Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 Charity registration number 234201 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sr. M J Mikol Sr. B WIek Sr. M Czerniak Sr. S Tupaj Sr. R Lofek (Appointed 27 April 20231 (Appointed 27 April 20231 Charlty number 234201 Independent examiner AEL Markhams Ltd 2nd Floor 201 Haverstock Hill Belsize Park London United Kingdom NW3 4QG Bankers Barclays Bank plc Enfield Branch 20 The ToiNn Enfield Middlesex EN2 6LY Metro Bank 1 Southampton Row London WC1B SHA Sollcltors Bates Wells 10 Queen Street Place London EC4R 1BE Stone King LLP 13 Queen Square Bath BA12HJ
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) CONTENTS Page Trustees, report Statement of Trustees, responsibilities Independent exarninerfs report Stslemenl of financial activities 11 Balance sheet 12 Notes to the financial statements 13-21
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial slalements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out In note 1 to the financial stslement5 and comply with the Charty's Trust Deed, the Charities Act 2011 and °Accounling and Reporting by Charities." Statement of Recommended Piaclice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republi¢ of Ireland IFRS 1021" las amended for accounting periods commencing from 1 January 20161 Trust Establlshment The Sisters of the Holy Family of Nazareth (Good Shepherd Province) is a religious trust govemed by a Trust Deed dated 3rd April 1964 and is registered with the Charity Commission, Charity Registration No. 234201. Incorporation While the Charity is unincorporated, the Trustees are incorporated. This allows the property owned by the Charity lo be legally registered in the name of the Charity rather than the individual Trustees. Charty Contsct Details The Sisters of the Holy Family of Nazareth IGood Shepherd Province) 52 London Road Enfield, Middlesex EN2 6EN Tel 020 8363 4483 Email.. smjm@csfn.cc
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES. AIMS AND PRIORITIES Charltable ObJ9¢ts The Trust Deed of 3rd April 1964 slates the objects of the Charity as.. "Such 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 Society refers lo the women known as the Sisters of the Holy Family of Nazareth IGood Shepherd Province), a part of the intemalional religious congregation known as the Sisters of the Holy Family of Nazareth. Alms ofthg Charlty The prinapal aim of the Charity is the support of such charitable purposes as lo advan the religious and other charitable work carried on by the congregation of The Sisters of the Holy Family of Nazareth (Good Shepherd Province) in accordance with its mission. Such purposes indude the advancement of the Roman Catholic religion, thè advancement of education, the witness to Christian values, caring for families, the elderfy and the needy, and the promotion of justice and peace. Prlorltlos In 2023 the Charity wntinued lo fows on the following areas.. lil Providing care and improved housing for the elderly. lill Supplying personnel lo parishes and schools lo support pastoral and educational services. liiil Conlribuling lo the educational and cultural advancement of chIldn and adults, especially migrants. livl Making space, facilities and support available lo organisalions whose work aligns and suppotts the charitable objectives of the Charity and the Charity Commission public benefit guidan.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACTIVITIES The Trustees regard the Charty as a public benefit entity and have given due regard to the guidance on public benefit issued by the Charity Commission. The activities of the Charity are carried out for the public benefit, focusing on the advancement of the religious and other charitable worf( carried out by the Sisters of the Holy Family of Nazareth IGood Shepherd Province), located in England. The activities are undertaken through the volunteer work and ServIS provided by members of the congregation and others who devote lime and effort to support them. A broad range of unpaid charitsble activities are undertaken as outlined below.. Promotion of Religion lil Provision of a place of worship The Charity provides a chapel for publi¢ worship in Enfield. The Maronite ¢ommunily has regular weekly Masses and the local public attend weekday setvices. lill Raising awareness and understanding of religious beliefs and praCtiS The members of the Religious Order supporting the Charity are available for consultation, lead parish groups and offer support lo catechetical parish programmes. liiil Promotion of prayer and praise and organisalion of religious devotions Morning masses are open lo the public three times per week as well as adoration of the Blessed Sacrament. On special feast days additional services tske pla. livl Maintenance of public religious burial places The members of the Religious Order deal with the maintenance of graves owned by the Charity. lvl Provision and