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2024-03-31-accounts

The Congregation of the Sisters of St Anne Charitable Trust

Annual Report and Accounts

31 March 2024

Charity Registration Number 233808

Contents

Reports

Reports
Reference and administrative information 1
Trustees’ report 3
Independent auditor’s report 12
Accounts
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Principal accounting policies 19
Notes to the accounts 25

The Congregation of the Sisters of St Anne Charitable Trust

Reference and administrative information

Trustees Sister Mary Hannigan Sister Patricia Heller Sister Jennifer Brown Sister Ruth Holley Sister Peggy McWeeney Superior General Sister Patricia Heller Principal address St Anne’s House 14 Lansdowne Road London SW20 8AN Telephone 0203 092 4111 Charity registration number 233808 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers HSBC Bank plc PO Box 6201 Coventry CB3 9HW

COIF Charity Funds 80 Cheapside London EC2V 6DZ

The Congregation of the Sisters of St Anne Charitable Trust 1

Reference and administrative information

Principal investment Brewin Dolphin Limited managers and advisers 5 Giltspur Street London EC1A 9BD Epworth Investment Management Limited 9 Bonhill Street London EC2A 4PE Royal London Asset Management Limited 55 Gracechurch Street London EC3V 0RL Oikocredit Ecumenical Development Cooperative Society U.A. Berkenweg 7 Amersfoort 3818 LA Netherlands Solicitors Irwin Mitchell LLP Mercantile House 18 London Road Newbury RG14 1JX

The Congregation of the Sisters of St Anne Charitable Trust 2

Trustees’ report 31 March 2024

The trustees present their statutory report together with the accounts of the Congregation of the Sisters of St Anne Charitable Trust (the charity) for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 19 to 24 of the attached accounts and comply with the charity’s trust deed, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Congregation of the Sisters of St Anne (the “Congregation”) is a Roman Catholic Religious Congregation founded in 1927.

The accounts which accompany this report are those of the charitable trust on which the assets of the Congregation in England and Wales are held. The charity is governed by a trust deed dated 20 December 1963 and is registered under the Charities Act 2011 – Charity Registration Number 233808.

Mission

The Congregation of the Sisters of St Anne Charitable Trust aims to support the religious and other charitable works carried on by the members of the Congregation and to care for those members throughout their lives with the Congregation. These ministries of the sisters of the Congregation, all of which benefit numerous members of the general public, fall into the following main areas:

The Congregation of the Sisters of St Anne Charitable Trust 3

Trustees’ report 31 March 2024

Activities, specific objectives and relevant policies

Activities and specific objectives

When setting the objectives and planning the work of the charity for the year, and when encouraging the work of individual members of the Congregation, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

As stated above under “Mission,” the activities of the charity can be divided into three principal areas: caring for members of the Congregation, the social and pastoral work of the sisters, and the provision of care and assistance to the elderly. Each of these is considered in turn below.

1. Caring for members of the Congregation

In common with many religious congregations in Great Britain, the age profile of the members of the Congregation is increasing as existing members grow older and the number of new vocations becomes minimal. The age profile of the Congregation in Great Britain is shown graphically below:

----- Start of picture text -----
Age Profile as at 31 March 2024
3
2
1
0
61-70 71-80 81-90
Age
Number of Sisters
----- End of picture text -----

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to the care of the sick, elderly, poor and marginalised in society. As the age profile of the Congregation increases so too does the need to provide increasing and increasingly expensive care for the sisters. Members of the Congregation receive care in St Teresa’s Home CIO as required and, over the next decade, the trustees expect a number may require this care. As a consequence, the trustees are giving careful consideration to the impact of this on the work of individual members of the Congregation and the financial implications.

In this regard, the aims of the trustees over the forthcoming years include:

The Congregation of the Sisters of St Anne Charitable Trust 4

Trustees’ report 31 March 2024

Activities, specific objectives and relevant policies (continued)

Activities and specific objectives (continued)

2. Social and pastoral work

The aims of the trustees in this area include:

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).

Grants, donations and support of missionary work and ministry

Grants, donations and other payments in support of missionary work and ministry are decided on by the trustees in consultation with other members of the Congregation as appropriate.

Whilst the trustees give occasional support to United Kingdom organisations 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.

