## **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 Daughters of Charity of St Vincent de Paul Charitable Trust **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. Daughters of Charity of St Vincent de Paul Charitable Trust **3** **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. Daughters of Charity of St Vincent de Paul Charitable Trust **4** **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: - ➢ Any company earning more than 10% of their turnover from sale or production of alcohol, armaments, gambling, tobacco or pornography; - ➢ Any company involved in the production of single-purpose abortifacients, contraceptives, or engaged with scientific research on human foetuses. 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 Daughters of Charity of St Vincent de Paul Charitable Trust **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. Daughters of Charity of St Vincent de Paul Charitable Trust **6** ## **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. Daughters of Charity of St Vincent de Paul Charitable Trust **7** **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. Daughters of Charity of St Vincent de Paul Charitable Trust **8** **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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); - make judgments and estimates that are reasonable and prudent; - state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. ## **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. Daughters of Charity of St Vincent de Paul Charitable Trust **9** **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. - Operational. - Financial. - Reputation. - Laws, regulations, external and environment. **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: -  give a true and fair view of the state of the Charity’s affairs as at 31 December 2024 and of its income and expenditure for the year then ended; -  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -  have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. ## **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: -  the information given in the Trustees’ report is inconsistent in any material respect with the accounts; or -  sufficient and proper accounting records have not been kept; or -  the accounts are not in agreement with the accounting records and returns; or -  we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** 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. Daughters of Charity of St Vincent de Paul Charitable Trust **13** ## **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: - ♦ the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; -  we obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant frameworks which are directly relevant to specific assertions in the accounts are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011) and safeguarding regulations. -  we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and -  identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -  making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and -  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: -  performed analytical procedures to identify any unusual or unexpected relationships; -  tested journal entries to identify unusual transactions; Daughters of Charity of St Vincent de Paul Charitable Trust **14** ## **Independent auditor’s report** 31 December 2024 **Auditor’s responsibilities for the audit of the accounts** (continued) -  assessed whether judgements and assumptions made in determining the accounting estimate for the provisions for bad debts and the Redress Scheme were indicative of potential bias; and -  used data analytics to investigate the rationale behind any significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -  agreeing accounts disclosures to underlying supporting documentation; -  reading the minutes of meetings of those charged with governance; and -  enquiring of management as to actual and potential litigation and claims. 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. Daughters of Charity of St Vincent de Paul Charitable Trust **16** ## **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: -  estimating the market value of investment land; -  estimating the value of any provision in respect to Scottish Redress; -  estimating future income and expenditure flows for the purpose of assessing going concern ## **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: -  Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This relates to investment management fees only. -  Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the Charity through the provision of its charitable activities. Such costs include the provision of charitable grants and donations. 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. - Contributions to Scottish Redress represent estimate of amounts that will be payable to the Scheme over the period to 2026 (see note 7). The amounts payable in future periods have been discounted to their present value using a discount rate of 5% per annum, being the expected average yield from investments earned by the Charity. These costs include the notional interest charged as a result of unwinding this discounting over time. 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**