Charlty R&gl$tratlon No. 235342 THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 LSL/ JES
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS LEGAL AND ADMINISTRATIVE INFORMATION Delegated Councillor and Trustee Sister Hilary Brown Trusteas Sister Eileen Ryan Sister Mary MoLoughney Sister Nora Mary Ryan Sister Kathleen Curran The trustees are appointed by the Delegated Councillc*r. Charlty number 235342 Principal address Ursulines of Jesus Administration Stella Maris Convent Ealon Crescent Swansea SA14QR Auditor Greaves Wesl & Ayre 17 Walkergale BeNllck-upon-Tweed Northumberland TD15 1DJ Bankers Royal Bank of Scotland Solicitors Polhecary Wilham Weld 84 Eccleston Square Pimlico London SW1V 1PX Investment advisors U.B.S. Wealth Management IUKI Ltd 2 Sl. James, Gale New¢aslle upon Tyne NE4 7JH
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS LEGAL AND ADMINISTRATIVE INFORMATION Investment powèrs The trustees carry out their responsibilities in connection with safeguarding the investments of the Charity under the power given to them by virtue of slalule. They have drawn up an investment policy in acc(>rdance ¥Mth Charity Commission guidelines and have delegated discretionary investment management to their managers. The Iruslee5 mtsniloi the performance ol the underlying investments as well as their Investment managers. Governing documents Registered charity governed by its Trust Deeds of 1939 and 1965 as amended.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS CONTENTS Page Trustees. report Statement of Iruslees, responsibilitie5 22 Independent auditor's report 23-26 Statement of financial a¢livilies 27-28 Balance sheet 29 Stalernenl of cash flows 30 Notes to the financial statements 31-45
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees present their report and financial statements for the year ended 31 December 2023. The accounts have been prepared in accordance with the accounting policie5 Set out in note 1 to the accounts and comply with the ¢harily's Trust Deeds, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Re¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° leffective 1 JanL)ary 20191. A proportion of the legal and administrative information required lo be disc105ed within this report can be found elsewhere on the Administrative Details pages of these financial slatement5. Introduction The Congregation of the UrsLJlines of Jesus is an international religious order founded in 1802. Our total number of sisters now stands al 388. this indudes 12 novices. The congregation 15 divided into seven Missionary Realities with France and ltsly forming a single Reality. Within the United Kingdtsm and Iland IUKIIRLI Missionary Reality there are currently 31 sisters living in 5 communities. The Charity is administered by our Sister Coordinator appointed by our Superior General, and her trustees, who are appointed by our Superior General after consultation with the Coordinator. The trustees consult with the Sister Coordinator whts is responsible for the government of the Missionary Reality in Carrying out the Charity's work. After consultstion with their legal advisors the decision was taken lo update the constitution in September 2009. The Tru51ee Body now consists of the Sister Coordinator and 4 other sisters, one of whom is the bursar and another a member of the Finance team. GOVERNANCE. STRUCTURE AND MANAGEMENT Governance In terms tsf Canon law, the Congregation is governed al an international level by the Superior Genwal and her CounGil in Paris. France. They are elected every five years at a General Chapter meeting of represenlats'ves from all seven Missionary Realities. In preparation for the General Chapter of 2010 as a Congregation we became more awa of lrfe in the differenl provinces and regions and the evolub'on of our $latislics. All of this urged us lo look al the structures with a view to necessary changes for lrfe. As already stated in previous trustees reports in the general chapter of 2010 a decision was taken to change our structure.. suppressing the provinceslregions and entrusting to the General Council, which consists ol the Superior General and her council, the animation and government of the '8ody Congregation, as a whole. The term now given lo the different missions is.. Missionary Reality. Following the time of ad experimentLJm from 2010 to 2022, the General Chapter which took place in June 2022 I0 years late due Its COVIDI look the definitive decision lo accept this new structure and received approval from Rorne. The UKIIRL Missionary Reality is governed by the General and her council. They appoint a sister as coordinator, currently Sister Hilary Brown, who has responsibility for the animation and accompaniment of the UKIIRL Missionary Reality.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Governance Icontinuadl The Coordinator is required to visit each comrnunily every year and throughout the year there is a system of accounlabilily, operational throughout the Reality lo ensure that the Coordinator and the Tiustees are aw3re ol the progress and development of the ministries carried out by the sisters of the Reality. A visit by the Superior General is made lo the UKIIRL Missionary Reality al least once every five years. In terms of civil law. the charity is governed by ils Trust Deed 1965. amended by the Charity Commission Schemes dated 1972, 1978. 1996. 1997 and 2007. The Charity Trust Deed states that the property and income is held UPON TRUST to apply the same either as apilal or income lor such charitable purposes a5 shall advance the religious and olh&r charitable work for the lime being carried on by or under the direction of or with the support ol the Society as the Trustees with the approval of the Superior Geneml shall from time-lo-lime think fit. The Sociely. as defined in the Trust Deed, refers to the Congregation as a whole. In practice, the Charity advances the charitable work of the UKIIRL Reality, although at the same lime il supports the Congregation's headquarters in Franee and Ils other overseas branches. As the Irustees are member5 of the Congregation, they have a detsiled knowledge of the Charity and rts slruclure. Throughout 2023 trustees where possible, made use of various webinars lo update Ihefflselves regarding trustee training and changes in the Charity Law. Our annual meeting ol the Association of Piovincial Bursars in October 2023, was once again a face lo lace gathering al the Hayes Conference Centre. led by expert5 In the field of finance, civil law and climate change. All the trustees. when possible, attend the meetings on investments with UBS and receive financial reports from Greaves West & Ayre. Those meelings a a very good Source of information and keep the Iru51ees up lo dale with current financial changes, particularly important in this time of uncertainty wth the continuing war In the Ukraine. Pale51ine and the impact on the enoMY. Trustees are kept inlomied by financial experts in UBS of current financial movements and the need for clear sliategies in investing. Trustees The trtjstees who Served during the year were". Sister Hilary Brown Sister Eileen Ryan Sister Mary McLoughney Sister Nora Mary Ryan Sister Kathleen Curran
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees l¢ontinuèdl Sister Hilary Brown graduated from Liverpool University and laught al Primary level in Liverp(x)I, Edinburgh. London and Swansea. Following on from this she worked in a wide range of Pastoral services in Scotland, Canada and Jersey. Hilary was provincial of the UKllreland province from July 2008 to March 2011. Elected on lo the General Team in August 2010 she was nominated as Delegated General Councillor lo Cameroon and in September 2013 was nominated as Delegated General Councillor for the UKllreland Missionary Reality. IAppointed as Trustee on 1 September 20131. Sister Mary M¢LoughnÈy after ¢ompleling her Teacher's Training laught in the private and public sector for 25 years. She has followed courses in self-development. professional and religious development. She was ¢o- ordinalor in school and parish based sa¢ramental preparation. Sister served on the Province leadership team from 1996 10 2002. Since 2002, She has been working in various parishes a5 parish sister. IAppoinled trustee on 23 September 20081. Sister Eileen Ryan is a Registered General Nurse anLI trained Midwife. She spent many years in a remote rnission slalion in Bauohi. Nigeria and worked as a community nurse with Haringey Primary Health Care trust for a number of years. She is a member of the Finance team. (Appointed trustee on 07 September 20091. Sister Nora Mary Ryan spent most of her nursing years as nurse and midwife in a Rural Matemity and Hea Centre in Nigeria On her return $he trained in Palliative Care and worked in a London hospice. Lat¥ having trained in Ignatian Spirituality she worked in Ireland in a Retreat Centre after which she worked as chaplain in Swansea University. In 2002 she became leader of our Province for six years followed by another six years working in the area ol spirituality in a Diocese. IAppointed trustee on 11 May 20161. Sister Kathleen Curran trained al Royal Infirmary Edinburgh as a registered General Nurse followed by further training course in Theatre Nursing. In 2002 she had a ¢hange of ministry training as a SPRED catechisl ISPe¢ial Religious EDucalitsnl, as 8 Spiritual Dire¢lor in 2004. then Diploma in Chaplaincy in 200718. Today her ministry is In Spirrtual Direction, SPRED as well as parish work especially in developing and leading people in their prayer In September 2020 Kathleen was appointed Bursar for the Reality (appointed trustee on 13 November 2018}. STRUCTURE AND MANAGEMENT REPORTING The Iruslees are ultimately responsible for the policies, activities, and assets of the ¢harity. Various groups ol trustees meet regularly and there is a formal rneeling of all the Iruslees three Iimtts a year. Vvhen necessary, the trustees seek advice and support from the charity's professional advisers including property consullanls, investment managers, solicitors, and accountants. The day-to-day management of the Charity's a¢livilies and the implementation of policies is delegated lo the appropriate members of the Congiegalion. The Finance Tearn are represented al all finanGial meetings, b(>th internal and extemal, including accounting and audit ffleelings, as well as Investments meetings. Assisted by the Missionary Reality accountants they prepare individual, Community and provincial management accounts and forward projections. Communities are based in England, Scotland, Wales and Southern Ireland
