229394
CHARITY NUMBER:
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR
THE SISTERS OF THE BLESSED SACRAMENT FOR THE YEAR ENDED 31 DECEMBER 2024
THE SISTERS OF THE BLESSED SACRAMENT
CONTENTS
| PAGE | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees' Report | 2 |
| Statement of Trustees' Responsibilities | 5 |
| Report of the Independent Examiners | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
THE SISTERS OF THE BLESSED SACRAMENT LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Marie Joan Fulgoney (Sister Mary Andrew) |
|---|---|
| Joan Forristal (Sister Mary Patrick) | |
| Mary Catherine Murphy (Sister Catherine) | |
| Zita Fogarty (Sister Zita) | |
| Charity number | 229394 |
| Principal address | The Courtyard |
| Shoreham Road | |
| Upper Beeding | |
| Steyning | |
| West Sussex | |
| BN44 3TF | |
| Independent Examiner | Mark Cummins FCCA |
| TC Group | |
| The Courtyard | |
| Shoreham Road | |
| Upper Beeding | |
| Steyning | |
| West Sussex | |
| BN44 3TN | |
| Bankers | Barclays Bank Plc |
| 139 North Street | |
| Brighton | |
| East Sussex | |
| BN44 3TN | |
| Lloyds Bank | |
| 41-43 South Street | |
| West Sussex | |
| BN11 3AU | |
| Solicitors | Dean Wilson LLP |
| Ridgeland House | |
| 165 Dyke Road | |
| Brighton | |
| East Sussex | |
| BN3 1TL | |
| Investment advisors | Greenbank |
| 30 Gresham Street | |
| London | |
| EC2V 7QN |
1
THE SISTERS OF THE BLESSED SACRAMENT
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report for the year ended 31 December 2024 under the Charities Act 2011, together with the independently examined accounts for the year, and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Charities Statement of Recommended Practice 2005.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing 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 Charity during the year were as follows:
Marie Joan Fulgoney (Sister Mary Andrew) Joan Forristal (Sister Mary Patrick) Catherine Murphy (Sister Mary Catherine) Zita Fogarty (Sister Mary Zita)
The power of appointment and withdrawal of Trustees is vested in the Superior General of the Congregation of the Blessed Sacrament.
The Superior General is Sister Jailde Soares de Araujo, who is currently residing at 113 Avenue Victor Hugo, 26000 Valence - France.
THE SISTERS 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.
2
THE SISTERS OF THE BLESSED SACRAMENT
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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 wished that education would continue at The Towers. On the 6[th] July 2020, the Trustees of the Sisters of the Blessed Sacrament signed a lease with the Trustees of Steyning Grammar School Foundation which is now part of the Bohunt Academy Trust.
The terms of the lease covers mainly the provision of education for the young people in the local community and those in other catchment areas in West Sussex who may wish to attend The Towers.
The Sisters wish to continue supporting children and young people, based on the educational vision of Blessed Peter Vigne, the founder of the Order.
As a Gospel-centered Eucharistic community, the Sisters strive
-
to build a loving environment, which enables all to grow in the knowledge and love of God and of each other;
-
where each individual will be equally valued;
-
by promoting the ethos of Steyning Grammar School where all may flourish, academically and personally;
-
by encouraging to develop their own talents and valuing the unique gifts of those around them.
AIMS OBJECTIVES, AND ACTIVITIES:
The main aims of the Charity are:
-
The advancement of religion
-
Education - one Sister is currently involved in full-time teaching. Sisters have continued to be involved in education by voluntary offering their teaching experience to support the students of Steyning Grammar School
-
Offering pastoral support to staff, parents and students
-
By providing support and relief to those in need especially Sisters working in overseas missions
-
By supporting the work and ministry of local churches
-
Offering support to those in Care Homes, Nursing Homes and hospital visiting when needed
-
Providing care for the housebound and vunerable lonely people
Risk Management:
The Trustees have considered 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 reserve levels, by ensuring controls exist over expenditure and by reviewing the operational and business risks faced by the charity, they have put in place effective systems to mitigate those risks.
