2022-08-31-accounts

The English Province of The Community of The Religious Of Jesus and Mary Charitable Trust

Annual Report and Accounts

31 August 2022

Charity Registration Number 247358

Contents

Reports
Reference and administrative information	1
Trustees’ report	3
Independent auditor’s report	21
Accounts
Statement of financial activities	26
Balance sheet	27
Statement of cash flows	28
Principal accounting policies	29
Notes to the accounts	36

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust

Reference and administrative information

Trustees	Sister P Donovan
	Sister H M Haigh
	Sister J Hunter
	Sister G Lawler
	Sister B Kilbride
	Rev J M Williams
	(The trustees are incorporated under the
	Charities Act 2011)
Provincial Superior	Sister H M Haigh
Provincial Administrator	Sister J Hunter
Provincialate	63 Orwell Road
	Felixstowe
	Suffolk
	IP11 7PP
Charity registration number	247358
Auditor	Buzzacott LLP
	130 Wood Street
	London
	EC2V 6DL
Investment managers	Rathbone Investment Management Limited
	Port of Liverpool Building
	Pier Head
	Liverpool
	L3 1NW

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 1

Reference and administrative information

Bankers HSBC Bank plc Essex and Suffolk Commercial Centre Fenton House 85-89 New London Road Chelmsford Essex CM2 0PP The Royal Bank of Scotland plc PO Box 39952 4[th] Floor 2 ½ Devonshire Square London EC2M 4WS Solicitors Pulham & Co Egmere House Market Place Saxmundham Suffolk IP17 1AG J Garrard & Allen 4 High Street Olney Buckinghamshire, MK46 4BB

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 2

Report of the governors 31 August 2022

The trustees present their statutory report together with the accounts of The English Province of the Community of the Religious of Jesus and Mary Charitable Trust (“the charity”) for the year ended 31 August 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 29 to 35 of the attached accounts and comply with the charity’s trust deed, applicable laws and 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 Community of Jesus and Mary (“the Congregation”) (JM) is an international Roman Catholic religious congregation founded by St Claudine Thevenet in Lyons (France) in 1818. The Congregation is organised into a number of provinces and delegations with members active in educational ministries in 28 countries.

The accounts accompanying this report are the accounts of the charitable trust on which the assets of the Congregation in England and Wales are held.

Objectives and mission

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust aims to support the religious and other charitable work carried out by members of the Congregation. These works fall into the following main areas:

1. The provision and running of a Catholic school, Thornton College, in Buckinghamshire. It is an independent boarding and day school for girls with around 400 pupils, aged from three to eighteen years.

2. The provision of educational, care, social and pastoral services offered by individual sisters. As well as the private prayer and worship offered by them, the sisters pray and worship in the wider community and their houses are open and receive people of all faiths and none to pray and benefit from places of quiet and reflection, spiritual guidance and a listening presence. A Retreat House in Felixstowe is now also part of their apostolic work as well as an “outreach” project with a large secondary school in London formerly owned and administered by the Sisters. Felixstowe has now opened a new Nursery School, the first new school opened in over 100 years.

3. Support for the charitable work of the Congregation in other countries. It is the specific responsibility of the sisters of the English Province to care for the two missions in the Middle East. On account of the present circumstances, they are now unable to send sisters to the Middle East. However, the assistance provided from the UK enables the sisters who do live there to contribute to the life and welfare of the Christians and others among whom they live.

In the realisation of these objectives, it is the view of the trustees that due care is taken to ensure that the Charity Commission’s guidelines on public benefit have been followed.

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Report of the governors 31 August 2022

Activities, achievements and relevant policies

Thornton College

The College is an independent, nonselective day and boarding school for girls. With the establishment of a Sixth Form with effect from September 2016, the College now accepts girls between the ages of 3 and 18 years.

Thornton College aims to provide a broad Christian education in the Catholic tradition for all of its pupils and encourages high academic achievement.

Its mission statement is:

“To educate young people to meet the challenges of life courageously, to use their talents to the full and to live the values of Christ’s gospel”.

In addition to normal school activities, the College now again welcomes residential English for Speakers of Other Languages (ESOL) and cultural exchange courses for overseas students during the summer months, through Cavendish School of English and we welcome local children to our holiday camp, run through Ultimate Activity Camps.

The trustees and governors are committed to

ensuring that a safe environment is provided for the pupils. Staff references are required and are checked; the College is registered with an umbrella organisation, Atlantic Data, which undertakes the Disclosure and Barring Service (DBS) checks on its behalf for all staff and volunteers; and Child Protection (Safeguarding) training is mandatory.

When setting the objectives and planning the work of the College for the year, the trustees and governors have given careful consideration to the Charity Commission’s guidance on public benefit.

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Report of the governors 31 August 2022

Activities, achievements and relevant policies (continued)

Thornton College (continued)

Achievements and performance

The year has in part been affected by the aftermath of the Covid-19 pandemic.

Education

Educational provision at Thornton continues to be outstanding and was most recently judged to be ‘Excellent’ (the very highest judgement) in all areas by the Independent Schools Inspectorate. The school offers a wide-ranging choice of subjects at GCSE, A’ Level and vocational qualifications. Results this year were again excellent. The trend of positive value added at GCSE has continued and results in both HPQ (Year 10) and EPQ (Year 12) qualifications were impressive. In the Sixth Form, girls were successful in receiving offers at their first choice university. In our vocational qualifications for both Forensic Science and Art, the girls achieved distinctions/distinction* across the board.

Our co-curricular programme offers breadth of opportunity at all levels with keen participation both in and outside school. A full careers programme is in place for students to experience opportunities in a variety of skills. Numbers continue to be healthy and links with the wider community are strong. Excellent links continue to develop with our local diocesan schools through our Sister Genevieve Award, opening access to children who might not have been able to benefit from an education such as Thornton.

The quality of education offered across the school was nationally recognised in awards for our Careers Programme, our STEM programme, Remote Learning and a nomination for Independent Prep School of the Year. Our recent ISI inspection report in September 2022 has re-affirmed this.

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Report of the governors 31 August 2022

Activities, achievements and relevant policies (continued)

Thornton College (continued)

Hospitality and sharing of resources

In a rural area with few local facilities, the College offers hospitality to local schools, parishes and groups which wish to take advantage of its grounds and facilities. However, this year, as we steadily move out of the Covid-19 pandemic we have continued to restrict those accessing the site to protect the safety of students and staff. Normally we would expect to welcome pilgrims walking to Walsingham; Diocesan courses for deacons,

priests, religious and the laity; courses for teachers from the Diocese; a safeguarding Diocesan conference; and the Village Council for public meetings. Some Diocesan meetings have been welcomed to the site and we are planning to welcome a large Diocesan event in July 2023. Fundraising and charitable giving is a large part of Thornton life and food is collected for the MK Food Bank each week. The three Thornton houses Cavendish, Ingleton and Tyrell hold events throughout the year and raised money to support the JM mission in Lebanon and Willen Hospice. Other charities supported include CAFOD, MK Rotary Club, Aid to the Church in Need, Red Cross in

Ukraine and Mission Together. A sponsored walk was held to support the Winter Night Shelter. Around £8,000 was raised in total throughout the year. We continue to plan to build links with the JM schools in Agra following the previous trip to India and to establish links with our other communities across the world.

