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2025-03-31-accounts

THE TRUSTEES OF

THE FRANCISCAN SISTERS MINORESS (Registered Charity No: 232532)

TRUSTEES’ REPORT

AND

FINANCIAL STATEMENTS

31 MARCH 2025

THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS REFERENCE AND ADMINISTRATION DETAILS

FOR THE YEAR ENDED 31 MARCH 2025

Trustees Sr Patricia Jordan FSM
Sr Eugenie (Thomas More) Roddy FSM
Sr Valerie Anne Taylor FSM
Sr Lisette Prele FSM
Sr Dorothy A. Black FSM
Superior General Sr Patricia Jordan FSM
Provincial Bursar Sr Eugenie (Thomas More) Roddy FSM
Principal Office Franciscan Convent
Dalby Road
Melton Mowbray
Leicestershire, LE13 0BP
Charity Registration Number 232532
Governing Instrument Trust Deed dated 28 May 1998
Auditors HaysMac LLP
10 Queen Street Place
London, EC4R 1AG
Solicitors Shakespeare Martineau
2 Colton Square
Leicester,
Leicestershire, LE1 1QN
Stone King
13 Queen Square
Bath, BA12 HJ
Paul Hughes
Ashfield House
402 Sauchiehall Street
Glasgow, G2 3JD
Stephens Scown LLP
Osprey House
Malpas Road
Truro,
Cornwall, TR1 1UT
Principal Bankers HSBC
17 High Street
Melton Mowbray
Leicester, LE13 OTY
Investment Managers Brewin Dolphin
20 Colmore Circus Queensway
Birmingham, B4 6AT
HFB Financial Planning
No.1 Mill
The Wharf, Shardlow
Derby, DE72 2GH
CCLA
1 Angel Lane
London, EC4R 3AB
Investment Powers Under the Congregation’s Trust Deed it has no restrictions on its
powers of investment.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2025

INTRODUCTION

The Trustees of the Franciscan Sisters Minoress is an English Congregation whose Mother House is in Melton Mowbray, Leicestershire. The Superior General together with a Council of four Sisters administers the Congregation. The Superior General and the Council are elected every five years as was decided by the Congregation at the Chapter of 2013, to take effect from June 2017.

The accounts accompanying this report are the accounts of the Charitable Trust in which the assets of the Congregation are held. The Trust is governed by a Trust Deed and registered with the Charity Commission under the No. 232532.

OBJECTS OF THE CHARITY

The objects of the Charity are to apply the trust property either as capital or income in such a manner as the Trustees (with the approval of the Superior General) shall from time to time think fit for the promotion of religion and education and the relief of poverty and sickness in accordance with the doctrines of the Roman Catholic Church, and for any other charitable purposes which shall advance the religious, educational and other charitable works for the time being carried on, directed or approved by the Congregation.

THE GENERAL COUNCIL/TRUSTEES AND KEY MANAGEMENT

The members of the General Council are the Trustees of the Charity. The Trustees consider that the key management of the charity consists of themselves and in particular the Superior General and the Provincial Bursar to whom much of the running of the day-to-day running operation devolves. As religious sisters, under a vow of poverty, the Trustees do not receive remuneration.

TRUSTEE TRAINING

The Trustees attend courses and conferences which are thought to be relevant to the exercise of their responsibilities to ensure good governance of the Charity. Specialist advice is sought from professional advisers where necessary.

The Trustees meet at least four times each year and will meet more frequently if circumstances require it. There is also a minimum of three meetings per annum with the Charity’s fund managers and other advisers.

SAFEGUARDING

Safeguarding is a priority for and the responsibility of all Trustees. “Even if some activities are delegated to a safeguarding lead or group, the trustees retain overall responsibility”.

'Safeguarding for charities and trustees' (Published 17 November 2021)

Trustees are regularly made aware of Safeguarding updates and opportunities for training. There is a designated safeguarding lead / lead trustee for safeguarding.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2025

SAFEGUARDING UPDATE

We, the Franciscan Sisters Minoress are happy to comply fully with the guidelines and procedures of the Catholic Safeguarding Advisory Service (CSAS) and the Religious Life Safeguarding Service (RLSS).

The CSAS has been established to be responsible for driving and supporting improvements in practice. Its primary role is one of co-ordination, advice and support in respect of the wider job of safeguarding children, young people and vulnerable adults (Agreement 01st July 2021 to 31st December 2024).

On the 18th February 2022 we (Franciscan Sisters Minoress in England) entered into a Services Agreement (and a Data Sharing Agreement) with the Religious Life Safeguarding Service (RLSS).

The RLSS’s new dedicated safeguarding service has been created to replace the alignment arrangements with dioceses in England and Wales as well as ensuring national safeguarding policies and procedures are implemented in line with the ‘One Church’ strategy to Safeguarding.

The ‘One Church’ approach to safeguarding is a commitment by the Dioceses and Religious Congregations in England and Wales to using the same policies, procedures, standards and systems in relation to safeguarding and to providing data to support monitoring of performance.

Both Dioceses and Religious Congregations are bound by Charity Law making the protection of people and safeguarding responsibilities a governance priority. Trustees are responsible for taking all reasonable steps to protect from harm the people who come into contact with the charity.

Our Sisters keep up to date with the developments in safeguarding practices and arrangements and know what is expected of us as Religious as we continue our ministry both within our Congregation / communities and in the wider community of the Parish and or Diocese. Sisters take advantage of Safeguarding Training opportunities when they arise.

