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2023-12-31-accounts

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

Annual Report and Accounts

31 December 2023

Charity Registration Number 232835

Contents

Reports

Reference and administrative details
of the charity, its trustees, and advisers 1
Report of the trustees 2
Independent auditor’s report 24
Accounts
Statement of financial activities 28
Balance sheet 29
Statement of cash flows 30
Principal accounting policies 32
Notes to the accounts 39

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
Pendragon House
General Rees Square
Cwmbran
Torfaen
NP44 1AJ

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 2023

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 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 32 to 38 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 418 finally professed and 57 junior professed sisters, as well as 9 novices, 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 2023

Introduction (continued)

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

Mission

Worship and prayer

Members of the Province have opportunities for daily prayer and private worship, and develop their knowledge of, and relationship with God, through prayer, study of the Scriptures and other texts, using all the means which are available. Because online spiritual resources are now more accessible, they are able 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, sharing their expertise as well as offering spiritual help and guidance and 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, 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.

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:

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 2023

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.

----- Start of picture text -----
Age Profile at 31 December 2023
24
22
20
18
16
14
12
10
8
6
4
2
0
40+ 50+ 60+ 70+ 80+ 90+ 100+
Age
Number of SIsters
----- 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. In June 2023 the sisters requiring care transferred from Llantarnam Abbey to a new site where it is anticipated needs can be met for the foreseeable future.

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.

Healthcare

The sisters’ presence in healthcare has changed over time, with sisters continuing to practise as nurses but also expanding into complementary therapies.

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 2023

Principal aims, activities and policies (continued)

Activities and specific objectives (continued)

Social and pastoral care

Sisters are engaged in social and pastoral care in their own establishments and in the areas in which their convents are located. These comprise community-based programmes, 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, ecumenism and Christian unity.

Advancement of religion

The advancement of the Roman Catholic religion permeates all the work undertaken by 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

2023 marked the final year of our association with Misean Cara. No longer having charitable status in Ireland meant we could not renew our membership. It has been a long partnership developing many successful projects in medical care and education in India, and West and East Africa.

Donations policy

Whilst the trustees give occasional support to organisations in the United Kingdom whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

Fundraising

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

Protection of children and vulnerable adults

Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. This means that all sisters who are in any kind of ministry in Great Britain have to obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS).

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 2023

Principal aims, activities and policies (continued)

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

Due to the sale of Llantarnam Abbey on 22 October 2021 and subsequent vacation of the property, it was necessary to transfer those sisters requiring care to one of the properties bought and renovated in recent months. The sisters and staff moved in June 2023 after months of intense preparation and planning.

Much had been done to make the new convent as dementia-friendly as possible while making the best use of space, equipment and financial resources. This convent supports a maximum of 13 sisters with accommodation for four others who provide a sense of community and pastoral care.

This move has been challenging for both staff and sisters which is noted in the three deaths which have occurred since June. Consequently, staffing levels have had to be revised to reflect changes in the dependency and needs of the sisters as well as a need to manage our resources responsibly.

The sisters continue to work in collaboration with various agencies to ensure standards of care remain high. This has involved establishing new working relationships with different teams within the Aneurin Bevan University Health Board (ABUHB) and Torfaen County Borough Council.

Activities with our elderly sisters

Our new location offers opportunities for more links with local churches of various denominations and of welcoming volunteers who have offered their services. This will give sisters who cannot go out the chance to reach out to others.

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 2023

Achievements and performance (continued)

Caring for members of the Congregation (continued)

Activities with our elderly sisters (continued)

In 2023 one of our young Indian sisters who had previously been with us on a temporary basis returned to the Province. She is part of a team of sisters providing for the pastoral needs of the sisters by offering prayer services, marking important occasions in the national and religious calendars and offering practical help such as accompaniment to medical appointments.

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:

“Sr. V taught me at St Cadoc’s, Barry (now St. Richard Gwyn) and helped shape the woman I became.” (AC)

“Sr. V had much devotion to Catholic social teachings and was active for many years in the Newport Justice and Peace Group… rooted in Scripture, formed by the wisdom of Church leaders, and influenced by grassroots movements. And she was part of it, may she rest in peace.” (BT)

“Sr. C taught me at St. Joseph’s High School in 1965. She was kindness itself and loved and treated all the girls in her care with in a gentle, loving way. Her spirituality rubbed off on all of us. She definitely practised what she preached. Thank you for everything, I will always remember you.” (LF)

Leaving Llantarnam Abbey

After 77 years of residing at Llantarnam Abbey we found it necessary to sell the property as our numbers were decreasing and the premises was getting too big for us. The Abbey was a very special place for the sisters as it was here most of us began our religious life. It was also the place where we cared for our infirm sisters. In October 2023 we finally moved out of the Abbey.

