specific purposes or projects. 2.10 Judgements and key sources of estimation uncertalnty In the application of the company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate Is revised where the revlslon affects only that year, or in the year of the revision and future years where the revision affects both current and future years. a. Criticol o¢¢ounting e5timate5 and u55umptions The charity makes estimates and assumptions concerning the future. The resulting accounting estirnates will. by definition, seldom equal the related actual results. The estimates and assurnptions that have a significant risk of causing a material adjustment to the carrying amourbts of assets and liabilities within the next f inancial yearare addressed below. i) Useful economlc Ilves OA tunglble u55ets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the asset5. The useful economic lives and residual values are re-asse55ed annually. They are amended when necessary to reflect current estimates. based on technological advancement. future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment. and note 2.4 for the useful economic lives for each class of assets. 11) Impoirment oAdebtors The charlty makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credlt rating of the debtor, the ageing profile of debtors and historical experience. li
THE SISTERS OF THE BLESSED SACRAMENT NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TURNOVER The turnover of the charityls wholly attributable to the objects of the charity as stated in the Trustees, Report and is earned entirely within the UK. NFf INCOME/IEXPENDITURE) This is stated after charging.. 2023 2022 Depreciation 130,284 130,172 2,700 Independent examiners fees TAXATION The Slsters of the Blessed Sacrament is a ReElStered Charity (number= 2293941. All activities are undertaken to fulfil the primary objectives of the charity and are therefore exempt under PART 10 of the Income TaxA¢t 2007 and section 256 of the Chargeable Gains Act 1992. INCOME FROM DONATIONS AND LEGACIES UNREsfRicfED DESIGNATED TOTAL 2023 TOTAL 2022 Donations and glfts lincludlng Sisters pension benefit51 49,448 49148 56,383 49,448 49A48 56,383 INCOME FROM OTHER TRADING ACTIVITIES UNRESTRicfED DESIGNATED TOTAL 2023 TOTAL 2022 Lettings income- school premises 55.722 55,722 55,722 55,722 45,722 45,722 12
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8 INCOME FROM INVESTMENTS
| Dividends from listed investments Interest receivable |
UNRESTRICTED DESIGNATED TOTAL TOTAL 2023 2022 £ £ £ £ 11,534 - 11,534 10,703 10,960 6,574 17,534 2,820 22,494 6,574 29,068 13,523 |
|---|---|
9 OTHER INCOME
| 2023 2022 £ £ Other Income 853 - Department for Work and Pension and Teachers Pension income 21,073 21,514 21,926 21,514 10 ANALYSIS OF EXPENDITURE DEPRECIATION OTHER COSTS TOTAL 2023 TOTAL 2022 £ £ £ £ Cost of raising funds: Financing costs - 8,017 8,017 11,125 Total cost of raising funds - 8,017 8,017 11,125 Charitable expenditure: Welfare - 70,381 70,381 71,776 Premises 130,284 41,121 171,405 160,509 Support and governance - 7,581 7,581 8,902 Total charitable expenditure 130,284 119,083 249,367 241,187 Total expenditure 130,284 127,100 257,384 252,312 Analysis of support and governance costs: TOTAL 2023 TOTAL 2022 £ £ Governance costs: Independent examiners fees 2,400 2,700 Total governance costs 2,400 2,700 Other support costs 5,181 6,202 7,581 8,902 |
2023 2022 £ £ Other Income 853 - Department for Work and Pension and Teachers Pension income 21,073 21,514 21,926 21,514 10 ANALYSIS OF EXPENDITURE DEPRECIATION OTHER COSTS TOTAL 2023 TOTAL 2022 £ £ £ £ Cost of raising funds: Financing costs - 8,017 8,017 11,125 Total cost of raising funds - 8,017 8,017 11,125 Charitable expenditure: Welfare - 70,381 70,381 71,776 Premises 130,284 41,121 171,405 160,509 Support and governance - 7,581 7,581 8,902 Total charitable expenditure 130,284 119,083 249,367 241,187 Total expenditure 130,284 127,100 257,384 252,312 Analysis of support and governance costs: TOTAL 2023 TOTAL 2022 £ £ Governance costs: Independent examiners fees 2,400 2,700 Total governance costs 2,400 2,700 Other support costs 5,181 6,202 7,581 8,902 |