PRINCIPAL ACTIVITIES AND AIMS

The Charity aims to support the religious and other charitable works carried on by the Congregation in the main areas of Education, Nursing and Pastoral Formation and Missionary Work in England, Scotland & South Africa.

VISION STATEMENT

In union with Mary, our Mother, to live joyfully the Gospel Life of conversion, in humility, poverty and contemplation as sisters to all of creation, after the example of Saint Francis of Assisi.

MISSION STATEMENT

Like our foundress, Mother Francis, we, the Franciscan Sisters Minoress, with prophetic faith and trusting in Divine Providence, journey together, through conversion, poverty and humility, to be instruments of God’s loving and transforming presence by making our communities places of contemplation, hospitality and outreach, especially to the most needy, creating peace and fraternity with our brothers and sisters and with the whole of creation, wherever the Spirit of God leads us.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

EDUCATION

St Francis Primary School, Melton Mowbray

The Congregation still owns St Francis Primary School in Melton Mowbray. The School has always had a Franciscan Sister as Principal until July 2000 when Sister Thomas More Roddy retired. Although retired from teaching Sister Thomas More continues to support the School and has a keen interest in all aspects of the School and its pupils. Sister Valerie was appointed a Foundation Governor (01/10/2021). A highly educated team of Governors together with the local Education Authority and the Diocesan Education service support the School.

‘In Jesus we will do our best as we love, pray, learn and play because this is the St Francis Way’ The Mission of Saint Francis Catholic Primary School is to prepare all members of our community for tomorrow’s world, in partnership with parents, the parish and the wider community.

As a Congregation we see this as a very important aspect of teaching and training young people who are threatened with so many problems, difficulties and dangers in society today. They need to be strong in faith and hope with love and reverence for each other and for all with whom they come into contact throughout their lives as citizens of tomorrow.

The School has been inspected at various intervals over the past years under the 1992 Education Act as part of the National Programme of School Inspection. On each occasion the results have been good and the last OFSTED inspection was 16th and 17th February 2023.

Saint Francis Catholic Primary School continues to be a good school.

Recommendations : What does the school need to do to improve? (Information for the school and appropriate authority)

The last DCI inspection was 11th February 2020

The overall grade was Good with Catholic Life judged as Outstanding.

The Catholic Life of St Francis’ is outstanding. The mission statement, ‘In Jesus we will do our best as we love, pray, learn and play, because this is St Francis’ way’ is clearly in evidence and reflects the school’s Catholic ethos.

The Sisters in the Convent close by are involved in various charitable activities in the area of Melton Mowbray, visiting the elderly in their homes and numerous other necessary tasks that need to be done to help the people around us especially the elderly and housebound.

Our 2 schools, St Francis in Melton Mowbray Leicestershire and St Elizabeth's school in Belper, Derbyshire converted to Academies in September 2019 in accordance with a request from Bishop McKinney of Nottingham. The school in Melton now belongs to the St Thomas Aquinas Academy and that in Belper to the St Ralph Sherwin Academy. New Lease and Licence documents were drawn up by Stephens Scown Solicitors to protect and clarify the ownership and conditions of use of the Congregations buildings and land. These documents apply to both St Francis School and land in Melton Mowbray and St Elizabeth’s School and Land in Belper.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

EDUCATION (continued)

St Elizabeth’s School, Belper, Derbyshire

There is no longer a Sister teaching in the School but there are two Sisters on the Governing Body. They visit the School regularly and are keenly interested in the welfare of the children. They support the staff and parents whenever they can.

The mission statement at St Elizabeth’s Catholic Voluntary Academy, ‘Be like Jesus, be your best, be safe, be caring,’ alongside the seven Franciscan values of joy, forgiveness, faith, respect, service, peace and stewardship, are at the heart of the school community.

The values of St Elizabeth's School are exactly the same as that of St Francis School Melton Mowbray, working with parents, the Parish Community and the Local Authority to develop the full potential of each child spiritually, academically and socially in order to prepare them to take their place in society, living as children of God and eventually reaching the place prepared for them in heaven.

The most recent Catholic Schools Inspectorate inspection took place in March 2023.The overall grade was Good. “The school has a well-developed sense of community where all are cared for and supported. Parents say, “We feel our children are loved and nurtured at St Elizabeth’s. Staff are great role models and it is clear that children are encouraged to be respectful and caring to each other.” “The sense of community across the school is strong.” “Staff know pupils well and these relationships are nurtured carefully.”

HEALTHCARE

St Francis Care Home, Govan, Glasgow

The Congregation’s Nursing Home in the Govan area of Glasgow cares for the sick and elderly of the community and is separately registered as a charity in Scotland (no. SC023725). It became a Limited Company on 31st July, 2018 and is now known as St Francis Care Home.

It is a comparatively new Home which was completed and officially opened in March 1996. It comprises forty en-suite rooms, several lounges plus kitchen and laundry facilities. It also has a beautiful Chapel at the entrance where services are held frequently for the Residents who wish to attend. Sister Lisette is the Matron. The Home has a very good Nursing Staff who treat the elderly with dignity, reverence and respect. It is well maintained and frequently refurbished. There is a very happy atmosphere between staff and patients. It is well supported by a Board of Professionals on the Governing Body. The Health Board carries out Inspections at regular intervals. The Nursing Home always receives an excellent report. Part of the Bowling Green area adjacent to the Nursing Home which we bought a few years ago has now been used to extend the car park. This has been a great improvement for ambulances, delivery vans and people visiting their relatives and friends in the Home.

Glasgow City Council owned part of the land on which the Care Home is built. It was decided to negotiate with the Council to buy out this land to give the Congregation full ownership. This has now been successfully negotiated.

