## **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 2024**
HaysMac 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 – 13|
|Auditors’ Report|14 - 16|
|Statement of Financial Activities|17|
|Balance Sheet|18|
|Cash flow statement|19|
|Accounting Policies|20 - 23|
|Notes to the Accounts|24 – 32|
**THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **TRUSTEES**
Sister Margaret Mary O'Reilly (Chair) Sister Philomena Jordan (appointed 1 April 2024) Sister Eileen Cristina Daly (retired 30 April 2024) Sister Helen Mary Louise Randles Sister Patricia Mary Trussell
**SUPERIOR**
**PROVINCIAL BURSAR**
**PRINCIPAL OFFICE**
**CHARITY REGISTRATION NUMBER**
**GOVERNING INSTRUMENT**
**NAMED CORRESPONDENT AND ACCOUNTANT**
**AUDITORS**
**SOLICITORS**
**PRINCIPAL BANKERS**
Sister Winifred Burke
Sister Pat Trussell (from 1 April 2023) Sister Eileen Daly (to 31 March 2023)
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
HaysMac LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG
Stone King Upper Borough Court Upper Borough Walls Bath Avon, BA1 1RG
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 2024**
**INVESTMENT MANAGERS**
Brewin Dolphin 12 Smithfield Street London EC1 9BD
**INSURANCE BROKERS**
PIB 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 2024**
## **ORGANISATION, GOVERNANCE AND MANAGEMENT**
## **Background information**
The charitable activities of the Province in England and Wales are conducted through a registered charity, the Congregation of La Sainte Union des Sacres Coeurs Anglo-Hibernian Province (“the Charity”) registered in England and Wales as charity number 233872 and governed by the Trust Deed dated 10th November 1964, with incorporation from 17/01/1964. As well as carrying out the Province’s exclusively charitable activities the Charity holds all of its assets in England and Wales.
At midnight on 31 August 2023, the Trustees transferred all the charity’s operations, assets and liabilities to a CIO, under the name of Congregation of La Sainte Union de Sacres Coeurs UK CIO (Registered Charity Number: 1200125). After this date, the charity became dormant and in due course, it will be removed from the Register of Charities.
## **Organisation**
The charity was established by the Congregation of La Sainte Union des Sacres Coeurs, an international religious congregation with a Province in the United Kingdom and which includes responsibility for the sisters living in the Republic of Ireland and Tanzania.
## **Trustees**
The Trustees are shown on page 1 of this report. At no time will there be fewer than four and no more than eight Trustees who shall be members of the Congregation in the UK. 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 Trustees attend appropriate courses and conferences relevant to the exercise of their responsibilities to ensure good governance of the Charity.
The trustees are ultimately responsible for the policies, activities, and assets of the charity. They meet and consult regularly to review developments about the charity or its activities and make all decisions. The Trustees meet at least four times each year and will meet more frequently as circumstances require it. There is also a minimum of three meetings per annum with the Charity’s fund managers and other advisers.
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.
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES**
The main object of the charity is “the advancement of the religious and other charitable work carried on, by or with the support of the Congregation, anywhere in the world, as the charity trustees shall from time-to-time think fit.”
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. Much of this work is now in a voluntary capacity but where a salary or stipend is received, it is all paid to the Charity to support its ongoing work. In addition to performing work through the sisters, the Charity also provides some support to a variety of charitable projects. There have been no material changes in policy during the year.
## **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. The activities are:
## **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 and land for schools as well as nominating Foundation Governors/Directors. Day to day management of the schools is delegated by the Trustees to the Governing Body/Board of Directors of each school.
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 holds the Trusteeship of the following five 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 (part of the Christus MAT)
The Congregation became a member of Religious Orders in Education (ROE) which has enabled the schools to benefit from sessions held for senior management. On-going work of building relationships between the 4 LSU Secondary schools has seen students visiting each other as links between them are fostered.
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES (continued)**
## **2. Healthcare**
The AH 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/or (b) the care of those elderly, poor and marginalized in society. The sisters are all under a vow of poverty and therefore providing them with support is an important element of the Charity’s work. As the existing members of La Sainte Union in the AH Province grow older, and the number of new vocations becomes minimal in Europe, the age profile continues to increase, as it has with many religious congregations in Great Britain. As of 31[st] March 2024, there were 76 sisters with an average age of 82.7 years. One result of this is the increasing need for healthcare.
The Trustees realise that the number of sisters requiring care will not decrease in the coming year and are attentive to the impact of this on (i) the work of individual members (ii) the property requirements and (iii) the financial implications. The aims of the Trustees in this regard include for the forthcoming years:
- Ensuring all members of the AH Province receive a high level of care to provide them with a good quality of life.
- Enabling all members of the AH 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 properties identified as being unsuitable will be sold to support the increasing healthcare costs being incurred.
As members of a Religious Order and fully supported by it, the sisters are not eligible for any means tested benefits in the UK. The Trustees take this into serious consideration in drawing up their Reserves Policy and Future Plans, and the charity’s financial strategy.
- see Reserves Policy and Future Plans below.
## **3. Social and Pastoral Care**
- The work of the sisters enables the Charity to encompass a broad range of activities that make a positive contribution to society (public benefit) and a positive difference to the lives of many who are in need, physically, emotionally, or spiritually. With much of the work now being voluntary, the sisters are engaged alongside others in a number of activities including:
- Working in parishes, visiting, and helping parishioners develop their spiritual lives,Pastoral care, and providing a sympathetic ear to people who are housebound,
- Advocacy and support for asylum seekers and refugees, and those who work with them,
- 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,
- Collaborating with other groups in running food banks,
- Hosting a community organisation which enables local people to have a voice through organising planning and running meetings on local issues such as costs of funerals, and the state of local environments. It has also enabled local people to challenge election candidates when elections have been called, locally and nationally.
- Working with others in environmental projects.
To illustrate the ministries of our communities and of our individual sisters, some case studies are explained each year in the Trustees’ Report.
