**The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust**
## **Annual Report and Accounts**
31 December 2020
Charity Registration Number 232835
## **Contents**
## **Reports**
|**Reports**||
|---|---|
|Reference and administrative details||
|of the charity, its trustees and advisers|1|
|Report of the trustees|2|
|Independent auditor’s report|34|
|**Accounts**||
|Statement of financial activities|39|
|Balance sheet|40|
|Statement of cash flows|41|
|Principal accounting policies|43|
|Notes to the accounts|50|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust
## **Reference and administrative details of the charity, its trustees and advisers**
|**Trustees**|Sister Susan Armond (appointed 1 February 2020)|
|---|---|
||Sister Dorothy Butler (retired 1 February 2020)|
||Sister Marianne Donnelly|
||Sister Margaret Fox|
||Sister Teresa Kolb|
||Sister Mary Gretta O’Connor (appointed 1 February|
||2020)|
||Sister Alice O’Dwyer (retired 1 February 2020)|
||Sister Bridget Pritchard (appointed 1 February|
||2020)|
||(The trustees are incorporated under the Charities|
||Act 2011)|
|**Provincial Superior (Sister Provincial)**|Sister Susan Armond (from 1 February 2020)|
|**Provincial Bursar**|Sister Teresa Kolb|
|**Provincial House**|173 Chepstow Road|
||Newport|
||NP19 8GH|
|**Charity registration number**|232835|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|The Royal Bank of Scotland plc|
||1 Redheughs Avenue|
||Edinburgh|
||EH12 9JN|
|**Investment managers**|UBS Wealth Management (UK) Limited|
||5 Broadgate|
||London|
||EC2M 2AN|
|**Solicitors**|Rubin Lewis O'Brien|
||Gwent House|
||Gwent Square|
||Cwmbran|
||South Wales|
||NP44 1PL|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **1**
## **Report of the trustees** Year to 31 December 2020
The trustees present their statutory report together with the accounts of The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust (the charity) for the year ended 31 December 2020.
The accounts have been prepared in accordance with the accounting policies set out on pages 43 to 49 of the attached accounts and comply with the charity’s trust deed, applicable laws and the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (Charities SORP FRS 102) (effective 1 January 2019).
## **Introduction**
The Sisters of St Joseph of Annecy (the Congregation) is an international Roman Catholic Congregation supporting 424 finally professed and 65 junior professed sisters, as well as 35 women in initial formation, worldwide. It was founded in France in 1650 where its Generalate is located and is divided into a number of distinct Provinces and Regions across the world.
The accounts accompanying this report are the accounts of the charitable trust on which the assets of the Congregation in England and Wales are held and through which its finances operate.
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**Report of the trustees** Year to 31 December 2020
**Introduction** (continued)
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Location of houses in the English Province
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Mottingham
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The English Province has houses in various parts of England and Wales, with one community in Killorglin, County Kerry, Ireland.
## **Mission**
## _**Worship and Prayer**_
Members of the Congregation are given the opportunity for private worship and to continue to develop their knowledge and trust in Jesus and the Church through quiet prayer, study of the Gospel and spiritual development. In addition, members of the Congregation celebrate and pray with the wider community including people of all faiths and none. They do this through the provision of spiritual guidance or by just being available to listen in times of need; through the giving of retreats and the celebration of the Liturgy, funeral services, eucharistic services, memorial liturgies as needs arise. These have been increasingly vital for local parish communities who had no access to Mass or the sacraments during times of lockdown during the Covid-19 pandemic.
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**Report of the trustees** Year to 31 December 2020
## **Mission** (continued)
## _**Social and pastoral work**_
Many members of the Congregation are involved in various forms of social or pastoral work throughout the country, including care of the elderly, family support, working with those who have been trafficked, acting as governors in local schools, chaplaincy in hospitals, prisons, retreat work and the conducting of funeral services. The sisters aim to help, in particular, the poor and marginalised in society regardless of their personal background, faith, and gender or individual circumstances.
## _**Overseas missionary work**_
The charity also helps support sisters working in education, healthcare and social work in India, Senegambia, Tanzania, Kenya and Congo, thereby helping some of the world’s poorest and most disadvantaged people. A sister was newly appointed in 2020 as Missionary Development Officer and has attended virtual training to enable her to develop her role. She successfully applied for emergency funding for the sisters’ Missions in both Africa and India at the early stages of the pandemic.
## **Principal Aims, Activities and Policies**
## _**Activities and specific objectives**_
The charity aims to support the religious and other charitable works carried on by the English Province of the Congregation and its members. When setting the aims of the charity, the trustees have complied with their duty under section 17 of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit. The trustees believe that they have demonstrated in detail throughout this report the ways in which the charity has been faithful to this guidance.
The works of the charity fall into the main areas of:
- ♦ caring for members of the Congregation;
- ♦ education;
- ♦ healthcare;
- ♦ social and pastoral care;
- ♦ the advancement of religion; and
- ♦ overseas missionary development.
Each of these is considered in turn below:
## _Caring for the members of the Congregation_
In common with many religious congregations in Great Britain, the age profile of the members of the Congregation in this Province is increasing as existing members grow older and the number of new vocations becomes minimal. The age profile of the finally professed sisters in Great Britain is shown graphically below:
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
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**Report of the trustees** Year to 31 December 2020
## **Principal Aims, Activities and Policies** (continued)
## _**Activities and specific objectives** (continued)_
_Caring for the members of the Congregation (continued)_
The Congregation has a legal and moral obligation to provide care for its members, none of whom has resources of her own, and all of whom have devoted a significant part of their lives to education, nursing and social and pastoral work with the poorer members of society. As the age profile of the sisters increases, so does the cost of providing care.
Over the next decade, the number of sisters needing more care is likely to increase given the age profile. Reflecting society in general there has been an increase in the number of sisters diagnosed with dementia. Caring for them within a community context is proving to be challenging and will require specific planning in the coming years. As a consequence, the trustees are giving careful thought to the implications for the members of the Province, property and finance.
## _Education_
The sisters continue to work in education at all levels and are engaged in various areas in the state system such as teaching in schools; supporting school based sacramental programmes, school governance and adult education. This year, because of restrictions imposed by Covid-19, those who are not teachers have often had to participate “remotely” in these activities. In education, they endeavour to uphold the ethos of the Catholic faith, which aims to provide a sound moral background to inspire and prepare young people for the challenges that lie ahead.
## _Healthcare_
The sisters’ presence in healthcare has changed over time, with sisters continuing to nurse but also expanding into complementary therapies. The Province also operates a Home for the elderly in Killorglin, Ireland which, though not part of the charity, is financially supported by it as necessary.
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**Report of the trustees** Year to 31 December 2020
## **Principal Aims, Activities and Policies** (continued)
## _**Activities and specific objectives** (continued)_
## _Social and pastoral care_
Sisters are engaged in social and pastoral care in their own establishments and in the areas in which their convents are located. These comprise community-based programmes and parish work, counselling, and family support. Ministries undertaken by individual sisters include: education at various levels, promoting recent Church teaching on care of the earth, nursing, care of the elderly, visiting in hospitals, supporting people with mental health issues, spiritual direction, leading of funeral services and bereavement support, retreat work, holistic therapy, supporting victims of human trafficking, Ecumenism and Christian unity and overseas missionary and developmental work.
## _Advancement of religion_
The Congregation operates the Ty Croeso Centre at Llantarnam Abbey, “where all can experience God’s love through relationships with themselves, with others and with all of creation, an oasis where all feel welcomed and valued, a place where people can find the time and space to feel renewed and enriched in order to discover the deeper meaning and direction in life” (Vision Statement). In normal times, the Centre is open to groups and individuals as a place for spirituality and retreats, day or weekend conferences and a variety of other local needs. Prior to the Covid-19 pandemic, the use of this Centre continued to grow and is well known in the locality as a haven of peace where people of all faiths and none may come.
Unfortunately, due to the Covid-19 pandemic Ty Croeso Centre closed in March 2020 and all further bookings for the year had to be cancelled.
The advancement of the Roman Catholic religion permeates all the work of the members of the Congregation. Individual sisters in their diverse ministries are happy to witness their Founder’s charism of unconditional love. This love they share especially with the “poorest and most neglected”, remembering that poverty refers not only to material poverty but also to a wide range of situations that are to be found in society.
## _Overseas and missionary development_
In conjunction with Misean Cara, an Irish based organisation involved in overseas development, the sisters contribute towards development work in India, and in West and East Africa.
One sister works as the Mission Development Officer (MDO) and acts as an interface between Misean Cara and the sisters in Africa and India. She responds to needs identified by the sisters on those continents by applying for, and accounting for, funding from Misean Cara. Great emphasis is placed on safeguarding in every project and the thrust of Misean Cara’s philosophy is to encourage long-term development rather than be a source of one-off financial aid.
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**Report of the trustees** Year to 31 December 2020
## **Principal Aims, Activities and Policies** (continued)
## _**Activities and specific objectives** (continued)_
## _Overseas and missionary development (continued)_
The funding received from Misean Cara over several years has contributed to the improvement of the educational opportunities of so many children and young adults. Likewise, the sisters have been able to provide good medical care for impoverished people in some of the most deprived regions of India and Africa, within which they work. Through this work, the poor are gaining skills and better health that help them pull themselves out of their poverty and realise their own dignity.
Grants, donations and other payments in support of missionary work and ministry are decided on by the trustees in consultation with the other members of the Congregation as appropriate. In the main, the charity supports the work of the Congregation in overseas countries especially India, Senegambia, the Congo, Tanzania and Kenya.
## _**Donations policy**_
Whilst the trustees give occasional support to organisations in the United Kingdom whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.
## _**Fundraising**_
The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.
## _**Protection of children and vulnerable adults**_
Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all sisters who are in any kind of ministry in Great Britain have to obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of the newly formed National Catholic Safeguarding Standards Agency (CSSA).
## _**Investment policy**_
The Congregation has a discretionary investment management arrangement with UBS Wealth Management (UK) Limited. The target set for the investment managers is to achieve an acceptable return of both income and capital growth with no more than a moderate level of risk.
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**Report of the trustees** Year to 31 December 2020
## **Principal Aims, Activities and Policies** (continued)
## _**Investment policy** (continued)_
The ethical investment policy involves a process of making judgements based on Catholic teaching, about the products, services and corporate practices of companies as well as their financial efficacy. Thus, the trustees seek to invest in companies whose products, services and corporate practices are considered to promote the sanctity and dignity of human life, and which contribute to the positive advancement of society in general and are not contrary to the Church’s teaching.
