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2022-12-31-accounts

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust

Annual Report and Accounts

31 December 2022

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 26
Accounts
Statement of financial activities 31
Balance sheet 32
Statement of cash flows 33
Principal accounting policies 35
Notes to the accounts 42

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
Sister Marianne Donnelly
Sister Margaret Fox
Sister Teresa Kolb
Sister Mary Gretta O’Connor
Sister Bridget Pritchard
(The trustees are incorporated under the Charities
Act 2011)
Provincial Superior (Sister Provincial) Sister Susan Armond
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 2022

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 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 35 to 401 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).

Introduction

The Sisters of St Joseph of Annecy (the Congregation) is an international Roman Catholic Congregation supporting 419 finally professed and 53 junior professed sisters, as well as 26 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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 2

Report of the trustees Year to 31 December 2022

Introduction (continued)

The English Province has houses in various parts of Wales, with one community in Killorglin, County Kerry, Ireland.

Following the sale of Llantarnam Abbey in October 2021, much research went into future accommodation for the sisters. Two properties were purchased in 2022: Willow House in Newport, currently being refurbished as a convent for the more active members of the Province, and New Inn Care Home in New Inn for those currently in St Joseph’s Wing and those needing more care and assistance.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

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Report of the trustees Year to 31 December 2022

Mission

Worship and Prayer

Members of the Province are given the opportunity for daily prayer and private worship. They are encouraged to develop their knowledge of, and relationship with God through prayer, study of the Scriptures and other texts, using all the means which are available. The use of technology has allowed them to become familiar with the spiritual resources which are available online and to participate remotely in retreats, liturgies and other sessions which help to enhance their spiritual development. Similarly, they have been able to interact with others to share their expertise as well as to offer spiritual help and guidance. With the easing of Covid-19 restrictions, members of the Province are once again able to 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 celebration of the Liturgy and through prayer groups and church services. They visit the sick, housebound and bereaved - helping the latter to prepare for the funerals of their loved ones, and in some cases, conducting the funeral service.

Social and pastoral work

Many members of the Province are involved in various forms of social or pastoral work, including care of the elderly, family support, working with those who have been trafficked, acting as governors in local schools, and the conducting of religious 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. The sister who has the role of Mission Development Officer (MDO) works with the Irish aid charity, Misean Cara, to apply for funding for the sister’s missions in Africa and India.

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:

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Report of the trustees Year to 31 December 2022

Principal Aims, Activities and Policies (continued)

Activities and specific objectives (continued)

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.

Province age distribution on 31st December 2022

----- Start of picture text -----
25
20
15
10
5
0
40+ 50+ 60+ 70+ 80+ 90+
----- End of picture text -----

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.

Looking ahead the number of sisters needing a wide range of care is likely to increase given the age profile. Trustees have considered how best to maintain this provision within a community setting within our financial and personnel limitations. Currently, care is provided at Llantarnam Abbey but will be transferred to a new site during 2023.

Education

Although we no longer have sisters teaching in schools, education remains an integral part of our mission as Sisters of St Joseph with sisters involved in schools and adult education at many levels. 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.

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Report of the trustees Year to 31 December 2022

Principal Aims, Activities and Policies (continued)

Activities and specific objectives (continued)

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.

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, parish work and family support. Some of the social and pastoral ministries undertaken by individual sisters include promoting recent Church teaching on care of the earth, visiting the elderly at home and in hospitals, spiritual direction, leading religious services, bereavement support, supporting victims of human trafficking, ecumenism, and Christian unity.

Advancement of religion

The Congregation operated the Ty Croeso Centre at Llantarnam Abbey for many years. The decision was made not to re-open the Centre after Covid-19 restrictions eased as the sisters will vacate the entire site in 2023. The Centre is currently used by staff and sisters of the Province as a venue for Province meetings, training, trustee meetings and retreats.

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 Office (MDO) and acts as an interface between Misean Cara and the sisters in Africa and India.

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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust 6

Report of the trustees Year to 31 December 2022

Principal Aims, Activities and Policies (continued)

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 National Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS).

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.

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

Care of our elderly sisters

At present, there are twelve sisters in St Joseph’s Wing at Llantarnam Abbey receiving nursing and personal care provided by a team of sisters, nurses, and carers. Others are jointly supported by the community and staff to maintain some level of independence as far as they are able. Four sisters have received end of life care this year in St Joseph’s Wing allowing them to die supported by sisters meeting their spiritual as well as physical needs.

In 2022 we have experienced recruitment difficulties which reflects the current situation across the UK. It is particularly problematic to recruit suitable Registered Nurses. Overseas recruitment is not possible for us as a non-registered facility. We reviewed our advertising of vacancies and devised a more creative approach and have now filled the vacancy. It is an additional benefit that our new nurse has an expertise in infection control.

Staff continue to be offered appropriate training both in-house and externally with Royal College of Nursing, Aneurin Bevan University Health Board (ABUHB) and a variety of other resources. Face to face mandatory training has been provided this year in full for the first time since the Covid-19 pandemic began. Several carers have been studying for QCF Level 2 and 3 throughout the pandemic and the last one completed in early 2023.

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Report of the trustees Year to 31 December 2022

Achievements and Performance (continued)

Caring for members of the Congregation (continued)

Care of our elderly sisters (continued)

The sisters 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 and Torfaen County Borough Council.

Activities with our elderly sisters

The Covid-19 pandemic and the evolving needs of our sisters have required us to change the activities we offer. One Sister provides regular prayer services and reflections with the sisters. She focuses on our own spirituality and contemporary issues within the Church and the Congregation. Another meets with them weekly to provide quiet reflection time and prayer together. As Covid-19 regulations have eased it has also been possible for family, friends and sisters from other communities and Provinces to visit more freely.

As always, we mark important national and religious events in St Joseph’s Wing. This year the focus was on Queen Elizabeth for both her Jubilee and funeral. Staff and sisters celebrated the Jubilee with prayer, reminiscence, and a party. These events boost morale, are a source of team building as well as being enjoyed by the sisters.