maintenance of religiou5 artefacts and items used in religious services or practices Vessels and items required for church services are kept in usable order and prepared for use on a daily basis in the Charity chapel and the local Catholic parish. Ivil Production, performance and promotion of religious musical narratives The Charity provides personnel who organise and implement religious musical events working with children and adults in groups and choirs. Iviil Organisalion of cultural and communty activities provide in the place of worship and in the Charity's facilities The Charity facilitates the organisation of events and makes facilities available for migrants and other groups, lo promote cultural cohesion. Promotlon of Educatlon The support for organisalions offering education of children, youths and adults is a key aspect of the work of the Charity. lil Support for the work of education establishments which provide education in accordance with the prinaples and practices of Catholicism The Religious Order managing the Charity appointed three of its members lo three Catholic schools ISI Thomas More School, Sl Vincent's Catholic Primary and Our Lady Catholic High School) lo engage in educational aclivilies. lill Funding for edu¢alion and books Financial support was given to undertake English language programmes of study. liiil Organisation of playgroups Informal educational activities are organised by the Charity in ils facilities, focussing on the needs of migrant families. livl Facililalion of out-of-school education and activities in music, such as choirs Once a week the Polish Choir, comprised of youth and adults, meet lo learn. practi and prepare for church and publi¢ performances. In addition. the Charity provided online and onsite musi¢ classes for migrants. including voice projection and conducting.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Promotlon of Educatlon contlnued lvl Offering support for students with disabilities Charity personnel work on a part.lime basis in Sl Anne's Primary School supporting the educational development of children with disabilities. Rellef of those In nee(1 lil Care services for the elderly The Charity is responsible for the care, accommodatlon and provision of all services for the elderly members of the Enfield community. Two members of the community provide full-time care. The Sisters supporting the work of the Charity take Holy Communion to the elderly, the sick and housebound on a regular basis", several act as Extraordinary Ministers of Holy Communion al Convent parish Masses. lill Visiting the sick and accompanying the homely Sisters supporting the work of the Charity visit the sick, ex-sludenls and parishioners in their own homes and in Nursing and Residential Homes. liiil Encouragement and support of pastoral work One Sister provides ongoing outreach assistance through groups, a Soaal and Bereavement Group and a Prayer Group, linked wth the local parish facilities. Relief of Poverty lil Re-evaluation of the use of the Charity properties lo provide housing for those experiencing the consequences of povety Ongoing planning fDr the use of the property continues. The focus is on the renovation of existing buildings to ascertain how much space is required by the current resident community and how much space could be divested for future rental rooms for low wage earners. Iiil Grants of money Financial assistance and food was provided lo individuals for basic needs. liiil Provision of items such as furniture, bedding. clothing, food and appliances There was a limited distribution of goods lo individuals and charity shops. livl Provision of facilities, services and support The Charity's chapel is open lo the public and migrant groups for church services and prayer al specified times. Adjacent facilities and the outside garden are used for meetings, playgroups, choir rehearsals, classes and related Charity aclivilie5. The members of the Religious Order resident in the Charity facilities provide a listening ear for the lonely and Confused and thosè struggling with life's challenges.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE The Charity continues lo provide a wide variety of charitable services lo the local Cornmunily, ils inslilulions, groups such as migrants and individuals faced with diffi¢ull ¢ircumslan¢es. It is not easy to assess the Charity's performance as the benefits are often intangible. In presenting this report on achievements and performan, the following examples are provided featuring the main achievements and performance areas, which can be partially characterised by rates of participation, annual retention rates and the public demand for services. The continuing requests from individuals and organisations for the Charity's services gives witness lo the recognition of the usefulness of the support provided. Outcomes In the promotlon of rellglon Facilities have been provided for engagement in worship