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2022-03-31-accounts

THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

(Registered Charity No: 233872)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

AT

31 MARCH 2022

Haysmacintyre LLP Chartered Accountants

THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

CONTENTS PAGE
Reference and Administrative Details 1 - 2
Trustees’ Report 3 – 16
Auditors’ Report 17 - 19
Statement of Financial Activities 20
Balance Sheet 21
Cash flow statement 22
Accounting Policies 23 - 26
Notes to the Accounts 27 - 33

THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES

SUPERIOR

PROVINCIAL BURSAR

PRINCIPAL OFFICE

CHARITY REGISTRATION NUMBER

GOVERNING INSTRUMENT

NAMED CORRESPONDENT AND ACCOUNTANT

AUDITORS

SOLICITORS

PRINCIPAL BANKERS

Sister Eileen Daly Sister Rosaleen Egan (to 15 February 2022) Sister Elisabetta Maccariello Sister Margaret O’Reilly Sister Helen Randles Sister Michele Totman (to 15 February 2022) Sister Pat Trussell

Sister Winifred Burke (from 1 December 2021) Sister Michele Totman (to 1 December 2021)

Sister Eileen Daly

LSU Provincialate 53 Croftdown Road London, NW5 1EL

233872

Trust Deed dated 10 November 1964

D.J. Clark FCA 1st Floor, Church House 61 College Road Bromley BR1 3QG

Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG

Stone King 13 Queen Square Bath Avon, BA1 2HJ

Barclays Bank plc Hatton Garden Business Centre 99 Hatton Garden London, EC1N 8DN

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

REFERENCE AND ADMINISTRATIVE DETAILS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

INVESTMENT MANAGERS

Brewin Dolphin 12 Smithfield Street London EC1 9BD

INSURANCE BROKERS

DE Ford Insurance Brokers Poppleton Grange Low Poppleton Lane York,YO26 6GZ

INVESTMENT POWERS

The Trust Deed of the Charity places no restrictions on the Trustees’ powers of investment.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2022

ORGANISATION, GOVERNANCE AND MANAGEMENT

The Congregation of La Sainte Union des Sacres Coeurs is an international religious congregation with a Province in Great Britain which includes responsibility for the Republic of Ireland and Tanzania.

The charitable activities of the Province in England and Wales are conducted through a registered charity. The Province’s charity, the Congregation of La Sainte Union des Sacres Coeurs (“the Charity”) is registered with the Charity Commission under number 233872. As well as carrying out the Province’s exclusively charitable activities the Charity holds all of its assets in England and Wales.

Governing instrument and structure

The Governing Instrument of the Charity, a Trust Deed dated 10 November 1964, states its principal objective to be “charitable purposes which advance the religious and other charitable work for the time being carried on by or under the direction of the Society”.

The Provincial (Superior) and the Trustees administer the Province in partnership with the Provincial Team. The Provincial Team is responsible for the broader, canonical aspects of the Province whilst the Trustees take responsibility for the management of the Charity and for compliance with civil law. The Sisters of the Province select/elect the Provincial Team for a term of five years.

The Provincial then appoints the Trustees as the power of appointing Trustees rests with her. She also has the power to remove any Trustee. The Trustees are all drawn from the Province’s membership of fully-professed sisters. A list of the Trustees who held office during the year is set out in the Reference and Administrative section above.

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet and consult regularly to review developments with regard to the charity or its activities and make any important decisions. The trustees regularly 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, and the implementation of policies, are delegated to the appropriate members of the Province or senior staff.

Key management

The trustees consider that the key management of the charity consists of themselves with the Provincial Superior and Provincial Bursar to whom much of the running of the day-to-day operations are devolved. As religious sisters, under a vow of poverty, the trustees do not receive remuneration.

Trustee training

The Trustees attend appropriate courses and conferences relevant to the exercise of their responsibilities to ensure good governance of the Charity.

The Trustees meet at least four times each year and will meet more frequently if circumstances require it. There is also a minimum of three meetings per annum with the Charity’s fund managers and other advisers.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

POLICY, AIMS, ACTIVITIES AND PUBLIC BENEFIT

It is the policy of the Charity to undertake a broad range of charitable activities. All sisters within the Province work in the pursuit of the Charity’s aims, often long past the normal retirement age. This work is now in a voluntary capacity but where a salary or stipend is received, it is paid to the Charity for its ongoing work. In addition to performing work through the sisters, the Charity also provides grants and financial support to a variety of charitable projects. There have been no material changes in policy during the year.

The principal areas in which the Charity has been involved are set out below:

1. Education

The Charity’s principal aim is the development of society through education in all of its forms in both the developed and the developing world. We therefore view this as a key area in which we achieve a public benefit. Through education we seek to promote self-acceptance, concern for others and an understanding of the dignity of human living. We provide buildings for schools as well as personnel in the form of support staff and Governors/Trustees of schools. Development of life skills and pastoral care of young people are considered to be particularly important.

In the educational institutions in which it is involved, the Charity seeks to attain a high level of academic achievement as well as providing a broad programme of extra-curricular activities. It emphasises the Christian message and values of the Roman Catholic faith.

The Charity is a Trustee of the following Voluntary Aided and Academy Schools:

La Sainte Union Convent School, Highgate Road, London

St Anne’s Convent School, Rockstone Place, Southampton (Academy) St Catherine’s School, Bexleyheath (Academy) La Sainte Union Convent School, Grays, Essex Holy Cross School, Aveley, Essex

2. Healthcare

In common with many religious congregations in Great Britain, the age profile of the members of the Province is increasing as existing members grow older and the number of new vocations in Europe becomes minimal.

The Province 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 (a) education at primary, secondary and college level, and (b) the care of the elderly, poor and marginalized in society. The sisters are all under a vow of poverty and therefore providing them with support is considered to be an important element of the Charity’s work.

