OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

Charity No. 237760

DAUGHTERS OF DIVINE CHARITY

ST THERESA'S CONVENT HUNSTANTON

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

CONTENTS

Page Number Details
1 - 6 Trustees Report
7 Independent Examiners Report
8 Consolidated Statement of Financial Activities
9 Consolidated and Charity Balance Sheet
10 Consolidated Statement of Cash Flows
11- 20 Notes to the Financial Statements

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

Trustees Maria Cirko (Sr M Jacinta) Kathleen Muriel Prentice (Sr M Thomas More) Diana Judith Ridler (Sr M Francis) Anna Yeo Chai Luan (Sr M Anna) from 2nd September 2023 Head Office St Theresas Convent 27 Sandringham Road Hunstanton Norfolk PE36 5DP Provincial Superior Linda Pergega Financial Adviser Mr E J Howard Charity Registration Number 237760 Independent Examiner Aaron Widdows ACA FCCA Price Bailey LLP Anglia House, 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR Solicitors Ward Gethin Archer 8-12 Tuesday Market Place King's Lynn Norfolk PE30 1JT Principal Bankers Barclays Bank PLC 34 Market Place Dereham Norfolk NR19 2AS

1

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report for the year ended 31 December 2023 under the Charities Act 2011 together with the independently examined consolidated financial statements of the Charity for the year and confirm that the latter comply with the requirements of the Act, the Trust Deed and the Statement of Recommended Practice - Accounting and Reporting by Charities 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Daughters of Divine Charity is an international religious congregation divided into seven Provinces and three Vice Provinces. The English Vice Province is administered by the Provincial Superior together with a Council consisting of two councillors. The Council is elected by the members of the Province for a term of four years.

Included within The Daughters of Divine Charity are two separate charities: Daughters of Divine Charity, Hunstanton, at St Theresa's Convent (referred to in this document as "the Charity"), and Daughters of Divine Charity, Chesterfield, at St Joseph's Convent and Mother Most Admirable, Manchester. Together these charities constitute the English Province. Given the common control exercised by the trustees over both charities, these financial statements consolidate both entities, and together they are referred to as the "group".

The financial statements accompanying this report are the financial statements of the group on which the assets of the Daughters of Divine Charity Hunstanton, and of Daughters of Divine Charity Chesterfield, being part of the English Province, are held. St Theresa's Convent, Hunstanton is governed by a Trust Deed dated 20th August 1964 and is registered with the Charity Commission, Charity Registration No. 237760. St Joseph's Convent Chesterfield is governed by a Trust Deed dated 6th July 1965 and is registered with the Charity Commission, Charity Registration No. 527184.

Trustees

Maria Cirko (Sr M Jacinta) Kathleen Muriel Prentice (Sr M Thomas More) Diana Judith Ridler (Sr M Francis) Anna Yeo Chai Luan (Sr M Anna) from 2nd September 2023

Key Executives The Provincial Superior Linda Pergega Financial Adviser Edwin J Howard

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing Body

The Charity has four Trustees. The Provincial Superior and two Councillors constitute the Provincial Council. The power of appointing new Trustees rests with the Provincial Superior.

Organisational Management

The Provincial Council headed by the Provincial Superior determines the general policy of the group and reviews its overall management and control for which they are legally responsible.

Key management and remuneration policies

Key management consists of the Provincial Superior, the elected Councillors and the Financial Adviser. All other teachers were paid in accordance with the school salary scale. Other staff were paid based on market rate. The Sisters do not receive any remuneration for their work at the charity. The Financial Advisor's fees were agreed by the Sister Provincial.

2

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Both charities' Trust Deeds state that the Trust's principal objectives are the advancement of and support for the charitable work being carried on by the Congregation, the advancement of religious education or such charitable work as the Trustees think fit in support of the Roman Catholic Religion, with the approval of the Provincial Superior.

Policy

In fulfilment of the objectives of the Trust it is the policy of the group to undertake a range of charitable activities. The principal areas in which the group is involved are set out below:

1. Education

The Daughters of Divine Charity Hunstanton own the Freehold Land and Buildings which comprised the Sacred Heart School, Swaffham. The School closed on 31st August 2019 for financial reasons. The school premises have been leased to the Roman Catholic Diocese of East Anglia and education continues on the site as the Sacred Heart Roman Catholic VA School.