3
THE SISTERS OF THE BLESSED SACRAMENT
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
SAFEGUARDING:
The Trustees and members of the Charity fully comply with the Safeguarding Policies of Steyning 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 ACTIVITIES AND RESULTS:
The Trustees consider that the charity's assets are available and adequate to fulfil the obligations of the charity
RESERVES
The total reserves at 31 December 2024 were £3,845,750 (2023: £3,842,805) of which £613,008 (2023: £604,143) has been designated for the Aged Sisters Fund as set out in note 15. These funds are sufficient to meet the future requirement of the charity.
DISCLOSURE 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…………………and signed on its behalf by:
Signed on behalf of the Trustees
Joan Forristal (Sister Mary Patrick)
Trustee
4
THE SISTERS OF THE BLESSED SACRAMENT
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees of The Sisters of the Blessed Sacrament are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 resources and application of resources, including the income and expenditure of the charity for that year.
In preparing these accounts the trustees are required to:
-
Select suitable accounting policies and apply them consistently;
-
Observe the methods and principles in the applicable Charities' 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.
5
REPORT OF THE INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS
THE SISTERS OF THE BLESSED SACRAMENT
Independent examiner’s 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 2024, which are set out below.
Responsibilities and basis of report
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
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 charity’s 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 145(5) (b) of the 2011 Act.
Independent examiner’s 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:
(1) Accounting records were not kept in respect of the Charity; or
(2) The accounts do not accord with those records; or
(3) The accounts do not comply with the accounting requirements of the 2011 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
(4) The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting of charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark Cummins FCCA for and on behalf of TC Group
Office: Steyning, West Sussex
Dated:…………………………
6
THE SISTERS OF THE BLESSED SACRAMENT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes INCOME FROM: Donations and legacies 6 Other trading activities 7 Investments 8 Other income 9 Total income EXPENDITURE ON: Raising funds Charitable activities Total expenditure 10 Net income/(expenditure) before investment gains/(losses) Gains/(losses) on investments 13 Net income/(expenditure) and movement in funds Fund balances brought forward Fund balances carried forward 15 |
UNRESTRICTED DESIGNATED TOTAL TOTAL FUNDS FUNDS 2024 2023 £ £ £ £ 156,854 - 156,854 49,448 48,222 - 48,222 55,722 11,708 8,865 20,573 29,068 24,290 - 24,290 21,926 241,074 8,865 249,939 156,164 4,318 - 4,318 8,017 246,718 - 246,718 249,367 251,036 - 251,036 257,384 (9,962) 8,865 (1,097) (101,220) 4,042 - 4,042 10,866 (5,920) 8,865 2,945 (90,354) 3,238,662 604,143 3,842,805 3,933,159 3,232,742 613,008 3,845,750 3,842,805 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derives from continuing activities.
The notes on page 9 to 17 form part of these accounts.
7
THE SISTERS OF THE BLESSED SACRAMENT
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes FIXED ASSETS Tangible Assets 12 Investments 13 CURRENT ASSETS Cash at bank and in hand Accrued income CURRENT LIABILITIES Creditors due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS REPRESENTED BY: UNRESTRICTED FUNDS General funds 15 Designated funds 15 TOTAL FUNDS |
2024 2023 £ £ £ £ 2,215,438 2,322,239 472,642 449,673 2,688,080 2,771,912 1,177,690 1,066,719 - 6,574 1,177,690 1,073,293 (20,020) (2,400) 1,157,670 1,070,893 3,845,750 3,842,805 3,845,750 3,842,805 3,232,742 3,238,662 613,008 604,143 3,845,750 3,842,805 |
2024 2023 £ £ £ £ 2,215,438 2,322,239 472,642 449,673 2,688,080 2,771,912 1,177,690 1,066,719 - 6,574 1,177,690 1,073,293 (20,020) (2,400) 1,157,670 1,070,893 3,845,750 3,842,805 3,845,750 3,842,805 3,232,742 3,238,662 613,008 604,143 3,845,750 3,842,805 |
|---|---|---|
| 1,177,690 - |
||
| 1,177,690 (20,020) |
||
| 3,232,742 613,008 |
||
| 3,842,805 | ||
| 3,842,805 | ||
| 3,842,805 |
The accounts were approved by the board and signed on their behalf by:
……………………………………………………………………………………………… Joan Forristal (Sister Mary Patrick) Trustee Date:……………………………………….. Charity number: 229394
8
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 STATUTORY INFORMATION
The charity is governed by a Trust Deed and by the rules of the Congregation of the Blessed Sacrament. The principal address and charity number are detailed in the Legal and Administrative Information.