The trustees meet with the investment managers regularly to ensure that the investments are managed in accordance with their written guidelines and with the religious and ethical principles of the Congregation.
## **Achievements and Performance**
## _**Caring for members of the Congregation**_
There are currently ten sisters receiving 24-hour care within St Joseph’s Wing at Llantarnam Abbey and six other sisters are jointly supported by the community and staff to maintain some level of independence as far as they are able. There have been four deaths this year.
Care Inspectorate Wales (CIW) informed us in March 2020 of their decision regarding the requirement to register St Joseph’s Wing as a care home. The ‘Operating Without Registration’ (OWR) Panel agreed that it meets the exception to registration. This was the culmination of many months of negotiation and anxiety about the implications registration would have on the sisters and the charity itself.
During 2020, St Joseph’s Wing has experienced significant challenges presented by Covid19. All staff have risen to these challenges admirably focusing on flexibility in working patterns, changed roles, and upskilling in infection control.
Early in the pandemic, when Personal Protective Equipment (PPE) was difficult to source, sisters from Llantarnam Abbey community began making face visors for the staff to use.
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Caring for members of the Congregation** (continued)_
The Nurse Manager decided to close the unit to all but essential visitors early in March 2020 ahead of government advice to do this. It has curtailed some social and therapeutic events, but adaptations have been made to maintain quality of life and avoid loneliness as far as possible. A Coronavirus Strategy Group was established and meets weekly to review, and anticipate, any community concerns as well as local and national guidelines. So far, these measures have successfully kept the sisters safe and virus-free but all remain vigilant to the risk.
The Covid-19 pandemic has affected staff availability with some being required to shield and others choosing to retire. This created a crisis both financially and in ensuring safe staffing levels. The sister, who is Nurse Manager, took on full-time hours and an appeal was made for help on our Facebook page. We were able to successfully employ bank staff to assist during the pandemic. This situation is constantly reviewed in response to local and national virus rates and government advice.
While many training opportunities have been cancelled, staff have made use of online training from both the Royal College of Nursing and Aneurin Bevan University Health Board (ABUHB). Plans are underway to implement the regular training programme in the second half of 2021. Several carers have begun their QCF (Level 2 & 3) training this year despite the limitations of the pandemic. They are making remarkable progress and have shown their commitment and sensitivity to the sisters’ specific needs as noted by their tutor:
_What a lovely person, her experience and knowledge shines through. C’s understanding of the sisters’ choices and what matters to them motivates C._
_It is a pleasure tutoring and working with the ladies, their principles are like no other I’ve_
_come across before._
BTJ, Assessor at The Training & Learning Company
2020 was designated by the World Health Organisation (WHO) as the International Year of the Nurse and Midwife. It also saw the Royal College of Nursing dedicate a day to Nursing Support Workers. Both these events were celebrated by the sisters resident in St Joseph’s Wing who recognise and value the care they receive.
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Caring for members of the Congregation** (continued)_
The sisters and staff continue to work in collaboration with various agencies to ensure standards of care remain high. This has involved maintaining excellent working relationships and appropriate governance with ABUHB.
The sisters have benefited from the presence of two young sisters from India who are resident at Llantarnam Abbey as volunteers. They have supported the sisters and staff in a variety of ways this year using their many practical and artistic skills as we have celebrated significant birthdays, jubilees and events.
Celebrating 90[th] birthday and platinum (70 years) jubilee
## _**Education**_
The sisters’ work in education at all levels continues. One sister remains in primary education and several others work in catechetics and sacramental programmes in parishes and dioceses. Sisters are also involved in education as school governors, supporting staff and children in their day to day work of education. This year, activity had to be suitably adapted in order to conform to Covid-19 restrictions.
The sisters are aware that in order to continue to develop in their mission in the 21[st] Century, they too need a programme on ongoing education and formation. The year 2020 was different from the norm in as much as most of the formation was delivered online because of Covid-19 restrictions. In 2020, the work in this area included:
- ♦ Sister Monica undertook spirituality sessions.
- ♦ The JPIC (Justice and Peace and the Integrity of Creation) team’s work scheme based on Pope Francis’s Encyclical Laudato Si used a blend of prayer, reflection, input, ritual and faith sharing.
- ♦ An ongoing formation team was appointed to organise and oversee a five year programme. A series of units was designed and appropriate presentations and materials sent via the internet to all sisters in the Province.
As a result, many sisters took the opportunity to update their IT skills so as to better participate in formation offered online.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **10**
**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Healthcare**_
Although not part of the UK charity, the sisters own St Joseph’s Home, Killorglin, Co Kerry Ireland.
Over the past five years, there has been an ongoing building programme. In 2018 an extension of six double ensuite rooms was completed to the Health Information and Quality Authority (HIQA) standards. The final phase of refurbishment was completed in early 2020 bringing the home to a state-of-the-art facility comprising 48 beds mainly single ensuite rooms, with some double rooms to give residents an option if they wish to share.
A community of six sisters is attached to the Home and supports the work of the Home through administration, payroll, activities coordination, pastoral care, nursing and interaction with residents. One sister, who is a registered nurse, arrived from Bhubaneswar Province in India in 2018 to join the community and took up a nursing role in the Home. There are also three sisters from the English Province resident in the Home.
## _**Social and pastoral care**_
Much of our sisters’ work with the underprivileged revolves around visiting the sick, the vulnerable and the housebound, both in their homes or in Care Homes. The nature of this support has had to change in recent months taking into account the government restrictions due to the pandemic.
In the Rhondda Parish of Tonypandy, our sisters live in the presbytery as there is no resident parish priest. Here they take responsibility for the parish church and have given the parishioners much needed support at this difficult and unprecedented time.
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Social and Pastoral Care** (continued)_
## The sisters write:
_“Here in the Rhondda Valleys where there is enormous social deprivation and high unemployment the virus spread quickly in many areas. As a result of these factors the focus of our work had to evolve in a totally different manner. Having previously established a robust home visiting programme we felt it was essential to maintain regular contact with the elderly and housebound, many of whom were socially isolated. We also considered the needs of the parishioners in Care Homes. As visiting was no longer possible during the pandemic, we set up a rota of phone calls to the vulnerable at home and in care homes. This enabled us to assure people they were not alone and also to keep them in touch with what was happening in the parish. These calls were greatly appreciated.”_
_“Frequently I would phone them and would hear the joy in their voices, ‘Oh Sister, it is lovely to hear you. Thank you so much for phoning.’ In some cases, this would be the only phone chat they would have in the week.”_
_“Your phone call is as good as a tonic for me.”_
However, due to our inability to visit, the one thing most people stated they missed was not being able to receive Communion. It was heartening to discover that for many it became possible to follow the celebration of Mass via Live Stream, as well as hearing other audio prayer services. Listening to these liturgical services brought great spiritual comfort and reassurance to many parishioners, especially at what was considered to be a time of great uncertainty for all. We also posted regular updates on the parish website.
Once we were allowed to open our churches for a limited period of time for private prayer, safety measures were put in place and the church was opened at different times throughout the week. Every effort was made to create an atmosphere of peace and tranquillity where people felt welcomed and relaxed. Those who attended expressed gratitude that they were able to spend some quiet time in a reflective manner calming their minds in the midst of their concerns and fears.
_“Your presence here brings stability into what has been a very uncertain time for all of us.” (MW)_
_“Thank you for all that you are doing to ensure that everything is in place to keep us safe.” (EB)_
_“Thank you for the way you care for the church. It is much appreciated.” (BW)_
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Social and Pastoral Care** (continued)_
## _Funeral Services_
The infection rate of the Covid-19 virus has been very high in this area of Wales resulting in many deaths; sometimes several in one family. This has resulted in the sisters conducting many funeral services. To make a dreadful situation worse, most of those who died, did so without their loved ones being present. Conducting funerals at such a time required a sensitive and compassionate approach. We endeavoured to do this by taking into account people’s circumstances and adapting our services according to individual needs.
## _Annual Memorial Service_
In November 2020, the sisters organised an annual Memorial Service for families who had suffered bereavement in the past year. This was a particularly poignant event as some families were unable to visit their loved ones in hospital during the end stage of their lives, and never got a chance to say their final goodbyes. This had an adverse effect on how families coped with grief and personal loss. As a result, they deeply appreciated the opportunity to come together to remember their deceased relatives in a meaningful way. All who attended expressed their gratitude and stated that the Service had helped them make some progress in putting ‘closure’ on what had been a very distressing time of their lives.
As 2020 was such an extraordinary year and Christmas was going to be very different for everyone, the sisters agreed to send a Christmas card to the elderly, the housebound and parishioners resident in Care Homes. This was seen as a gesture of goodwill and all truly appreciated being thought of in such a personal way. Such a simple act of kindness made the sisters aware of how much people valued been remembered at this special time of the year.
## _Integration of minority groups in the parish_
Many parish communities consist of people of various nationalities. In one parish there is a large percentage from the Philippine Islands and more recently from Vietnam. Many of these people work in the Health Care Sector and the Hospitality Industry, so therefore are front line workers. With an Asian background and being more susceptible to contracting the Covid-19 virus, some of them have experienced personal family loss over the past year.
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
_**Social and Pastoral Care** (continued)_
_Integration of minority groups in the parish (continued)_
Prior to the National lockdown, the sisters held weekly in-house instructions to help the Vietnamese children overcome language problems. When safe it is hoped to resume these sessions as these young families have a wealth to offer and need encouragement to become an integral part of the Church of the future.
## _The Food Bank_
It is a sad fact that food poverty is all around us and is a growing problem. In the South Wales valleys this is very evident but more so during the pandemic which has such a devastating effect on the most marginalised in our society.
There has been a well-established Food Bank operational through the parish in Tonypandy for several years which has been greatly appreciated by all recipients. In November 2020, the parish was invited to apply for funding from the Diocesan Wide Funding Award which was initiated by the National Lottery in support of parish-led food projects. Suzanne, one of the key members of the parish community, agreed to undertake this work and was successful in obtaining a substantial amount of money. In addition, more recently there has been further help from the Archbishop’s Food Voucher Fund. To ensure that the Diocesan Funding and Food Vouchers are reaching the most vulnerable in the locality, the sisters are now working collaboratively with another Agency already operating a Food Bank Depot. In this way food will be distributed to a much wider area both at local and regional level.
People have told the sisters that they “give them a sense of stability in a very unstable world”.