As part of our local parish of Our Lady and St David’s, we hosted a celebratory Mass and invited the parishioners to attend. This was to honour our long association with the people of Cwmbran and surrounding areas and provide an opportunity to recall and re-connect with our Past, Present and Future in terms of History, Mission and Relationships.

After this our final public Mass we received the following comment from a regular visitor to Llantarnam Abbey which also spoke for everyone who knew us:

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Report of the trustees Year to 31 December 2023

Achievements and performance (continued)

Leaving Llantarnam Abbey (continued)

“Celebrating our final Mass at Llantarnam Abbey on 29 April, feast of Saint Catherine of Siena was such a wonderful spiritual and inspirational event, surrounded by the sisters and many friends in the chapel. It was joyous, yet tinged with sadness, realising that this was the end of an era spanning hundreds of years. The atmosphere was charged with emotion and many shared their appreciation for the gifts and talents of the sisters who had worked diligently and truly enriched our lives in so many ways. The love, support and kindness enshrined in the work of the sisters will never be forgotten. We go forward with them, safe in the hands of the Lord, in the knowledge that we all have a unique role in life. It was a privilege to be there on this great occasion. The sisters have been a significant part of our lives for over 50 years, sharing our joys and sorrows. I felt elated that it was such a gathering - friends, like minded souls, celebrating and giving thanks”.

Our leaving the Abbey made an impact on others near and far:

“Sending love and prayers from the sisters of St. Joseph in Canada. Thank you for your positive witness.” (MR)

“Many happy memories of retreats with our young people and celebrations with the sisters over the years. God bless all.” (NP)

“Sisters know I am so personally glad to have been associated with you. I have valued for many years the love, friendships and prayerful support I have received….. In relation to the Abbey, being Welsh I can say it is a great loss in terms of Welsh Catholic Celtic heritage, history and centre of spirituality. But God is and has been good.” (KE)

We have now moved into two smaller properties, one of which is for the care of our infirm sisters who have been warmly welcomed by their new neighbours who say that they greatly appreciate their presence in their community.

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 being involved in education at many levels. 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.

Sisters participate in the life of schools in a variety of ways. Some are governors supporting the Headteacher, staff and pupils in their day-to-day work of education. They attend staff inservice training on issues such as Safeguarding as well as supporting RE coordinators and assisting with school Masses and Assemblies. One sister acts as a school chaplain in a supportive category. She is also available for parents and staff in a pastoral role. Other sisters work in catechetics and sacramental programmes in school and in parishes.

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 has regular weekly Faith/Scripture Study groups as well as Retreat/Study days several times a year. She also has preparation sessions with parents presenting their children for Baptism and has trained catechists for this work. Another sister 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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Report of the trustees Year to 31 December 2023

Achievements and performance (continued)

Education (continued)

Sisters themselves are aware that in order to continue to develop in their mission in the 21st Century, they too need a programme of 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 as the deepening of their own Medaille Spirituality. 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.

Archdiocesan Administrative Centre

Following the closure of the Pastoral Resource Centre the Archbishop’s House is now the administrative centre for the Archdiocese.

One sister continues to do administrative work for Archbishop Mark O’Toole and the diocese in general as well as assisting in the general running of the Archdiocesan Administrative Centre. Additionally, she is secretary to the trustees of the diocese and diocesan finance administrator for Missio.

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.

Celebrating 150 years of Presence in Newport

In July 2023 the sisters marked the 150[th] anniversary of our arrival in Newport. The focus of the celebration was primarily our influence on the development of Catholic education in the area but also acknowledged the many other ministries we initiated.

The occasion was marked with a Civic Mass at St Mary’s Church celebrated by Archbishop Mark O’Toole. It was attended by the Mayor, Newport County Council education representatives, local schools and many colleagues, friends, former pupils and patients.

While we are in a time of diminishment we acknowledge the great works of the past and are open to new opportunities today and in the future. As our Founder, Jean Pierre Médaille said, “Advance good works until near their completion and then let them be finished by another who will gain all the credit.”

This was reflected in a comment from a former pupil and colleague who wrote:

“We have been so lucky to have the sisters of St. Joseph of Annecy. I have benefited with my education, so many mothers and babies benefited as well from the nursing home. I personally think that their decision to open St. Anne’s Hospice was a defining moment for the people of Newport, their ministry gave solace to so many people in their moment of need and enabled a peaceful death.” (KD)

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 2023

Achievements and performance (continued)

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 ministers in therapeutic massage and ScarWork™. She works in a specialist neurological rehabilitation clinic and in an osteopath clinic.