2 ACCOUNTING POLICIES
2.1 Basis of preparation
The financial statements have been prepared in accordance with the Charities' Statement of Recommended Practice (SORP (FRS102)) and Financial Reporting Standard 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 enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern 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 has imposed restrictions the income is credited to a restricted fund.
2.3 Expenditure
Expenditure is accounted for on an accruals basis with irrecoverable VAT included with the item to which it relates.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE SISTERS OF THE BLESSED SACRAMENT
2 ACCOUNTING POLICIES
cont'd
2.4 Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Freehold land is not depreciated Freehold buildings - 15-50 years straight line Fixtures, fittings and equipment - 20% and 25% straight line Computer equipment - 33% straight line Motor vehicles - 25% reducing balance
Minor items of capital expenditure up to £1,000 are written off to the Statement of Financial Activities as incurred.
2.5 Investments
Listed investments are included at fair value as at the balance sheet date. Unrealised gains and losses arising on revaluation are credited or charged to the Statement of Financial Activities 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 includes 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 cash flow.
2.7 Debtors
Trade and other debtors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
2.8 Creditors 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 or estimated reliably.
10
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2 ACCOUNTING POLICIES
cont'd
2.9 Fund accounting
Unrestricted funds comprise those funds 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 uncertainty
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 liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years.
a. Critical accounting estimates and assumptions
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed 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.
ii) Impairment of debtors
The charity 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 credit rating of the debtor, the ageing profile of debtors and historical experience.
11
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3 TURNOVER
The turnover of the charity is wholly attributable to the objects of the charity as stated in the Trustees' Report and is earned entirely within the UK.stated in the Trustees' Report and is earned
4 NET INCOME/(EXPENDITURE)
| NET INCOME/(EXPENDITURE) | ||
|---|---|---|
| This is stated after charging: | 2024 | 2023 |
| £ | £ | |
| Depreciation | 106,801 | 130,284 |
| Independent examiners fees | 2,520 | 2,400 |
5. TAXATION
The Sisters of the Blessed Sacrament is a Registered Charity (number: 229394). All activities are undertaken to fulfil the primary objectives of the charity and are therefore exempt under PART 10 of the Income Tax Act 2007 and section 256 of the Chargeable Gains Act 1992.