The Congregation of the Sisters of St Anne Charitable Trust 5

Trustees’ report 31 March 2024

Activities, specific objectives and relevant policies (continued)

Volunteers

Throughout the year, the members of the Congregation give their time to assist the poor and marginalised and those in any type of need. The majority of members receive no financial reward for this work which contributes to the overall achievement of the charity’s objectives. In addition, members are involved in administering the work of the Congregation and charity - without their contribution the charity would not be able to function as effectively or fully as it does.

In addition to the sisters being involved in these activities, there would normally be numerous volunteers who give of their time. The trustees continue to express their deepest thanks. Many of the activities could not take place without their help.

Investment policy

Brewin Dolphin Limited, Royal London Asset Management Limited and Rathbone Investment Management Limited manage the charity’s listed investments. In addition, the charity holds cash funds on deposit with Epworth Investment Management Limited. There are no restrictions on the charity’s power to invest.

The charity has also invested £2,000 with Ecumenical Development Cooperative Society U.A (Oikocredit). This represents an ethical investment, which is held not specifically to make a return but in support of development projects which benefit disadvantaged and marginalised individuals.

The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment managers’ view of the market prospects in the medium term.

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

The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees who meet with the investment managers annually.

Fundraising policy

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

The Congregation of the Sisters of St Anne Charitable Trust 6

Trustees’ report 31 March 2024

Achievements and performance

Review of activities

The Sisters have given their all to their various ministries. Three Sisters work in the care home operated by St Teresa’s Home CIO and one Sister works in the parish.

It is our hope to continue these ministries for as long as the Individual Sisters feel able to do so.

Part of our Charism is to “Be Sisters of the Hour”, and therefore we may be called to carry out our ministries at any time.

Financial review

Results for the year

A summary of the year’s results can be found on page 16 of this report and accounts.

Income for the year was £389,803 (2023 - £390,916). £118,953 (2023 - £123,747) was received by way of donations and legacies. This figure includes salaries and pensions of the sisters amounting to £118,953 (2023 - £123,747) covenanted to the charity and donations. Investment income and interest receivable totalled £251,432 (2023 - £257,414).

Expenditure totalled £275,073 (2023 - £278,202). Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £237,958 (2023 - £240,443) and included expenditure on governance.

Net income for the year, therefore, was £114,730 (2023 – net income of £112,714). There were net investment gains of £654,184 (2023 – net losses of £654,354) during the year giving rise to the resulting increase in funds of £768,914 (2023 – decrease in funds of £541,640).

The Congregation of the Sisters of St Anne Charitable Trust 7

Trustees’ report 31 March 2024

Financial review (continued)

Investment performance

At 31 March 2024, the charity had a portfolio of listed investments with a market value of £9,418,218 (2023 - £8,524,330) and the investment managers held a further £52,054 (2023 - £91,432) of cash for re-investment.

During the year the charity’s investments achieved an income yield of 2.95% (2023 – 3.13%) and a capital yield of 8.11% (2023 – yield of minus 7.54%). The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report and to comply with the ethical guidelines given to them.

The trustees are of the opinion that their investment objectives are being met.

Reserves policy and financial position

Reserves policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for care and support of sisters whose average age is increasing and whose needs are changing. The trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and its commitments, the level of free reserves should be approximately equal to thirty six months’ expenditure.

Financial position

The balance sheet shows total reserves of £12,647,376 (2023 - £11,878,462). Of this, £2,855,588 (2023 - £2,940,539) is represented by properties and other tangible fixed assets essential for the support and work of the sisters.

Funds amounting to £4,500,000 (2023 - £5,000,000) have been set aside as designated funds. Included within these funds are amounts designated to provide for the sisters in their retirement, none of whom have resources of their own. The calculations, based on actuarial methods, indicate that £2,000,000 (2023 - £2,500,000) is needed for this purpose. Designated funds also include £2,500,000 (2023 - £2,500,000) set aside for the maintenance and care of the charity’s properties.

Funds available to support the work of the sisters in the future are shown as general funds on the balance sheet and amount to £5,291,788 (2023 - £3,937,923). The trustees acknowledge that free reserves are in excess of the amount demanded by the above reserve policy. However, they believe this is acceptable and prudent given the current macroeconomic and geopolitical climate.