Her services are appreciated by both health colleagues and clients as these comments show:

“It’s a great pleasure to have you on our team! Your skills are invaluable to us and we look forward to many more years of working together!” (JB)

“What you do helps soothe the body and the soul - thank you for that.” (JW)

“An unwelcome side effect of Parkinson’s is sometimes pain for which the remedies are limited. My husband J recently saw Sr. M to help with strong cramps he was having at night. Gradually they have receded under her careful hands…Thank you. You have improved J’s life. Massage is a wonderful drug free therapy, and Sr. M a gentle expert therapist.” (SH)

Social and pastoral care

Sisters who are involved in parish ministries will be familiar with the ever-increasing material, social and pastoral needs of a great majority of people. To this end, sisters are located in areas where there are opportunities to try and help with some of these distressing issues. In this way they respond to their Founder’s Vision of reaching out to the “poorest and most neglected” members of society.

The sisters in the Rhondda parish write:

The coronavirus pandemic has greatly affected health and social care service provision in many ways. As a consequence, this has had a direct impact on the allocation of government funding, one being the significant reduction of funding for on-going care in the community. In this locality there is a high percentage of elderly and vulnerable people dependent on their care needs being addressed. Frequently this can directly infringe on family life, where, due to inadequate funding, a member of a family may have to give up work in order to provide sufficient care and support for a sick or frail relative. Family members caring for their loved ones at home are considered ‘unpaid carers’. With an ever-increasing cost of food prices, growing domestic heating rates and escalating rise of rented properties, several people have been forced into making very difficult decisions in order to survive financially. The outcome of such decisions can often lead to monetary challenges, family fragmentation, and mental health problems.

Like many other places, here in the Rhondda there is a high rate of unemployment which often leads to social deprivation, anxiety and mental health. This is particularly evident among the younger age group who unfortunately are sometimes tempted to turn to alcohol and drug dependency as a means of escape. With so many closures of factories, shops and other industries over the past few years people have not just lost their income but also in many cases their social network of friends.

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Achievements and performance (continued)

Social and pastoral care (continued)

Another factor is the large percentage of people from different backgrounds who depend on food banks and the generosity of charities to help them survive. We realise that no one person can solve all the problems but our aim is to work in conjunction with other agencies in whatever way we can. There is a well-established Food Bank Depot in the area which has been operational for several years. Our parish is a major beneficiary to this charity and has been acknowledged as one of its best supporters throughout the year.

The consequences of the coronavirus has had a changing effect on the way people worship and their overall concept of Church. This has led to a percentage of regular Church attendees not returning to their usual Church, hence one reason for the decline in numbers. Some people have opted to stay in the safety and comfort of their own homes and follow religious services online, as they did during the pandemic.

Against this backdrop the sisters work in areas where there are many elderly parishioners who are in care homes, hospitals or housebound at home. This can be a very lonely and isolating time for them. In conjunction with other members of the Parish Team the sisters regularly visit these people bringing them Holy Communion and spending time listening to them and keeping them updated on parish events. This ministry is much appreciated and the feedback is very positive. On a visit recently, HA said;

“thank you so much for coming to see me, I still feel so much part of the parish which means so much to me”.

On a previous visit, GH stated;

“you have no idea what your visits mean to me and to know that you bring me Holy Communion means everything to me”.

We have been invited to build a close network with schools and churches of other Christian denominations in our area. During Multi-faith week two sisters were asked to speak about their life and ministry to the pupils in a nearby school. The children were very eager to hear our story and asked lots of questions. More recently, a joint Advent Service is arranged with our Church and members of an Anglican Church, the event is being held in the Anglican Church. We hope to maintain good working relationships with all such organisations in the future.

Bereavement support

The death of a loved one is always a sensitive time for the family. At this time they need support and understanding. Many people may not be familiar with death and sometimes have no idea how to proceed with funeral arrangements. One sister writes; I invite the bereaved relatives to come and meet me in the presbytery and give them every opportunity to talk and express how they are feeling and share their memories. Sufficient time is giving in helping to arrange the funeral Service, choice of hymns and other practical details. This practice is greatly appreciated by the families.”

Recently, RO stated, “when my mother died I didn’t know what to do or where to turn. Your explanation of what will happen and your help with the Service has taken a load off my mind. I can’t thank you enough.”

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Report of the trustees Year to 31 December 2023

Achievements and performance (continued)

Bereavement support (continued)

Keeping in touch with the family post bereavement taking time to listen to them offering them comfort and reassurance is also seen as a vital part of the sister’s ministry, This can be done either by home visits or telephone contact. Either way, maintaining contact with such people is greatly appreciated. In addition, an annual Service of Remembrance is arranged and families are invited to attend if they so wish. This way of remembering the dead has been a great help in assisting people to move on with their lives.

A message from TL confirms this, he writes;

“I would like to say a huge thank you to all who prepared and helped with the Service of Remembrance. I was very anxious before I went but I found the Service very comforting and healing. I will never forget my lovely wife but I now feel more at peace. Many thanks to all”.