It was also felt that it was important to thank our outstanding staff for all their care and commitment throughout the Covid-19 pandemic. During the summer a tea party was held in the Abbey grounds. It was the first opportunity for different teams to socialise and new staff to get to know the sisters, and each other, a little better.

Often it is only at the end of a sister’s life that we realise the impact she has had on those she has ministered with, often many years before yet clearly cherished by the person. This is reflected in the comments below:

EO’R - “A woman of deep inner wisdom and wonderful dedication.”

WS – “A true inspiration to all women...May you rest in eternal peace.”

G McN – “Very sad news. Always kind, thoughtful and loving. I started at Blairs in 1977 the same year as she did. She was by far the youngest of her community but had an undimmed joy and enthusiasm for life. I will offer Mass for the repose of her soul. May she rest in peace.”

AJ – “Sister M you touched the hearts of so many people that were fortunate to be able to meet you. Rest in peace xx”

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Report of the trustees Year to 31 December 2022

Achievements and Performance (continued)

Mission Effectiveness Course

The trustees are very aware of the increasing age profile of the sisters and an ever-decreasing ability to manage our facilities and personnel. In 2022, two key managers attended a course to help prepare them for taking on responsibilities when sisters are no longer available. The course was called Mission Effectiveness and was held at the Congregation of St Joseph International Centre in Le Puy, France where the Congregation was founded. It was attended by staff working with several other Sisters of St Joseph Congregations from seven countries. The focus was on understanding our charism and spirituality and how it can be embedded and shared in our facilities, even when sisters may not be actively present day to day. Our managers learned much more than they ever thought possible, made good contacts with others in similar situations and gained a sense of the international presence of the sisters. They later shared their experiences with us at a Province meeting. We are already seeing the fruits of this course as the Team Leader in St Joseph’s Wing prepares to take responsibility for it as the Sister who is Nurse Manager moves into a new role.

Covid-19 pandemic to endemic

At the beginning of the pandemic in March 2020, we established a Coronavirus Strategy Group of sisters and managers at Llantarnam Abbey. This group was responsible for developing and implementing government guidelines, local policies, risk assessments and liaison with statutory agencies. While the Covid-19 pandemic is largely over there remains a need for vigilance and ongoing updates on local guidance. There has been a high level of support from the Aneurin Bevan University Health Board and Torfaen County Borough Council throughout the pandemic which has assisted managers to maintain services at the Abbey in difficult circumstances. Today we work on a model of living with endemic Covid-19 and its effects of staff absence, increased administrative tasks, increased costs for PPE provision, maintaining quick reactions to signs of infection or outbreak among the most vulnerable in our communities.

Education

Although we no longer have sisters teaching in schools, education remains an integral part of our mission as Sisters of St Joseph with sisters involved in schools and adult education at many levels.

Some sisters are governors, supporting the Headteacher, staff and pupils in their day-to-day work of education. One Sister acts as a school chaplain in a supportive category particularly with RE coordinators and assisting with school Masses and Assemblies. She is also available for parents and staff in a pastoral role. Another Sister holds mindfulness sessions for pupils and staff which are greatly appreciated by all participants. This practice is seen as a means of helping adults and pupils to relax and create a calm working environment. Other sisters work in catechetics and sacramental programmes in school and in parishes and hold children’s Sunday Liturgies.

Sisters are also involved in adult education in parishes. It is becoming ever more vital to prepare adults to answer the many questions posed by our challenging world. One Sister holds a weekly Faith-Sharing Study Group while another is involved in the faith formation programmes RCIA and SYMBOLON. All these activities provide opportunities for people to grow in their own faith journey.

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Achievements and Performance (continued)

Education (continued)

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. To this end they continue to build on the work already begun particularly with Justice and Peace and the Integrity of Creation as well the deepening of their own Medaille Spirituality. The ongoing formation team regularly provides sessions using a blend of prayer, reflection, input, ritual, and faith sharing. Sisters continue to update their IT skills so as to better participate in online formation and education. Our objective in all our undertakings is to empower and involve people as much as possible and for all of us to work in close collaboration, thus ensuring that the life and spirit of the church is preserved both now and in the future.

Diocesan Pastoral Resources Centre

One Sister is responsible for the day to day running of the Diocesan Pastoral Resources Centre for the Archdiocese of Cardiff. The Centre is used for day and evening meetings, including training sessions for teachers and school inspectors, diocesan commissions, and the SVP.

She also works with the Commission for Christian Unity for Cardiff Archdiocese. Additionally, she is secretary to the trustees of the Diocese. Overall, it is a varied and interesting ministry, bringing her into contact with a good range of people and enabling her to live out the spirit of our Congregation through ordinary everyday relationships.

Healthcare

Our ministry in healthcare has changed in recent years with a reduced nursing presence and a move to other forms of care and healing. One Sister has been practising as a massage therapist for over eleven years. Since being able to return to work after the Covid-19 pandemic the demand for her services has grown significantly. She works in a specialist neurological rehabilitation clinic and in an osteopath clinic.

In this role she was invited to join the specialist physiotherapy team from the rehabilitation clinic at the Cairns Cup, an international tournament for golfers with disabilities. She provided therapeutic massage to players after long journeys and in preparation for their rounds.

This year, to mark National Massage Day and in collaboration with a Community Interest Company for cyclists with disabilities, she offered free training to families of patients at the rehabilitation clinic in basic massage techniques. The intention was that they could then provide some massage at home for their loved ones. It was a great success, and it is hoped will become a regular service offered at the clinic.

Her services are appreciated as the online reviews below show:

CW – “I found the massage very relaxing and after three treatments was pain free in my upper back. The first time in three years, for which I am truly grateful.”

DC – “I have been getting Therapy on my shoulders with M for some time now, and as a permanent wheelchair using paraplegic for over 20 years now, the benefit is unquestionable. Has made a huge difference and I wish I had started with this years earlier. M is wonderful to see and evidently very skilled with her healing hands.”