As the age profile of the Province increases so too does the need to provide increasingly expensive care to the Sisters. At any time there are 25 - 30 members of the Province in need of nursing care. The new purpose built 18 bed care facility on the Charity’s Bexleyheath site has enhanced the quality of care and enabled the Sisters to avail of support in musical movement and other activities.

Since the Charity’s nursing home in Ireland closed due to unsustainable operating costs the Sisters, in Ireland, have been relocated to other nursing homes and have adapted well to their new environments. This has also resulted in cost savings for the Charity.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

POLICY, AIMS, ACTIVITIES AND PUBLIC BENEFIT (continued)

The Trustees expect that the number requiring care will increase in the coming year. Consequently, the Trustees are attentive to the impact of this on (i) the work of individual members (ii) the property requirements and (iii) the financial implications. In this regard, the aims of the Trustees over the forthcoming years include:

This aspect of the Province has profound implications for the Charity’s future planning and its financial strategy - see Reserves Policy and Future Plans below.

3. Social and Pastoral Care

The work of the Charity encompasses a broad range of activities that make a positive contribution to society and a positive difference to the lives of many who are in need physically, emotionally or spiritually.

Examples are:

PUBLIC BENEFIT

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on Public Benefit when reviewing the Charity’s aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

To illustrate the ministries of our communities and of our individual sisters, a number of case studies are explained each year in our Trustees’ Report and a fuller appreciation of our work could be obtained by reference to the examples set out in prior year reports.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

PUBLIC BENEFIT (continued)

La Sainte Union Schools in the UK

The four secondary schools and one primary school in the trusteeship of the Congregation have worked tirelessly to provide on-going education for all of our students.

Schools in the Trusteeship of the Congregation have continued to provide effective pastoral care and strong academic outcomes for students while managing the various limitations and effects of the COVID pandemic for both staff and pupils. COVID testing and mask wearing continued well into the academic year.

The transition from the restrictions of COVID were welcomed and pupils were once again able to enjoy the benefits of an extended curriculum and resumption of their efforts for various local and national charities. Contact with LSU schools in Tanzania and Cameroon provides pupils with the opportunity to share their experiences of school, life in general, interests and environmental concerns.

One of the schools was subject to an OFSTED inspection during the year with positive results. This concluded, “The Founder’s values of service to the School community ran through every aspect of life……. They champion the Founder’s virtues and values. In keeping with the Founder’s Values, staff strongly encourage all pupils to ‘live life to the full.’”

Therefore, our mission and charism continue to thrive under the care and dedication of committed lay people; we are blessed to have them in our Schools.

Gloir

Gloir is a collaborative project set up in 1984 by Sisters of Mercy and La Sainte Union Sisters. Gloir staff are involved in facilitating the work of groups, as well as offering consultancy to school and hospital staff management, and leadership teams in international congregations of both men and women in Africa, Europe and United States.

Gloir continues to work collaboratively with:

Gloir believes that those who hold leadership/managerial roles have great possibilities in working creatively and effectively with their teams. Gloir is committed to work with them to enhance their ability to do this.

Gloir is also committed to ongoing professional development. As women in particular strive to find new models and styles of leadership, Gloir is committed to supporting them through the work it offers. Feedback received during the review at the end of every workshop indicates a high level of satisfaction from participants. In particular Gloir’s commitment to collaboration, which facilitates all voices to be heard, is very much appreciated by participants.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

PUBLIC BENEFIT (continued)

Tidings from LSU Tanzania

A summary of some of the Sisters’ activities in Tanzania , showing the ‘public benefit’ of our charitable works.

  1. Through their fundraising efforts the Sisters were able to help two major projects in Churwi Primary School, refurbishing infrastructure and adding a classroom.

  2. The help to Churwi is ongoing and our advocacy is influencing the Government to start building a Health Centre on a site provided to the villagers by Holy Union, (La Sainte Union) four years ago for this purpose. There is good progress for this much needed community facility.

  3. The Sisters supervise and fund COBET/ Memkwa …an informal education centre for disadvantaged children who are late-starters in education. This was a Government initiative to help many children to access their right to education. In many schools it has collapsed due to lack of funding (or commitment). There are 200 students in the programme at any given time and it is highly successful as the teacher to student ratio is much higher than in the normal primary school. The children go mainstream after their Standard 4 exam but the support to Memkwa students continues to the end of primary school (through remedial classes and counselling).There is talk that the Government intends to invest more in COBET/Memkwa and we hope this will materialize.

  4. The Sisters’ fee-paying Pre and Primary Holy Union school helps the Memkwa programme by supplying the children there with a good Porridge breakfast, free of charge on a daily basis.

  5. The Sisters’ feepaying Secondary School, Debrabant High School, has a scholarship programme for disadvantaged and deserving students, 16 students were fully sponsored this year. There is also a Boys’ Home in the Staff Quarters which cares for boys from very marginalized backgrounds, some of whom began in Memkwa. Up to 6 students are cared for .Their relatives contribute a small amount for their upkeep but school fees and basic needs are provided by HU.

  6. Sisters run Matumaini Centre for Children with disability. Most of the costs are covered by Holy Union: 50 to 60 special needs children attend the centre daily. Costs include food, transport to and from the Centre, treatment, basic physiotherapy, salaries and allowances , equipment … some cost-sharing has been introduced along with some income- generating projects such as tailoring to help the mothers or parents who attend. Mothers are encouraged to save for Health Insurance for their children. Seminars of awareness are held. The Sisters try to encourage the local government to provide assistance or a subsidy but so far, they are unable to do so. The local churches help, to some extent, as do individual benefactors. The Centre is a great source of help and relief to parents/guardians with special needs children and has helped greatly to improve peoples’ attitude to disability and to remove the stigma and superstitious beliefs. We have purchased an adjacent plot this year so as to improve the infrastructure and to cater for children with autism in particular.

