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2024-12-31-accounts

Daughters of Charity of St Vincent de Paul Charitable Trust

Annual Report and Accounts

31 December 2024

Charity Registration Numbers 236803 (England and Wales) SC039155 (Scotland)

Contents

Reports

Reports
Reference and administrative details of the
Charity, its Trustees and Advisers 1
Trustees’ report 3
Independent auditor’s report 12
Accounts
Statement of financial activities 16
Balance sheet 18
Principal accounting policies 19
Notes to the accounts 23

Daughters of Charity of St Vincent de Paul Charitable Trust

Reference and administrative details of the Charity, its Trustees and Advisers

Trustees Sister Theresa Tighe – Appointed Oct 2024
Sister Ellen T Flynn – Retired Oct 2024
Sister Kay Harte
Sister Sarah King-Turner
Sister Mary T O’Neill
Sister Kathleen M Page – Retired Jan 2025
Sister Kathleen Kennedy – Appointed Jan
2025
Sister Anne Redmond
Sister Maureen Tinkler
Sister Provincial Sister Theresa Tighe
Provincial Treasurer Sister Sarah King-Turner
Principal office Provincial House
The Ridgeway
Mill Hill
London
NW7 1RE
Telephone 020 8959 2257
Facsimile 020 8959 7155
Charity Registration Numbers 236803 (England and Wales)
SC039155 (Scotland)
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
Fenton House
85-89 New London Rd
Chelmsford
Essex
CM2 0PP
Investment Managers Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London
EC4M 8BU

Daughters of Charity of St Vincent de Paul Charitable Trust 1

Reference and administrative details of the Charity, its Trustees and Advisers

Solicitors Womble Bond Dickinson LLP 4 More London Riverside London SE1 2AU Holmes Mckillop 109 Douglas Street Blythswood Square Glasgow G2 4HB

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2

Trustees’ Report 31 December 2024

The Trustees present their statutory report together with the accounts of the Daughters of Charity of St Vincent de Paul Charitable Trust (the Charity) for the year ended 31 December 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 19 to 22 of the attached accounts and comply with the Charity’s Trust Deed, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

INTRODUCTION

The Daughters of Charity of St Vincent de Paul (the Congregation) is an international Roman Catholic Religious Community of Women who have dedicated their lives to the service of poor, vulnerable and marginalised people. It was founded in France where its Generalate has its headquarters and is divided into a number of distinct Provinces in 91 countries, one being the British Province.

The Charity is a Charitable Trust on which certain assets of the Congregation in England, Wales and Scotland are held. The Charity is governed by a Trust Deed dated 5 June 1964 and is registered under the Charities Act 2011 – Charity Registration No. 236803 (England and Wales). The Charity is also a registered charity in Scotland, Charity Registration No. SC039155 (Scotland).

With effect from Midnight on 31 December 2023, in accordance with a legal transfer of undertaking dated 20 December 2023 and a resolution of the trustees, all activities, certain assets and certain liabilities of the Charity relating to the Province were transferred as a going concern into a newly formed Charitable Incorporated Organisation (CIO): The Daughters of Charity of St Vincent de Paul CIO, Charity Registration Number 1204513 (England and Wales) SC052894 (Scotland) (the “successor Charity”). Certain assets and liabilities remain in the Charity for the time being to deal with the commitments of the Scottish Redress Scheme, which the trustees have been advised to leave in the Charity. The Daughters of Charity of St Vincent de Paul CIO will be the main vehicle for delivering the Provinces activities going forward.

We are in the process of registering the CIO with the CQC, but due to delays in getting this registration a management agreement is in place between the CIO and the Charitable Trust to enable the CIO to operate the activities going forward until such times as the registration come through.

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Trustees’ Report 31 December 2024

MISSION

The object of the Daughters of Charity of St Vincent de Paul Charitable Trust, as set out in its governing document, is for ‘ such charitable purposes which advance the religious and other charitable work for the time being carried on by or under the direction of the society.’ Thus, it supports the charitable and religious works carried out by the members of the British Province of the Congregation.

By caring for the members of the Congregation throughout their lives, the Charity aims to enable and support the Sisters to live out their faith in the spirit of their founders, St Vincent de Paul and St Louise de Marillac, through the service of those most in need in society today.

The service or works of the Sisters of the Congregation are undertaken in the spirit of their founders, St Vincent de Paul and St Louise de Marillac who, in seventeenth century France, instilled into the first members of the Congregation the values of compassion, respect, love, forgiveness, justice and dignity.

ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The activities of the Charity were transferred to the CIO on 31[ST] December 2023. The remaining assets and liabilities will remain in the Charitable Trust until all commitments and obligations have been achieved. The Charitable Trust does not undertake fundraising.

Payments to the Scottish Redress Scheme fall into the category of public benefit, as they go, some way, to financially compensate for any physical and/or mental abuse suffered by people who were in residential establishments run by the congregation.

During the year the Charity continued to review its investments to ensure their value did not fall below what is required by the Charity to meet its obligations to the Scottish Redress Scheme.

The Trustees have also been in constant contact with their advisors in Scotland, with regard to a piece of land which they had hoped to sell in the year. Unfortunately, this sale was not completed, but it is hoped that it will be in 2025 at a reduced price. This land has therefore been discounted to reflect the current price which has been offered.