Sisters have been reassured by parishioners that our presence here is greatly appreciated and has helped them to remain focused in changing and challenging times. Our hope is that together we will remain steadfast as we accompany each other on our own journey of life.

Care of the Earth

Being acutely aware of the plight of the planet, two sisters travelled to France to present a seven day course based on Laudato Si.

This was presented to an international group of our sisters from Africa, India, France and the UK. The group consisted of Head Teachers and others in leadership roles. These sisters would return to their entities to share their renewed sense of our interdependence, interconnection with responsibility and power to bring about the necessary change at this pivotal time.

Caritas

When Archbishop Mark arrived in the Archdiocese in 2022, he was keen to re-form Caritas Cardiff which had contracted dramatically during the Covid epidemic. A sister was invited to join the new board which has been busy networking within and beyond the Archdiocese to discern how best to deepen consciousness in parishes of the close, dynamic relationship between faith and good works. In recent months, the board has benefited greatly from attendance at its meetings of key members of the central archdiocesan team: the Chief Operating Officer, the Fund-raising and Development manager and the Communications manager.

A survey of current good practice in parishes - that the board has drawn up and which is about to be published - will serve several purposes. Firstly, it will provide the board with a clearer idea of the real situation. At the same time, it will acknowledge the good work that is already going on in the Cardiff diocese and encourage parishes to both share their experience and extend their social outreach to the people they identify as being in need in their area. Caritas Cardiff does not run its own projects but exists to promote, enable and support faith in action.

Parishes completing the survey can bid for seed funding for a new project they would like to set up. In these challenging financial times, however, it is love, not money, that will be the most vital ingredient in helping the marginalised find their voice and sense of self-worth.

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Report of the trustees Year to 31 December 2023

Achievements and performance (continued)

Advancement of religion

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. Some are involved in the RCIA programme for people over the age of eighteen who are interested in learning about the Roman Catholic Faith. They have the opportunity to share their faith at an adult level which sometimes can be challenging for all concerned. Sacramental preparation for younger children is also an enhancing experience for those who participate, as is the RCIC programme for those children and young people between the ages of eight and seventeen who wish to be baptised and make their First Holy Communion.

The sisters’ roles in 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 electronically. 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 on a regular basis to people from a wide spectrum and from a variety of backgrounds and faiths - some very committed to institutional Churches and yet disillusioned with lack of change, some seeking/searching as they navigate their life journeys and even a few who, as one put it, "don't do God", but nevertheless have a deep desire to grow.

Here are some of the comments which have been received:

" The sessions help me on a number of levels to process the jumble that is my life".

"The time spent here has helped me understand the source of some of my feelings and the resulting reflection on this fact has been so helpful. Thank you"

Overseas missionary development

2023 marked the final year of our association with Misean Cara. No longer having charitable status in Ireland meant we could not renew our membership. It has been a long partnership developing many successful projects in medical care and education in India, and West and East Africa. In June 2023, the congregation’s Misean Cara Missionary Development Officer was able to visit the missions in Tanzania and Kenya, see the progress made and get to know the sisters involved. We are very grateful to Irish Aid, the people of Ireland and our colleagues at Misean Cara itself for their support.

Safeguarding

During 2023 Safeguarding has once again taken a prominent place in the life of the Catholic Church in England and Wales. The Catholic Bishops Conference of England and Wales and CoR continue to take a ‘One Church’ approach to Safeguarding.

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Report of the trustees Year to 31 December 2023

Achievements and performance (continued)

Safeguarding (continued)

As Religious we are accountable to the Catholic Safeguarding Standards Agency (CSSA) and we are members of the Religious Life Safeguarding Service (RLSS) which is seen as a, ‘dedicated resource to better serve the needs of Religious Life Groups’

We are involved with RLSS on a day-to-day basis. They provide us with support and guidance. Sisters have kept abreast with current thinking and recommendations. Appropriate training has been undertaken. Basic Safeguarding for all sisters except the infirm took place.

The Safeguarding Subcommittee now comprises the Provincial and the Safeguarding Lead and another sister as well as a practising GP. The committee met several times and consulted as necessary. The Disclosure and Barring Certificates for all sisters have been updated.

The Province is preparing for the CSSA audit which will take place in the near future.

As a Province we believe in the importance of Safeguarding and aim at promoting the highest level of care and protection, love, encouragement and respect that we can give to all whom we encounter.

Future plans

Province

Ongoing plans include:

Generally

In addition we aim to continue to:

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust 14

Report of the trustees Year to 31 December 2023

Financial review

Results for the year

During the year to 31 December 2023 the charity supported an average of 54 sisters in the United Kingdom (2022 – 58 sisters).