St Joseph's Convent Chestfield owns the Freehold Land and Buildings which comprise the St Joseph's Little Scholars Nursery School which it operates as an independent fee paying nursery.

Members of the Congregation work in the School as unpaid welfare assistants. The English Province relies heavily on Members from Overseas Provinces (e.g. Croatia and Poland) visiting to carry out these functions.

2. Social and Pastoral Care

Members of the Congregation undertake work within the community and local parish, providing family support and giving religious and material support to those in need.

3. Missions

The English Province supports the establishment and running of overseas missions by the Congregation.

The objective, the advancement of the Roman Catholic Religion, permeates all the work of the members of the Congregation.

Public Benefit Statement

The trustees believe they have complied with their duty to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties.

Achievements and performance

During the year, the Congregation was active in the field of education thanks to the Nursery at Chesterfield. Pupil numbers for the year totalled 39 compared to 42 last year.

3

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Total consolidated income for the year was £348,913 (2022: £353,094), all of which was unrestricted. The consolidated results for the year show net expenditure of £(17,425) (2022 : £(762))

Daughters of Divine Charity Hunstanton had income in the year of £66,649 (2022: £77,837), expenditure of £59,029 (2022: £84,833), and net income of £7,620 (2022: £6,996) (see note 2).

Daughters of Divine Charity Chesterfield, which runs the nursery, had income in the year of £282,264 (2022: £275,257), expenditure of £307,309 (2022: £269,023), and net expenditure of £25,045 (2022: £6,234).

Risk Assessment

The Trustees review risks to which the Charity may be exposed. Those applicable to Swaffham site are now minimal as the school is occupied by the Diocese on a 99 year full repairing lease.

The risk at Hunstanton is shortage of residents which is compounded by the non availability of Sisters to staff the facility. Accordingly the Provincial Council continues to review the future of the Hunstanton Convent.

The main risk at Chesterfield is a shortage of pupils. A new manager was appointed in January last year and is developing ideas to increase pupil numbers.

Investment Performance

The Group and Charity no longer hold cash in investment accounts. However the group and charity do now hold programme related investments being in the form of property. The programme related investment relates to the school at Swaffham let to the Diocese.

Going Concern

The Trustees have considered the ability of Daughters of Divine Charity as a Group, including both Hunstanton and Chesterfield, to continue as a going concern. The Group has total funds of £3,071,713 at year end, including free reserves of £640,921 (2022: £1,063,595) and cash of £651,941 (2022: £1,083,977). Pupil levels at Chesterfield have returned to normal and residents have remained in the home at Hunstanton.

Given the above, the Trustees consider that the Group and Charity will continue for at least 12 months from the date of approval of these financial statements, and therefore it is appropriate to prepare these on a going concern basis.

4

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Reserves

At the end of the year the total consolidated funds of the group were £3,071,713 (2022:£3,089,138). Of this sum £1,257,045 (2022: £851,796) represents tangible fixed assets necessary for the charitable activities and £1,173,747 (2022:£1,173,747) represents programme related investments. The remaining £640,921 (2022:£1,063,595) is considered by the Trustees to reflect the true consolidated 'free reserves' position.

The reserves of Daughters of Divine Charity Hunstanton totalled £2,194,585 at 31 December 2023 (2022:£2,186,965), Of this, £1,831,639 (2022: £1,417,576) represents fixed assets, leaving net liabilities of the school of £Nil (2022: £Nil).

The reserves of Daughters of Divine Charity Chesterfield totalled £877,128 at 31 December 2023 (2021:£902,173), Of this, £599,153 (2022:£607,967) represents fixed assets, leaving free reserves of the school of £277,975 (2022:£294,206).

Reserves are held for the following reasons:

  1. To provide a sound financial base to support the future activities of the Charity. A target of three months running costs has been set, which equates to £76,827 for the year ended 31 December 2023 in respect of Chesterfield only. The Swaffham school complex has now been leased to the Roman Catholic Diocese and surplus property has been sold.

  2. To provide for the future care and support of the older members of the Congregation. The Province currently has ten members but the average age of the Congregation remains high.

The trustees consider the current level of reserves to be adequate given the above policy. Going concern has been considered and is considered appropriate given the sum of free reserves.

Investment powers policy and performance

Under the Order's Trust Deed there are no limitations in the Trustees' powers of investment.

Other investments at 31 December 2023 are programme related investments which is property used by another charitable organisation with similar purposes as Daughters of Divine Charity. This is not considered to add additional risk to the group or charity.