SAFEGUARDING

The Trustees recognise the absolute necessity of ensuring the protection and safeguarding of all those whom the Charity serves, especially children and adults at risk. All the sisters of the Province and all employees and volunteers who are in contact with people through their ministry, have an advanced disclosure from the Disclosure and Barring Service (DBS – England and PVG – Scotland) and participate in annual safeguarding training sessions.

The Trustees are committed to implementing all the policies and procedures of the Religious Life Safeguarding Service (RLSS), the Catholic Safeguarding Standards Agency (CSSA) and the Scottish Safeguarding Standards Agency (SCCSA).

As reported in earlier Trustee Reports, the Charity is actively engaged with the Scottish Government’s Redress Scheme to facilitate the processing of payments to those entitled to them.

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Trustees’ Report 31 December 2024

Police Scotland brought charges of historic physical abuse in Smyllum Children’s Home, Lanark, against three members of staff, including one Daughter of Charity, resulting in a criminal trial in November/December 2023.

In January 2024, all three were found guilty and each given a custodial sentence of three years. In May, appeals against the sentence were heard and all had their sentence reduced to seven months. As they had already served half of this time, they were immediately released.

In June, with the expertise of the Daughters of Charity legal team, two of the outstanding civil cases in Scotland reached a settlement.

Conscious that financial compensation alone does not bring about healing from abuse, members of the Charity continue to be engaged with survivors’ groups as well as individual survivors to effect healing in whatever ways possible.

INVESTMENTS

Policy – listed investments

The Charitable Trust has a portfolio of £6.2 million. At 1 January 2024 this portfolio was made up of cash which has now been fully invested in UK Government gilts.

In March 2019, the Trustees appointed Sarasin & Partners LLP as the Charity’s sole Investment Managers. This decision was taken following a detailed review, assisted by professional investment advisers.

There are no restrictions on the Charity’s power to invest.

Investment Objectives

The Charity seeks to obtain the best financial return within an acceptable level of risk.

The investment objective is to ensure the capital value does not fall below the commitment made to the Scottish Government of £6 million. Over the next 5 year £1 million will be donated each year to the Scottish Government. Therefore the portfolio has been structured to release these fund from Gifts to allow for this drawdown to happen and to protect the real value of the portfolio.

Ethical Policy

The policy is required to reflect the following concerns and to exclude direct, and where possible indirect, exposure to:

The Trustees also wish the investment manager to be sensitive to the ethics and religious principles of the Trustees and to try to avoid any investments in contravention of these and to highlight areas of potential sensitivity.

Particular concern is attached to issues related to the protection of human life and human rights, as well as discrimination against any sectors of society and the company’s overall

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5

Trustees’ Report 31 December 2024

environmental impact. The Trustees expect the managers to apply Environmental, Social and Governance (ESG) criteria when selecting investments.

Management, Reporting and Monitoring

The Trustees have appointed Sarasin & Partners LLP to manage the investments on a fully discretionary management agreement in line with this investment policy.

The investment manager will provide the following information on a quarterly basis: valuation of the investments, transaction report, cash reconciliation, performance analysis and commentary. Once a year (at a minimum) the investment manager will be required to present in person to the Trustees.

Policy – investment land

The Charity has owned and occupied land at Lanark, Scotland, since 1949 and for many years the Sisters operated a hospital on the site. Since the closure of the hospital, the Charity has been exploring how best to utilise the land for the benefit of its charitable objects. Initially, this involved discussions with a property developer about a disposal of the land for residential property development. Unfortunately, the collapse of the housing market and the severe financing restrictions since 2008 have prevented a disposal for this purpose.

The land continues to be owned with a view to disposal. As a consequence, in the accounts, the land is classified as investment land. It is the intention of the Trustees of the Charity to continue to seek buyers for this land and hence to maximise its value to the Charity.

FINANCIAL REPORT FOR THE YEAR

A summary of the results for the year can be found on page 16 of the attached accounts.

Income for the year to 31 December 2024 totalled £93,702 compared to £3.99 million in 2023. All operation activities of the Charity were transferred to the CIO in 2023 and hence the fall in income in 2024. Income in 2024 is made up of investments income and interest.

Total expenditure includes the transfer of certain assets and liabilities to the new CIO amounting to £32.6 million. Expenditure in 2024 comprised of investment managers fees, professional fees in relation to the planned disposal of land. Donations to the CIO amounted to £80,000 and the unwinding of the discount applied to the Redress Scotland amounted to £239,000 (2023 - £288,000).

Reserves policy

As stated above, with effect from midnight on 31 December 2023, in accordance with a legal transfer of undertaking dated 20 December 2023 and a resolution of the trustees, all activities, certain assets and certain liabilities of the Charity relating to the Province were transferred as a going concern into a newly formed Charitable Incorporated Organisation (CIO).

The Trustees have examined the requirement for free reserves and given the nature of the Charity’s work, as long as there are sufficient assets to meet the obligations of the Charitable Trust the Trustees feel the reserves are adequate and meet the reserves policy.