The statement of financial activities shows total income for the year of £1,666,876 (2022 – £1,478,515). The principal components of income in 2023 were donations and legacies which amounted to £955,052 (2022 – £1,182,761), investment income and interest receivable totalling £243,613 (2022 – £213,249), and income from other sources of £452,468 (2022 – £46,903). Included in other income is £70,829 (2022 – £5,336) which represents the surplus on disposal of tangible fixed assets and £352,146 (2022 – £nil) received following the transfer of the ownership of St Joseph’s Home, Killorglin to Nazareth Care.

Expenditure in the year amounted to £2,370,559 (2022 – £1,794,038). The costs of supporting the sisters of the Congregation and their ministry amounted to £2,320,203 (2022 – £1,718,330) whilst donations and grants made by the charity totalled £9,641 (2022 – £21,763).

The charity had net expenditure for the year of £703,683 (2022 – net expenditure of £315,523) before other recognised gains of £289,415 (2022 – losses of £533,722).

Other recognised gains include net gains on investments of £172,725 (2022 – losses of £736,165), foreign exchange gains on investments of £122,829 (2022 – gains of £177,319), foreign exchange losses on cash held by investment managers of £2,674 (2022 – gains of £8,656), and foreign exchange losses on cash at bank and in hand of £3,465 (2022 – gains of £16,468).

Net expenditure and the net decrease in funds for the year was therefore £414,268 (2022 – net expenditure and net decrease in funds of £849,245).

Investment performance

The charity has a portfolio of investments which had a market value at 31 December 2023 of £6,762,940 (2022 – £5,366,372) including cash awaiting investment of £1,058,090 (2022 – £130,349). The portfolio is managed by UBS Wealth Management (UK) Limited. During the year, the charity’s investments achieved an income yield of 3.29% (2022 3.63%) and a positive capital yield of 5.40% (2022 – negative capital yield of 10.39%).

At 31 December 2022, the investment managers were also holding £950,000 being monies the trustees 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 was classified in the attached accounts as a current asset investment. There is no equivalent value this year as the purchase and renovation of the properties was completed subsequent to the year end.

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.

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 2023

Financial review (continued)

Financial position and reserves policy

Financial position

At 31 December 2023, the total funds of the charity amounted to £11,101,039 (2022 – £11,515,307).

Of these total funds, £3,863,859 (2022 – £2,787,186) 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 2023, the charity had total restricted funds as detailed in note 14 to the attached accounts of £7,000 (2022 – £11,117).

A further £5,950,000 (2022 – £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.

£nil (2022 – £950,000) 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. £219,818 (2022 – £217,779) 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 £1,060,362 (2022 – £1,599,225).

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 2023 equates to approximately 5.37 months’ recurring expenditure which is less than required by the reserves policy. Although the level of free reserves falls below the reserves policy target, the charity has its designated funds, largely represented by investment holdings, which can be utilised in the shorter term should the need arise. In addition, the charity has received net proceeds of approximately £1.6million in March 2024 from the sale of land and buildings which will help to increase the charity’s free reserves during the 2024 financial year. The trustees continue to prepare long term projections and monitor the performance of their investments.

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 2023

Financial review (continued)

The charity’s assets

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

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 2023 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 2023 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 line manager to our Clinical Lead and works as a bank nurse in our community where nursing care is provided. She also works in two clinics as a massage and scar therapist.

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 2023

Governance, structure and management (continued)

Trustees (continued)

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 was acting Provincial for six months and is currently in her second term as Assistant Provincial. She was bursar at Llantarnam Abbey for eleven years and is now carrying on the role at Willow House.

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. She has also been part of the General Leadership team and is at present the Superior of a local 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. 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 18

Report of the trustees Year to 31 December 2023

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 2023, there were 51 finally professed sisters, including two who are in general administration based in Annecy, France, four in the community in Ireland and four in the care home in Killorglin, Ireland. Most of the sisters live in one of six houses. Three sisters live in two parish houses working in the parishes concerned. Four sisters live in a rented property in Ireland. In total there are five 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.

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 2023

Governance, structure and management (continued)

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:

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 and 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 20

Report of the trustees Year to 31 December 2023

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 21

Report of the trustees Year to 31 December 2023

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 22

Report of the trustees Year to 31 December 2023

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:

Sister Susan Armond 01 July 2024

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

Charitable Trust 23

Independent auditor’s report Year to 31 December 2023

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 2023 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.

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.

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

Charitable Trust 24

Independent auditor’s report Year to 31 December 2023

Other information (continued)

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.

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.

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 2023

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

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 26

Independent auditor’s report Year to 31 December 2023

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.

