OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

The Sisters of the Holy Family of Bordeaux Charitable Trust

Annual Report and Accounts

31 December 2021

Charity Registration Numbers 232633 (England and Wales) 20016579 (Republic of Ireland)

Contents

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 48
Accounts
Statement of financial activities 53
Comparative statement of
financial activities 54
Balance sheet 55
Statement of cash flows 56
Principal accounting policies 57
Notes to the accounts 63

The Sisters of the Holy Family of Bordeaux Charitable Trust

Reference and administrative information

Trustees Lucilla Bonaventhoor
Provincialate Trustees Limited
Directors of Provincialate Catherine Lavery
Trustees Limited Mary Claire McGrath
Margaret Muldoon
Maria Crowley
Lucilla Bonaventhoor
Provincial Leader Catherine Lavery
Provincial Bursar Lucilla Bonaventhoor
Principal Address 2 Aberdare Gardens
London
NW6 3PX
Telephone 020 7624 7573
Fax 020 7625 8984
Website www.holyfamilybordeaux.org
Charity registration number – 232633
England and Wales
Charity registration number – 20016579
Republic of Ireland
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers The Royal Bank of Scotland plc
London Service Centre
PO Box 21007
London
NW1 8WL

The Sisters of the Holy Family of Bordeaux Charitable Trust 1

Reference and administrative information

Investment managers Newton Investment Management Limited
Mellon Financial Centre
160 Queen Victoria Street
London
EC4V 4LA
Barclays Wealth
1 Churchill Place
London
E14 5HP
Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London
EC4M 8BU
Principal solicitors Druces LLP
Salisbury House
London Wall
London
EC2M 5PS
Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA1 1RG

The Sisters of the Holy Family of Bordeaux Charitable Trust 2

Trustee’s report 31 December 2021

The trustees present the report and accounts of The Sisters of the Holy Family of Bordeaux Charitable Trust (the “charity”) for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 57 to 62 of the attached accounts and comply with the charity’s trust deed, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Sisters of The Holy Family of Bordeaux (the Institute) is a Roman Catholic Religious Institute founded in France in 1820. Its Generalate is now located in Rome. The Institute is governed by its own constitution.

The accounts accompanying this report are the accounts of the charitable trust on which the assets of the Institute in Great Britain and Ireland are held. The charity is governed by a trust deed dated 4 April 1961, and is registered under the Charities Act 2011, Charity Registration Number 232633 (England and Wales) and under the Irish Charities Act 2009, Charity Registration Number 20016579.

Mission

The trustees of the charity aim to support all charitable, social and pastoral works being carried out by members of the Institute. These ministries carried out by the sisters, all of which benefit members of the public, fall into the following main categories:

Education

There are no longer any Sisters in a teaching position in a school. However, Sisters are still involved in ‘education’ in the wider sense of the word. The trustees are aware that adult education is of great importance.

Social and pastoral work

Many Sisters are involved in various forms of social or pastoral work throughout the Province of Britain and Ireland.

One Sister earns a stipend on a full-time basis and seven Sisters on a part time basis. All these earnings are covenanted to the charity; some sisters work on a voluntary basis, in keeping with the ethos of the Institute.

The Sisters of the Holy Family of Bordeaux Charitable Trust 3

Trustee’s report 31 December 2021

Mission (continued)

Caring for members of the institute

With an increasing number of frail, elderly Sisters, some of our Sisters are engaged fully in their own communities in helping to care for these Sisters, who in their active years devoted themselves to nursing, teaching and social work, all for the benefit of the public. It is the trustees’ firm conviction, therefore, that it is only just that these Sisters ought now to be cared for with dignity and respect in their final years.

Support of missionary work overseas

The trustees will continue to encourage any support, financial or otherwise, which would promote the ministries of our overseas missionaries. They will also continue to involve the Lay Associates of the Province in this worthwhile work. In 2021 we supported Sisters in Poland, Democratic Republic of Congo and Sri Lanka.

Funds generated in this Province are sent to those areas of the world in need via the Institute’s general administration in Rome.

Prayer groups, community and individual prayer

Community and individual prayer is a very important dimension of the Sisters’ lives; it benefits the members of the public as their needs are prayed for and remembered. Many people specifically request prayers for special intentions. Lay people are also invited to join the community in prayer. Prayer groups are often formed from these gatherings and have included Christians from other denominations. In November 2021 we gathered as Sisters and wider family members via zoom to remember all those who had passed away since November 2020.

Activities, specific objectives, relevant policies and achievements

An overview of activities

As stated under “Mission”, the activities of the charity can be divided into five main areas: education, social and pastoral care, the care of the elderly (including our own elderly members), the support of our overseas missionary work, and prayer - community and individual.

Education

As already stated, no Sister is currently in a teaching post. However, we look at education in its broadest sense. In fact, everything our Sisters are involved in can be looked at in some way as enhancing people’s lives and that is ‘education’.

The Sisters of the Holy Family of Bordeaux Charitable Trust

4

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

An overview of activities (continued)

Social and pastoral work

Many Sisters are involved in various forms of social and pastoral work including:

The Sisters of the Holy Family of Bordeaux Charitable Trust

5

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

An overview of activities (continued)

Social and pastoral work (continued)

Many of these ministries are carried out at parish and local levels.

The trustees aim to encourage the sisters to carry out meaningful social and pastoral ministry within their contexts/areas and also to ensure that they have adequate, up-to-date training to perform these ministries to the highest possible standard.

Caring for members of the Institute

The charity had 61 members at the end of December 2021. The average age in the Province at that date was 80 years.

Many religious congregations in England and Ireland are experiencing an increasing age profile. At the other end of the scale there is a dearth of new vocations.

In 2021 the trustees carried out a review of the various geographical insertions across Britain and Ireland. Each Sister had the opportunity to share with the Trustees her lived reality - the blessings and the challenges. Collating the findings, the Trustees asked permission of the General Leadership Team in Rome to close the community house and withdraw from four areas - Bradford, Leeds, Woodford Green and Magherafelt. One Sister will maintain a presence in the Magherafelt area while residing in a flat. This reduces the number of communities to five in Britain and four in Ireland.

The trustees are very aware that they have a moral and legal obligation to care for their elderly members. None of the sisters have resources or private incomes as all their earnings, gifts, and donations, together with their pensions, have been covenanted to the charity. As the age profile increases, so too does the need to provide care for the Sisters. The trustees must continue to make this one of their priorities for the future and, alongside this, to consider how it is impacting on the ministries of the individual members of the Province. They also must be very aware of the financial implications for the charity’s resources.

In this regard, the trustees in the forthcoming years will need to ensure:

The Sisters of the Holy Family of Bordeaux Charitable Trust 6

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities

In March 2021 Sister Claire led a prayer session with the Sisters in Newbridge to give thanks for the lives of the eight Sisters who died as a result of COVID 19.

In September 2021 Sisters Catherine, Lucilla, Margaret and Maria joined the communities in Leeds, Bradford and Woodford Green to celebrate our presence in these areas.

Sisters of Bradford and Leeds Communities with the Trustees, Bishop Marcus Stock of Leeds and Father Michael Hughes, Bradford and Father Patrick Wall, Crossgates Leeds following a Mass of Thanksgiving.

The Woodford Green Community with the Trustees

In Ireland , during lockdown, the Sisters continued to do some outreach ministry. Counselling, spiritual direction , and listening to distressed people were carried out using zoom, WhatsApp, and the telephone, as well as the even more important ministry of praying daily for all the needs of the people. Sister Bernadette continued to be part of the team which leads the daily meditation sessions called “Silence@Six” on zoom. People from Britain, Ireland, Iceland, USA, Canada and Australia joined these daily meditations. She has also been a member of many different teams (on zoom) for the ongoing support and formation of prayer guides which lead pilgrim groups in prayer at our National Eucharistic & Marian Shrine in Knock. However, due to restrictions and lockdowns, 2021 has been more a year of re-evaluating and restructuring for future ministry.

The Sisters of the Holy Family of Bordeaux Charitable Trust 7

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Sister Bernadette with the members of the Centring Prayer group

On a more local level, the members of the Centring Prayer Group in Clane who had been meeting on zoom, were able to meet outdoors for a day when lockdown eased. It was such a joy for everyone to be together. Even though it was the 26 June 2021, the sky was grey and it was a windy day. Warmed by an outdoor heater, rugs, etc. the meditation session took place, plus a deep sharing of sad and happy experiences afterwards. For the 12 people there it was a very special occasion and brought joy in being together and sharing life’s journey.

Holy Family Lay members sold handmade knitted toys and raised money for people in need in the local area. (Share Food Project)

The Sisters of the Holy Family of Bordeaux Charitable Trust

8

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

The Filipino community gather each month to pray, to chat and enjoy refreshments

At Christmas, the Girl Guides in their parish saved their pocket money and bought food for needy families in the locality.

Sister Eileen, Mairead Ryan and Girl Guides

The Sisters of the Holy Family of Bordeaux Charitable Trust

9

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

During Covid 19, families came together in small groups to pray

Meeting up with Refugees from Eyre Powell Newbridge

The Sisters of the Holy Family of Bordeaux Charitable Trust 10

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Representatives from all our schools in the Parish gathered for prayer. Each school received a gift for their school.

Sister Kate Cuskelly‘s ministry is involved with young people aged 12 to early 20’s in Newbridge Parish.