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Achievements and Performance (continued)

Healthcare (continued)

MJ – “I’ve had long term muscle issues in my back since losing my leg and continuing to play golf due to my unorthodox movements. M has been looking after these issues for 4 years now and I wouldn’t trust anyone else. She keeps my back and shoulders in great condition.”

MH – “I have suffered from back complaints for many years now and it can be very painful walking and getting around. I was recommended to try massage to see if it would help. I have been going to M ever since and it has changed my life literally. She is amazing both in the treatment that she performs but the whole atmosphere. She is both kind and very helpful, always looking for ways to improve the session and experience. I have received huge benefit from the ongoing treatment and I would never look back. “

In 2021 she added ScarWork™ to her qualifications and is slowly building this service into her clinics. It is relatively unknown in south Wales and is taking time to grow but is proving a beneficial treatment for those who have received it so far.

GH – “M made a remarkable difference to my 7-inch surgery scar; it had been very sore, tight, and lumpy where the clips had been. Not only do I feel the difference my physio at Nevill Hall said the improvement was remarkable!!! “

Recognising our limited resources and personnel the trustees have been negotiating for several years with Nazareth Care to secure a continued service at St Joseph’s Home in Ireland (part of the Province but not of the charity although the charity has provided funding for the Home in the past). In 2022 the handover of the Home was approved by the Irish Charity Regulator ensuring a religious organisation will continue to meet the needs of the people of County Kerry while allowing us to withdraw and alleviating the need for future funding from the charity.

Social and pastoral care

Sisters who are involved in parish ministries are located in areas where there is widespread material, social and spiritual deprivation. In this way they respond to their Founder’s vision of caring for the ‘poorest and most neglected’ members of society. The needs are diverse and often cannot be adequately met by other agencies.

The sisters in the Rhondda parish write:

“ The aftermath of the Covid-19 pandemic has had a dramatic effect on people’s lives throughout the world. Here in the Rhondda area where there is enormous social deprivation and high unemployment, the people were already struggling to survive financially. During and after Covid-19 many people presented with increased anxiety about monetary challenges and the rising cost of living which often resulted in on-going mental health problems, particularly among the younger age group. Although much has been done to try to alleviate these distressing situations, a large percentage of people still depend on food banks, government benefits and the generosity of charities to help them survive. We realise that no one person can solve this whole issue but as a parish our aim is to assist in whatever way we can. There is a well-established Food Bank which has been operational through our church for several years which is greatly appreciated by all recipients. During the year we have also been working in close collaboration with another organisation who operate a Food Bank Depot. In this way food is distributed to a much wider circle of people both at local and regional level."

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Achievements and Performance (continued)

Social and pastoral care (continued)

Today there are many people who feel lonely and isolated. This is particularly common among the elderly who live alone. Regular visits from the sisters give them hope and a sense of worth. Housebound people who have previously been active church attendees appreciate receiving Holy Communion in their own homes or care homes and being kept updated of parish events.

On one visit recently HT said: “You brighten my day. I would not feel part of the parish if you did not come”.

JE said, “You bring the Lord but also your care and compassion. I can share my concerns with you.”

As the sisters own age increases, getting out and about can become more challenging, but they can maintain contact through telephone calls. As one sister says, “During the year, I have been very much aware of the elderly in the parish who are living alone and are housebound. Each week I have a chat with them on the phone and they value and appreciate this contact. So many have said, “Oh Sister it is lovely talking to you and to know that you are thinking of me.” These phone calls assure parishioners that they haven’t been forgotten, keep them in touch with parish news and it’s also a check on their well-being and safety.”

Some sisters are also involved in Sacramental preparation which means contact with children. It is a great privilege to share the faith with these children and to help them to grow in love and understanding.

Bereavement support

Death at any time is a difficult experience for families as saying goodbye to a loved family member is always a sensitive matter and benefits from the support of others.

One Sister writes: “I am the first contact people have with the parish. I invite them to come and meet me and give them an opportunity to talk about how they are feeling. Also, as this is a time of so many emotions I help them to plan the Requiem Mass or Funeral Service. I know this is greatly appreciated as the families say so. Recently RT who lost her son said, “Sister I have lain awake at night worrying about planning R’s funeral. In my time with you the worry has gone. I feel with your help R is going to have the funeral he deserves. I can never thank you enough.”

Another has said, “I keep in touch with families who are bereaved through the death of a loved one and, when possible, attend the funeral service. Again, so often it is a comfort to them, just to give them a listening ear with a compassionate heart. It is indeed a privilege to walk with the vulnerable and bereaved among us. I realise and believe that being a peaceful, prayerful, and caring presence among the people says more to them than what we may ever do for them.”

Sisters have been reassured by the parishioners that our presence in their area has been invaluable in helping them to remain steadfast in challenging times and help them to have hope and belief in a more positive future.

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Report of the trustees Year to 31 December 2022

Achievements and Performance (continued)

Medaille Trust

The Medaille Trust was started in 2006 by Sister Ann Teresa of the English Province with the support of many women religious and continues to thrive. Our involvement now is through one Sister who sits on the trustee board and is involved in decision making in many areas. Several sisters have been invited to visit the safe houses where they have met the residents and house managers to offer support and encouragement. This is very much appreciated by all.

Sisters keep up to date with developments and the Chief Executive Officer spoke at a Province meeting on the recent works of the Trust. Sisters are keen to remain informed of this very important work and want to support in any way that they can.

Climate justice and the care of creation

As part of the international day to highlight the need for an ambitious COP27 climate conference in Sharm el-Sheikh, sisters took part once again in the rally and march in Cardiff. Care for the gift of creation has long been a priority of the sisters.

For Christians, the day started at a Welsh-speaking church, Eglwys Dewi Sant. Three groups had shared the organisation: Tearfund, Christian Aid and CAFOD. After a reflective time of prayer, we joined the crowd assembling outside the nearby Cardiff City Hall.

Caritas

One Sister is a member of the newly formed board of Caritas Cardiff, part of Caritas International. This Catholic organisation exists to encourage and empower parishioners to make a commitment to social justice in their local area. The Sister is helping in this early strategic planning stage.

