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2025-03-31-accounts

The Congregation of the Sisters of St Anne Charitable Trust

Annual Report and Accounts

31 March 2025

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
Principal accounting policies 18
Notes to the accounts 23

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 (resigned 27 March 2025) 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 Audit 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

Brewin Dolphin Limited 5 Giltspur Street London EC1A 9BD Royal London Asset Management Limited 55 Gracechurch Street London EC3V 0RL CCLA One Angel Lane London EC4R 3AB Epworth Investment Management Limited 9 Bonhill Street London EC2A 4PE Solicitors Irwin Mitchell LLP Mercantile House 18 London Road Newbury RG14 1JX Stone King Boundary House 91 Charterhouse Street London EC1M 6HR

Principal investment managers and advisers

The Congregation of the Sisters of St Anne Charitable Trust 2

Trustees’ report 31 March 2025

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 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 18 to 22 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:

Several members of the Congregation are involved in various forms of pastoral work in London including visiting elderly and housebound parishioners in their own homes and in hospital, providing families with support and supporting other needy parishioners.

During the year, some of the sisters provided care and assistance to older people at St Teresa’s Home CIO, Wimbledon, This Home provides care for members of the general public and those members of the Congregation in need of care.

By caring for members of the Congregation, the charity ensures that the ministry of individual sisters and of the sisters collectively, continues for as long as possible.

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Trustees’ report 31 March 2025

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 2025
3
2
1
0
61-70 71-80 81-90 91-100
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:

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Trustees’ report 31 March 2025

2. Social and pastoral work

The following are examples of the social and pastoral work undertaken by individual sisters:

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.

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Trustees’ report 31 March 2025

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 CCLA 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.

In previous years, the charity invested £2,000 with Ecumenical Development Cooperative Society U.A (Oikocredit), which was liquidated in the year to 31 March 2025. At the point of liquidation, this fund had a value of £2,296. This fund represented an ethical investment, which was 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.

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Trustees’ report 31 March 2025

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 £429,320 (2024 - £389,803). £146,050 (2024 - £118,953) was received by way of donations and legacies. This figure includes salaries and pensions of the sisters amounting to £126,050 (2024 - £118,953) covenanted to the charity and £20,000 (2024 - £nil) from legacies. Investment income and interest receivable totalled £269,502 (2024 - £251,432).

Expenditure totalled £279,092 (2024 - £275,073). Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £234,400 (2024 - £235,923) and included expenditure on governance.

Net income for the year, therefore, was £150,228 (2024 – net income of £114,730). There were net investment gains of £160,445 (2024 – net gains of £654,184) during the year giving rise to the resulting increase in funds of £310,673 (2024 – increase in funds of £768,914).

Investment performance

At 31 March 2025, the charity had a portfolio of listed investments with a market value of £9,813,902 (2024 - £9,418,218) and the investment managers held a further £23,853 (2024 - £52,052) of cash for re-investment.

During the year the charity’s investments achieved an income yield of 2.65% (2024 – 2.59%) and a capital yield of 1.67% (2024 – 8.29%). 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.

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Trustees’ report 31 March 2025

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 £12,958,049 (2024 - £12,647,376). Of this, £2,771,361 (2024 - £2,855,588) is represented by properties and other tangible fixed assets essential for the support and work of the sisters.

Funds amounting to £4,500,000 (2024 - £4,500,000) 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 (2024 - £2,000,000) is needed for this purpose. Designated funds also include £2,500,000 (2024 - £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 £5,686,688 (2024 - £5,291,788), which represents more than 20 years of expenditure. 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.

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

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Trustees’ report 31 March 2025

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 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 period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. 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 2025, the Congregation comprised five sisters. The community house is situated

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Trustees’ report 31 March 2025

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 2025, 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 trustees undertake an annual review of the principal risks and uncertainties that the charity faces categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.

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

Key risks are described below together with the principal ways in which they are mitigated:

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Trustees’ report 31 March 2025

Employees, volunteers, and members of the Congregation

The trustees wish to 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: Patricia Heller

Approved by the trustees on:

The Congregation of the Sisters of St Anne Charitable Trust 11

Independent auditor’s report 31 March 2025

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 2025, which comprise the statement of financial activities, the balance sheet, 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.

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Independent auditor’s report 31 March 2025

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 page 9, 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.

Misstatements can arise from fraud or error and are considered material if, individually or in

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Independent auditor’s report 31 March 2025

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 2025

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 Audit LLP

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 3 December 2025

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

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Statement of financial activities Year to 31 March 2025

Notes
 Unrestricted funds Unrestricted funds


2025
£		 2024
£
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 before net investment gains
8
Net investment gains
Net expenditure and net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 April 2024

Fund balances carried forward at 31 March 2025
146,050

269,502

10,025
3,743		 118,953
251,432
8,840
10,578
429,320 389,803

41,812
2,940

234,340		 36,455
2,695
235,923
279,092 275,073

150,228
160,445		 114,730
654,184
310,673
12,647,376		 768,914
11,878,462
12,958,049 12,647,376

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.