We have the support of a group of professionals on the Governing Body. They are:-

Chairman Mr Frank Walker Solicitor Mr Frank McCormick Accountant Mr Frank Walker Doctor Angela Campbell Brian Padaruth Care Home Manager Sister Lisette Prele

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

HEALTHCARE (continued)

The Philosophy of the Home

The Apostolic Mission of the Church has been entrusted to the Franciscan Minoress Sisters who provide hospitality to the aged, poor and vulnerable of our society. We welcome all denominations and beliefs with respect and dignity.

We Uphold

in conformity with Christian values and the teaching of the Catholic Church, the sacredness of human life in all it stages i.e. from conception to natural death.

We believe

in fidelity to the Charismatic inspiration of St Francis, that elderly people are an important part of society as any other individual.

We believe

that disabilities resulting from age are accepted all the more readily when those around who surround the elderly, take care of them with love, esteem and affection, trying to compensate for their disabilities, making them easier to bear, even combating them and halting their progression.

We have at heart

to respond to the desires and aspirations of the residents, in recognition of their dignity, desire of being respected, esteemed and loved and the longing to feel themselves useful.

We Uphold

their apprehension of solitude together with a wish for independence and privacy and their need for security in health as in sickness until death.

We take note

of all inspections and recommendation of the Board to comply with their wishes as soon as possible. We feel privileged to take care of the elderly and helpless people in our care.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

REVIEW OF THE YEAR

House of Formation, St Clare’s Convent Clay Cross

Here our young Sisters are trained to carry on the Apostolate of the Congregation for the future. This training takes almost ten years before completion and Final Profession.

The Sisters appointed to this work are specifically trained for Formation. They work as a team. They also work continually in Vocation promotion.

Our Lady of the Angels Portiuncula

The facility at Clay Cross named the Portiuncula is where we seek to provide an opportunity for a lived experience of prayer and solitude. This is a unique expression of the call to solitude which was keenly felt by St Francis and is part of our Franciscan Spirituality. It is offered to anyone, religious or secular who feels drawn to this experience, either for a short time or an extended time. We find that there is an attraction, and a need, for this within today’s hectic pace of life.

The rhythm of life at the Portiuncula is contemplation and compassion. The centre is love lived out in relationship with God, others, oneself and the whole created reality in God. Time is needed to discover and savour the harmony and integration that is envisaged in the solitude experience.

The Peace Garden captures something very special to St Francis: his love of creation and his mission of peace. A central figure is a statute of our Lady who is Mother and Queen of Peace. There are also representations of St Francis and St Clare representing peace. Towards the centre of the Garden there is a labyrinth based on the model of the Labyrinth at Chartres Cathedral. For many people a labyrinth is a healing experience leading to deep inner peace.

In the Portiuncula there are five Hermitages and each person has his/her own Hermitage as a sacred and personal space. There is also a wheelchair access and disabled toilet and shower facilities.

Many people from all walks of life, as well as the Sisters, have experienced a period of prayer and solitude in the Portiuncula. Many too have experienced great healing of mind and body. People who come to the Portiuncula often ask to be accompanied in their prayer life. The Sisters who live there are part of the Team and are trained for this work.

Sister Patricia Jordan FSM is the Director of the Portiuncula. Sister has a Masters Degree and a Doctorate in Franciscan Spirituality. The Sisters at St Clares work as a team involving spiritual accompaniment, catering, hospitality, cleaning and secretarial work. There is a website where they can be contacted as follows: - website - www.franciscansm.org/Portiuncula.

Parish work in Alfreton

Since 2016, when the Parish Priest in Alfreton was taken ill and the Sisters took a leading role in the smooth running of the parish and so it was decided to change our plans for Alfreton. We withdrew the sale of the Convent and use it as a centre for Vocation Promotion. The age and illness of the Sisters and the restrictions of the pandemic made it impossible to continue this ministry. It was decided to sell the property. However, when we heard that another Religious Community were in need of a temporary home, we offered our Convent to the Sisters on a temporary basis with signed Agreements as to the terms and length of use.

On 11th August 2021 Mother Damien contacted Sister Patricia confirming that the Bulwell Poor Clares definitely wished to take over San Damiano Convent, Alfreton. Sister Patricia distributed an Agreement between the Franciscan Minoresses and the Poor Clare Colletines (Bulwell) for the occupation of the St. Damiano Convent, 1 Hall Street, Alfreton. DE55 7BT. It was agreed to offer this temporary accommodation rent free to the Sisters.

In May 2023 the Sisters moved out of San Damiano Convent. We decided to respond to the plight of refugees from Ukraine by offering this Convent to the St John of God (SJOG) community, known as Saint John of God Hospitaller Services, in support of their Charity project ‘Homes for Ukraine ‘. This transfer/donation of the property was completed in December 2023.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

REVIEW OF THE YEAR (continued)

Overseas work of the Congregation – Republic of Ireland

The Congregation has no activities in Ireland. There is still one Sister there but she is now in a Nursing Home.

Overseas work of the Congregation – Republic of South Africa

The work of the Congregation in South Africa is not carried on under the auspices of this charity but the charity does provide financial support. During the year 1 April 2024 – 31 March 2025, grants amounting to £15,000 were made.

St Theresa’s Convent Blaauwbosch, Natal, South Africa

St Theresa's Convent was established by the Congregation as a House of Formation for the training of young people for Religious Life. This ministry has now moved to St Elizabeth’s Convent. The training takes up to ten years, or more, depending on each person’s needs, (perhaps more in some cases) as they have to be trained both spiritually and professionally so as to enable them to be competent people for their future work in the congregation and in society.