FUTURE PLANS

The Trustees will continue to carefully formulate future policies.

The ongoing development of St Joseph's Little Scholars Nursery School will continue to be the main objective of Daughters of Divine Charity, Chesterfield.

28 Oct 2024

Approved by the Trustees on 2024 and signed as authorised on their behalf by:

Sr M Cirko Sr Cirko (Mon, 28th Oct 2024 9:58:21 Sr Ridler (Tue, 29th Oct 2024 9:02:47 Sr D J Ridler Trustee GMT) GMT) Trustee

5

���������������������������������������

����������������������������� ��������������������������������������������������������

���������������������������������������������������������������������������������������������� ����������������������������������������

������������������������������������

���������������������������������������������������������������������������������������� �����������������������������������������������������

������������������������������������������������������������������������������������������� ����������������������������������������������������������������������������������������������� �����������������������������

��������������������������������

������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������

���������������������������������������������������������������������������������������������� �������������������������������������������������������������������������

�������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������������������������

�����������������������

����������������

���������������������

������������ ���������������� ������������������������ ���������������� ������� �������

������ 29 October 2024

�

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME
Note
Donations and legacies
3
Income from charitable activities
4
Investment Income
5
TOTAL INCOME
EXPENDITURE
Expenditure on charitable activities
6
TOTAL EXPENDITURE
Net (expenditure) / income for the year,
being movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2023
£
43,558
298,662
6,693
348,913
366,338
366,338
(17,425)
3,089,138
3,071,713		 2022
£
52,530
299,269
1,295
353,094
353,856
353,856
(762)
3,089,900
3,089,138

All amounts relate to unrestricted funds and continuing activities of the group. The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 20 form part of these financial statements.

7

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

CONSOLIDATED AND CHARITY ONLY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Programme Related Investments
Investment Property
FIXED ASSETS
Tangible Fixed Assets
10
10
9
Cash at Bank & in Hand
CURRENT ASSETS
Debtors & Prepayments
11
LIABILITIES
Creditors: falling due within 1 year
12
NET CURRENT ASSETS
NET ASSETS
TOTAL FUNDS (Unrestricted)		 £
2023
Group
2,430,792
1,173,747
-
1,257,045
673,731
651,941
21,790
(32,810)
640,921
3,071,713
3,071,713		 £
2022
Group
2,025,543
1,173,747
-
851,796
1,096,655
1,083,977
12,678
(33,060)
1,063,595
3,089,138
3,089,138		 £
2023
Charity
1,831,639
1,173,747
-
657,892
381,962
369,797
12,165
(19,016)
362,946
2,194,585
2,194,585		 £
Charity
2022
243,829
-
1,173,747
1,417,576
3,314
786,184
789,498
(20,109)
769,389
2,186,965
2,186,965

The financial statements on pages 7 to 20 were approved by the Trustees and authorised for issue on ...............................2024 and are signed on their behalf by:28 Oct 2024

~~Sr Cirko (Mon, 28th Oct 2024 9:5~~ 8:21 Sr M Cirko GMT) Trustee

~~Sr Ridler (Tue, 29th Oct 2024 9:02:47~~ Sr D J Ridler GMT) Trustee

The notes on pages 10 to 20 form part of these financial statements.

8

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities:
Net cash provided by / (used by) operating activities
14
Cash flows from investing activities:
Interest and Dividends
Dividends reinvested in investments
Purchase of Fixed Assets
Proceeds from Disposal of Fixed Assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Daughters of Divine Charity (New York)
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 Group
2023
£
(18,634)		 Group
2022
£
(2,814)
6,693
-
(426,185)
6,090		 1,295
-
(747)
(413,402) 548
- -
- -
(432,036) (2,266)
1,083,977 1,086,243
651,941 1,083,977

The notes on pages 10 to 20 form part of these financial statements.

9

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 BASIS OF ACCOUNTING

The financial statements 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give us a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from April 2005 which has since been withdrawn.

Daughters of Divine Charity, Hunstanton meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The accounts are presented in Pounds Sterling and are rounded to the nearest Pound.

1.2 GOING CONCERN

The Trustees have considered the ability of Daughters of Divine Charity to continue as a going concern. The reserves remain healthy and the parent charity, Daughters of Divine Charity Hunstanton, has now purchased and refurbished a former Convent in Middleton, Manchester to accommodate Sisters who are working with the Diocese of Manchester. Based on the foregoing, the Trustees consider it appropriate to prepare the financial statements on a going concern basis.