and praise servi$ for a range of groLJPS. Annually beeen 1,802,000 persons attend the Sunday Maronite rnasses., between 1,500-2,000 persons from the local community participate in the weekday masses., and approxirnately 750 persons attend the adoration services. The rale of partiapalion in these devotional services increased steadily over the year. Religious focused eullur818nd recreational activities have been organised on 8 weekly basis for children, focussing on Polish migrant groups. Building interaction among children has brought together families who have developed supportive and cultural links supportive of promoting family and community bonds. Up lo 25 children meet twice month lo participate in these aclivilies. Up lo 20 ¢hildren and adults are tutored weekly by Charity personnel. professionally equipped to prepare ¢hoirs for engagement in liturgical setvices and other religious oriented events. This preparation not only exposes participants to engage in a variety of religious and cultural settings but improves the quality of musical input in religious services. Parish clergy are assisted by the provision of Charity personnel who maintain and set up religious items and liturgical clothing used on a daily basis in religious services. Outcomes in the promotion of education The Charity promotes education through the provision of ftjnds for educational courses and books, Currently for English language learning. Such assistan was provided to migrants engaged in the work of the Charity, assisting them and the Charity to provide improved wort( output. This assists not only the Charity but also its dientele. The Religious Order sponsoring the work of the Charity supports ils objectives through the provision of three religious Sisters who engage in teaching activities al three schools.. Sl Thomas More School, St Vincent's Catholic Primary and Our Lady Catholic High School. Their combined enrolment lolals approximately 2,300 students. These organisalions benefit from the teaching expertise of the Sisters in the areas of music, education for the disadvantaged and assistance in literacy improvement. Equally important are the benefits accrued to individual pupils academically and through pastoral support. Outcomes In the promotlon of rg11gf of those In ne&d The main work of the Charity related to relief of those in need embraces the provision of full-time care of elderly Sisters, and those with particular needs. The benefits of this activity is self-explanatory for the persons concerned and known as standard practice in the care sector. In addition, the Charity provides Eucharistic ministers to those living at home, in hostels, in eare homes and in the local parish. This Service affects over 5,000 persons a year. These provisions often provide spiritual accompaniments and consolation.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE continued Outcomes In the rellof of poverty The Charity, through its provision of money, goods, facilities, services and providing a listening ear, does what it can to respond to critical incidents according to its available reSoUrs. While rarely is this form of charity adequate ID respond to the level of present needs, il is a step in the chain of assistance required in many situations. Often il provides a link for those in need in identifying other options for assistance in the longer term. Helping others is a demonslralion of our faith and eommilmenl lo be a supportive presence in the lives of others, spiritually, educationally, soaally and financially. FINANCIAL REVIEW The main Charity resources in England continue lo be provided by the salaries and retirement pensions of the Sisters,. they are covenanted lo the Charity. There have not been any new appointments to England in 2023. The statement of financial activities shows that incoming resources in 2023 decreased by £59.250 10 £222,863 from £281,913 in 2022. The total funds for the year decreased by £99,905 to £7,398,593 from £7,498,498 in 2022. Reserves Policy 11 is the policy of the Charity that unreslricled funds which have not been designated for a specific use should be maintained at 8 level equivalent lo a minimum of two years lotsl expenditure. Based on an annual average of approximately £365,000 per annum over the last five years, this equates lo £730,000. The Trustees consider maintaining the reserves al this level lo ensure that. in the event of a significant drop in funding, they will be able lo continue the Charity's current activities while consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the end of 2023 the Charity held free reserves of £620,70612022- £576,995) in equity investments and £153,54712022- £301,720) in the bank and cash reserves. The Charty did not hold any restricted funds at the year end dale12022 £nill.