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Balance sheet 31 March 2025

Notes 2025
£		 2025
£		 2024
£
(as restated)		 2024
£
(as restated)
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Short term investments
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
13
Net current assets
Total net assets
Represented by:
Funds and reserves
Unrestricted income funds
. General funds
. Tangible fixed assets fund
14
. Designated funds
15


42,644
160,655
173,030		 2,771,361
9,837,755		 37,223
153,177
171,012		 2,855,588
9,470,270
12,609,116
376,329
348,933		 12,325,858
361,412
321,518

(27,396)		 (39,894)

12,958,049 12,647,376
5,686,688
2,771,361
4,500,000		 5,291,788
2,855,588
4,500,000
12,958,049 12,647,376
Approved by the trustees
and signed on their behalf by:

Trustee Patricia Heller

Approved on:

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Principal accounting policies 31 March 2025

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 2025 with comparative figures given for the year to 31 March 2024.

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.

In accordance with the Charities SORP FRS 102, the charity is a small charity and is therefore not required to prepare a statement of cash flows.

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.

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Principal accounting policies 31 March 2025

With regard to the next accounting period (i.e. the year ending 31 March 2026), 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.

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.

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Principal accounting policies 31 March 2025

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.

Expenditure classification in the comparative period has been updated to better reflect the correct classification of expenditure across the various expenditure categories.

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 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.

The Congregation of the Sisters of St Anne Charitable Trust 20

Principal accounting policies 31 March 2025

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.

Furniture and equipment is included in the accounts at cost and depreciated over a four year period on a straight line basis.

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

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

Fixed asset investments

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

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

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

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

The Congregation of the Sisters of St Anne Charitable Trust 21

Principal accounting policies 31 March 2025

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 and cash equivalents are defined as those balances readily convertible to known amounts of cash, with insignificant risk of changes in value, and comprise such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Short term investments comprise amounts held on deposit which are held for investment purposes rather than to meet short term cash commitments.

The accounting policies for cash and cash equivalents and short term investments have been updated during the year ended 31 March 2025. This has resulted in and increase in short term investment and a decrease in cash and cash equivalent balances of £153,117 at 31 March 2024 and £145,991 at 31 March 2023. Prior year comparative information has been updated to reflect this change in policy.

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.

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 22

Notes to the accounts 31 March 2025

1 Income from: Donations and legacies

Income from: Donations and legacies

2025
£
2024
£
Salaries and pensions of individual religious received under Gift Aid or
Deed of Covenant
Legacies		 126,050
20,000		 118,953
—
146,050 118,953

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable

2025
£
2024
£
Income from listed investments
. UK equities
. UK fixed interest
. Overseas equities
. Unit trusts and common investment funds
Interest received		 108,794
25,852
99,505
25,447		 87,731
16,174
114,395
25,944
259,598
9,904		 244,245
7,187
269,502 251,432

3 Income from: Charitable activities

3 Income from: Charitable activities
4
2025
£
2024
£
Rental and lettings income 10,025 8,840
10,025 8,840
Expenditure on: Raising funds
2025
£
2024
£
Feespaid to investment managers 41,812 36,455

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


2025
£
2024
£
Premises
Sisters’ living and ministry expenses
Education, training and spiritual renewal
Depreciation
Governance costs (note 7)		 47,990
83,302
1,031
84,227
17,790		 41,378
87,748
2,850
84,951
18,996
234,340 235,923

6 Governance costs

Governance costs

2025
 2024
£ £
Legal and professional fees 16,800 18,996
Website costs 990 —
17,790 18,996

The Congregation of the Sisters of St Anne Charitable Trust 23

Notes to the accounts 31 March 2025

7 Net income before net investment gains

This is stated after charging:

Net income before net investment gains
This is stated after charging:
2025
£
2024
£
Staff costs (note 9)
Depreciation
Auditor’s fees
. Statutory audit services
.. Current year
.. Prior year
. Other services		 17,808
84,227
13,200
—
3,600		 17,777
84,951
13,914
3,042
2,040

8 Staff costs, trustees’ remuneration and key management personnel

2025
£		 2024
£
Staff costs during the year were as follows:
Wages and salaries
Pension contribution		 16,532
1,276		 15,886
1,891
17,808 17,777

There were no employees whose employee benefits (excluding employer pension costs) were greater than £60,000 (2024 – none).

The charity employed one member of staff during the year (2024 – one member of staff).

During the year to 31 March 2025, 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 total remuneration (including taxable benefits and employer’s pension contributions) of the trustees key for the year was £nil (2024 - £nil).

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 (2024 - £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.