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES (continued)**
## **Working as a integrative and bereavement councillor in East London**
_“I live in an end of terrace house in South Ockendon, a town in the borough of Thurrock, south west Essex. The borough is becoming more and more diverse as a wider variety of people are making it their home. Compared with the rest of England, it has a young population, with a slightly higher proportion of Gypsy, Roma and traveller children compared with the national population. Some parts of the local area are among the 20% most deprived in England. Thurrock is adjacent to London but without the capital’s infrastructure. One can hence feel ‘cut off’ from the city and what it has to offer. Many commute to London, incurring high transport costs._
_I work as an integrative counsellor at Thurrock & Brentwood MIND, Grays, and also at St Joseph’s Hospice, Hackney. Mind has a waiting list that can exceed 300 people: the vast majority of clients cannot afford private counselling, and therefore have to wait – often six months – to be allocated a counsellor. Those who can afford the fees help towards Mind’s running costs, which has lost a lot of its funding from the local council. My work is both voluntary and paid, seeing people from across the age spectrum with a wide variety of problems. Due to a lack of finances, we can only allocate six sessions per client: we try our best to be as focused as possible, to do the best we can with the time we’ve got. Sometimes I sense that a client really needs a few more sessions, so I plead with the manager for an extension. One of my pains is that, while a client is very deserving of further time, so are others. It can feel like I’m chasing my tail. That’s when the reality of local cuts to mental health and wellbeing services becomes very real to me. The fact that Thurrock & Brentwood Mind is still running is a gift, and I’m blest to be a part of it. Having lived in the area for many years and understanding its culture, I can get a feel of where people are coming from. I’m one of the locals, having also taught in Grays. I am inserted in the local community going about my daily professional business, and also as a local neighbour who is very much part of the area community keeping a watchful eye on the elderly and frail, among whom I live. Our house is in a quiet Close and is used to welcoming those who need to talk, receive counselling, knowing that there will always be a friendly listening ear for them._
_Many people have moved into Thurrock from the East End of London both post war and, more recently, due to the building of the London 2012 Olympic facilities. There is therefore a strong link between the two areas. My work at St Joseph’s Hospice feels conjoined. As a part of the hospice Bereavement Team, I offer one-to-one counselling and cofacilitate a support group for those who have lost dear ones. I also work with translators, as Hackney has a wide variety of people from differing ethnic backgrounds. Clients come from all age groups: many have lost loved ones at the hospice itself, while others have been referred to us from the locality. Our services are free as, again, many would not be able to afford standard counselling fees. My ministry is gradually expanding to include supporting terminally ill patients and their families as they anticipate death, grief and bereavement. St Joseph’s is widely inserted in the local community: another of our sisters is on the Compassionate Neighbours Team, befriending those suffering from terminal illness at the hospice or in their homes. When the patients aren’t well enough to come to the hospice, the hospice’s Compassionate Neighbours go to them._
_My work is tiring but hugely rewarding. To experience clients’ growth through their problems, to see them shift, change and once again move forward with their lives is a wonderful humbling privilege. It is a way of “Joyfully sharing our time, our talents, and our resources … with those to whom we are sent” (LSU Constitutions Article 28). Knowing that we can provide public benefit to such a diverse group of people who often come from very limited economic backgrounds makes me truly appreciate what it means to be “at the heart of the world revealing God’s love” (LSU Constitutions Article 1)._
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES (continued)**
## **Hosting two charities who work with local people in North Wales**
In Wrexham the community offers hospitality and rent-free accommodation (including heating and lighting) to two registered charities who needed work space. One charity has been here for over 25 years, the other began just after Christmas 2023. In this way the sisters continue to offer public benefit by enabling others to work with local communities in North Wales. Without the accommodation it is difficult to see how the groups could continue much of their work. Despite advances in technology, face to face communication is still very important and having a meeting place is still very necessary.
The first charity, called ‘ **Together Creating Community’** or **‘Trefnu Cymunedol Cymru’** works with local groups. They do this through community organising, bringing together local groups and supporting them to set their own agenda, take action, and to improve their local communities. One of their aims is _“to extend the core remit of TCC which is to empower community leaders to make the positive change they want to make, wherever they may be. “_
An excerpt from their latest report gives an example of the work the team design, plan and organise from their Wrexham premises:
_“The past few years have proven challenging for many organisations, no less the third sector, but have also led to opportunities, specifically regarding fresh ways of engagement and of enabling effective dialogue with the communities which surround us. Alongside face-to-face interactions, there has been enhanced use of digital environments and tools to replace or enhance communication; this is especially important in our North East Wales geographical catchment area with larger pockets of population, and numerous smaller villages and communities. To ensure everyone has a voice, the use of digital community tools removes barriers such as travel and location. Over the past year TCC has delivered 80 hours of training. Members took part in over 200 hours of collective decision making, learning, and action taken as an alliance. We reached over 500 new individuals from member groups, ally organisations and our communities as well as engaging with decision makers from all political parties._
_During the monthly Strategy meetings, member groups raise issues they would like to take forward as potential campaigns. This opens up the discussion for all attendees to take part and to discover whether these issues are widespread and who else is interested in working on it as a campaign. Strategy meetings remain an integral part of how TCC engages with its members, and the hybrid meeting model (face to face and by internet) still proves to be an invaluable platform to promote inclusivity by removing time and geographical barriers to inclusion.”_
One of the areas of focus for TCC is engaging young people in social issues, raising questions and looking at ways of working upon them. Over the past year 46 Youth in Action group meetings took place working on a large number of issues, including
_“No Hungry Learners (NHL) - young leaders from St Joseph's School Wrexham have spent the last year dedicated to alleviating the burden of School Dinner depts. They worked tirelessly, meeting with their School's Headmaster, MS's Ken Skates and Lesley Griffiths, and the Lead for Education in Wrexham to highlight the issue. These young leaders presented their campaign to The Children's Commissioner who invited the campaign to headline at the Child Poverty Summit which was held in Brangwyn Hall in Swansea. TCC produced a promotional campaign video for the occasion that featured the young leaders and promoted their campaign asks._
The second group is **Refugee Kindness** , who support refugees, asylum seekers, and others, all in need of friendship and kindness to help them integrate into local communities, reduce inequality by alleviating poverty, and connect them with organizations offering friendship. Refugee Kindness aims to relieve poverty or financial hardship among refugees, asylum seekers and those of equivalent need and their dependents living in North Wales, by providing goods and services which they could not otherwise afford, to enable them to participate fully in society. This charity was looking for premises to base their office and accepted our offer in January 2024. Refugee Kindness works with the refugees and asylum seekers in parts of North Wales. Below their manager, Donna Powell explains some of what they do.