Future plans

In the coming years, the Sisters will need to look at downsizing their accommodation as there are now only five in the Congregation.

Ideally, the Sisters would hope to find a premises in the local (Wimbledon) area, to enable them to continue their Ministries as they are able.

The Congregation of the Sisters of St Anne Charitable Trust

8

Trustees’ report 31 March 2024

Governance, structure and management

Governance

In terms of Canon law, the Congregation is governed by the Superior General and her General Council. They are elected every three years at alternate Triennial Chapters. They are chosen for their personal qualities, their understanding and experience of the ministries of the sisters, governance, structure and management throughout Great Britain and to secure a good skills’ mix among them. The Congregation live in one community. The Superior General is now resident in the community and so is available to the sisters at all times. Throughout the year, there is a system of accountability operational throughout the Congregation to ensure that the Superior General and her Councillors are aware of the progress and development of the ministries carried out by the sisters of the Congregation.

In terms of Civil law, the charity is governed by a trust deed dated 20 December 1963 and is a registered charity – Charity Registration No. 233808. The trustees of the charity are the Superior General together with the four members of the General Council (and the Bursar General when she is not an elected member of the Council). As all trustees are members of the Congregation, they have a detailed knowledge of the work of the charity and of its structure.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report and accounts. The trustees are incorporated under the provisions of the Charities Act 2011 as “The Incorporated Trustees of the Congregation of the sisters of Saint Anne.”

Trustees’ responsibilities

The trustees are responsible for preparing the trustees' report and the 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 incoming resources and resources expended of the charity for that period. In preparing these accounts, the trustees are required to:

The Congregation of the Sisters of St Anne Charitable Trust 9

Trustees’ report 31 March 2024

Governance, structure and management (continued)

Trustees’ responsibilities (continued)

The trustees are responsible for keeping proper 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 relevant 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 policies, activities and assets of the charity. They meet bi-monthly to review developments with regard to the charity or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investments managers, solicitors and accountants. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Congregation or senior staff.

At 31 March 2024, the Congregation comprised five sisters. The community house is situated at 14 Lansdowne Road, Wimbledon in an area where it is believed that the sisters can provide the most help to those in need.

Key management personnel

During the year to 31 March 2024, the trustees consider that they comprised the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis during the year.

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 to the vulnerable and the elderly. In all cases, working together with other charities and public bodies enhances communication and understanding thus enabling services to the elderly to be provided more efficiently and effectively and avoiding duplication of effort. An example of an organisation for which members have worked and with which the charity has co-operated during the year is Roman Catholic Diocese of Southwark.

Risk management

The trustees have identified and considered the major risks to which the charity is exposed. Systems have been established to mitigate those risks and the risk policies which have been developed will be regularly updated and adapted as circumstances change.

The Congregation of the Sisters of St Anne Charitable Trust

10

Trustees, report 31 March 2024 Govemance, structure and management (continued) Risk man8gement (continued) The trustees undertake an annual review of the principal risks and un¢ertainlies that the charity faces categorising the risks be￿een those affecting the govemance and management of the charity, operational risks, financial risks, repulalional risk5 arHJ those which occur because of circumstance5 outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place. to establish policies. systems and proCedU￿S lo mitigate those risks identified in the annual review and ensure that action is taken to impiemenl changes lo those policies, systems and procedures should they be needed lo minimise or manage any potential impact on the ¢harity should those risks ￿aterialiSe. Having assessed the major risks lo which the charity is exposed, the Iruslees believe that by monitoring reserve levels, by ensuring controls exist over key flnancial systems, and by examining the operational and business risks faced by the charity. they have established effeckn've systems to mitigate those risks. Key rlsks are described below together with the principal ways in which they are mitigated.. Operationally the charity works with vulnerable adults including older people. The Iruslees recognise the absolute necessity of ensuring the prole¢tion and safety of all those that the charity serves. This means that staff and volunteers must obtsin clearance from the Disclosure and Barring Service IDBSI. In addition, the Iruslees have estsblished systems of on-going safeguarding training-, to update internal policies,. and to ensure stsff and volunteers a￿ kept infomied about good practi￿ in work. The charity's principal asset comprises listed investments, the value of which is dependenton movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere lo a policy ag￿ed by the trustees. The Iruslees meet twice a year with the investment managers and the managers, perfonnance and that of the portfolio are monttorèd. The investment strategy is esses5ed regularly lo ensure it remains appropriate to the charity's needs - both now and in the future. Employees, volunteers, and members of the Congregation The trustees wish lo record their recognition of the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation. Their dedication and positive approach are very much appreciated. Approved by the trustees and signed on their behalf by-. Sister Patricia Heller Approved by the trustees on.. iXJ4 FVI The Congregation of the Sisters of St Anne Charitable Trust 11