1.3 FUND ACCOUNTING

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Unrestricted funds represent the accumulated surpluses and deficits in the general fund which are available for use at the discretion of the Trustees in furtherance of the charity's objectives.

1.4 GROUP FINANCIAL STATEMENTS

The financial statements consolidate the results of the Daughters of Divine Charity Hunstanton, and its controlled entity Daughters of Divine Charity Chesterfield, on a line-by-line basis.

10

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

1.5 INCOME

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities.

Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period. Income from Gift Aid tax reclaims is recognised for any donations with relevant Gift Aid certificates recognised in income for the year. Any amounts of Gift Aid not received by the year end are accounted for in income and accrued income in debtors.

Interest on deposit funds held is included when receivable and the amount can be measured reliably by the charity which is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable

Fees receivable are accounted for in the period in which the relevant services are provided. Bursaries or allowances are accounted for separately.

1.6 EXPENDITURE

Expenditure is recognised on an accruals basis as a liability is incurred.

Direct charitable expenditure consists of all expenditure directly relating to the objects of the Charity. Certain central costs which cannot be directly apportioned are allocated between direct charitable expenditure and governance costs on the basis of the Trustees' estimate of the time spent on the relevant functions. Supplies of games equipment, books, stationery and sundry materials are written off to the Statement of Financial Activities as soon as the expenditure is incurred.

Grants are made at the discretion of the Trustees.

Governance costs comprise the costs of running the charity including audit, any legal or professional advice and all costs of complying with constitutional and statutory requirements such as the cost of preparing statutory accounts.

Irrecoverable VAT is included with the category of expense to which it relates.

1.7 TAXATION

The Charity is exempt from taxation in respect of income and capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to the charitable purposes.

11

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible Fixed assets are stated at cost less depreciation.

Assets donated for use by the charity are recognised as income when receivable and capitalised at their open market value.

Items costing less than £250 are written off as an expense as acquired.

Depreciation is provided at rates calculated to write off the cost fixed assets, less their estimated residual value, over their expected economic useful lives on the following basis:

Land Nil Freehold property 2% straight line Fixture & fittings 10%-15% reducing balance Motor vehicles 25% reducing balance

1.9 DEBTORS

Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

1.10 CASH AT BANK AND IN HAND

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 CREDITORS

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

1.12 PENSIONS

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity contribution is restricted to the contributions disclosed in note 16. The costs of the defined contribution scheme are included with the associated staff costs and allocated therefore to raising funds, charitable activities, support and governance costs and charged to the unrestricted funds of the charity.

1.13 FINANCIAL INSTRUMENTS

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

12

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 FINANCIAL PERFORMANCE OF THE CHARITY

The consolidated statement of financial activities includes the results of Daughters of Divine Charity, Hunstanton which operates as St Theresa's Convent.

The summary financial performance of the Charity alone is:
Income
Income from donations and legacies
Donations
Sisters pensions & salary donated
Income from charitable activities
School fees receivable
Rent Receivable
Fees Receivable
Retirement home fees receivable
Investment income
Other Income - Sale of Fixed Asset
Total income
Expenditure on charitable activities
Net (expenditure)/ income
Total funds brought forward
Total funds carried forward (all unrestricted)
3 INCOME FROM DONATIONS AND LEGACIES
Donations
Sisters pensions and salary donated
4 INCOME FROM CHARITABLE ACTIVITIES
School Fees receivable
Fees Receivable
Retirement home fees receivable
Rent Receivable
5 INVESTMENT INCOME
Bank interest		 2023
£
4,570
22,188
26,758
7,895
-
4,648
23,475
36,018
3,873
-
66,649
(59,029)
7,620
2,186,965
2,194,585
2023
£
16,825
26,733
43,558
2023
£
226,239
48,948
23,475
-
298,662
2023
£
6,693		 2022
£
21,486
20,693
42,179
4,300
-
18,750
11,821
34,871
787
-
77,837
(84,833)
(6,996)
2,193,961
2,186,965
2022
£
22,384
30,146
52,530
2022
£
242,398
45,050
11,821
-
299,269
2022
£
1,295

13

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6 EXPENDITURE ON CHARITABLE ACTIVITIES