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES (continued)**
## **Hosting two charities who work with local people in North Wales (continued)**
“ _The overall aim of the organisation is ‘to make Sanctuary seekers feel welcomed and cared for, to extend and promote Kindness throughout the communities, and provide real friendship by supporting them with the day-to-day life in the UK’. For example, going with the family to their first GP/Hospital appointment, or attending a new group. We aim to be someone they can call just to ask a question or to talk to, not just to share their worries, but to have someone to tell when the children do well in school, or they pass a test in ESOL class. We try to give the family a sense of belonging in the absence of any extended family that they would have been used to. We also tackle poverty for our beneficiaries, and other vulnerable people by sourcing household Items, clothes and toys through donations and then delivering them to families (Asylum seekers, Refugees and families of equivalent need) who have no means of buying them due to poverty. Refugee Kindness helps people to turn the house into a home, giving children and young people things that others may take for granted and by showing we care. We offer volunteering opportunities to all, particularly those who have benefited from our service and are now settled._
_Refugee Kindness are so very grateful for the opportunity to have a base to work from. It has made such a difference to us going forward. We are now able to have face to face contact with our donors, beneficiaries and volunteers, giving everyone a greater sense of belonging. Previously all items were collected by messengers and dropped off at a lock up unit before distribution. Having a base for our manager to work from, has also created an opportunity to keep a good work life balance. Importantly, it gives us stability to grow our service, so we can continue to offer friendship and goods to all families._
_As a relatively new organization both the practical support - giving us guidance with the governance and risk assessments, and the ongoing emotional support - from the sisters together with their willingness to help out whenever they can, has been amazing.”_
## **La Sainte Union Schools in the UK**
La Sainte Union are Trustees of four secondary and one primary school, where the Congregation owns the lands and buildings. Whilst delegating the day-to-day management of each school to its Governors and Boards of Directors, the charity keeps in contact with the schools as much as possible. However, as the numbers of sisters in the charity continues to decline this is becoming more and more difficult to fulfil as the charity would wish.
In 2023 La Sainte Union became a founding member of the Gaudete Trust, set up with 4 other Religious Congregations. Its mission is ‘to enable the rich heritage of Religious Orders to continue to enrich Catholic education when individual orders were no longer able to fulfil the responsibilities of Trusteeship.’ By adopting this collaborative approach to trusteeship, the Gaudete Trust offers to all Religious Orders an alternative way of continuing to serve Catholic education.
A Commissioning and Commitment Celebration for the Gaudete Trust was held in Birmingham 11[th] Jul 2023, and the inaugural Schools Conference held in Edgbaston on 19[th] October. Over 100 representatives of staff, senior management and students from the 17 schools and Religious Orders met to begin planning the future together. Gradually the Trust will absorb all the responsibilities of the Trusteeship of each school.
The LSU schools continue to provide an excellent teaching, learning and supportive environment for all the pupils. Two of the schools have had inspections in the past year. From the OFSTED report, it stated that “ _Pupils enjoy attending this school. They feel part of a supportive family where relationships are very strong between pupils and staff. Pupils value and live up to the school’s ethos. They gain confidence and learn well at the school_ .”
_“Referring to the broader curriculum, it stated, “Pupils embrace the extensive opportunities for personal development at the school. This helps pupils develop skills beyond the curriculum and prepares them well for their next steps. Pupils value the ‘Rise Above’ events, where they learn about important topics such as positive relationships and laws. Leaders are proud of, and pupils value, the enrichment and extra-curricular opportunities at the school. Pupils enjoy many opportunities to develop their talents and interests, for example through the local Trailblazer project. Leaders ensure that pupils have the necessary knowledge to stay safe and become productive future citizens.” (OFSTED May 2023.)_
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES (continued)**
## **La Sainte Union Schools in the UK (continued)**
The Catholic Section 48 report for the second school stated _“Students in this happy school value the school’s Catholic life and mission, as evidenced by their pride in being a part of the community. One student said, ‘This school is so special; the way we come together as a community and show respect for everyone is so amazing’. Students’ behaviour is excellent, not only in demonstrating respect, but in their ability to collaborate._ ” _They are proud of their founding (LSU) religious sisters whose own passion for girls‘ education and the belief that nothing is out of reach, combined with a set of virtues which the students know well, offers a balanced programme for a flourishing life. Students speak accurately of Catholic social teaching, including in some instances demonstrating how it is, of itself, a powerful source of communal solidarity. One student said, ‘Catholic social teaching gives us all, whatever our faith or background, a set of beliefs we can all follow. A Muslim student described how her experience of the school has supported her own growth in faith and knowledge.”_
The report went on to state _; “The commitment to social justice is excellent, reflected in charitable work and a natural responsiveness to reach out to help._ (Section 48, May 2024)
## **Tanzania**
La Sainte Union continues in active ministry within Tanzania, principally through the establishment of schools, healthcare centres, and a centre for the disabled. 2023 sees the 50[th] anniversary of La Sainte Union presence in Tanzania. Until the end of 2023, the charity was responsible for the life and wellbeing of the sisters in Tanzania. However, a change in the governance structure of the La Sainte Union Congregation saw the responsibility for the sisters in Tanzania transferred to the Congregation through its UK charity Archange Lebrun Trust (ALT) from 1[st] January 2024. The C I O will continue some support for the ministries of the sisters in Tanzania through individual donations gathered by sisters, families and friends which will sent on to the ALT for onward transfer.
One such project which was supported during 2023 by the charity and by individual donations was the centre for children with disabilities, Matumaini Centre.
Matumaini Centre for children with disabilities. The sister in charge, Sr Emiliana gives a taste of life at the Matumaini Centre for children and their parents, this past year.