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Trustees’ Report 31 December 2024

Financial position

The balance sheet shows total reserves of £3.4 million (2023 – £3.7 million). Given the nature of the continuing operation of the Charity, the Trustees consider the reserves retained to be satisfactory to meet its ongoing needs and that the Charity’s remaining assets are sufficient to meet its remaining liabilities as they fall due.

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

The British Province is governed by the Sister Provincial and four Sisters who form the Provincial Council. All are appointed by the Superioress General and General Council in Paris and are accountable to them. The Provincial and Council members are appointed for a period of six years, renewable for a further three-year period if required.

The Trustees are members of the Community and are chosen for their personal qualities, their understanding and experience of the works and ministries of the Province and to ensure a varied skills mix. At present, the Provincial Secretary, the Provincial Treasurer, together with the Provincial and Provincial Council members, form the Board of Trustees. The Sister Provincial is always the Chair of Trustees by virtue of her office and she in turn appoints the other Trustees, of which there can be up to seven.

The Trustees are responsible for the policies, activities and assets of the Charity and for compliance with regulations and legislation including the Charities Act. The Trustees meet quarterly to review developments with regard to the Charity, its activities and assets, and to make important decisions. Training continues to be provided for the Trustees in order that they are fully updated with current legislation. The Trustees are incorporated under the provisions of Section 251 of the Charities Act 2011 as “The Incorporated Trustees of the Daughters of Charity of St Vincent de Paul”. The names of the Trustees at the date on which this report was approved are set out as part of the reference and administrative details on page 1 of this Annual Report and Accounts and brief biographical details on each of the Trustees are given below:

Sister Theresa Tighe

Sister Theresa Tighe has been a member of the Daughters of Charity of St Vincent de Paul for many years. She previously served on the leadership team for nine years. Sister Theresa was Head of Care in a residential school for Children with hearing impairment and another School for Children who had impaired sight. Most of her experience has involved working with young people with disabilities and their families She has also engaged with children and families through parish ministry. Her training is in youth and community work and in pursuing that she provides a short counselling course as a way of supporting young people. Sister Theresa was the Director for the Vincentian Volunteers which is Gap year for young people. Enabling young people to reach their full potential has always been a priority in working with them. Local community Leader has also shaped her life and working in formation with those people searching for meaning in life.

Sister Kay Harte

Sister Kay Harte entered the Daughters of Charity of St Vincent de Paul in 1967 and is currently working in the offices as Secretary to the Provincial. After training as a rehabilitation worker for the visually impaired and interpreter for deaf/blind people, she worked in managerial positions in Glasgow and Liverpool. Prior to moving to Provincial House, she was manager of a community care home for elderly Sisters.

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Trustees’ Report 31 December 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governance (continued)

Sister Sarah King-Turner

Sister Sarah King-Turner entered the Daughters of Charity of St Vincent de Paul in 1980. Her early ministry was in running a day centre for the elderly and then a hostel for students. After training as a Social Worker she had experience working with families and children. Sister went on to set up a new project for homeless young people, the Depaul Trust, followed by several years in Community administration both in London and later in the Community's Mother House in Paris. She was Provincial from 2002-2008.

Sister Mary O’Neill

Sister Mary joined the Daughters of Charity in 1977. Her early ministries were with children with disabilities and with young families. After gaining an MSc. in Management of Care, she lead the development of a Family Project in Central London. She has been working in Wales for 16 years until December 2021, with asylum seekers who were destitute. She founded a Drop-in Centre and an Accommodation Project, both of which are Registered Charities. She enjoys walking, drawing and writing and loves the countryside and the sea.

Sister Kathleen Kennedy

Sister Kathleen Kennedy entered the Daughters of Charity of St Vincent de Paul in 1966. She worked in residential child care for fourteen years after which she ran a pre-school group in a primary school setting. She qualified as a teacher with Bachelor of Arts with Qualified Teacher Status (BAQTS) and taught in an inner city primary school for sixteen years. She worked as part of a city wide Evangelisation team in Hull before being appointed to the Provincial Council.

Sister Maureen Tinkler

Sister Maureen Tinkler has been a member of the Daughters of Charity of St Vincent de Paul since 1971 and has lived and worked in numerous social priority areas in Great Britain. She trained as a secondary school teacher in Liverpool and also as a teacher of Hearing Impaired Children. She has been involved in the formation of novices and young Sisters. In the 1990’s she served on the Province Leadership Team for nine years and during that time served in hospital chaplaincy. She began the Vincentian Volunteers Gap Year and worked in Youth Ministry in Langbank, Scotland. For 12 years she was the Director of Vincentians in Partnership, an umbrella body for the Vincentian organisations in Great Britain. She is currently the VIVAT Co-ordinator for the Daughter of Charity Services and is a member of the Province Leadership Team.

Sister Anne Redmond

Sister Anne Redmond has been a member of the community of the Sisters of Charity of St Vincent de Paul since 1983. Before joining the community she worked in administration for the Halifax Building Society. Having qualified as a first level nurse at St Bartholomew’s Hospital, Sister Anne has worked in a number of nursing and health care settings for the elderly, for people with neurological and physical disabilities, domiciliary care and overseas in short term crisis intervention. She has also held managerial positions in social hostel settings.