## _St Vincent de Paul Society (SVP)_
During the lockdown we have been aware of the material needs of many people and of the work done by the SVP. We have provided items of clothing and household goods which have become surplus to our requirements to the local shop on a regular basis. This shop is situated in a poor area of Newport and the manager is grateful for any goods which are made available.
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Social and Pastoral Care** (continued)_
_St Vincent de Paul Society (continued)_
“Working alone in a shed in Newport, Mike Jones has repaired more than 150 bikes and given them away for free to struggling families.”
This headline on the BBC Wales news prompted us into action to see how we could help. Handing over bikes that were gathering dust seemed a good way to continue helping “the poorest and most neglected”.
## _**Advancement of religion**_
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Ty Croeso Centre
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Ty Croeso is a retreat and conference centre which aims to be an oasis where people feel welcomed and valued. It offers a variety of programmes, space and opportunities for people to take time for themselves in order to feel renewed, enriched and to discover deeper meaning and direction in their lives.
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## **Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
_**Advancement of religion** (continued)_
_Ty Croeso Centre (continued)_
**The Ty Croeso Team**
During 2020, there was a planned program of events which included:
- ♦ Preached and directed (six and eight day) retreats;
- ♦ Lenten retreat;
- ♦ Advent retreat;
- ♦ Short retreats for the elderly; and
- ♦ Reflection days.
Group bookings included:
- ♦
- Parish Confirmation groups;
- ♦ Eucharistic Ministers;
- ♦ Various denomination groups;
- ♦ School groups for retreat days and teachers' days;
- ♦ Local head teachers;
- ♦ Alister Hardy Society residential;
- ♦ Mothers' Union Day and residential groups;
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Advancement of religion** (continued)_
_Ty Croeso Centre (continued)_
- ♦ Pre-Ordinands and Ordinands Church in Wales residential retreats;
- ♦ Ecumenical Ministers' groups;
- ♦ Associates;
- ♦ Welsh Language groups for residential retreats;
- ♦ CAFOD;
- ♦ Yoga weekend groups;
- ♦ Godly Play programme residential;
- ♦ Chaplains of the health boards; and
- ♦ Induction days for high school pupils.
Pre Covid-19 times, the grounds and shop were well used by all visitors to the Centre and its beauty and peace appreciated by all. The Centre is also usually well used by the sisters of the Province for:
- ♦ Training days;
- ♦ Trustee and Province Leadership Team meetings;
- ♦ Residential time; and
- ♦ Annual get together for the elderly sisters.
The impact of the pandemic on Ty Croeso Retreat Centre has been immense. 2020 started with the usual steady trickle of bookings - typical of the winter months. The first of the eightday residential preached retreats began in March 2020. Already the rumblings of the pandemic were gathering momentum and by departure date lockdown was imminent. The very next day the Centre was closed and has remained that way since!
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Advancement of religion** (continued)_
## _Ty Croeso Centre (continued)_
The administrator, who lives on site, has been kept busy dealing with day-to-day management, cancellations, re-bookings, inquiries and refunding of deposits. However, the closure presented the ideal opportunity to engage in much needed maintenance work. It enabled the upgrade of the Wi-Fi system throughout the Centre. Hot water pipes were lagged, making the place more energy efficient. The exterior of the Hermitage cottage was redecorated, as was the shop and lots of other areas that needed attention.
The Centre facilities were also utilised for some members of the nursing staff at the Abbey who needed to self-isolate before returning home. The trustees also made use of the space for social distancing for their meetings.
As Ty Croeso is on the same campus as Llantarnam Abbey, using shared areas, there is a need to be doubly careful in order to preserve the safety and well-being of the elderly and vulnerable sisters in the care facility. This was one of the considerations that brought the trustees to the decision that Ty Croeso should remain closed to the public until the end of the year, when the situation would be reviewed.
Like many retreat centres, churches and charities, Ty Croeso is facing extremely challenging times. The loss of income has been considerable, and the bills keep coming! However, we are well aware that our experience is just a tiny reflection of the global crisis that this pandemic has brought.
A considerable amount of time has gone on reassuring phone calls to people who miss coming to the Centre and feel that their spiritual and mental wellbeing has suffered as a result of our closure. Periodically there have been inquiries as to when we will be able to reopen and lots have made tentative bookings for 2021.
Supportive phone calls and messages of concern for the team have been really appreciated and the "regulars" greatly missed. Now, comes the period of adjustment to the "new norm."
The Ty Croeso Centre also supports an ecumenical project centred in Newport, providing the homeless with packed lunches. The bags are donated by our local communities and parishioners who frequent Sunday Mass at Llantarnam Abbey. Unfortunately, this project has not been able to function since March 2020 but we look forward to this outreach beginning again as soon as is possible.
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**18**
**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Overseas missionary development**_
In 2020, Misean Cara funding was obtained for three emergency Covid-19 projects (one in Africa and two in India), and for upgrading a course run for young women at risk in Bhubaneswar, India.
**----- Start of picture text -----**
Deliveries of food and PPE to the neediest
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While each of the Covid-19 projects had a different emphasis, they all looked to raise awareness of how the people could help themselves, and to provide basic PPE, medicines and food for the poorest. For many people, starvation was a greater fear than the disease itself as the casual labour they lived off was no longer available.
The core of the Bhubaneswar project is to give girls and young women from the slums sufficient training in fashion design and basic communication and business skills so that those with the potential will be able to take on professional work rather than have to toil in the usual clothes factories. Especially welcome on the course are victims of child labour, night work or discrimination and those from migrant families who have lost their job due to the pandemic.
> Last year, Misean Cara funding helped add an extra floor to the Community College where the girls will train.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **19**
**Report of the trustees** Year to 31 December 2020
**Achievements and Performance** (continued)
## _**Life of the Province**_
On 1 February, a special prayer service was held when the newly appointed Leadership team and Provincial Bursar were missioned by the Superior General, Sister Breda, to begin their mandate of serving the Province for the next six years. It is their task now to continue planning for the emerging future in this fast-changing world.
This was the last big event to take place in the Province when the sisters could be present in person before the seriousness of Covid-19 was known and lockdown began.
The next time the Leadership Team could engage with the sisters of the Province as a body was by zoom in October when we met for our Province Weekend to discuss various aspects of our life, mission, and ministry. The sisters were encouraged to share their wisdom for the good of the whole. Helen Harrington, an independent Consultant, and Father Paul Smyth CMF provided the input and facilitation for the meeting. **Achievements and Performance** (continued)
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**Report of the trustees** Year to 31 December 2020
## _**Life of the Province** (continued)_
During lockdown, the sisters found new ways of developing their mission. Some took to making visors to help protect our nurses, carers, and support staff.
They also availed of the opportunity to extend their IT skills and took to zoom and other virtual means to keep in contact with people and to use the internet to keep abreast with what was happening in the world at large and within the Congregation.
As soon as the Government made it known that a pandemic was imminent, we set up a strategy group to deal with the situation. The group immediately set to work introducing measures to keep the sisters and staff safe. The group met regularly, every week to monitor how things were going and when necessary to introduce more restrictive measures.
During this special time, the sisters in all our communities joined with the Global Christian family in praying for our common home by having a special Evening Prayer and committing ourselves to doing something to help save the planet.
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Pope Francis invited people of all faiths to set aside 14 May 2020 to pray for an end to the
Covid-19 pandemic
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**Report of the trustees** Year to 31 December 2020
## **Achievements and Performance** (continued)
## _**Safeguarding**_
Safeguarding has taken a prominent place in the life if the Catholic Church in England and Wales during 2020. Sadly, this has been mainly for negative reasons.
Two important documents have been published recently, namely the ‘Independent Inquiry into Child Sexual Abuse in the RC Church’ and the Ian Elliott Report commissioned by the Catholic Church – ‘Independent Review of Safeguarding Structures and Arrangements in the Catholic Church in England and Wales’.
The Catholic Bishops Conference of England and Wales (CBCEW) and the Conference of Religious (CoR) have agreed to accept the recommendations made and to move forward together, taking a ‘One Church’ approach to safeguarding. This will mean changes at a local level, changes which will become clearer during the coming weeks and months. It is likely that Congregations will have greater support and resources available to them from the newly formed Catholic Safeguarding Standards Agency (CSSA). However, it is possible that this will come at a greater financial cost and with the loss of close contact to the local diocesan Safeguarding Commission.
The newly appointed safeguarding officer has completed an audit of all sisters’ Disclosure and Barring Certificates.
She has also attended meetings and training to keep abreast of the changing requirements, including ‘Safe Spaces’, an introduction to the service available for victims and survivors of abuse provided by ‘Victim Support’ on behalf of the Catholic Church in England and Wales.
## **Future Plans**
## _**Province**_
Ongoing plans include:
- ♦ Safeguarding the future of the Nursing Home in Killorglin, Ireland; and
- ♦ Reviewing our properties to ensure that they are suitable and appropriate for the current and future needs both of the sisters and their mission.
## _**Generally**_
In addition, we aim to continue to:
- ♦ Monitor the needs of our sisters as they grow older to ensure there is adequate provision for the needs of all;
- ♦ Evaluate our ministries in terms of the reality of our personnel and resources and the needs of those we serve;
- ♦ Review on an ongoing basis of key personnel and succession planning;
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **22**
## **Report of the trustees** Year to 31 December 2020
## **Future Plans** (continued)
## _**Generally** (continued)_
- ♦ Collaborate and co-operate with other agencies to maximise and improve what we can offer;
- ♦ Rationalise the number and type of our community houses in line with ministry needs and the needs of individual sisters; and
In addition to the above, the property owned by the charity is being assessed for its suitability for the current and future needs of the sisters. Potential purchasers of Llantarnam Abbey, Cwmbran have entered into negotiations with the trustees. Alternative sites for the care of the elderly and sick sisters are being actively investigated. As a consequence, an impairment review was carried out in respect to Llantarnam Abbey, Cwmbran following an offer received from potential purchasers and the receipt of professional advice.
## **Covid-19**
Throughout 2020 the Covid-19 pandemic has changed the world as we know it. The pandemic has not only affected social interaction but has had a significant economic impact at all levels. These have been outside of the charity’s control.
The trustees have considered the long and short term impact of Covid-19 on the charity.
Due to social distancing, the message to “stay at home” and the closure of churches bringing all services online, the work of the charity has faced challenging times.