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 WORKING WITH OTHER ORGANISATIONS In ministry, we see the Importance of collaborating with others, networking with organisations, working together in favour of life. solidarity, and justice, sharing our experience, our expertise, and looking al how we can be more efficient In responding lo present day needs. As our average age increases and with less sisters available for active ministry, we are more than ever conscious of our need to collaborate with others. Organisations- Justice and Peace Fairtrade Sl. Vin¢enl de Paul Society Prtsjecls for the homeless Local organisalions in the areas where we are based. Church based groups. Collaborating with groups involved in safeguarding ¢hildren and vulnerable adults. Diocesan based groups.. Catholic Vocation projects Spiritual SupportlDirection RISK MANAGEMENT The Iru51ees have looked at the risks the Congregation curfently faces in the Missionary Reality and have reviewed the measures already in place, or needing to be put in place, to de31 with them. The Iru51ees believe that by monitoring reserve levels and by ensuring controls exist over key financial systems that all material risks have been identified and miligaled. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES 'Spurred on by the love of Christ we look at the pressing needs of our lime in order ttr be al the service of the life and growth of Individuals and groups. (Constitutions of Ursulines ol Jesus). "The Vvord becarme flesh and dwell among us" Jn 1'.14. This wonderful news of the love of Gtsd who reaches 811 people enlightens and transforms our lives and we wanl to communicate this to our brothers and sisters. {Conslilulions of Sisters of Immaculate Conceptionl. We a also aware in our choice of ministries of our responsibility to work for Public Benefit and to be available when possible wherever life is threatened. In oui General Chapter 2022 we reflected together and discerned what God wants of us today. taking orientstions for the next five years until Chapter 2027. We continue to listen, to be aware. and to eollaborale with others so that we can foster relationships that respect the dignity of each person, caring for and protecting life and our common hotne. We in our United Kingdomllreland Reality tske a realistic look al the changes over the past years.. diminution in numbers. aging. illness but also al the energy and determination to commit ourselves to keeping the flame alive that burns within us. to be aware of what is happening around us and where possible to be ready to go out lo meet the other wherever life is present and needy.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 In determining where and how we commit ourselves we 9ive priority.. to all that may further the dignity, health, and education of human beings to all that helps in the eslablishmenl and growth of Christian communities and lo fostering inlerfrdilh relationships lo our sociallpasloral work to networking with groupslorganisations who are working for a more ju51 society. These priorities are expressed in different ways.. in education of children and young people and financially supporting organisations working for disadvantaged youth in the formation of adults and the social advancement of women in the ¢are of the sick and the elderly in the service of the Church, in collaboration with laity in our responsibility lo each other espe¢ially our senior and sick sisters. in other forms of ministries quired by current needs. In all these, we have a constant concern for people mosl in need and those on the margins of society. We dis¢ern our ministries and search where we can best be al the service of the pijblic in response to the new laws ol the charity commission. Our outreach goes beyond our hornes, touching and being touched by the lives of many. There is a continual awareness of what is happening, where the needs are. but also an acceptance of our limitations given that our average age is 83.5 years, while remaining full of hope for the future. Activitie5 and specific objectives As stateLI under Mission the aclivilles of the Charity Can be divided into three main areas. lal Caring ftsr the members of the Congregation. Ibl Social and Pastoral work Icl Missionary involvement. Caring for members ofthe Congregation. In common with many religious ¢ongregalions in United KingdomllRL, the age profile of the members of the Congregation is increasing as existing members grow older and the number of new vocations becomes minimal. The age profile of the Congregation in United KingdomllRL is shown graphically below".
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Caring for members of the Congregation Icontinu¥dl 25 15 io The Congregation has an obligation, both moral and legal to provide ¢are for ils members. none ol whom have resources of their own and all Df whom have devoted a significant part of their lives lo edu¢alion. nursing, pastoral work, and care of the poor and marginalised in society. As the age profile of the Congregation increases so too does the need to provide in¢reasing and irc¥$1ng[Y expensive care for the sisters. Administration To ensure the smooth running of the organisalion many sisters are involved on a day-to-day basis in administration. This is on a voluntary basis, and includes finance, secretarial work, archives, and translating. Many hours are still being spenl in Iranslab'ng the writings of our founder Louis Marie Baudouin in view of finally printing his numerous letters.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Stella Maris Convent Stella Maris Convent, Swansea which was r&buill ac¢ording lo Care Standard Regulations suitsble forthe care ol our elderly sisters was opened in 2005. As time went on, we have needed the help of more trained lay stsff, which naturally has had a knock-on effect on our financial resouices. During 2012 to comply wth the law in South Wales. steps were tsken to register Stella Maris as a Care Home and to appoint a Care Manager. Policies were drawn up and changes were made to meet the regulations requested by Care and Social Inspectorate of Wales and a Care Manager was appointed and ComMend dLrties on 1 November 2012. Stella Maris was officially registered as °Stella Maris Convent & Care Home" on 12 March 2013. Being registered permitted us lo adrllil 24 clients some of wh(>m were Service Users who are not members of the Congregation of the Ursulines of Jesus. Financial costs were met in part by income ieceived from these residents. In 2021 we made the decision to carry out a review of Stella Maris Care Home. We employed a Human Resource expert and a solicitor with expertise in this fi'eld to work with three of our Iruslees. Staff were consulted and their advice sought throughout the process. The decision was made to decrease our registered beds from 24 to 12 which was approved by Care in Wales. This meant a decrease in staff numbers wth most taking voluntary redundancy. By September 2021 the new structure was in place and at the end of October a new manager was appointed who took up post on 1 November 2021. At the end of 2023 there was one lay resident. As the year closes. Stella Maris Convenucare Hc*me is home lo a communty of 20 sisters. Eight of the sister5 live in the registered area together with one permanent lay resldenl all of whom are cared for by qualified staff as required by CIW.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Stella Maris Convent Icontinuedl Because of the incieased vulnerability and health issues of several of sisters more demands are made on the stsff and the active member5 of the community. The sisters spend quality time each day wilh the sisters in care, listening lo their Stories, sometme5 being a container for their distress. One sister who has come lo the c()mmunity says, 'Now, I live here in the grounds of Stella Maris wlh my sisters. I have gradually settled into another way of being and living. I believe we are all on a journey together. I feel called lo live my mission with joy, ¢ompassion and hope here with my 51slers and all whom l encounter on a daily basis,. Some of the sister5 continue visiting the elderly and the sick in their homes. One sister still heips with the university students Sister Hilary Brown Is the Responsible Individual for the Care Home. She visits and prepares a report for the trustees every three months. Famlly of the Incarnation Following Jesus, Word Incarnate. we want lo live. shale and promote the spirilualily of the Incarnation." il is our great treasure, the gift we can make to the wodd, the sour¢e of our identity. Missionary project of Congregation 2000. As an Inlernalional Congregation we continue to share our Charism with lay people and to involve them in our life and ministry. In 2005 the Family of the Incarnation was launched and since then a number of lay people in the UKIIRL Reality have committed themselves as members of this family and meet regLJlarly with the sisters to deepen their Christian commitment and be wf(nesses in the areas where they live by their way of life and mission. When the need arises, they respond by giving of their lime and expertise and work with the sisters in their local area, responding to needs and being involved In parish aclivilies. Lay members are increasingly encouraged l(> lake on responsibilrty within their groups and neOrk with the other groups throughout the Family. Our four groups are now back lo meeting lace lo face after the COV5D pandemic. We continue to come together as family lor prayer and support by zoom four limes a year. Social artrd Pastoral work The extent of the involvement of the sisters in social and pastoral work is outlined later in the Report. Details are given of the diverse ministries which are mostly voluntary.