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

15 July 2024

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

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

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust 27

Statement of financial activities Year to 31 December 2023

Notes
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2023
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2022
£
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
. 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 before net investment
gains (losses)
7
Other recognised gains (losses)
Net gains (losses) on revaluation and
disposal of investments
Foreign exchange gains on investments
Foreign exchange (losses) gains on cash
held by investment managers
Foreign exchange (losses) gains on cash at
bank and in hand
11
Net expenditure and net movement in
funds
Reconciliation of funds:
Total funds brought forward
at 1 January 2023
Total funds carried forward
at 31 December 2023
967,244

243,613
3,551
—

70,829
381,639		 —
—
—
—
—
—		 967,244
243,613
3,551
—
70,829
381,639		 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
1,666,876 — 1,666,876 1,478,515 — 1,478,515
40,715

2,320,203

5,524		 —
—
4,117		 40,715
2,320,203
9,641		 53,945
1,718,330
21,763		 —
—
—		 53,945
1,718,330
21,763
2,366,442 4,117 2,370,559 1,794,038 — 1,794,038

(699,566)		 (4,117) (703,683) (315,523) — (315,523)
172,725
122,829
(2,674)
(3,465)		 —
—
—
—		 172,725
122,829
(2,674)
(3,465)		 (736,165)
177,319
8,656
16,468		 —
—
—
—		 (736,165)
177,319
8,656
16,468

289,415		 — 289,415 (533,722) — (533,722)
(410,151)
11,504,190		 (4,117)
11,117		 (414,268)
11,515,307		 (849,245)
12,353,435		 —
11,117		 (849,245)
12,364,552
11,094,039 7,000 11,101,039 11,504,190 11,117 11,515,307

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 28

Balance sheet 31 December 2023

Notes
2023
£		 2023
£		 2022
£		 2022
£
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


256,380
—
498,391		 3,991,767
6,762,940		 220,841
950,000
2,360,845		 2,915,094
5,366,372
10,754,707
346,332		 8,281,466
3,233,841
754,771

(408,439)		 3,531,686
(297,845)


11,101,039 11,515,307
7,000
3,863,859
6,169,818
1,060,362		 11,117
2,787,186
7,117,779
1,599,225
11,101,039 11,515,307

Approved by the trustees and signed on their behalf by: Sister Susan Armond

Date of approval: 01 July 2024

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

Charitable Trust 29

Statement of cash flows Year to 31 December 2023

A Notes
2023
£		 2022
£
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 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 2023
B
Change in cash and cash equivalents due to exchange rate
movements
Cash and cash equivalents at 31 December 2023
B

**(776,583) **		 (130,295)


210,179
70,829
(1,222,004)
903,448
**(1,076,721) **		 184,360
5,336
(1,887,787)
1,304,244
(1,577,400)
**(1,114,269) ** (1,971,247)


—		 (1,200)
— (1,200)

(1,890,852)


3,441,194

6,139
 (2,102,742)
5,569,060
(25,124)

1,556,481		 3,441,194
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses 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
(Increase) decrease in debtors
Decrease in creditors
Net cash used in operating activities		 (414,268)
167,169
(172,725)
(122,829)
(2,674)
(3,465)
(243,613)
(70,829)
(2,105)
(88,756)		 (849,245)
159,583
736,165
(177,319)
8,656
16,468
(213,249)
(5,336)
194,752
(770)
(776,583) (130,295)

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

Charitable Trust 30

Statement of cash flows Year to 31 December 2023

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

At 1
January
2023
£

Cash flows
£
Foreign
exchange
movements
£		 At 31
December
2023
£
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		 2,360,845
1,080,349		 (1,858,989)

(19,585)
(3,465)
(2,674)
498,391
1,058,090
3,441,194
112,000
(113,200)		 (1,878,574)

—
—
(6,139)
—
—
1,556,481
112,000

(113,200)
3,439,994
(1,878,574)		 (6,139)
1,555,281

The English Province of the Congregation of the Sisters of St Joseph of Annecy Charitable Trust 31

Principal accounting policies Year to 31 December 2023

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 2023 with comparative figures given for the year to 31 December 2022.

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 2024, 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 32

Principal accounting policies Year to 31 December 2023

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 33

Principal accounting policies Year to 31 December 2023

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 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 34

Principal accounting policies Year to 31 December 2023

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.