  7. The Sisters run an Adult Education Literacy and Numeracy programme in the Informal Education Centre, on a daily basis. Up to 20 adults, mostly women attend daily. The tuition is paid for by Holy Union.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

PUBLIC BENEFIT (continued)

Tidings from LSU Tanzania

  1. We help university and college students from poor families with bridging loans and fares so that they don’t drop out. We also support, with subsistence allowances, several young people, who work in the local government schools as ‘Volunteers’…helping to reduce the huge student-teacher ratio while they try to save to go back to school. This helps both the schools and the individual volunteers.

  2. We have an outreach programme to the local primary schools, which are vastly overpopulated, and under-resourced. Young sisters in formation work as volunteers in these schools helping to reduce the student–teacher ratio. We sometimes provide book support, maps and other teaching aids as well as laptops and printers.

  3. We provide substantial assistance to the Kindergarten in Maji Matitu Primary, including the porridge programme and ensure that all the children there get a good start, We also help with Remedial classes for those who joined primary without any pre-schooling.

  4. We support Four schools with Steel Drum Bands: This involves sponsoring locally made instruments, paying the teachers, and supervising the upkeep of the equipment. It ensures that youngsters with musical talent have an instrument to play and promotes team work and discipline as the band develops. The music enlivens school assemblies and special events and promotes patriotism within the school environment. We also help the schools with Sports equipment, when possible.

  5. The Sisters teach Religion in schools and provide a service to the various Catholic parishes. All our work involves working with people of differing faiths and we work for unity and reconciliation in society. We work in solidarity and friendship with our Muslim colleagues and neighbours, always striving for right relationships and mutual benefits.

  6. We have a Family Support programme which reaches out to the poorest and most vulnerable.

  7. (a) We help those in need with food and basic needs, like house rent.

  8. (b) We assist the old with basic needs and health care, and their care of orphaned or abandoned children.

  9. (c) We help single mothers with dependent children, especially with school needs.

  10. (d) We help women with small grants or loans to generate income for their families.

  11. (e) We help people who have little or no health insurance with medical emergencies.

These are just some of the ways in which Holy Union sisters in Tanzania have benefited the local society in 2022.

The report was prepared by Sr. Annette Farrell/ congregation representative of Holy Union Tanzania Area community, DSM

30th August 2022

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

SAFEGUARDING

La Sainte Union (LSU) are committed to the new safeguarding structures of the Catholic Church in England and Wales and has pledged to making the Church a safer place for everyone, and to ensuring that the voice of victim/survivors is heard and responded to promptly and compassionately.

LSU continues to fully support the “One Church” strategy to safeguarding with transparency and accountability in the fulfilment and upholding of the standards laid down by the Catholic Standards Safeguarding Agency (CSSA). They agree to follow all the policies of the CSSA including those on management of concerns and allegations, responses to victims/survivors, safer recruitment and Disclosure and Barring Services and seek to minimise the risk of abuse occurring.

http://www.catholicsafeguarding.org.uk/national-safeguarding-standards/the-standards/ http://www.catholicsafeguarding.org.uk/national-safeguarding-standards/national-safeguarding-policy/

A Safeguarding Team has been appointed and it continues to work effectively with Safeguarding Representatives of each local Area Community, who in turn continue to ensure safeguarding is on the agenda at every meeting.

The Charity Commission also requires assurance regarding adherence to safe and fit for purpose Safeguarding practices and must be informed of any allegation made and action taken in response. Detailed case records are also confidentially and securely kept in line with GDPR guidelines.

Safespaces the free national support service offering confidential, personal and safe space for anyone who has been abused through their contact with the Catholic Church in England and Wales, the Church in Wales or the Church of England was set up and initially run by Victim Support but their contract was due to expire. A new independent provider, First Light, has been appointed on 24 November 2022 following the tender process, allowing this invaluable service to continue.

Catholic Standards Safeguarding Agency (CSSA)

The CSSA is the new central organisation that has been created as the professional standards body to which all Catholic Dioceses and Religious Life Groups in England and Wales will be accountable: http://www.catholicsafeguarding.org.uk/

The CSSA has set 8 professional standards:

Standard 1: Safeguarding is embedded in the Church body’s leadership, governance, ministry and culture Standard 2: Communicating the Church’s Safeguarding Message Standard 3: Engaging with and Caring for those who report having been harmed Standard 4: Effective Management of Allegations and Concerns Standard 5: Management and Support of Subjects of Allegations and Concerns (respondents) Standard 6: Robust Human Resource Management Standard 7: Training and Support for Safeguarding Standard 8: Quality Assurance and Continuous Improvement

LSU will be audited against these standards but details of exactly how and when are still unconfirmed. The CSSA have said they will provide relevant training and we await confirmed details on dates and times of courses.

LSU have signed the membership contract and paid CSSA fees calculated on an £85 per head basis. The current fees have been set for the next 3 years until 31 December 2024.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

SAFEGUARDING (continued)

Religious Life Safeguarding Service (RLSS)

The RLSS is now up and running offering safeguarding advice, support on casework, training and DBS checks for Religious Life Groups. The RLSS membership fees have been paid at £115 per head. The RLSS now has an office based in Liverpool with a full complement of staff including Head of Training. A timetable of courses on offer from RLSS for Trustees, Provincials and Safeguarding Leads has already been circulated to the Province Leadership Team (PLT). Both online and in person training in Liverpool office will be on offer.

Training

A new updated Adults at Risk policy was completed in collaboration with Clara Learning Ltd and online training on this new policy was undertaken by the Safeguarding Lead with all the Safeguarding Representatives from each Area Community and Sr Margaret O’Reilly on behalf of PLT.

The latest edition of the Safeguarding newsletter reminds all Sisters of the different categories of abuse and their duty to report allegations of abuse to Safeguarding personnel, or if appropriate to statutory authorities if any child or adult at risk was in immediate danger. This newsletter will be delivered in person by the Safeguarding Lead and will enable face to face contact again, as well as refresher Safeguarding training for all Sisters in their Area Communities.