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Misslonary Involvement "Lel us open our ej'e5 10 see the mtseTh' ID our world, Ihe n'QUDds of so maDI' of our brotkner5 and 5iSter5 dtprii'ed of diEnlt}- aDd lel 115 fttl coL¢erned th order 10 beir (helr talliD% oui for help, Pw FraW (Tbt Fjce of Iler¢¥') Since we are an international congregation wlh sisters in the developing wodd, we a alert lo needs as they arise and respond to projects submitted to U5. Since th¢ fusion wth the Sisters of the Immaculate Conception in May 2016 Madagascar has become a new Missionary outreach as many of the sisters, now Ursulines of Je5U5, minister to the poorest people in their country. Their work is in education al all levels, fomiation tsf young girls and women, prison work, supporting families through serious illnesses and enabling poor people with hospital admissions. working wth children of the streets and wherever there is a need. The Missionary Reality of UKllreland sponsor projects in marginalised areas. Throughout 2023, we continued lo support the Formation of our sisters in Cameroon and Madagascar. All the communities contribute lo this mission fund and it is our way of helping the sisters to be formed and then lake on ministry, thus helping Ihern with finan¢¢ in a difficult financial climate. Each year the International Solidarity Commission meet with the International Finance team and diern together. using criteria. as lo what projects are accepted for funding. As a Missitsnary Reality we see where we can respond, and we ¢hoose projects where our sisters are present and thus we can monitor the progress of the projects. In Cameroon we contributed lo several piojecls where we helped women organize themselves into a cwperalive to meet the food needs of their families and market their products. We helped many displaced persons and help to educate their children. This year we supported a proje¢t in Yaounde Cameroon called Fresh Start Empowerment, whose project is training in mushroom cultivation and setting up mushroom beds for young mushroom growers. "GET A JOB frotn association Fresh Start Empowerment -FSE-, due lo ils sustainability and adaptability to a variety of disabilities and socio-economic situations. This activity, which can be Carried out al home, enables a first harvest a month after sowng, offering a rapid cycle for return on investment. The overall aim of this project is to create an incomeenerating activity lor vulnerable girlslwomen and people with disabilities by providing them with the guidance and support to set up their own mushroom farm. To achieve this goal, Fresh Start Empowerment has partnered with the GIC CHAMPIGNON" trainer. who has over fifteen years. expertise in the se¢lor. The initial kn-day training course enables the first mushrooms lo be produced. Leamers then benefit from follow-up. $UPPOrt, and financial support through the association until they are completely seK-sufficienl.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Mi$slonary Involvement Icontinuedl In Madagascar this year there has been the need for essential medication which we take for granted. Our sijpport has helped lo purchase the medication which in turn has enabled children to go to school. In one senior school which has a role of 1,020 pupils we have helped in the purchase of computer equipment and electrical inverters which allows Will aGce5s for teaching VVA t*A Jix Tr (o •ttyJ OIKOr:REDIT We are happy that for the past 20 years we have invested in Oikocredil and we see by their reports how people have been empowered to improve their livelihoods. This is an organisalion which helps people, mainly women. in very poor countries who are not eligible for a bank loan to get enough capitsl to start proiecls. This enables them to support themselves and their families and restore their dignily. To date we have invested É40,000.00 in Oikocredil. Oikooredil tells us that the social impact it makes on low-income communities would not be possible wilhoul our support.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Review of Ac This section reviews some of the achievements of the Charity during the year. Public Benefit The trustees have received and read the guidance dc)cumenl on Public Beneh't. issued by the Charity Commission, and have complied with the duty in section 4 of the Charities Act 2006 to have due legard to that guidance. Historically, the work carried out by the charity wa5 always considered to be of benefit to the public, pa'cularlY where il was involved in providing free education and health 8$ well as a range of other support seNices and care for those in need. Under the Charity Commission s definition of Advancement of Religion, the objectives of the charily and the achievement of those objective5 comes under gater scrutiny. In a¢cordan¢e with its mission and its charitable objectives, this section of the annual report of the trustees demonstrates just how the members of the charity, through ils sisters in a number of communitie$ across the UKI IRL, live their lives at the service of others working for public benefit and common good. mb Throughout the year the Charity continued lo assist the members of the congregation in their religious life and mission. As we look at our realities and pressing needs of our time, we continue lo respond in as far as we are able, ever conscious ol the most vulnerable in our society. SAFEGUARDING OF CHILDREN AND VULNERABLE ADULTS "Ever since God beGam& man, we meet with him in every htjman face" UJ Book ofLif& No 33 The Irv$lees recognise their responsibility in ensuring that all the sister5 are commrtted to the health, safely and wellbeing of all children and vulnerable adults in their care. They realise the Importance of followng the policles, procedu$ and guidelines for safeguarding in the dioceses where they are missioned. All sisters in ministry and employees obtain certificates, for example from the Disclosu and Barring Service There is a named sister responsible for safeguarding issues in each of the following countries.. England, Wales, Scotland. and Ireland. They understand the importance of keeping up lo date by attending training workshops. During 2023 we kept abreast of changes that were taking place in safeguarding, most especially in England, Wales and Scotland. We are updating our policy on safeguarding in line with these changes.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Small Missionary Presen¢e$ We allow ourselves to be impregnated by the Word of G¢xl. This is our centre, that which unites us and sends us out. "Go out to the vthole world and preach the Good News" We see our communtiies as small mi55ionary presences, open to the needs of today and living in collaboration with others. Living in this way is being faithful to the intuition of our founder, Louis Marie Baudouin who, in 1802 brought together a group of women lo help rebuild the church in France after the French Revolution. Two of his sayings continue to have meaning for us today.. "Take this century as the revolution has brought il forth" and Women could do much in this great work". Since our fusion with the Sisters of the Immaculate Conceplion in May 2016 we have become aware of the spiritual intuition of their founder, Pere Pécol and his emphasis on reaching Out to the most marginalised in society. Over the years we. members of the family of Louis Marie Baudouin have tried to take each centuryleach age with its challenges and calls. adapting and responding, when and how we could. As women, yes, we feel we have gifts to share and continue lo share them wlh those whose lives we touch. Taking this 21st century with its Challenges our sisters continue our story wherever they are sent. 'Called together by the Spirit of the Incarnate Word we are sent out to live in Community among a parti¢ular people. in a particular part ol the Church.. Constitutions no. 42. 'In the midst of the world, we are called lo a life of adoration of Ihe Word made Ilesh, * the setvice of our brothers and sisters.. Conslilutions no. 32. Our desire is to continue in Ministry for as long as possible. In preparing this Trustees Report we reflected on Who benefils from our work. what impact have we had and How their lives and society as a whole are changed through our involvement. The folSowing hopefully gives some insight into answering these questions. 12-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Who b&n8fited from our ministries in 2023 and how it can change their lives. As in previous years. on reflection we note one group who benefited stands out in particular and that is the èldèrly and housebound. The elderly in our society are often marginalised, lonely and isolated and never more so than during the current pandemic. Through involvement in their parishes our sisters, now of retiring age. reach out to the elderly in various ways. Among othèr groups who benefit are the disadvantaged in society, those who are unable lo cope, the homeless, the unemployed, ever on the increase. We have always responded lo the needs of the homeless where possible. Therg aro disadvantaged people in all areas where we are inserted and our sisters who work in collaboration with others are aware of their needs and respond when possible. In London, our community in Bethune Road, Stamford Hill, Sister Kathleen Roberts continues lo reach out to the housebound who a elderly and vulnerable in their own homes as well as visiting Care Homes. Visits are always welcome as so many elderly people live alone. She is a listening ear for carers as well as she recognises their lack of numbers bul their quality of care. Sr Agnes conb'nues in small measure vocats'on ministry with accompaniment for young people on a one-to-one bagis. She has had to step back from more involvement as she is now the reality secretary which lakes up a great deal of her time. As a community they have been able lo join wth their Parish and help financially to look after the homeless. They attend parish meetings, involving themselve5 in the pansh outreach They take time to meet, greet and chat ¥Mth those they meet on a daily basis. Their door is always open to parishioners and neighbours who call in for chal.. Our sistars in Swords, Ireland, despite their own fragility continue their involvement in parish life through the Vincent de Paul society, the Legion of Mary, and the Bereavement Team. They are able lo offer support with food. clothing and finance where necessary as well as 5Plritual well-being. They visit the elderfy and sick in their own homes. Their school support for the Sacramental preparation of the children continues in both the local schools. The sisters say, 'Through our living our spirilualily. our Irust in God and willingness to help others we continue to live our mission to the people as well as we are able. st Mary's Greenhill, where we have ministered for 123 years is still very much part of our missionary outreach even with only one sister living there. Sr Nora Mary ¢ollaboralfJS With the different groups and cultures within the par¢sh being 8 member of the Paris Team and the safeguarding subcommittee to the Trustees of the Diocese. Continuing her work ¥Mth sacramental programmes and developing the prayer life of parishioners and groups. She also takes time to visit the housebound and reach out lo the tnullicultural groups within the parish lo ake them feel welcome and offer any help that she can to them.