2023
Charitable Activities
School
Direct Running Costs
Premises and Equipment
Support Costs
Note 6a
Home
Direct Running Costs
Premises and Equipment
Support Costs
Note 6a
Province and Communities
Missions and Charitable Grants
2022
Charitable Activities
School
Direct Running Costs
Premises and Equipment
Support Costs
Note 6a
Home
Direct Running Costs
Premises and Equipment
Support Costs
Note 6a
Province and Communities
Missions and Charitable Grants		 Staff
Costs
£
168,778
-
-
168,778
-
-
-
-
-
-
-
168,778
Staff
Costs
£
168,516
-
-
168,516
-
-
-
-
-
-
-
168,516		 Other
£
52,954
30,620
17,803
101,377
17,448
4,814
16,269
38,531
39,765
3,041
42,806
182,714
Other
£
47,393
5,325
17,639
70,357
17,302
14,172
16,569
48,043
49,007
1,297
50,304
168,704		 Depreciation
£
-
12,620
194
12,814
-
2,032
-
2,032
-
-
-
14,846
Depreciation
£
-
12,240
259
12,499
-
4,137
-
4,137
-
-
-
16,636		 2023
Total
£
221,732
43,240
17,997
282,969
17,448
6,846
16,269
40,563
39,765
3,041
42,806
366,338
2022
Total
£
215,909
17,565
17,898
251,372
17,302
18,309
16,569
52,180
49,007
1,297
50,304
353,856

14

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20223

6A SUPPORT COSTS

SUPPORT COSTS
Printing post and stationery
Telephone
Motor and travel
Legal and professional
Bank Charges
Governance costs - audit and independent examination fees
Depreciation
Other		 2023
2,212
1,451
19,296
5,468
435
5,210
194
-
34,266		 2022
2,058
1,406
20,025
5,557
362
4,800
259
-
34,467

Support costs are allocated to the relevant activities based on actual time spent by staff.

7 STAFF COSTS AND KEY MANAGEMENT PERSONNEL
Wages and salaries
Social security costs
Pension costs
The average number of employees in the year was:
School - teachers
- other		 2023
£
165,490
1,318
1,970
168,778
No
14
2
16		 2022
£
164,183
2,172
2,161
168,516
No
14
2
16

No employees emoluments exceeded £60,000 during the year (2022: £Nil).

The charity considers that the key management personnel comprise the trustees and the senior management team. As the trustees as Sisters do not receive any remuneration, key management personnel remuneration only includes that of the financial adviser and the nursery manager. The total employee benefits of the key management personnel of the charity were £24,751 (2022: £30,230).

During the year, expenses totalling £9,350 were paid to the four trustees (2022: £6,789 to three trustees). for their living expenses. The trustees received no remuneration or other benefits in connections with their duties as trustees during the current or previous year.

8 NET INCOME

Net income is stated after charging:
Depreciation
Profit/(Loss) on Sale of Fixed Assets
Independent examination fee		 2023
£
14,846
4,842
5,210		 2022
£
16,636
-
4,800

15

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9
TANGIBLE FIXED ASSETS
Group
Cost
At start of year
Addition
Disposals
At end of year
Depreciation
At start of year
Eliminated on Disposal
Charge for the year
At end of year
Net book value at the end of the year
Net book value at the start of the year		 Group
Freehold
Land and
Buildings
£
1,227,524
409,435
-
1,636,959
380,727
-
15,551
396,278
1,240,681
846,797		 Group
Fixtures
and
fittings
£
112,759
4,000
-		 Group
Motor
Vehicles
£
36,813
12,750
(15,470)
34,093
34,746
(14,222)
3,391
23,915
10,178
2,067		 Group
Total
£
1,377,096
426,185
(15,470)
116,759 1,787,811
109,827
-
746		 525,300
(14,222)
19,688
110,573 530,766
6,186 1,257,045
2,932 851,796

The cost of depreciable assets included in freehold land and buildings at 31 December 2023 is £1,227,524 (2022 - £1,227,524).