2023 2022 £ £ Other Income 853 - Department for Work and Pension and Teachers Pension income 21,073 21,514 21,926 21,514 10 ANALYSIS OF EXPENDITURE DEPRECIATION OTHER COSTS TOTAL 2023 TOTAL 2022 £ £ £ £ Cost of raising funds: Financing costs - 8,017 8,017 11,125 Total cost of raising funds - 8,017 8,017 11,125 Charitable expenditure: Welfare - 70,381 70,381 71,776 Premises 130,284 41,121 171,405 160,509 Support and governance - 7,581 7,581 8,902 Total charitable expenditure 130,284 119,083 249,367 241,187 Total expenditure 130,284 127,100 257,384 252,312 Analysis of support and governance costs: TOTAL 2023 TOTAL 2022 £ £ Governance costs: Independent examiners fees 2,400 2,700 Total governance costs 2,400 2,700 Other support costs 5,181 6,202 7,581 8,902 |
|---|---|---|
| - 8,017 8,017 11,125 |
||
| - 70,381 70,381 71,776 130,284 41,121 171,405 160,509 - 7,581 7,581 8,902 |
||
| 130,284 119,083 249,367 241,187 |
||
| 130,284 127,100 257,384 252,312 |
||
| TOTAL 2023 TOTAL 2022 £ £ 2,400 2,700 |
||
| 2,400 2,700 5,181 6,202 |
||
| 7,581 8,902 |
13
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 COMPARATIVE STATEMENT OF FINANCIALA1VITIES PERIOD ENDED 31 DECEMBER 2022 Note UNRESTRICTED FUNDS DESIGNATED FUNDS TOTAL 2022 INCOME FROM: Donations and legacie5 Other trading activities Investments Other income 56,363 45,722 12,736 21,514 136,355 56,363 45,722 13,523 21,514 137,142 787 Total income 787 EXPENDITURE ON: Raising funds Charltable activities Total expenditure 11.125 241,187 252,312 11,125 241,187 252,312 li Net income/{expendlturel before transfers and Investment 1115,957} 787 (115,170) Gains/losses on investments 13 (64,782} {64,7821 Net movement in fund5 1107,987} 787 1105,7021 Fund balances brought forward 3.516.329 596.782 4,113,111 Fund balances carried forward 15 3.335,590 597.569 3,933.159 14
THE SISTERS OF THE BLESSED SACRAMENT NOTE5 TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12 TANGIBLE FIXEDASSETS FREEHOLD PROPERTY MOTOR VEHICLES TOTAL Cost At l January 2023 & 31 December 2023 4,974,404 12.830 4,987,234 Depreciation At l January 2023 2,532,306 2.405 2.534.711 Charge for year 127,678 2,606 130,284 At 31 Decernber 2023 2,659,984 5,011 2,659,995 Net Bookvalue At 31 Decernber 2023 2,314,420 7,819 2,322,239 At 31 Decernber 2022 2,442,098 10.425 2,452.523 The charity rents part of it5 main site to a local educational establishment. The fair value of the component that Is rented cannot be measured reliably, and therefore under FRS 102 it has not been accounted for as an investment property. The entire property has continued to be accounted for as land and buildings within tangible fixed assets. 13 INVESTMEP4TS 2023 2022 Falr value At l January 2023 Additions Disposals Unrealised gains/llossesl 432.461 55,285 148,237) 10,164 449,673 496,898 65,565 {69,6071 {60,3951 432,461 At 31 December 2023 The net gain on investments for the year of £10,866 is comprised of unrealised gains of £10,164 and realised gains of £702. The net loss on investments during 2022 of £64,782 is comprised of unreali5ed105ses of £60,395 and realised losses of £4,387. Analysls of Investments 2023 2022 Fair value carried forward 449,673 432,461 Historical cost 407,695 407,695 15
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 CREDITORS: due within one year 2023 2022 Accruals 2.400 2.717 2,400 2,717 15 SUMMARY OF FUND MOVEMENTS AT I JANUARY 2023 INCOME EXPENSES GAINS/ (LOSSES) AT31 DECEMBER 2023 3,238,662 604,143 3,842,805 General reserves 3,335,590 597,569 3,933,159 149,590 6,574 156,164 1257,3841 10,866 Aged Sisters Fund 1257,3841 10,866 General reserves: These are funds to be spent or applied at the discretion of the Trustees to further any of the charity's objectives. Deslgnated funds: Aged Sisters Fund - This fund is deposited for use when a Blessed Sacrament Sister of the region of England/lreland requires additional care, hospitalisation or medical help. 16 Af+lALYSIS OF NET ASSETS BETWEEN FUNDS - 2023 UNRESTRICTED DESIGNATED FUNDS FUNDS TOTAL Fixed assets 2,771,912 469,150 12,4001 2,771,912 1,073,293 12,400) Current assets 604,143 Creditors: less than one year 3,238,662 604.143 3,842,805 16
THE SISTERS OF THE BLESSED SACRAMENT NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 ANALYSIS OF NET ASSEfs BETWEEN FUNDS- 2022 convd UNRESTRicfED DESIGNATED FUNDS FLJNDS TOTAL Fixed assets 2,884,984 453,323 12,7171 2,884.984 1,050,892 12,717) 3,933,159 Current assets 597,569 Creditors: less than one year 3,335,590 597,569 17 RELATED PARTIES The Trustess are all Slsters of the Congregation and received no remuneration for their services to the charity. However, all Trustees reside in the charitWs Community Houses and are sustained by the charity on the same terms a5 the other Sisters. There were no related party transactions during 2023 or 2022. 18 CONTROL The charity is controlled by its trustees. 17