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 In the Archdiocese of St Andrews and Edlnburgh.. Llfe In Rumford and beyond.. Life in the parish is full of hope and joy as we meet and greet one another especially with a cup of lea or coffee after all Masses in the week either in the house or in the hall. Al lime5 It has not been easy within parish life bul we take time to talk and to listen to one another and this has been a great support for all in the parish. With some of our parishioners now elderly and either housebound or In cale homes we are going out lo them on a regular basis to take communion to them and lo spend lime having 'a chal,. Our interparish prayer group continues on a monthly basis and those who can no longer come because of age and frailty receive the prayer so that they can still feel part of the grtsup. We have some new members which brings us new life. People who search and thirst for a mèaning in life benefit from spiritual help "Grace comes from places...from being among people with proximity, simplicity and joy...with the poor who have opened for us paths of lrfe.. UJ Charism Booklet 2013 Sisters who are loined in spiritual direction continue meeting directees either face to face or on zoom. This time of discemment helps them to grow in their understanding of themselves, find their path in life and so live with and reach out to others. Sr Kathleen in collaboration with two others continue5 to prepare online courses for spiritual growth. We have decided to continue online as we can reach out beyc>nd (>ur lo¢al borders. Other Spiritual Directors have laken up this course and this year we have welcomed people from Canada, Arnerica, Spain and England! Carlng Mlnlstrles While all our ministries are caring we mention one in particular. Kathleen continues to work with young people with learning difficulties as a member ol the SPREO team. SPRED - Specia1 Religious Education. Many hours were needeLI lo ensure that those with such difficulties were not abandoned during COVID. Now we have returned lo our ¢enlre and the group of friends and calechisls have grown together throughout 2023. This ministy in the diocese continue5 to take rnore hours with ils rvIVal more and more dependent on the volunteer catechists giving more htsurs due lo lack of finances. 14-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Young peoplè bènèfit from slstèrs who arè eommittèd In diffèrent fièlds of Ministry. Putting Financial Resources at the service of others As we become increasingly aware of our diminlshing personnel". our slslers, our greatest resource, we seek lo help projects financially. choosing different areas of need". The Homelèss.. donats'ons to Crisis. who always wamily respond to our donations. Crisis r8sponds.' Your generosity means that our Crisis at Christmas guests received hol meals, welfare Companionship. vital care and a place lo stay over the festive season. You are making a real difference in people's lives. Homeles5 Youth through thè De Paul Trust. a trust that has as obleclives.. to prevent young people from becoming homeless and lo protect those who are homeless. In 2023 they wrote. the rise in young people accessing our many services, a rise in our Gosl's and at the same lime a lot of nomial func*ing dried up so your support is vital lo us lo continue running our services.. Medaille Trust One of our solidarity projects is lo contribute annually to Medaille Trust. Thi5 Trust desires a world where the trafficking of human beings for sexual, economic and labour exploilalion has been eradicated. The Medaille Trust is a charity ftsundecl by Catholic religious congregations to work for the eradication ol human trafficking and lo offei support lo those who have been trafficked. It continues to advance its mission of the empowerment of women, young men and children, who have been freed from the human-trafficking industry here in the UK, enabling them to regain their dignity and sell-worth. They say, 'Ihe donations we receive go lo work straight away, supporting survivors of human traffickn'ng and modern slavery as they re¢over from their past and rebuild their fulure,. Age UK and the Maggie Centre were on our list for 2023 and responded with their thanks for the donation of £500 and £250 respectively. The Maggie Centre says, '1 wanted you to know that you are rnaking an incredible differènce lo people when cancer has ILJrned their lives upside-down,. Age UK tells us our support enables them lo provide vital services to older people in communities across the UK.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2023. again, brought about highly volatile equity markets due to factors such as inflation, geopolitical risks and slowing economic gro. Despite this, the Charity had an increase in investment value at the yearend in comparison lo 2022. The balance sheet remains strong,. as, total assets have increased over the year, mainly as the result Df the iricrease in value of investments. Incoming resources have also increased largely due to an increase in investment income. Tangible fixed assets accounted for £3,816,787 (down from £5.300,736 in 20221 whilst listed investments lat market value) amounted to £19,372,518 1£18,033.607 in 20221. Additionally balances of £2,594,946 (£267,840 in 20221 were held on deposit. Tangible fixed assets consist of land & buildings in the most part. many of which were first recognised in the accounts in the 1980$. and have a current market value which is signifi¢anlly higher than their book value. The trustees continue to review the property portfolio to ensure that il meets the needs of the Charity and is fit for purpose. The underlying strategy continues to be to invest for the longer term lo provide the in¢tsme necessary to maintain the charities commitments, which are constantly monitored and this strategy is regularly reviewed. Investment performance Below is a graph which shows the funds held by the Charity and their value over the past ten years.. Investment performance 20 iiiiill Prop •C¥h io O'seasf quties UK e0Th45 UK Equr(ies 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Year 16-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT POLICY The Iruslees, under advice from their financial advisers and in collaboration with their investment Managers, invest the Charity's assets as govemed by the Trustee Act 2000. The trustees. through a signed agreement, instruct the investment managers lo act on their behalf. The objectives tsf the tiuslees are lo ensure that the Charity's funds are protected by.. the creation of sufficlenl finandal return lo enable the Charity lo carry out its purposes effectively, and without inl&rruplion", the maintenance land, il possible, enhancemenll In real terms of the value of the invested funds vknilsl they are retained". managing risk", adopting a lolal return policy where appropriate., adopting 8 mulli asset class approach. incorporating both colleclive investment funds and direct inveslmenls". and investing in 3¢cord8n¢e with the Charity'5 ethical policy. To ensure that they meet these key objectives, the trustees consider the followng principles al all times.. To address the Charity's needs and those of its beneficiaries., To lake into account the Charity's future need5 for both income and capital; To generate income from the investmenls lo enable the trustees lo ¢arry otjl the aim$ and obje¢lives of the Charity as set out in the Trust Deed. Having assessed the financial needs ol the Congregation, trustees will a9ree an annual requirement (the budget) for income and relate this to the advisers,. To review the investments at periodic Investment Meetings., To compare performance against a relevant benchmark, with performance figures to be prepared on a quarterly basis- When evaluating performancè, to balance best results with the taking of undue risk and to lake account of the whole picture, both inctsme and capital, and To be governed by the principle of prudence, bearing in mind the long-lemi nature of Charity fvnds. The risk profile. as defined in our investment management ageMent, is ¢onsidered ac¢eplable. The trustees accept possible loss as a natural function of investment risk incurred in the pursult of annual total relums that typically range from 7Yo to 9°A on average over tl3e longer term. The degree ol risk is normally reduced through diversificatn and assel allocation as well as periodic reVisnS to rebalance any excesses that develop. ETHICAL POLICY The trustees recognise that, by excluding certain inveslmenls, perfomiance and returns may be more volatile against benchmark indices which do include those stocks. They have decided, where practicable, lo exclude direct investment in organisats'ons which are substantially engaged {major aclivilyl in the following activities.. Armaments and nuclear military. including whole weapons systems, strategic componenls and services - manufactLJring or supply..