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Trustees’ Report 31 December 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

She is currently working as a member of the leadership team with specific responsibility for the coordination of care for the older Sisters as the Care and Support Coordinator for the charity.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees' Report and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales and in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the charity for that period.

In preparing these accounts, the Trustees are required to:

Structure and management reporting

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the Accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the Charity’s Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Five professional advisers ably support the Trustees, meeting together twice a year. The solicitors, accountant and surveyors, who comprise the Advisory Board, are always available for advice and guidance and especially prior to the making of any major decision.

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Trustees’ Report 31 December 2024

Key management

The Trustees consider that they comprise the key management of the Charity in charge of directing and controlling, running and operating the Charity on a day to day.

In previous years the operational management of the Trust were the Trustees together with the Business Executive Officer and the Care Home Managers comprising the key management of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis.

All Trustees are members of the Congregation and, whilst their living and personal expenses are borne by the CIO, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

Risk management

The Trustees undertake an annual review of the principal risks and uncertainties that the charity faces categorising the risks between:

Governance and management looks at the skills and training of its members and the good use of its resources.

Operational looks at the risks inherent in the Charity’s activities.

Financial risks include those arising as a result of inappropriate investment policies, global downturn in markets. Inability to meet the commitment to the Scottish Redress scheme due to fall in investment values.

Reputation looks at possible damage to the Congregation and/or the charity’s reputation.

Laws, regulations, external and environment look at the effect of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment in the charity’s care establishments.

The Trustees regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures.

Daughters of Charity of St Vincent de Paul Charitable Trust 10

Trustees, R•port 31 December 2024 Public benellt The Trustees confirm that Ih$y have complied with their duty under section 17 of Ihe Charrties Act 201110 have regard to the Charty Commission's guidan¢e on publi¢ beneff(. The Trustees bolieve they have demonslraled in delail throughout this report the ways In whlch the Charity has been faithful lo this. Signed on behalf of the Trustses.. Theresa Tighe Trustee Approved by the Trustees on.. 17 July 2025 Daughters of Charity of Sl Vincent de Paul Ch8rilable Trust 11

Independent auditor’s report 31 December 2024

Independent auditor’s report to the Trustees of Daughters of Charity of St Vincent de Paul Charitable Trust

Opinion

We have audited the accounts of Daughters of Charity of St Vincent de Paul Charitable Trust (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the comparative statement of financial activities, the balance sheet, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

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

Daughters of Charity of St Vincent de Paul Charitable Trust 12

Independent auditor’s report 31 December 2024

Other information

The other information comprises the information included in the annual report and accounts other than the accounts and our auditor’s report thereon. The Trustees are responsible for the other information contained in the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 145 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with those Acts and relevant regulations made or having effect thereunder.

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Independent auditor’s report 31 December 2024

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

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Independent auditor’s report 31 December 2024

Auditor’s responsibilities for the audit of the accounts (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

17 July 2025

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Daughters of Charity of St Vincent de Paul Charitable Trust 15

Statement of financial activities Year to 31 December 2024

Notes
Income:

Grants, donations and legacies

Investment income and interest
receivable
1
Other income

. Surplus on disposal of tangible fixed assets

. Rent receivable

. Miscellaneous income

Total income


Expenditure:

Cost of raising funds

. Investment managers’ fees

Expenditure on charitable activities

. Support of members of the
Congregation and their ministry
2
. Charitable grants, donations payable and
similar
3
. Contributions to Redress Scotland
4

Transfer of net assets to The Daughters of
Charity of St Vincent de Paul, CIO (Charity
Registration Number 1204513 (England and
Wales) SC052894 (Scotland))
18
Total expenditure



Net (expenditure) for the year before
investment gains (losses)
6

Net investment gains (losses)

. Investment land
11
.Listed investments
11
. Foreign exchange

. Foreign exchange contracts

Net movement in funds for the year


Reconciliation of funds:

Balances brought forward

at 1 January 2024

Balances carried forward

at 31 December 2024
 Total
Unrestricted
funds
2024
£

—
93,702



—

—

—

93,702







12,484


8,700
80,000

239,000

340,184
—

340,184




(246,482)





(250,000)

158,372

—

—
(338,110)







3,725,000



3,386,890

With effect from midnight on 31 December 2023, the activities, transactions, assets and liabilities, excluding those relating to the Scottish redress scheme, were transferred to The Daughters of Charity of St Vincent de Paul CIO, Charity Registration Number 1204513 (England and Wales), SC02894 (Scotland) (see note 18).

All recognised gains and losses are included in the above statement of financial activities.