Scholarships and bursaries

The governors and trustees continue to ensure that scholarships and bursaries are awarded regularly in accordance with the budgetary considerations of Thornton College and are offered to enhance one of the core purposes of the College in offering education to all. Scholarships are offered in years 7, 9 and 12. Governors’ Awards and Bursaries are offered to support families who are experiencing a downturn in their financial ability to pay fees; they are offered as both a long and short-term measure to support existing pupils depending on circumstance. During the year the Sister Genevieve Award benefitted 6 Catholic girls, who could bring something positive to the school, who would not otherwise be able to come here. Applications for this award can only be made by introduction from their Headteacher to the school and links have been made with local Catholic Schools to facilitate this. Five awards ranging from 75%-95% were made for students admitted in September 2021. In 2021/22, 161 College pupils benefitted from some reduction in fees varying between 5% and 100%.The Bursaries and Scholarships awarded by the College directly equate to 4.9% of the fee income.

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Report of the governors 31 August 2022

Activities, achievements and relevant policies (continued)

Thornton College (continued)

Formation

The majority of the Senior Leadership Team has completed the appropriate Safeguarding and Safer Recruitment training. The Deputy Head is the Designated Safeguarding Lead and our full-time Nurse, and the EYFS Manager, are Deputy Safeguarding Leads. All members of staff have Safeguarding Training annually.

Social and pastoral work

The social and pastoral work carried out by the sisters is largely on a voluntary basis. Given the age of the majority of the sisters, salaried employment is now not possible. However, where appropriate, the trustees try to ensure that the work carried out by the sisters is remunerated by a stipend, which is donated to the charity thus enabling this service to continue into the future. At Thornton College, each of the sisters is active in helping the pupils and staff, teaching some students and generally offering wise counselling when needed.

The overall aim in all this is to ensure that the sisters are enabled to contribute where possible, to the life of the local area in which they live and also further afield.

Felixstowe

In Felixstowe, the Community continues to offer its services in terms of welcome, retreat and hospitality. Craft Club, Art clubs, spiritual direction and monthly retreats, have all been running during the course of the year. The Choir has returned to hold their practices in the hall and this year held an outdoor festival of music to raise money for East Timor.

The Community continues to work closely with St Claudine’s School in Willesden, financially supporting the breakfast club and contributing to the purchase of shoes and uniform. This year Felixstowe ran a retreat for 60 students from the school, offering them the opportunity to take time away from the city to join with the sisters and add an additional spiritual dimension to their education.

In conjunction with Felixstowe Churches together, a new Youth Group has started, town youth workers and community lead the Alpha Group for 20 young people. The group is open to all young people between the ages of 1116.

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Report of the governors 31 August 2022

Activities, achievements and relevant policies (continued)

Felixstowe (continued)

The Nursery started in January 2022, with 4 children and quickly grew to 22. The Nursery is a “not for profit” organisation, enabling more families with complex needs to access excellent nursery education, in a caring environment. The Nursery has been built with a “green” footprint, with as close to possible a zero carbon footprint. The uniqueness of this little nursery is its outside space. We have places taken up by those families coming in

from Ukraine. Any surplus will be ploughed back into the charity, assisting East Timor to run their small Nursery School.

The Community in Felixstowe, have also joined with the Community in Gujarat to financially assist them creating a new infirmary for the older Sisters.

Ipswich

The property is not big enough or now practical for the community in Felixstowe. The house has been used by L’Arche, (French for “The Ark”), a Catholic movement which was founded in France in 1964 by Jean Vanier. L’Arche is an International Federation of 143 communities in 35 countries, in which people with learning disabilities and others make their home together to everyone’s benefit. During the year, the trustees reached an agreement to sell the property to L’Arche for gross proceeds of £850,000 and the sale of the property completed on 24 October 2022.

Caring for members of the Congregation

On being accepted as members of the Congregation, the sisters commit themselves entirely to its life and work and, in return, the Congregation accepts the responsibility to care for them throughout their lives. The trustees seek to fulfil this moral and legal obligation by the appropriate use of resources, finances, personnel and property, according to need and always within the fundamental objective of the Congregation. In England, specific care facilities are provided at present in the house at Felixstowe. Therefore, the sisters are assured that, except in special cases, they will be cared for within the community.

Caring for the members of the Congregation remains an important obligation, both morally and legally. These sisters have no independent means and have given the greater part of their lives to the mission undertaken by the Congregation in England and abroad. Given that the median age of the sisters, including our Arab sisters in the Middle East, is now 78 years, this care is a focus for the attention of the trustees.

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Trustees’ report 31 August 2022

Activities, achievements and relevant policies (continued)

Overseas missionary work

The community of the Religious of Jesus and Mary, has been responsible for the missions in the Middle East for over fifty years. Many of the sisters in England have spent time in these communities. It continues to be an important part of the trustees’ responsibilities to support these missions which offer moral and educational support to the dwindling (and now threatened) Christian communities in that region of the world. At present, there are two communities in the region.

Middle East

Visits from the sisters in England have not been possible during this period because of the restrictions imposed by the pandemic. However, there is frequent, often daily contact with the communities in Lebanon and Syria. However, the catastrophic earthquake in Turkey and Syria in February 2023 which has caused such suffering in and around Aleppo where the Sisters have several mission areas, means support is now more urgent and important than ever.

The work of the 2 missions has continued despite the Pandemic.

In Lebanon in response to the double catastrophes of the huge explosion at the Port of Beirut in August 2020, and the collapse of the Lebanese economy, a new aid project was begun. The 2 Lebanese sisters, supported by a dedicated group of lay people, have opened an aid centre in Bourj Hammoud near Beirut to help the many poor families in the area.

The sisters also continue their pastoral help in the large school founded by the Congregation in Rabweh.

In Syria the sisters continue to monitor the aid projects in Aleppo, providing different kinds of material help and support to the families there, especially distributing warm clothes for children in winter . This clothing is manufactured in the city of Aleppo enabling small factories to provide work and an income for local families.

Study Zone centres in Aleppo Homs and Damascus help University Students to find a place to do their

studies in a peaceful atmosphere.