Advancement of religion

Although the decision not to reopen Ty Croeso Retreat Centre for the public was made by the trustees in 2021, the sisters of the Province are very much involved in the advancement of religion. Those who are in active ministry in parishes participate in catechetical programmes for both children and adults. Their roles on the governing bodies in which they serve helps to maintain the religious ethos of the schools and is valued by everyone. All sisters are able to share something of their own deep commitment and lives of prayer through their ordinary everyday relationships and interaction with those with whom they come into contact.

Those who are less active also answer requests for prayer and offer spiritual guidance either directly or through telephone calls, letter writing or electroniclly. Members of the public regularly contact communities, knowing that as committed religious, the sisters see this as a privileged opportunity to serve their neighbours and support them in their spiritual journeys towards God. Some sisters offer spiritual direction and counselling on a regular basis to people from a variety of religious backgrounds. Here are some of the comments which have been received:

“You have helped me to listen to what of God is still alive in me, and this inspite of all the ongoing challenges.”

“Your patient and nonjudgemental listening has helped me get through a painful period of my life.”

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Achievements and Performance (continued)

Advancement of religion (continued)

“Thank you for your wisdom and helping me recognise some ways of being more in touch with the God who loves me unconditionally.”

“Thank you so much for being there for me during the past year and for helping me to keep upbeat. May God continue to bless your unique ministry.”

Members of the public value the contribution that the sisters make and have made to the local area. On hearing that a community was relocating from its present site, a parishioner wrote:

“ I shall be for ever grateful for such precious memories. So thank you always for including us as part of your extended family and keeping us ever close in prayer. We retain fond memories of so many sisters, no doubt praying for us from their heavenly home.” B.M.

Overseas missionary development

The sister working as Mission Development Officer responds to needs identified by the sisters in India and parts of Africa 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. 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. In the main, the charity supports the work of the Congregation in overseas countries especially India, Senegambia, the Congo, Tanzania, and Kenya.

This year, our relationship with Misean Cara has focussed on the completion of three projects, two small ones in the Bhubaneswar Province and a larger one in the Visakhapatnam Province. Each of the three projects promotes healthcare and safety.

In Agartala, €6,900 was granted by Misean Cara to provide a fire and safety system. The Government had made this mandatory because of an increasing number of fire incidents in Tripura state. The new system enables the full functioning of the hospital’s operating theatre and ICU which cater for the neediest in society. Commenting on the report we submitted on completion of the project, Misean Cara wrote : "It is great to see how the project team was able to use this small grant to significantly improve the hospital infrastructure and safety of patients and staff alike. This will allow the hospital to continue providing affordable services to the most marginalised people in the area. Thank you also for providing the Misean Cara Safeguarding Monitoring Report."

The other Bhubaneswar project supported a new and isolated mission. Before the arrival of the sisters, mortality rates among mothers and infants were very high as there were no proper health facilities. Communicable diseases and reproductive health issues were rampant. The St Joseph Health Centre is served by two fully trained nurses, midwives, and a visiting doctor. The €10,000 grant has paid for a new, well-equipped delivery room and the training of local young women as nursing assistants, some of whom will eventually be employed by the health centre. Being local, they have the advantage of being able to communicate their knowledge to the women who until now would have been suspicious of modern medicine. In the first year of the project, the numbers of people receiving care was nearly double the estimated figure.

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Report of the trustees Year to 31 December 2022

Achievements and Performance (continued)

Overseas missionary development (continued)

The third project is close to completion. Misean Cara granted €60,196 to improve equipment at Prathipadu Hospital in Visakhapatnam. Among the items acquired were a scanner, operating table, anaesthesia machine, digital x-ray machine, diathermy equipment and other surgical furniture and instruments. As ever, the main beneficiaries will be marginalised and tribal people.

Safeguarding

Following the IICSA Review and the Ian Elliot Report, the Catholic Bishops Conference of England, and Wales and Conference of Religious accepted the recommendations of these reviews and agreed to move forward together, taking a ‘One Church’ approach to safeguarding.

Two new Safeguarding organisations have been formed: the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS). We are accountable to CSSA and are members of the RLSS. We now have greater support and resources available to us, from the newly formed RLSS, but this has come at great financial cost.

During 2022 the Safeguarding Subcommittee (Provincial and Safeguarding Leads for sisters and staff) met several times and consulted between meetings. Reviews of policy and structures, financial contribution to the new organisations, insurance, and alignment to the new RLSS took place. There is now an implementation plan for actions. Throughout the year Disclosure and Barring Certificates for sisters and staff were updated.

The Safeguarding Leads communicate regularly with sisters and staff, and the Provincial gives a monthly update to the trustees on safeguarding. The Safeguarding Subcommittee also gave a presentation to the sisters during a Province Weekend. Periodically the Safeguarding Lead for sisters met online with those in similar roles in other areas of the Congregation.

Training has been ongoing throughout the year for trustees, Provincial, Safeguarding Leads and one sister ministering in spiritual direction.

We believe that safeguarding is the action and measures we take to promote ‘the highest level of care and protection, love, encouragement and respect that we can give’ to all whom we encounter, not to merely conform to the law but because it is the right thing to do.

Future Plans

Province

Ongoing plans include:

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 15

Report of the trustees Year to 31 December 2022

Future Plans (continued)

Province (continued)

Generally

In addition we aim to continue to:

Financial review

Results for the year

During the year to 31 December 2022 the charity supported an average of 58 sisters in the United Kingdom (2021 – 62 sisters).

The statement of financial activities shows total income for the year of £1,478,515 (2021 – £2,454,690). The principal components of income in 2022 were donations and legacies which amounted to £1,182,761 (2021 – £1,345,906), investment income and interest receivable totalling £213,249 (2021 – £205,821), and income from other sources of £46,903 (2021 – £872,773). Included in other income is £5,336 (2021 – £817,315) which represents the surplus on disposal of tangible fixed assets. In the year to 31 December 2021, this figure included a surplus on the disposal of three freehold properties.

