THE HANDMAIDS OF MARY TRUST
TRUSTEES’ REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2023
Charity Number: 229971
THE HANDMAIDS OF MARY TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
YEAR ENDED 31 DECEMBER 2023
STATUS
The Handmaids of Mary Trust is a charity established and governed by a Trust Deed dated 16 July 1963 and Scheme dated 16 October 2000 (as further amended by a Deed dated 23 April 2015). It is registered with the Charity Commission under the reference number 229971.
| TRUSTEES | Sister Maria Jerez (Superior) |
|---|---|
| Sister Julia Martinez Calvo (from 5h August 2023) | |
| Sister Patricia Ako Egbe (to 5th August 2023) | |
| Sister Maria del Carmen Lacunza Muzquiz | |
| PRINCIPAL ADDRESS | 2 Atkins Road Convent |
| Clapham Park | |
| London | |
| SW12 0AB | |
| NAMED CORRESPONDENT | Olayinka Tomori ACA, DChA |
| Longmeade Consult Ltd | |
| The Old Rectory | |
| Springhead Road | |
| Northfleet | |
| DA11 8HN | |
| PROFESSIONAL ADVISERS | |
| Bankers | HSBC plc |
| 25 Notting Hill Gate | |
| London | |
| W11 3JJ | |
| Solicitors | Charles Russell |
| 8 - 10 New Fetter Lane | |
| London | |
| EC4A 1RS | |
| Independent Examiner | Olayinka Tomori ACA, DChA |
| Longmeade Consult Ltd | |
| The Old Rectory | |
| Springhead Road | |
| Northfleet | |
| DA11 8HN |
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THE HANDMAIDS OF MARY TRUST
TRUSTEES’ REPORT
YEAR ENDED 31 DECEMBER 2023
ORGANISATION
The Handmaids of Mary Trust is a registered charity established by Deed of Trust on 16 July 1963. The objects of the Trust are the advancement of religion, especially that of the Roman Catholic faith, and other charitable work, by the support of a community of religious sisters. The Community’s activities are characterised by their work with the sick and infirm.
The Charity carries out religious and other charitable work of the English Region of a Province of the worldwide Congregation of Siervas de Maria Ministras de los Enfermos, known in England as the Congregation of the Handmaids of Mary. The work of the sisters in England began in 1912. A Regional Bursar administers the Charity’s funds under the direction of the Regional Superior. In accordance with the Congregation’s own Rules and Conditions, the Bursar each year submits to the Regional Superior and her Council a formal account of her administration of those funds.
The Regional Council meets regularly to advise the Regional Superior on matters concerning the Region. Formal decisions affecting its charitable activities are taken at regular meetings of the Trustees, most of whom serve on the Council. The Regional Superior is in turn answerable, as are the Trustees, to the Mother General of the Congregation in Rome under the Congregation’s Rules and Constitutions. She submits annual reports to the Mother General and her Council and must seek her approval of all major expenditure and sales or acquisitions of land.
The Superior of the Charity is the Mother General. The Mother General is appointed for a period of six years and could be re-elected for one more period (i.e. twelve years in all). The Trustees are appointed by the Superior with the intention that the solemnly professed religious sisters fully participate in all decision making. The Superior may, at any time, remove a Trustee.
Other than the above, there are no related parties or connected charities associated with the Charity.
The Charity does not engage in fundraising activities as such but historically has relied heavily on voluntary donations and legacies to sustain its work.
OBJECTIVES AND ACTIVITIES
The principal purpose of the Charity is the advancement of religion and other charitable work of the English Region. The work is done under the direction of the Superior with the support of the Trustees and other members of the Community on a daily basis.
The Charity’s main activity continues to be its work in nursing, accompanying seriously ill and dying patients, especially at night, and in other charitable activities which advance the Roman Catholic religion. Owing to the age and/or shortage of nursing sisters, it has not proved possible to pursue contracts with local authorities for the provision of night-nursing services. However, where possible the work with such people continues, either voluntarily or in return for a donation, as a response in a Christian context to their urgent and overriding needs.
In order to do this effectively, the Community of religious sisters themselves has to be supported and this includes the upkeep and maintenance of the convent building. The Trustees provide for the needs of their religious Community which until recently had very few resources of its own and have taken steps so far as possible to ensure the continuance of their work among sick and infirm people and their other pastoral and religious work.