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Trustees’ report 31 August 2022

Activities, achievements and relevant policies (continued)

Middle East (continued)

In Damascus The Dina Belanger Centre for Healing through Art and Music continues to flourish with several hundred children from the city and its suburbs attending after school sessions in instrumental classes and art therapy. Local teachers offer their service as volunteers to teach the children.

A large choir of over 80 young adults meets weekly at the Centre and prepares recitals for the local people. At Christmas and Easter they performed concerts in the Patriarchate Cathedral which were much appreciated by local people and were also broadcast on FaceBook and YouTube.

Pastoral and spiritual support is assured in 2 Christian villages, Ma’arouni and Ma’aloula, outside Damascus, as well as in local Damascus churches.

The sisters continue to run the University Residence at the Greek Catholic Patriarchate in the Old City of Damascus, caring for 50 female students.

In February a young woman from Ma’arouni joined the community as a novice and is now in formation in the community house, sharing life and mission with a view to becoming a professed religious of Jesus and Mary.

Donations in support of miscellaneous charitable activities

The charity is not a grant making charity. However, it does support the international work of the Congregation and it donates funds directly to the Congregation’s communities established in impoverished regions.

Investment policy

At 31 August 2022, the charity had a portfolio of investments with a market value of £15,749,739 (2021 – £16,873,262). This portfolio is managed by Rathbones Investment Management (UK) Limited. The objectives of the trustees’ investment policy are:

•  to achieve a balance between income generation and capital appreciation;

•  the balance of the fund should lean towards equities, but with diversification, achieved by investing in common investment funds;

•  an overall strategy of maximising total return, within acceptable levels of risk.

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

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Trustees’ report 31 August 2022

Activities, achievements and relevant policies (continued)

Investment policy (continued)

The trustees meet with the investment managers regularly to review the performance of the portfolio, the investment strategy and the ethical policy.

The careful management of these investments is seen as essential if the charity is to be able to continue its work of education and care adequately for the needs of its elderly members.

Financial review

Results for the year

A summary of the year’s results can be found on page 26 of the attached accounts.

During the year, total income amounted to £7,438,293 (2021 – £6,738,276). Income for the year included donations of £447,852 (2021 – £384,524). These include £367,623 being the pensions and related income received by members of the Congregation and donated to the charity under a Gift Aid compliant deed of covenant. Income also includes £502,602 being investment income and interest receivable and income from other sources of £102,514. However, the principal source of income is from the provision of education at the charity’s independent school, Thornton College. In the year to 31 August 2022 this amounted to £6,385,325 (2021 – £5,725,997).

Expenditure for the year totalled £8,003,552 (2021 – £7,684,698). Expenditure on Thornton College amounted to £6,819,232 (2021 – £6,279,820) with the largest expense item continuing to be staff costs which totalled in excess of £4.1 million. Expenditure by the charity on the support of members of the Congregation and their ministry amounted to £864,326 (2021 – £736,835). Donations in support of various charitable causes amounted to £189,856 (2021 – £45,200). Expenditure in 2021 includes an impairment provision of £535,000 against the value of one of the charity’s freehold properties classified as a programme related investment. The house has been used by L’Arche, (French for “The Ark”), a Catholic movement which was founded in France in 1964 by Jean Vanier. L’Arche is an International Federation of 143 communities in 35 countries, in which people with learning disabilities and others make their home together to everyone’s benefit. During the year, the trustees have reached an agreement to sell the property to L’Arche for gross proceeds of circa £850,000 and the sale completed on 24 October 2022. The impairment provision reduced the net book value of the property to a figure that reflects the sale proceeds.

Therefore, net expenditure before investment losses of £647,166 (2021 – gains of £2,400,171) was £565,259 (2021 – net expenditure of £946,422).

Net expenditure after investment losses was £1,212,425 (2021 – net income after investment gains £1,453,749).

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Trustees’ report 31 August 2022

Financial review (continued)

Investment performance

The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier. During the year, the charity’s investments, excluding cash instruments, achieved an income yield of 3% (2021 – 3.1%) and a negative capital yield of 3.84% (2021 – positive capital yield of 15.3%).

The trustees are satisfied with the performance of the portfolio in the current climate.

Reserves policy

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be sufficient to meet at least six months’ annual expenditure at any time i.e. £3.9 million approximately.

The balance sheet shows total reserves of £26.7 million (2021 – £27.9 million).

£7.4 million (2021 – £7.8 million), representing the net assets of Thornton College, has been designated by the trustees for use by the school only.

£6.0 million (2021 – £6.0 million) is designated by the trustees to provide for the sisters in their retirement. The value of the fund has been calculated using actuarial principles. Given the increasing age profile of the sisters and the lack of new vocations, this sum will provide only modest resources to look after the sisters, many of whom will need increasing, and increasingly expensive, residential and nursing care.

The trustees continue to set aside the congregational development fund set up in 2017. The fund amounts to £3.1 million. These monies are to be applied as and when needed, to develop the work of the Congregation both in the United Kingdom and overseas.

The trustees have also continued to set aside £393,721 (received in 2017 from the Generalate of the Congregation) towards the care of the sisters in the Middle East.

A further £1.5 million (2021 – £1.4 million) represents the tangible fixed assets of the charity (excluding those used by Thornton College) and comprises a separate fund in recognition of the fact that such assets are required to support the day-to-day work of the sisters and cannot therefore be realised easily if needed to meet future contingencies.

A programme related investment fund of £1.4 million was established in 2018 following the decision and agreement to lease out one of the charity’s properties in Ipswich on favourable terms to L’Arche, an organisation which uses the property for purposes consistent with the charity’s charitable objectives As noted above, an agreement has been reached to sell this property to L’Arche for £850,000 and consequently the programme related investment fund was reduced by £535,000 in the 2021 accounts to reflect the net realisable value of the asset.

The free reserves available to support the sisters and their work generally in the future are shown on the balance sheet as the general fund and amounted to £7.5 million at 31 August 2022 (2021 – £8.3 million).

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Trustees’ report 31 August 2022

Financial review (continued)

Reserves policy (continued)

The trustees acknowledge that this figure exceeds the reserves policy set out above. However, they are conscious also that the figure includes significant unrealised gains that have accrued on the charity’s listed investments over the past few years and which are dependent on the performance of world stock markets. At the current time, markets continue to be subject to volatility and, as such, the trustees believe it prudent to hold higher reserves. They believe that the charity’s free reserves at 31 August 2022 were adequate but not excessive. In particular, the level of reserves is deemed sufficient when considered in the light of the current macroeconomic and geopolitical climate.