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Comparative statement of financial activities Year to 31 December 2023

Notes
Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Total
funds
2023
£
Income:
Grants, donations and legacies
Investment income and interest
receivable
1
Other income
. Surplus on disposal of tangible fixed assets
. Rent receivable
. Miscellaneous income
Total income
Expenditure:
Cost of raising funds
. Investment managers’ fees
Expenditure on charitable activities
. Support of members of the
Congregation and their ministry
2
. Charitable grants, donations payable and
similar
3
. Contributions to Redress Scotland
4
Transfer of net assets to The Daughters of
Charity of St Vincent de Paul, CIO (Charity
Registration Number 1204513 (England and
Wales) SC052894 (Scotland))
18
Total expenditure
Net (expenditure) income for the year before
investment gains (losses)
6
Net investment gains (losses)
. Listed investments
11
. Foreign exchange
. Foreign exchange contracts
11
Net movement in funds for the year
Reconciliation of funds:
Balances brought forward
at 1 January 2023
Balances carried forward
at 31 December 2023		 2,246,050

669,449
670,247
71,737
19,409		 253,953
58,782
—
—
—		 —
—
—
—
—		 2,500,003
728,231
670,247
71,737
19,409
3,676,892 312,735 — 3,989,627
112,561

5,226,025

519,768

288,000		 11,167
9,084
113,306
—		 —
—
—
—		 123,728
5,235,109
633,074
288,000
6,146,354

31,816,013		 133,557
544,677		 —
254,175		 6,279,911
32,614,865
37,962,367 678,234 254,175 38,894,776

(34,285,475)

1,250,346
(27,349)

116,284		 (365,499)
—
—
—		 (254,175)
—
—
—		 (34,905,149)
1,250,346
(27,349)
116,284
1,339,281
(32,946,194)
36,671,194		 —
(365,499)
365,499		 —
(254,175)
254,175		 1,339,281
(33,565,868)
37,290,868
3,725,000 — — 3,725,000

Daughters of Charity of St Vincent de Paul Charitable Trust 17

Balance sheet 31 December 2024 2024 2023 Notes Fixed a58ets'. Investments 11 8,098,675 9,200,(X)o Current ass•ts.. Cash 8t bank and in hand 54.915 50,0(M) Liabilities.. Creditors- arnounts falling due within or* year Net current Ilablllttes 13 11,002,700) 11.000,0001 1947.785) 1950,0001 Total assets less current Ilabllltieg 7,150.890 8,250.000 Provision for Ilabllltlo5 Totsl n•tass•ts 13 13.764,0001 14,525,(X)01 3.386,890 3,725,000 The funds of the charlty: General fund 3.386.890 3,386,890 3,725.000 3,725,000 Approved by the Trustees and signe¢Y on their behalf by: Theresa Tighe Trustee Approved by the Trustees on.. 17 July 2025 Daughters of Charity of Sl Vincent de Paul Charitable Trust 18

Principal accounting policies 31 December 2024

Basis of accounting

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

Basis of preparation

These accounts have been prepared for the year to 31 December 2024 with comparative information given in respect to the year to 31 December 2023.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

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

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The Trustees have assessed the assets of the Charity are sufficient to meet the liabilities of the charity as they fall due, and concluded that it is appropriate for the accounts to be prepared on a going concern basis.

Daughters of Charity of St Vincent de Paul Charitable Trust 19

Principal accounting policies 31 December 2024

The Trustees continue to communicate with their investment managers and, whilst there are concerns over the volatility in world stock markets, the policy is to ensure the capital value of the portfolio retained within this entity is maintained to meet the Scottish Redress liability.

The Trustees do not expect material concerns to arise over the Charity’s financial position or going concern and have not identified any material uncertainties in this regard. The Trustees have concluded that the Charity will have sufficient resources to meet its liabilities as they fall due.

Income recognition

Income is recognised in the period in which the Charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises investment income and interest receivable.

Investment income is recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of the CIO. No other grants or donations are given.

Daughters of Charity of St Vincent de Paul Charitable Trust 20

Principal accounting policies 31 December 2024

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Governance costs are included as a specific category within support costs.

Cash flow statement

The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102).

Tangible fixed assets

All tangible fixed assets were transferred to the Daughters of Charity of St Vincent de Paul CIO on 31 December 2023.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

All investments are held in Government Gilts to keep the risk of market fluctuation to a minimum.

Land held for investment is included in the accounts at the estimated current market value of the land based on disposal for development and the likelihood of residential planning consent being granted. The valuation has been determined by the Trustees after consultation with their professional property advisers.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Programme related investments

All programme related investments were transferred to the Daughters of Charity of St Vincent de Paul CIO on 31 December 2023.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Daughters of Charity of St Vincent de Paul Charitable Trust 21

Principal accounting policies 31 December 2024

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the Charity and which may be applied at the discretion of the Trustees.

Services provided by members of the Congregation

For the purpose of these accounts, no monetary value has been placed on the care, administrative and other services provided by the members of the Congregation.

Daughters of Charity of St Vincent de Paul Charitable Trust 22

Notes to the accounts 31 December 2024

1 Investment income and interest receivable

Unrestricted
funds
£
Restricted
funds
£		 Endowment
funds
£		 Total
funds
2024
£
Income from listed investments
. Government Bonds
Interest receivable
. Monies held by investment managers
2024 Total funds		 26,374
67,328		 —
—		 —
—		 26,374
67,328
93,702 — — 93,702
Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Total
funds
2023
£
Income from listed investments
. Government Bonds
. Non-Government Bonds
. UK Equities and Equity Trusts
. Global Equities
. UK property and Unit Trusts
. Alternative Investments
Income from programme
related investments
Interest receivable
. Interest on loans
. Monies held by investment managers
. Bank interest
2023 Total funds		 63,897
59,375
66,336
184,840
36,776
101,192		 4,071
7,062
7,214
24,260
4,388
6,413		 —
—
—
—
—
—		 67,968
66,437
73,550
209,100
41,164
107,605
512,416 53,408 — 565,824
104,000 — — 104,000
7,537
36,252
9,244		 —
3,086
2,288		 —
—
—		 7,537
39,338
11,532
53,033 5,374 — 58,407
669,449 58,782 — 728,231