The Sisters have a number of other activities in the area. They have a feeding scheme for up to one hundred very poor children whose parents may be affected with Aids. These children come daily after School and have a meal. The numbers are increasing on a daily basis. They have erected a building near the Convent where they cook the meals. The Sisters also provide clothing and very often send food home to the other members of the family who are in great need. They are also involved in the Pastoral care of these people in many and various ways such as teaching and helping generally with their education, supporting then in their illnesses and sufferings, by visiting them and bringing them the compassion and comfort of the Church.

St Elizabeth’s Osisweni

This second Convent is a House of Formation for the young women who come to us seeking to discern their call to Religious Life and completing formation studies prior to a lifelong commitment. It is a relatively newly built Convent paid for by the Congregation from the Generalate Fund held in Melton Mowbray, UK, at a cost of £240k, paid in previous years.

As part of their training the young women help in the Crèche and they work with different groups within the Parish. They work to support themselves by growing much of their own produce and they are encouraging the local people to do the same. The Sisters have hens and a small pig farm. They also make Rosaries and candles and sell them in the surrounding parishes.

A new kitchen was built and the Feeding project was officially opened in June 2018. In June 2018 they were feeding 50 children. In 2023 they were feeding 190 children. The Sisters also provide 8 families with food parcels as the area is very poor. In 2024 the feeding project was postponed for a time because of lack of funds but the Sisters hope to resume it when the financial situation improves.

St Francis Creche and St Joseph’s Convent

In February 2019 the Sisters were given a plot of land to build a small convent and Crèche. This was in Jobstown near to our existing convents. It is also a very poor and needy area. The Jobstown project did not materialise but the project moved to Vaal Bank where a new Creche was built and also accommodation for the Sisters, which is now called St Joseph’s Convent.

Vaal Bank is a very poor area with no other educational facilities available. The St Francis Creche and Pre-School opened for registration on 13th January 2020. Twenty one registered and there were lots of enquiries and interest. The children came from as far away as Utrecht and Blaauwbosch. During the Covid-19 pandemic the Creche and Pre-school had to close but it is now open and flourishing. The Generalate sent donations to help with this much needed project and ministry.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

REVIEW OF THE YEAR (continued)

St Francis Creche and St Joseph’s Convent (continued)

A Certificate of Registration of Non-Profit Organisation St Francis Crèche and Pre-school. 259-213 NPO was issued on 27th May 2021.

On the 15th February 2022 the Sisters were able to start using the new additional classrooms. As from 1 April 2022 the Creche came under the authority of the Department of Education. In 2023 they had 253 children attending and seven classes. In 2024 there are 218 children in the Crèche.

In 2024 there were only 82 parents who were able to pay school fees which is R200 per month for each child. 136 children are charity cases and some of the families get food from the Sisters every month. Children get two full meals every day for 5 days a week; for some of the children these are the only meals they get. This year the Diocese has given vouchers every month to get half of the food and it has been a great support . The Sisters have introduced uniforms in the creche which is a cheap way for many parents and keeps the children tidy and also minimises the difference between those who are very poor and those who are financially better off. The Sisters are very grateful for the money donated by the Generalate, some of which sponsored uniforms for 38 children whose families could not afford to buy uniforms.

The Sisters have also assisted with housing projects to give a home to those who would otherwise be on the streets. In 2024, two simple homes have been built and the Sisters have also initiated the building of a small shop for a family to enable them to be self-sufficient.

Our Vision

Children and families receive quality care and holistic development in a conducive and caring environment.

Our Mission

The Sisters in these three Houses are supported financially by the Congregation and by donations received from generous benefactors. The Sisters themselves live frugally and share what they have with the poor people in the area surrounding them.

Pastoral Work

This work was very dear to the heart of our Foundress Mother Francis Murphy. So following her example, Sisters in all our Convents give some time to Pastoral work in the areas where we live. Some have more responsible roles to play than others in this work but all at times are involved in the following: Adult Education, Spiritual Development Course in Franciscan Spirituality, Co-ordinating Religious programmes for children and young people, Church Organists, visiting the sick in Hospitals and homes, Secretarial work for the Parish such as letter writing preparing services and many other activities pertaining to that work. Our Convents are 'Open Houses' for the use of the Parish and the local communities in the areas where we are living.

Care of elderly and sick Sisters

A Provident Fund has been put in place for the care of our Sisters in the future, in the form of a Designated Fund. Many of our Sisters are working well beyond retiring age and have given most of their working lives to the fulfilment of the charity’s objectives. They have all taken a vow of poverty under which any assets or earnings of the Sister are paid into the charity. All Sisters either have no pension rights or, where they do, they have surrendered them to the charity. The charity therefore has a moral duty to provide for these Sisters in sickness and old age under the rules of the Congregation. We now have 5 Sisters in Care Homes – 4 in Scotland and 1 in Ireland.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

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.

FUNDRAISING POLICY

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities (2024: no complaints).

FINANCIAL REVIEW

The year showed total income received of £566.7k (2024: £939.9k). Last year income was boosted by gains on the disposal, by way of gift, of fixed assets amounting to some £258.5k, on the charity’s property in Alfreton. The charity’s two principal sources of recurring income remain Voluntary Income, mainly in the form of the Salaries and Pensions donated by Sisters, and Investment Income generated by investments and bank deposits. Salaries and Pensions donated by Sisters are generally diminishing, as is inevitable with an ageing group of Sisters but there was a slight increase on these during the year. In 2024-25, Voluntary Income also included Other Donations of £11.8k (2024: 22.7k) and Legacies of £25k (2024: £183.4k). Investment income again increased, rising to £259.3k (2024: £215.1k).