Future plans

The Trustees see continuity in their future plans and their planning has 6 main areas:

Congregation

• Continuing support for Thornton College and serious study of the implications of a possible political plan to impose VAT on fees and to withdraw tax breaks for private schools.

• Continuing support for the Middle East missions where the members of the English Charity are responsible.

• Strengthening the mission in London through a Greater collaboration with Convent of Jesus and Mary Language College, Willesden

• Continued support and development of the nursery facility in Felixstowe

• Congregational support for increased Ministry, with a particular emphasis on economically poor areas, and for Vocations

Thornton College

With the retirement of Mrs Val Holmes, Headteacher, in August 2022 and the appointment of Dr Louise Shaw, Deputy Head as Headteacher from September 2022, the trustees are looking to build on the continuing successes and reputation of the school.

Governance, structure and management

Governance

In terms of Canon Law, the Congregation is governed at an international level by the Superior General and her Council in Rome. These sisters are elected every six years at a General Chapter during which members of all the Provinces and delegations of the Congregation meet to evaluate the previous years and set goals and objectives for the future. Each Province/Delegation is governed by a Provincial/Delegation Superior appointed by the Superior General and her councillors. Similarly, each community has its own Local Superior. The Superior General and/or her councillors visit the Provinces and Delegations at least once during her mandate to encourage the sisters in their mission and life.

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Trustees’ report 31 August 2022

Governance, structure and management (continued)

Governance (continued)

In terms of civil law, the charity is governed by a trust deed dated 18 February 1966 and is registered under the Charities Act 2011, Charity Registration Number 247358.

In accordance with the terms of the trust deed, trustees are appointed by the Provincial Superior. In assisting and supporting the province, trustees work closely with the Provincial and General Councils of the Congregation.

Thornton College has a board of governors, all of whom are appointed by the trustees. The trustees of the charity maintain overall responsibility for the College and its assets. The governing body of the College works with the trustees in determining the general direction of the College and operates within the powers set out in the Instrument of Governance which was last reviewed in August 2022.

In accordance with the Instrument of Governance, the governing body should comprise:

•  A maximum number of sixteen and a minimum number of ten governors appointed by the trustees of whom at least three shall be members of the Congregation of Jesus and Mary (one of these being the Provincial Superior or her delegate).

Governors hold office for three years and are eligible for reappointment.

All except one of the trustees are members of the Congregation of Jesus and Mary. But all are trained teachers with university degrees and/or teaching qualifications. Several have been head teachers; two have been involved in the government of the Congregation at an international level; one of the trustees has lived for several years in the Middle East and the majority have visited the area on several occasions; and one of the trustees has previously served as Provincial or General Administrators/Bursars.

All trustees have knowledge of the charity and of its structures. The trustees are responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regards to the charity and its activities and make any important decisions. The trustees regularly seek advice and support from the charity’s professional advisers, including property consultants, investment managers, solicitors and accountants, to ensure that the charity is properly administered.

The names of the Trustees who were in office between 1 September 2021 to the date on which this report was signed are set out on page 1 and brief biographical details of each of the current trustees is given below:

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Trustees’ report 31 August 2022

Governance, structure and management (continued)

Governance (continued)

Sister Joan Hunter - Charity Administrator

Sister Joan is originally from the Irish province where she spent several years as a qualified teacher of Home Economics. She joined the English province over twenty years ago and has since been responsible for the care of the elderly sisters at Felixstowe. She has experience of governance within the Irish province as well as in the English province. She has been the Charity Administrator since January 2017. She is a Governor at Convent of Jesus and Mary Language College, Willesden.

Sister Patricia Donovan

Sister Patricia worked for many years in several primary schools in the London Borough of Brent. She was, for twenty years, the headmistress of the Congregation’s infant school in Willesden Green which has now been passed to the trusteeship of the Diocese of Westminster. She is currently the Superior of the Thornton Community.

Sister Helen Mary Haigh – Chair of Trustees

Sister Helen Mary was appointed Provincial Superior by the General Council of the Congregation in March 2010 and formally assumed the responsibilities on 23 May 2010. Her mandate was renewed for a further 4 years until May 2020. She is now responsible for the communities in England, Lebanon and Syria Previously, Sister Helen Mary was Charity Administrator for six years. She had worked for several years as a teacher in the Congregation’s schools in Ipswich and London before going to the community in Damascus, Syria. She worked for twelve years in Damascus and Lebanon, as a teacher and subsequently as a principal in the school near Beirut. Sister Helen also served as a general councillor with responsibility at an international level for overseeing the formation sector of the Congregation.

Sister Brenda Kilbride

Sister Brenda has taught in the Congregation’s schools for many years, latterly working at Thornton College as a Religious Education teacher, as well as being responsible for the preparation of the liturgical music for the boarders and the community, a task that she now undertakes in our local parish, no other organist being available. She has a long experience of the work of a Provincial Councillor and a trustee. Sister Brenda went as a volunteer to our community in Lagos, Nigeria, in 2008-09 and then again in 2012-13. She returned to Thornton in August 2013 and resumed her previous duties there.

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Trustees’ report 31 August 2022

Governance, structure and management (continued)

Governance (continued)

Rev John Mervyn Williams

Father Mervyn has been a professed member of the Salesians of Don Bosco, a Roman Catholic Religious Order, since 1965 and a Roman Catholic Priest since 1975. He has considerable experience of religious life, education and charity management and administration. He was a secondary school head-teacher for over seventeen years and for the eighteen years until 2020 was responsible for managing the business of the registered charity Salesians of Don Bosco UK as Provincial Bursar. He was also a Salesian trustee for eighteen years until 2020. He first met the Religious of Jesus and Mary in 1972.

Sister Gerarda Lawlor

Sister Gerarda belongs to the Irish province of the Congregation of Jesus and Mary. In 1974, she completed a BA Degree in Irish and Spanish and an MA in Spanish in 2005. She has also completed one-year courses in Theology and Pastoral Leadership at the Mater Dei and All Hallows Institutes respectively. Having taught for some years in several Jesus and Mary schools in Ireland, Sister Gerarda was appointed in 1990 as Principal of the Jesus and Mary Secondary All-Girls School Salerno, Galway, a post which she still holds. Sister Gerarda contributed to the setting up of the Le Chéile Schools Trust in Ireland and has served as a Director since its establishment in 2009. The Trust is responsible for over 60 schools which belong to over 14 Congregations.

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 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 incoming resources and application of resources 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 in the United Kingdom and Republic of Ireland (FRS 102);

•  make judgements 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.

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Trustees’ report 31 August 2022

Governance, structure and management (continued)

Statement of trustees’ responsibilities (continued)

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, the Charity (Accounts and Reports) Regulations 2008 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.