“ _I am Sr. Emiliana, in charge of Matumaini Centre. I am happy to take this opportunity to share with you an update on this Ministry, our Centre for helping children with disability and their families. The centre has been a great support as it provides a wide variety of programmes to foster the education of the children and their parents. We do not serve alone. At the moment we have 21 lay workers. The number of children whom we are serving and who are actively attending are 246; between 20 and 30 are attending daily._
_We provide physiotherapy 4 days a week and this we have improved, not only the physio itself but also the correct positioning of the children according to their needs. We learned this better procedure from the UCDVO volunteers who spent a month helping us last June. We benefitted a lot from their expertise._
_We provide nutritional support and fresh milk to the children attending. We help and support them with equipment such as splints, wheelchairs, special chairs, corner chairs, walking frames and toys. Our own workshop provides equipment at a more affordable cost than elsewhere._
_When they come, for some time (maybe years) the children can’t do much. Little by little, they learn life skills, how to brush their teeth etc., go to the toilet independently, walk, socialize and play. Eventually many join a classroom group._
_We provide help and guidance to the parent too, (mostly mothers) who learn hand work and tailoring so as to generate some income to help themselves. Rug making is very popular._
_We provide bus transport for the Mamas and children to attend. This has been a great support to them especially to those who live far from the Centre._
_We educate and train the Mamas on how to do physiotherapy and positioning while at home so as to keep helping the children and minimize the number attending the Centre. Also, we support the Mamas, counselling and encouraging them._
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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 2024**
## **OBJECTIVES, POLICIES AND ACTIVITIES (continued)**
## **Tanzania (continued)**
_Serving here is always a challenging ministry due to the increasing number of needy children and the rising costs as we try to make ends meet. Paying the workers, food, transport, medicines, ortho-supports and ongoing maintenance is difficult without any help from the government._
_We thank our many benefactors whose generous contributions enable us to help the children with disabilities and their families in so many ways. We always remember you in our prayers and in the prayers of the many children and families you help in Matumaini Centre_ .”
**The future Autistic Centre under way in Matumaini**
As part of the 50[th] anniversary celebrations, the Tanzanian sisters have decided to add a specialist centre for autistic children at Matumaini, by converting and completing a half-built house and equipping it with classrooms and offices. It is hoped to be up and running soon.
Sisters in Tanzania are also involved in many outreach activities which are supported by donations including those from families and friends from the UK. In their end of year newsletter (December 2023) they give a report on how the money they received has been used.
_“When family, friends and benefactors contribute to the Mission funds we are enabled to help the poorest, sometimes in substantial ways._
_We help university and college students from poor families with bridging loans and fares so that they don’t drop out. We reach out to the local primary schools, overpopulated and under-resourced; our young sisters work as volunteers, helping to reduce the pupil-teacher ratio. We sometimes provide books and maps and teaching aids, as well as laptops and printers to Heads of schools (e.g. this year, Marten Lambango and Churwi primary) We help these schools with the steel drum bands and sports equipment. We work in solidarity and friendship with our Muslim colleagues and neighbours, promoting understanding and unity._
_We help those in need with food, rent and basic requirements. We assist the old with basic needs and health care, and their care of orphaned or abandoned children. We help single mothers with dependent children, especially with uniforms and school needs. We help women with small grants or loans to generate income for their families. We help people who have little or no health insurance with medical emergencies. Here, there is no children’s allowance, no unemployment benefit, little or no old age pension, certainly no free travel. Life is a constant struggle._
_Unfortunately, due to so many other competing appeals (for refugees, for Gaza, for Ukraine, Sudan etc) our income from fundraising is much reduced. This year, sadly, we had to cut back on some remedial programmes as well as Adult Literacy classes and even porridge in the local kindergarten. We are very thankful to all those who continue to donate to Holy Union in Tanzania and assure you that the help you give reaches the poorest and brings joy and hope into the lives of individuals and families. ‘Mungu awabariki sana’…. may God bless you abundantly.”_
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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 2024**
## **SAFEGUARDING REPORT 2023-2024**
La Sainte Union continue their ongoing commitment to the One Church Policy on safeguarding. The Religious Life Safeguarding Service (RLSS) continues to support Religious Life Groups in all safeguarding matters and offers a variety of training throughout the year. A mandate has been agreed that enables four elected members of the RLSS to represent Religious regarding ongoing discussions with the Conference of Bishops on proposed new safeguarding structures and the Catholic Standards Safeguarding Agency’s (CSSA) new contract and audit process.
The CSSA audit guidance has now been released and a three month notice period will be given for an inspection visit. The CSSA will review the evidence provided against their maturity matrix taking into consideration the extent to which the evidence demonstrates compliance, effectiveness and impact of practice in the eight safeguarding standards.
## **Training**
The Safeguarding Lead represented LSU at the RLSS AGM and Safeguarding Conference at Kents Hill Park, Milton Keynes on 29th February – 1st March 2024. The LSU Safeguarding Manager in Ireland also attended, and it was a great event in terms of both networking opportunities and the variety of training workshops on offer. The Safeguarding Lead has also now completed RLSS training in Care and Management Plans and Adult Safeguarding as well as introductory training on the new CSSA Audit process.
Some LSU Trustees have also attended RLSS training and would encourage other Trustees to sign up too. The cycle of visits to all Area Communities in England and Wales by the Safeguarding Lead to deliver refresher safeguarding training and opportunities to discuss the Dignity and Respect Policy, were well received by all.
## **DBS**
The Safeguarding Lead made visits to Shalom when any new staff were appointed to complete their DBS checks. Any Sisters that required a new DBS have also had their DBS applications successfully processed. In some cases, a change in the type of ministry would mean a new DBS application is required e.g. A Sister holding a DBS for Adults that begins parish work with children would need to apply for a new DBS that covers those under 18.
## **Future Plans**
At midnight on 31 August 2023, the Trustees transferred all the charity’s operations, assets and liabilities to a CIO, under the name of Congregation of La Sainte Union de Sacres Coeurs UK CIO (Registered Charity Number: 1200125). After this date, the charity became dormant and in due course, it will be removed from the Register of Charities.