During this crisis, the Ty Croeso Retreat Centre (like other retreat centres) has had to close temporarily. Cancellation of retreat and other residential and day bookings, as well as the closure of the shop, will not only have a financial impact on the charity, but will also affect those who use the Centre. Many have booked a year in advance and have spent time planning for the events and eagerly anticipating their visits. Individuals and groups with existing bookings have been contacted with the option to defer to a time when things become more stable.
Sisters involved in parish work have had to find other ways of contacting those they normally support.
Province events have had to be cancelled or conducted by Zoom, and future planning has taken on a changed perspective.
Ensuring the level of care the sisters in St Joseph’s Wing receive is maintained has proved to be a challenge at time with staff needing to self-isolate or shield due to the virus. This has increased both pressure and cost. The rostering of staff and skill mix has been reviewed to maintain safe staffing levels. The Nurse Manager, a sister, spent some time living on site to ensure nurse cover was always available. A sister who is a retired nurse has updated her training to be able to supervise carers and administer medications should the need arise.
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**23**
**Report of the trustees** Year to 31 December 2020
## **Covid-19** (continued)
Other sisters from Llantarnam Abbey community have provided support and practical help when appropriate. Staff have been offered accommodation on site should an outbreak occur to reduce the risk of spread. Morale remains high and staff are being supported by the Nurse Manager and HR Manager who provide regular updates from Public Health Wales to share accurate information and answer questions. There is a close liaison with statutory authorities to provide PPE and advice.
The trustees are mindful that income from investments will fluctuate but are taking the longterm view that this will improve again following the end of the forecast recession.
On balance, the increased expenditure (on PPE, staff costs etc.) is expected to be balanced by a decrease in expenditure on elements such as travel and maintenance.
The main income stream of the charity is pensions received by the members and this has been unaffected by the virus. In the meantime, costs are being examined to identify where savings can be made in the current climate and into the future.
Property owned by the charity is being assessed for its suitability for the current and future needs (see above).
Consideration of the future of the Home in Killorglin is in process.
The trustees continue to keep income and expenditure under review. Whilst there will be challenges ahead, the trustees do not expect material concerns to arise regarding the charity’s financial position.
## **Financial review**
## _**Results for the year**_
During the year to 31 December 2020 the charity supported an average of 67 sisters in the United Kingdom (2019 - 72 sisters).
The statement of financial activities shows total income for the year of £2,147,671 (2019 - £1,813,123). The principal components of income in 2020 were donations and legacies which amounted to £1,797,913 (2019 - £1,397,512), investment income and interest receivable totalling £159,725 (2019 - £198,499), and income from other sources of £167,330 (2019 - £185,693). The increase in donations and legacies is mainly as a result of significant legacy income received in the year.
Included within income from other sources is a surplus of £5,100 (2019 - £122,948) from the disposal of tangible fixed assets, £39,352 (2019 - £19,401) relating to foreign exchange gains, £14,147 (2019 - £nil) from the Coronavirus Job Retention Scheme and £108,731 (2019 – £43,344) of other income.
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**24**
## **Report of the trustees** Year to 31 December 2020
## **Financial review** (continued)
## _**Results for the year** (continued)_
Expenditure in the year amounted to £4,393,881 (2019 - £2,739,539). The costs of supporting the sisters of the Congregation and their ministry amounted to £1,840,129 (2019 - £1,925,992) whilst donations and grants made by the charity totalled £77,372 (2019 - £678,610). Included in donations and grants in the prior year was £523,846 paid to the Killorglin community in Ireland for refurbishment works. Expenditure for the year to 31 December 2020 included an impairment provision against Llantarnam Abbey, Cwmbran of £2,431,481 (see future plans above and note 10 to the attached accounts). Expenditure in the year to 31 December 2019 included £100,000 being a provision made against deferred consideration that was receivable from St Joseph’s Hospital, Malpas, Wales which was not recoverable.
After accounting for the impairment provision, the charity had net expenditure for the year of £2,246,210 (2019 – net expenditure of £926,416) before net investment losses of £25,644 (2019 – net gains of £764,372) resulting in net expenditure and a net decrease in funds for the year of £2,271,854 (2019 – net expenditure and net decrease in funds of £162,044).
## _**Investment performance**_
The charity has a portfolio of investments which had a market value at 31 December 2020 of £6,829,747 (2019 - £6,731,182) including cash awaiting investment of £142,353 (2019 - £75,263). The portfolio is managed by UBS Wealth Management (UK) Limited. During the year, the charity’s investments achieved an income yield of 2.72% (2019 - 3.15%) and a capital yield of 0.15% (2019 - capital yield of 12.31%).
The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report. Further details of the investment portfolio are detailed in note 11 to the attached accounts.
## _**Financial position and reserves policy**_
## _Reserves policy_
The trustees consider that, given the nature of the charity's work, the level of free reserves should be sufficient to cover approximately one year's on-going expenditure and to provide for contingencies and unevenness in future income. In particular, at the current time, the reserves need to be sufficient to enable the charity to operate in the exceptional circumstances created by the Covid-19 pandemic.
## _Financial position_
At 31 December 2020, the total funds of the charity amounted to £10,985,909 (2019 - £13,257,763).
Of these total funds, £2,825,530 (2019 - £5,424,946) relates to the tangible fixed assets fund which represents the net book value of the charity’s tangible fixed assets, excluding those representing the Grace Fowler designated fund, and has been established in recognition of the fact that the tangible fixed assets are required for the charity’s on-going work.
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Charitable Trust
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**Report of the trustees** Year to 31 December 2020
## **Financial review** (continued)
## _**Financial position and reserves policy** (continued)_
## _Financial position (continued)_
As at 31 December 2020, the charity had total restricted funds as detailed in note 14 to the attached accounts of £11,233 (2019 - £4,632).
A further £5,950,000 (2019 - £5,750,000) represents a retirement reserve designated to provide income to communities with elderly sisters to care for, and to provide for sisters generally in their retirement. Where employment of members of the Congregation is for organisations independent of the charity, any earnings are covenanted to the charity. The number of new vocations to the Congregation is declining and, as a result, the average age of the membership is increasing. Younger members, although taking up important charitable work, tend either to work within the charity or are in training or, if working outside, are in low paid jobs. As a consequence, in the future it is anticipated that there will be a general reduction in the income generated by members. The charity has a continuing commitment to support members of the Congregation, many of whom continue to carry out charitable work long past the normal age of retirement.
£222,928 (2019 - £231,208) represents the Grace Fowler fund set aside to benefit, as directly as possible, the personal needs of the sisters.
Free reserves at the end of the financial year were £1,976,218 (2019 - £1,846,977).
The level of free reverses at 31 December 2020 equates to approximately thirteen months’ recurring expenditure. This is in line with the reserves policy. The trustees have prepared long term projections and are continuing to monitor the performance of their investments and hence the charity’s future financial security.
Given the challenges that will arise in the short to medium term as a result of Covid-19 and in the light of the charity’s commitment to support the Congregation for the long term, this level of free reserves combined with the retirement reserve is deemed appropriate and the trustees are content that the charity is a going concern.
## _**The charity’s assets**_
Acquisitions and disposals of fixed assets during the year are recorded in the notes to the accounts.
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Charitable Trust
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**Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management**
## _**Governance**_
In terms of Canon Law, the Superior General and her Council in France govern the Congregation at an international level. They are elected every six years at a General Chapter or meeting of representatives from all provinces and regions of the Congregation. The Sister Provincial and her Council administer the English Province and comprise the Province Leadership Team. The Superior General and her Council appoint the Sister Provincial and her Council, after consultation with the sisters of the Province. Their mandate is for six years.
In terms of Civil Law, the charity is governed by a trust deed dated 2 January 1963 and is registered with the Charity Commission, Charity Registration No. 232835.
## _**Trustees**_
The charity has six trustees, one of which is the Sister Provincial. The power of appointing trustees rests with the Sister Provincial. The trustees are incorporated under the provisions of the Charities Act 2011. Trustees endeavour to keep up to date with developments affecting charities and attend any appropriate training sessions for trustees.
The names of the trustees who served during the financial year ended 31 December 2020 are set out as part of the reference and administrative details on page 1 of this annual report and accounts.
Brief biographical details on each of the trustees who served during the year to 31 December 2020 are given below:
## _Sister Susan Armond – Provincial (appointed 1 February 2020)_
Sister Susan Armond qualified as a State Registered Nurse in 1970 and then trained as a State Certified Midwife. She nursed at St Joseph’s Hospital, Newport for 24 years, the last 10 years spent as Manager of the Operating Theatre Department. She then spent 10 years as Nurse in charge of the unit for the care of the Sisters of St Joseph at Llantarnam Abbey. During these last 10 years, she has engaged in the Ministry of Spiritual Direction. She has previously served two terms as a Provincial Councillor.
## _Sister Marianne Donnelly_
Sister is a registered nurse and has specialised in care of older people working in a variety of settings in the NHS, private and voluntary sectors. She is currently Nurse Manager in Llantarnam Abbey providing care for the Sisters of St Joseph of Annecy. Sister also works in two clinics as a massage therapist. She is currently the Provincial Secretary and Vocation Director for the Province.
## _Sister Margaret Fox_
Sister Margaret Fox is a trained primary school teacher. She worked in the field of education for thirty three years, eighteen of them as head teacher. Sister has experience of leadership roles within the English Province having worked in formation as director of the junior sisters for six years and Novice Director for three. Until the end of August 2019 she was Assistant Provincial and bursar at Llantarnam Abbey.
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Charitable Trust
**27**
**Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Trustees** (continued)_
## _Sister Teresa Kolb - Provincial Bursar (3rd Term began on 1 February 2020)_
Sister studied French before qualifying as a primary school teacher. She then taught in the London Borough of Merton for 11 years where she was also a Governor on the Finance Committee of the school.
## _Sister Mary Gretta O’Connor (appointed 1 February 2020)_
Sister Mary Gretta O’Connor trained as a Primary School teacher and taught in schools in both Newport and Cardiff for thirty-one years before becoming a member of the pastoral team of a Newport Parish for several years. During this time, she maintained her interest in education in the capacity of a school governor. Previously she had been involved in initial formation in the Province and as a member of the Provincial Council. More recently she served the Congregation for six years as Assistant Superior General. Currently, Sister is the Local Superior of Llantarnam Abbey Community.