Key management personnel

The trustees consider that they, together with the Executive Team at Thornton College, (i.e. the Head, Deputy Head, Bursar, Assistant Head – Head of Prep, Assistant Head – Director of Studies, Head of RE and Chaplaincy, Head of Sixth Form and Development and Marketing Director), and the Lay Administrator and Care Manager at Felixstowe Community comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. Living costs and personal expenses of the trustees who belong to the English Province are borne by the charity. They, and the other trustees receive no remuneration or reimbursement of expenses in connection with their duties or responsibilities as trustees. Salaries of the Executive team at Thornton College and the lay administrator are reviewed periodically by the trustees.

Structure and management

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet on average every three months, and more often when necessary, to review developments regarding the charity and to make any necessary decisions. All meetings are carefully minuted and records are properly kept. The day-to-day management of the charity’s activities is delegated to the appropriate members of the Congregation or senior staff.

In the year ended 31 August 2022, there were two communities in England and two in the Middle East. One of the two communities in England, Felixstowe, is in Suffolk (the community in which the elderly and infirm sisters are cared for). The second community is in Thornton, Milton Keynes, where the sisters are actively involved in the day-to-day life of Thornton College. On 31 August 2022, 25 sisters belonged to the Province; six of whom were in the Middle East communities.

The day-to-day responsibility for Thornton College is in the hands of the Head teacher. Mrs Val Holmes, who was appointed Head teacher from 1 September 2018 retired on 31 August 2022 and Dr Louise Shaw was appointed from September 2022. The Head teacher works closely with the trustees and the governors to ensure the professional leadership of the College. There are meetings of the full governing body as well as of the different committees that make up that body each term. Three of the seven trustees serve as governors of the College.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 17

Trustees’ report 31 August 2022

Governance, structure and management (continued)

Structure and management (continued)

The Bursar, Mrs Jane Sanders, is responsible for the financial administration of the school and she works closely with the trustees, the Finance and Premises Committee of the governing body and the Head. She is responsible for preparing for the audit of the school’s accounts.

The Community Care Manager and Lay Administrator, Mrs Carol Charles, is responsible for the day to day running of the Care and staff for the Community in Felixstowe. She is responsible for the financial administration at local community level and is directly accountable to the Trustees for her management of the Charity’s finances and other resources. She prepares for the annual charity audit.

There is a formal meeting between the trustees and the senior management of the College each term, and more often when needed, to discuss the rolling maintenance, capital projects, and major needs of the College.

Working with other organisations

The charity works closely with a number of other charities and public bodies in the field of education, care, social and pastoral services. Some examples of organisations with which some of the sisters and the school community work on a voluntary basis are:

•  The Roman Catholic Dioceses of East Anglia and Northampton

•  The Greek Melkite and Latin Dioceses of Damascus and Aleppo, and the Maronite Diocese of Antelias and the Lation Diocese of Lebanon

•  The Association for the Propagation of the Faith, Caritas-Liban

•  CAFOD

•  Aid to the Church in Need

•  Children Helping Children

•  The Congregation’s Mission in Pakistan, East Timor, Haiti

•  The Congregation’s Mission in Syria

•  Northampton Hope Centre

•  Milton Keynes Food Bank

•  The Luffield Group (which promotes partnership and co-operation between local state and independent schools)

•  St Paul’s, St Thomas Aquinas School and St Monica’s Schools in Milton Keynes

•  Catholic Schools Liaison Group, Milton Keynes

•  Girls’ Schools Association

•  I.S.A. (Independent Schools’ Association)

•  AGBIS

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 18

Trustees’ report 31 August 2022

Governance, structure and management (continued)

Working with other organisations (continued)

•  Catholic Independent Schools’ Conference

•  Diocese of Northampton Independent Catholic Schools Association

•  The Convent of Jesus and Mary Language College, Willesden

Risk management

The trustees have assessed the major risks which the charity is exposed to, in particular those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserves levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks. The risk assessment policy of the charity is reviewed annually by the trustees, and that of the College is reviewed annually by the governors.

The trustees maintain frequent, even at times daily, contact with the sisters in the Middle East. However, there is little they can do to assure their physical safety though the political situation seems to be more stable. However, the catastrophic earthquake in Turkey and Syria in February 2023 which has caused such suffering in and around Aleppo where the sisters have several mission areas, means support is now more urgent and important than ever.

The trustees have seen three key risks which may face the charity and are taking measures to mitigate against them:

• The financial viability of Thornton College . The charity views the College as a major work of the charity and has adequate financial reserves should a temporary crisis arise. The trustees are able to monitor this aspect of the College on a regular and frequent basis through meetings with the Senior Management of the College and because three trustees live at the College. The VI Form at the College is seen as an advantage to the future viability at financial and pupil/education levels.

• Loss of key staff across the charity . In Felixstowe a recruitment and management structure has been put in place to mitigate the future retirement of, or changes in, personnel. This will ensure the continued care for the elderly sisters. The financial reserves of the charity are able to underpin these structures.

• Maintaining appropriate governance of the charity . Monitoring of the governance of the charity is under regular review and where appropriate new trustees are appointed with the necessary skills and experience. This policy gives continuity of governance for the present and the future.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 19

Trustees’ report 31 August 2022

Governance, structure and management (continued)

Protection of children and vulnerable adults

As with all other organisations who serve the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all they serve. The trustees and governors are committed to ensuring that a safe environment is provided for the pupils at Thornton College. Staff references are required and are checked; the College is registered with an umbrella organisation, Atlantic Data, which undertakes the Disclosure and Barring Service (DBS) checks on its behalf; and child protection (safeguarding) training is mandatory. All the sisters who work at the College and elsewhere with children, as well as the staff who work and care for the elderly sisters in Felixstowe, have also undergone DBS checks. The trustees have set up a sub-committee for safeguarding which is made up of two trustees, the Thornton College named governor for safeguarding and the Felixstowe Care Manager.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data. It never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

Employees, volunteers and members of the Congregation

The trustees wish to record their recognition of the professionalism and commitment of all the charity’s staff, volunteers and the individual members of the Congregation. Their dedication, enthusiasm and positive approach are very much appreciated.

Signed on behalf of the trustees:

Helen M Haigh

Trustee

Approved by the trustees on: 28[th] March 2023

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 20

Independent auditor’s report 31 August 2022

Independent auditor’s report to the trustees of The English Province of the Community of the Religious of Jesus and Mary Charitable Trust

Opinion

We have audited the accounts of The English Province of the Community of the Religious of Jesus and Mary Charitable Trust (the ‘charity’) for the year ended 31 August 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, 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 August 2022 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.

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.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 21

Independent auditor’s report 31 August 2022

Other information

The trustees are responsible for the 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. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, 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 or a material misstatement of the other information. 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

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 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 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.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 22

Independent auditor’s report 31 August 2022

Auditor’s responsibilities for the audit of the accounts

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.