11
**THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
**TRUSTEES’ ANNUAL REPORT (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **RISK MANAGEMENT**
The Trustees have considered the major risks to which the Charity is exposed They have created a risk management database to manage any major risks to the charity as well as looking at mitigations in place. Every effort is being made to mitigate those risks which are prioritised and evaluated. The key areas of risk for the charity, as identified by the Trustees, are listed below,
## **Operational**
Safeguarding Employment issues
**Governance and Management**
- **Governing the charity** / Lack of relevant skills or experience
- Loss of key (employed) personnel.
- Maintenance of Fixed Assets
- Schools
**Finance**
- Dependency on income sources
- Reserves
- Fraud or error
## **Compliance**
- With legislation and regulations
## **FINANCIAL REVIEW**
The charity was active for the five months to 31 August 2023, the date on which all its activities, assets and liabilities were transferred to a CIO. During that period, total income amounted to £712.6k and ongoing expenditure to £2.22m. In addition to ongoing expenditure, £27.83m in respect of the value of the net assets transferred to the CIO at midnight on 31 August 2023 (see Note 17 to the Accounts) fell to be recorded as expenditure, giving total expenditure of £30.05m. There was thus a deficit before investment gains and losses of £29.34m to which was added losses on investments in the period of £139.7k and a reduction in funds of nearly £29.48m.
The results of the five months are incorporated in the Accounts of the CIO for the year ended 31 March 2024. A summary of the year’s results for the two entities is given in Note 18 of the Accounts.
## **INVESTMENT POLICY AND PERFORMANCE**
The portfolio is managed by Brewin Dolphin under a discretionary investment management agreement. Brewin Dolphin also acts as a nominee for the investments of the Charity. The Trustees meet with the fund managers at least 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 investment in companies that are predominately involved in the production of armaments or tobacco products. The fund manager’s performance is regularly reviewed by the Trustees.
12
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
**TRUSTEES’ ANNUAL REPORT (continued)**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **INVESTMENT POLICY AND PERFORMANCE (CONTINUED)**
During the year to 31 March 2024 the total return of the Charity’s portfolio amounted to +10.0% (2023: -3.65%). 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 funds), but marginally better than the averages quoted for investments by the charity sector as a whole. The Trustees are therefore satisfied with the returns generated but will continue with their relatively cautious stance.
The Trustees feel that there are a good many adverse risk factors in financial markets; some are economic, such as the recent significant rise in the rate of inflation, but many stem from global and local political uncertainties which are likely to have a negative impact on the returns generated. They will therefore continue to hold relatively high levels of cash and adopt a cautious investment policy.
## **RESERVES POLICY**
By the end of the year to 31 March 2024 the charity had no reserves as these were transferred to a CIO, under the name of Congregation of La Sainte Union de Sacres Coeurs UK CIO (Registered Charity Number: 1200125).
## **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 7 January 2025 and signed as authorised on their behalf.
Pat Trussell TRUSTEE
13
**THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **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 2024 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 2024 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.
## **Emphasis of matter – non going concern basis**
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure in the principal accounting policies of the financial statements, which explains that the Charity's financial statements have been prepared on a basis other than the going concern basis because the Trustees have taken the decision to transfer the assets and liabilities to a CIO.
## **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.
14
## **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.
15
## **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.
HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG
Date: 7 January 2025
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
16
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **YEAR ENDED 31 MARCH 2024**
**These figures represent the 5 months to 31 August 2023 when the Charity ceased to be active.**
||||**2023**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|**INCOME from**||||
|Donations and legacies|1|436,354|999,279|
|Investments|2|276,210|629,754|
|Other||||
|- Surplus on disposal of tangible fixed assets|3|-|6,238|
|||--------------------------|--------------------------|
|**Total Income**||712,564|1,635,271|
|||--------------------------|--------------------------|
|**EXPENDITURE on**||||
|Cost of raising funds||||
|Investment Management fees||38,323|93,170|
|**Charitable activities**||||
|- Support of members of the Congregation and their ministry|4|603,091|1,506,779|
|- Charitable grants|5|1,578,452|800,860|
|||-----------------------|-----------------------|
|**Total expenditure**||2,219,866|2,400,809|
|Transfer of net assets to CIO|17|27,829,486|-|
|||-----------------------|-----------------------|
|**Total expenditure**||30,049,352|2,400,809|
|||-----------------------|-----------------------|
|**Net (expenditure) before gains/(losses) on investments**||(29,336,788)|(765,538)|
|**Other recognised gains and losses**||||
|Net (losses)/gains on investments||(139,702)|(1,505,905)|
|||-----------------------|-----------------------|
|**Net income and net movement in funds for the year**||(29,476,490)|(2,271,443)|
|Fund balances brought forward at beginning of year||29,476,490|31,747,933|
|||----------------------|----------------------|
|**Total funds carried forward at end of year**||£-|£29,476,490|
|||=============|=============|
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.