6 INCOME FROM DONATIONS AND LEGACIES
| UNRESTRICTED | DESIGNATED | TOTAL | TOTAL | |
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Donations and gifts (including Sisters pension benefits) |
156,854 | - | 156,854 | 49,448 |
| 156,854 | - | 156,854 | 49,448 | |
| INCOME FROM OTHER TRADING ACTIVITIES | ||||
| UNRESTRICTED | DESIGNATED | TOTAL | TOTAL | |
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Lettings income – school premises | 48,222 | - | 48,222 | 55,722 |
| 48,222 | - | 48,222 | 55,722 | |
| NCOME FROM INVESTMENTS | ||||
| UNRESTRICTED | DESIGNATED | TOTAL | TOTAL | |
| 2024 | 2023 | |||
| £ | £ | £ | £ | |
| Dividends from listed investments | 11,708 | - | 11,708 | 11,534 |
| Interest receivable | - | 8,865 | 8,865 | 17,534 |
| 11,708 | 8,865 | 20,573 | 29,068 |
7 INCOME FROM OTHER TRADING ACTIVITIES
8 INCOME FROM INVESTMENTS
12
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9 OTHER INCOME
| 2024 2023 £ £ Other Income - 853 Department for Work and Pension and Teachers Pension income 24,290 21,073 24,290 21,926 10 ANALYSIS OF EXPENDITURE DEPRECIATION OTHER COSTS TOTAL 2024 TOTAL 2023 £ £ £ £ Cost of raising funds: Financing costs - 4,318 4,318 8,017 Total cost of raising funds - 4,318 4,318 8,017 Charitable expenditure: Welfare - 93,547 93,547 70,381 Premises 106,801 38,087 144,888 171,405 Support and governance - 8,283 8,283 7,581 Total charitable expenditure 106,801 139,917 246,718 249,367 Total expenditure 106,801 144,235 251,036 257,384 Analysis of support and governance costs: TOTAL 2024 TOTAL 2023 £ £ Governance costs: Independent examiners fees 2,520 2,400 Total governance costs 2,520 2,400 Other support costs 5,763 5,181 8,283 7,581 |
2024 2023 £ £ Other Income - 853 Department for Work and Pension and Teachers Pension income 24,290 21,073 24,290 21,926 10 ANALYSIS OF EXPENDITURE DEPRECIATION OTHER COSTS TOTAL 2024 TOTAL 2023 £ £ £ £ Cost of raising funds: Financing costs - 4,318 4,318 8,017 Total cost of raising funds - 4,318 4,318 8,017 Charitable expenditure: Welfare - 93,547 93,547 70,381 Premises 106,801 38,087 144,888 171,405 Support and governance - 8,283 8,283 7,581 Total charitable expenditure 106,801 139,917 246,718 249,367 Total expenditure 106,801 144,235 251,036 257,384 Analysis of support and governance costs: TOTAL 2024 TOTAL 2023 £ £ Governance costs: Independent examiners fees 2,520 2,400 Total governance costs 2,520 2,400 Other support costs 5,763 5,181 8,283 7,581 |
2024 2023 £ £ Other Income - 853 Department for Work and Pension and Teachers Pension income 24,290 21,073 24,290 21,926 10 ANALYSIS OF EXPENDITURE DEPRECIATION OTHER COSTS TOTAL 2024 TOTAL 2023 £ £ £ £ Cost of raising funds: Financing costs - 4,318 4,318 8,017 Total cost of raising funds - 4,318 4,318 8,017 Charitable expenditure: Welfare - 93,547 93,547 70,381 Premises 106,801 38,087 144,888 171,405 Support and governance - 8,283 8,283 7,581 Total charitable expenditure 106,801 139,917 246,718 249,367 Total expenditure 106,801 144,235 251,036 257,384 Analysis of support and governance costs: TOTAL 2024 TOTAL 2023 £ £ Governance costs: Independent examiners fees 2,520 2,400 Total governance costs 2,520 2,400 Other support costs 5,763 5,181 8,283 7,581 |
|---|---|---|
| - 4,318 4,318 8,017 |
||
| - 93,547 93,547 70,381 106,801 38,087 144,888 171,405 - 8,283 8,283 7,581 |
||
| 106,801 139,917 246,718 249,367 |
||
| 106,801 144,235 251,036 257,384 |
||
| TOTAL 2024 TOTAL 2023 £ £ 2,520 2,400 |
||
| 2,520 2,400 5,763 5,181 |
||
| 8,283 7,581 |
13
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES PERIOD ENDED 31 DECEMBER 2023
| INCOME FROM: Donations and legacies Other trading activities Investments Other income Total income EXPENDITURE ON: Raising funds Charitable activities Total expenditure Net income/(expenditure) before transfers and investment Gains/losses on investments Net movement in funds Fund balances brought forward Fund balances carried forward |