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 35

Principal accounting policies Year to 31 December 2023

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 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 36

Principal accounting policies Year to 31 December 2023

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 37

Principal accounting policies Year to 31 December 2023

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 38

Notes to the accounts Year to 31 December 2023

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
Other grants and
donations		 Unrestricted
funds
£		 Restricted
fund
£		 Total
2023
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£
961,722
—
—
1,450
4,072		 —
—
—
—
—		 961,722
—
—
1,450
4,072		 948,796
32,338
95,716
2,194
103,717		 —
—
—
—
—		 948,796
32,338
95,716
2,194
103,717
967,244 — 967,244 1,182,761 — 1,182,761

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
Unrestricted funds
Total
2023
£		 Total
2022
£
Income from listed investments
. Equities
. Corporate bonds
. Other
Interest receivable
. Cash held by investment managers
. Bank interest		 135,830
25,009
19,251		 167,569
11,325
16,424
180,090 195,318
50,771
12,752		 15,765
2,166
63,523 17,931
243,613 213,249

3 Income from: Other sources

Unrestricted funds Unrestricted funds
Total
2023
£		 Total
2022
£
Surplus on disposal of tangible fixed assets
Miscellaneous income		 70,829
381,639		 5,336
41,567
452,468 46,903

Included within the surplus on the disposal of tangible fixed assets is a surplus of £48,898 (2022 - £nil) relating to the disposal of land (which was previously occupied by a tenant under a garden licence), a surplus of £4,330 (2022 - £5,336) relating to the disposal of motor vehicles, and a surplus of £17,601 (2022 – £nil) relating to the disposal of furniture and equipment.

Included within miscellaneous income is £352,146 (€400,000) (2022 – £nil) received following the transfer of the ownership of St Joseph’s Home, Killorglin to Nazareth Care.

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

Charitable Trust 39

Notes to the accounts Year to 31 December 2023

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

Unrestricted funds
Total
2023
£
Total
2022
£
1,031,170
946,506
754,932
355,974
285,824
297,760
10,645
9,730
29,451
19,037
2,979
1,878
189,452
62,095
15,750
25,350
2,320,203
1,718,330		 Unrestricted funds
Total
2023
£
Total
2022
£
1,031,170
946,506
754,932
355,974
285,824
297,760
10,645
9,730
29,451
19,037
2,979
1,878
189,452
62,095
15,750
25,350
2,320,203
1,718,330
Total
2022
£
Staff costs (note 8)
Premises
Sisters’ living and personal expenses
Sisters’ training, education, and retreat
Other expenses
Support costs
. Postage, stationery, and telephone
. Other professional fees
. Governance costs (note 6)		 946,506
355,974
297,760
9,730
19,037
1,878
62,095
25,350
1,718,330

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
2023
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2022
£
Donations to organisations
Grants to the Generalate of the
Sisters of St Joseph of Annecy to
support the Congregation’s
overseas work
Grants to the Killorglin community
Other grants to the overseas
missions the Sisters of St Joseph of
Annecy
Other donations		 700
—
2,007
2,817		 —
—
4,117
—		 700
—
6,124
2,817		 1,045
15,980
2,086
2,652		 —
—
—
—		 1,045
15,980
2,086
2,652
5,524 4,117 9,641 21,763 — 21,763

No donations were made to individuals during the year to 31 December 2023 (2022 – none).

6 Governance costs

Governance costs
Professional fees Unrestricted funds
Total
2023
£
15,750		 Total
2022
£
25,350

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

Charitable Trust 40

Notes to the accounts Year to 31 December 2023

7 Net expenditure for the year before net investment gains (losses)

This is stated after charging:

This is stated after charging:
Total
2023
£		 Total
2022
£
Staff costs (note 8)
Auditor’s remuneration
. Statutory audit services
.. Current year
.. Previous year
Depreciation(note 10)		 1,031,170
19,500
(3,750)
167,169		 946,506
21,750
3,600
159,583

8 Staff costs

Staff costs
2023
£		 2022
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Other staff related costs		 923,953
62,247
31,024		 851,471
59,458
30,602
1,017,224
13,946		 941,531
4,975
1,031,170 946,506

All staff costs are in respect of employees who support the members of the Congregation and their ministry. The average number of employees was 47 (2022 - 52).

There were no employees who earned over £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year (2022 - 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 (2022 – £nil).

Included within wages and salaries is a carers’ bonus of £nil (2022 – £31,795) which was received from the Welsh Government and passed onto the carers.

9 Taxation

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

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

Charitable Trust 41

Notes to the accounts Year to 31 December 2023

10 Tangible fixed assets

Land and buildings 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 2023
Additions
Disposals
Transfer
At 31 December 2023
Depreciation
At 1 January 2023
Charge for year
On disposals
At 31 December 2023
Net book values
At 31 December 2023
At 31 December 2022		 2,715,454
—
—
1,662,125		 559,763
—
—
—		 418,283
1,243,842
—
(1,662,125)		 568,017
—
(542,675)
—		 266,857
—
(7,995)
—		 4,528,374
1,243,842
(550,670)
—
4,377,579 559,763 — 25,342 258,862 5,221,546
911,945
50,298
—		 —
—
—		 —
—
—		 458,791
107,337
(542,675)		 242,544
9,534
(7,995)		 1,613,280
167,169
(550,670)
962,243 — — 23,453 244,083 1,229,779
3,415,336 559,763 — 1,889 14,779 3,991,767
1,803,509 559,763 418,283 109,226 24,313 2,915,094