The Safeguarding Policy Statement Posters have also been updated and will be distributed in person by the Safeguarding Lead, alongside the newsletters.

The Safeguarding Lead has completed DBS training with RLSS on the new administrative Ucheck online application system. There have been visits to Shalom for DBS applications for new staff and the renewal of current DBS for existing staff, in light of CSSA guidelines for re-checks every 3 years. The Safeguarding Lead will also check that individual Sisters have a current DBS on the gov.uk CRB Online Update service or perform a DBS re-check application if required.

Safeguarding Plans 2023

  1. To ensure the standards in safeguarding set by the new CSSA in England are met and that the evidence required for the audit trail of adherence to these standards is kept.

  2. To attend any meetings and further relevant training offered for safeguarding personnel offered by the CSSA and RLSS.

  3. Safeguarding Lead to distribute another edition of the annual safeguarding newsletter and the updated Policy statement posters to each Area Community and provide face to face refresher safeguarding training.

  4. Complete all relevant safeguarding audit documentation in a timely manner.

  5. Safeguarding Lead to complete DBS for new members of staff at Shalom when required and monitoring of re-checks for existing staff as required.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

REVIEW OF DEVELOPMENTS DURING THE YEAR TO 31 MARCH 2022, AND LOOKING FORWARD

During the year the Congregation was active in all the principal areas listed above. A summary of developments is set out below.

1. Ongoing Activities

The current age profile of Sisters, creates the ongoing need to look with some urgency at the future trusteeship of LSU schools in UK, Ireland and have a clearer understanding of the ongoing development of LSU schools in Tanzania and the future funding required for Formation and ongoing training.

2. Healthcare Activities

The Care Home operated by the charity in the UK for the care of the sisters continues to enhance the quality of care and enable the Sisters to participate in stimulating activities.

3. Overseas work – Republic of Ireland and missions and activities in the Developing World

The Province continued its support of the Congregation’s mission in Tanzania with the secondment of sisters and the giving of financial support. Financial support amounting to £149k (2021: £171k) has been given to the work of the Congregation in Tanzania, Haiti and Cameroon. It has been encouraging to see the increase in young women wishing to join the Congregation and a new Novitiate House has been built in Tanzania for their training and formation.

LSU in Tanzania has successfully developed a pre-school, junior schools and a secondary school to meet the needs of hundreds of pupils in an area of Dar es Salaam. There is ongoing work to understand the current and future funding needs of these activities and to develop a formal funding plan.

The Charity also supports the work of the Province’s sisters in the Republic of Ireland, although their activities do not form part of the work of the Charity itself. During the year, £434k (2021: £432k) was transferred to the Province’s Irish activities.

In addition a contribution to the Congregation’s Generalate of £166k (2021: £64k) was made for its work in supporting the activities of the sisters of the Congregation in the developing world.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

FINANCIAL REVIEW

The accounts, which follow, comply with current statutory requirements and the Charity’s governing documents.

As of 31 March 2022 , the Province had some 85 members in the United Kingdom and Ireland including those in overseas missionary activity (30 Sisters are aged 79 and under, 55 are aged 80 and over).

In addition, there are 8 Tanzanian/Kenyan sisters who have made final commitment to the Congregation and 26 other sisters in different stages of formation. They are fully involved in ministry and the development of primary and secondary education. They are also involved in the Matumaini Centre for disabled children and their families, and work with the initial and ongoing Formation of the younger women in Dundani.

The majority of Sisters have given most of their working lives to the charitable activities of the Congregation. When the members work outside the Charity, any earnings are covenanted to the Charity. There have been no new vocations in the UK and therefore the average age of the members is rising. Members, although taking up important charitable work, tend either to work within the Charity or, if working outside, in the voluntary sector which is generally less well remunerated. These factors mean that there is a long-term downward trend in the income generated by members. The Charity has a commitment to continue to support members of the Province, many of whom continue to carry out charitable work long past the normal retirement age.

In the year to 31 March 2022, income at £2.07m was higher than in the previous year in which the total was £1.65m. The increase was entirely due to a surplus, over net book value, arising on the sale of a property in Dagenham which was no longer needed for the Charity’s purposes. Without this gain, income would have been lower than in the previous year. There was a decrease in voluntary income. The sums donated in the form of sisters’ pensions have, as expected with an ageing group of sisters, declined. Other donations also fell and there were no legacies received in 2022. These reductions were partially offset by a rise investment income, which had declined considerably in the wake of the COVID-19 pandemic.

Total expenditure increased to £2.25m from £2.12m in 2020-21. Costs of the Support of Members of the Congregation and Their Ministry were slightly higher at £1.39m compared to last year’s £1.35m. Charitable Grants, including those to the Overseas Work of the Congregation, increased to £749k (2021: £677.1k); the rise being principally due to an increase in the grants made to the Archange Le Brun, a charity registered with the Charity Commission, through which the General Council of the Congregation conducts its charitable activities. These rose to £166.4k (2021: £64.5k).

The result was that the year saw net expenditure, before gains and losses on investments, of £173.6k (2021: £462.3k). After an extremely strong recovery in investment values in 2021 there was a further but much-reduced increase in investment values in 2022. Gains amounted to £976.5k (2021: £4.98m).

The overall result was net income of £802.9k (2021: £4.52m).

INVESTMENT POLICY AND PERFORMANCE

The portfolio is managed by Brewin Dolphin. Brewin Dolphin also acts as a nominee for the investments of the Charity. The Trustees meet with the fund managers three times a year and ensure that the fund is managed in accordance with their guidelines and with the religious and ethical principles of the Province. The target for the fund managers is to achieve a certain return of both income and capital growth with no more than a moderate level of risk.