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THE HANDMAIDS OF MARY TRUST
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
PUBLIC BENEFIT
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on Public Benefit when reviewing the charity’s aim and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
REVIEW OF THE YEAR
Throughout the year under review, the Community consisted of six religious sisters. In common with similar Catholic religious orders, the Community is composed of an aging group of Sisters which has had to review carefully both its resources and its future role in this country, with special regard for those who need nursing care either now or in the future.
The Community does not rely on unpaid volunteers to any significant event. Most of the Charity’s income over the last few years has derived from voluntary donations (including those from Sisters within the community who earn a salary, stipend or pension) and donations from third party charities, some of whom the sisters provide voluntary services. Without these, it would not have been possible to sustain the Charity’s activities.
There has been no material change in the objectives or policies of the Community and no other important events affecting the Charity have occurred between the date of the Balance Sheet and the date of this Report.
The work of the sisters in England principally comprises:
-
Caring for the elderly and infirm, mainly by means of providing night duty nursing. During 2023, the sisters ended their work with St Teresa’s Home, Chelsea which is owned by the Sisters Hospitallers of the Sacred Heart of Jesus and in October 2023, commenced working with St Peter’s Residence – part of the Little Sisters of the Poor in Vauxhall. Donations are received in respect of this ministry.
-
Helping with the material and spiritual needs of the local immigrant community including home visits.
-
Caring for the Community’s own religious sisters who have worked in pursuit of the Region’s objectives over many years.
No grants were paid in support of the overseas work of the Congregation during the year (2022: Nil). Grants may be paid from time to time in response to grant applications for a specific purpose from the Generalate (world headquarters) of the Congregation in Madrid.
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THE HANDMAIDS OF MARY TRUST
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
FINANCIAL REVIEW
The charity’s main sources of income are donations received in connection with Sisters’ voluntary work in Nursing Homes and from a regular supporter - The Sir Harold Hood Charitable Trust, to whom the charity is hugely indebted. Donations for Sisters’ Services was £28.7k (2022: £55.6k) as fewer sisters were involved in delivering services and there was a change in employment arrangements during the year. The donation from The Sir Harold Hood Charitable Trust, was £27k (2022: £Nil). Interest earned on bank deposits was £23.4k (2022: £5.5k) as Bank of England base rates rose steadily to from 3,5% at the beginning of the year to 5.25% in the summer of 2023. Total receipts in the year were £96.3k (2022: £71.9k), the increase principally driven by the donation from the Sir Harold Hood Trust and a £3.0k legacy.
Expenditure saw a reduction from £123.7k in 2022 to £71.5k in 2023 following substantial costs incurred on house refurbishments in 2022. There were further cost reductions in expenses on provisions and transport being the first full year of the number of Sisters going down from eight to six following the loss of two Sisters in 2021. The Trustees continue to seek ways to ensure efficiency on managing its costs and getting value for money.
The net result was an excess of receipts over payments of £24.9k (2022: £51.9k excess of payments over receipts).
On 31 December 2023, the Charity held bank and cash balances amounting to £670.1k (2022: £645.2k); the rise due to the cash surplus generated in the year.
In addition, the charity holds a freehold property in the form of the Convent in Clapham which has a net book value (after notional depreciation charges) of £1.01m. The market value of the property is considerably more than this value.
The Trustees have considered the finances of the charity and are confident it has sufficient resources to meet its financial obligations for the foreseeable future.
RESERVES POLICY
Bank and cash reserves at the end of the year amounted to £670.1k. This is the equivalent of between seven to eight years’ normal expenditure. This level of funds needs to be viewed in the context of the commitment of the charity to provide care for all sisters in sickness and/or old age. All Sisters are dependent on the charity for their living expenses having, under their vows of poverty, renounced all rights to income and assets of their own and having devoted most of their working lives to the charitable objects of the Congregation. Sisters invariably continue working in the pursuit of these objects long past the normal retirement age where they can do so.
No specific actuarial projection has been made, but the Trustees have taken note of work done by other religious orders to identify future costs and estimate that, given the age profile of the sisters in England, a Fund in the region of at least £2m to £2.5m would be required to make full provision for this commitment of the charity. Thus, for the time being the whole of the general fund may be regarded as a fund for retirement.
OUTLOOK FOR THE FUTURE & FUTURE PLANS
The Trustees have no plans to make any significant changes to the activities of the charity in the immediate future. However, they are acutely aware that the long-term sustainability of their activities needs to be considered and they will have this under continuous review. The key obligation for the charity remains ensuring that it has sufficient resources to meet its commitment to provide for the care of Sisters in sickness and old age. The Trustees will continue to give financial support to the international work of the Congregation in developing countries and in Spain where possible.