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.

How the audit was considered capable of detecting irregularities including fraud

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 identified the laws and regulations applicable to the charity through discussions with management and trustees and from our knowledge and experience of the charity sector;

•  We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011; 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) (effective 1 January 2019); and Safeguarding Regulations; and

•  We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and review of minutes of trustees’ meetings.

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 trustees as to where they considered there was susceptibility to fraud, 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.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 23

Independent auditor’s report 31 August 2022

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

How the audit was considered capable of detecting irregularities including fraud (continued)

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 and reviewed journal entries to identify unusual transactions;

•  Carried out substantive testing of expenditure including the authorisation thereof;

•  Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

•  Investigated the rationale behind 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 financial statement disclosures to underlying supporting documentation;

•  Reading the minutes of meetings of trustees; and

•  Enquiring of 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.

We did not identify any irregularities, including fraud.

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

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 24

Independent auditor’s report 31 August 2022

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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 LLP Statutory Auditor 130 Wood Street London EC2V 6DL

26 April 2023

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

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 25

Statement of financial activities Year to 31 August 2022

Notes	Un- restricted funds £	Restricted funds £	Total funds 2022 £	Un- restricted funds £	Restricted funds £	Total funds 2021 £
Income from: Donations and legacies 1 Investments and interest receivable 2 Charitable activities . Provision of education at Thornton College . Nursey provision at Felixstowe Other sources . Miscellaneous sources 3 . Coronavirus Job Retention Scheme grants Total income Expenditure on: Raising funds . Investment management costs Charitable activities . Provision of education at Thornton College 4 . Nursery provision at Felixstowe . Support of members of the Congregation and their ministry 5 . Impairment of programme related investment 14 . Donations in support of miscellaneous charitable activities 6 Total expenditure Net (expenditure) income before net investment (losses) gains 8 Investment (losses) gains 13 Net (expenditure) income and net movement in funds Reconciliation of funds: Fund balances brought forward at 1 September 2021 Fund balances carried forward at 31 August 2022	447,852 502,602 6,342,286 47,334 55,180 —	— — 43,039 — — —	447,852 502,602 6,385,325 47,334 55,180 —	384,524 489,084 5,713,901 — 71,765 66,906	— — 12,096 — — —	384,524 489,084 5,725,997 — 71,765 66,906
	7,395,254	43,039	7,438,293	6,726,180	12,096	6,738,276
	80,842 6,766,442 49,306 864,326 — 189,856	— 52,780 — — — —	80,842 6,819,222 49,306 864,326 — 189,856	87,843 6,277,462 — 736,835 535,000 45,200	— 2,358 — — — —	87,843 6,279,820 — 736,835 535,000 45,200
	7,950,772	52,780	8,003,552	7,682,340	2,358	7,684,698
	(555,518) (647,166)	(9,741) —	(565,259) **(647,166) **	(956,160) 2,400,171	9,738 —	(946,422) 2,400,171
	(1,202,684) 27,881,159	(9,741) 19,398	(1,212,425) 27,900,557	1,444,011 26,437,148	9,738 9,660	1,453,749 26,446,808
	26,678,475	9,657	26,688,132	27,881,159	19,398	27,900,557

All of the charity’s activities derived from continuing operations during the above two financial years.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 26

Balance sheet 31 August 2022

Notes	2022 £	2022 £	2021 £	2021 £
Fixed assets Tangible assets 12 Investments 13 Programme related investments 14 Current assets Stock Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Total net assets The funds of the charity: Funds and reserves Restricted funds 18 Unrestricted funds . Designated funds 19 . Tangible fixed assets fund 20 . Programme related investment fund 21 . General fund Total funds	12,497 351,887 1,140,724	11,262,240 16,311,366 847,479	10,960 306,677 1,145,932	11,204,544 16,993,103 847,479
		28,421,085 (1,384,991)		29,045,126 (745,516)
	1,505,108 (2,890,099)		1,463,569 (2,209,085)
		27,036,094 (347,962)		28,299,610 (399,053)
		26,688,132		27,900,557
		9,657 16,901,255 1,471,235 847,479 7,458,506		19,398 17,321,683 1,430,499 847,479 8,281,498
		26,688,132		27,900,557

Approved by the trustees and signed on their behalf:

Helen M Haigh

Trustee

Approved by the trustees on: 28[th] March 2023

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 27

Statement of cash flows Year to 31 August 2022

Net debt statement at base needed Notes	2022 £	2021 £
Cash flows from operating activities: Net cash provided by (used in) operating activities A Cash flows from investing activities: Investment income and interest received Purchase of tangible fixed assets Proceeds from the disposal of investments Purchase of investments Net cash provided by investing activities Cash flows from financing activities: Repayment of borrowings Interest paid Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 September 2021 B Cash and cash equivalents at 31 August 2022 B	3,124	(103,630)
	480,346 (550,781) 2,123,908 **(1,618,350) **	489,084 (384,809) 1,713,942 (1,756,866)
	435,123	61,351
	— **(1,667) **	(531,022) (15,145)
	**(1,667) **	(546,167)
	436,580 1,265,771	(588,446) 1,854,217
	1,702,351	1,265,771

Notes to the statement of cash flows for the year to 31 August 2022.

A Reconciliation of net movement in funds to net cash provided by (used in) operating activities

	2022 £	2021 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation Impairment of programme related investment Losses (gains) on investments Investment income and interest receivable Losses on disposal of tangible fixed assets (Increase) decrease in stock (Increase) decrease in debtors Increase in creditors Exchange rate gains Net cashprovided by (used in) operating activities	(1,212,425) 546,809 — 617,965 (502,602) — (1,537) (11,108) 576,199 (10,087)	1,453,749 552,989 535,000 (2,394,461) (489,084) 10 11,692 623 242,721 (16,869)
	3,124	(103,630)

B Analysis of changes in net debt

Analysis of changes in net debt
	2022 £	2021 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	1,140,724 561,627	1,145,931 119,840
	1,702,351	1,265,771

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 28

Principal accounting policies 31 August 2022

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 August 2022 with comparative information provided in respect to the year to 31 August 2021.

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) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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 to make significant judgements and estimates.

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

•  estimating accrued expenditure;

•  estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge;

•  assessing the recoverability of outstanding debtors for school fees;

•  determining the value of designated funds needed at the year end, in particular in respect to the assumptions made in determining the value of the retirement fund; and

•  estimating future income and expenditure flows for the purpose of assessing the charity’s 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 English Province of the Community of the Religious of Jesus and Mary Charitable Trust 29

Principal accounting policies 31 August 2022

Assessment of going concern (continued)

Thornton College has continued to face some operational challenges but, going forward, these are expected to be less impactful. Pupil numbers have decreased but every effort is being made to attract new students. The trustees have continued to invest in the plant, fabric and equipment of the College as the new Sixth Form Centre was developed and boarding facilities were improved.