The Trustees have appointed Brewin Dolphin to manage the portfolio subject to a medium degree of risk. The Trustees intend that the real value of the assets be maintained and enhanced over the long term by investment in a portfolio of equities, fixed income stocks and cash. The Trustees have instructed the fund manager to adopt an ethical policy consistent with the teachings of the Roman Catholic church and use their best endeavours to avoid investments that are predominately involved in the production of armaments or tobacco products. The fund manager’s performance is regularly reviewed by the Trustees.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

INVESTMENT POLICY AND PERFORMANCE (continued)

During the year to 31 March 2022 the total return of the Charity’s portfolio amounted to 6.2% (2021: 30.0%). This was a little below the benchmark which is employed (and which comprises a spread between Fixed Interest stocks, UK and overseas equities and property), but marginally above averages quoted for investment by the charity sector as a whole. The Trustees are satisfied with the returns generated but will continue with their relatively cautious stance towards investment.

The Trustees feel that there are a good many uncertainties in financial markets and that the low-interest and lowincome environment is likely to persist for some time yet. Of necessity, this will have an adverse impact on the Charity’s finances.

RESERVES POLICY

At the end of the year to 31 March 2022 the total funds of the Charity had risen to £31.75m from £30.94m in the previous year. Of this £3.9m is represented by fixed assets, needed for the work of the Charity. £23m is designated to provide for the support of older members of the Province and a further £1.5m for support of the charity’s work in connection with the Congregation’s schools. The need to make provision for the long-term care of sisters in sickness and old age is explained above in the section of this report dealing with Policy and Healthcare. As noted above, the charity is a trustee of five Voluntary Aided and Academy Schools. The trustees are committed to providing long-term support to these schools and have set aside £1.5m in respect of this commitment.

The Trustees are hopeful that the rise in capital values seen in the last two years will be maintained in the coming years. However, they are mindful of the fact that investment income has been adversely affected and although there are prospects of growth in the forthcoming year, expect returns to remain low for another year or two at least. The fluctuations seen in investment values over the last few years and the decline in investment income emphasise the need for caution in planning and maintaining reserves levels.

Full details of these designations are given in the notes to the financial statements. The Trustees commissioned a professional review of the age profile of sisters within the Province and the likely cost of providing for their care. It was recommended that as a minimum, the Trustees should set aside a sum of £27m in order to make proper provision for the future. Further designations totalling £3.5m were made in the year to March 2021, including the establishment of a Schools Development Fund totalling £1.5m. The Trustees will continue to monitor the situation.

The balance of £3.37m held in the general fund, or “free reserves”, represents just over eighteen months’ normal expenditure. This is within the Trustees’ target range of holding approximately one to two years’ expenditure in reserve.

The Trustees consider that this would provide sufficient flexibility to cover temporary shortfalls in income and enable the charity to deal with and respond to unforeseen emergencies whilst specific action plans are implemented. In addition to providing working capital for the on-going activities of the Charity these free reserves are required as cover for the long term commitment of the Charity to maintaining the properties which are an essential element of it fulfilling its charitable aims. Many of these properties are very old and/or large and are maintained in a good state of repair.

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TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

RISK MANAGEMENT

The Trustees have considered the major risks to which the Charity is exposed. Every effort is being made to mitigate those risks. The key risks for the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated:

There have been risks of an operational nature in connection with the COVID-19 pandemic as well as the financial risks referred to above. These operational risks primarily relate to the charity’s Care Home facility in Bexleyheath. A series of steps has been implemented to protect residents and staff and the Trustees have liaised with the charity’s insurers to ensure compliance. So far, the trustees are pleased to report that the Care Home and all its convents have remained COVID-free.

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TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

FUTURE PLANS

The long-term strategy of the Charity remains largely unchanged. Key policies are as follows:

Major plans for the shorter term are:

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TRUSTEES’ ANNUAL REPORT (continued)

FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees of the Charity are required to prepare for each financial year accounts 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 those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with statutory requirements and with the Trust Deed dated 10 November 1964. 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.

Approved by the Trustees on 30 January 2023 and signed as authorised on their behalf.

Eileen Daly TRUSTEE

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Independent auditor’s report to the trustees of the Anglo-Hibernian Province of the Congregation of La Sainte Union Des Sacres Coeurs

Opinion

We have audited the financial statements of Anglo - Hibernian Province of the Congregation of La Sainte Union Des Sacres Coeurs for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. 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 financial statements:

Basis for opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Independent auditor’s report to the trustees of the Anglo - Hibernian Province of the Congregation of La Sainte Union Des Sacres Coeurs (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 16 the trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, 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 financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Statement of Recommended Practice (SORP) 2019 and Charities Act 2011.

We evaluated management’s opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in certain accounting estimates and judgements such as the income recognition policy applied to donation and legacies income. Audit procedures performed by the engagement team included:

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Independent auditor’s report to the trustees of the Anglo - Hibernian Province of the Congregation of La Sainte Union Des Sacres Coeurs (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: : 30 January 2023

Haysmacintyre 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 ENDED 31 MARCH 2022

Total Funds Total Funds
2022 2021
Notes £ £
INCOME from
Donations and legacies 1 1,060,179 1,098,581
Investments 2 571,816 554,548
Other
- Surplus on disposal of tangible fixed assets 3 440,740 1,428
-------------------------- --------------------------
Total Income 2,072,735 1,654,557
-------------------------- --------------------------
EXPENDITURE on
Cost of raising funds
Investment Management fees 101,395 90,798
Charitable activities
- Support of members of the Congregation and their ministry 4 1,395,419 1,349,001
- Charitable grants 5 749,542 677,056
----------------------- -----------------------
Total expenditure 2,246,356 2,116,855
----------------------- -----------------------
Net (expenditure) before gains/(losses) on investments (173,621) (462,298)
Other recognised gains and losses
Net gains on investments 976,518 4,984,476
----------------------- -----------------------
Net income and net movement in funds for the year 802,897 4,522,178
Fund balances brought forward at beginning of year 30,945,036 26,422,858
---------------------- ----------------------
Total funds carried forward at end of year £31,747,933 £30,945,036
============= =============

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

All funds are unrestricted funds.

