## **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:
- Ensuring all members of the Province receive a high level of care to provide them with a good quality of life.
- Enabling all members of the Province to continue with their individual ministries for as long as possible.
- Considering the most efficient means of providing care.
- Reviewing the suitability of properties for communities of elderly sisters. Those identified as being unsuitable will be sold.
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:
- Working in parishes, visiting and helping parishioners develop their spiritual lives
- Pastoral care
- Advocacy and support for asylum seekers and refugees
- Activities in local communities in support for older people
- Training programmes in the facilitation of workshops with individuals and groups in the UK, Ireland and Africa, enabling them to set up and run their own workshops in the future.
- Growing awareness of the need to be attentive to the welfare of the Planet
- Welfare of employees
## **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:
- others to create spaces and places where together they can explore imaginatively ways of living justly on this planet - people who believe in participating in the shaping of a future marked by greater social justice, seeing justice as being expressed in right-relatedness, clarity about role, and ability to deal with the complexity of people living/working together
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**
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. We have a Family Support programme which reaches out to the poorest and most vulnerable.
- (a) We help those in need with food and basic needs, like house rent.
- (b) We assist the old with basic needs and health care, and their care of orphaned or abandoned children.
- (c) We help single mothers with dependent children, especially with school needs.
- (d) We help women with small grants or loans to generate income for their families.
- (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.
13
**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**
## **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:
- The Province has an obligation, both moral and legal, to provide care for its members, none of whom has resources of her own and all of whom have devoted a significant part of their lives to the work of the charity. 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. Wherever possible, care is provided for frail and unwell members within communities and in particular, the charity’s specialist facility at Bexleyheath. Sometimes however it is necessary to place Sisters in care homes, the cost of which can be significant. The incidence of such care needs is impossible to predict and the Trustees therefore believe that it is incumbent upon them to maintain reserves at an appropriate level to ensure that the charity is able to meet this obligation – see Reserves Policy.
- There is a Safeguarding of Children and Vulnerable Adults policy in place. As noted above, the Trustees are committed to the Catholic Church’s ‘One Church Approach’ to Safeguarding and implement its safeguarding policies and procedures in line with Catholic Safeguarding Advisory Service guidance. A Trustee, with assistance from other Sisters and employees, has been designated as the person responsible for keeping sisters and staff up to date, and ensuring adequate training. DBS clearance is obtained for all staff caring for sisters in the charity’s facility for elderly Sisters in Bexleyheath.
- We need to ensure that our properties continue to be safe places for the Sisters and visitors to use. Attention is given to keeping our properties in good repair. General maintenance is regularly carried out. There is an on-going programme to ensure compliance with the increasing demands of Health and Safety Regulations particularly with regard to Fire Regulations.
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.
- The trustees are mindful that at some time in the medium to longer term, there may be issues in relation to succession planning for the governance of the charity. With an ageing group of Sisters, it may be necessary to consider appointing lay trustees (that is trustees who are not members of the Congregation) and/or Sisters from overseas areas where there is a greater pool of younger members. Such step will require constitutional changes for the charity, such as a switch to a Charitable Incorporated Organisation (CIO) as well as the establishment of appropriate training programmes. The Trustees have agreed to switch to a Charitable Incorporated Organisation and this is currently in process.
14
**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**
## **FUTURE PLANS**
The long-term strategy of the Charity remains largely unchanged. Key policies are as follows:
- To continue to provide our existing educational establishments with school buildings on a rent-free basis.
- To develop educational provision in line with changing needs and changes in Government policy.
- To continue to provide personnel to carry out a range of voluntary work.
- To seek to provide assistance and personnel to the developing world through projects in East Africa
- To attract new vocations to the Congregation and to provide formation.
- To increase the involvement of lay people in the management and work of the Charity. Setting up Charitable Incorporated Organisation will enable this.
Major plans for the shorter term are:
- To continue the review of all the properties owned by the charity and of current and anticipated property needs. This may enable the Trustees to realise some of the equity currently tied up within its properties.
- As previously reported, the Trustees are, with the Generalate of the Congregation, continually reviewing the structures and operations of the Congregation throughout the world. There are significant differences in the needs and resources of the places in which the Congregation operates; in particular between the Northern hemisphere (where the Congregation has significant levels of assets and financial resources but few sisters in the younger age groups) and the Southern hemisphere (where there are far more new and younger members but little in the way of financial resources). The focus of the review will therefore be to determine how best to utilise the resources of the Congregation together with future management of the charity.
15
## **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**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the principles and methods of the charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that this basis applies.
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
16
## **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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2022 and of the charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
- 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. 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 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.
17
## **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:
- adequate accounting records have not been kept by the charity; or
- sufficient accounting records have not been kept; or
- the charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Reviewing the controls and procedures of the charity to ensure these were in place throughout the year;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates such as estimating the economic useful life of tangible fixed assets, donation and grants support to overseas mission.
18
## **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
19
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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.
20
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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
21
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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**|
||----------------------|----------------------|----------------------|
22
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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:
- estimating the economic useful life of tangible fixed assets.
## **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.
23
**THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
**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:
- Costs of raising funds comprise fees paid in respect of fund management advice in relation to the charity’s portfolio of quoted investments, which is managed under a discretionary management agreement.
- Expenditure on charitable activities includes the costs of running the charity’s convents as well as all other costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. These costs include charitable grants and donations, direct and support costs in respect to the support of members of the Congregation and their ministry. It also includes governance costs.
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.
24
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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.
25
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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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## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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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**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**
|**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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**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**
## **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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**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**
## **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|
|||===========|||===========|
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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**
|**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