Expenditure in the year amounted to £1,794,038 (2021 – £1,885,652). The costs of supporting the sisters of the Congregation and their ministry amounted to £1,718,330 (2021 – £1,723,871) whilst donations and grants made by the charity totalled £21,763 (2021 – £111,553).

The charity had net expenditure for the year of £315,523 (2021 – net income of £569,038) before other recognised losses of £533,722 (2021 – gains of £809,605).

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 16

Report of the trustees Year to 31 December 2022

Financial review (continued)

Results for the year (continued)

Other recognised gains include net losses on investments of £736,165 (2021 – gains of £867,223), foreign exchange gains on investments of £177,319 (2021 – losses of £24,381), foreign exchange gains on cash held by investment managers of £8,656 (2021 – losses of £11,635), and foreign exchange gains on cash at bank and in hand of £16,468 (2021 – losses of £21,602).

Net expenditure and the net decrease in funds for the year was therefore £849,245 (2021 – net income and net increase in funds of £1,378,643).

Investment performance

The charity has a portfolio of investments which had a market value at 31 December 2022 of £5,366,372 (2021 – £5,802,311) including cash awaiting investment of £130,349 (2021 – £280,598). The portfolio is managed by UBS Wealth Management (UK) Limited. During the year, the charity’s investments achieved an income yield of 3.63% (2021 – 3.36%) and a negative capital yield of 10.39% (2021 – positive capital yield of 14.28%).

At 31 December 2022, the investment managers were also holding £950,000 (2021 – £4,000,000) being monies the trustees have set aside to fund the purchase and necessary renovation of suitable properties for the sisters to live in once they vacate Llantarnam Abbey. This balance is classified in the attached accounts as a current asset investment.

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

Financial position

At 31 December 2022, the total funds of the charity amounted to £11,515,307 (2021 – £12,364,552).

Of these total funds, £2,787,186 (2021 – £983,348) 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.

As at 31 December 2022, the charity had total restricted funds as detailed in note 14 to the attached accounts of £11,117 (2021 – £11,117).

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 17

Report of the trustees Year to 31 December 2022

Financial review (continued)

Financial position and reserves policy (continued)

Financial position (continued)

A further £5,950,000 (2021 – £5,950,000) 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.

£950,000 (2021 – £4,000,000) represents monies designated by the trustees for the purchase and necessary renovation of suitable properties for the sisters to live in once they vacate Llantarnam Abbey.

£217,779 (2021 – £236,679) 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 £1,599,225 (2021 – £1,183,408).

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 a year of on-going expenditure and to provide for contingencies and unevenness in future income.

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 level of free reverses at 31 December 2022 equates to approximately ten months’ recurring expenditure which is less than required by 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.

The charity’s assets

Acquisitions and disposals of fixed assets during the year are recorded in the notes to the accounts.

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 2022

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 2022 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 2022 are given below:

Sister Susan Armond – Provincial

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 and scar therapist.

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. She is Assistant Provincial and is the bursar at Llantarnam Abbey.

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 2022

Governance, Structure and Management (continued)

Trustees (continued)

Sister Teresa Kolb - Provincial Bursar

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 and a member of Finance Committee of the school. She is serving her third term as Provincial Bursar.

Sister Mary Gretta O’Connor

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, she is the Local Superior of Llantarnam Abbey Community.

Sister Bridget Pritchard

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. Currently she offers days of prayer and reflection to schools and parishes. Sister Bridget is a Spiritual Director and Retreat giver.

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:

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 20

Report of the trustees Year to 31 December 2022

Governance, Structure and Management (continued)

Trustees’ responsibilities statement (continued)

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 2022, there were 56 finally professed sisters, including two who are in general administration based in Annecy, France, four in the community in Ireland and three in the care home in Killorglin, Ireland. Most of the sisters live in one of eight houses. Four sisters live in two parish houses working in the parishes concerned. In total there are eight 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.

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:

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 21

Report of the trustees Year to 31 December 2022

Governance, Structure and Management (continued)

Working with other organisations (continued)

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.

The trustees believe the 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 between 75-85. 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:

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 2022

Governance, Structure and Management (continued)

Risk management (continued)

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 and finance) have been delegated to competent individuals who are accountable to and work closely with the trustees. In line with the ageing profile, the trustees are mindful of the need to plan ahead for the future.

Key actions to managing this risk are:

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:

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 Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS). The Safeguarding Subcommittee ensures policies are adhered to in respect of all sisters, employees, and volunteers. The Subcommittee liaises closely with the trustees, ensuring that compliance and best practice are always upheld.

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 2022

Governance, Structure and Management (continued)

Risk management (continued)

Safeguarding (continued)

Key actions to managing this risk are:

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.

Key actions to managing this risk are:

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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 24

Report of the trustees Year to 31 December 2022

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.E.Armond 10 July 2023

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 25

Independent auditor’s report Year to 31 December 2022

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 2022 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:

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 26

Independent auditor’s report Year to 31 December 2022

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:

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 27

Independent auditor’s report Year to 31 December 2022

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:

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

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

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 28

Independent auditor’s report Year to 31 December 2022

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

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

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

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

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

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 29

Independent auditor’s report Year to 31 December 2022

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.