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Natur8 of Governlng Document The Charity was established by a charitable Trust Deed on 3rd April 1964. On 24 June 2015, the governing document was amended so as to redefine 'lhe Society, and 'lhe Superiorf as follows.. .1 IA) °the Society" means the voluntary association of women known as the Good Shepherd Provin of the Sisters of the Holy Family of Nazareth and any subsequent province fomièd canonically by the aggregation, merger or union of the Good Shepherd Province, or any successor province, with another province or other provinces." .1 IBI "the Superior. means the person for the time being holding the office of Provincial Superior of the Society and during any va¢an¢y in such office or when the person holding such Offi is unable lo carry out any of the fun¢lions thereof includes the person or persons who under the canonical constitLJtions of the Society is or are for the time being entitled to carry out such functions and, in default of such person, the Superior General of the Congregation of the Holy Family of Nazareth." The Trustees applied lo the Charity Commission to become a body corporate under the power given in section 251 of the Charities Act 2011. On 29 September 2015, the Charity Commission granted a rtificate of incorporation of the Trustees. Oryanlsatlonal structure The Congregation of the Sisters of the Holy Family of Nazareth is an international religious order divided into a number of separate provinces and regions. Since March 2003, the Sisters in England function as part of the Good Shepherd Province. The Province is comprised of the congregation in France and Italy, as well as England, and is administered by a Provincial Superior and her council. To reflect the new international structure, in 2015 the Charity registered a name change al the Charities Commission. Since 24 June 2015, the Charity is now officially named", The Sisters of the Holy Family of Nazareth (Good Shepherd Province). In the Congregation's organisalional chart. the international govemance body of the Congregation of the Sisters of the Holy Family of Nazareth is known as the General Administration whose offices are located in Rome, Italy. This administration holds office until July 2028. Under the General Administration are the Congregation's proVins, each administered by a Provincial Superior and her Council. Jesus the Good Shepherd province, which embraces England, France and Italy has its offices in Rome, Italy. The Charity is located in Enfield, Middlesex, in the United Kingdom. Administration and Management of the Charity The Chair of the Trustees 85 well as the Trustees, are appointed from members of the Sisters of the Holy Family of Nazareth IGood Shepherd Province). The adminislialive work of the Charity relies on the appointment of threè members of the Congregation to administer the business and management of the Charity. One Sister serves as the Chair of Trustees, a second as Coordinator of the Local Community and the third as Accounts Manager or bursar. Sr. M J Mikol Sr. A Flak Sr. B Wiecek Sr. M Stempko Sr. M Czerniak Sr. S Tupaj Sr. R Lofek (Resigned 27 April 20231 (Resigned 27 April 20231 (Appointed 27 April 20231 (Appointed 27 April 20231
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Recruitment and appointment of Trustees Trustees are appointed by the Provincial Superior of Jesus the Good Shepherd Province. The Charty Trustees are all members of the Congregation of the Holy Family of Nazareth. As a result of amendments to the governing document enacted on 24 June 2015 which was amended so as to redefine Ihe Society, and 'the Superior,, the power of appointing new Trustees now rests wth the Provincial Superior of the Jesus the Good Shepherd province rather than with the Superior General of the worfdwide Congregation based in thè Generalate House in Rome, Italy. Since the changes enacted in 2015, the five Trustees are appointed by the Superior Provincial and her council for a temi of five years. The Trustees are ultimately responsible for the achievement of the objects of the Charity, the development of policies and administration of the Charity's assets. The Trustees, report was approved by the Board of Trustees. SW•d by.. Slgnedty. tum F1EO8E1tr#14f4I¥'" Sr. M J Mikol Trustee Sr. B We¢ek Trustee Date.. 19 September 2024 1 4:04 PM BST