As a Volunteer Chaplain in the local Holy Family Secondary School, where there are over 700 girls and more than 50 staff, her role involves support and pastoral outreach to students, teachers, ancillary staff and parents.

She is also a member of the school’s Board of Management. The monthly meetings enable her to have an input into all the policies of the school. It also ensures that the ethos of the school, as envisioned by the founding Holy Family Sisters in 1959, is maintained and brought forward according to the needs of 2021.

In the school setting, Sister Kate, as a member of the Chaplaincy Team, initiates and encourages students to participate in various Leadership Programmes. These include activities such as Student Representative Council, Green Schools, Hospitality Group, Pope John Paul 2 Volunteer Award and Holy Family Youth.

All of these groups involve Leadership training for the students, encouraging them to use their skills, gifts, and talents to build up a sense of community in our school.

The Sisters of the Holy Family of Bordeaux Charitable Trust 11

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Their motto, in keeping with our Holy Family tradition is “TO BE FAMILY AND TO BUILD FAMILY”.

Holy Family Secondary school has a very strong sense of belonging to and insertion into the local community. There is a great sense of reaching out and an awareness of local needs. Great emphasis is placed on networking and supporting local charitable causes. The students raise funds in various ways for charities such as, St. Vincent de Paul Society, the local Food Bank “Share Food”, Samaritans, Guide Dogs, Shoe Box Appeal, Jack and Jill Hospice Foundation, Temple Street Children’s Hospital and many more local and national charities.

Even within the limitations imposed by Covid restrictions over the past two years the school has maintained its outward looking vision.

At Christmas students from the Transition Year (TY) group undertook to share an individual gift and Christmas card with residents in three local nursing homes. Approximately 120 residents received an individual gift, all courtesy of their TY students. The sense of joy experienced by the receivers of these gifts, was matched by the sense of wellbeing felt by the girls who donated and organized this lovely gesture.

With the easing of Covid restrictions Holy Family Secondary School is planning to expand its outreach to several new ventures.

Their Chaplaincy team is pursuing the possibility of becoming more involved in a supportive role to a number of new charities. This will involve fundraising for Teach Tearmainn, a refuge in Kildare for women and children who are victims of violence and or sexual abuse in their own homes.

Donating food and other support to “THE DINING ROOM”, a local charity for Homeless people.

And in school an event to raise money to assist people suffering from Motor Neurone Disease.

In addition to her involvement in the school, Sister Kate continues to work closely with her local parish Youth Group.

This group, called Amadeus, was founded by two past pupils of Holy Family Secondary School. It is a Faith based group meeting weekly for activities based on fun and friendship and open to girls and boys from 12 to 18 years. The group aims to offer young people a safe environment in which to explore aspects of their spiritual and social life and to promote a sense of community and care for each other, while at the same time being alert to the needs of others by offering their time and talents in varying volunteering roles thus helping build up the local Church and Parish community.

The Sisters of the Holy Family of Bordeaux Charitable Trust 12

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

DePaul is one of the organisations in Ireland that helps homeless people. Sister Lil was always impressed by the respect they were shown by the staff working in their centres. During the past two years volunteers could not go there for health and safety reasons due to the virus. She was contacted recently to ask if she would come back again to see which services, she could work in. Her previous involvement rotated between the following:

  1. Office work.

  2. Taking people on outings, cinema, walk in the park, always including a stop off for refreshments.

  3. Cooking breakfast (Full Irish) which would last all morning. In the afternoons taking part in games of Bingo (prizes would be scarves, gloves and caps) and playing snooker!! Some people would just like to sit and chat.

  4. Certain times of the year volunteers including Sister Colette and herself, would help with fundraising by bag-packing in supermarkets where shoppers would put money in the buckets available. Permanent staff would always be around to see to the takings.

The above picture was taken after one of her outings Before covid-19 hit the country, this homeless man gave permission to share this picture.

The Sisters of the Holy Family of Bordeaux Charitable Trust 13

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Misean Cara

This picture shows a group of children who have benefited from funds from Misean Cara. This is an organisation (Irish for ‘Friends of the Mission’) which gets money from the Irish Government to help people in Africa and Asia.

Sister Síle McGowan was MDO (Missionary Development Officer) for many years. Sister Lil Meagher worked with Síle for a few years before taking on this role.

The projects funded so far are in the field of

  1. Education

  2. Caring for Refugees

  3. Caring for people affected by the Covid-19 Pandemic

  4. Providing workshops to heighten awareness of the evil of Human Trafficking

The Holy Family Sisters in South Africa oversee the running of these projects on behalf of other organisations, which do not have representatives in Ireland.

They must make sure that:

  1. Funds are used for the purpose for which they were requested.

  2. Safeguarding policies are in place.

  3. Regular reports are sent for forwarding to Misean Cara

  4. The Holy Family Leader in South Africa signs a CLD (Country Leadership Document) showing her responsibility with regard to the above.

The Sisters of the Holy Family of Bordeaux Charitable Trust 14

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Misean Cara (continued)

Muhammad used to live in the Direct Provision Centre (D.P.) opposite our convent in Newbridge. He and other Asylum people were regular visitors here, where the Sisters made them so welcome. Eileen Murphy was also very involved with people in the D.P. Hopefully, the lifting of Covid-19 restrictions will allow this contact to continue.

Muhammad lived in the D.P. for 7 years. He agonized over his family back home and the danger they were in. He now has refugee status and is living in a one-bed apartment in Dublin. His wife and 4 children arrived in Ireland in December last. They are so happy. Muhammad is so grateful to the Holy Family for all the help given to him and his family

Wrexham: The community welcomed the refugee family

Faith sharing group in Bradford

The Sisters of the Holy Family of Bordeaux Charitable Trust 15

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

During the month of August, on a weekly basis, Sisters Catherine and Sharmila from Aberdare Gardens Community London, baked 32 portions of wheaten bread to supplement a hot meal provided to homeless people in the local parish.

Care for the elderly Rock Ferry visiting a local garden centre and shopping outlet

The Sisters of the Holy Family of Bordeaux Charitable Trust 16

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Activities with the elderly Sisters in Rock Ferry

Learning New games

Care for the elderly sisters Rock Ferry

The Sisters of the Holy Family of Bordeaux Charitable Trust 17

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Learning new skills and creativity

Sister Mary celebrates her 70th Jubilee of Profession in Rock Ferry

The Sisters of the Holy Family of Bordeaux Charitable Trust 18

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Sister Margaret in Newbridge celebrates her 90[th] Birthday

Sister Hilary in Rock Ferry celebrates her 100[th] Birthday

The Sisters of the Holy Family of Bordeaux Charitable Trust 19

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

Staying in contact with family members via Zoom

.

Enjoying afternoon tea in the garden with Lay Members

The Sisters of the Holy Family of Bordeaux Charitable Trust 20

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

THE EARTH IS A SACRED PLACE

In October 2020, an invitation was sent out to tune in to a talk given by Father Martin Newell C.P. on Climate Change. This PowerPoint presentation was an invitation to Religious Congregations to work together on Climate Change.

We responded by forming a Climate Action group within our own Unit and created a mission statement:

Aware of the environmental crisis facing our planet, we wish to respond to Pope Francis’ appeal, expressed in Laudato Si’, to “care for our common home”.

We will try to do this by:

Our main concerns in view of COP26 were:

The Sisters of the Holy Family of Bordeaux Charitable Trust 21

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

We all are involved in our own particular areas in activities supporting such events and felt a more concerted effort would be a force for good. However, due to Covid-19 restrictions we could not come together face to face, hence zoom meetings became the norm. Our strategy then became one of animating and updating our sisters on various topics and inviting them to do whatever actions they could do, both big and small. These actions encouraged us to take drastic measures in view of climate change in caring for our common home.

Sister Sheila with the Climate Change group

To be a voice for the voiceless

Since coming back to England after 22 years in Lesotho (3[rd] poorest country in the world) where Sister Teresa had seen how the other half live, she decided to join the “Province Justice and Peace and Integrity of Creation” team. She learnt a lot from this group. When she was sent to Bradford, which is 90% Asian plus 120 other nationalities, she joined the parish “Justice and Peace” Team and later the Anglican “Green Group.” When these folded due to some bereavements etc., she joined “Global Justice Now” Bradford and the “Congo Campaign” Group and joined in many Demos in the city. She also helped in primary schools with reading and ESOL classes for foreign students in Bradford College.

Since coming to Rock Ferry two years ago, everything stopped due to the pandemic lockdown. It was then she felt passionately moved to continue to raise awareness and give a voice to the voiceless by sharing many current issues and asking sisters, lay members, friends, and some parishioners to join her in signing the petitions online. It’s called “People Power.” She also joined the new “Climate Action Group” online in the Unit.

The Sisters of the Holy Family of Bordeaux Charitable Trust 22

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Specific activities (continued)

To be a voice for the voiceless (continued)

Some of the current issues are:

Climate change - need for divestment from fossil fuels and investment in renewables, and care for the earth and all its creatures, “Friends of the Earth,” “Fauna and Flora,” “Campaign for Nuclear Disarmament” (CND) “Campaign against the Arms Trade” (CAAT) “Cop26”, “People and Planet”

Basic human rights - “Freedom from Torture”, “CAFOD”, “Palestine Solidarity Campaign”- to end Apartheid! “AVAAZ”, “350 degrees”.