17
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2024**
||||||**2023**||
|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**|**£**|
|**FIXED ASSETS**|||||||
|Tangible fixed assets|11|||-||3,793,951|
|Investments|12|||-||22,415,101|
|||||---------------------||---------------------|
|||||-||26,209,052|
|**CURRENT ASSETS**|||||||
|Debtors|13||-||68,927||
|Cash|||-||3,405,191||
|||--------------------|||--------------------||
||||-||3,474,118||
|**CREDITORS:**Amounts falling|||||||
|due within one year|14||-||(206,680)||
|||--------------------|||--------------------||
|**NET CURRENT ASSETS**||||-||3,267,438|
|||||-----------------------||-----------------------|
|**NET ASSETS**||||£-||£29,476,490|
|||||===========||===========|
|**ACCUMULATED FUNDS**|||||||
|**Unrestricted funds**|||||||
|General Fund||||-||1,182,539|
|Designated|15|||-||28,293,951|
|||||-----------------------||-----------------------|
|||||£-||£29,476,490|
|||||===========||===========|
Approved by the Trustees on 7 January 2025 and signed as authorised on their behalf by:
__________________ Pat Trussell TRUSTEE
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## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
**These figures represent the 5 months to 31 August 2023 when the Charity ceased to be active.**
||||**2024**|**2023**|
|---|---|---|---|---|
|||**Notes**|
**£**|**£**|
|**Cash flows from Operating Activities**|||||
|Net cash outflow from operating activities||**A**|**(350,293)**|**(1,336,137)**|
||||----------------------|----------------------|
|**Cash flows from investing activities**|||||
|Dividends and interest from investments|||276,210|629,754|
|Receipts from sales of fixed assets|||-|8,250|
|Payments to acquire investments|||(2,839,290)|(6,363,877)|
|Receipts from sales of investments|||2,883,186|6,458,468|
||||-----------------------|-----------------------|
|**Net cash provided by/(used in) investing activities**|||**320,106**|**732,595**|
||||-----------------------|-----------------------|
|**Change in cash and cash equivalents in year**||**C**|**(30,187)**|**(603,542)**|
|Cash and cash equivalents at 1 April 2023||**B**|3,405,191|4,008,733|
|Cash transferred to CIO|||(3,375,004)|-|
||||**-----------------------**|**-----------------------**|
|Cash and cash equivalents at 31 March 2024||**B**|**£-**|**£3,405,191**|
||||===========|===========|
|**Notes to the Cash Flow Statement**|||||
|**A. Reconciliation of net movement in funds to net cash flow from operating**|||**activities**||
||||**2024**|**2023**|
||||**£**|**£**|
|**Net movement in funds (as per the Statement of Financial Activities)**|||(29,476,490)|(2,271,443)|
|**Adjustments for**|||||
|Losses/(gains) on investments|||139,702|1,505,905|
|(Surplus) on disposal of fixed assets|||-|(6,238)|
|Dividends and interest from investments|||(276,210)|(629,754)|
|Depreciation|||29,365|78,971|
|Transfer of net assets to CIO|||27,829,486|-|
|(Increase)/decrease in debtors|||30,553|(20,285)|
|Increase in creditors|||1,373,301|6,707|
||||----------------------|----------------------|
|**Net cash (used in) operating activities**|||**(350,293)**|**(1,336,137)**|
||||===========|===========|
|**B. Analysis of cash and cash equivalents**|||||
|Cash at bank and in hand|||**£-**|**£3,405,191**|
||||===========|===========|
|**C. Analysis of changes in net cash funds**|||||
||**2023**||**Cashflows**|**2024**|
||**£**||**£**|**£**|
|Cash at bank and in hand|3,405,191||(3,405,191)|-|
||----------------------||----------------------|----------------------|
|Total cash and cash equivalents|**£3,405,191**|**£(3,405,191)**||**£-**|
||===========|===========||===========|
19
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **PRINCIPAL ACCOUNTING POLICIES**
## **FOR THE YEAR ENDED 31 MARCH 2024**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## **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**
In March 2023, the Trustees agreed to transfer all assets and liabilities to a CIO on 1 September 2023. The CIO took over from the Charity on 1st September 2023, under the name of Congregation of La Sainte Union de Sacres Coeurs UK CIO (Registered Charity Number: 1200125). At midnight on 31 August 2023, all of the assets, liabilities and activities of the Charity were transferred to the CIO. It is Accordingly, the financial statements have been prepared on a basis other than the going concern basis. There have been no adjustments required to the measurement of assets or liabilities as a result of this.
20
**THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
**PRINCIPAL ACCOUNTING POLICIES**
**FOR THE YEAR ENDED 31 MARCH 2024**
## **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.
21
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **PRINCIPAL ACCOUNTING POLICIES (continued)**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **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.
## **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.
22
## **THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **PRINCIPAL ACCOUNTING POLICIES (continued)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **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.
23
**THE ANGLO - HIBERNIAN PROVINCE OF THE CONGREGATION OF LA SAINTE UNION DES SACRES COEURS**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
**These figures represent the 5 months to 31 August 2023 when Charity ceased to be active.**
|**1.**|**DONATIONS AND LEGACIES**||**2023**|
|---|---|---|---|
|||**£**|**£**|
||Sisters' salaries and pensions|423,660|971,113|
||Other donations|12,694|28,166|
|||--------------------|--------------------|
|||£436,354|£999,279|
|||==========|==========|
|**2.**|**INVESTMENT INCOME**||**2023**|
|||**£**|**£**|
||Income from listed securities and cash held by Brokers|252,959|619,974|
||Bank and other interest|23,251|9,780|
|||------------------|------------------|
|||£276,210|£629,754|
|||==========|==========|
|**3.**|**SURPLUS ON DISPOSAL OF TANGIBLE FIXED ASSETS**||**2023**|
|||**£**|**£**|
||**Motor Vehicles**|||
||Proceeds from sales|-|8,250|
||Disposal costs|-|-|
|||------------------|------------------|
|||-|8,250|
||Net book value|-|(2,012)|
|||------------------|------------------|
|||£-|£6,238|
|||==========|==========|
|**4.**|**EXPENDITURE ON CHARITABLE ACTIVITIES**||**2023**|
|||**£**|**£**|
||**Support of members of the Congregation and their ministry**|||
||Sisters' living & personal expenses & ministry costs|124,405|337,341|
||Education, training, retreats & holidays|19,321|38,675|
||Premises costs|122,152|316,555|