Expenditure was lower at £531.2k (2024: £881.1k). Costs of Support of Sisters and their ministries increased by just under £70k. However, Missions and Charitable Grants decreased significantly. This was primarily due to the inclusion, in 2023-24, of the gift of property worth £350k. Other Grants and Donations also declined slightly. Details of Grants and Donations paid are set out in Note 4.

The net result was that there was a surplus before investment gains and losses of £35.5k (2024: £58.8k). The year saw investment gains of £88.1k (2024: £960.6k).

As a result, there was an overall increase in funds of £123.6k (2024: £1.02m). When added to opening reserves, this gave closing funds of just over £15.1m (2024: just under £15.0m).

RESERVES POLICY

At the end of the year to 31 March 2025 the total funds of the Charity stood at just under £15.1m.

Of this almost £2.2m is represented by fixed assets which are fundamental to the operations of the charity and just over £10.9m is designated to provide for the support of older members of the Congregation by means of the Provident Fund. As explained above, in the section of this report dealing with the activities of the charity, the charity has a significant need to make provision for the long-term care of the 25 Sisters of the Congregation for whom it is responsible and who must be cared for in old age and sickness. The fund represents just over £400k per Sister. Given the high cost of nursing care and the low yield on bank deposits and investments, the Trustees feel that this is the minimum needed.

The Trustees will continue to monitor the long-term needs for the care of elderly Sisters and will adjust the level of the designated fund as needs change and circumstances permit.

The balance of just under £2.0m held in the general fund, or “free reserves”, represents between three and four years’ expenditure at current levels. This is a little above the Trustees’ normal target which is to hold between two and three years’ expenditure in reserve. However, expenditure is expected to rise over the next few years. Also, reserves levels are subject to significant fluctuations in investment values and therefore the Trustees feel that it is prudent to hold additional amounts in reserve. Thus, the current level of reserve is felt to be adequate but not excessive provision for the charity’s needs.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

RESERVES POLICY (continued)

The Trustees consider that it provides sufficient flexibility to cover temporary shortfalls in income and enables the charity to deal with and respond to unforeseen emergencies whilst specific action plans are implemented. For example, reserves may be needed to provide a cushion against falls in investment values, as have been seen in recent years, as well as adequate working capital and a reserve to meet potentially heavy costs of repair and refurbishment of properties. Also the income generated by investments is needed to meet expenditure on charitable activities. Without this income, the charity would regularly make deficits which would erode its capital base.

INVESTMENT POLICY AND PERFORMANCE

Funds are invested to provide increasing value and income within acceptable levels of risk and in accordance with ethical guidelines. The Trustees have instructed the charity’s fund managers to adopt an ethical policy and use their best endeavours to avoid investments that are predominately involved in areas of activity contrary to the teachings of the Roman Catholic Church, such as the production and sale of armaments or tobacco products. The fund managers’ performance is regularly reviewed by the Trustees. The Trustees have also taken a policy decision, in the light of laudato si in which Pope Francis has urged Roman Catholics not to invest in fossil fuels and other businesses whose work is detrimental to the environment, to avoid investment in any companies with significant business interests in fossil fuels and a programme of divestment has been undertaken.

The total return in the charity’s portfolios was approximately +3.0% (2024: +11.9%) which is in line with the averages quoted for the year for charity investments managed on a cautious or balanced asset basis. The Trustees are therefore satisfied with the returns generated but will continue to monitor, with their fund managers, investment trends and the performance of the charity’s portfolios.

RISK MANAGEMENT

The Trustees have considered the major risks to which the Charity is exposed. Every effort is being made to mitigate those risks. The key risks for the charity, as identified by the Trustees, are described below together with the principal ways in which they are mitigated:

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2025

FUTURE PLANS

The exact financial performance is difficult to assess with any high level of confidence but the Trustees are of the opinion that the Charity will be able to meet all of its financial obligations and commitments for the foreseeable future.

No immediate major changes to the charity’s activities or long-term strategy are planned.

At the General Chapter 2022 there were no Proposals to alter Constitutions and Directive, as these have so recently been updated and reprinted. The General Chapter 2022 elected the Mother General and the members of the General Council for the next five years.

THE STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees of the Charity are required to prepare for each financial year accounts which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with statutory requirements and with the Trust deed dated 28 May 1998. 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.

On behalf of the Trustees

Sr Patricia Jordan Trustee

19 January 2026

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

Opinion

We have audited the financial statements of the Franciscan Sisters Minoress for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 12, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

13

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS (Continued)

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Charity Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Canon Law, the Charities Act 2011,the Statement of Recommended Practice for Charities (SORP) and FRS102.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 4AG