Independent auditor’s report 31 March 2024

Independent auditor’s report to the trustees of The Congregation of the Sisters of St Anne Charitable Trust

Opinion

We have audited the accounts of The Congregation of the Sisters of St Anne Charitable Trust (the charity) for the year ended 31 March 2024, 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 other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

The Congregation of the Sisters of St Anne Charitable Trust 12

Independent auditor’s report 31 March 2024

Other information (continued)

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 course of 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 this gives rise to a material misstatement in the accounts themselves. 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 9-10, 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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Independent auditor’s report 31 March 2024

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

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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

How the audit was considered capable of detecting irregularities including fraud

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

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

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

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Independent auditor’s report 31 March 2024

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.

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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 9 December 2024

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

The Congregation of the Sisters of St Anne Charitable Trust 15

Statement of financial activities Year to 31 March 2024

Notes
 Unrestricted funds Unrestricted funds


2024
£		 2023
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
. Charitable activities
3
Other sources
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Investment management costs
4
Charitable activities
. Donations
. Support of the members of the Congregation and their ministry
5
Total expenditure
Net income (expenditure) before net investment gains (losses)
8
Net investment gains (losses)
Net expenditure and net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 April 2023

Fund balances carried forward at 31 March 2024
118,953

251,432

8,840
10,578		 123,747
257,414
9,755
—
389,803 390,916

36,455
660

237,958		 34,838
2,921
240,443
275,073 278,202

114,730
654,184		 112,714
(654,354)
768,914
11,878,462		 (541,640)
12,420,102
12,647,376 11,878,462

The charity’s activities derived from continuing operations during both financial years.

All income and expenditure in both the above financial years related to unrestricted funds.

The Congregation of the Sisters of St Anne Charitable Trust 16

Balance sheet 31 March 2024 2024 Notes 2024 21Y23 2023 Fixed 88sets Tangible assets Investments 10 11 2,855.588 9,470.270 12,325,858 2,940,539 8,615,762 11,556,301 Current assets Debtor$ Cash at bank and in hand 12 37,223 324,189 361,412 48.391 309,4QO 357.791 Llabilities Creditors.. amounls falling due WTthin one year Net eurrgnt assets 13 139,894) (35,630) 321,518 322,161 rotal net a￿ets 12,647.376 11,878,4e2 Represented ty: Funds and resèry•s UnreslrictÈd income funds . General funds Tangible fixed 8SS6ts fund . Designated funds 5,291,788 2,855,588 4,SOO,000 12,647,376 3.937,923 2,940,539 5.000.000 11,878.482 14 15 Approved by the trustees and signed on their behalf by:. Sister Patricia Heller Trustee Approved on.. K f iCnJo.'ff 3 (R The Congregation of the Sisters of St Anne Charitable Trust 17

Statement of cash flows Year to 31 March 2024

Notes
2024
£		 2023
£
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 investments
Purchase of investments

Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 April 2023
B
Cash and cash equivalents at 31 March 2024
B

**(35,363) **		 (48,626)


250,476
2,499,322
**(2,739,027) **		 234,389
2,230,636
(2,583,400)
10,771 (118,375)

(24,592)


400,832
 (167,001)
567,833

376,240		 400,832

Notes to the statement of cash flows for the year to 31 March 2024.

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

2024
£		 2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
(Gains) losses on investments
Investment income and interest receivable
(Decrease) increase in debtors
Increase in creditors
Net cash used in operating activities		 768,914
84,951
(654,184)
(251,432)
12,124
4,264		 (541,640)
86,402
654,354
(257,414)
(3,513)
13,185
(35,363) (48,626)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£		 2023
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 324,189
52,051		 309,400
91,432
376,240 400,832

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

The Congregation of the Sisters of St Anne Charitable Trust 18

Principal accounting policies 31 March 2024

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 March 2024 with comparative figures given for the year to 31 March 2023.