## _Sister Bridget Pritchard (appointed 1 February 2020)_
Sister Bridget Pritchard is a qualified high school teacher having taught in several schools over a 30-year teaching career. This included heading a department in a large comprehensive school. She is currently working at Ty Croeso Retreat Centre at Llantarnam Abbey helping with the general running of the centre together with providing input as a speaker and retreat giver for incoming groups. She also provides this as an outreach for parish and school groups
## _Sister Alice O’Dwyer (retired 1 February 2020)_
Sister is a registered nurse and worked in a nursing capacity in St Joseph's Hospital and St Anne's Hospice for over 36 years. In 2014 she was appointed the Clinical Lead for St Joseph's Wing, Llantarnam Abbey. In 2016 she was appointed to a new mission in Tonypandy, Rhondda as parish sister with responsibility for two churches.
## _Sister Dorothy Butler (retired 1 February 2020)_
Sister Dorothy is a qualified primary school teacher. She taught for over 13 years in Wales before taking up the post of the Headship of a very large multicultural school in the London Borough of Merton. After retiring from school she became the Administrator of the Ty Croeso Retreat Centre at Llantarnam Abbey.
## _**Trustees’ responsibilities statement**_
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 requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:
- ♦ select suitable accounting policies and then apply them consistently;
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Charitable Trust
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**Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Trustees’ responsibilities statement** (continued)_
- ♦ observe the methods and principles in 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);
- ♦ make judgements and estimates that are reasonable and prudent;
- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations 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 assets of the charity and their application for charitable purposes. They meet regularly to review developments with regard to the charity and its activities and make any necessary decisions.
When necessary, the trustees seek advice and support from the charity’s professional advisers, including property consultants, investment managers, solicitors and accountants. The day-to-day management of the charity’s activities and the implementation of policies are delegated to the appropriate members of the Congregation or senior personnel in its establishments. Management reporting lines are clearly defined and the Council and the trustees receive regular reports to enable them to discharge their responsibilities.
As at 31 December 2020, there were 67 finally professed sisters, including two who are in general administration based in Annecy, France, six in the community in Ireland and three in the care home in Killorglin, Ireland. Most of the sisters live in one of 10 houses. Four sisters live in two parish houses working in the parishes concerned, and two sisters live in rented accommodation. In total there are 10 constituted communities in the Province. Most of the community houses are located in South Wales in those areas of towns and cities where it is believed the sisters can provide most help. In all constituted communities there is a local superior appointed by the Provincial and her Council. The local superior is responsible both for the needs and the care of the sisters in her community. She liaises regularly with the Provincial. All sisters meet together at least twice a year with the Provincial and Council/trustees at which times there is the opportunity to discuss developments and future plans for the Province.
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**Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Key management personnel**_
The trustees are the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All the 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.
## _**Working with other organisations**_
The charity works closely with a number of other charities and public bodies, which work in the field of providing care for the sick, the vulnerable and elderly. In some cases sisters are employed by these organisations, while in other instances the relationships are more informal. Working with other charities and public bodies enhances the care provided and ensures that high standards are maintained. Some examples of organisations with which the charity has co-operated during the year are as follows:
- ♦ Roman Catholic Archdioceses where our communities are situated;
- ♦ NHS Trusts;
- ♦ The Medaille Trust;
- ♦ Local Authorities;
- ♦ Churches Together in Wales (CYTUN);
- ♦ Local food banks; and
- ♦ Misean Cara.
## _**Risk management**_
In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation and the charity currently face and have reviewed the measures already in place to deal with them.
As noted above, the outbreak of the Covid-19 pandemic has clearly presented challenges and potential threats to the well-being of the charity and its activities which could not have been foreseen. The trustees recognise their responsibility for the management of risks faced by the charity and the sisters.
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**Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Risk management** (continued)_
With the exception of the challenges faced because of the Covid-19 pandemic, the trustees believe the other significant risks facing the charity to be:
## _Mission_
A key area of risk for Mission is the ageing profile of the sisters. Whilst there is a significant percentage over 90, the main group of sisters are in the 75-85 age group. Recent experience has shown that this is the group likely to have unexpected health issues. This has implications for the availability of personnel to fill important roles within the mission of the Province, increased health needs (and associated costs) and a need to consider the suitability of the properties owned by the charity. The trustees are aware of their legal and moral responsibility to care for their members. None of the sisters has resources of her own as all pensions, salaries and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant.
Key actions to managing this risk are:
- ♦ ensuring there are financial resources available to finance this care now and into the future by setting aside designated funds for this purpose;
- ♦ regular reviews of the ministries and needs of the sisters in order to identify and address those needing more support or care; and
- ♦ ensuring property and facilities are suitable for the sisters needs now and into the future.
## _Governance and management_
The Sister Provincial works closely with her team ensuring that responsibility and information regarding the charity is shared. This mitigates the risk of one key person holding all the responsibility and information for the charity. Management of key areas of the charity (care of the elderly sisters, Ty Croeso, and finance) have been delegated to competent individuals who are accountable to and work closely with the trustees. In line with the ageing profile (as above), the trustees are mindful of the need to plan ahead for the future.
Key actions to managing this risk are:
- ♦ sharing of information within the team, especially with the Assistant Provincial;
- ♦ managing individuals’ workloads to ensure that stress does not become a limiting factor;
- ♦ working towards appointment of lay people in roles currently filled by the sisters as appropriate.
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**Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Risk management** (continued)_
## _Operational_
The trustees are mindful of the risk of the loss of key people in the charity (e.g. managers), of a major IT failure and the effects on the charity of damage to property, theft and injury to individuals.
Key actions to managing this risk are:
- ♦ succession planning for key roles;
- ♦ upgrading of internet and hardware
- ♦ monitoring of adequate insurance and security measures e.g. a full revision of fire evacuation plans.
## _Safeguarding_
Sisters engaged in any ministry in Great Britain and all those who work or volunteer for the charity and work with children or vulnerable adults (including our elderly sisters) must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed fully to implementing the policies of the Catholic Safeguarding Advisory Service (CSAS). One of the sisters is responsible for ensuring this policy is adhered to in respect to all sisters, employees and volunteers. She liaises closely with the trustees, ensuring that compliance and best practice are always upheld.
Key actions to managing this risk are:
- ♦ training for staff and sisters;
- ♦ awareness raising of personal responsibility; and
- ♦ appointment of new safeguarding officer.
## _Financial_
The trustees are aware that the role of Provincial Bursar is key to managing the finances of the charity. They are mindful that there may not be a sister in the future with the skills and training to fill this role. A Finance Committee has been established comprising the Provincial Bursar, Assistant and one other sister with financial experience and competence. This committee is advisory to the trustees and gives support to the Bursar in her role, both in practical and advisory terms. The Finance Committee reviews the budgets and accounts, making recommendations to the trustees. It is consulted on major financial matters. The trustees have also highlighted the risk of cyber fraud in finance.
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## **Report of the trustees** Year to 31 December 2020
## **Governance, Structure and Management** (continued)
## _**Risk management** (continued)_
## _Financial (continued)_
Key actions to managing this risk are:
- ♦ succession planning for the Bursar’s role;
- ♦ greater collaboration between Provincial Bursar, Assistant Bursar and Finance Committee; and
- ♦ ongoing involvement of professional advisors.
## _Investments_
The principal financial assets of the charity are its properties and investment portfolio. The Provincial Bursar oversees the maintenance and management of properties in conjunction with the Maintenance Coordinator and advisors. The investment portfolio is dependent on market fluctuations and so is managed by a competent and reputable firm of investment managers who act in accordance with the trustees’ investment policy which is reviewed annually. The trustees meet regularly with the investment managers to review the performance of the portfolio and to ensure that funds are at appropriate levels for the charity’s needs at the present and into the future. This aspect is deemed particularly important given the current Covid-19 pandemic.
## **Volunteers, employees and donors**
The trustees gratefully acknowledge the significant contribution which sisters, volunteers, and employees make to the charity. They are also heartened by the efforts and donations of various persons and organisations which help the sisters in their work.
Approved by the trustees and signed on their behalf by:
## S.Armond
Date:
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**33**
**Independent auditor’s report** Year to 31 December 2020
## **Independent auditor’s report to the trustees of The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust**
## **Opinion**
We have audited the accounts of The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust (the charity) for the year ended 31 December 2020 which comprise the 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:
- ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**34**
**Independent auditor’s report** Year to 31 December 2020
## **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 requires us to report to you if, in our opinion:
- ♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records and returns; or
- ♦ we have not received all the information and explanations we require for our audit.
## **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 English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**35**
**Independent auditor’s report** Year to 31 December 2020
## **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 of 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:
- ♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- ♦ We identified the laws and regulations applicable to the charity through discussions with the trustees and from our knowledge and experience of the charity sector;
- ♦ We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and
- ♦ We assessed the extent of compliance with the laws and regulations identified above through making enquiries of those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
- ♦ Making enquiries of those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- ♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **36**
## **Independent auditor’s report** Year to 31 December 2020
## **Auditor’s responsibilities for the audit of the accounts** (continued)
To address the risk of fraud through management bias and override of controls, we:
- ♦ Performed analytical procedures to identify any unusual or unexpected relationships;
- ♦ Tested and reviewed journal entries to identify unusual transactions;
- ♦ Tested the authorisation of expenditure as part of our substantive testing on expenditure generally;
- ♦ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- ♦ Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- ♦ Agreeing accounts disclosures to underlying supporting documentation;
- ♦ Reading the minutes of meetings of trustees; and
- ♦ Enquiring of as to actual and potential litigation and claims.
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.
We did not identify any irregularities, including fraud.