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ethical policy Icontinuedl Products or aims which conflict with the "sanctity of life" laborb.onl - including manufacture, di5tribulion, promolion and retail., Pornography - production". Those detrimental tts the environment - including those companies which have the highest impact and that are judged to be the worst performers The trLJslees also wish to avoid where possible those companies whose main activities fall into the following categories.. Tobacco and alcohol- irresponsible promob'on and marketing", Consumer Credit", Gambling., Genetically modified organisms.. and Nuclear energy. Ethical screening software can be employed by investment advisers and is usually capable of identifying companies whose 'major' activity fits one or more of the above criteria. The trustees require those companies lo be specifically excluded from investment. The software can also identify companies which have a °minor' involvement in these activities. 11 has been agreed that such companies would not be excluded from direct investment. 11 is recognised that certain companies are invested in through collective funds which. by their nature, do not operate lo an ethical policy. To achieve the objective of diversification, trustees require access to such funds. The Iruslees will discuss periodically with the investment managers what information can be provided in respect of such collective funds to periodically review and report on the siluation. From February 2017. the direct UK equities are also being selected on a Sustainable Investing basis. UK companies are assessed and rated for both their Sustainability Performance and their Sustainability Risk. Only UK companies meeting threshold levels on those combined measures are considered for possible iriclu5ion within the direct UK equities part of the portfolio. From 2023, following discussion amongst the trustees and their professional advisors, il has been agreed that the European and US equities held within the Charities investment portfolio will also be sele¢led on a Sustainable Investing basis. Reserves policy The Need for Designated Funds As a Religious Order Charity, one of the major groups of beneficiarie5 are the Sisters of the Order who Currently number 31 in the UK and IRL, plus 357 VVorldwide1388 in lolall. In the UKIIRL province, by whom this Charity wa5 Sel up, the average age of the Sisters is 84 years. In the past the Charity's main source of income has Come from the earnings of the members of the Religious Order and from the operation of schools and a hospital. The Charity no longer directly operates any schools or the hospital and only a few of the Sisters are still currently in receipt of salaries. In ¢ommon with other Religious Orders any income the members receive is covenanted to the Charity. Therefore, the maintenance and retirement care of the elderly is deemed to be a proper use of the Charity's funds. This is because the members have taken a Vow of Poverty and are entirely dependent upon the Charity for their physical needs. The Charity does not have any funds which would be recognised as endowment, capital or reslricled funds. However, sums have been designated by the trustees for specific requirements as follows'.- All incoming resources are included in the SOFA when the Charity is legally enlilled lo the income and the amount can be quantified with reasonable accuracy. 18-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 For legacies, enb'tlement is the earlier of the Charity being notified of an impending distribution or the legacy being received. All gifts and donations received during the year are used to fulfil the Charity's objects. All donations and gifts are accounted for in the year of receipt. The general income of the Charity is insufficient to meet its annual expenditure without the substantial income now generated from its funds under investment. With the increasing average age of the Order this deficit is likely lo in¢rease significantly over the coming years. As incoming resources continue lo fall. the Charity will rely increasingly on its investment income and capital to pay its expenses on a year to year basis. It may. therefore, require need tD designate and accumulate some of its future surplus income and capital gains. However, working capital and provincial reserves will be monilored annually to ensure that they are not excessive and that action is taken lo maintsin their level al approximal¢ly on¢ to two year's annLJal gross expenditure. Funds total £12,307,95712022. £11,730,965). CommL5ni Care Fund This fund has been set up for the maintenance and retirement care of the elderfy and infirm Sisters of the Order of whom there are 8 at the present time. The Order as a teaching and nursing Order formerly operated schools, nursing homes and a hospitsl. These properties were owned and financed by the Charity and many member5 of the Order worked in these e51ablishments. Following a de¢line in the number of members of the Order and, with the majority having reached retirement age, the Charity wthdrew from its large schools and hospital. These buildings have therefore been disposed of as surplus to requirements with the proceeds being transferred to this fund, along Mqlh the receipt of lump sums from pension funds which are donated by retiring Sisters who had previously worked, for example, iri the Public Sector. Although few rnembers of the Order still work in schools and hospita15, the majority work in small communities within various Parishes throughout the UK and Southern Ireland Funds total £10.942,571 12022.. £9,514,357). and Mi The income and capit31 of thi5 fund is lo be applied for Worldwide Missionary purposes of the Charity, including support for Sisters working in developing ¢ounlries, emergency disaster relief and other charitable purposes. Funds total £36,47512022". £35,147). In order to fulfil its charitable objectives the Charity owns a substantial number of properties and other fixed assets in various locations principally within the UK, but also in Southern Ireland. The properties are used by the members of the Order as a base for their charitable work within the community and parishes. The value of the fund represents the carrying value of these 85sels It is the opinion of the trustees that these a55els cannot be realised wthoul undermining the Charity's work, hence the need for this designab"on. The tiuslees continue to rewew the stsle of repair of these properties. their running costs and their use. Funds total £3,816,78712022 £5,300,735). Fund transf&rs The transfer of £1,280.290 to the Community Care Fund from the UK I IRL Missionary Reality Fund was to support eldedy sisters.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Fund transfers {contFnuèd} The transfer of £55,000 from the UK I IRL Missionary Reality Fund lo the Solidarity & Missions Fund was to support the mission5. The transfer of £600 from the UKIIRL Missionary Reality Fund to the Solidarity & Missions Fund was to support the contributions made towards missions. The Iransler of £8,051 to the UK I IRL Missionary Reality Fund from the Community Care Fund was tts supptsrt the Sisters working in the community. The £126,847 transfer to the Fixed Asset Fund from the UK I IRL Missionary Reality Fund was in respect of gains made on disposals less depreciation charged in the year. The £1,483,948 transfer from the Fixed Asset Fund to UK I IRL Missionary Realily Fund was to refiect the movement in the fixed assets carrying value. The funds held by the Charity are pooled in a common inveslrnenl fund. They 8re allocated 8pproximalely 500A to the Provincial Fund which is responsible for furiding the day to day operation5 of the Order and repairs to ils property. The other 50010 is allocated to the Communily Care Fund which is used to support the elderly and infimi sister5 of the Order. The funds are managed externally and the managers have a mandate lo generate maximum Income for the Order. This is covered in more detail above under the Investment Policy. Ongoing needs of the Slsters For many years the Charity has been accumulating investments towards future funding requirements. These include: The trustees are continuing lo designate investment surpluses lo the Community Care Fund toward the running of Stella Maris. the home for the eldedy Sisters. which costs approximately £721,600 per annum. In addition. Ihe Community Care Fund will provide income towards the future needs of those Sisters still workino in communities. The average cost of an active member amounts to approximately £16.500 per 8nnuw, the average cost of a member requiring some care amounts to approximately £28,050 per annum and the average cost of a Sister requiring nursing care amounts lo approximately £44.000 per annum. th 23 sisters still w()rking in communities and 8 Sisters currently requiring nursing ¢are and taking into account some other sources of Income. a Capital sum of approximately £15.3 Million will require lo be designated in total to the Community Care Fund to generate annual in¢ome lo meet these ¢osls. To summarise. in round figures, the balance sheel: £'ooo Balance Sheet lolal Deduct fixed assets Deduct other designated funds Surplus 27,104 13,8171 36 23,251 This year's reserves leaves £23.2 million available to 8IItsc8le towards the £15.3 million required to be designated in the future to the Community Care Fund. Actuarially, this formula is an over simplification, however, the trustees are mindful that an accurate calculation would be an expensive exercise to undertake and it is impossible to predict when andlor if a particular Sister will require more expensive care. The Community Care Fund has had the benefit of a formal actuarial review carried out in 2000 by Bamett Waddingham, which indicated that fundin9 of £15.3 million would be required lor community care purposes. The Community Care Fund has a balance of £10,942,571 al 31 December 2023. Based on funding requirement5 of £15.3 million, then there is potentially a deficit in funding of £4.4 million. The trustees are considering their options in order to try and address this deficit. -20-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Futur• Plans As a congregation we look at our present reality, our resources". personnel and finan¢e and see Wh we can best respond to the pressing needs of our lime. We are Constantly reviewing and updating these resp(x)ses conscious that in our UKII Reality that our numbers are decreasing and average age increasing. While aware of the challenges that our deea51n9 nuFnber brings, the war in the Ukraine. Palests'ne, the uncertainly of world markets and the fluclualion in the cost of everyday necessities, il is still our intention to continue lo meet the followng objectives.. lal To continue to care for the sisters and lo enable them lo carry out their pastoral work and mni$try, continuing to live in communities as small missionary presences for 8$ long as we aw able. Ibl To Continue to support the Congregation's work in Africa particularly in Madagascar. Cameroon and wherever there is need and for the trustees lo satisfy themselve5 that the funds are applied for their intended purpose. {cl To monitor the needs of the 515ters as they grow older and adapt the Charity's plans in respect of property neelys and the provision of care lo elderly mefllbers. Idl To ¢ontinLJe to refle¢l on the ¢hallenges and opportunities of "publi¢ benefiv, and to be in solidarity with our world especially where life is Ihrealened. The Trustees wish to iecord their recognition of the Commitment of all the individual members of the Congregation. Their dedication and positive approach are very much appreciated. The trustees, report was approved by the Board of Trustees. Sister Kathlg¢n Curran Trustee Dated.. .4.3.. 1 :.T.L