Designated funds are shown in note 15.

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BALANCE SHEET

AS AT 31 MARCH 2022

2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 11 3,874,934 3,996,394
Investments 12 24,015,597 23,306,503
--------------------- ---------------------
27,890,531 27,302,897
CURRENT ASSETS
Debtors 13 48,642 48,829
Cash 4,008,733 3,747,324
-------------------- --------------------
4,057,375 3,796,153
CREDITORS:Amounts falling
due within one year 14 (199,973) (154,014)
-------------------- --------------------
NET CURRENT ASSETS 3,857,402 3,642,139
----------------------- -----------------------
NET ASSETS £31,747,933 £30,945,036
=========== ===========
ACCUMULATED FUNDS
Unrestricted funds
General Fund 3,372,999 2,448,642
Designated 15 28,374,934 28,496,394
----------------------- -----------------------
£31,747,933 £30,945,036
=========== ===========

Approved by the Trustees on 30 January 2023 and signed as authorised on their behalf by:

______ Eileen Daly TRUSTEE

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CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
Notes
£		 £
Cash flows from Operating Activities
Net cash outflow from operating activities A (1,056,071) (979,161)
---------------------- ----------------------
Cash flows from investing activities
Dividends and interest from investments 571,816 554,548
Payments to acquire fixed assets - (7,995)
Receipts from sales of fixed assets 478,240 6,678
Payments to acquire investments (4,618,940) (3,607,687)
Receipts from sales of investments 4,886,364 3,693,372
----------------------- -----------------------
Net cash provided by/(used in) investing activities 1,317,480 638,916
----------------------- -----------------------
Change in cash and cash equivalents in year C 261,409 (340,245)
Cash and cash equivalents at 1 April 2021 B 3,747,324 4,087,569
----------------------- -----------------------
Cash and cash equivalents at 31 March 2022 B £4,008,733 £3,747,324
=========== ===========
Notes to the Cash Flow Statement
A. Reconciliation of net movement in funds to net cash flow from operating activities
2022 2021
£ £
Net movement in funds (as per the Statement of Financial Activities) 802,897 4,522,178
Adjustments for
(Gains) on investments (976,518) (4,984,476)
Surplus on disposal of fixed assets (440,740) (1,428)
Dividends and interest from investments (571,816) (554,548)
Depreciation 83,960 87,010
Decrease/(increase) in debtors 187 (7,591)
Increase/(decrease) in creditors 45,959 (40,306)
---------------------- ----------------------
Net cash (used in) operating activities (1,056,071) (979,161)
=========== ===========
B. Analysis of cash and cash equivalents
Cash at bank and in hand £4,008,733 £3,747,324
=========== ===========
C. Analysis of changes in net cash funds
At 1 April At 31March
2021 Cashflows 2022
£ £ £
Cash at bank and in hand 3,747,324 261,409 4,008,733
---------------------- ---------------------- ----------------------
Total cash and cash equivalents £3,747,324 £261,409 £4,008,733
---------------------- ---------------------- ----------------------

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PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Statement of compliance

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. The departure has involved following Accounting and Reporting by Charities (SORP FRS 102) rather than SORP effective from 1 April 2005 which has since been withdrawn”.

The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The accounts are presented in sterling and are rounded to the nearest pound.

General information

The charity is registered in England and Wales (charity number: 233872). The charity’s registered office is shown on page 1.

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 one year from the date of approval of these accounts.

The Trustees of the charity 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. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 March 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ Report for more information).

The value of the charity’s investment portfolio has grown significantly in the last two years as the economic effects of the pandemic have been absorbed by markets. Since the year end there have been declines in investment values. Also investment income declined markedly in 2021 and although this has recovered partially, it is likely to remain at lower levels for several years. The Trustees have estimated the impact on their finances and they are confident that not only will the charity be able to meet all its liabilities and commitments for at least one year, it will also have sufficient cash reserves to enable it maintain its investment portfolio intact until at least the end of March 2023.

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PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 2022

Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

For legacies, 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(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

In accordance with the Charities SORP FRS102, volunteer time is not recognised.

Dividends are 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.

Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. A provision is made for grants and donations approved but unpaid at the period end.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of 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. Support costs are allocated to activities on the basis of estimated usage and are currently entirely allocated to Support of Members of the Congregation and their ministry.

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PRINCIPAL ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 MARCH 2022

Tangible fixed assets

Individual fixed assets costing £2,500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis as follows:

Annual rate
Freehold land Nil
Freehold buildings 2%
Fixtures, fittings and equipment 20%
Motor vehicles 25%

No depreciation is charged on Fixed Assets under the course of construction until they are brought into use.

Financial Instruments

The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Investments

Investments held for the long-term to generate income or capital growth are carried at fair value as fixed assets.

Realised gains are the difference between sales proceeds and the carrying value of the investment. The carrying value is the fair value at the beginning of the year or the purchase cost where the investment was acquired during the year.

Unrealised gains are the change in value of investments after taking into account any movements in investment holdings such as purchases and disposals of investments.

Realised and unrealised gains are accounted for within the Statement of Financial Activities.

In addition, the charity had established a pension scheme for certain sisters. The scheme was a Deferred Annuity Contract whereby a certain guaranteed sum was payable to the charity at a fixed future date. No value could readily be attributed to the contract as future returns were dependent on bonuses which in turn depended on investment returns and inflation. Therefore the asset included in the balance sheet in respect of this scheme was valued on the basis of premiums paid to date in respect of Sisters still in the scheme. Receipts on maturity were credited to the Statement of Financial Activities net of the relevant premiums. In 2021-22 the last contract within the scheme matured and the scheme was closed. Hence no value was included in the Balance Sheet at 31 March 2022.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Deposits for more than three months and up to 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 where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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PRINCIPAL ACCOUNTING POLICIES (continued)

FOR THE YEAR ENDED 31 MARCH 2022

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Funds

General funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is not restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.