Daughters of Charity of St Vincent de Paul Charitable Trust 23

Notes to the accounts 31 December 2024

2 Support of members of the Congregation and their ministry

Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Total
funds
2024
£
Support costs
2024 Total funds		 8,700
—		 — 8,700
8,700
—		 — 8,700
Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Total
funds
2023
£
Sisters’ living and personal expenses
Premises
Staff costs
Spiritual renewal
Other costs
Support costs (note 6)
2023 Total funds		 1,018,670
1,107,132
2,149,889
124,520
104,648
721,166
—

9,084

—

—

—

—		 —
—
—
—
—
—		 1,018,670
1,116,216
2,149,889
124,520
104,648
721,166
5,226,025
9,084		 — 5,235,109

3 Charitable grants and donations payable

Total
Unrestricted Restricted Endowment funds
funds funds funds 2024
£ £ £ £
Donation to The Daughters of Charity of
St Vincent de Paul CIO 80,000 — — 80,000
2024 Total funds 80,000 — — 80,000

Daughters of Charity of St Vincent de Paul Charitable Trust 24

Notes to the accounts 31 December 2024

3 Charitable grants and donations payable

Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Total
funds
2023
£
Donations to the Congregation’s
overseas missions:
. Ethiopia
. Kenya
. Morocco
. Vietnam
. Syria
. Lebanon
The Vincentian Volunteers
Marillac Neurological Care Centre
Safe Space England and Wales
(SSEW)
World Youth Day
Asylum Justice
Holy Cross Abbey
Vincentian Care Plus
Mission Heart Scotland
Cost of living Vouchers
Other donations
2023 Total funds		 —
—
—
—
—
—
5,000
500,000
5,000
2,590
2,558
5,000
(20,000)
6,630
9,848
3,142		 79,010
1,092
5,000
14,487
13,642
75
—
—
—
—
—
—
—
—
—
—		 —
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—		 79,010
1,092
5,000
14,487
13,642
75
5,000
500,000
5,000
2,590
2,558
5,000
(20,000)
6,630
9,848
3,142
519,768 113,306 — 633,074

4 Contribution to Redress Scotland

The National Inquiry into Historical Abuse commissioned by Scottish Ministers under the Inquiries Act 2005 in Scotland has held hearings in relation to two of the Congregation’s former homes in Scotland. The Scottish Government has passed legislation to establish a Redress Scheme (Redress Scotland). Alongside other providers of care in Scotland (both past and present), the Daughters of Charity of St Vincent de Paul Charitable Trust has contributed towards the funding of the payments to be met by the Scheme. Under the Financial Contribution Agreement with the Scottish Ministers, the Charity will contribute a maximum of £10 million to Redress Scotland. £5 million has been paid to date and a further £1 million is payable in 2025 (note 13). A further £4 million (discounted to £3,764,000) has been provided for, being the maximum amount that will be payable between 2025 and 2027. Each year, the annual contribution amount is subject to review to assess the amount payable.

5 Support costs

Legal and professional fees
Central administration
Bank charges
Governance (see below)
Total funds		 Total
funds
2024
£		 Total
funds
2023
£
—
—
—
8,700		 535,281
49,541
5,202
131,142
8,700 721,166

Daughters of Charity of St Vincent de Paul Charitable Trust 25

Notes to the accounts 31 December 2024

Governance costs included above comprised:

Unrestricted
funds
£
Restricted
funds
£		 Endowment
funds
£		 Total
funds
2024
£
Auditor’s remuneration
Legal and professional
2024 Total funds		 2,700
6,000		 —
—		 —
—		 2,700
6,000
8,700 — — 8,700
Unrestricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 Total
funds
2023
£
Auditor’s remuneration
Legal and professional
Central administration
2023 Total funds		 24,960
103,574
2,608		 —
—
—		 —
—
—		 24,960
103,574
2,608
131,142 — — 131,142

6 Net (expenditure) income for the year before investment (losses) gains This is stated after charging (crediting):

Total
2024
£		 Total
2023
£
Staff costs (note 8)
Auditor’s remuneration
. Statutory audit services
Depreciation (note 11)
Surplus on disposal of tangible fixed assets		 —
2,700
—
—		 2,149,889
24,960
251,320
(670,247)

7 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
2024
£		 2023
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Agency staff		 —
—
—		 1,905,517
142,374
47,986
—
—		 2,095,877
54,012
— 2,149,889
Staff costs per function were as follows: 2024
£		 2023
£
Support of members of the Congregation and their ministry — 2,149,889

The following number of employees earned £60,000 per annum or more (including taxable benefits but excluding employer’s pension contributions):

Daughters of Charity of St Vincent de Paul Charitable Trust 26

Notes to the accounts 31 December 2024

2024 2023
£80,000 - £90,000 — 1
The average number of employees during the year, analysed by function, was:
2024 2023
Support of members of the Congregation and their ministry — 103

The number of employees based on full time equivalents, analysed by function, was:

2024 2023
Support of members of the Congregation and their ministry — 80

Last year the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis comprised the Trustees, the Business Executive Officer and the Care Home Managers. The total remuneration (including taxable benefits and employer's pension contributions) of the key management personnel for 2023 was £227,780. No such costs were incurred in the current year.