UNRESTRICTED DESIGNATED TOTAL FUNDS FUNDS 2023 £ £ £ 49,448 - 49,448 55,722 - 55,722 22,494 6,574 29,068 21,926 - 21,926 |
|---|---|
| 149,590 6,574 156,164 |
|
| 8,017 - 8,017 249,367 - 249,367 |
|
| 257,384 - 257,384 |
|
| (107,794) 6,574 (101,220) 10,866 - 10,866 |
|
| (96,928) 6,574 (90,354) |
|
| 3,335,590 597,569 3,933,159 |
|
| 3,238,662 604,143 3,842,805 |
14
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12 TANGIBLE FIXED ASSETS
| Cost At 1 January 2024 & 31 December 2024 Depreciation At 1 January 2024 Charge for year At 31 December 2024 Net Book Value At 31 December 2024 At 31 December 2023 |
FREEHOLD MOTOR TOTAL PROPERTY VEHICLES £ £ £ 4,974,404 12,830 4,987,234 2,659,984 5,011 2,664,995 104,846 1,955 106,801 2,764,830 6,966 2,771,796 2,209,574 5,864 2,215,438 2,314,420 7,819 2,322,239 |
|---|---|
The charity rents part of its 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 INVESTMENTS
| Fair value At 1 January 2024 Additions Disposals Unrealised gains/(losses) At 31 December 2024 |
2024 2023 £ £ 449,673 432,461 78,475 55,285 (53,695) (48,237) (1,811) 10,164 472,642 449,673 |
|---|---|
The net gain on investments during 2024 of £4,042 is comprised of unrealised losses of £1,811 and realised gains of £5,853. The net gain on investments during 2023 of £10,866 is comprised of unrealised gains of £10,164 and realised gains of £702.
Analysis of investments
| Fair value carried forward Historical cost |
2024 2023 £ £ 472,642 449,673 407,695 407,695 |
|---|---|
15
THE SISTERS OF THE BLESSED SACRAMENT NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14 CREDITORS: due within one year
| Accruals Deferred income 15SUMMARY OF FUND MOVEMENTS AT 1 JANUARY 2024 INCOME General reserves 3,238,662 241,074 Aged Sisters Fund 604,143 8,865 3,842,805 249,939 |
Accruals Deferred income 15SUMMARY OF FUND MOVEMENTS AT 1 JANUARY 2024 INCOME General reserves 3,238,662 241,074 Aged Sisters Fund 604,143 8,865 3,842,805 249,939 |
Accruals Deferred income 15SUMMARY OF FUND MOVEMENTS AT 1 JANUARY 2024 INCOME General reserves 3,238,662 241,074 Aged Sisters Fund 604,143 8,865 3,842,805 249,939 |
||
|---|---|---|---|---|
| 3,842,805 249,939 |
(251,036) | 4,042 3,845,750 |
General reserves: These are funds to be spent or applied at the discretion of the Trustees to further any of the charity's objectives.
Designated funds: Aged Sisters Fund - This fund is deposited for use when a Blessed Sacrament Sister of the region of England/Ireland requires additional care, hospitalisation or medical help.
16 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2024
| Fixed assets Current assets Creditors: less than one year |
UNRESTRICTED FUNDS DESIGNATED FUNDS TOTAL £ £ £ 2,688,080 - 2,688,080 564,682 613,008 1,177,690 (20,020) - (20,020) |
|---|---|
| 3,232,742 613,008 3,845,750 |
16
THE SISTERS OF THE BLESSED SACRAMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
| 6 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2023 Fixed assets Current assets Creditors: less than one year |
cont’d UNRESTRICTED FUNDS DESIGNATED FUNDS TOTAL £ £ £ 2,771,912 - 2,771,912 469,150 604,143 1,073,293 (2,400) - (2,400) |
|---|---|
| 3,238,662 604,143 3,842,805 |
16 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2023
17 RELATED PARTIES
The Trustess are all Sisters of the Congregation and received no remuneration for their services to the charity. However, all Trustees reside in the charity’s Community Houses and are sustained by the charity on the same terms as the other Sisters.
There were no related party transactions during 2024 or 2023.
18 CONTROL
The charity is controlled by its trustees.
17