Buzzacott LLP 1[st] August 2023 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 30

Statement of financial activities Year to 31 December 2022

Notes
Unrestricted
funds
£
Restricted
funds
£
Total
funds
2022
£		 Unrestricted
funds
£
Restricted
funds
£
Total
funds
2021
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Retreat and conference centre
. Welsh Government carers’ bonus
Other sources
3
. Surplus on disposal of tangible fixed assets
. 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
4
. Grants, donations, and support of
missionary work
5
Total expenditure
Net (expenditure) income before net
investment (losses) gains
7
Other recognised (losses) gains
Net (losses) gains on revaluation and
disposal of investments
Foreign exchange gains (losses) on
investments
Foreign exchange gains (losses) on cash
held by investment managers
Foreign exchange gains (losses) on cash at
bank and in hand
11
Net (expenditure) income and net
movement in funds
Reconciliation of funds:
Total funds brought forward
at 1 January 2022

Total funds carried forward
at 31 December 2022
1,182,761

213,249
2,501
33,101

5,336
—
41,567
—

—

—

—

—

—

—
1,182,761

213,249

2,501

33,101

5,336

—

41,567		 1,251,356
205,821
14,000
16,190
817,315
12,351
43,107
94,550

—

—

—

—

—

—
1,345,906

205,821

14,000

16,190

817,315

12,351

43,107
1,478,515
—
1,478,515		 2,360,140
94,550
2,454,690
53,945

1,718,330

21,763
—

—

—
53,945

1,718,330

21,763		 50,228
1,723,871
16,887
—

—

94,666
50,228

1,723,871

111,553
1,794,038
—
1,794,038		 1,790,986
94,666
1,885,652

(315,523)
—
(315,523)		 569,154
(116)
569,038
(736,165)
177,319
8,656
16,468		 —
—
—
—		 (736,165)
177,319
8,656
16,468		 867,223
(24,381)
(11,635)
(21,602)		 —
—
—
—		 867,223
(24,381)
(11,635)
(21,602)

(533,722)		 —
(533,722)		 809,605
—
809,605
(849,245)
12,353,435
—

11,117
(849,245)
12,364,552		 1,378,759
10,974,676
(116)

11,233
1,378,643
10,985,909
11,504,190
11,117		 11,515,307 12,353,435
11,117		 12,364,552

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 31

Balance sheet 31 December 2022


Notes
2022
£		 2022
£		 2021
£		 2021
£
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Short term investments
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





220,841
950,000
2,360,845
2,915,094
5,366,372		 385,504
4,000,000
1,288,462		 1,111,256
5,802,311
8,281,466












3,233,841		 6,913,567




5,450,985
3,531,686

(297,845)		 5,673,966
(222,981)










11,515,307 12,364,552



11,117

2,787,186
7,117,779
1,599,225		 11,117
983,348
10,186,679
1,183,408
11,515,307 12,364,552

Approved by the trustees and signed on their behalf by:

S.E.Armond

Date of approval: 10 July 2023

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 32

Statement of cash flows Year to 31 December 2022

A Notes
2022
£		 2021
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets

Proceeds from the disposal of listed investments
Purchase of listed investments

Net cash (used in) provided by investing activities

Cash flows from financing activities
Loans advanced
Net cash used in financing activities
Change in cash and cash equivalents in the year

Cash and cash equivalents at 1 January 2022
B
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at 31 December 2022
B

**(130,295) **		 (306,729)


184,360
5,336
(1,887,787)
1,304,244
**(1,577,400) **		 194,384
2,459,874
(14,538)
4,580,643
(2,631,845)
**(1,971,247) ** 4,588,518


**(1,200) **		 (112,000)
**(1,200) ** (112,000)

(2,102,742)


5,569,060

(25,124)
 4,169,789
1,366,034
33,237

3,441,194		 5,569,060
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Losses (gains) on listed investments
Exchange rate movements
. On investments
. On cash held by investment managers
. On cash at bank and in hand
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Decrease (increase) in debtors
(Decrease) increase in creditors
Net cash used in operating activities		 (849,245)
159,583
736,165
(177,319)
8,656
16,468
(213,249)
(5,336)
194,752
(770)		 1,378,643
214,161
(867,223)
24,381
(11,635)
(21,602)
(205,821)
(817,315)
(86,782)
86,464
(130,295) (306,729)

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 33

Statement of cash flows Year to 31 December 2022

B Analysis of cash and cash equivalents and changes in net debt

At 1
January
2022
£

Cash flows
£
Foreign
exchange
movements
£		 At 31
December
2022
£
Cash and cash equivalents
Cash at bank and in hand
Cash held by investment managers
Net debt
Loan due to the Generalate of the Sisters
of St Joseph of Annecy
Loans advanced		 1,288,462
4,280,598
1,055,915
(3,208,905)
16,468
8,656
2,360,845

1,080,349
5,569,060
112,000
(112,000)		 (2,152,990)

—
(1,200)
25,124

—
—
3,441,194
112,000

(113,200)
5,569,060 (2,154,190)
25,124
3,439,994

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust 34

Principal accounting policies Year to 31 December 2022

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 2022 with comparative figures given for the year to 31 December 2021.

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) 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:

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.

With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 35

Principal accounting policies Year to 31 December 2022

Assessment of going concern (continued)

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

Income recognition

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

Income comprises donations and legacies, investment income, interest receivable, retreat and conference centre income, contribution towards the care of elderly sisters, the surplus on the disposal of tangible fixed assets, funding from the Coronavirus Job Retention Scheme and miscellaneous income.

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

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

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

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or 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 been 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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 36

Principal accounting policies Year to 31 December 2022

Income recognition (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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.

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:

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust 37

Principal accounting policies Year to 31 December 2022

Expenditure recognition (continued)

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.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

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:

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 38

Principal accounting policies Year to 31 December 2022

Tangible fixed assets (continued)

Major building refurbishment projects under construction comprise significant property projects such as the construction of lift shafts and the installation of lifts which were ongoing at the balance sheet date. The costs associated with such projects are not depreciated until the projects are declared complete and the assets have been brought into use at which point the costs will be allocated to the appropriate classification and be depreciated accordingly.

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.

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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 39

Principal accounting policies Year to 31 December 2022

Debtors

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

Short term investments

Cash held by investment managers for anticipated application to specific projects within the twelve months is classified as a short-term investment.

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.