Sister Teresa Edwards also often signs petitions, shares them, and writes to her local MP - Mick Whitley for Birkenhead.

Service to our Sisters overseas

During Lockdown it was difficult to communicate with people outside of the community. Sisters in Griffith Downs community found a way of helping our sisters in the Philippines. By using Zoom, four sisters in Rizal, at their request, were given English lessons for two hours weekly. The lessons included reading, listening, speaking, comprehension, grammar, poetry, and written work.

This enhanced the sisters’ language skills and will be of great benefit to them in their ministries in Rizal, where English is spoken. They were most appreciative of the help given, cooperated enthusiastically, did corrections and made considerable progress.

This experience gave our community an insight into the lives, hopes and ambitions of our sisters in the Philippines and provided opportunities we would not normally have had.

Griffith Downs welcomed and provided accommodation and support for a sister from Sri Lanka who was doing a master’s degree in Trinity college Dublin.

Sister Deepa (centre) with two of her friends from Sri Lanka who were also students in Trinity who were also welcomed on several occasions to Griffith Downs and were offered support.

The Sisters of the Holy Family of Bordeaux Charitable Trust 23

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Generalate Fund distributions to the missions

During the year, the charity remitted funds from the Generalate Fund to the following Holy Family missions oversees:

DRC (Democratic Republic of Congo Unit)

Funds were spent for the teaching, training the youth, formation and for the maintenance of the building.

The Sisters of the Holy Family of Bordeaux Charitable Trust 24

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Generalate Fund distributions to the missions (continued)

DRC (Democratic Republic of Congo Unit) (continued)

The Sisters of the Holy Family of Bordeaux Charitable Trust 25

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Generalate Fund distributions to the missions (continued)

Poland Unit

Maintenance of Homes

The funds they received allowed them to carry out minor repairs in their house in Łódź, at 15a Hektarowa Street, such as fitting a small roof and repairing the wall base. In the second house in Łódź, at 38 Żucza Street they did some gardening work, which consisted of tidying up the area following the work connected with the installation of a septic tank and planting of a lawn.

Before:

After:

The Sisters of the Holy Family of Bordeaux Charitable Trust 26

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Generalate Fund distributions to the missions (continued)

Poland Unit (continued)

Formation

The amount spent from the funds received includes the costs incurred for the sisters’ retreats, activities of the Basic Formation and Communication teams, office equipment and repair of equipment and translations.

Printing the magazine

With the funds received, they paid for the printing of the order magazine, Nieśmy Nadzieję [Let’s Carry Hope]. This year, they published an anniversary issue devoted to the 200th anniversary of the Eucharistic Miracle, in 700 copies.

The Sisters of the Holy Family of Bordeaux Charitable Trust 27

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Activities of the vocational team

Supporting the activity of the vocational and family pastoral team, so that the sisters can welcome young people and families into our home.

Summer meeting for Youth

Winter meeting for youth

The Sisters of the Holy Family of Bordeaux Charitable Trust 28

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Activities of the vocational team (continued)

Activities in Jaffna Unit

Training young men and women in farming and sewing.

The Sisters of the Holy Family of Bordeaux Charitable Trust 29

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Activities of the vocational team (continued)

Activities in Jaffna Unit (continued)

Hostels girls outing

Formation

Certificates for guide

Jubilee celebration

The Sisters of the Holy Family of Bordeaux Charitable Trust 30

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Activities of the vocational team (continued)

Activities in Jaffna Unit (continued)

Care for the Elderly Sisters

The Sisters of the Holy Family of Bordeaux Charitable Trust 31

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Public benefit

In formulating the charity’s aims and in planning the work of members of the Institute, the trustees have had regard to the general guidance published by the Charity Commission on public benefit.

The trustees are convinced that the social and pastoral work of the sisters has demonstrated that the contribution of the sisters in these areas has benefited the public. Also, in areas of retreat work and spirituality, they believe that sisters have influenced morals and attitudes of people and enhanced the spiritual well-being of those with whom the sisters have worked. The trustees, by giving donations to organisations and local projects also demonstrate public accountability. Above all, as the Sisters increase in age, the care of their own Sisters will be of public benefit for many years to come. Many of the Sisters dealing with the public are involved in the relief of poverty, the advancement of religion and the advancement of education. The trustees also acknowledge the ‘unquantifiable’ in relation to ‘public benefit’ such as acts of kindness, hospitality and mutual support within and beyond the Institute’s statutes and charism.

The trustees wish to pay tribute to the dedicated commitment of all members of the Institute.

Website for public benefit

The website promotes the Association of the Holy Family, spelling out its aims and its mission throughout the world. It provides information about the foundation of the Holy Family and its involvement in a variety of ministries to meet the needs of today.

The website has a wide outreach, as evidenced by Google Analytics monthly reports, with visitors from places where there is no Holy Family presence. “The Pray with us” page was the most regularly visited page on a daily basis until we began to revamp the whole website. This process is underway at the moment.

Protection of children and vulnerable adults

Like all other organisations who serve the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that Sisters engaged in any ministry in Great Britain must obtain clearance from the Disclosure and Barring Service (DBS). Throughout the year, the trustees were fully committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS) and National Board for Safeguarding Children in the Catholic Church in Ireland (NBSCCCI).

The Sisters of the Holy Family of Bordeaux Charitable Trust 32

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Protection of children and vulnerable adults (continued)

One of the sisters, with the help of a lay expert, is responsible for ensuring this policy is adhered to in respect to all sisters, employees and volunteers. In addition, the Trustees have appointed Designated Safeguarding Leads in Britain and in Ireland. Their responsibilities include updating internal policies; and ensuring that sisters, staff, and volunteers are kept informed about good practice in work and ministry. Each person liaises with Maria Crowley one of the Trustees on a regular basis and meets all the Trustees annually to provide a written report.

Throughout 2021 Catherine and the Designated Safeguarding Lead attended the Religious Consultation Meetings organised by Conference of Religious in England and Wales to implement the findings of an Independent Inquiry into Child Sexual Abuse (IICSA) on the Roman Catholic Church November 2020 and the Elliott Review. A safeguarding body was established ‘Catholic Safeguarding Standards Agency’ (CSSA) and a new organisation, the Religious Life Safeguarding Service (RLSS). The Trustees decided to enter into contracts with both these organisations.

Donations in support of other organisations

When planning their budget at the beginning of the year, the Trustees agree to set aside a certain amount for the organisations whose work is consistent with the objects of the charity. These organisations are usually known to several Sisters within their own area and at a wider level, throughout the Province of Britain and Ireland.

“On the move” fund

This designated fund was set up in 2015 in response to the call of the General Chapter in 2014 to offer our gift of Communion in a world where we encounter people who are obliged to be “on the move” – migrants, refugees, displaced, trafficked and homeless persons – we will together search for ways to use our resources of personnel, houses, finance and skills to take action on their behalf.

Sisters can apply for monies from the designated fund to help support local projects where they have direct involvement. Funds will be available for a one-off event or a series of six sessions/payments. The amount allocated will fall within £200 - £1,500. During the trustees’ meetings, the applications are discussed, and funds are allocated. All funding when approved by the Trustees is allocated by the Provincial Bursar.

In keeping with the aims of this fund we have shared with various charities who are working directly with migrants, refugees and vulnerable people. This sharing contributes to making a significant difference in the lives of the recipients.

The Sisters of the Holy Family of Bordeaux Charitable Trust 33

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

“On the move” fund (continued)

Contributions were made to the following charities: -

LEDAS - Leeds Destitute Asylum Support – which provided housing and essential living support for eleven destitute people.

SPIRASI – supporting victims of torture in Ireland

DePaul – a charity in Ireland supporting some of the most marginalised individuals, couples and families experiencing homelessness. They provide support across five key areas of homelessness: Prevention, Families & Young People, High Support Accommodation, Health and Rehabilitation and Housing.

JRS – Jesuit Refuge Service – enabling essentials for basic living such as food, toiletries, phone top ups, hardship grants.

We also made a contribution to an adult to enable him to return to university in Bradford as a mature student and continue his studies.

We received copies of the safeguarding policies from all the charities to whom we offered support.

All the above contribute to vital support for the mental and physical wellbeing of the recipients.

We take inspiration from Pope Francis, who says:

“Migrants are not seen as entitled like others to participate in the life of society, and it is forgotten that they possess the same intrinsic dignity as any person… No one will ever openly deny that they are human beings, yet in practice, by our decisions and the way we treat them, we can show that we consider them less worthy, less important, less human. For Christians, this way of thinking and acting is unacceptable, since it sets certain political preferences above deep convictions of our faith: the inalienable dignity of each human person regardless of origin, race or religion, and the supreme law of fraternal love.” (Fratelli Tutti 39)

The Sisters of the Holy Family of Bordeaux Charitable Trust 34

Trustee’s report 31 December 2021

Activities, specific objectives, relevant policies and achievements (continued)

Investment policy

There are no restrictions on the charity’s power to invest. The charity’s investments were managed by three professional investment managers during the year. The investment strategy is set by the trustees with advice from their investment managers. It considers the charity’s income requirements for the year, the risk profile and the investment managers’ views of the market prospects in the medium term.

The policy is to maximise total return through a diversified portfolio whilst providing a level of income as advised by the trustees from time to time. The trustees also have an Ethical Policy which precludes investment in any company, which after reasonable enquiry, clearly generates significant profits from an activity which is contrary to the objectives of the Catholic Church.