8 Trustees' expenses and remuneration and transactions with Trustees

The Charity's Trustees are all members of the Congregation and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Congregation, are borne by the CIO. No Trustee received any remuneration or reimbursement of expenses in connection with their duties as Trustees.

9 Taxation

The Daughters of Charity of St Vincent de Paul Charitable Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

10 Tangible fixed assets

All tangible fixed assets were transferred to The Daughters of Charity of St Vincent de Paul CIO on 31 December 2023.

11 Investments

Investments
2024
£		 2023
£
Investment land
Listed investments		 2,750,000
5,348,675		 3,000,000
6,200,000
8,098,675 9,200,000

Investment land

The Charity has owned and occupied land at Lanark, Scotland since 1949 and for many years the Sisters operated a hospital on the site. Since the closure of the hospital, the Charity has been exploring how best to utilise the land for the benefit of its charitable objects. Initially, this involved discussions with a property developer about a disposal of the land for residential property development. Unfortunately, the collapse of the housing market and the severe financing restrictions since 2008 have led to interest by developers being

Daughters of Charity of St Vincent de Paul Charitable Trust 27

Notes to the accounts 31 December 2024

extremely limited.

The value of the land has been written down in these accounts to reflect its value on the open market as estimated by an independent valuer. An unrealised loss of £250,000 is shown in the statement of financial activities to reflect its value on the open market as evidenced by an offer for the land from a potential developer.

Listed investments

Listed investments
2024
£		 2023
£
Listed investments
Market value at 1 January 2024
Additions
Disposals at opening book value (proceeds £6,235,481, gains £35,957)
Net gains on revaluation
Market value at 31 December 2024
Cash held by investment managers
Transfers to The Daughters of Charity of St Vincent de Paul CIO
Cost of listed investments at 31 December 2024		 —
11,192,006
(6,199,524)
122,415		 22,534,530
11,773,195
(19,404,215)
782,461
5,114,897
233,778		 15,685,971
6,575,510
5,348,675
—		 22,261,481
(16,061,481)
5,348,675 6,200,000
4,992,482 —

With effect from midnight on 31 December 2023, all listed investments were transferred to the new CIO. The listed investments comprised the following:

2024
£		 2023
£
. Government Bonds
. Non-Government Bonds
. Global Equities
. UK Property and Unit Trusts
Alternative Investments
. Liquid Assets		 5,114,897
—
—
—
—
—		 1,567,505
1,247,416
10,425,718
754,335
1,690,997
—
5,114,897 15,685,971

All listed investments were dealt in directly on a recognised stock exchange or comprised units the underlying investments of which were dealt in on a recognised stock exchange.

Nature and extent of risks arising from financial instruments

The aim of investment risk management is to minimise the risk of an overall reduction in the value of the portfolio and to maximise the opportunity for gains.

The Trustees monitor the underlying risks to which the investments are exposed through reviews with the investment managers. The risks to which the investments are exposed include market and credit risk. Bonds and bond-like instruments are exposed to credit risk but exposure to credit risk is minimised by only investing in bonds that are subject to a minimum credit rating.

Daughters of Charity of St Vincent de Paul Charitable Trust 28

Notes to the accounts 31 December 2024

Liquidity risk represents the risk that the Charity will not be able to meet its financial obligations as they fall due. The Trustees monitor cash flows and take steps to ensure that there are adequate cash resources to meet the Charity’s commitments.

Programme related investments

Programme related investments
2023
£		 2022
£
Carrying value at 1 January 2024
Transfer to The Daughters of Charity of St Vincent de Paul CIO
At 31 December 2024		 —
—		 4,298,510
(4,298,510)
— —

12 Debtors

2024
£		 2023
£
Residential and care home fees
Prepayments and accrued income
Loan to St Joseph’s Services: due in less than one year (note 21)
Loan to St Joseph’s Services: due in more than one year (note 21)
Cash flow loan to St Vincent’s Family Project (note 21)
Other debtors
Transfer to The Daughters of Charity of St Vincent de Paul CIO		 —
—
—
—
—
—		 8,182
108,955
50,000
312,500
54,500
18,152
—
—		 552,289
(552,289)
— —

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Redress Scotland
Expense creditors
Social security and other taxes
Other creditors
Monies administered by the Charity on behalf of individual members of
the Daughters of Charity of St Vincent de Paul
Money held on behalf of the Ethiopian Province of the Daughters of
Charity of St Vincent de Paul
Accruals
Transfer to the Daughters of Charity of St Vincent de Paul CIO		 1,000,000
—
—
—
—
—
2,700		 1,000,000
53,169
33,601
28,249
55,585
87,879
24,000
1,002,700
—		 1,282,483
(282,483)
1,002,700 1,000,000

Daughters of Charity of St Vincent de Paul Charitable Trust 29

Notes to the accounts 31 December 2024

13 Creditors: amounts falling due within one year

In 2021 the trustees committed to contribute £10,000,000 to Redress Scotland from 2021 to 2026 inclusive. A liability has been recognised, within creditors falling due within one year and provision for liabilities (note 7) discounted to present value using a discount rate of 5% per annum, the expected long-term average yield from investments earned by the Charity. The liability at 31 December 2024 represents contributions which the trustees have committed to paying in the years 2024 to 2026. The notional interest is debited to the statement of financial activities as the discount is “unwound”.