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Vvales requires the Trustees to prepare finanaal statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial stalemenls, the Trustees are required lo". select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalements", and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The TrLJStees are responsible for keeping sufficient accounting records that disclose with reasonable accLJracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud 8nd other irregularities.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SISTERS OF THE HOLY FAMILY OF NAZARETH {GOOD SHEPHERD PROVINCE I report lo the Trustees on my examination of the financial statements of The Sisters of the Holy Family of Nazareth (Good Shepherd Province) Ithe Charity) for the year ended 31 December 2023. Responslbllltles and basls of report As the Trustees of the Charity you are responsible for the preparats'on of the financial statements in accordan with the requirements of the Charities Act 2011 Ilhe 2011 Acll. I report in iespect of my examination of the Charity's finanGial 51alemenls carried out undeT section 145 of the 2011 Act. In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs staternent Your attention is drawn lo the fact that the charity has prepared financial statements in acGoidanGe with Accounting and Reporting by Charities preparing their acwunts in acGordance wlh the Financial RepoTbng Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities. Statement of Recommended Practs'ce issued on l April 2005 which is referred lo in the extant regulations but has now been withdrawn. l understand that this has been done In order for financial statements to Provide a true and fair view in accordan wlh Generally Accepted Accounting Practice effective for reporb'ng periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matteTS have come to my attention in connection with the examination giving rne cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by seth'on 130 of the 2011 Act., or the financial statements do not accord wth those records., or the finanaal statements do not comply wth the applicable requirements concerning the form and content of accounts set out In the Charitses (Accounts and Reports) Regulations 2008 other than any Tequiremenl that the accounts give a true and fair view which 15 1101 a matter considered a5 part of an Independent examination. I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn in thi5 report in order lo enable a proper understanding of the financial slalemen15 to be reached. Mr. Marc Bennett FCA- Independent Examlner AEL Markhams Ltd 2nd Floor 201 Haver5tock Hill Belsize Park London NW3 4QG United Kingdom 24 september 2024 1 10:30 PN pur Dated.. 10-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Unrestrlcted funds funds 2023 2022 RestrlGted funds 2022 Total 2022 Notgs Income from: Donations and voluntary income Investments 198,735 23,928 223,974 27,939 30,000 253,974 27,939 Total income 222,663 251,913 30,000 281,913 Expenditure on: Charitable activities 360,079 328,107 30,000 358,107 Total expenditure 360,079 328,107 30,000 358,107 Net gainslllossesl on investments 11 37,511 165,6251 165,6251 Net expendlture 199,905} 1141,8191 1141,8191 Other recognlsed galns and losses.. Revaluation of tangible fixed assets 20,000 20,000 Ngt mov&ment In fund$ 199,905} 1121,8191 1121,8191 Reconciliation of funds- Fund balances at 1 January 2023 7,498,498 7,820,317 7,620,317 Fund balances at 31 December 2023 7.398,593 7,498,498 7,498,498 The slalemenl of financial activities includes all gains and losses recognised in the year. Al income and expenditure derive from continuing activities.
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Nole$ Fixed assets Tangible assets Investments 13 14 6,631,193 100 6,634,003 100 6,631,293 6,634,103 Current assets Debtors Investments Cash at bank and in hand 15 16 13,824 620,706 153,547 13,965 576.995 301,720 788,077 892,680 Creditots- amounts falling due within one year 17 120,7771 128,2851 Net current assets 767,300 864,395 Total assets less current liabilities 7,398,593 7,498,498 The funds of the Charity Unrestricted funds Revaluation reserve 778,593 6,620,000 878,498 6,620,000 7,398,593 7,498,498 29 Aug 2024 The finanaal statements were approved by the Trustees on ........................ SlwAd by SI¢LY UxdA IIILLLI) "DnD5¥4èE46U Sr. B Wiecek Trustee Sr. M J Mikol Trustee 12-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity inforniation The Sisters of the Holy Family of Nazareth (Good Shepherd Province) is a religious trust govemed by a Trust Deed dated 3rd April 1964 and is registered with the Charty Commission, Charity Registration No. 234201. 11 is based at 52 London Road, Enfield, Middlesex EN2 6EN. 1.1 Accountlng conventlon The accounts have been prepared in accordance with the Charty's trust deed, the Charities Act 2011 and °Accounling and Reporting by Charities". Statement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20161. The Charity is a Public Benefit Enlily as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the ftjnctional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historic21 cost convention. modified to include the revaluation of freehold properties and to include investment properties and rtain financial instruments at fair value. 1.2 Golng concgrn At the lime of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees conbnue to adopt the going concern basis of accounting In preparing the financial ststemenls. 1.3 Charltable funds Unrestricted funds are available for use at the discreb'on of the Trustees in fiJrtheran of their charitable objectives. 