The performance of the portfolios and the charity’s investment strategy are reviewed by the trustees whose representatives meet with the investment managers every six months.

Divestment from Fossil Fuels

On 17 May 2021 in collaboration with Bright Now and Operation Noah we joined the global announcement to begin divestment from fossil fuels. As Sisters of the Holy Family of Bordeaux, we are committed to promoting communion in a world of increasingly rapid change, with the urgency that this requires. This impels us to develop relationships that promote oneness/wholeness and in so doing creating a new future for the human person, for society and for the whole Earth community. It draws us to a changed way of living our humanity that respects the universal sacredness, uniqueness, diversity and interconnectedness of all life. It urges us to recognise and proclaim the primacy of our God, and manifest God’s love for all beings by going beyond boundaries that maintain systems that threaten communion.

Consequently, concern for the urgent need to act in view of Climate Change leads us to the decision to align our investments with our values and mission and so begin the process of divestment from fossil fuels. This is consistent with Catholic social teaching and a response to Pope Francis’s urgent call to develop resources of renewal energy to combat climate change, to respond to the pressing need to care for our common home; a call heard also in Paris climate agreement (2015). We, therefore, confirm that we will divest from any investments in fossil fuels as soon as possible, and within five years at the latest and to reinvesting in zero-carbon energy generation.

In response to Pope Francis’s urgent call to develop resources of renewal energy to combat climate change and consistent with Catholic social teaching we have decided to align our investments with our values and mission and so begin the process of divestment from fossil fuels.

The Sisters of the Holy Family of Bordeaux Charitable Trust 35

Trustee’s report 31 December 2021

Achievements and performance (continued)

COVID-19 pandemic and its effects on the operation of the charity

The COVID-19 pandemic has significantly changed our way of life as it has for people all over the world. An outbreak of positive cases of COVID 19 occurred in the Care Unit in Newbridge among both staff and Sisters. This was a time of grave concern, not just for the health of the Sisters but, in the daily management of the Home as many staff were affected. In the days following the outbreak 7 members of the community died. The remainder of the members in the community were left disturbed by the whole experience and therefore required ongoing help and support. During this time, great assistance was given by Neylons, the company, who run the care unit and by the HSE (Health Service Executive) in Ireland.

The Care Unit in Rock Ferry also experienced an outbreak of Covid 19 among staff and Sisters. The Matron, Key Nursing Staff and 11 Sisters tested positive, and were in isolation for two weeks. Thankfully, most sisters were able to come through this difficult time, but sadly one Sister died. The community and the staff have been helped greatly by the Department of Health and by the support of the Sisters in the Unit.

Many Sisters normally do charitable work in their local parishes or in other organisations. In most cases the Sisters could not continue their ministry because of lockdown. Sisters followed the advice to stay at home, observe social distancing, restrict travel and all the other preventive measures ordered by the government. However, as far as is possible, we have continued to donate to projects, working closely with the most vulnerable.

Future plans for the charity

Although the age profile is high among our Sisters, the trustees see the charity continuing into the future. It will be necessary, however, to discern which ministries take priority. It is hoped that the trustees will continue to develop the mission of serving refugees, asylum seekers and homeless people, in Britain and Ireland, in line with our Chapter priorities. Currently in Ireland we hope to welcome and work with Ukrainian Refugees

The trustees hope to continue welcoming our members from other countries to study English, and to participate in an ongoing formation course and experience a different way of life from their own countries.

Fossil Fuel Divestment

In response to the current climate change crisis and after further research, there is encouragement by the fact that many faith institutions have stopped investing in the fossil fuel industry. The trustees have decided to begin the process of full divestment from fossil fuels. A conversation with Barclays Wealth, Newton and Sarasin Investors, regarding this issue, occurs during the annual review meetings with the Trustees.

The Sisters of the Holy Family of Bordeaux Charitable Trust 36

Trustee’s report 31 December 2021

Future plans for the charity (continued)

Community Reviews and disposal of properties

For some time, it has become evident that a review of the communities in the Unit was required. With this need in mind, the leadership team began a process of discernment. Following the time of reflection and dialogue with the Sisters, it became evident that decisive and immediate action was required. The trustees drew up criteria for closure of a community as follows: Quality of community life, outreach, sustainability, suitability of the house for ageing personnel and size and upkeep of the property. The trustees identified four communities meeting these criteria. These were Woodford Green, Magherafelt, Bradford and Selby Road. Time was spent on how to proceed with the process to ensure that all the Sisters were engaged and entered this time of significant transition in the Unit in a spirit of prayer and reflection.

Considering all points and the recommendations in the valuation of property report it was agreed that selling these properties would be the most beneficial option for the Charity. Discussion among the trustees took place regarding the generation of income. It was felt that investing the money is the way forward with emphasis given to investing in ecologically, friendly investments.

Extension of the “on the move” fund

With four of the community houses closing, there will be a reduction of applications to the Unit Leadership Team for this “on the move” fund. Because of this and in order to reach the people who really need to benefit from the fund, it was agreed to change the way these funds might be administered. The trustees discussed how the remit of the fund might be extended to offer an annual sum to meet some of the needs of refugees/ asylum seekers/ homeless people. The requests are made directly to the Unit Leadership Team by an individual or organisation with a recommendation by one Sister in the area.

The Unit Leadership Team will carry out a review after twelve months after which the funding may be allocated for a further year.

Reaching out to Ukrainian Refugees

In Britain: The charity has registered with the COREW stating our intent to offer accommodation and support.

In Ireland: The charity has registered with the AMRI stating our intent to offer accommodation and support.

Wrexham, Wales: The Charity has registered with the Welsh Government scheme "Home for Ukraine” and also registered with "Reset" an organisation that is working to establish safe and secure matching system to connect sponsors and refugees from Ukraine.

The charity is working closely with "Housing Justice" who provide ongoing support to hosts throughout the placement.

The Sisters of the Holy Family of Bordeaux Charitable Trust 37

Trustee’s report 31 December 2021

Future plans for the charity (continued)

Reaching out to Ukrainian Refugees (continued)

In Poland: The Sisters in Poland are offering a variety of support to the Ukrainian Refugees while following government guidelines. The trustees agreed to donate as a Unit when Poland can accept funding.

Financial review

Results for the financial year

The charity’s total income for the year amounted to £3,722,698 compared to £1,916,310 in 2020 and expenditure totalled £3,438,082 (2020 -£3,728,298).

The principal components of income in 2021 were donations and legacies which amounted to £829,936 (2020 - £1,106,826), investment income and interest receivable totalling £735,251 (2020 - £780,043) and a surplus from the sale of properties of £2,129,410 (2020 – nil).

The costs of supporting the members of the Institute and their ministry were £2,857,622 as compared to £2,981,420 in 2020. The cost of maintaining and adapting the charity’s property for use by members of the Institute (who are becoming more elderly) and the costs of caring for these members contributed to both the 2020 and 2021 costs.

Grants and donations totalled £480,264 as compared to £649,115 in the previous year. Further details of grants and donations are provided in note 6 to the accounts.

Net income before investment gains for the year amounted to £284,616 (2020 - net expenditure of £1,811,988). Net investment gains were £2,950,486 (2020 - net gains of £1,162,258) and hence the net increase in funds for the year amounted to £3,235,102 (2020 - net decrease £649,730).

Investment performance

The charity has three portfolios of investments with a combined market value at 31 December 2021 of £32,784,883 (2020 - £31,188,883) and cash awaiting investment of £131,003 (2020 - £601,544).

One portfolio, managed by Newton Investment Management Limited, had a market value of £11,371,825 and represents part of the retirement fund. Another, managed by Barclays Wealth, had a market value of £13,251,313 and represents the endowment fund, the balance of the unrestricted funds and part of the Generalate fund. The third portfolio managed by Sarasin had a market value of £8,292,749 and represents unrestricted funds.

The Sisters of the Holy Family of Bordeaux Charitable Trust 38

Trustee’s report 31 December 2021

Financial review (continued)

Investment performance (continued)

The charity’s investment strategy is set by the trustees with advice from their investment managers. It takes into account the charity’s income requirements for the year, the risk profile and the investment managers’ views of the market prospects in the medium term. The policy is to maximise total return through a diversified portfolio whilst providing a level of income as advised by the trustees from time to time. The trustees also have an Ethical Policy which precludes investment in any company, which after reasonable enquiry, clearly generates significant profits from an activity which is contrary to the objectives of the Catholic Church. As noted above, the charity is also in the process of divesting from fossil fuels. There are no restrictions on the charity’s power to invest.

During the year, the charity’s investments achieved an income yield of 2.30%, and a capital yield of 9.22% reflecting the global increase in investment values at the year end. The investment managers continued to invest in accordance with the trustees’ investment policy summarised above. Further details of the investment portfolios are included in note 12 to the attached accounts.

The trustees continue to take a long-term view and believe their investment policy continues to be applied and remains appropriate.

Reserves policy and financial position

Reserves policy

The trustees have examined the requirement for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. The trustees consider that, given the nature of the charity’s work, the level of free reserves should cover up to 15 months’ expenditure. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income due to timing differences, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.

Financial position

The balance sheet shows total reserves of £42,283,713.

£17,000,000 represents a retirement reserve designated to provide for sisters as they increase in age. The value of the fund has been calculated using actuarial principles to provide for the Institute’s sisters but is not meant to guarantee sufficient resources. It is merely an estimate designed to recognise, and make some provision for, the financial undertaking implicit in the relationship between a religious congregation and its members.