The contributions payable are as follows:

Discounted amounts
2024
£
2023
£
1,000,000
1,000,000
3,764,000
4,525,000
4,764,000
5,525,000		 Gross amounts Gross amounts
2024 2024
£
1,000,000
4,000,000
5,000,000		 2023
£
£
1,000,000
5,000,000
Creditor due within one year
Provision for liabilities		 1,000,000
3,764,000
4,764,000 6,000,000

The movement in liability for the contributions is as follows:

2024
£		 2023
£
6,237,000
288,000
(1,000,000)
5,525,000
Total contributions payable at 1 January 2024
Notional interest in respect to discounted future cash flows
Contributions paid during the year
Total contributionspayable at 31 December 2024		 5,525,000
239,000
(1,000,000)
4,764,000

14 Related party transactions

A summary of Charity Related party transactions are given below:

The Daughters of Charity of St Vincent de Paul Charitable Trust is connected to the Daughters of Charity of St Vincent de Paul CIO (Charity Registration No 1204513 (England and Wales) SC052894 (Scotland) (the successor Charity) by virtue of the fact that the two Charities hold the same Trustees. At 31 December 2023 the operational and the majority of the assets and liabilities were transferred to the CIO.

In 2024, a donation of £80,000 was given to the CIO to help towards operational costs.

15 Ultimate control

The Charity, which is constituted as a Trust, was controlled throughout the period by the Daughters of Charity of St Vincent de Paul, British Province by virtue of the fact that the Sister Provincial of the Province appoints the Trustees. The Province does not hold any assets, incur liabilities or enter into any transactions in its own right. Assets and liabilities of the British Province are vested in the Trustees of the CIO, who undertake all transactions in the course of the Province’s charitable activities.

Daughters of Charity of St Vincent de Paul Charitable Trust 30

Notes to the accounts 31 December 2024

16 Leasing commitments

Operating leases

At 31 December 2024, the Charity had the following future minimum commitments under non-cancellable operating leases in respect to equipment and motor vehicles:

Amounts fallingdue: 2024
£		 2023
£
. Within one year
. After one but within five years
Total		 —
—		 73,112
240,686
— 313,798

17 Contingent liability in respect to alleged historic abuse

As detailed in note 7, the Daughters of Charity of St Vincent de Paul has contributed towards the funding of Redress Scotland, which has been established by Scottish Ministers to fund compensation payments to those who suffered historic abuse.

In addition to the contributions to Redress Scotland, at the date of signing this report, the Charity has received a number of specific claims in respect to alleged historic abuse. The Congregation continues to receive correspondence from new individuals and continues to address each claim or subject access request proactively from receipt. In a limited number of the claims received to date, it has been possible to retrieve records and progress investigations as far as possible given the limitations on available evidence. During the year to 31 December 2024, no (2023 – nil) claims were settled without litigation, with the express approval in advance of the Trustees and after close consideration of legal advice, on the basis of an economic analysis, without admission of liability. No provision has been made in these accounts for the future settlement or cost relating to other intimated claims given the inevitable uncertainties that exist whilst investigations are progressed.

Daughters of Charity of St Vincent de Paul Charitable Trust 31

Notes to the accounts 31 December 2024

18 Transfer of activities, assets and liabilities

The Trustees of the Charity are also the trustees of the Daughters of Charity of St Vincent de Paul CIO, Charity Registration Number 1204513 (England and Wales) SC052894 (Scotland). The Daughters of Charity of St Vincent de Paul CIO was registered as a charity on 29 August 2023.

The activities, certain assets and certain liabilities of the Charitable Trust, principally excluding those relating to the Scottish Redress Scheme liabilities and sufficient corresponding assets to meet such costs, were transferred to the CIO by deed of transfer with effect from midnight on 31 December 2023.

The net assets transferred at midnight on 31 December 2023 comprised:

2023
£
Tangible fixed assets
. Cost
. Accumulated depreciation
Listed investments
Programme related investments
Cash held by investment managers
Cash at bank and in hand and short term deposits
Debtors
Creditors: amounts falling due within one year		 13,437,622
(3,606,882)
9,830,740
15,685,971
4,298,510
375,510
20,359,991
2,154,328
552,289
(282,483)
32,614,865

The net assets transferred at midnight on 31 December 2023 were represented by the following funds and reserves

2023
£
Capital funds
Permanent endowment funds
Income funds
Restricted funds
Unrestricted fund
. Tangible fixed assets fund
. Programme related investment fund
. Designated funds
. General fund		 254,175
544,677
9,830,740
4,298,510
14,780,209
2,906,554
32,614,865

Daughters of Charity of St Vincent de Paul Charitable Trust 32