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS 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 including Financial Reporting Standard 102 The Financial Reporting Standard applicable lo fhe UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial 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 ol the charily for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP". make judgements and estimates that are reasonable and prudent,. slate whether applicable a¢¢ounling standards have been followed, subject lo any material departures disclosed and explained in the finan¢ial Slalemenls". and ppare the financial statements on the going ¢oncem basis unless Il is inappropriate lo presume that the charty will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time Ihe financial position of the charity and enable them tts ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets ol the char¢ty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 22-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS Opinion We have audited the finanGial slalefflenls of The Charity of the Congregation of the Ursuline5 of Jesu5 Ilhe '¢harity'} for the year ended 31 December 2023 whiGh cornprise the slalement of financial aclivilies, the balantr sheet, the statement of cash flows and the notes lo 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, in¢luding Winanci31 Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and RepublK ol Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion, the financial slatemenls.. give a true and fair view of the 51ale of the charity's affairs as al 31 December 2023 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in a¢¢ordan¢e with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing (UKI IISAS IUKII and applicable law. Our responsibilities under those standards a further described in the Auditor's responsibilib'es lor the audit ol the financial statements section of our report. We are independent of the tharity in accc)rdance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 26 to the financial statements. and we have fulfilled our other ethical responsibilities in accordance with these requirerllents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 8 basis for our opinion. Conclusions relating to 90ing concem In auditing the financial slalemenls, we have ¢on¢luded that the trustees, use of the going concem basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or cc>nditions that, individually or collectively, may cast significant doubl Dn the charity's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. Othèr Information The other informats'on comprises the information included in the annual report other than the financial statements and our auditorfs report Ihereon. The Iruslees are responsible for the other information contained wthin the annual report. Our opinion on the financial slalemenls does not cover the other Informalitsn and we do n(>t expie55 any form of assurance conclusiors thereon. Our responsibility is lo read the other information and. in doing so. consider whether the other information is materially inconsislenl with the financial slalements or our knoedge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misstatement In the financial slalemenls themselves. If, based on the work we have performed. we condude that there 1$ a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS Matters on which we are required to report by exception In the light of the knowledge and understanding of the Charity and environment obtained in the course of the audit, we have not identified material rnisslalermenls in the Trustees, Annual Report. We have ntslhlng lo report in respect of the following matters in relation to which the Charities Act 2011 require us to report lo you if, in our opinion". certain disclosures of Iruslees, remuneration specified by law are not made", or sufficient accoLJnting records have not been kept, or the financial slatements are not in agreement with the accounting records.. or we have not obtained all the information and explanations necessary lor the purposes of our audit. R&sponsibilitias of trustèes As explained more fully in the statement of trustees. responsibilities. the trustees are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the Iru51ees determine is necessary to enable the preparalion 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 charily'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 lo ¢ease operations. or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the financial statèments We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Ad and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements a$ a whole are free from material misslalemenl. whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level ol assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material mi551atemenl when it exists. Misstatements can arise from fraud or etroi and are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economi¢ decisions of users taken on the basis of these financial statements. The extent lo which our procedures are capable of delecting irregularities, including fraud. is detailed below. 24-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS The extent to which the audit was considered capable of detecting irregularities, including fraud Our approach lo identifying and a5se55ing the risks of material misslalement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropiiale ¢ompeten(*, capabilities and skills to itlenlify or recognise non-compliance with applicable laws and regulations., we Identified the law5 and regulations applicable lo the ¢harity through dis¢ussions with trustees and other management, and from our commercial knowledge and experien¢e of the charity sector, we fo¢used on specifi¢ laws and regulations which we Considered may have a direct material effect on the finanGial slalemenls or the opetsli(>ns of the ¢h3rity, in¢luding legislation such as the Charities Act 2011 and employment legislation.. we assessed the exlenl of mpliance with the laws and regulations identified above through making enquiries of management, ¢onla¢ting the enlily's solicitor for any detsils of non-compliance and inspecting current year legal expenditure, and identified laws and regulations of particular relevance were communicated within Ihe audit team regularly and the team remained alert lo instsn¢es of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an underst2nding of how fraud might occur. by.. • making enquiries of management as lo where they considered there was 5usceptibilily lo fraud, their knowledge of actual, suspected and alleged fraud., nsidering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regLJlations. To address the risk of fraud through management bias and override of controls, including any fraud 3s$0¢iated with revenue reco9nition, we.. perfomied analytical procedures lo identify any unusual or unexpected relationships; a rewew of joumal entries lo identify unusual transactions., reconciled Care fees to the list of residents, applicable weekly fees and dales when re5ident5 ceased lo be resident at Stella Maris. agreed a sample of dividend income lo information received from Fund Managers. evaluated the business rationale of any significant tran5a¢lions that a unusual or outside the normal course ol business.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, bul were not limited lo.. agreeing financial statement disclosures to underlying sUppO.n9 documentation., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential liligalion and claims against the company.. reviewing Correspondence with charity's legal advisors., There are inherent limitations ift our audit procedures described above. The more rernoved that law5 and regulations are from financial Iransaclions, the less likely il is that we would become aware of non-cornpliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud ¢an be hardei lo delecl than those that arise from error a5 they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use ofour report This repc)rt is made solely to the ¢harily's Iruslees. as a body. in a¢cordan¢e with part 4 of the Charities IAccounts and Reports) Regulations 2008. OLJr audit work has been undertaken so that we might slate to the charity's trustees those malters we are required to state to them in an auditor's report and for nts other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Greave5 West & Ayre Chartered Accountants Statutory Auditor 17 Walkergale Berwick-upon-Tweed Northumberland T015 10J -26-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Currènt financial year Unrestricted Unrestricted Restricted Tangible funds funds funds fixad assets g&neral designated funds 2023 2023 2023 Total Total 2023 2023 2022 Notes wm Donations and legacies Charitable activities Investments other 206,518 47,225 335,761 217.600 45.491 301,610 4,281 428,399 92,716 637,673 21,145 452,530 118.874 479,541 76,097 302 21,145 Total income and &ndowments 589,504 564,701 4.583 21,145 1.179.933 1.127,042 Raising funds 57.949 56,597 114,546 113,114 Charitable a¢livities 577,037 945,337 58,856 147,991 1,729,221 1,788,705 Total rosour¢e$ exnded 634,986 1,001,934 58,856 147,991 1,843,767 1,901,819 Nel gainslllossesl on investments 11 593,210 593,210 1,186.420 11,684,608) Net incominglloutgoingl resources before transfers 547,728 155.977 {54,273} {126,8461 522,585 12,459,385) Gross transfers between funds 29,263 1,272,239 55,600 11,357,102) Net movement In funds 576,991 1,428,216 1,327 11.483.947> 522,587 12,459,386) Fund b318nces at l January 2023 11.730,966 9.514,359 35,147 5,300,734 26,581,203 29,040,590 Fund balan¢e$ at 31 DeGemb¥r 2023 12,307,957 10.942,575 36,474 3,816,787 27,103,790 26,581,204 The statement of financial activities includes all gains and losses recognised in the year. All income and expendilu derive from continuing actr'vities.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestricted Unrestricted Restricted TangFble funds funds funds fixèd assets general designated funds 2022 2022 2022 Totsl 2022 2022 Notes Dcsnations and legacies Charitable activities Investments Other 263,010 43,451 248,794 316 186,115 75,423 230.508 73,464 3,405 452,530 118.874 479.541 76,097 239 2,317 Total income and endoyfflients 555,571 565,510 5,961 1,127,042 Ex enditure on.. Raising funds 56,557 56,557 113.114 Charitable activities 608.469 958,174 39.248 182.814 1,788,705 Total resources expended 665,026 1,014,731 39.248 182.814 1,901,819 Nel gainslllossesl on investments 11 1842.3041 1842,3041 11,684,608) Net in¢ominglloutgoingl rèsourcts before transfers 1951,7591 11.291,5251 133,2871 1182.8141 12.459,3851 Gross transfers between funds 1466,8311 397,731 51,890 17,209 Net movement in funds 11,418,590) 1893,7941 18,603 1165.6051 12,459,386) Fund balances at 1 January 2022 13,149,555 10.408,151 16.544 5,466.340 29,040,590 Fund balance$ at 31 De¢ember 2022 11,730,965 9,514,357 35,147 5,300.735 26.581.204 ?A_
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investments 13 14 3,816,787 21,967,464 5,300,736 18,301,447 25,784,251 23,602.183 Current as$&ts Debtors Investments Cash at bank and in hand 12,722 610,165 850,510 50.404 2,364,143 710,564 16 1,473,397 3.125.111 Creditors.. amounts falling due within one year 17 1153.858) 1146,0901 Net current assets 1,319,539 2,979,021 Total assèts lass currènt Ilabllltias 27,103,790 26,581,204 Designated funds Tangible Fixed Assets Community Care Fund 18 20 3,816,787 10,942,571 5,300,735 9,514,357 Restri¢ted funds Solidarity & Missions Fund 19 36,475 35.147 Gèneral Fund UKIIRL Missionary Reality fund 21 12.307.957 11,730,965 27,103,790 26,581,204 The accounts were approved by the Trustees on . I S I . Z.*..... Sister Eileen Ryan Trust8• Sister Kathleen Curran Trustoo
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash absorbed by operations 25 11,129,209} 11,110,707) Investing activities Purchase of tangible fixed assets Proceed5 from disposal of tangible fixed as5els Purchase of investments Proceeds from disposal of investments Investment income received 19,1331 117,209} 1,366,235 111.381.0891 10.655.469 637,673 14,608,646} 4,528,195 479,541 Net cash generated from Invostlng a¢tivitiès 1,269,155 381,881 Net cash used in financing activities Net incrèaselldè¢reas&l In cash and cash equlvalents 139,946 1728,8261 Cash and ¢ash equivalents al beginning ol year 710,564 1.439,390 Cash and cash equivalents at end of year 850,510 710,564