The Sisters of the Holy Family of Bordeaux Charitable Trust 39

Trustee’s report 31 December 2021

Financial review (continued)

Reserves policy and financial position (continued)

Financial position (continued)

Following the disposal of the freehold property in Cambridge in 2016, the trustees have set aside a total of £3,000,000 in a “Financing and Institutional Fund”. Whilst much work must be done on deciding exactly how these funds are to be applied, the broad intention of the trustees is to use them to finance the work of the sisters for the mission of serving refugees, asylum seekers and homeless people, in Britain and Ireland. A large proportion of the money has been invested with a view to generating income to apply each year, but it is anticipated also that some of the money may be applied directly towards grants and donations in the short term.

Following the disposal of the freehold property in Dublin, the trustees have set aside an “On the Move” fund. At the year end the balance on the fund was £1,733,427. The fund is used to search for ways to use resources such as personnel, house, finance, and skills to provide assistance for people who are “on the move” including migrants, refugees, displaced, trafficked and homeless persons.

The tangible fixed assets fund totals £5,996,350 and is represented by tangible fixed assets used to support the work of the sisters.

The balance sheet also includes a permanent endowment fund of £46,421, the interest from which may be used for the general work of the charity.

Restricted funds of £7,025,598 are held for specific purposes as detailed in note 17.

Funds which are available to support the work of the sisters in the future i.e., free reserves are those shown on the balance sheet as general funds and total £7,481,917. Despite being higher than the level demanded by the above reserves policy, the free reserves are not considered excessive when viewed in the light of the commitment to fund the running costs of care units in Ireland and Rock Ferry, England, the charity’s annual expenditure and the increasing age profile of the members of the Institute. There is also a lack of new vocations and therefore no prospect of increased income in the future. There are only modest resources remaining to look after the ever-growing number of sisters needing increasing, and increasingly expensive, residential and nursing care.

The Sisters of the Holy Family of Bordeaux Charitable Trust 40

Trustee’s report 31 December 2021

Governance, structure and management

Governance

The Sisters of The Holy Family of Bordeaux i.e. the Institute is governed by its own constitution, under the direction of the Institute Leader and the General Council, all based in the headquarters in Rome. They are elected every six years at a General Chapter, i.e. a meeting of elected delegates representing all the sisters worldwide. The Province of Britain and Ireland is directed by the Provincial Leader and her Council of four sisters, including a Provincial Bursar, all of whom are appointed by the General Council. Members of the Provincial Council are appointed for their understanding and experience of the ministries of the sisters, and their knowledge of the needs of the Province. They also visit the communities on a regular basis to keep themselves aware of the progress and development of the works carried out by the sisters throughout the Province. The Institute Leader and her Council visit all the communities of the Province about once in every six years.

The members of the Council are also trustees or directors of the corporate trustee. They all meet with the auditor to discuss the annual report and accounts. Throughout the year they attend courses to help them fulfil their responsibilities.

The names of the trustees who served during the year and who are also the members of the Leadership Team of the Province are as follows:

Name Provincialate Trustees Limited (the corporate trustee) Lucilla Bonaventhoor (the named trustee)

The directors of the corporate trustee during the year were as follows:

Name Catherine Lavery Mary Claire McGrath Margaret Muldoon Maria Crowley Lucilla Bonaventhoor

Since joining The Sisters of the Holy Family of Bordeaux, each of the trustees has been involved in spiritual, theological, human and academic formation courses which enables each of them to be responsible trustees of the charity.

Brief details of each of the trustees in office during the year are as follows:

Sister Catherine Lavery – Sister Catherine has worked in secondary education, teaching Chemistry and Religious Studies. She trained in Pastoral Ministry and as a Retreat Director, and for 11 years was involved in directing retreats in the Oblate Retreat and Spirituality Centre, Crewe.

The Sisters of the Holy Family of Bordeaux Charitable Trust 41

Trustee’s report 31 December 2021

Governance, structure and management (continued)

Governance (continued)

Sister Mary Claire McGrath – Sister Claire worked as a teacher in secondary education. She is a former Provincial Leader serving for six years. She obtained an MA degree from Dublin City University in pastoral psychology and theology. She also trained as a Healthcare chaplain and worked for ten years as co-ordinator of Pastoral Care with St John of God Kildare Services, a large centre for people with intellectual disability.

Sister Maria Crowley – Sister Maria trained as a social worker, specialising in childcare in Leeds and Bradford. She continued as a community development worker in Ireland, working with travellers, alcohol, and drug users, and with women in prison in Dublin. Currently she is involved in supporting asylum seekers and teaching organic gardening. She has been the Holy Family Safeguarding Representative for several years.

Sister Margaret Muldoon - with a background in teaching, Sister Margaret served as trustee and Provincial Leader and then on the General Leadership Team in Rome. She was appointed General Superior of the Holy Family Institute for the period 2002 to 2014. She is currently a volunteer worker with asylum seekers at the Jesuit Refugee Centre, London.

Sister Lucilla Bonaventhoor (Provincial Bursar) - Sister Lucilla Bonaventhoor is a Srilankan Sister who has lived in community here for 13 years. She has a background in teaching in junior and senior schools. She came to London as a missionary in 2007. Since then, Sister Lucilla has studied accountancy and computer skills. Having lived in two communities in England, she has experience of taking responsibility for finance.

Trustees from 1 December 2018

Left to Right - Catherine Lavery (Provincial & Trustee) Claire McGrath (Trustee) Maria Crowley (Trustee) Margaret Muldoon (Trustee) Lucilla Bonaventhoor (Provincial Bursar & Trustee)

The Sisters of the Holy Family of Bordeaux Charitable Trust 42

Trustee’s report 31 December 2021

Governance, structure and management (continued)

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales and the Republic of Ireland requires the trustees to prepare accounts for each financial period which give a true and fair view of the situation of the charity and of the income and expenditure of the charity for that period. In preparing the accounts 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 which enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations, the Irish Charities Act 2009 and the provisions of the charity’s 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.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments regarding the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers, e.g., property consultants, investment managers, solicitors and accountants.

The Sisters of the Holy Family of Bordeaux Charitable Trust 43

Trustee’s report 31 December 2021

Governance, structure and management (continued)

Structure and management reporting (continued)

The Province of Britain and Ireland has sisters who live in nine communities. The trustees have always sought to have their members in ministry in those areas where people are usually deprived in some way and where our sisters provide the most appropriate kind of care and pastoral support which is needed. Opportunities are created for the local communities to meet with the Provincial Team to review their ministries and progress; together they look at new possibilities and openings or closures, if it is felt that there are more pressing needs elsewhere and where sisters feel called to serve more deprived people.

Care units for Holy Family Sisters

The charity has nursing care units for sisters of the Institute: one in Britain and one in Ireland.

During the past several years, as the age profile of sisters has risen and the level of dependency has increased, the trustees have been concerned that the ageing sisters, who have given themselves wholeheartedly to the service of others and the benefit of the public, be it in teaching, nursing, social/pastoral services or in other caring professions, ought now to be cared for in a dignified, compassionate manner in their declining years. With this in mind, the charity’s resources and houses have been carefully considered to see what improvements and refurbishments were required and what facilities needed to be provided in order to give the sisters the care they needed. This called for some major work in some instances; it also meant employing more lay staff for the efficient running of these units.

Lay co-ordinators have been employed in the communities in Rock Ferry and Newbridge to carry out these duties. These are assisted by a team of lay staff in each care unit.

The trustees are pleased to report that in the year, all sisters requiring care, were being cared for in our own units.

Rock Ferry care unit receives advice from St John of God Hospitallers, and Newbridge care unit is managed by Neylons Facility Management Limited. They assist the trustees in the management of the care units but do not comprise key management of the charity. Pay for employees is normally increased in accordance with average earnings.

Key management

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

All trustees are members of the Institute and whilst their living and personal expenses are borne by the charity they receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

The Sisters of the Holy Family of Bordeaux Charitable Trust 44

Trustee’s report 31 December 2021

Governance, structure and management (continued)

Risk management

The continuing Covid-19 pandemic has clearly presented us with challenges which could not have been foreseen. The trustees recognise their responsibility for the management of risks faced by the charity, the Community and its individual members.

We continue to review and update our risks as well as the documents and procedures in place. This process is deemed particularly important during the continuing Covid-19 pandemic.

The trustees undertake an annual review of the principal risks and uncertainties that the charity faces categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity if those risks materialise.

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems 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:

The Sisters of the Holy Family of Bordeaux Charitable Trust 45

Trustee’s report 31 December 2021

Governance, structure and management (continued)

Risk management (continued)

The Sisters of the Holy Family of Bordeaux Charitable Trust 46

Trustee's report 31 December 2021 Governanu. Structure and management {continued) Ralslng funds The charity aims to achieve test practice in the way in which it communicates with donors and other supwrters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. 11 applies best pra¢tice to protect supporters, data and never sells dats, Tt never swaps data and ensures that communication prefe￿nCeS can be changed at any time. The charity manages its own fijndraising actwities and does not employ the Serv1￿ of professional fundraisers. The charity undertakes to react to and invesb.gate any complaints regarding its fundraising aclivthes and to learn from them and improve rts servi￿. During the year, the charity received no comp18ints about ils fvndraising actNities. Collaboratots ol the Institut• The trustees wish to record their recognibon of the professionalism and commitment of all their ¢ollaborators arKI indwidual members of the Institute. Their ded￿atIOn is very much appreciated. Signed on tehalf of the trustees.. Qri r£ LGJJ Approved by the trustees on.. The Sisters of the Holy Family of Bordeaux Charitable Trust 48

Independent auditor’s report 31 December 2021

Independent auditor’s report to the members of The Sisters of the Holy Family of Bordeaux Charitable Trust

Opinion

We have audited the accounts of The Sisters of the Holy Family of Bordeaux Charitable Trust (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the comparative statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. 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 accounts:

Basis for opinion

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.