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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 40

Principal accounting policies Year to 31 December 2022

Employee pension costs

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 for member of the community

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 41

Notes to the accounts Year to 31 December 2022

1 Income from: Donations and legacies

Covenanted salaries and
pensions
Other donations being
legacies renounced by
individual sisters
Donation from the
Generalate of the
Congregation
Legacies
Donations for missions
Other grants and
donations		 Unrestricted
funds
£		 Restricted
fund
£		 Total
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
948,796
32,338
95,716
2,194
—
103,717
—

—

—

—

—

—
948,796

32,338

95,716

2,194

—

103,717		 1,116,325
114,197
—
11,214
—
9,620		 —
4,000
—
—
90,550
—		 1,116,325
118,197
—
11,214
90,550
9,620
1,182,761
—		 1,182,761 1,251,356 94,550 1,345,906

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
Unrestricted funds
Total
2022
£		 Total
2021
£
Income from listed investments
. Equities
. Corporate bonds
. Other
Interest receivable
. Cash held by investment managers
. Bank interest		 167,569
11,325
16,424		 181,266
6,747
15,890
195,318 203,903
15,765
2,166		 1,790
128
17,931 1,918
213,249 205,821

3 Income from: Other sources

Unrestricted funds Unrestricted funds
Total
2022
£		 Total
2021
£
Surplus on disposal of tangible fixed assets
Coronavirus Job Retention Scheme
Miscellaneous income		 5,336
—
41,567		 817,315
12,351
43,107
46,903 872,773

Included within the surplus on the disposal of tangible fixed assets is a surplus of £nil (2021 - £817,332) relating to the disposal of three freehold properties, a surplus of £5,336 (2021 - £706) relating to the disposal of motor vehicles, and a deficit of £nil (2021 - £723) relating to the disposal of furniture and equipment.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 42

Notes to the accounts Year to 31 December 2022

4 Expenditure on: Support of members of the Congregation and their ministry

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)		 Unrestricted funds Unrestricted funds
Total
2022
£		 Total
2021
£
946,506
355,974
297,760
9,730
(1,870)
20,907
1,878
62,095
25,350		 917,117
414,446
317,729
13,006
(467)
14,053
2,041
21,886
24,060
1,718,330 1,723,871

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
2022
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2021
£
Donations to organisations
. Grants to the Generalate of the
Sisters of St Joseph of Annecy to
support the Congregation’s
overseas work
. Misean Cara funding applied for
the support of Congregational
projects in India and Africa
. Grants to the Killorglin community
. Other grants to the overseas
missions the Sisters of St Joseph of
Annecy
. Other donations		 1,045
—
15,980
2,086
2,652
—

—

—

—

—		 1,045
—
15,980
2,086
2,652		 14,440
—
—
—
2,447		 —
87,149
—
7,517
—		 14,440
87,149
—
7,517
2,447
21,763
—		 21,763 16,887 94,666 111,553

No donations were made to individuals during the year to 31 December 2022 (2021 – none).

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 43

Notes to the accounts Year to 31 December 2022

6 Governance costs

Governance costs
Professional fees Unrestricted funds
Total
2022
£
25,350		 Total
2021
£
24,060
7 Net (expenditure) income for the year before net investment (losses) gains
This is stated after charging:
7
Net (expenditure) income for the year before net investment (losses) gains
This is stated after charging:		 7
Net (expenditure) income for the year before net investment (losses) gains
This is stated after charging:		 7
Net (expenditure) income for the year before net investment (losses) gains
This is stated after charging:		 7
Net (expenditure) income for the year before net investment (losses) gains
This is stated after charging:
8 Total
2022
£		 Total
2021
£
Staff costs (note 8)
Auditor’s remuneration
. Statutory audit services
.. Current year
.. Previous year
. Other services
Depreciation(note 10)		 946,506
21,750
3,600
—
159,583		 917,117
19,920
540
3,600
214,161
Staff costs 2022
£
851,471
59,458
30,602
941,531
4,975
946,506		 2021
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Other staff related costs		 826,768
53,836
30,883
911,487
5,630
917,117

All staff costs are in respect of employees who support the members of the Congregation and their ministry. The average number of employees was 52 (2021 - 55).

There were no employees who earned over £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year (2021 - 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 (2021 – £nil).

Included within wages and salaries is a carers bonus of £31,795 (2021 – £16,190) which was received from the Welsh Government and passed onto the carers.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 44

Notes to the accounts Year to 31 December 2022

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.

10 Tangible fixed assets

Tangible fixed assets
Land and buildings Major building
refurbishment
projects under
construction
£

Computers,
furniture, and
equipment
£		 Motor
vehicles
£		 Total
£
Specialised
£		 Non-
specialised
£
Cost or valuation
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge for year
On disposals
At 31 December 2022
Net book values
At 31 December 2022
At 31 December 2021		 1,192,676
1,522,778
—		 559,763
—
—		 —
418,283
—		 563,651
4,366
—		 268,384
17,994
(19,521)		 2,584,474
1,963,421
(19,521)
2,715,454 559,763 418,283 568,017 266,857 4,528,374
888,091
23,854
—		 —
—
—		 —
—
—		 340,643
118,148
—		 244,484
17,581
(19,521)		 1,473,218
159,583
(19,521)
911,945 — — 458,791 242,544 1,613,280
1,803,509 559,763 418,283 109,226 24,313 2,915,094
304,585 559,763 — 223,008 23,900 1,111,256
Investments 2022
£		 2021
£
Listed investments at market value
At 1 January 2022
Additions at cost
Disposals at book value (see below)
Exchange gains (losses)
Unrealised investment (losses) gains
At 31 December 2022
Cash held by investment managers
Cost of listed investments		 for reinvestment 5,521,713
1,577,400
(1,273,872)
177,319
**(766,537) **		 6,627,669
2,631,845
(4,262,632)
(24,381)
549,212
5,236,023
130,349		 5,521,713
280,598
5,366,372 5,802,311
5,082,113 4,747,221

11 Investments

Listed investments held at 31 December 2022 comprised the following:

2022
£		 2021
£
2,638,892
1,988,250
549,707
344,864
5,521,713
UK Equities
Overseas Equities
UK Corporate bonds
Alternatives		 2,366,250
1,667,879
838,633
363,261
5,236,023

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

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 45

Notes to the accounts Year to 31 December 2022

11 Investments (continued)

Disposals at book value included above are made up of the following:

2022
£		 2021
£
Proceeds
Gains
Disposals at book value		 1,304,244
**(30,372) **		 4,580,643
(318,011)
1,273,872 4,262,632

At 31 December 2022, listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as at that date:

Market
value of
holding
£		 Percentage
of
Portfolio
%
Charities Property Fund Income Units (GBP)
UBS Bloomberg Barclays
UBS Emerging Markets Socially Responsible (USD)
UBS EmergingMarkets SociallyResponsible(EUR)		 274,741
323,019
300,132
264,252		 5.25%

6.17%

5.73%

5.05%

12 Debtors

Debtors
2022
£		 2021
£
Investment income receivable
Legacies receivable
Prepayments and accrued income
Loan to a former member of the Congregation (see below)		 64,616
27,000
16,025
113,200		 35,727
220,000
17,777
112,000
220,841 385,504

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 (see note 13). In the year to 31 December 2021, the loan was advanced to the former member towards the purchase of a property over which the charity has secured a legal charge. The loan was increased during 2022 to cover professional fees paid.

The loan advanced by the charity to the former member is repayable on the death of the former member or earlier should she dispose of the property and is interest free.

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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 46

Notes to the accounts Year to 31 December 2022

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022
£		 2021
£
Other taxes and social security costs
Construction work amounts payable including retention
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 (see
note 12)		 14,691
75,634
30,157
65,363
112,000		 16,446
—
30,351
64,184
112,000
297,845 222,981

14 Restricted funds

The funds of the charity include restricted funds comprising the following amounts to be applied for specific purposes:

At
1 January
2022
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2022
£
Misean Cara fund
Project monitoring and administration
Pilgrimage fund		 844
3,273
7,000		 —
—
—
—

—

—
(844)

844

—		 —
4,117
7,000
11,117 —
—
—		 11,117
At
1 January
2021
£		 Income
£		 Expenditure
£		 At 31
December
2021
£
Misean Cara fund
Project monitoring and administration
Pilgrimage fund		 976
3,257
7,000		 87,017
7,533
—		 (87,149)
(7,517)
—
844

3,273

7,000
11,233 94,550 (94,666)
11,117

The Misean Cara fund comprised monies received from Misean Cara for the support of specific projects which are being undertaken by the sisters based in India and Africa. Transfers represent funds used for monitoring and evaluation of projects.

The project monitoring and administration 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 English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 47

Notes to the accounts Year to 31 December 2022

15 Tangible fixed assets fund

Tangible fixed assets fund
2022
£		 2021
£
At 1 January 2022
Net movement in year
At 31 December 2022		 983,348
1,803,838		 2,825,530
(1,842,182)
2,787,186 983,348

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
2022
£		 Net
movement
in the year
£		 At 31
December
2022
£
Grace Fowler fund
Property fund
Retirement reserve		 236,679
4,000,000
5,950,000		 (18,900)
(3,050,000)
—		 217,779
950,000
5,950,000
10,186,679 (3,068,900) 7,117,779
At
1 January
2021
£		 Net
movement
in the year
£		 At 31
December
2021
£
Grace Fowler fund
Property fund
Retirement reserve		 222,928
—
5,950,000		 13,751
4,000,000
—		 236,679
4,000,000
5,950,000
6,172,928 4,013,751 10,186,679

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 property fund represents monies designated by the trustees for the purchase and necessary renovation of suitable properties for the sisters to live in, once they vacate Llantarnam Abbey. These funds are currently held as current asset investments.

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.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 48

Notes to the accounts Year to 31 December 2022

17 Analysis of net assets between funds

General
funds
£		 Tangible
fixed assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Total
2022
£
Fund balances at
31 December 2022
are represented by:
Tangible fixed assets
Fixed asset investments
Net current assets
Total net assets		 —
(672,148)
2,271,373		 2,787,186
—
—		 127,908
6,038,520
951,351		 —
—
11,117		 2,915,094
5,366,372
3,233,841
1,599,225 2,787,186 7,117,779 11,117 11,515,307
General
funds
£		 Tangible
fixed assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Total
2021
£
Fund balances at
31 December 2021
are represented by:
Tangible fixed assets
Fixed asset investments
Net current assets
Total net assets		 —
(246,546)
1,429,954		 983,348
—
—		 127,908
6,048,857
4,009,914		 —
—
11,117		 1,111,256
5,802,311
5,450,985
1,183,408 983,348 10,186,679 11,117 12,364,552

The total unrealised gains as at 31 December 2022 constitute movements on revaluation of investments and are as follows:

investments and are as follows:
2022
£
153,910		 2021
£
774,492
Total unrealisedgains on listed investments at 31 December 2022
2022
£
774,492
(23,574)
169,529
(766,537)
153,910		 2021
£
450,989
(201,328)
(24,381)
549,212
774,492
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2022
In respect to disposals in year
Net gain (losses) arising on exchange differences
Net (losses) gains arising on revaluation in the year
Total unrealisedgains at 31 December 2022

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 2022

18 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 (2021 – 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 £85,233 (2021 – £80,643).

There were no other related party transactions during the year requiring disclosure (2021 – none).

19 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.

20 Capital commitment

During the year to 31 December 2022, the charity commenced work on two refurbishment projects in respect to properties purchased during the year. At 31 December 2022, work was ongoing and the charity was committed to paying costs in the region of £800,000 to complete the works. There were no capital commitments at 31 December 2021.

21 Subsequent events

As noted under principal accounting policies, during the year the trustees were 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 these accounts since they cannot be disposed of in the open market or put to alternative use while such occupation continues. However, since the year end, the occupation of one of these schools has ceased and the control over the land and buildings has reverted back to the trustees. In July 2023, these land and buildings were placed on the market for sale with an asking price in excess of £2.5 million. Fees associated with the sale of the land and buildings are expected to be high which would significantly reduce any net surplus arising on the disposal.

In addition, since the year end, an offer of £55,000 has been received in respect to a strip of land owned by the charity in England, which has previously been occupied by a tenant under a garden licence.

The English Province of the Congregation of the Sisters of St Joseph of Annecy

Charitable Trust 50