Date: 20 January 2026

HaysMac LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Total Total
Funds Funds 2025 2024
Notes £ £ £ £
(Note 16)
Income from
Donations and legacies 1 305,819 1,550 307,369 466,301
Investments 2 259,322 - 259,322 215,053
Other
- Surplus on disposal of tangible
fixed assets 3 - - - 258,508
------------------- ------------------- ---------------------- ----------------------
Total Income 565,141 1,550 566,691 939,862
------------------- ------------------- ---------------------- ----------------------
Expenditure on
Raising funds
- Investment Management fees 69,375 - 69,375 69,789
Charitable activities 4
Support
of		 members of the
Congregation and their ministry 442,084 - 442,084 372,351
Missions and charitable grants 18,192 1,550 19,742 438,946
------------------- ------------------- ---------------------- ----------------------
Total expenditure 529,651 1,550 531,201 881,086
------------------- ------------------- ---------------------- ----------------------
Net income before net gains on
on investments 35,490 - 35,490 58,776
Net gains on investments 88,146 - 88,146 960,608
------------------- ------------------- ---------------------- ----------------------
Net income and net movement in
funds for the year 123,636 - 123,636 1,019,384
Reconciliation of funds:
Funds brought forward at 1 April 14,998,972 - 14,998,972 13,979,588
------------------- ------------------- ---------------------- ----------------------
Funds carried forward at 31 March 15 £15,122,608 £- £15,122,608 £14,998,972
========== ========== =========== ==========

All activities are continuing and there are no discontinued activities in either year.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 10 2,176,084 2,222,866
Investments 11 11,351,478 10,893,638
--------------------- ---------------------
13,527,562 13,116,504
CURRENT ASSETS
Cash and bank balances 1,628,196 1,915,618
--------------------- ---------------------
1,628,196 1,915,618
CREDITORS: Amounts falling due
within one year 12 (33,150) (33,150)
--------------------- ---------------------
NET CURRENT ASSETS 1,595,046 1,882,468
----------------------- -----------------------
NET ASSETS 15 £15,122,608 £14,998,972
=========== ===========
Represented by:
ACCUMULATED FUND
Unrestricted 15,122,608 14,998,972
Restricted 13 - -
----------------------- -----------------------
£15,122,608 £14,998,972
=========== ===========

Approved on behalf of the Trustees on 19 January 2026

Sr Patricia Jordan Trustee

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£ £
Cash flows from Operating Activities:
Net cash (used in)/provided by operating activities (note A) (171,394) 9,658
-------------------- --------------------
Cash flows from investing activities
Dividends and interest from investments 259,322 215,053
Payments to acquire fixed assets - (13,203)
Receipts from sales of fixed assets - -
Payments to acquire investments (2,385,650) (2,300,434)
Receipts from sales of investments 2,015,956 2,203,522
--------------------- ---------------------
Net cash (used in)/provided by investing activities (110,372) 104,938
=========== ===========
Change in cash and cash equivalents in year (281,766) 114,596
Cash and cash equivalents at 1 April 1,915,618 1,809,135
Change in cash and cash equivalents due to exchange rate movements (5,656) (8,113)
--------------------- ---------------------
Cash and cash equivalents at 31 March (note B) £1,628,196 £1,915,618
=========== ===========
Notes to the Cash Flow Statement
A. Reconciliation of net movement in funds to net cash flow from operating activities
2025 2024
£ £
Net movement in funds (as per the Statement of Financial Activities) 123,636 1,019,384
Adjustments for
(Gains) on investments (88,146) (960,608)
Surplus on disposal of fixed assets - (258,508)
Dividends and interest from investments (259,322) (215,053)
Depreciation 46,782 48,480
Value of property gifted to St John of God Hospitaller Services - 350,000
Change in cash and cash equivalents due to exchange rate movements 5,656 8,113
Increase in creditors - 17,850
--------------------- ---------------------
Net cash (used in)/provided by operating activities £(171,394) £9,658
=========== ===========
B. Analysis of cash and cash equivalents
Cash at bank and in hand £1,628,196 £1,915,618
=========== ===========
C. Analysis of net debt 1 April 31 March
2024 Cash flows 2025
£ £ £
£1,915,618 £(287,422) £1,628,196
=========== =========== ===========

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Statement of Recommended Practice for Charities (SORP) (Second Edition, effective 1 January 2019).

The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees to make significant judgements and estimates. It also requires management to exercise judgment in applying the Charity’s accounting policies. The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 March 2026, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ Report for more information).

Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Income received in advance is deferred until the criteria for income recognition are met.

In accordance with the Charities SORP FRS102, volunteer time is not recognised.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2025

Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Tangible fixed assets

Individual fixed assets costing £2,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis as follows:

Annual rate
Freehold land Nil
Freehold buildings 2% for main building & 4% for
improvements
Furniture, fixtures, fittings & equipment 10% to 20%
Motor vehicles 25%

Financial Instruments

The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Deposits for more than three months and up to one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2025

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 the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Services provided by members of the Congregation

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. DONATIONS AND LEGACIES

1. DONATIONS AND LEGACIES
Current Year
Unrestricted Restricted
Funds Funds 2025 2024
£ £ £ £
Sisters' salaries and pensions 270,615 - 270,615 260,259
Other donations 10,204 1,550 11,754 22,666
Legacies 25,000 - 25,000 183,376
---------------------- --------------------- ------------------ ------------------
£305,819 £1,550 £307,369 £466,301
=========== =========== ========= ===========
Prior Year
Unrestricted Restricted
Funds Funds 2024
£ £ £
Sisters' salaries and pensions 260,259 - 260,259
Other donations 19,339 3,327 22,666
Legacies 183,376 - 183,376
---------------------- --------------------- ------------------
£462,974 £3,327 £466,301
=========== =========== =========
2. INVESTMENT INCOME
2025 2024
Unrestricted Unrestricted
£ £
Income from listed securities and cash held by fund managers 242,115 205,277
Bank and other interest 17,207 9,776
------------------ ------------------
£259,322 £215,053
========= ===========
3. SURPLUS ON DISPOSAL OF TANGIBLE FIXED ASSETS
2025 2024
Proceeds Net Book Total Total
(net) Value Gain/(Loss) Gain/(Loss)
£ £ £ £
Disposal of properties
Market value of property gifted to St
John of God Hospitaller Services - - - 258,508
Disposal of Motor vehicles - - - -
---------------------- ---------------------- ---------------------- ----------------------
£- £- £- £258,508
=========== =========== ========= ===========
Prior Year
Disposal of properties
Market value of property gifted to St
John of God Hospitaller Services £350,000 £(91,492) £258,508
=========== =========== =========