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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (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:

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Principal accounting policies 31 March 2024

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 (i.e. the year ending 31 March 2025), the most significant areas that may affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

The trustees continue to monitor both income and expenditure carefully. The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income recognition

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

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

Donations (including salaries and pensions of individual religious received under Gift Aid or deed of covenant) and grants are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant 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, no value has been placed on services provided by volunteers.

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.

The Congregation of the Sisters of St Anne Charitable Trust 20

Principal accounting policies 31 March 2024

Income recognition (continued)

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.

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due.

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

The surplus on 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. Expenditure comprises direct costs and support costs. The classification between activities is as follows:

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

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

The Congregation of the Sisters of St Anne Charitable Trust 21

Principal accounting policies 31 March 2024

Support and governance costs (continued)

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

All expenditure on support and governance is attributed directly to the support of members of the Congregation and their ministry. Hence, there has been no apportionment between expenditure headings.

Tangible fixed assets

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

Non-specialised buildings are defined as those designed as, and used wholly or mainly for, private residential accommodation. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Specialised buildings relate to the Congregation’s convent. Depreciation is calculated using a straight line basis is provided at 2% per annum in order to write the specialised buildings off over their estimated useful economic life.

Improvements to facilities and refurbishment projects are capitalised and depreciated over a ten year period on a straight line basis.

Fixed asset investments

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

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

The Congregation of the Sisters of St Anne Charitable Trust 22

Principal accounting policies 31 March 2024

Fixed asset investments (continued)

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

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

Debtors

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

Cash at bank and in hand

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

Fund structure

The funds of the charity are in the main unrestricted and available for use in furtherance of the charity’s objectives at the discretion of the trustees. Within the total unrestricted funds of the charity, the trustees have designated amounts for specific purposes. Details of these are provided in notes 14 and 15.

Services provided by members of the Congregation

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

The Congregation of the Sisters of St Anne Charitable Trust 23

Principal accounting policies 31 March 2024

Pensions

The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.

The Congregation of the Sisters of St Anne Charitable Trust 24

Notes to the accounts 31 March 2024

1 Income from: Donations and legacies

2
3
4
5		 2024
£		 2023
£
Salaries and pensions of individual religious received under Gift Aid or
Deed of Covenant		 118,953 123,747
118,953 123,747
Income from: Investments and interest receivable
Income from listed investments
. UK equities
. UK fixed interest
. Overseas equities
. Unit trusts and common investment funds
Interest received		 2024
£		 2023
£
87,731
16,174
114,395
25,944		 81,522
14,281
124,110
33,864
244,245
7,187		 253,777
3,637
251,432 257,414
Income from: Charitable activities
Rental and lettings income		 2024
£		 2023
£
8,840 9,755
8,840 9,755
Expenditure on: Raising funds 2024
£		 2023
£
Feespaid to investment managers 36,455 34,838
Premises
Sisters’ living and ministry expenses
Education, training and spiritual renewal
Depreciation
Governance costs (note 7)		 82,690
51,321
—
84,951
18,996		 41,196
84,245
2,430
86,402
26,170
237,958 240,443
6
Governance costs
Legal and professional fees		 2024
£		 2023
£
18,996 26,170
18,996 26,170

The Congregation of the Sisters of St Anne Charitable Trust 25

Notes to the accounts 31 March 2024

7 Net income (expenditure) before net investment gains (losses)

This is stated after charging (crediting):

This is stated after charging (crediting):
2024
£		 2023
£
Staff costs (note 9)
Depreciation
Auditor’s fees
. Statutory audit services
.. Current year
.. Prioryear		 17,777
84,951
15,954
—		 17,225
86,402
11,730
14,440

8 Staff costs, trustees’ remuneration and key management personnel

2024
£		 2023
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension contribution		 15,886
—
1,891		 15,737
—
1,488
17,777 17,225
2024
£		 2023
£
Staff costs per function were as follows:
Support of members of the Congregation and their ministry		 17,777 17,225
17,777 17,225

There were no employees whose employee benefits (excluding employer pension costs) were greater than £60,000 (2023 – none).