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity infomiation The Charity of the Congregation of the Ursulines of Jesus is an inleinalional religious order founded in 1802. It is divided into 7 Missionary Realities supporting 388 sisters and novices worldwide. 1.1 Accounting convention The accounts have been prepared in accordance with the charity's Trust Deeds, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}, leffeclive 1 January 20191. The charity is a Public Benefit Entity 85 defined by FRS 102. The financial slalemenls are prepared in sterfing. whi¢h is the fun¢lional currency of the Charity. Monetary amounts in these financial stslements are rounded to the nearest £. The financial 51alemenls have been prepared under the historical cost convention, modified lo include the revaluation of freehold propertie5 and lo include investment prtsperties and certain financial instruments al fair value. The principal accounting policies aL%opled are sel out below. 1.2 Going concern At the lime of approving the financial stslemenls. the trustees have a reasonable expectation that the charity has adequate resources lo ¢ontinue in operational existence for the foreseeable future. Thus the truslees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives unless the ftjnds have been designated for other purposes. Designated ftjnds are unrestricted funds that have been set aside by the Iruslees for particular purposes. Restricted funds are funds which are lo be used in accordance with specific re51ridions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The reslricled income received during the year has been spent on projects in accordance with the restrictions imposed. 1.4 Income All incoming resDurces are included in the SOFA when the Charity is legally enlilled lo the income and the amount can be quantified with reasonable accuracy. For legacies, enlillement 15 the earfier of the Charity being notified of an impending distribution or the legacy being received. All gifts and donations received during the year are u5eLI lo lulfil the Charity's c>bje¢ls. All donations and gifts are accounted for in the year of receipt. Slsters, $alari&$ and p&nslons Members, salaries and pensions are received under deeds of covenant and are slated inclusive of income tax, but not of any deductions for social security payments or contributions to OCGupalional pension schemes. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amounl is known. and receipt is expected. If the amount is not known. the lega¢y is treated as a contingent asset. Receipts of lump sums from occupational and other pension s¢hemes upon the retirement of members are credited lo the UKIIRL Missionary Reality Fund.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Expenditu Expenditure is recognised on an accruals basis as 8 liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part tsf the expenditure to which it relates. Resources expended are analysed as follow5.' Costs of raising funds include the fee5 paid lo investment mana9ers in connection with the management of the Charity's listed inveslmenls. Direct charitable expenditure comprises those c05t5 incurred by the Charity in the delivery of ils activities and services for ils beneficiarie5. This Includes both costs Ihal can be allowed directly to such activities and those costs of an indirect nature necessary to support them. Goveman¢e oosls include those costs associated with meeting the constituts'onal and statutory requirements of the chanty and Include the fees and costs linked lo the strategic management of the Charity. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at ¢osl and subsequently measured at cost or valuation, net ol depreaation and any impairment losses. Fixed assets are capitalised at cost, though assets below the valLJe of £100 are not ¢apilalised Depreciation is provided at rates calculated to write off the cost or valuation, less residual value of each asset over its expected useful life, as follows.. Freehold Land and 8uildings Leasehold Land and Buildings Furniture and Fittings Computer equipment Motor Vehicles 2% Straight Line 20A Straight Line 15°A Reducing Balancelstraight Line 33°/¢ Straight Line115 /0 Reducing Balance 25°A Reducing Balance Land and buildings were professionally valued in 1989. They are held in the balance sheet at that value. Donated assets - are capitalised al the estimated value at the time of their receipt. All assets are reviewed regularly for impairment and written down lo their recoverable amount, where necessary. Heritage assets - the Charity owns a small number of historical artefacts which have all been received as a donation sometime in the past. The trustees do not consider that reliable cost or valuation information can be obtained easily for the items held, mainly because of the lack of comparable market values due to their unique nature. The artefacls are on permanent loan to a museum, 50 there are few costs associated with the preservation or security of these a55els. The Charity therefore does not recognise these assets on ils Balance Sheet. 1.7 Flxed asset Invèstments Fixed asset investments are shown al their mid-market value as at the balance sheet date. Both realised and unrealised gainslllossesl are taken to the income and expenditure account and SOFA. 1.8 Impairment of fixed assets At each repr)rting end date. the Charity reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any su¢h ind¢ation exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any).
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policiès Icontinuedl 1.9 Cash and cash equivalents Cash and Cash equivalents in¢lude cash in hand, deposits held at call wth banks. other short-lerm liquid inveslmttnls with original maturitiès of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The Charity has elected to apply the provisions of Section 11 'B3sic Financial Instruments, and Section 12 'other Financial Inslrumenls15sues' of FRS 102 to all (>f its financial instruments. Financial instTufflenls are recognised in the Chanty's balance sheet when the Charity becomes party to the contractual provisions of the inslwment. Financial assets and liabilities are offset, with the net amounts presented in the financial stalemenls, when there Is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price Incl(Jding Iransa¢lion ¢osts and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction 15 measured at the psent value of the future receipts discounted al a market rate of interest. Finan¢ial a55els classified as receivable within one year are not amortised. 8asl¢ financlal liabllities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary Course ol operations from suppliers. Amounts payable are classified as current liabilities if payment is due wthin one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost 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 Employèè bènèfits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Foreign exchange Assets and liabilities in foreign currencies are translated into slerfing al the rale of exchange ruling al the balance sheet date. Transactions in foreign currencies are recorded al the average of the rale 8t the start ot the year and the rate 81 the end of the year. All differences are taken to the SOFA. 1.13 Government Grants All grants are used for chaiitable expenditure and capital items and are recognised in full in the year in which they are receivable, or when the conditions for receipt have been met.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies IContinu6dl 1.14 Investment policy The Charity's Investment policy and ethical policy can be found within the financial review section of the Trustees, Report. Critical accounting estimates and judyements In the application of the Charity's accoynling policies, the trustees are required to make judgements, estimates and assLJmptions about the carrying amount of assets and liabilities that are nol 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 eslimales and underlying assumptions are reviewed on an ongoing basis Rewsions to accounting estimates are recognised in the period in which the estimale is revised where the revision affects only that period, or in the period ol the revision and future periods where the revision affects both current and future periods. Donations and legacies UKIIRL Comrnunity Solidarity & Misslonary Care Missions Reality Fund Fund Fund Total 2023 Total 2022 Donations and gifts Legacies receivable Salaries. pensions elc. 13,055 820 4,281 18,156 41,195 15,388 395,947 193,463 216,780 410,243 206,518 217.600 4.281 428,399 452,530 For the year ended 31 Dec&mber 2022 263.010 186,115 3,405 452,530 Donations and gifts Donalitsns and gifts 13,055 820 4,28 1 18,156 41,195 Salaries, pensions etc. Retirement pension5 Social security pensions SlipendslBishop 75,444 103,990 14,029 41,755 175.025 117.199 279,015 14,029 115.756 266,282 13.909 193.463 216,780 410,243 395,947
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities UKIIRL Missionary Community Reality Fund Care Fund Total 2023 Totsl 2022 Rents receivable Care fees Other income 46,158 46,158 45,491 1,067 43,151 75,423 300 45,491 1,067 47,225 45.491 92,716 118.874 Analysis by fund Unrestricted funds general Unreslricled funLYs - designated 47,225 47,225 45,491 45,491 47,225 45,491 92,716 For the year gndad 31 D8c&mb&r 2022 Unrestricted funds- general Unrestricted funds- designated 43,451 43,451 75,423 75,423 43,451 75.423 118,874 Inv&stmgnts UKIIRL Community Solidarity & Missionary Care Missions Reality Fund Fund Fund Total 2023 Total 2022 Income from listed investments Interest receivable 268,443 67,318 268,443 33,167 219 83 537,105 100,568 448,621 30,920 335,761 301,610 302 637,673 479,541 For the year onded 31 D&¢embgr 2022 248.794 230,508 239 479,541
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 other UKIIRL Community Solidarity & Tangible Missionary Carè Missions Fixed Asset Reality Fund Fund Fund Fund Total 2023 Total 2022 Nel gain on disposal of tangible fixed assets COVID-19 Support grants Currency exchange variation 21,145 21,145 73.464 2.633 21,145 21,145 76,097 For thè yèar ended 31 December 2022 316 73,464 2,317 76,097 Ralslng funds UKIIRL Communlty Missionary Care Reality Fund Fund Total 2023 Total 2022 Investment management fees 57,949 56,597 114,546 113,114 For the year ended 31 Dècember 2022 Investment management fees 56,557 56,557 113,114 -36-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities House Care home Other expenses expenses expenditure Total 2023 Totsl 2022 Depreciation and impairment Repairs and renovations Food Personal House Transportation Province Exterior Personnel Charity Worship Grants lo mission5 147,991 147.991 130,284 95,088 102,919 369,674 23,279 6,728 6,646 558,039 15,693 20,058 57,859 182,814 143,792 94,084 148,431 339,414 27,753 8.358 3,470 611,437 14,636 12,335 39,248 130,284 65,073 79,918 204.575 23,279 6.728 5,308 109,546 13,070 20,058 30,015 23,001 165,099 341 448,493 2.623 997 57,859 657,839 669,572 206,847 1,534,258 1,825,772 sha of governance costs (see note 91 194,963 194,963 162,933 852.802 669,572 206,847 1,729,221 1,788,705 Analysis by fund UKIIRL Missionary Funds- general Community Care- designated Solidarity & Missions Ftjnd Tangible Fixed Assets 577,037 275,765 577,037 945,337 58,856 147,991 689,572 58,856 147,991 852,802 669,572 206,847 1,729,221 For the year ended 31 Dècember 2022 UKIIRL Missionary Funds - general Community Care - designated Solidarity & Missions Fund Tangible Fixed Assets 608,469 278,324 608,469 958,174 39,248 182,814 679.850 39.248 182,814 888,793 679,850 222,062 1.788,705
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs 2023 2022 Basis of allocation Audit fees Accountancy, taxation and adminislralion fees Legal and professional fees and disbursements Trustees meeting expenses and disbursements Payments lo general level 28,267 54,147 14,200 24.100 74,249 19,480 Govemance 33,382 Govemance 8,048 Govemance 26.420 Govemance 75,603 Governance 194,963 162,933 Trustees meetings expenses relate to attendance of professional advisers al management and finance meetings. Greaves Wesl and Ayre, who are independent financial advisors a5 well as Chartered Accountants and Statutory Auditors. leceived lees lor a range ol professional services lolalling £85,99912022 £78,031) 10 Employees Numbèr of employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Full lime employees Part time employees 24 24 33 33 Employment costs 2023 2022 Wages and salaries Social seGurily costs Other pension costs 518,674 34,507 4,858 541,453 36,867 5,672 558,039 583,992 There were no employees whose annual remuneration was £60,000 or more.