Charity only
Cost
At start of year
Addition
Disposals
At end of year
Depreciation
At start of year
Eliminated on Disposal
Charge for the year
At end of year
Net book value at the end of the year
Net book value at the start of the year		 Charity
Freehold
Land and
Buildings
£
325,939
409,435
-
735,374
84,456
-
3,519
87,975
647,399
241,483		 Charity
Fixtures
and
fittings
£
57,974
-
-		 Charity
Motor
Vehicles
£
23,025
12,750
(15,470)
20,305
21,734
(14,222)
3,197
10,709
9,596
1,291		 Charity
Total
£
406,938
422,185
(15,470)
57,974 813,653
56,919
-
158		 163,109
(14,222)
6,874
57,077 155,761
897 657,892
1,055 243,829

The cost of depreciable assets included in freehold land and buildings at 31 December 2023 is £325,939 (2022 - £325,939).

16

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10 FIXED ASSET INVESTMENTS

Programme related investments - property

Value brought forward at 1 January
Transfer from tangible fixed assets
Value carried forward at 31 December		 2023
£
1,173,747
-
1,173,747		 2022
£
1,173,747
-
1,173,747

Included in property programme related investments is the main school land and buildings at the Swaffham site, which have been transferred to the Roman Catholic Diocese of East Anglia under a 99 year lease at a peppercorn rent. This property continues to fulfill the purposes of the charity and its charitable use. The majority of the programme related investment is land, thus has not been depreciated.

Daughters of Divine Charity, St Joseph's Convent, Chesterfield ("Chesterfield")

Due to Chesterfield being under the common control of the trustees of Daughters of Divine Charity Hunstanton, the results of Chesterfield have been consolidated into these financial statements. Chesterfield is a registered charity (charity number 527184), registered at the following address: St Joseph's Convent, 42 Newbold Road, Chesterfield, Derbyshire S41 7PL. The principal activity of Chesterfield is that of an independent fee paying nursery. The results of Chesterfield are as follows:

Statement of financial activities
Donations and legacies
Income from charitable activities
Investment Income
TOTAL INCOME
Expenditure on charitable activities
TOTAL EXPENDITURE
Net income/(expenditure) for the year being net movement in funds
Total funds brought forward
Total funds carried forward
Balance sheet
Fixed assets
Current assets
Total unrestricted funds		 2023
16,825
262,619
2,820
282,264
307,309
307,309
(25,045)
902,173
877,128
2023
599,153
277,975
877,128		 2022
36,651
238,098
508
275,257
269,023
269,023
6,234
895,939
902,173
2022
607,967
294,206
902,173

17

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11 DEBTORS
School Fees
Prepayments
Other Debtors
12 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals
Taxation and social security
Other creditors		 Group
2023
£
836
11,154
9,800
21,790
Group
2023
£
29,937
2,521
352
32,810		 Group
2022
£
2,140
8,349
2,189
12,678
Group
2022
£
30,050
2,672
338
33,060		 Charity
2023
£
-
4,927
7,238
12,165
Charity
2023
£
19,016
-
-
19,016		 Charity
2022
£
-
3,314
-
3,314
Charity
2022
£
20,109
-
-
20,109

18

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13 RELATED PARTY TRANSACTIONS

During the year, the trustees donated their pension and salary income totalling £26,733 to the group (2022: £30,146).

Details of living expenses paid to trustees are detailed in the staff costs note.

There were no transactions between the two charities in the group (2022 : Nil)

There were no other related party transactions during the year (2022: Nil).

14 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Net (expenditure) / income
Adjustments:
Depreciation
Investment income
Disposal of Fixed Assets
(Increase) / Decrease in debtors
(Decrease) / Increase in creditors
Net cash provided used in operating activities		 Group
2023
£
(17,425)
19,688
(6,693)
(4,842)
(9,112)
(250)
(18,634)		 Group
2022
£
(762)
16,636
(1,295)
-
(3,589)
(13,804)
(2,814)

19

DAUGHTERS OF DIVINE CHARITY, HUNSTANTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15 NET DEBT NOTE

2023
Cash
Total		 1 January 2023
1,083,977
1,083,977		 Cashflows
(432,036)
(432,036)		 Loan
Repayment
-
-		 31 Dec 2023
651,941
651,941

16 PENSIONS

Non-teaching staff belong to a defined contribution pension scheme. Contributions to the scheme in the year totalled £1,970 (2022: £2,161). £352 (2022 : £338) was due to the scheme at the year end.

17 OPERATING LEASE COMMITMENTS

At 31 December 2023, Daughters of Divine, Hunstanton had future minimum lease payments under non-cancellable operating leases as follows:

Under 1 year
Between 2 and 5 years
After more than 5 years		 2023
£
-
-
-
-		 2022
£
992
-
-
992

20