The number of employees, expressed as average monthly headcount, analysed by function, was as follows:

2024 2023
Support of members of the Congregation and their ministry 1 1
1 1

As members of the Congregation, the trustees’ living and personal expenses during the year were borne by the charity but they received no remuneration or reimbursement of expenses in connection with their duties as trustees during the year (2023 - £nil).

During the year to 31 March 2024, the trustees consider that they comprised the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis during the year.

The Congregation of the Sisters of St Anne Charitable Trust 26

Notes to the accounts 31 March 2024

8 Staff costs, trustees’ remuneration and key management personnel (continued)

As noted above, no trustee received any remuneration or reimbursement of expenses during the year (2023 - none).

The total remuneration (including taxable benefits and employer’s pension contributions) of the lay key management personnel for the year was £nil (2023 - £nil).

9 Taxation

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

10 Tangible fixed assets

Freehold land and
buildings		 Freehold land and
buildings		 Furniture,
equipment
and
improvements
£


Motor
vehicles
£

28,458
82,537

28,458
82,537

—
—

28,458
82,537

27,734
49,021

724
8,254

28,458
57,275

—
25,262

724
33,516		 Furniture,
equipment
and
improvements
£


Motor
vehicles
£

28,458
82,537

28,458
82,537

—
—

28,458
82,537

27,734
49,021

724
8,254

28,458
57,275

—
25,262

724
33,516
Total
£
Non-
specialised
£
170,000
—
170,000
170,000
—
—
—
170,000
170,000		 Specialised
£
Cost
At 1 April 2023 and
at 31 March 2024
At cost
Deemed cost - 1998
valuation
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book values
At 31 March 2024
At 31 March 2023		 3,798,658
28,458		 82,537 4,079,653
3,798,658
—
28,458

—		 82,537
—		 3,909,653
170,000
3,798,658
28,458		 82,537 4,079,653
1,062,359
75,973
27,734

724		 49,021
8,254		 1,139,114
84,951
1,138,332
28,458		 57,275 1,224,065
2,660,326
—		 25,262 2,855,588
2,736,299
724		 33,516 2,940,539

As permitted under FRS 102, the charity has continued to adopt a policy of not revaluing its tangible fixed assets. The book value of the land and buildings is based on cost, or where cost is not available, at a trustees’ valuation made, with professional assistance, as at 31 March 1998 on the basis of replacement value for existing use. As permitted under the transitional provisions of FRS 102 (section 35), the charity trustees have elected to use these valuations as deemed cost. Other tangible fixed assets are stated at cost.

The Congregation of the Sisters of St Anne Charitable Trust 27

Notes to the accounts 31 March 2024

10 Tangible fixed assets (continued)

It is likely that there are material differences between the open market values of the charity’s freehold land and buildings and their book values. These arise from the specialised nature of some of the properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

11 Investments

Investments
2024
£		 2023
£
Listed investments
Market value at 1 April 2023
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains (losses)
Market value at 31 March 2024
Cash held by investment managers for re-investment
Cost of listed investments at 31 March 2024		 8,524,329
2,739,027
(2,536,976)
691,838		 8,825,920
2,583,400
(2,421,330)
(463,660)
9,418,218
52,052		 8,524,330
91,432
9,470,270 8,615,762
8,042,506 7,734,324

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

2024
£		 2023
£
Proceeds
Realised losses (gains)
Disposals at book value		 2,499,322
37,654		 2,230,636
190,694
2,536,976 2,421,330

Listed investments held at 31 March 2024 comprised the following:

2024
£		 2023
£
UK fixed interest
UK equities
UK common investment funds
UK property funds
Overseas unit trusts
Other investments		 567,247
1,662,783
330,119
445,305
6,410,469
2,296		 594,901
1,539,976
330,834
540,879
5,515,456
2,284
9,418,218 8,524,330

At 31 March 2024 the following individual investment holding was deemed a material holding in the context of the market value of the entire listed portfolio.