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Net gain$lllo$$e$l on invastmants Unrèstri¢ted Unrestricted funds funds general designated Total 2023 Total 2022 Revaluation of investments Gainllloss) on sale of investments 397,864 195,346 397,864 195,346 795,728 390,692 11,388,280) 1296,3281 593,210 593,210 1.186,420 11,684.6081 For th8 year ènded 31 D¢¢embèr 2022 1842,3041 1842,3041 11,684,608) 12 Taxation The charity is exempl from laxabon on its activities because all its income is applied for charitable purposes. 13 Tangible fixed assets Freehold Land and Buildings Leasehold Furnlture and Land and Flttlngs Buildings Computer equlpment Motor Vehlcl8s Total ost At 1 January 2023 Addition5 Disposals 7,232,611 118,791 1,017.822 3,742 21.875 5.391 133,137 8,524.236 9,133 11.494.542) 11,494.5421 Al 31 December 2023 5,738,069 118,791 1,021,564 27,266 133,137 7,038,827 Depreciation and impairment Al 1 January 2023 Depreciation charged in the year Eliminated in respect of disposals 2,180,951 42.753 886,310 16,756 116,730 3,223,500 114,761 2.376 23,416 3,337 4,102 147,992 {149,4521 1149,4521 At 31 Decgmber2023 2,146,260 45,129 889,726 20,093 120.832 3.222,040 Carying amount Al 31 De¢ember 2023 3,591.809 73,662 131,838 7,173 12,305 3,816,787 Al 31 December 2022 5,051,660 76,038 151,513 5,119 16,406 S,300,736
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Fixed asset investments Listed Investments Cash on deposit Totsl Cost or valuation Al 1 January 2023 Additions Valuation changes Disposals 18,033,607 18,301,447 11,381,089 25,179,842 1,186.419 1,186,419 111,228,597) 111,471,647) 122,700,244) 267,840 13,798,753 Al 31 December 2023 19,372,518 2,594,94S 21,967,464 Carrying amount Al 31 December 2023 19,372,518 2.594,946 21,967,464 Al 31 Oecember 2022 18,033,607 267,840 18,301.447 15 D&btors 2023 2022 Amounts falling due within one year: Other debtors Prepayment5 and accrued income 11,057 1,665 46,903 3,501 12,722 50.404 16 Current a55et investments 2023 2022 Unlisted investments 610,165 2,364,143 17 Creditors.. amounts falling due within one year 2023 2022 Other credilors Ac¢iuals and deferred income 123,240 30,618 146,090 153,858 146.090 -40-
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Endowmentfunds Endowment fund5 represent a55els which musl be held pemianenlly by the charity. Income arising on the endowment funds can be used In accordance wth the objects of the charity and is included as UnStrICted ncome. Any capital gains or losses arising on the assets ftsrm part of the fund. At 1 January 2023 Incoming resources Resources expended Transfèrs At31 December 2023 Permanent endowments 5.300,734 21,145 1147,9911 11,357,101) 3,816,787 Previous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 Permanent endowments 5,466,340 1182,8141 17,209 5,300,735 19 Rèstrictèd funds The reslricled funds of the ¢harily Comprise the unexpended balances of donations and grants held on trust $ubje¢t to $pe¢ifi¢ ¢ondi1ions by donors as lo how they may be used. At 1 January 2023 Incoming re$ourc&s Rèsourcès expended Transfors At31 Dècèmber 2023 35,148 4,583 158,856} 55,600 36,475 Pravlous year: At 1 January 2022 Incoming resources Resources expended Transfers At31 December 2022 16.544 5,961 139,2481 51.890 35,147
THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 20 Unrestricted funds - designated These a unrestricted funds which are material lo the ¢harily's a¢livilies. At 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 9,514,355 584,701 11,001,934) 1,272,239 593,210 10,942,571 Previous yèar.. At 1 January 2022 Incoming resourc&s Resources èxpèndad Transfars Gains and losses At31 December 2022 10.408,151 565.510 11.014.731) 397.731 1842.3041 9.514,357 21 Unrestri¢ted funds The unre51ricled funds of the ¢harily comprise the unexpended balanGe5 of donations and grants which are not subject 10 5pecifi¢ conditions by donors and grantors as lo how they may be used These inclLJde designated funds which have been set aside out of unreslri¢led funds by the trustees for specific purposes. At 1 January 2023 Incoming rasourcès Resources •xp8nded Transfers Gains and losses At31 Dacamb8r 2023 General funds 11,730,986 589,504 1634,9861 29,263 593,210 12,307,957 Prèvious yèar: At 1 January 2022 Incoming resources Rèsources exp&nded Transfers Gains and losses At31 December 2022 General funds 13,149,555 555,571 1665,0261 1466,8311 1842,3041 11,730,965 -42.
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THE CHARITY OF THE CONGREGATION OF THE URSULINES OF JESUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Ralated party transactions The Iru5tees of the Charity are also members of the Congregation and, as such, have taken vows of poverty under which they have renounced all personal right5 10 income or capital. The Charity provides for the essential needs of all members of the Congregation wthin the Reality. The living costs of the trustees are therefore borne by the Chaiily. The Iruslees received no remuneration or other benefils12022.. £Nill in connection with their duties as Iruslees during the year. No reirnbursemenl of expenses 12022.. £Nill has been made or is due to be made to any trustee in respect of the year. 24 Gifts in kind The Charity allows one of its properties lo be used rent free and a nominal rent is charged for a second property. The notional value of this rental income, which is included within the aeeounts, is £45,S37 12022.. £42,530). The Charity also uses properties owned by other charitable organisalions for which il does not pay rent, but a notional charge is put through these accounts for £13,011 (2022." £28.4381. In addition, the Charity receives considerable support in the form of volunteer time given by the sisters and others. The significant costs of this unpaid time is not quantified nor recorded in the accounts. 25 Cash generatod from opgratlon$ 2023 2022 Surpluslldeficitl for the year 522,587 12.459,386) Adjustments for.. Investment income recognised in 5talemenl of financial activities Gain on disposal of tsngible fixed assets IGain}Iloss on disposal of investments Fair value gains and10$5es on investments Depreciation and impairment of tangible fixed assets 1637.6731 121,1451 {390,6921 1795,7281 147,992 (479,5411 296,328 1,388,280 182,814 Movements in working capitsl.. Decreasellincreasel in debtors Increaselldecrease} in creditors 37,682 7.768 136.2441 12,9581 Cash absorbad by opèrations 11,129,209) 11,110.7071 26 Non-audit sèrvi¢è$ providgd by auditor In Common with many charitie5 of our size and nature, we use otjr auditor to ppa and maintain the payroll records and assist with the preparation of Charity's financial ststements.