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Current Year Unrestricted Restricted
Funds Funds 2025 2024
£ £ £ £
Support of members of the Congregation and their ministry
Sisters' living and ministry expenses 208,750 - 208,750 131,773
Premises costs 92,803 - 92,803 93,059
Depreciation 46,782 - 46,782 48,480
Other support costs 64,669 - 64,669 68,606
Losses on currency conversion 5,656 - 5,656 8,113
Governance costs (note 5) 23,424 - 23,424 22,320
---------------------- --------------------- ---------------------- ----------------------
442,084 - 442,084 372,351
---------------------- --------------------- ------------------ ------------------
Missions and Charitable Grants
Transfer in Support of Franciscan
Convent in South Africa 13,450 1,550 15,000 20,000
St Francis Care Home, Govan - - - 60,977
Gift of property to St John of God
Hospitaller Services - - - 350,000
Alms and donations (see below) 4,742 - 4,742 7,969
---------------------- --------------------- ------------------ ------------------
18,192 1,550 19,742 438,946
---------------------- --------------------- ------------------ ------------------
£460,276 £1,550 £461,826 £811,297
=========== =========== ========= =========
Prior Year Unrestricted Restricted
Funds Funds 2024
£ £ £
Support of members of the Congregation and their ministry
Sisters' living and ministry expenses 131,773 - 131,773
Premises costs 93,059 - 93,059
Depreciation 48,480 - 48,480
Other support costs 68,606 - 68,606
Losses on currency conversion 8,113 - 8,113
Governance costs (note 5) 22,320 - 22,320
---------------------- --------------------- ----------------------
372,351 - 372,351
---------------------- --------------------- ------------------
Missions and Charitable Grants
Transfer in Support of Franciscan
Convent in South Africa 16,673 3,327 20,000
St Francis Care Home, Govan 60,977 - 60,977
Gift of property to St John of God
Hospitaller Services 350,000 - 350,000
Alms and donations 7,969 - 7,969
---------------------- --------------------- ------------------
435,619 3,327 438,946
---------------------- --------------------- ------------------
£807,970 £3,327 £811,297
=========== =========== =========

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

4. EXPENDITURE ON CHARITABLE ACTIVITIES (continued) Alms and donations given by Convents

Alms and donations given by Convents
Unrestricted Restricted
Funds Funds 2025 2024
£ £ £ £
Loros - - - 3,000
Donations of less than £1,000 each 4,742 - 4,742 4,969
---------------------- --------------------- ---------------------- ----------------------
£4,742 - £4,742 7,969
---------------------- --------------------- ---------------------- ------------------
5. GOVERNANCE COSTS 2025 2024
Unrestricted Unrestricted
£ £
Auditor’s remuneration 12,144 13,270
Other professional fees 11,280 9,050
------------------ ------------------
£23,424 £22,320
========= ===========
6. NET MOVEMENT IN FUNDS 2025 2024
This is stated after charging/(crediting): £ £
Auditor's remuneration (including VAT):
- Statutory audit services 12,144 13,270
Depreciation 46,782 48,480
Loss on currency conversion 5,656 8,113
========= ===========

7. STAFF COSTS

The charity does not employ any staff. Its key management personnel are its trustees who are not remunerated.

8. TRUSTEES' EXPENSES AND REMUNERATION AND TRANSACTIONS WITH THE TRUSTEES

The Trustees of the Charity are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The Charity provides for the essential needs of all members of the Congregation within the Province.

The living costs of the 5 Trustees are therefore borne by the Charity.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

9. TAXATION

The Charity is a registered charity, and no liability to taxation arises on the income or capital gains in the accounts.

10. TANGIBLE FIXED ASSETS
Freehold land Furniture, fixtures, Motor
and buildings fittings & equipment Vehicles Total
£ £ £ £
COST OR VALUATION
At 1 April 2024 3,026,742 27,328 37,033 3,091,103
Additions - - - -
Disposals - - - -
--------------------- --------------------- ------------------ ---------------------
At 31 March 2025 3,026,742 27,328 37,033 3,091,103
--------------------- --------------------- ----------------- ----------------------
DEPRECIATION
At 1 April 2024 816,949 24,159 27,129 868,237
Charge for the year 41,897 1,584 3,301 46,782
On disposals - - - -
-------------------- -------------------- ------------------ ----------------------
At 31 March 2025 858,846 25,743 30,430 915,019
--------------------- --------------------- ----------------- ----------------------
NET BOOK VALUE
At 31 March 2025 £2,167,896 £1,585 £6,603 £2,176,084
============ ============ ========== ============
At 31 March 2024 £2,209,793 £3,169 £9,904 £2,222,866
============ ============ ========== ============

All fixed assets are used for direct charitable purposes.

There are also school properties registered in the names of the Trustees as referred to in the Trustees report. As all rights and obligations in respect of these properties have effectively been transferred to the Governors of the schools, which are separate charities, the Trustees consider their ownership to be in the nature of a custodianship of the assets and they have therefore not been capitalised. These properties have an approximate insurance value of £5 million.