The Sisters of the Holy Family of Bordeaux Charitable Trust 48

Independent auditor’s report 31 December 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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 Act 2011 and the Irish Charities Act 2009 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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.

The Sisters of the Holy Family of Bordeaux Charitable Trust 49

Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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 to irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Sisters of the Holy Family of Bordeaux Charitable Trust 50

Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

The Sisters of the Holy Family of Bordeaux Charitable Trust 51

Independent auditor’s report 31 December 2021

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 with regulations made under section 154 of that Act, and in accordance with section 50 of the Irish Charities Act 2009. 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 and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 19[th] July 2022 Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Sisters of the Holy Family of Bordeaux Charitable Trust 52

Statement of financial activities Year to 31 December 2021

Notes
Un-
restricted
funds
£
Restricted
funds
£
Endowment
fund
£		 2021
Total
funds
£		 2020
Total
funds
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Surplus on disposal of tangible
fixed assets
3
. Coronavirus Job Retention Scheme
funding
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Investment management fees
4
Charitable activities
. Support of members of the
Institute and their ministry
5
. Grants, donations and support of
missionary work
6
Total expenditure
Net income (expenditure) before net
investment gains (losses)
7
Net investment gains (losses)
12
Net income (expenditure) before
transfers
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
at 1 January 2021
Total funds carried forward
at 31 December 2021
828,961

611,612

2,138,093
—
19,418		 975
123,639
—
—
—		 —
—
—
—
—		 829,936
735,251
2,138,093
—
19,418		 1,106,826
780,043
7,163
12,968
9,310
3,598,084 124,614 — 3,722,698 1,916,310

60,894

2,856,611

80,062		 39,302
1,011
400,202		 —
—
—		 100,196
2,857,622
480,264		 97,763
2,981,420
649,115
2,997,567 440,515 — 3,438,082 3,728,298

600,517

2,464,468		 (315,901)
486,230		 —
(212)		 284,616
2,950,486		 (1,811,988)
1,162,258
3,064,985

(75,000)
170,329
75,000
(212)

—		 3,235,102
—		 (649,730)
—
2,989,985
32,221,709		 245,329
6,780,269		 (212)
46,633		 3,235,102
39,048,611		 (649,730)
39,698,341
35,211,694 7,025,598 46,421 42,283,713 39,048,611

The statement of financial activities includes all gains and losses recognised in the year.

A comparative statement of financial activities is included on the following page of these financial statements.

The Sisters of the Holy Family of Bordeaux Charitable Trust 53

Comparative statement of financial activities Year to 31 December 2020

Notes
Un-
restricted
funds
£
Restricted
funds
£
Endowment
fund
£
2020
Total
funds
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Surplus on disposal of tangible
fixed assets
3
. Coronavirus Job Retention Scheme
funding
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Investment management fees
4
Charitable activities
. Support of members of the
Institute and their ministry
5
. Grants, donations and support of
missionary work
6
Total expenditure
Net expenditure before net investment
gains
7
Net investment gains
Net (expenditure) income before
transfers
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
at 1 January 2020
Total funds carried forward
at 31 December 2020
1,034,276

638,979

7,163
12,968
7,151		 72,550
141,064
—
—
2,159		 —
—
—
—
—		 1,106,826
780,043
7,163
12,968
9,310
1,700,537 215,773 — 1,916,310

60,477

2,981,350

58,369		 37,286
70
590,746		 —
—
—		 97,763
2,981,420
649,115
3,100,196 628,102 — 3,728,298
(1,399,659)
998,901		 (412,329)
163,346		 —
11		 (1,811,988)
1,162,258
(400,758)

(75,000)
(248,983)
75,000
11
—
(649,730)
—
(475,758)
32,697,467		 (173,983)
6,954,252		 11
46,622		 (649,730)
39,698,341
32,221,709 6,780,269 46,633 39,048,611

The statement of financial activities includes all gains and losses recognised in the year.

The Sisters of the Holy Family of Bordeaux Charitable Trust 54

Balance sheet 31 Decemter 2021 2021 2021 2020 2020 Tangible ass8ts Investsnents 11 12 5.996.350 32,915.886 38.912.236 6,413,416 31,7￿,427 38,203.843 CU￿nt *8sets Debtors Ca8h at b￿k in haThJ 13 17.631 3,855.720 3,673,351 17,309 1,1S1,634 1.168.943 Currnnt liabilities Creditors.. arnwnts 1811iNJ due wrfhln year Not eurrnnt •¥wts Total nrtawts 14 1301,8741 {324.175) 3.371.477 42.283,713 844.768 39,048,611 Reprna•nted by: The funds of the ¢F4rity: Capilal funds Endowment fund Inc¢vn• funds RestrKted fijnds Unrestrrted funds . General fijnds . Tangibl8 f￿ad assets fvnd . DeswJnated funds 18 46.421 46,633 17 7.025,$98 8.780,289 7,481,917 1B 5.996.3SO 19 21,733.427 4.008.177 6.413,416 21,8CMJ.118 35.211,694 42.283,713 32,221,709 39,046,611 Approved by the trustees and signed on their behalf by: Uci ool Trustee Approved on.. The Sisters of the Holy Family of Bordeaux Charitable Trust 66

Statement of cash flows Year to 31 December 2021

Notes 2021
£		 2020
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of investments

Purchase of investments

Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2021
B
Cash and cash equivalents at 31 December 2021
B
**(2,444,086) **		 (2,451,986)


735,630
2,611,581
(223,945)
11,739,042
**(10,384,677) **		 780,043
7,170
(47,807)
4,087,736
(2,007,451)
4,477,631 2,819,691

2,033,545

1,753,178
 367,705
1,385,473
3,786,723 1,753,178

Notes to the statement of cash flows for the year to 31 December 2021.

A Reconciliation of net movement in funds to net cash flow used in operating activities

2021
£		 2020
£
Net movement in funds (as per the statement of
financial activities)
Adjustments for:
Depreciation charge
Gains on investments
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Loss on disposal of tangible fixed assets
Increase in debtors
Decrease in creditors
Net cash used in operating activities		 3,235,102
159,540
(2,950,365)
(735,251)
(2,138,093)
7,983
(701)
(22,301)		 (649,730)
164,685
(1,162,668)
(774,830)
(7,163)
—
(6,868)
(15,412)
(2,444,086) (2,451,986)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2021
£
3,655,720
131,003
3,786,723		 2020
£
1,151,634
601,544
1,753,178
Cash at bank and in hand
Cash and cash investments held by investment managers
Total cash and cash equivalents

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Sisters of the Holy Family of Bordeaux Charitable Trust 56

Principal accounting policies 31 December 2021

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

These accounts have been prepared for the year to 31 December 2021 with comparative figures provided in respect to the year to 31 December 2020.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and the Irish Charities Act 2009.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

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 at least one year from the date of approval of these accounts.

The Sisters of the Holy Family of Bordeaux Charitable Trust 57

Principal accounting policies 31 December 2021

Assessment of going concern (continued)

With regard to the next accounting period, the year ending 31 December 2022, 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).

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.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, investment income, interest receivable, the surplus on disposal of tangible fixed assets and miscellaneous income.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

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 to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or 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, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

The Sisters of the Holy Family of Bordeaux Charitable Trust 58

Principal accounting policies 31 December 2021

Income recognition (continued)

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.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

Income from the Government’s Job Retention Scheme in respect to the Covid-19 pandemic is accounted for when the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

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.

All expenditure is stated inclusive of irrecoverable VAT.

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.

The Sisters of the Holy Family of Bordeaux Charitable Trust 59

Principal accounting policies 31 December 2021

Support and governance costs (continued)

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Institute and enabling their ministry and hence there has been no apportionment between the headings.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

Depreciation is charged on leasehold properties at the following rates:

The Sisters of the Holy Family of Bordeaux Charitable Trust 60

Principal accounting policies 31 December 2021

Tangible fixed assets (continued)

Motor vehicles are capitalised and depreciated over a four year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits i.e. current asset investments. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

The Sisters of the Holy Family of Bordeaux Charitable Trust 61

Principal accounting policies 31 December 2021

Fund structure

The charity’s funds comprise a small capital fund, being a permanent endowment which must be held indefinitely, restricted funds which must be applied for specific purposes in accordance with donors’ wishes, and a number of unrestricted income funds which are available for application towards the charity’s objectives. Within unrestricted funds the trustees have designated certain amounts for specific purposes and have identified those non-liquid funds represented by tangible fixed assets.

Details of the permanent endowment fund, the restricted funds, the tangible fixed assets fund and the designated funds are given in notes 16 to 19 of these accounts.