Designated funds comprise funds that have been set aside at the discretion of the Trustees for specific purposes. The purpose and use of the designated unrestricted funds are set out in the notes to the accounts.

Restricted income funds comprise unexpended balances of donations and grants held in trust to be applied for specific purposes.

Employee benefits

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Pension contributions

Contributions in respect of the charity’s defined contribution pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

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NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2022

1. DONATIONS AND LEGACIES 2022 2021
£ £
Sisters' salaries and pensions 1,030,053 1,046,114
Other donations 30,126 42,467
Legacies - 10,000
-------------------- --------------------
£1,060,179 £1,098,581
========== ==========
2. INVESTMENT INCOME 2022 2021
£ £
Income from listed securities and cash held by Brokers 571,501 542,805
Bank and other interest 315 11,743
------------------ ------------------
£571,816 £554,548
========== ==========
3. SURPLUS ON DISPOSAL OF TANGIBLE FIXED ASSETS 2022 2021
£ £
Proceeds from sales 490,000 6,178
Disposal costs (11,760) 500
------------------ ------------------
478,240 6,678
Net book value (37,500) (5,250)
------------------ ------------------
£440,740 £1,428
========== ==========
4. EXPENDITURE ON CHARITABLE ACTIVITIES 2022 2021
£ £
Support of members of the Congregation and their ministry
Sisters' living & personal expenses & ministry costs 322,572 264,580
Education, training, retreats & holidays 26,235 17,547
Premises costs 318,479 301,186
Medical 20,022 32,174
Staff costs 450,172 470,010
Depreciation 83,960 87,010
Support costs (see below) 123,973 128,937
Alms & donations 21,746 18,897
Governance costs (note 6) 28,260 28,660
-------------------- --------------------
£1,395,419 £1,349,001
========== ==========

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NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

4. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)
2022 2021
£ £
Support Costs
Insurance 60,827 55,143
Legal & Professional fees 28,848 44,407
Travel 2,945 530
Postage, stationery, telephone and office equipment 6,997 7,243
Funerals 12,198 3,751
Safeguarding 6,536 7,264
Bank charges 4,610 4,766
Trustees' expenses 1,012 1,770
Miscellaneous expenses - 4,063
---------------------- ----------------------
£123,973 £128,937
=========== ===========
5. CHARITABLE GRANTS 2022 2021
£ £
Overseas work of the Congregation in:
Ireland 433,899 432,025
Tanzania 137,579 143,668
Archange Le Brun Trust for the general purposes of the
Congregation worldwide 166,377 64,460
Haiti 7,287 27,303
Cameroon 4,400 -
Gloir - 9,600
---------------------- ----------------------
£749,542 £677,056
=========== ===========
6. GOVERNANCE COSTS
Auditors remuneration 14,440 14,240
Other professional fees 13,820 14,420
-------------------- --------------------
£28,260 £28,660
========== ==========
7. NET MOVEMENT IN FUNDS 2022 2021
£ £
This is stated after charging:
Staff costs (note 8) 450,172 470,010
Auditors remuneration
- Statutory audit services 14,440 14,240
Depreciation 83,960 87,010
=========== ===========

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NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

8. STAFF COSTS AND REMUNERATION OF KEY PERSONNEL

Staff costs are minor as the activities of the Charity are conducted by Sisters of the Society who receive no remuneration.

Expenditure on charitable activities includes Domestic wages as follows:

Expenditure on charitable activities includes Domestic wages as follows:
2022 2021
£ £
Wages and salaries 410,911 423,743
Social security costs 23,202 23,082
Other pension costs 16,059 23,185
---------------------- ----------------------
£450,172 £470,010
=========== ===========
No No
Domestic and Care staff 30 34
Management and administration of the charity 3 2
---------------------- ----------------------
The average number of employees in the year was: 33 36
=========== ===========

The number of employees whose emoluments exceeded £60,000 was nil (2021: nil)

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis solely comprises the trustees.

The total remuneration of (including taxable benefits) of the key management personnel was nil (2021: nil)

9. RELATED PARTY TRANSACTIONS, TRUSTEES' EXPENSES & REMUNERATION AND TRANSACTIONS WITH TRUSTEES

There were no related party transaction during the year (2021: None).

The trustees of the Charity are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The Charity provides for the essential needs of all members of the Congregation within the Province.

The living costs of the Trustees are therefore borne by the Charity.

10. TAXATION

The Anglo-Hibernian Province of the Congregation of La Sainte Union Des Sacres Coeurs is a registered charity and therefore is not liable to Income Tax or Capital Gains Tax on income or gains derived from its charitable activities as it falls with the various exemptions available to registered charities.

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NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

11. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Freehold Fixtures,
Land & Fittings & Motor
buildings Equipment Vehicles Total
£ £ £ £
COST OR VALUATION
As at 1 April 2021 4,786,429 30,993 144,911 4,962,333
Additions - - - -
Disposals (50,000) - - (50,000)
---------------------- ---------------------- ---------------------- ----------------------
At 31 March 2022 4,736,429 30,993 144,911 4,912,333
---------------------- ---------------------- ---------------------- ----------------------
DEPRECIATION
At 1 April 2021 820,032 18,597 127,310 965,939
Charge for year 68,475 6,199 9,286 83,960
On Disposal (12,500) - - (12,500)
---------------------- ---------------------- ---------------------- ----------------------
At 31 March 2022 876,007 24,796 136,596 1,037,399
---------------------- ---------------------- ---------------------- ----------------------
NET BOOK VALUE
At 31 March 2022 £3,860,422 £6,197 £8,315 £3,874,934
============ ============ ============ ============
At 31 March 2021 £3,966,397 £12,396 £17,601 £3,996,394
============ ============ ============ ============

Apart from a small proportion used for administrative purposes, all the above assets are used in direct furtherance of the Charity’s objects.