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2025

11. INVESTMENTS
Total Total
2025 2024
£ £ £ £
Market value brought forward at 1 April 10,893,638 9,836,118
Additions 2,385,650 2,300,434
Disposals (at opening market value):
Proceeds (2,015,956) (2,203,522)
Realised (losses)/gains (45,360) 63,633
--------------------- ---------------------
(2,061,316) (2,139,889))
Unrealised gain 133,506 896,975
--------------------- ---------------------
Market value carried forward at 31 March £11,351,478 £10,893,638
=========== ===========
2025 2024
£ £
Cost of quoted investments £9,533,735 £8,928,686
=========== ===========
Quoted investments comprise:-
Fixed interest securities 2,631,035 3,210,068
UK Equities 1,585,370 1,433,919
Overseas investments - Investment and Unit trusts 6,341,353 5,424,494
Property and infrastructure funds 591,516 570,335
--------------------- ---------------------
11,149,274 10,638,816
Cash Product 175,000 175,000
Cash 27,204 79,822
--------------------- ---------------------
£11,351,478 £10,893,638
=========== ===========
12. CREDITORS: 2025 2024
Amounts falling due within one year £ £
Accruals and deferred income £33,150 £33,150
========== ==========

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THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

13 RESTRICTED FUNDS

13 RESTRICTED FUNDS
.
At 1 April At 31 March
2024 Income Expenditure 2025
£ £ £ £
Current Year
Overseas Mission Fund £- £1,550 £(1,550) £-
=========== =========== =========== ===========
At 1 April At 31 March
2023 Income Expenditure 2024
£ £ £ £
Prior Year
Overseas Mission Fund £- £3,327 £(3,327) £-
=========== =========== =========== ===========
Overseas Mission Fund– these funds relate to sums donated to the charity for the support of the work of the Sisters o
the Congregation based in South Africa.
14.
DESIGNATED FUNDS WITHIN UNRESTRICTED FUNDS
Transfers
At 1 April Gains on from/(to) At 31 March
2024 investments
General		 2025
Funds
£ £ £ £
Current Year
Sisters' Provident Fund £10,880,965 £88,146 £- £10,969,111
=========== =========== =========== ===========
Gains/(losses)
Transfers
At 1 April on from/(to) At 31 March
2023 investments General 2024
Funds
£ £ £ £
Prior Year
Sisters' Provident Fund £9,920,357 £960,608 £- £10,880,965
=========== =========== =========== ===========

Overseas Mission Fund – these funds relate to sums donated to the charity for the support of the work of the Sisters of the Congregation based in South Africa.

All Sisters have taken a vow of poverty under which they relinquish all rights to income and assets. The charity therefore has a significant commitment to provide for members of the Congregation in sickness and old age. A Provident Fund has been set aside, as a designated fund, to reflect this commitment. Currently there are some 34 Sisters for whom the charity is responsible and the fund represents just over £300k per Sister. Given the high cost of nursing care and the low yield on bank deposit, the Trustees feel that this is the minimum needed. The Trustees will continue to monitor the long-term needs for the care of elderly Sisters and will adjust the level of the designated fund as needs and circumstance change.

26

THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

15. ANALYSIS OF NET ASSETS Designated Fund
BY FUND General Sisters’ Provident Restricted
Fund Fund Fund Total
£ £ £ £
Fund Balances at 31 March 2025
are represented by:
Tangible fixed assets 2,176,084 - - 2,176,084
Investments - 11,351,478 - 11,351,478
Net current assets 2,010,563 (382,367) - 1,628,196
Net current liabilities (33,150) - - (33,150)
----------------------- --------------------- --------------------- -----------------------
£4,153,497 £10,969,111 £- £15,122,608
============ =========== =========== ===========
ANALYSIS OF NET ASSETS Designated Fund
BY FUND General Sisters’ Provident Restricted
Fund Fund Fund Total
£ £ £ £
Fund Balances at 31 March 2024
are represented by:
Tangible fixed assets 2,222,866 - - 2,222,866
Investments - 10,893,638 - 10,893,638
Net current assets 1,928,291 (12,673) - 1,915,618
Net current liabilities (33,150) - - (33,150)
----------------------- --------------------- --------------------- -----------------------
£4,118,007 £10,880,965 £- £14,998,972
============ =========== =========== ===========

Of the general funds, fixed assets could not be realised as they are required for the Charity’s activities. The balance of funds will be required to provide for Sisters.

27

THE TRUSTEES OF THE FRANCISCAN SISTERS MINORESS

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 MARCH 2025

16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR PRIOR YEAR 2024

Unrestricted Restricted
Funds Funds Total
£ £ £
Income from
Donations and legacies 462,974 3,327 466,301
Investments 215,053 - 215,053
Other
- Surplus on disposal of tangible
fixed assets 258,508 - 258,508
------------------- ------------------- ----------------------
Total Income 936,535 3,327 939,862
------------------- ------------------- ----------------------
Expenditure on
Raising funds
- Investment Management fees 69,789 - 69,789
Charitable activities
Support of members of the Congregation
and their ministry 372,351 - 372,351
Missions and charitable grants 435,619 3,327 438,946
------------------- ------------------- ----------------------
Total expenditure 877,759 3,327 881,086
------------------- ------------------- ----------------------
Net income before net gains on investments 58,776 - 58,776
Net gains on investments 960,608 - 960,608
------------------- ------------------- ----------------------
Net income and net movement in funds in the
year 1,019,384 - 1,019,384
Reconciliation of funds:
Funds brought forward at 1 April 13,979,588 - 13,979,588
------------------- ------------------- ----------------------
Funds carried forward at 31 March £14,998,972 £- £14,998,972
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