1.4 Income Income is recognised when the Charity is legally entf(led to il after any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income will be reived. Cash donations are recognised on receipt. Other donations are recognised once the Charity has bèen notified of the donation, unless perfomance conditions require deferral of the amount. 1.$ Expendlturo Expenses are included in the financial statements as they fall due. Expenses include VAT where applicable as the Charity cannot reclaim it. 13-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any Impairment losses. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated lo write off the cost less eslimaled residual value of each asset over ils expected useful life, as follows.. Land and buildings Fixtures, fittings & equipment Motor vehides 1 OOk_ 200/0 Reducing balance 25Q/o Reducing balance The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Freehold land and buildings are not depreciated on materiality grounds. 1.7 Fixed asset invastments Fixed asset Investments are initially measured al transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. Current asset investments are measured al fair value al each reporting date. Changes in fair value are re¢ognised in net incomellexpenditurel for the year. 1.8 Impairment of fixed assets Al each reporting end date. the Charity reviews the carying amounts of ils tsngible assets lo detemiine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the impaimienl loss lif any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal Instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of Ils finanaal Inslrumenls. Financial Instruments are recognised in the Charity's balance sheet when the Charity becomes party to thè conlraclual provisions of the inslrumenl. Financial assets and liabilities are offset, wich the net amounts presented in the financial slatemenls, when there is a legally enforable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price Including transaction costs and are subsequently carried al amorb.sed cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measUd at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 14-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnuedl Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslilules a financing transaction, where the debt Instrument is measured al the present value of the future payments discounted al a matkel late of Interest. Financial Iiabililies classified as payable wthin one year are not amortised. Debt instruments are subsequenuy Carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current Iiabililies. Trade creditors are recognised Initially al transaction price and subsequently measured al amortised c05t using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday enliuement is recognised in the period in which the employee's services are received. 1.12 Ratirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In¢omg from donatlons and voluntsry Income UnrestrlGted Restrlct&d funds funds 2023 2023 Total Unrestrlcted Restrlcte(I funds funds 2022 2022 Totsl 2023 2022 Donations and gnls Other 7,710 191,025 7,710 191,025 5.937 218,037 30,000 35,937 218,037 198,735 198.735 223.974 30,000 253.974 15-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlons and voluntsry Income Icontlnuedl The ' Other ' donations above consists of the salaries and pensions of the Sisters which are gifted under deed of covenant. It also includes contribLJtions from The Holy Family of Nazareth Educational Trust charity in respect of pensions and carers allowance for Sisters who had worked or supported the Pitsford School. Income from Investments Unrestrlcted Unrestrlcted funds funds 2023 2022 Rentsl income Interest receivable 17,291 6,637 27,231 708 23,928 27,939 Expenditurg on charitabl8 activitias Charltable Charltabl Expenditure Expenditure 2023 2022 Direct costs Charitable expenditure 9,921 9,637 Share of support and governance costs (see note 71 Support Governance 341,158 9,000 335,270 13,200 360,079 358,107 Analysls by fund Unreslrided funds Restricted funds 360,079 328,107 30,000 360,079 358,107 Description of charitable activities Charitable Ex endilure The charitable expenditure of £9,921 12022 - £9,637) above consists of contributions to the Generalale in Rome of £8.000 and other small donations to local causes. 