2024 2024
Market
value of
holding
£		 % of total
portfolio
FidelityUS QualityIncome ETF Inc 537,047 5.89%

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

The Congregation of the Sisters of St Anne Charitable Trust 28

Notes to the accounts 31 March 2024

12 Debtors

Debtors
2024
£		 2023
£
Prepayments and accrued income 37,223 48,391
Creditors: amounts falling due within one year 31
March
2024
£		 31
March
2023
£
Accruals 39,894 35,630
39,894 35,630

13 Creditors: amounts falling due within one year

14 Tangible fixed assets fund

Tangible fixed assets fund
Total
£
At 1 April 2023
Net movements in year
At 31 March 2024		 2,940,539
(84,951)
2,855,588

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

15 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 April
2024
£		 New
designations
£		 Utilised/
released
£		 At
31 March
2024
£
2,000,000
2,500,000
4,500,000
Sisters’ retirement fund
Property fund		 2,500,000
2,500,000		 —
—		 (500,000)
—
5,000,000 — (500,000)
At
1 April
2022
£		 New
designations
£		 Utilised/
released
£		 At
31 March
2023
£
2,500,000
2,500,000
5,000,000
Sisters’ retirement fund
Property fund		 4,400,000
100,000		 —
2,400,000		 (1,900,000)

—
4,500,000 2,400,000 (1,900,000)

The Congregation of the Sisters of St Anne Charitable Trust 29

Notes to the accounts 31 March 2024

15 Designated funds (continued)

♦ Sisters’ retirement fund

This consists of funds that the trustees have set aside to provide for the sisters in their retirement, none of whom have resources of their own. The calculations, based on actuarial methods, indicate that £2.0 million is needed to be set aside.

♦ Property development fund

Over the next few years, the charity’s property needs will change and there will be a need to “downsize”, purchasing a new property for the Sisters to live in before disposing of the charity’s existing property. This fund consists of monies which the trustees have set aside in order to finance the purchase of such a property.

16 Analysis of net assets between funds

General
funds
£		 General
funds
£		 Tangible
fixed
assets
fund
£		 Tangible
fixed
assets
fund
£




Designated
funds
£




Designated
funds
£		 Total
2024
£
Fund balances at 31
March 2024
are represented by:
Tangible fixed assets
—
2,855,588
—
Investments
4,970,270
—
4,500,000
Net current assets
321,518
—
—
Total net assets
5,291,788
2,855,588
4,500,000		 2,855,588
9,470,270
321,518
5,291,788
2,855,588
4,500,000		 12,647,376
General
funds
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Total
2023
£
Fund balances at 31 March 2023
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
3,615,762
322,161		 2,940,539

—

—		 —
5,000,000
—		 2,940,539
8,615,762

322,161
3,937,923 2,940,539 5,000,000 11,878,462
2024
£		 2023
£
Total unrealised gains included above at 31 March 2024
On listed investments
Reconciliation of movements in unrealised gains on listed
investments
Unrealised gains at 1 April 2023
In respect to disposals in year
Net gains (losses) arising on revaluation in the year
Total unrealisedgains at 31 March 2024		 1,375,737 790,006
790,006
(106,107)
691,838		 2,027,652
(773,986)
(463,660)
1,375,737 790,006

The Congregation of the Sisters of St Anne Charitable Trust 30

Notes to the accounts 31 March 2024

17 Transactions with trustees and related parties

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 £37,524 (2023 - £33,084).

During the year the following transactions took place between the St Teresa’s Home CIO and the Congregation of the Sisters of St Anne Charitable Trust. These are deemed to be related party transactions on the basis that St Teresa’s Home CIO was previously part of the Charitable Trust, and three of the Trustees of the Charitable Trust are also Trustees of St Teresa’s Home CIO

During the year to 31 March 2024, an interest free loan of £nil (2023 - £10,000) was advanced to the family of one of the trustees to enable the payment of care home fees for a member of that family. The first instalment of the loan of £5,500 was repaid on 1 December 2023 and the second and final instalment of £4,500 was repaid before 31 March 2024. The advancement of the loan was agreed by the trustees with the trustee conflicted absenting herself from the decision. The Charity Commission were consulted regarding the provision of this loan.

There were no other related party transactions during the year (2023 - none).

18 Ultimate control

The charity, which is constituted as a trust, was controlled throughout the period by The Congregation of the Sisters of St Anne by virtue of the fact that the trustees are elected at alternate Triennial Chapters of the Congregation. The Congregation does not hold any assets, incur liabilities or enter into any transactions in its own right within the United Kingdom. Assets and liabilities of the Congregation within the United Kingdom are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Congregation’s charitable activities.

The Congregation of the Sisters of St Anne Charitable Trust 31