Services provided by members of the Institute

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

Foreign currencies

Income received and costs incurred overseas are translated into Sterling at the rate of exchange in force at the year end. This policy does not comply with Financial Reporting Standard 102 but has been adopted to avoid over-complexity. The amounts involved are not material.

Exchange differences arising on translation of assets and liabilities at the balance sheet date are recorded as movements on general funds.

Pension contributions

Contributions in respect to defined contributions pension schemes are charged to the statement of financial activities when they are payable to the scheme.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

The Sisters of the Holy Family of Bordeaux Charitable Trust 62

Notes to the accounts Year to 31 December 2021

1 Income from: Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
funds
£
Salaries and pensions of
individual religious
received under Gift Aid
or Deed of Covenant
Other donations
Total funds		 819,101
9,860
260

715		 819,361
10,575		 1,023,794
10,482
259

72,291		 1,024,053
82,773
828,961
975		 829,936 1,034,276
72,550		 1,106,826

2 Income from: Investments and interest receivable

Unrestricted
funds
£		 Restricted
funds
£
2021
Total
funds
£
Unrestricted
funds
£		 Restricted
funds
£
2020
Total
funds
£
Income from listed
investments
UK equities and unitised
funds
Overseas equities and
unitised funds
UK Government stocks
UK & International
bonds
Alternative Assets
Interest receivable
Bank interest
Cash held by investment
managers
Total funds		 583,873
2,589
495
8,405

16,188
41,872

4,239

1,503

40,053

35,946		 625,745
6,828
1,998
48,458
52,134		 637,600
—
485
551
—		 35,914
21,647
2,174
38,822
41,923		 673,514
21,647
2,659
39,373
41,923
611,550
123,613		 735,163 638,636 140,480 779,116
62

—
26

—		 88
—		 1
342		 239
345		 240
687
62
26		 88 343 584 927
611,612
123,639		 735,251 638,979 141,064 780,043

3 Surplus on disposal of tangible fixed assets

Unrestricted funds Unrestricted funds
2021
Total
funds
£		 2020
Total
funds
£
Surplus on disposal of non-specialised freehold land and buildings
Surplus on disposal of motor vehicles		 2,129,410
8,683		 —
7,163
2,138,093 7,163

The Sisters of the Holy Family of Bordeaux Charitable Trust 63

Notes to the accounts Year to 31 December 2021

4 Expenditure on: Investment management fees

Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£


2020
Total
funds
£
Investment manager fees 60,894 39,302 100,196 60,477
37,286
97,763

5 Expenditure on: Support of members of the Institute and their ministry

Unrestricted
funds
£		 Restricted
funds
£
2021
Total
funds
£
Unrestricted
funds
£		 Restricted
funds
£
2020
Total
funds
£
Premises
Sisters’ living and
ministry expenses
Education, training and
spiritual renewal
Depreciation
Support costs including
other professional fees
Governance – legal and
professional fees
Total funds		 397,159
2,139,759
18,151
159,540

117,048
24,954
—

67

—

—

944

—
397,159

2,139,826

18,151

159,540

117,992

24,954		 339,887
2,339,482
18,433
164,685
95,829
23,034		 —
—
—
—
70
—		 339,887
2,339,482
18,433
164,685
95,899
23,034
2,856,611
1,011		 2,857,622 2,981,350 70 2,981,420

6 Expenditure on: Grants, donations and support of missionary work

The charity makes grants and donations, principally in support of the overseas work of The Sisters of The Holy Family of Bordeaux and those causes which further the Roman Catholic faith. Grants and donations are made to both individuals and organisations in accordance with the policy set out in the trustees’ report.

The grants and donations payable during the year were as follows:

Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
funds
£
Grants to the overseas missions of the Sisters of The Holy Family
of Bordeaux:
. Generalate
. Congo
. Administration, Maintenance of buildings, formation and
Sisters, living expenses
. Jaffna / Colombo
. For support of members of the Institute
. Poland
. Repairs and maintenance, formation and sisters’ living
expenses
Grants and donations to other organisations and individuals
2021 Total funds		 —
—
—
—
80,062		 75,000
140,500
108,546
70,250
5,906		 75,000
140,500
108,546
70,250
85,968
80,062 400,202 480,264

The Sisters of the Holy Family of Bordeaux Charitable Trust 64

Notes to the accounts Year to 31 December 2021

6 Expenditure on: Grants, donations and support of missionary work (continued)

Unrestricted
funds
£		 Restricted
funds
£
148,000
56,000
112,000
27,035
55,000
70,543
122,000
168
590,746		 2020
Total
funds
£
148,000
56,000
112,000
27,035
55,000
70,543
122,000
58,537
649,115
Grants to the overseas missions of the Sisters of The Holy Family
of Bordeaux
. Congo
. Administration,Maintenance of buildings ,formation and Sisters,
living expenses
. Pakistan
. Sisters’ basic and ongoing formation and living
expenses and maintenance
. Jaffna – Sri Lanka
. Sisters’ living expenses, special health care for elderly
sisters’, basic and ongoing formation
. Jaffna / Colombo
. For support of members of the Institute
. Philippines
. Ongoing formation, education in language, ministry and
sisters’ living expenses
. Africa
. Misean Cara Projects
. Poland
. Repairs and maintenance, formation and sisters’ living
expenses
Grants and donations to other organisations and individuals
2020 Total funds		 —
—
—
—
—
—
—
58,369
58,369

Included in grants and donations to other organisations are the following donations of £1,000 or more:

or more:
2021
£		 2020
£
Leeds Asylum Seekers Support Network
Jesuit Refugee Services
Spiritan Refugee Services
British Red Cross
Abigail Housing
De Paul Trust
Headingley Childrens Centre
Birmingham Youth Project
Family in Need
Bradford Central Resolution Conflicts
Findhorn Foundation –New Story
Irenaeus Project		 16,000
34,000
1,260
—
1,500
1,260
1,500
—
—
—
5,000
—		 1,500
13,300
2,696
1,500
6,578
4,044
—
5,000
1,500
1,500
5,000
5,000

During the year one donation of £9,250 was made to one individual (2020 - one donation of £5,000 was made to one individual).

The Sisters of the Holy Family of Bordeaux Charitable Trust 65

Notes to the accounts Year to 31 December 2021

2021
£		 2020
£
Staff costs (note 9)
Depreciation
Auditor’s fees (including VAT)
. Statutory audit services
. Payroll administration and other advisory services
Foreign exchange losses(gains)		 556,478
159,540
22,860
9,528
35,214		 564,189
164,685
21,678
9,714
(9,310)

8 Trustees’ expenses and remuneration and transactions with trustees

The charity's named trustee and the directors of its corporate trustee are all members of the Institute and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Institute, are borne by the charity. None of the individuals received any remuneration or reimbursement of expenses in connection with their duties as trustees (2020 - none).

As members of the Institute, neither the named trustee nor the directors of the corporate trustee have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by these individuals, whilst they were trustees, to the charity was £31,535 (2020 - £31,342).

9 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
2021
£		 2020
£
Staff costs in relation to support of the members of the Institute and their
ministry during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
523,568
25,936
6,974		 529,752
27,615
6,822
556,478 564,189

No employees earned £60,000 per annum or more (including taxable benefits but excluding employer’s pension contributions) during the year (2020 - none).

The average number of employees was 37 (2020 - 39). The full time equivalent number was 26 (2020 - 28). All employees were involved in caring for Sisters.

Key management personnel

The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.

All trustees are members of the Congregation and whilst their living and personal expenses are borne by the charity they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or their work as key management (2020 - none).

The Sisters of the Holy Family of Bordeaux Charitable Trust 66

Notes to the accounts Year to 31 December 2021

10 Taxation

The Sisters of The Holy Family of Bordeaux Charitable Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

11 Tangible fixed assets

Tangible fixed assets
Freehold land and buildings Improvements
£
Long
leasehold
property
£		 Motor
vehicles
£		 Furniture
and
equipment
£		 Total
£
Non-
specialised
£		 Specialised
£
Cost or valuation
At 1 January 2021
Additions
Disposals
At 31 December 2021
At cost
At deemed cost – 1995 valuation
Depreciation and impairment
At 1 January 2021
Charge for the year
On disposals
At 31 December 2021
Net book values
At 31 December 2021
At 31 December 2020		 3,307,129
—
(581,363)		 1,387,132
—
—		 —
3,158,408
184,890
—
—
—		 296,206
12,509
(50,712)		 158,449
26,546
(63,651)		 8,307,324
223,945
(695,726)
2,725,766 1,387,132 184,890
3,158,408		 258,003 121,344 7,835,543
1,470,167
1,255,599		 205,027
1,182,105		 184,890
3,158,408
—
—		 258,003
—		 121,344
—		 5,397,839
2,437,704
2,725,766 1,387,132 184,890
3,158,408		 258,003 121,344 7,835,543
107,880
—
(107,880)		 535,550
22,987
—		 —
895,975
18,489
63,168
—
—		 243,621
28,611
(50,707)		 110,882
26,285
(55,668)		 1,893,908
159,540
(214,255)
— 558,537 18,489
959,143		 221,525 81,499 1,839,193
2,725,766 828,595 166,401
2,199,265		 36,478 39,845 5,996,350
3,199,249 851,582 —
2,262,433		 52,585 47,567 6,413,416

As permitted under FRS 102, the charity has opted to adopt a policy of not revaluing its tangible fixed assets. The book value of the land and buildings owned at 31 December 1995 is based on trustees’ valuation made, with professional assistance, as at that date on the basis of replacement value for existing use. As permitted by FRS 102, with effect from 1 January 2015 the value assigned to this property is now deemed its cost. Additions in subsequent years are stated at cost. Other tangible fixed assets are stated at cost.