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THE HANDMAIDS OF MARY TRUST
TRUSTEES’ REPORT (continued)
YEAR ENDED 31 DECEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Charities Act 2011 requires the Trustees to prepare for each financial year financial statements which give a true and fair view of the charity’s financial activities during the year and of its financial position at the year end. In preparing the financial statements the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charity Commission guidelines for the preparation of accounts using the Receipts and Payments basis
-
make judgements and estimates that are reasonable and prudent; and
-
adopt the going concern basis unless it is inappropriate to presume that the charitable company will continue on that basis.
The Trustees are responsible for ensuring proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Charity and enable them to ensure that the financial statements comply with the Trust Deed and the disclosure regulations. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.
COMPLIANCE WITH THE CHARITY’S GOVERNING DOCUMENT AND CURRENT STATUTORY REQUIREMENTS
The accounts have been prepared in accordance with the Governing Document of the Charity and with current statutory requirements.
Signed on behalf of the Trustees on 22[nd] August 2024
Maria Jerez Trustee
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
THE HANDMAIDS OF MARY TRUST
I report to the Trustees on my examination of the accounts of the Handmaids of Mary Charitable Trust (the Trust) for the year ended 31 December 2023.
RESPONSIBILITIES AND BASIS OF THE REPORT
As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the 2011 Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records.
I have no concerns and 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.
Olayinka Tomori ACA, DChA Chartered Accountant
Longmeade Consult Ltd The Old Rectory Springhead Road Northfleet DA11 8HN
23[rd] August 2024
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THE HANDMAIDS OF MARY TRUST
RECEIPTS AND PAYMENTS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted General Funds
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| RECEIPTS | |||
| Donations and legacies | 44,238 | 10,760 | |
| Donations for Sisters’ services | 28,714 | 55,616 | |
| ------------------ | ------------------ | ||
| 72,952 | 66,376 | ||
| Interest received | 23,408 | 5,474 | |
| ------------------ | ------------------ | ||
| 96,360 | 71,850 | ||
| Sale of fixed asset | - | - | |
| ------------------ | ------------------ | ||
| 96,360 | 71,850 | ||
| ------------------ | ------------------ | ||
| PAYMENTS | |||
| Charitable Activities | |||
| Support of Sisters and their ministry | 3 | 69,722 | 121,904 |
| Governance costs | 4 | 1,740 | 1,800 |
| ------------------ | ------------------ | ||
| 71,462 | 123,704 | ||
| Purchase of fixed assets | - | - | |
| ------------------ | ------------------ | ||
| 71,462 | 123,704 | ||
| ------------------ | ------------------ | ||
| Excess of Receipts/(Payments) | 24,898 | (51,854) | |
| Cash at Bank & In Hand | |||
| At start of year | 645,192 | 697,046 | |
| ------------------ | ------------------ | ||
| At end of year | £670,090 | £645,192 | |
| ========= | ========= |
Approved by the Trustees 22[nd] August 2024
Sr Maria Jerez Trustee
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THE HANDMAIDS OF MARY TRUST
STATEMENT OF ASSETS AND LIABILITIES
AS AT 31 DECEMBER 2023
| NET CURRENT ASSETS | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ |
£ | £ | ||
| CASH AT BANK & IN HAND | |||||
| Deposit and Current Accounts | 667,447 | 642,920 | |||
| Cash | 2,643 | 2,272 | |||
| ------------------ | ------------------ | ||||
| 670,090 | 645,192 | ||||
| OTHER CURRENT ASSETS | |||||
| Accrued income | 3,186 | 3,715 | |||
| ------------------ | ------------------ | ||||
| CURRENT ASSETS | 673,276 | 648,907 | |||
| CURRENT LIABILITIES | |||||
| Accrued expenses | (4,201) | (5,329) | |||
| -------------------- | -------------------- | ||||
| NET CURRENT ASSETS | £669,075 | £643,578 | |||
| ========= | ========= | ||||
| TANGIBLE FIXED ASSETS | Freehold land | Furnishings | Motor | ||
| & buildings | & equipment | Vehicles | Total | ||
| £ | £ | £ | £ | ||
| Cost or valuation | |||||
| At 1 January 2023 | 1,694,452 | 73,956 | 27,560 | 1,795,968 | |
| Additions | - | - | - | - | |
| --------------------- | ----------------- | ---------------- | -------------------- | ||
| At 31 December 2023 | 1,694,452 | 73,956 | 27,560 | 1,795,968 | |
| --------------------- | ----------------- | ---------------- | -------------------- | ||
| Depreciation | |||||
| At 1 January 2023 | 656,450 | 73,956 | 27,560 | 757,966 | |
| Charge for year | 27,640 | - | - | 27,640 | |
| -------------------- | ---------------- | --------------- | ----------------- | ||
| At 31 December 2023 | 684,090 | 73,956 | 27,560 | 785,606 | |
| -------------------- | ---------------- | --------------- | ------------------ | ||
| Net book value | |||||
| At 31 December 2023 | £1,010,362 | £- | £- | £1,010,362 | |
| =========== | ========= | ======== | =========== | ||
| At 31 December 2022 | £1,038,002 | £- | £- | £1,038,002 | |
| =========== | ========= | ======== | =========== |
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THE HANDMAIDS OF MARY TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2023
1. STATEMENT OF ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with the Charities Act 2011 and Charity Commission guidelines for the preparation of accounts using the Receipts and Payments basis.