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/auditorsresponsibilities. This description forms part of our auditor’s report.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **37**
## **Independent auditor’s report** Year to 31 December 2020
## **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. 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.
## Amanda Francis
## 14.10.2021
Buzzacott LLP 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 English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **38**
## **Statement of financial activities** Year to 31 December 2020
|Notes|
**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds (as
restated
(note 18)
£|Restricted
funds (as
restated
(note 18)
£|Total
funds
2019
£|
|---|---|---|---|---|---|---|
|**Income from:**
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Retreat and conference centre
. Contributions towards care of elderly
sisters
Other sources
. Surplus on disposal of tangible fixed assets
. Foreign exchange gains
. Coronavirus Job Retention Scheme
. Miscellaneous income
**Total income**
**Expenditure on:**
Raising funds
. Investment management fees
Charitable activities
. Support of members of the
Congregation and their ministry
3
. Impairment provision
10
. Provision against deferred consideration
4
. Grants, donations and support of
missionary work
5
**Total expenditure**
**Net (expenditure) income before net**
**investment gains (losses)**
7
**Other recognised gains (losses)**
Net gains on investments
Foreign exchange losses on investments
11
**Net (expenditure) income and net**
**movement in funds**
**Reconciliation of funds:**
Total funds brought forward
at 1 January 2020 (as restated (note 18))
Total funds carried forward
at 31 December 2020|
**1,731,998**
**159,725**
**8,272**
**14,431**
**5,100**
**39,279**
**14,147**
**108,731**|**65,915**
**—**
**—**
**—**
**—**
**73**
**—**
**—**|**1,797,913**
**159,725**
**8,272**
**14,431**
**5,100**
**39,352**
**14,147**
**108,731**|1,258,158
198,499
29,922
1,497
122,948
19,401
—
43,344|139,354
—
—
—
—
—
—
—|1,397,512
198,499
29,922
1,497
122,948
19,401
—
43,344|
||**2,081,683**|**65,988**|**2,147,671**|1,673,769|139,354|1,813,123|
||**44,899**
**1,840,129**
**2,431,481**
**—**
**17,985**|**—**
**—**
**—**
**—**
**59,387**|**44,899**
**1,840,129**
**2,431,481**
**—**
**77,372**|34,937
1,925,992
—
100,000
405,731|—
—
—
—
272,879|34,937
1,925,992
—
100,000
678,610|
||**4,334,494**|**59,387**|**4,393,881**|2,466,660|272,879|2,739,539|
||
**(2,252,811)**|**6,601**|**(2,246,210)**|(792,891)|(133,525)|(926,416)|
||**10,040**
**(35,684)**|**—**
**—**|**10,040**
**(35,684)**|764,372
—|—
—|764,372
—|
||
**(25,644)**|**—**|**(25,644)**|764,372|—|764,372|
||**(2,278,455)**
**13,253,131**|**6,601**
**4,632**|**(2,271,854)**
**13,257,763**|(28,519)
13,281,650|(133,525)
138,157|(162,044)
13,419,807|
||**10,974,676**|**11,233**|**10,985,909**|13,253,131|4,632|13,257,763|
All of the charity’s activities derived from continuing activities in each of the above two financial years.
The statement of financial activities includes all gains and losses recognised in the year.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **39**
## **Balance sheet** 31 December 2020
|Notes|
**2020**
**£**|**2020**
**£**|2019 (as
restated
(note 18))
£|2019 (as
restated
(note 18))
£|
|---|---|---|---|---|
|**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due
within one year
13
**Net current assets**
**Total net assets**
**The funds of the charity:**
Restricted funds
14
Unrestricted funds
. Tangible fixed assets fund
15
. Designated funds
16
. General funds|
**287,285**
**1,163,956**|**2,953,438**
**6,829,747**|37,314
1,132,526|5,552,854
6,731,182|
|||**9,783,185**
**1,202,724**||12,284,036
973,727|
||**1,451,241**
**(248,517)**||1,169,840
(196,113)||
||
||||
|||**10,985,909**||13,257,763|
|||**11,233**
**2,825,530**
**6,172,928**
**1,976,218**||4,632
5,424,946
5,981,208
1,846,977|
|||**10,985,909**||13,257,763|
The 2019 balances for restricted and general funds have been restated as explained in note 18.
Approved by the trustees and signed on their behalf by:
## S.ArmondS Armond
Date of approval:
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **40**
## **Statement of cash flows** Year to 31 December 2020
|Notes|
**2020**
**£**|2019
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash provided by (used in) operating activities
A
**Cash flows from investing activities:**
Investment income and interest received
Movement on deferred consideration receivable
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of listed investments
Purchase of listed investments
**Net cash provided by investing activities**
**Cash flows from financing activities**
Loans advanced
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 January 2020**
B
**Change in cash and cash equivalents due to exchange rate**
**movements**
**Cash and cash equivalents at 31 December 2020**
B|
**10,967**|(770,161)|
||**152,117**
**—**
**5,100**
**(85,193)**
**2,994,987**
**(3,052,106)**|212,893
50,000
657,948
(64,283)
7,153,565
(7,279,877)|
||**14,905**|730,246|
||**112,000**|—|
||**112,000**|—|
||**137,872**
**1,207,789**
**(39,352)**|(39,915)
1,267,105
(19,401)|
||
**1,306,309**|1,207,789|
|**A**|**Notes to the statement of cash flows for the year to 31 December 2020.**
**Reconciliation of net movement in funds to net cash provided by (used**
**activities**
**2020**
**£**
**Net movement in funds (as per the statement of financial activities) (2,271,854)**
**Adjustments for:**
Depreciation charge
**253,128**
Impairment provision
**2,431,481**
Gains on listed investments
**(10,040)**
Exchange rate movements
. On investments
**35,684**
. On cash
**39,352**
Investment income and interest receivable
**(159,725)**
Surplus on disposal of tangible fixed assets
**(5,100)**
(Increase) decrease in debtors
**(242,363)**
Decrease in creditors
**(59,596)**
**Net cashprovided by (used in) operating activities**
**10,967**|**Notes to the statement of cash flows for the year to 31 December 2020.**
**Reconciliation of net movement in funds to net cash provided by (used**
**activities**
**2020**
**£**
**Net movement in funds (as per the statement of financial activities) (2,271,854)**
**Adjustments for:**
Depreciation charge
**253,128**
Impairment provision
**2,431,481**
Gains on listed investments
**(10,040)**
Exchange rate movements
. On investments
**35,684**
. On cash
**39,352**
Investment income and interest receivable
**(159,725)**
Surplus on disposal of tangible fixed assets
**(5,100)**
(Increase) decrease in debtors
**(242,363)**
Decrease in creditors
**(59,596)**
**Net cashprovided by (used in) operating activities**
**10,967**|**in) operating**
2019
£
(162,044)
250,002
(764,372)
—
19,401
(198,499)
(122,948)
239,971
(31,672)
(770,161)|
|---|---|---|---|
||**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation charge
Impairment provision
Gains on listed investments
Exchange rate movements
. On investments
. On cash
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
(Increase) decrease in debtors
Decrease in creditors
**Net cashprovided by (used in) operating activities**|**(2,271,854)**
**253,128**
**2,431,481**
**(10,040)**
**35,684**
**39,352**
**(159,725)**
**(5,100)**
**(242,363)**
**(59,596)**||
|||**10,967**||
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **41**
## **Statement of cash flows** Year to 31 December 2020
|**B**
**C**|**Analysis of cash and cash equivalents**|||**2020**
**£**||2019
£
1,132,526
75,263
1,207,789
**At 31**
**December**
**2020**
**£**|
|---|---|---|---|---|---|---|
||Cash at bank and in hand
Cash held by investment managers
**Total cash and cash equivalents**|||**1,163,956**
**142,353**|||
|||||**1,306,309**|||
||**Analysis of changes in net debt**|At 1
January
2020
£|||||
||Cash and cash equivalents
Loans advanced|1,207,789
—||98,520
112,000||**1,306,309**
**112,000**|
|||1,207,789||210,520||**1,418,309**|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **42**
## **Principal accounting policies** Year to 31 December 2020
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 2020 with comparative figures given for the year to 31 December 2019.
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) (effective 1 January 2020) and the Charities Act 2011.
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:
- ♦ the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge;
- ♦ the determination of any impairment charge in respect to tangible fixed assets;
- ♦ assessing the recoverability of any debts and the need for a provision against doubtful or bad debts.
- ♦ the assumptions adopted by the trustees in determining the value of any designations required from the charity’s general unrestricted funds; and
- ♦ estimating the future income and expenditure flows for the purpose of assessing going concern.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **43**
**Principal accounting policies** Year to 31 December 2020
## **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 Covid-19 pandemic has continued to change the shape and nature of the world. It has impacted not only the basic nature of the social interactions but has also had a significant economic impact at every level in ways which have been outside of the trustees’ control.
The full impact of the pandemic on the charity's income and expenditure and financial position following the emergence of the global Covid-19 pandemic is still not fully known. The charity’s income will no doubt continue to be affected because of the falls in income from listed investments as the corporate sector, in particular, has reacted to the pandemic by reducing dividend payments. In terms of expenditure, the trustees remain aware of the need to carefully consider cash-flow when planning major projects.
During the current Covid-19 pandemic, the trustees continue to communicate with their investment managers and, whilst there are concerns over fluctuations in world stock markets, they acknowledge also that the charity is a long term investor. As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief.
Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity’s financial position or going concern. The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due.
## **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 and legacies, investment income, interest receivable, retreat and conference centre income, contribution towards the care of elderly sisters, 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.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **44**
**Principal accounting policies** Year to 31 December 2020
## **Income recognition** (continued)
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 in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, 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 being transferred to the charity.
Investment income is recognised once the dividend or similar distribution has been declared and notification has been received of the amount due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Retreat and conference centre income and contributions towards the care of elderly sisters are recognised to the extent that it is probable that the economic benefits will flow to the charity and the income is capable of financial measurement. It is measured at fair value of the consideration received or receivable, excluding any relevant discounts or value added tax.
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.
All other income, including Coronavirus Job Retention Scheme funding, is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.
## **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.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **45**
## **Principal accounting policies** Year to 31 December 2020
## **Expenditure recognition** (continued)
All expenditure is accounted for on an accruals basis. All expenses are allocated or to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible.
Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities and includes:
- ♦ Expenditure on the support of members of the Congregation and their ministry. Such expenditure enables the members to carry out the work of the charity in the areas of the advancement of the Roman Catholic faith, the advancement of education, the provision of healthcare and the provision of social and pastoral work.
- ♦ The provision for any impairment in respect to the charity’s tangible fixed assets.
- ♦ The provision of grants and donations relating, in the main, to the support of the Congregation’s own work and the support of other Roman Catholic charitable organisations. Charitable grants and donations are made where the trustees believe there is a 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 any grants and donations approved but unpaid at the end of the financial year.
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.
Governance costs are the costs associated with the governance arrangements of the charity including audit costs and the necessary legal procedures for compliance with statutory requirements.
All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Congregation and their ministry and hence there has been no apportionment between headings. Any support and/or governance costs in relation to other categories of expenditure is considered to be negligible.
## **Foreign currencies**
Assets and liabilities are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**46**
**Principal accounting policies** Year to 31 December 2020
## **Tangible fixed assets**
All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.
- ♦ Freehold land and buildings The trustees are the legal owners of land and buildings used exclusively by two schools founded by the Congregation, but which are now under separate control and publicly funded. Such assets are regarded as having a nil value for the purposes of the accounts since they cannot be disposed of in the open market or put to alternative use while such occupation continues.