||Medical|8,289|40,087|
||Staff costs|215,758|505,972|
||Depreciation|29,365|78,971|
||Support costs (see below)|59,649|142,310|
||Alms & donations|9,352|18,928|
||Governance costs (note 6)|14,800|27,940|
|||--------------------|--------------------|
|||£603,091|£1,506,779|
|||==========|==========|
24
**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 2024**
**These figures represent the 5 months to 31 August 2023 when Charity ceased to be active.**
## **4. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)**
||||**2023**|
|---|---|---|---|
|||**£**|**£**|
||**Support Costs**|||
||Insurance|-|67,161|
||Legal & Professional fees|41,767|45,952|
||Travel|1,097|2,899|
||Postage, stationery, telephone and office equipment|5,165|8,827|
||Funerals|-|-|
||Safeguarding|9,664|13,081|
||Bank charges|1,118|4,390|
||Trustees' expenses|838|-|
|||----------------------|----------------------|
|||£59,649|£142,310|
|||===========|===========|
|**5.**|**CHARITABLE GRANTS**||**2023**|
|||**£**|**£**|
||**Overseas work of the Congregation in:**|||
||Ireland|-|516,709|
||Tanzania|77,440|159,850|
||Archange Le Brun Trust for the general purposes of the|||
||Congregation worldwide|-|119,046|
||Haiti|1,012|3,830|
||Cameroon|-|-|
||Other|-|1,425|
|||----------------------|----------------------|
|||78,452|£800,860|
||**Grants to charities in England and Wales - Education**|||
||Gaudete Trust|1,500,000|-|
|||----------------------|----------------------|
|||£1,578,452|£800,860|
|||===========|===========|
|**6.**|**GOVERNANCE COSTS**|||
||Auditors remuneration|8,800|15,760|
||Other professional fees|6,000|12,180|
|||--------------------|--------------------|
|||£14,800|£27,940|
|||==========|==========|
|**7.**|**NET MOVEMENT IN FUNDS**||**2023**|
|||**£**|**£**|
||This is stated after charging:|||
||Staff costs (note 8)|215,758|505,972|
||Auditors remuneration|||
||- Statutory audit services|8,800|15,760|
||Depreciation|29,365|78,971|
|||===========|===========|
25
**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 2024**
## **These figures represent the 5 months to 31 August 2023 when Charity ceased to be active.**
## **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:||
|---|---|---|
|||**2023**|
||**£**|**£**|
|Wages and salaries|203,091|458,264|
|Social security costs|9,397|29,525|
|Other pension costs|3,270|18,183|
||----------------------|----------------------|
||£215,758|£505,972|
||===========|===========|
||**No**|**No**|
|Domestic and Care staff|32|32|
|Management and administration of the charity|3|3|
||----------------------|----------------------|
|The average number of employees in the year was:|**35**|**35**|
||===========|===========|
The number of employees whose emoluments exceeded £60,000 was nil (2023: 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 (2023: nil)
## **9. RELATED PARTY TRANSACTIONS, TRUSTEES' EXPENSES & REMUNERATION AND TRANSACTIONS WITH TRUSTEES**
There were no related party transaction during the year (2023: 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.
26
**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 2024**
## **11. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|
||**Freehold**|**Fixtures,**|||
||**Land &**|**Fittings &**|**Motor**||
||**buildings**|**Equipment**|**Vehicles**|**Total**|
||**£**|**£**|**£**|**£**|
|**COST OR VALUATION**|||||
|As at 1 April 2023|4,736,429|30,993|132,816|4,900,238|
|Additions|-|-|-|-|
|Disposals|-|-|-|-|
|Transfer of net assets to CIO|(4,736,429)|(30,993)|(132,816)|(4,900,238)|
||----------------------|----------------------|----------------------|----------------------|
|At 31 March 2024|-|-|-|-|
||----------------------|----------------------|----------------------|----------------------|
|**DEPRECIATION**|||||
|At 1 April 2023|944,482|30,993|130,812|1,106,287|
|Charge for year|28,532|-|833|29,365|
|On Disposal|-|-|-|-|
|Transfer of net assets to CIO|(973,014)|(30,993)|(131,645)|(1,135,652)|
||----------------------|----------------------|----------------------|----------------------|
|At 31 March 2024|-|-|-|-|
||----------------------|----------------------|----------------------|----------------------|
|**NET BOOK VALUE**|||||
|At 31 March 2024|£-|£-|£-|£-|
||============|============|============|============|
|At 31 March 2023|£3,791,947|£-|£2,004|£3,793,951|
||============|============|============|============|
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.
27
## **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 2024**
## **12. INVESTMENTS**
|**INVESTMENTS**|||||||
|---|---|---|---|---|---|---|
|||**Total**|||**Total**||
||||||**2023**||
||**£**||**£**|**£**||**£**|
|**Quoted investments**|||||||
|At 1 April 2023|||22,415,101|||24,015,597|
|Additions|||2,839,290|||6,363,877|
|Disposals|||||||
|Proceeds|(2,883,186)|||(6,458,468)|||
|(Losses)/Gains/|||||||
|by reference to|||||||
|opening market value|(35,746)|||(481,982)|||
||----------------------|||----------------------|||
||||(2,918,932)|||(6,940,450)|
|Unrealised (losses)/gains|||(103,956)|||(1,023,923)|
||||----------------------|||----------------------|
|Transfer of net assets to CIO|||(22,231,503)|||**-**|
||||----------------------|||----------------------|
|**Total investments At 31 March**|**2024**||**£-**|||**£22,415,101**|
||||===========|||===========|
|Historical cost of quoted investments|||||||
||||£-|||£20,267,496|
||||===========|||===========|
|**Analysis of quoted investments**|||||||
|UK Fixed interest stocks|||**-**|||3,023,828|
|Overseas Fixed interest stocks|||**-**|||-|
|UK Equities|||-|||5,041,081|
|Overseas Equities|||-|||9,316,844|
|Overseas investments|||-|||3,493,925|
|Property Funds|||-|||609,090|
|Private Equity|||-|||255,782|
|Cash Product|||-|||407,930|
|Cash on deposit|||-|||266,621|
||||----------------------|||----------------------|
||||£|||£22,415,101|
||||===========|||===========|
28
**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 2024**
|**13.**|**DEBTORS**|||**2023**|
|---|---|---|---|---|
|||**£**||**£**|
||Prepayments and accrued income||£-|£68,927|
|||==========||==========|
The value of Debtors transferred to the CIO at midnight on 31 August 2023 was £38,374
|**14.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN**|||**2023**|
|---|---|---|---|---|
||**ONE YEAR**|**£**||**£**|
||Accrued expenses||-|187,760|
||Taxation & Social Security||-|9,942|
||Held for Third Parties||-|8,978|
|||------------------||------------------|
||||£-|£206,680|
|||==========||==========|
The value of Creditors transferred to the CIO at midnight on 31 August 2023 was £1,579,981