Tangible Fixed Assets
Fixed asset additions below £1,500 are not categorised as capital but are included in payments in the year under an appropriate heading. Fixed Assets are shown in the Statement of Assets and Liabilities at cost less accumulated depreciation apart from Furnishings and Equipment held at 1 April 1997 which were included at a value by the Trustees on the basis of estimated market value at that date of £50,000. Subsequent additions to fixed assets are shown at cost.
All tangible fixed assets are used in direct furtherance of the Charity’s objectives.
Depreciation of tangible assets is calculated over their estimated useful lives, at the following rates: -
| Freehold buildings | 2% | straight line |
|---|---|---|
| Furnishings and equipment | 15% | straight line |
| Motor vehicles | 25% | straight line |
No depreciation is provided on land.
No charge for depreciation is shown in the Receipts and Payments Account as it does not represent an outflow of cash. Additions to Fixed Assets are reflected in the Receipts and Payments Account as a payment in the year in which the expenditure is incurred.
2. TRUSTEES’ BENEFITS
The Trustees are religious sisters of The Handmaids of Mary Trust who do not receive any remuneration by virtue of their position as Trustees.
Part of the Charity’s purposes is to provide for the essential needs of all the religious sisters, who by taking vows of poverty have renounced all personal rights to income and capital. The living costs of the religious members of the Trustee body are therefore borne by the Charity in the same way as those of other sisters and they receive no benefit by virtue of their position as Trustees.
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THE HANDMAIDS OF MARY TRUST
NOTES TO THE ACCOUNTS (continued)
YEAR ENDED 31 DECEMBER 2023
| 3. | DETAILS OF EXPENDITURE | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Alms and donations | 2,230 | 2,148 | |
| Training | 179 | 1,021 | |
| Heat & light | 20,238 | 15,607 | |
| Post, telephone and stationery | 5,035 | 3,837 | |
| Rates | 1,791 | 1,312 | |
| Chaplaincy | 3,141 | 9,633 | |
| Provisions | 12,604 | 15,154 | |
| Insurance | 5,961 | 8,312 | |
| Clothing, etc. | 882 | 2,518 | |
| Medical | 102 | 1,153 | |
| Motor & travel | 9,368 | 18,524 | |
| Gardening | 350 | 661 | |
| Repairs and maintenance | 7,181 | 32,574 | |
| Administration costs | 660 | 9,450 | |
| ---------------- | ---------------- | ||
| £69,722 | £121,904 | ||
| ======== | ======== | ||
| 4. | GOVERNANCE COSTS | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees paid to independent examiner | 1,740 | 1,800 | |
| Other | - | - | |
| ---------------- | ---------------- | ||
| £1,740 | £1,800 | ||
| ======== | ======== | ||
| Fees paid to the independent examiner (inc. VAT) comprise: | |||
| Examination of accounts - 2021 | - | 1,200 | |
| Examination of accounts - 2022 | 1,200 | - | |
| Accountancy – 2021 | - | 600 | |
| Accountancy - 2022 | 540 | - | |
| ---------------- | ---------------- | ||
| £1,740 | £1,800 | ||
| ======== | ======== |
The independent examiner’s fee for the year ended 31 December 2023 is £1,740 (2022: £1,740).
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