16-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allocated to activities 2023 2022 staff costs Depreciation Support of the members of the congregaty'on Governance costs 25,657 2,811 312.690 9,000 25,446 2,120 307,704 13,200 350,158 348,470 Analysed betsveen: Charitable Expenditure 350,158 348,470 Wth the exception of the direct charitable donations and governance costs. all the costs of the Charity have been classified as support costs. These costs include the maintenance of the buildings, ulililies, food, clothing, and the general health and weKare of the Sisters. The governance costs relate lo professional fees for the independent examination laudit in 20221 and ac¢ounlancy services. Net movement in funds 2023 2022 The nel movement in funds is slated after chargingllcredilingl.. Fees payable lo the charity's independent examiner. for the independent examination of the charity's financial slalements audit fees accountancy fees Depreryalion of owned tangible fixed assets 3,000 6,000 7,200 2,120 6,000 2.811 Trustees The Trustees living and personal expenses are borne by the Charty as they are members of the congregation. None of the Trustees lor any persons connected with them) received any remuneration or reimbursement of expenses during the year in connection with their duties. 10 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Kitchen staff 17-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employee$ Icontlnuedl Employment costs 2023 2022 Wages and salaries Olhei pènsion costs 25,273 384 25,068 378 25,657 25,446 There were no employees whose annual remuneration was more than £60,000. 11 Galns and loss&s on Investments Unrestrlcted Unrestrlcted funds funds 2023 2022 Gainslllossesl arising on.. Revaluation of investments 37,511 165,6251 12 Taxation The charity is exempt from laxalion on its activities because all ils income is applied for charitable purposes. 13 Tanglble flxed assets Land and buildings Fixtures. fittlngs & equlpment Motor vehicles Totsl Cost or valuation Al 1 January 2023 6,620,000 87,442 23,900 6,731,342 Al 31 December 2023 6,620,000 87,442 23,900 6,731,342 Depreciation and impaimient At 1 January 2023 Depreciation charged in the year 73,638 2,761 23,700 50 97,338 2,811 Al 31 December 2023 76,399 23,750 100,149 Carrying amount Al 31 December 2023 6,620,000 11,043 150 6,631,193 Al 31 December 2022 6,620,000 13,804 199 6,634,003 18-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tanglble flxed assets Icontlnuedl The carrying value of land included in land and buildings comprises.. 2023 2022 Freehold 6,620.000 6,620.000 The land and buildings were acquired many years ago and as such the historical Cost is immaterial. The Trustees eslimaled the value of the land and buildings at 31 December 2023 to be £6,620,000. At 31 December 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £-12022- £-1. As there is no historical cost the revaluation surplus is effectively the value of the land and buildings of £6,620,00012022- £6,620,000) 14 Fixed asset investments Unlisted investments Cost or valuation Al 1 January 2023 & 31 December 2023 100 Carrying amount Al 31 December 2023 100 Al 31 December 2022 100 On 30 October 2015 a subsidiary ¢ompany called House of Joseph Ltd (company registration number 98492621 was formed. The Charity owns 1000A of the issued share capital. The company continLJes to remain domianl. The net asset value of the company is £100. 15 Debtors 2023 2022 Amounts falllng due wlthln on& year: Other debtors Prepayments and accrued income 2,127 11,838 13,824 13,824 13,965 19-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 16 Current asset investments 2023 2022 Unlisted investments 620,706 576,995 In 2013 the Trustees invested £430,000 with Epworth Investment Management in a combination of equity funds, corporate bonds and deposit funds. During the 2021 yèar thè remaining funds held in income unil funds were swtched lo accumulation unil funds. All the income generated is now accumulated in the value of the fund so there is no longer a separately identifiable income return. At the year end dale the market value of the fund was £820,70612022 - £576,995). Induded in the fund is £161,298 of cash deposils12022- £52,896). The investment portfolio is treated as a current asset as the ftjnds are readily ¢onvertible into liquid funds and may need to be utilised at short notice if required. 17 Credltors: amounts falllng due wllhln one year 2023 2022 Other taxation and social security Other Creditors Accruals and deferred income 11801 3,640 17,317 179 9,740 18,366 20,777 28,285 18 Retirement benefit schemes 2023 2022 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 384 378 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 19 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unreslricled ftjnds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 Revaluation reserve General funds 6,620,000 878.498 6,620,000 778.593 222,663 1360,0791 37.511 7.498.498 222,663 1360,0791 37,511 7,398,593 -20-
Docusign Envelope ID.. 9AAE793F-EE1C47AF-AB4C-60F559107429 THE SISTERS OF THE HOLY FAMILY OF NAZARETH (GOOD SHEPHERD PROVINCE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 19 Unrestrlcted funds Icontlnuedl Prevlous year: At 1 January 2022 Incomlng resources Resour¢e$ expended Galns and losses At31 December 2022 General funds 7.620.317 251,913 1328,1071 145,6251 7,498,498 20 Related party transactions Transactions with related parties During the year the Charity contributed £8,000 to the Provincial Generalate in Rome. 21