Freehold land and buildings purchased on or prior to 1 July 1997 are included in the accounts at a valuation determined by the trustees as at that date with professional assistance, based on replacement cost for existing use. As permitted by FRS 102, with effect from 1 July 2014 the value assigned to this property is now deemed its cost. Land and buildings purchased on or after 1 April 2008 are shown on the balance sheet at cost. Freehold land and buildings comprise:
- a. Non-specialised buildings i.e. those designed as, and used wholly or mainly for, private residential accommodation. Such land and buildings are not depreciated. Their value and condition are reviewed annually by the trustees, to confirm that their residual value is not materially less than their book value. Where this is not deemed to be the case, an impairment provision is made (see below).
- b. Specialised buildings comprise large residential convents. Depreciation is provided at 2% per annum on a straight-line basis to write off the buildings over their estimated useful economic life to the Congregation.
- ♦ Motor vehicles, computers, and furniture and equipment
Motor vehicles, computers, and furniture and equipment are included at cost.
Depreciation is provided on a straight line basis on assets held at the end of the year at the following annual rates in order to write off each asset over its estimated useful life:
Motor vehicles 20% Plant, computers, furniture and equipment 15% to 33[1] ∕3%
An impairment review in respect to a particular class of assets is carried out if events, or changes in circumstances, indicate that the carrying amount of any tangible fixed asset may not be recoverable.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **47**
**Principal accounting policies** Year to 31 December 2020
## **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 nonrecoverability. 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. 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 English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **48**
**Principal accounting policies** Year to 31 December 2020
## **Funds structure**
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.
The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets excluding those held as part of the Grace Fowler fund.
Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. Details of these are provided in note 16.
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions. Details of these are provided in note 14.
## **Services provided by members of the Congregation**
For the purposes of these accounts, no monetary value has been placed on care, administrative and other services provided by members of the Congregation.
## **Pensions**
The charity offers its employees membership of a defined contribution pension scheme administered by The NOW: Pensions Trust, which is a registered occupational pension scheme (plan) governed by the Trust Deed and Rules dated 29 November 2011 by which the plan was established. Contributions to the plan are debited to the statement of financial activities in the year in which they are payable to the plan. The assets of the plan are held by an independent corporate trustee, whose activities are governed by The Pensions Act 2008 and the regulations made under it. This includes and is not limited to The Occupational and Personal Pension Schemes Regulations 2010.
## **Pension costs**
The charity contributes to a defined contribution pension scheme administered by the charity to provide benefits in respect to individual members of the community. This policy is held with Standard Life.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **49**
**Notes to the accounts** Year to 31 December 2020
## **1 Income from: Donations and legacies**
||**Unrestricted**
**funds**
**£**|**Restricted**
**fund**
**£**|**Total**
**2020**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
2019
£|
|---|---|---|---|---|---|---|
|Covenanted
salaries and
pensions
Other donations
being legacies
renounced by
individual
sisters
Legacies
Donations for
missions
Other grants
and donations|**1,073,990**
**310,593**
**340,320**
**—**
**7,095**|—
**17,000**
—
**48,915**
**—**|**1,073,990**
**327,593**
**340,320**
**48,915**
**7,095**|1,231,158
—
170
—
26,830|—
—
—
139,354
—|1,231,158
—
170
139,354
26,830|
||**1,731,998**|**65,915**|**1,797,913**|1,258,158|139,354|1,397,512|
## **2 Income from: Investments and interest receivable**
|**Income from: Investments and interest receivable**|||
|---|---|---|
||Unrestricted funds||
||**Total**
**2020**
**£**|Total
2019
£|
|Income from listed investments
. Equities
. Corporate bonds
. Other
Interest receivable
. Cash held by investment managers
. Bank interest
**Total funds**|**132,457**
**13,191**
**13,265**|163,328
27,835
4,374|
||**158,913**|195,537|
||**164**
**648**|930
2,032|
||**812**|2,962|
||**159,725**|198,499|
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**50**
## **Notes to the accounts** Year to 31 December 2020
## **3 Expenditure on: Support of members of the Congregation and their ministry**
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**
**2020**
**£**|Total
2019(as
restated
(note 18))
£|
|Staff costs (note 8)
Premises
Sisters’ living and personal expenses
Sisters’ training, education and retreat
Other ministry (including Ty Croeso Centre)
Other expenses
Support costs
. Postage, stationery and telephone
. Other professional fees
. Governance costs (note 6)
**Total funds**|**943,696**
**487,207**
**328,419**
**11,200**
**3,777**
**15,396**
**4,914**
**25,258**
**20,262**|899,699
536,790
394,956
4,820
20,942
26,699
5,135
17,026
19,925|
||**1,840,129**|1,925,992|
## **4 Provision against deferred consideration**
At 31 December 2018, other debtors comprised deferred consideration of £250,000 receivable from St Joseph’s Hospital Limited under the sale agreement following the sale of St Joseph’s Hospital, Malpas, Wales by the charity in 2014. Under that agreement, the deferred consideration was receivable on or before 11 July 2019 and was secured by a second legal charge dated 11 July 2014 over the land and buildings known as St Joseph’s Hospital. On 21 June 2019, both parties entered into a deed of variation affecting the deferred consideration. The terms of the agreement were varied such that St Joseph’s Hospital Limited was to pay £25,000 per month for a period of ten months commencing July 2019. Six payments were made during the year to 31 December 2019 but no payments were received after that date and the company, St Joseph’s Hospital Limited, subsequently entered administration. Consequently, a provision was made in the year to 31 December 2019 against the remaining balance of £100,000.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **51**
**Notes to the accounts** Year to 31 December 2020
## **5 Expenditure on: Grants, donations and support of missionary works**
The charity makes grants and donations, principally in support of the overseas work of The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust and those causes which further the Roman Catholic faith.
The grants and donations payable during the year were as follows:
||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**2020**
**£**
Unrestricted
funds (as
restated
(note 18))
£
Restricted
funds (as
restated
(note 18))
£
Total
2019 (as
restated
(note
18))
£|
|---|---|---|---|
|Donations to organisations
. Grants to the Generalate
of the Sisters of St Joseph
of Annecy to support the
Congregation’s overseas
work
. Grants to the community of
the Congregation in
Killorglin, Ireland
. Grants to Misean Cara
. Grants to the overseas
missions the Sisters of St
Joseph of Annecy
. Other donations
**2020 Total funds**|**14,277**
**—**
**—**
**—**
**3,708**|**—**
**—**
**47,977**
**11,410**
**—**|**14,277**
13,161
—
13,161
**—**
390,496
133,350
523,846
**47,977**
—
138,394
138,394
**11,410**
—
1,135
1,135
**3,708**
2,074
—
2,074|
||**17,985**|**59,387**|**77,372**
405,731
272,879
678,610|
No donations were made to individuals during the year to 31 December 2020 (2019 – none).
## **6 Governance costs**
|**Governance costs**|||
|---|---|---|
||Unrestricted funds||
||**Total**
**2020**
**£**|Total
2019
£|
|**Total funds -**Professional fees|**20,262**|19,925|
- **7 Net income (expenditure) for the year before net investment gains (losses)** This is stated after charging (crediting):
||**Total**
**2020**
**£**
**943,696**
**19,380**
**29**
**853**
**253,128**
**2,431,481**
**(39,352)**|Total
2019
£
899,699
19,351
—
574
250,002
—
(19,401)|
|---|---|---|
|Staff costs (note 8)
Auditor’s remuneration
. Statutory audit services
.. Current year
.. Previous year
. Other services
Depreciation (note 10)
Impairment provision (note 10)
Foreign exchangegains|||
The English Province of the Congregation of the Sisters of St Joseph of Annecy
Charitable Trust
**52**
## **Notes to the accounts** Year to 31 December 2020
## **8 Staff costs**
|**Staff costs**|||
|---|---|---|
||**2020**
**£**|2019
£|
|Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Other staff related costs|**849,081**
**55,344**
**34,042**|810,337
50,128
32,133|
||**938,467**
**5,229**|892,598
7,101|
||**943,696**|899,699|
All staff costs are in respect of employees who support the members of the Congregation and their ministry. The average number of employees was 58 (2019 - 61).
There were no employees who earned over £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year (2019 - none).
As noted in the trustees’ report, the trustees consider they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis.
All the 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 (2019 – £nil).
## **9 Taxation**
The English Province of the Congregation of the Sisters of St Joseph of Annecy 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.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **53**
**Notes to the accounts** Year to 31 December 2020
## **10 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
||Land and|buildings|Plant,
computers,
furniture and
equipment
£|Motor
vehicles
£|**Total**
**£**|
||Specialised
£|Non-
specialised
£||||
|**Cost or valuation**
At 1 January 2020
Additions
Disposals
At 31 December 2020
At cost
At deemed cost – 1997 valuation
**Depreciation and impairment**
At 1 January 2020
Charge for year
Impairment
On disposals
At 31 December 2020
**Net book values**
At 31 December 2020
At 31 December 2019|7,283,628
—
—|1,044,329
—
—|465,654
85,193
—|313,201
—
(12,167)|**9,106,812**
**85,193**
**(12,167)**|
||7,283,628|1,044,329|550,847|301,034|**9,179,838**|
||2,283,628
5,000,000|508,153
536,176|550,847
—|301,034
—|**3,643,662**
**5,536,176**|
||7,283,628|1,044,329|550,847|301,034|**9,179,838**|
||3,128,036
145,673
2,431,481
—|—
—
—
—|204,410
73,607
—
—|221,512
33,848
—
(12,167)|**3,553,958**
**253,128**
**2,431,481**
**(12,167)**|
||5,705,190|—|278,017|243,193|**6,226,400**|
||**1,578,438**|**1,044,329**|**272,830**|**57,841**|**2,953,438**|
||4,155,592|1,044,329|261,244|91,689|5,552,854|
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 1 July 1997 is based on a 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 July 2014 the value assigned to this property is now deemed its cost. Additions subsequent to 1 July 1997 are stated at cost. Other tangible fixed assets are stated at cost.
At 31 December 2020 the charity had no capital commitments (2019 – no capital commitments)
Since the year end, the charity has received an offer to purchase one of its specialised buildings, Llantarnam Abbey, Cwmbran, for a figure of £1,250,000. After receiving profession property advice, the trustees are of the view that this offer represents an approximation to the net realisable value of the property which the Sisters are actively considering vacating. Consequently, the net book value of the property as at 31 December 2020 has been reduced to £1,250,000 following an impairment review of the property..