It is likely that the open market values of certain of the charity’s land and buildings are materially greater than their book values. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of the trustees, is not justified in terms of the benefit to the users of the accounts.

The long leasehold property is a care home for elderly members of the Institute in Ireland, built on land situated in and owned by the Roman Catholic Diocese of Kildare and Leighlin. Under the terms of an agreement between the charity and the Diocese, the charity may occupy the property for as long as the Institute has need of it for use as either a convent or a care home for use by its members. The trustees are of the opinion that occupation will be for a significant number of years and, as such, the costs of construction incurred by the charity have been classified as long leasehold property additions.

The Sisters of the Holy Family of Bordeaux Charitable Trust 67

Notes to the accounts Year to 31 December 2021

12 Investments

Investments
2021
£		 2020
£
Listed investments
Market value at 1 January 2021
Additions at cost
Disposals at book value
(proceeds: £11,739,042; realised gains: £507,616)
Net unrealised investment gains
Market value at 31 December 2021
Cash held by investment managers for re-investment
Cost of listed investments at 31 December 2021		 31,188,883
10,384,677
(11,231,426)
2,442,749		 32,106,500
2,007,451
(4,145,052)
1,219,984
32,784,883
131,003		 31,188,883
601,544
32,915,886 31,790,427
25,096,659 24,531,952

Listed investments held at 31 December 2021 comprised the following:

2021
£		 2020
£
UK equities and unitised funds
Overseas equities and unitised funds
UK Government stocks
UK bonds		 26,689,371
3,813,484
171,269
2,110,759		 29,141,810
641,463
128,226
1,277,384
32,784,883 31,188,883

All listed investments were dealt in on a recognised stock exchange.

At 31 December 2021 listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as at that date.

Holding 2021 2021 2020 2020
Market
value of
holding
£		 Percentage
of
portfolio
%		 Market
value of
holding
£		 Percentage
of
portfolio
%
Newton SRI Fund for Charities
(X GBP Accumulation Units)
Barclays Charity Fund
Class R Distribution (GBP)
Sarasin Endowments Fund
(Accumulation Units)		 11,371,825
—
8,292,749
35%

—

25%		 11,365,281
6,199,241
7,508,791		 36%
20%
24%

13 Debtors

Debtors
2021
£		 2020
£
Interest and investment income receivable
Other debtors
Prepayments		 878
—
16,753		 1,257
504
15,548
17,631 17,309

The Sisters of the Holy Family of Bordeaux Charitable Trust 68

Notes to the accounts Year to 31 December 2021

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£
137,126
9,144
127,530
28,074
301,874		 2020
£
Monies administered on behalf of individual members of The Sisters of
the Holy Family of Bordeaux
Social security and other taxes
Expense creditors
Other creditors and accruals		 141,053
10,406
144,216
28,500
324,175

15 Lease commitments

At 31 December 2021 the charity had future minimum commitments under operating leases for equipment payable as follows:

2021
£
624
624
1,248		 2020
£
Within one year
After one year but less than five years		 3,936
1,248
5,184

16 Endowment fund

Endowment fund
At
1 January
2021
£		 Income
£		 Net
investment
gains
£		 At
31 December
2021
£
Permanent endowment 46,633 — (212) 46,421
At
1 January
2019
£		 Income
£		 Net
investment
gains
£		 At
31 December
2019
£
Permanent endowment 46,622 — 11 46,633

The fund represents monies which must be held by the charity as capital indefinitely. The fund is constituted under a separate trust deed and is a separately registered charity - Charity Registration No. 235586. The income of the fund may be used for the general purposes of the Sisters of The Holy Family of Bordeaux Charitable Trust.

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:

At
1 January
2021
£		 Income
£		 Expenditure
£		 Transfers
and
investment
gains
£		 At
31 December
2021
£
Generalate fund 6,780,269 124,614 (440,515) 561,230 7,025,598

The Sisters of the Holy Family of Bordeaux Charitable Trust 69

Notes to the accounts Year to 31 December 2021

17 Restricted funds (continued)

At
1 January
2020
£
6,954,252		 Income
£		 Expenditure
£		 Transfers
and
investment
gains
£
238,345		 At
31 December
2020
£
Generalate fund 143,072 (555,400) 6,780,269

The purposes for which the funds were held as are follows:

The Generalate fund represents monies given by the Generalate of the Holy Family of Bordeaux to be used to finance the overseas missions of the Institute and the broader work of the Institute overseas. During the year, the trustees agreed that the charity should contribute £75,000 to the Generalate fund towards future grants to the overseas missions of the Institute. This has been shown as a transfer from unrestricted to restricted funds. This relates to 2021 and 2020.

18 Tangible fixed assets fund

Tangible fixed assets fund
Total
2021
£		 Total
2020
£
At 1 January 2021
Net movements in year
At 31 December 2021		 6,413,416
(417,066)		 6,530,302
(116,886)
5,996,350 6,413,416

The tangible fixed assets fund represents the net book value of the charity’s freehold and long leasehold property and other tangible fixed assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At
1January
2021
£		 Designated
during the
year
£
—
—
—
—		 Utilised /
released
£
—
—
(66,689)
(66,689)		 At
31 December
2021
£
17,000,000
3,000,000
1,733,427
21,733,427
Retirement fund
Financing and Institutional fund
“On The Move” fund		 17,000,000
3,000,000
1,800,116
21,800,116

The Sisters of the Holy Family of Bordeaux Charitable Trust 70

Notes to the accounts Year to 31 December 2021

19 Designated funds (continued)

Designated funds(continued)
At
1January
2020
£		 Designated
during the
year
£		 Utilised /
released
£		 At
31 December
2020
£
Retirement fund
Financing and Institutional fund
“On The Move” fund		 19,000,000
3,000,000
340,382		 —
—
1,500,000		 (2,000,000)
—
(40,266)		 17,000,000
3,000,000
1,800,116
22,340,382 1,500,000 (2,040,266) 21,800,116

 Retirement fund

The retirement fund comprises monies set aside to provide for the care and support of members of the Sisters of the Holy Family of Bordeaux as they grow older.

Following the disposal of the freehold property in Cambridge in 2016, the trustees have set aside monies in a Financing and Institutional fund. Whilst much work has to be done on deciding exactly how these funds are to be applied, the broad intention of the trustees is to use them to finance the work of the sisters for the mission of serving refugees, asylum seekers and homeless people, in Britain and Ireland. A large proportion of the money has been invested with a view to generating income to apply each year but it is anticipated also that some of the money may be applied directly towards grants and donations in the short term.

Following the disposal of a freehold property in Dublin, the trustees have set aside £400,000 from the net proceeds as an “On the Move” fund. The fund is to be used to search for ways to use resources such as personnel, house, finance and skills to provide assistance for people who are “on the move” including migrants, refugees, displaced, trafficked and homeless persons.

20 Analysis of net assets between funds

General
funds
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Endowment
fund
£		 Total
2021
£
Fund balances at
31 December 2021
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
4,310,822
3,171,095		 5,996,350
—
—		 —
21,733,427
—		 —
6,825,216
200,382		 —
46,421
—		 5,996,350
32,915,886
3,371,477
7,481,917 5,996,350 21,733,427 7,025,598 46,421 42,283,713

The Sisters of the Holy Family of Bordeaux Charitable Trust 71

Notes to the accounts Year to 31 December 2021

20 Analysis of net assets between funds (continued)

General
funds
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Endowment
fund
£		 Total
2020
£
Fund balances at
31 December 2020
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
3,292,806
715,371		 6,413,416
—
—		 —
21,800,116
—		 —
6,650,872
129,397		 —
46,633
—		 6,413,416
31,790,427
844,768
4,008,177 6,413,416 21,800,116 6,780,269 46,633 39,048,611

The total unrealised gains as at 31 December 2021 constitute movements on revaluations of listed investments and are as follows:

2021
£		 2020
£
Total unrealisedgains at 31 December 2021 7,688,224 6,656,931
2021
£		 2020
£
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2021
Less: In respect to disposals in the year
Add: net gains arising on revaluation in the year
Total unrealisedgains at 31 December 2021		 6,656,931
(1,411,456)
2,442,749		 5,971,193
(543,336)
1,229,074
7,688,224 6,656,931

21 Ultimate control

The charity, which is constituted as a trust, was controlled throughout the period by the Province of Great Britain and Ireland of the Institute of The Sisters of The Holy Family of Bordeaux by virtue of the fact that the Provincial Superior of the Province appoints the named trustee and the directors of the corporate trustee. The Province does not hold any assets, incur liabilities or enter into any transactions in its own right. Assets and liabilities of the Province in Great Britain are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Province’s charitable activities.

22 Related party transactions

Transactions with trustees are disclosed in note 8 to these accounts.

There were no other related party transactions requiring disclosure in the year (2020 – none).

23 Post balance sheet events

Since the balance sheet date, the charity has disposed of three of its non-specialised freehold properties for gross proceeds of £1,055,000. At 31 December 2021, these three properties had an aggregate net book value of £414,069.

The Sisters of the Holy Family of Bordeaux Charitable Trust 72