There are also school properties registered in the names of the Trustees. As explained in the Accounting Policies note, the Trustees consider their ownership to be in the nature of a custodianship of the assets and the assets have therefore not been capitalised. The properties have an approximate insurance value of £36m.

These schools were formerly run by the Charity but are now maintained by Education Authorities.

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THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

12. INVESTMENTS

12.
INVESTMENTS
Total Total
2022 2021
£ £ £ £
Quoted investments
At 1 April 2021 23,247,206 18,348,415
Additions 4,618,940 3,607,687
Disposals
Proceeds (4,719,295) (3,693,372)
Gains/(Losses) by reference
to opening market value 419,164 571,174
---------------------- ----------------------
(4,300,131) (3,122,198)
Unrealised (losses)/gains 449,582 4,413,302
---------------------- ----------------------
At 31 March 2022 24,015,597 23,247,206
---------------------- ----------------------
Deferred annuity contracts
At 1 April 2021 59,297 59,297
Additions - -
Disposals
Proceeds (167,069) -
Gains/(Losses) by reference
to opening market value 107,772 -
---------------------- ----------------------
(59,297) -
---------------------- ----------------------
At 31 March 2022 - 59,297
---------------------- ----------------------
Total investments £24,015,597 £23,306,503
=========== ===========
Historical cost of quoted investments
At 31 March 2022 £18,852,649 £17,672,603
=========== ===========
Analysis of quoted investments
UK Fixed interest stocks 2,040,767 1,629,292
Overseas Fixed interest stocks - 310,794
UK Equities 6,605,762 7,038,871
Overseas Equities 10,220,649 9,362,672
Overseas investments 3,919,288 3,476,652
Property Funds 539,656 819,053
Cash on deposit 689,475 609,872
---------------------- ----------------------
£24,015,597 £23,247,206
=========== ===========

31

THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

13. DEBTORS 2022 2021
£ £
Prepayments and accrued income £48,642 £48,829
========== ==========
14. CREDITORS: AMOUNTS FALLING DUE WITHIN 2022 2021
ONE YEAR £ £
Accrued expenses 180,267 131,289
Taxation & Social Security 7,103 7,266
Held for Third Parties 12,603 15,459
------------------ ------------------
£199,973 £154,014
========== ==========

15. DESIGNATED FUNDS

Retirement Fund

A fund has been designated in respect of the Charity’s commitment to provide for the retirement and care in old age and sickness of the Congregation’s members. A review of the Congregation’s membership has indicated that a fund of at least £23m is required to finance fully the Charity’s commitment to provide care for its elderly members after taking account of their occupational pension rights.

Schools Development fund

The charity is a trustee of five Voluntary Aided and Academy Schools. The trustees are committed to providing long-term support to these schools and £1.5m has been designated in respect of this commitment.

Fixed Assets Fund

The Charity has a number of properties and other fixed assets which are used to fulfil its charitable objectives. These assets although they are unrestricted, cannot be realised without undermining the Charity’s work and reflect the investment in assets held to further the charitable work undertaken. Depreciation is charged against the Fund and transfers are made to reflect the net investment/dis-investment in Fixed Assets.

32

THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

15. DESIGNATED FUNDS (continued)

Movement in the Year Balance Balance
at beginning
Net Income		 at end
of year and Gains Transfers of year
Year ended 31 March 2022 £ £ £ £
Retirement fund 23,000,000 - - 23,000,000
Schools Development Fund 1,500,000 - - 1,500,000
----------------------- -------------------- ----------------------- -----------------------
24,500,000 - - 24,500,000
Fixed assets fund 3,996,394 (83,960) (37,500) 3,874,934
----------------------- -------------------- ----------------------- -----------------------
£28,496,394 £(83,960) £(37,500) £28,374,934
=========== ========== =========== ===========
Year ended 31 March 2021
Retirement fund 21,000,000 - 2,000,000 23,000,000
Schools Development Fund - - 1,500,000 1,500,000
----------------------- -------------------- ----------------------- -----------------------
21,000,000 - 3,500,000 24,500,000
Fixed assets fund 4,080,659 (87,010) 2,745 3,996,394
----------------------- -------------------- ----------------------- -----------------------
£25,080,659 £(87,010) £3,502,745 £28,496,394
=========== ========== =========== ===========
16. ANALYSIS OF NET ASSETS Net Current
BETWEEN FUNDS Tangible Assets/
Fixed Assets Investments (Liabilities) Total
£ £ £ £
Year ended 31 March 2022
Designated funds:
Retirement fund - 22,515,597 484,403 23,000,000
Schools Development Fund - 1,500,000 - 1,500,000
Fixed assets fund 3,874,934 - - 3,874,934
--------------------- ------------------------ ----------------------- ----------------------
3,874,934 24,015,597 484,403 28,374,934
Unrestricted funds - - 3,372,999 3,372,999
---------------------- -------------------------- ------------------------ ----------------------
£3,874,934 £24,015,597 £3,857,402 £31,747,933
=========== ============= ============ ===========
Year ended 31 March 2021
Designated funds:
Retirement fund - 21,806,503 1,193,497 23,000,000
Schools Development Fund - 1,500,000 - 1,500,000
Fixed assets fund 3,996,394 - - 3,996,394
--------------------- ------------------------ ----------------------- ----------------------
3,996,394 23,306,503 1,193,497 28,496,394
Unrestricted funds - - 2,448,642 2,448,642
---------------------- -------------------------- ------------------------ ----------------------
£3,996,394 £23,306,503 £3,642,139 £30,945,036
=========== ============= ============ ===========

33