## **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.
29
## **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 2024**
## **15. DESIGNATED FUNDS (continued)**
||**Movement in the Year**|**Balance**||**Transfer of**|**Balance**|
|---|---|---|---|---|---|
|||**at beginning**|
**Net Income**|
**Net assets to**|**at end**|
|||**of year**|**and Gains**|**CIO**|**of year**|
||**Year ended 31 March 2024**|**£**|**£**|**£**|**£**|
||Retirement fund|23,000,000|-|(23,000,000)|-|
||Schools Development Fund|1,500,000|(1,500,000)|-|-|
|||-----------------------|--------------------|-----------------------|-----------------------|
|||24,500,000|(1,500,000)|(23,000,000)|-|
||Fixed assets fund|3,793,951|(29,365)|(3,764,586)|-|
|||-----------------------|--------------------|-----------------------|-----------------------|
|||£28,293,951|£(1,529,365)|£(26,764,586)|£-|
|||===========|=========|==========|==========|
||**Year ended 31 March 2023**|||||
||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|3,874,934|(78,971)|(2,012)|3,793,951|
|||-----------------------|--------------------|-----------------------|-----------------------|
|||£28,374,934|£(78,971)|£(2,012)|£28,293,951|
|||===========|==========|===========|===========|
|**16.**|**ANALYSIS OF NET ASSETS**|||**Net Current**||
||**BETWEEN FUNDS**|**Tangible**||**Assets/**||
|||**Fixed Assets**|**Investments**|**(Liabilities)**|**Total**|
|||**£**|**£**|**£**|**£**|
||**Year ended 31 March 2024**|||||
||**Designated funds:**|||||
||Retirement fund|-|-|-|-|
||Schools Development Fund|-|-|-|-|
||Fixed assets fund|-|-|-|-|
|||---------------------|------------------------|-----------------------|----------------------|
|||-|-|-|-|
||**Unrestricted funds**|-|-|-|-|
|||----------------------|--------------------------|------------------------|----------------------|
|||£-|£-|£-|£-|
|||===========|=============|============|===========|
||**Year ended 31 March 2023**|||||
||**Designated funds:**|||||
||Retirement fund|-|20,915,101|2,084,899|23,000,000|
||Schools Development Fund|-|1,500,000|-|1,500,000|
||Fixed assets fund|3,793,951|-|-|3,793,951|
|||---------------------|------------------------|-----------------------|----------------------|
|||3,793,951|22,415,101|2,084,899|28,293,951|
||**Unrestricted funds**|-|-|1,182,539|1,182,539|
|||----------------------|--------------------------|------------------------|----------------------|
|||£3,793,951|£22,415,101|£3,267,438|£29,476,490|
|||===========|=============|============|===========|
30
**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 2024**
## **17. TRANSFER OF ASSETS TO CHARITABLE INCORPORATED ORGANISATION (CIO)**
With effect from midnight on 31 August 2023, in accordance with a legal transfer of undertakings, all the assets, liabilities, commitments and activities of the charity were transferred to the Congregation of La Sainte Union des Sacres Coeurs UK CIO (registered charity number 1200125).
The net assets transferred at that date comprised the following:
||**£**|**£**|
|---|---|---|
|Fixed Assets at net book value|||
|Cost|4,900,238||
|Depreciation|(1,135,652)||
||---------------------||
|||**3,764,586**|
|Investments at market value||**22,231,503**|
|Debtors and prepayments||**38,374**|
|Portfolio bank accounts|||
|Cash at bank and in hand|3,375,004||
||---------------------||
|Cash at bank and in hand||**3,375,004**|
|Creditors||**(1,579,981)**|
|||---------------------|
|||**£27,829,486**|
|||==========|
|The net assets were represented by|||
|**ACCUMULATED FUNDS**|||
|- Unrestricted Funds|1,064,900||
|- Designated Funds|26,764,586||
||---------------------||
|||**27,829,486**|
|||---------------------|
|||**£27,829,486**|
|||==========|
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 2024**
## **18. ANALYSIS OF STATEMENT OF FINANCIAL ACTIVITIES BETWEEN ENTITIES**
||**5 months from**|**7 months from**||
|---|---|---|---|
||**1 April 2023 to**|**1 September 2023 to**|**Total**|
||**31 August 2023**|**31 March 2024**|**31 March 2024**|
||**Charitable Trust**|**CIO**||
||**£**|**£**|**£**|
|**INCOME from**||||
|Donations and legacies|436,354|670,417|1,106,771|
|Investments|276,210|382,498|658,708|
||--------------------------|--------------------------|-----------------------|
|**Total Income**|712,564|1,052,915|1,765,479|
||--------------------------|--------------------------|-----------------------|
|**EXPENDITURE on**||||
|Cost of raising funds||||
|Investment Management fees|38,323|56,019|94,342|
|**Charitable activities**||||
|- Support of members of the||||
|Congregation and their ministry|2,103,091|855,459|2,958,550|
|- Charitable grants|78,452|614,417|692,869|
||--------------------------|--------------------------|-----------------------|
|**Total expenditure**|2,219,866|1,525,895|3,745,761|
||--------------------------|--------------------------|-----------------------|
|**Net expenditure before gains/(losses)**||||
|**on investments**|(1,507,302)|(472,980)|(1,980,282)|
|**Other recognised gains and losses**||||
|Net gains/(losses) on investments|(139,702)|1,762,423|1,622,721|
||--------------------------|--------------------------|-----------------------|
|**Net income and net movement in**||||
|**funds**||||
|**for the year**|(1,647,004)|1,289,443|(357,561)|
|Fund balances brought forward at||||
|beginning of year|29,476,490|-|29,476,490|
|1 September 2023 transfer of net||||
|assets|(27,829,486)|27,829,486|-|
|from Charitable Trust to CIO||||
|**Total funds carried forward at**|--------------------------|--------------------------|------------------------|
|**end of year**|**£ -**|**£29,118,929**|**£29,118,929**|
||=============|=============|============|
32