The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 August 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return, the performance of the investment markets or a failure to increase the number of pupils attending Thornton College (see the investment policy and the risk management sections of the trustees’ report for more information).

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 is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future accounting period.

Income comprises donations, investment income and interest receivable, income from the provision of education and other income including the surplus on the disposal of tangible fixed assets.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

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

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 30

Principal accounting policies 31 August 2022

Income recognition (continued)

Income from the provision of education comprises fees and related income from the activities of Thornton College. Such income is measured at the fair value of the consideration received or receivable after deducting bursaries, scholarships and prompt payment discounts. Fee income is recognised when the College is entitled to receipt under the relevant contractual agreements. This is usually at the point at which the College has commenced the provision of education in respect to the relevant student at the start of each academic term.

Income from the provision of a nursery in Felixstowe is measured at fair value and accounted for when the income is contractually due.

A surplus on the disposal of tangible fixed assets is define/d as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal.

Income from the Government’s Coronavirus Job Retention Scheme is recognised when the charity has made a valid claim for the income, the amount can be measured and when it is entitled to receive the income.

Miscellaneous income is measured at fair value and accounted for on an accruals basis.

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 expenditure associated with raising funds for the charity. This comprises those investment management fees charged directly to the charity. Fees in respect to those investments which comprise pooled investment vehicles, including common investment funds, are inherent within the relevant investment holding.

•  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 direct and indirect expenditure on the provision of education which includes all costs associated with the Congregation’s independent school, Thornton College, direct and support costs in respect to the support of members of the Congregation and enabling their ministry (including governance costs) and the provision of charitable grants and donations.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 31

Principal accounting policies 31 August 2022

Expenditure recognition (continued)

•  Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

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.

Support costs and governance costs are allocated directly to support of members of the Congregation and their ministry.

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

•  Freehold land and buildings

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at a trustees’ valuation made, with professional assistance, in 1997 based on market value for existing use. Under the transitional arrangements set out in FRS 102, this valuation is deemed to be the cost of the relevant assets as at 1 September 2014. Additions to non-specialised land and buildings since are stated at cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Specialised buildings comprise the Congregation’s independent school, Thornton College, and large residential or specialist care convents. They are stated at a trustees’ valuation made, with professional assistance, in 1997, based on replacement cost for existing use, with additions since being stated at cost. Under the transitional arrangements set out in FRS 102, this valuation is deemed to be the cost of the relevant assets as at 1 September 2014. Additions to specialised buildings since are stated at cost. Depreciation is provided at rates between 2% and 7½% per annum on a straightline basis to write the buildings off over their estimated useful economic life to the charity.

No depreciation is provided on freehold land.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 32

Principal accounting policies 31 August 2022

Tangible fixed assets (continued)

•  Plant, furniture and equipment Expenditure on the purchase and replacement of plant, furniture and equipment is capitalised and depreciated over a five to fifteen year period on a straight-line basis.

•  Motor vehicles

Motor vehicles are capitalised and depreciated over a four year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful economic life.

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.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is 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

Programme related investments comprise land and buildings owned by the charity but used by another organisation for purposes consistent with the charity’s objectives. The assets are stated at deemed cost. The original cost of the land and buildings classified as programme related investment is not known. Before the reclassification as a programme related investment, the book value of the freehold land and building was based on a valuation made in 1997 with subsequent additions and improvements included at cost. As permitted under the transitional provisions of FRS 102 (section 35), the trustees had elected to use these valuations as deemed cost. Any gains (or losses) arising from disposal or any losses arising from impairment are credited (or charged) to the statement of financial activities.

Stock

Stock of school uniforms and educational supplies is stated at the lower of count and net realisable value.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 33

Principal accounting policies 31 August 2022

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.

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.

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

Restricted funds are monies raised for, and their used restricted to, a specific purpose, or donations subject to donor imposed conditions.

Designated funds are monies set aside of unrestricted general funds and designated for specific purposes by the trustees.

The tangible fixed assets fund represents the net book value of charity’s tangible fixed assets excluding those utilised by Thornton College, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.

The programme related investment fund represents the net book value of the charity’s programme related investments. The existence of the fund highlights the fact that the value representing the property cannot be realised in the short to medium term.

General funds represent those monies that are freely available for application towards achieving any charitable purpose that fall within the charity's charitable objects.

Services provided by members of the Congregation

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

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 34

Principal accounting policies 31 August 2022

Pension costs

The charity’s independent school, Thornton College, makes contributions to the Teachers’ Pension Scheme (TPS), which is a defined benefit scheme. Teaching staff employed, under a contract of service are eligible to contribute to the TPS which is a statutory, contributory, final salary scheme administered by Teachers’ Pensions. As the College is unable to identify its share of the underlying (notional) assets and liabilities of the scheme, the charity has taken advantage of the exemption in FRS 102 and has accounted for the contributions to the scheme as if it were a defined contribution scheme.

The charity also offers staff membership of various defined contributions schemes. Contributions to such schemes are accounted for when payable to the relevant scheme. The charity has no liability beyond making its contributions and paying across the deduction for the employees’ contributions.

Leased assets

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

Assets held under finance leases are capitalised and depreciated over their useful lives. The corresponding lease obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the statement of financial activities over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 35

Notes to the accounts 31 August 2022

1 Income from: Donations and legacies

	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Salaries and pensions of individual religious received under deed of covenant General donations	367,623 80,229	— —	367,623 80,229	347,762 36,762	— —	347,762 36,762
	447,852	—	447,852	384,524	—	384,524

2 Income from: Investments and interest receivable

	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Income from listed investments Interest receivable	502,078 524	— —	502,078 524	487,973 1,111	— —	487,973 1,111
	502,602	—	502,602	489,084	—	489,084

3 Income from: Miscellaneous sources

	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Property rentals Other income Exchange rate gains	21,876 7,205 26,099	— — —	21,876 7,205 26,099	48,599 6,297 16,869	— — —	48,599 6,297 16,869
	55,180	—	55,180	71,765	—	71,765

4 Expenditure on: Provision of education

	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Teaching Welfare Premises Management and administration of the school Marketing and publicity	3,572,518 817,255 1,274,606 816,641 285,422	49,589 3,191 — — —	3,622,107 820,446 1,274,606 816,641 285,422	3,329,044 764,100 1,129,444 817,857 237,017	2,358 — — — —	3,331,402 764,100 1,129,444 817,857 237,017
	6,766,442	52,780	6,819,222	6,277,462	2,358	6,279,820