The Congregation of the Sisters of St Anne Charitable Trust 24

Notes to the accounts 31 March 2025

10 Tangible fixed assets

Tangible fixed assets
Freehold land and
buildings		 Furniture,
equipment
and
improvements
£



Motor
vehicles
£

28,458
82,537

28,458
82,537

—
—

28,458
82,537

28,458
57,275

—
8,254

28,458
65,529

—
17,008

—
25,262

Total
£
Non-
specialised
£

170,000
—
170,000
170,000
—
—
—
170,000
170,000		 Specialised
£
Cost
At 1 April 2024 and at 31
March 2025
At cost
Deemed cost - 1998
valuation
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024		 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
1,138,332
75,973
28,458

—		 57,275
8,254		 1,224,065
84,227
1,214,205
28,458		 65,529 1,308,292
2,584,353
—		 17,008 2,771,361
2,660,326
—		 25,262 2,855,588

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 25

Notes to the accounts 31 March 2025

11 Investments

Investments
2025
£		 2024
£
Listed investments
Market value at 1 April 2024
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains
Market value at 31 March 2025
Cash held by investment managers for re-investment
Cost of listed investments at 31 March 2025		 9,418,218
2,543,132
(2,248,658)
101,210		 8,524,329
2,739,027
(2,536,976)
691,838
9,813,902
23,853		 9,418,218
52,052
9,837,755 9,470,270
8,724,651 8,042,506
Disposals at book value included above are made up of the following:
2025
£
Proceeds
2,307,893
Realised (gains) losses
(59,235)
Disposals at book value
2,248,658		 2024
£
Proceeds
Realised (gains) losses
Disposals at book value		 2,307,893
(59,235)		 2,499,322
37,654
2,248,658 2,536,976

Listed investments held at 31 March 2025 comprised the following:

2025
£		 2024
£
UK fixed interest
UK equities
UK common investment funds
UK property funds
Overseas unit trusts
Other investments		 637,442
1,596,990
353,043
441,652
6,784,775
—		 567,247
1,662,783
330,119
445,305
6,410,469
2,296
9,813,902 9,418,218

At 31 March 2025 the following individual investment holding was deemed a material holding in the context of the market value of the entire listed portfolio.

2025 2025
Market
value of
holding
£		 % of total
portfolio
Vanguard Funds PLC 960,201 9.80

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

12 Debtors

2025
£		 2024
£
Prepayments and accrued income 42,644 37,223

The Congregation of the Sisters of St Anne Charitable Trust 26

Notes to the accounts 31 March 2025

13 Creditors: amounts falling due within one year

31
March
2025
£
27,396		 31
March
2024
£
Accruals 39,894

14 Tangible fixed assets fund

Total
£
At 1 April 2024
Net movements in year
At 31 March 2025		 2,855,588
(84,227)
2,771,361

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
2025
£
New
designations
£
Utilised/
released
£
At
31 March
2025
£
Sisters’ retirement fund
Property fund		 2,000,000
2,500,000
—

—
—

—
2,000,000

2,500,000
4,500,000
—
—
4,500,000
At
1 April
2024
£
New
designations
£
Utilised/
released
£
At
31 March
2024
£
Sisters’ retirement fund
Property fund		 2,500,000
2,500,000
—

—
(500,000)

—
2,000,000

2,500,000
5,000,000
—
(500,000)		 4,500,000

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 £2,000,000 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.

The Congregation of the Sisters of St Anne Charitable Trust 27

Notes to the accounts 31 March 2025

16 Analysis of net assets between funds


General
funds
£
Tangible
fixed
assets
fund
£
Designated
funds
£
Total
2025
£
Fund balances at 31 March 2025
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
5,337,755
348,933		 2,771,361
—
—		 —
4,500,000
—		 2,771,361
9,837,755
348,933
5,686,688 2,771,361 4,500,000 12,958,049

General
funds
£
Tangible
fixed
assets
fund
£
Designated
funds
£
Total
2024
£
Fund balances at 31 March 2024
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
4,970,270
321,518		 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
2025
£		 2024
£
Total unrealised gains included above at 31 March 2025
On listed investments
Reconciliation of movements in unrealised gains on listed
investments
Unrealised gains at 1 April 2024
In respect to disposals in year
Net gains arising on revaluation in the year
Total unrealisedgains at 31 March 2025		 1,089,251 1,375,712
1,375,712
(387,671)
101,210		 790,006

(106,132)
691,838
1,089,251 1,375,712

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 £39,466 (2024 - £37,524).

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 three of the Trustees of the Charitable Trust are also Trustees of St Teresa’s Home CIO:

The Congregation of the Sisters of St Anne Charitable Trust 28

Notes to the accounts 31 March 2025

At 31 March 2025, £1,375 was owed to St Teresa's Home from the Congregation (2024 - £nil).

There were no other related party transactions during the year (2024 - 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 29