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **54**
**Notes to the accounts** Year to 31 December 2020
## **11 Investments**
|**Investments**|||
|---|---|---|
||**2020**
**£**|2019
£|
|**Listed investments at market value**
At 1 January 2020
Additions at cost
Disposals at book value (see below)
Exchange losses
Unrealised investment gains
At 31 December 2020
**Cash held by investment managers for reinvestment**
Cost of listed investments|**6,655,919**
**3,052,106**
**(3,153,522)**
**(35,684)**
**168,575**|5,765,235
7,279,877
(7,084,301)
—
695,108|
||**6,687,394**
**142,353**|6,655,919
75,263|
||**6,829,747**|6,731,182|
||**6,236,405**|6,098,039|
|||2019
£|
|UK Equities
Overseas Equities
UK Corporate bonds
Alternatives|**2,990,701**
**2,438,733**
**808,368**
**449,592**|3,031,899
2,426,578
782,090
415,352|
||**6,687,394**|6,655,919|
All listed investments were dealt in on a recognised stock exchange.
Disposals at book value included above are made up of the following:
||**2020**
**£**|2019
£|
|---|---|---|
|Proceeds
Losses (gains)
Disposals at book value|**2,994,987**
**158,535**|7,153,565
(69,264)|
||**3,153,522**|7,084,301|
At 31 December 2020, listed investments included the following individual holding deemed material when compared with the overall portfolio valuation as at that date:
||**Market**
**value of**
**holding**
**£**|**Percentage**
**of**
**Portfolio**
**%**|
|---|---|---|
|UBS United Kingdom Socially Responsible
UBS Bloomberg Barclays
UBS EmergingMarkets SociallyResponsible|**389,867**
**377,366**
**435,741**|**5.83**
**5.64**
**6.52**|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **55**
## **Notes to the accounts** Year to 31 December 2020
## **12 Debtors**
|**Debtors**|||
|---|---|---|
||**2020**
**£**|2019
£|
|Investment income receivable
Legacies receivable
Prepayments and accrued income|**24,290**
**240,000**
**22,995**|16,682
—
20,632|
||**287,285**|37,314|
|**Creditors: amounts falling due within one year**|**2020**
**£**|2019
£|
|Other taxes and social security costs
Amounts held on behalf of individual members of the Congregation
Other creditors and accruals
Loan due to the Generalate of the Sisters of St Joseph of Annecy*|**14,992**
**31,465**
**90,060**
**112,000**|58,594
31,785
105,734
—|
||**248,517**|196,113|
## **13 Creditors: amounts falling due within one year**
*During the year to 31 December 2020, the Congregation’s Generalate advanced a loan of £112,000 to the charity to enable it to finance a loan to a former member of the English Province during the year to 31 December 2021. This latter loan will be applied by the former member towards the purchase of a property over which the charity will secure a legal charge. The loan to be advanced by the charity will be repayable on the death of the former member or earlier should she dispose of the property.
The monies advanced to the charity by the Generalate are repayable only on repayment of the loan from the former member to the charity. There are no other specific repayment terms attached to this loan from the Generalate which is interest free.
## **14 Restricted funds**
The funds of the charity include restricted funds comprising the following amounts to be applied for specific purposes:
||**At**
**1 January**
**2020 (as**
**restated**
**(note 18))**
**£**|**Income**
**£**|**Expenditure**
**£**|**At 31**
**December**
**2020**
**£**|
|---|---|---|---|---|
|Misean Cara fund
Mission fund
Pilgrimage fund|**1,340**
**3,292**
**—**|**47,613**
**11,375**
**7,000**|**(47,977)**
**(11,410)**
**—**|**976**
**3,257**
**7,000**|
||**4,632**|**65,988**|**(59,387)**|**11,233**|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **56**
**Notes to the accounts** Year to 31 December 2020
## **14 Restricted funds** (continued)
|**Restricted funds**(continued)|||||
|---|---|---|---|---|
||At
1 January
2019 (as
restated
(note 18))
£|
Income
£|Expenditure
(as restated
(note 18))
£|At 31
December
2019 (as
restated
(note 18))
£|
|Misean Cara fund
Mission fund
Building fund|1,515
3,292
133,350|138,219
1,135
—|(138,394)
(1,135)
(133,350)|
1,340
3,292
—|
||138,157|139,354|(272,879)|
4,632|
The **Misean Cara fund** comprises monies received from Misean Cara for the support of specific projects which are being undertaken by the sisters based in India and Africa.
The **mission fund** consists of monies received specifically for the support of the Congregation’s works overseas
The **pilgrimage fund** comprises monies received from a sister’s family legacy to be used for her to take a trip to the Holy Land.
The **building fund** comprised money received specifically towards the financing of the cost of the extension of St Joseph’s Home in Killorglin, Ireland.
## **15 Tangible fixed assets fund**
|**Tangible fixed assets fund**|||
|---|---|---|
||**2020**
**£**|2019
£|
|At 1 January 2020
Net movement in year
At 31 December 2020|**5,424,946**
**(2,599,416)**|6,145,665
(720,719)|
||**2,825,530**|5,424,946|
The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets, excluding those representing the Grace Fowler designated fund, and has been established in recognition of the fact that the tangible fixed assets are required for the charity’s on-going work.
## **16 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**
**1 January**
**2020**
**£**|**Net**
**movement**
**in the year**
**£**|**At 31**
**December**
**2020**
**£**|
|---|---|---|---|
|Grace Fowler fund
Retirement reserve|**231,208**
**5,750,000**|**(8,280)**
**200,000**|**222,928**
**5,950,000**|
||**5,981,208**|**191,720**|**6,172,928**|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **57**
**Notes to the accounts** Year to 31 December 2020
## **16 Designated funds** (continued)
|**Designated funds**(continued)||||
|---|---|---|---|
||At
1 January
2019
£|Net
movement
in the year
£|At 31
December
2019
£|
|Grace Fowler fund
Retirement reserve|227,876
5,750,000|3,332
—|231,208
5,750,000|
||5,977,876|3,332|5,981,208|
The **Grace Fowler fund** represents the net book value of a freehold property, certain investments and cash at bank, all of which have been set aside to benefit, as directly as possible, the personal needs of the sisters.
The **retirement reserve** represents monies designated by the trustees to provide for the sisters in their retirement. It is calculated on actuarial principles and is reviewed annually by the trustees in the light of the resources available.
## **17 Analysis of net assets between funds**
||
**General**
**funds**
**£**|
**Tangible**
**fixed assets**
**fund**
**£**|
**Designated**
**funds**
**£**|
**Restricted**
**funds**
**£**|**Total**
**2020**
**£**|
|---|---|---|---|---|---|
|**Fund balances at**
**31 December 2020**
**are represented by:**
Tangible fixed assets
Fixed asset investments
Net current assets
**Total net assets**|**—**
**787,312**
**1,188,906**|**2,825,530**
**—**
**—**|**127,908**
**6,042,435**
**2,585**|**—**
**—**
**11,233**|**2,953,438**
**6,829,747**
**1,202,724**|
||**1,976,218**|**2,825,530**|**6,172,928**|**11,233**|**10,985,909**|
||General
funds (as
restated
(note 18))
£|
Tangible
fixed assets
fund
£|
Designated
funds
£|
Restricted
funds (as
restated
(note 18))
£|
Total
2019
£|
|**Fund balances at**
**31 December 2019**
**are represented by:**
Tangible fixed assets
Fixed asset investments
Net current assets
**Total net assets**|—
881,538
965,439|5,424,946
—
—|127,908
5,849,644
3,656|—
—
4,632|5,552,854
6,731,182
973,727|
||1,846,977|5,424,946|5,981,208|4,632|13,257,763|
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **58**
**Notes to the accounts** Year to 31 December 2020
## **17 Analysis of net assets between funds** (continued)
The total unrealised gains as at 31 December 2020 constitute movements on revaluation of investments and are as follows:
|of investments and are as follows:|||
|---|---|---|
||**2020**
**£**
**450,989**|2019
£|
|**Total unrealisedgains on listed investments at 31 December 2020**||557,880|
||**2020**
**£**
**557,880**
**(239,782)**
**(35,684)**
**168,575**
**450,989**|2019
£|
|**Reconciliation of movements in unrealised gains**
Unrealised gains (losses) at 1 January 2020
In respect to disposals in year
Net losses arising on exchange differences
Net gains arising on revaluation in the year
**Total unrealisedgains at 31 December 2020**||(62,993)
(74,235)
—
695,108|
|||557,880|
## **18 Prior year adjustment**
|**Prior year adjustment**||||||
|---|---|---|---|---|---|
||Unrestricted
funds
£|Restricted
funds
£
195,182
(43,461)
(13,564)
138,157
(129,466)
(4,059)
**4,632**|Designated
funds
£
5,977,876
—
—
5,977,876
3,332
—
**5,981,208**|Tangible
fixed asset
fund
£|**Total**
**funds**
**£’000**|
|At 1 January 2019 as
previously stated
Reclassification of restricted
mission funds as at 1
January 2019
Reclassification of restricted
Misean Cara funds as at 1
January 2019
At 1 January 2019 as
restated
Net movement in funds as
previously reported for the
year to 31 December 2019
Reclassification of restricted
Misean Cara funds for the
year to 31 December 2019
**At 31 December 2019 as**
**restated**|1,101,084
43,461
13,564|||6,145,665
—
—|**13,419,807**
—
—|
||1,158,109
684,809
4,059|||6,145,665
(720,719)
—|**13,419,807**
**(162,044)**
—|
||**1,846,977**|||**5,424,946**|**13,257,763**|
The prior year adjustment to reclassify restricted fund balances as unrestricted fund balances relates to an error in years before 2019 when expenditure had been allocated against unrestricted funds rather than applied towards the restricted funding received for that purpose.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **59**
**Notes to the accounts** Year to 31 December 2020
## **19 Trustees’ expenses and remuneration and transactions with trustees and related parties**
The charity's trustees are all members of the Congregation and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Congregation, are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (2019 - none).
As members of the Congregation, none of the trustees 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 the trustees to the charity was £76,253 (2019 - £74,025).
## **20 Ultimate control**
The charity, which is constituted as a trust, was controlled throughout the period by The English Province of the Congregation of the Sisters of St Joseph of Annecy by virtue of the fact that the Superior of the Province appoints the trustees.
## **21 Post balance sheet events**
Since the year end, the charity has disposed of two freehold properties included within these accounts as tangible fixed assets for total net proceeds (after deducting associated costs) of £1,268,532. The properties had an aggregate net book value at 31 December 2020 of £484,566.
The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust **60**