11 Investments

Investments
2023
£		 2022
£
Listed investments at market value
At 1 January 2023
Additions at cost
Disposals at book value (see below)
Exchange gains
Unrealised investment (losses) gains
At 31 December 2023
Cash held by investment managers for reinvestment
Cost of listed investments		 5,236,023
1,076,721
(924,795)
122,829
194,072		 5,521,713
1,577,400
(1,273,872)
177,319
(766,537)
5,704,850
1,058,090		 5,236,023
130,349
6,762,940 5,366,372
5,279,584 5,082,113

Listed investments held at 31 December 2023 comprised the following:

2023
£		 2022
£
2,366,250
1,667,879
838,633
363,261
5,236,023
UK Equities
Overseas Equities
UK Corporate bonds
Alternatives		 2,555,927
1,837,576
872,236
439,111
5,704,850

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 42

Notes to the accounts Year to 31 December 2023

11 Investments (continued)

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

2023
£		 2022
£
Proceeds
Realised gains (losses)
Disposals at book value		 903,448
21,347		 1,304,244
(30,372)
924,795 1,273,872

At 31 December 2023, 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 EmergingMarkets SociallyResponsible(USD)		 314,660
416,445		 5.52
7.30
Debtors 2023
£		 2022
£
Investment income receivable
Legacies receivable
Prepayments and accrued income
Loan to a former member of the Congregation (see below)		 98,050
27,000
18,130
113,200		 64,616
27,000
16,025
113,200
256,380 220,841

12 Debtors

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 43

Notes to the accounts Year to 31 December 2023

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2023
£
17,936
97,472
29,707
151,324

112,000
408,439		 2022
£
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
297,845

14 Restricted funds

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

At
1 January
2023
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2023
£
—
7,000
7,000
Project monitoring and administration
Pilgrimage fund		 4,117
7,000		 —
—		 (4,117)
—		 —
—
11,117 — (4,117) —
At
1 January
2022
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2022
£
—
4,117
7,000
11,117
Misean Cara fund
Project monitoring and administration
Pilgrimage fund		 844
3,273
7,000		 —
—
—		 —
—
—		 (844)
844
—
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 44

Notes to the accounts Year to 31 December 2023

15 Tangible fixed assets fund

Tangible fixed assets fund
2023
£		 2022
£
At 1 January 2023
Net movement in year
At 31 December 2023		 2,787,186
1,076,673		 983,348
1,803,838
3,863,859 2,787,186

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
2023
£		 Net
movement
in the year
£		 At 31
December
2023
£
Grace Fowler fund
Property fund
Retirement reserve		 217,779
950,000
5,950,000		 2,039
(950,000)
—		 219,818
—
5,950,000
7,117,779 (947,961) 6,169,818
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

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 represented monies designated by the trustees for the purchase and necessary renovation of suitable properties for the sisters to live in, once they vacated Llantarnam Abbey. These funds have been utilised in the year to 31 December 2023.

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 45

Notes to the accounts Year to 31 December 2023

17 Analysis of net assets between funds

General
funds
£		 Tangible
fixed assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Total
2023
£
Fund balances at
31 December 2023
are represented by:
Tangible fixed assets
Fixed asset investments
Net current assets
Total net assets		 —
—
1,060,362		 3,863,859
—
—		 127,908
5,812,940
228,970		 —
—
7,000		 3,991,767
5,812,940
1,296,332
1,060,362 3,863,859 6,169,818 7,000 11,101,039
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

The total unrealised gains as at 31 December 2023 constitute movements on revaluation of investments and are as follows:

2023
£
425,266		 2022
£
153,910
Total unrealisedgains on listed investments at 31 December 2023
2023
£
153,910
(45,545)
122,829
194,072
425,266		 2022
£
774,492
(23,574)
169,529
(766,537)
153,910
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2023
In respect to disposals in year
Net gain arising on exchange differences
Net gains (losses) arising on revaluation in the year
Total unrealisedgains at 31 December 2023

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 2023

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 (2022 – 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 £120,644 (2022 – £85,233).

There were no other related party transactions during the year requiring disclosure (2022 – 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

There were no capital commitments at 31 December 2023.

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 were regarded as having a nil value for the purposes of these accounts since they could not be disposed of in the open market or put to alternative use while such occupation continued. The occupation of one of these schools has now ceased and the control over the land and buildings has reverted back to the trustees post year end on the resolution of ongoing legal matters. In March 2024, these land and buildings were disposed of for net proceeds of £1,605,908.

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

Charitable Trust 47