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 36

Notes to the accounts 31 August 2022

5 Expenditure on: Support of members of the Congregation and their ministry

	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Staff costs (note 9) Premises Sisters’ living and personal expenses Education, training and spiritual renewal Governance costs (note 7)	309,474 213,657 222,439 6,048 112,708	— — — — —	309,474 213,657 222,439 6,048 112,708	263,383 194,579 174,108 3,909 100,856	— — — — —	263,383 194,579 174,108 3,909 100,856
	864,326	—	864,326	736,835	—	736,835

6 Expenditure on: Donations in support of miscellaneous charitable activities

	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Annual contribution to the Generalate of the Congregation Donations to the Congregation in the Middle East RLSS UK Safeguarding	139,014 842 50,000	— — —	139,014 842 50,000	45,200 — —	— — —	45,200 — —
	189,856	—	189,856	45,200	—	45,200

7 Governance costs

Governance costs
	Unrestricted funds £	Restricted funds £	Total funds 2022 £	Unrestricted funds £	Restricted funds £	Total funds 2021 £
Legal and professional fees Bank charges	110,621 2,087	— —	110,621 2,087	98,867 1,989	— —	98,867 1,989
	112,708	—	112,708	100,856	—	100,856

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 37

Notes to the accounts 31 August 2022

8 Net (expenditure) income before net investment (losses) gains This is stated after charging (crediting):

	Total funds 2022 £	Total funds 2021 £
Staff costs (note 9) Auditor’s remuneration (including VAT) . Audit - current year . Audit - prior year (over) under provision . Non audit services: Accountancy support Finance lease charges Operating lease charges Depreciation (note 12) Impairment ofprogramme related investment(note 14)	4,463,275 24,100 (324) 5,408 13,148 — 546,809 —	4,406,586 33,890 (489) 9,157 13,752 276 552,989 535,000

9 Staff costs and remuneration of key management personnel

Staff costs and remuneration of key management personnel
	2022 £	2021 £
Staff costs during the year were as follows: Wages and salaries Social security costs Other pension costs Redundancy costs Agency costs Staff costs per function were as follows: Provision of education Provision of nursery Support of members of the Congregation	3,589,536 345,287 506,264	3,545,633 334,500 493,999
	4,441,087 6,500 15,688	4,374,132 32,454 —
	4,463,275	4,406,586
	4,104,495 49,306 309,474	4,143,203 — 263,383
	4,463,275	4,406,586

One employee earned between £60,000 and £70,000, one employee earned between £70,001 and £80,000 per annum and one employee earned between £80,001 and £90,000 (including taxable benefits but excluding employer pension contributions) during the year (2021 – one employee earned between £60,001 and £70,000 per annum and one employee earned between £80,001 and £90,000 during the year).

The average number of employees during the year calculated on an average head count basis, analysed by function, was as follows:

	2022 No.	2021 No.
Provision of education Support of members of the Congregation Nursery	112 14 4	115 14 —
	130	129

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 38

Notes to the accounts 31 August 2022

9 Staff costs and remuneration of key management personnel (continued)

Certain members of staff at Thornton College, including members of the senior management team, are entitled to a discount on the fees payable in respect to their children and grandchildren attending the school. The total value of such discounts awarded to the senior management team for the year ended 31 August 2022 was £55,214 (2021 – £21,458).

The trustees consider that they together with the Executive Team at Thornton College (i.e. the Head, Deputy Head, Bursar, Assistant Heads, and Development and Marketing Director), the Lay Administrator and Care Manager at Felixstowe Community comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. The total remuneration (including taxable benefits and employers pension contributions) of the key management personnel for the year was £585,160 (2021 – £472,946).

10 Trustees’ expenses and remuneration and transactions with trustees

Certain of the trustees are members of the Congregation and their living expenses during the year were borne by the charity.

None of the trustees received any remuneration or reimbursement of expenses in connection with their duties as trustees during the year (2021 – £nil).

Those trustees who are members of the Community of Jesus and Mary have no resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by these trustees to the charity was £74,968 (2021 – £73,653).

11 Taxation

The England Province of the Community of the Religious of Jesus and Mary Charitable Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 39

Notes to the accounts 31 August 2022

12 Tangible fixed assets

Tangible fixed assets
	Land and	buildings	Plant, furniture and equipment £	Motor vehicles £	Total £
	Non specialised freehold and long leasehold £	Specialised freehold £
Cost or valuation At 1 September 2021 Additions At 31 August 2022 At cost At deemed cost – 1997 valuation Depreciation At 1 September 2021 Charge for the year At 31 August 2022 Net book values At 31 August 2022 At 31 August 2021	1,487,102 —	15,746,312 277,424	1,678,642 322,683	103,908 4,398	19,015,964 604,505
	1,487,102	16,023,736	2,001,325	108,306	19,620,469
	1,487,102 —	8,720,266 7,303,470	2,001,325 —	108,306 —	12,316,999 7,303,470
	1,487,102	16,023,736	2,001,325	108,306	19,620,469
	— —	6,463,285 362,627	1,283,474 167,721	64,661 16,461	7,811,420 546,809
	—	6,825,912	1,451,195	81,122	8,358,229
	1,487,102	9,197,824	550,130	27,184	11,262,240
	1,487,102	9,283,027	395,168	39,247	11,204,544

The book value of non-specialised land and buildings is stated at a trustees’ valuation made in 1997 based on market value for existing use. The book value of specialised land and buildings is stated at a trustees’ valuation made in 1997 based on replacement cost for existing use. Under the transitional arrangements set out in FRS 102 these values are deemed to be equal to cost. Additions to all land and buildings since 1997 are stated at cost. Other tangible fixed assets are stated at cost.

Non-specialised land and buildings are freehold with the exception of one property which is held on a long leasehold.

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

The net book value of furniture and equipment includes £55,131 (2021 – £110,264) and the net book value of building improvements includes £147,037(2021 - £153,430) in respect to assets held under finance leases. The amount of accumulated depreciation in respect to these assets amounted to £233,318 (2021 – £165,399).

Capital commitments

At 31 August 2022, the charity had no capital commitments (2021 - £nil).

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 40

Notes to the accounts 31 August 2022

13 Investments

Investments
	2022 £	2021 £
Listed investments Fair (market) value at 1 September 2021 Additions at cost Disposals at book value (proceeds: £2,123,908; realised losses: £29,201) Net unrealised investment (losses) gains Fair (market) value at 31 August 2022 Cash instruments and cash held by investment managers Cost of listed investments at 31 August 2022	16,873,262 1,618,350 (2,094,707) (647,166)	14,436,487 1,756,866 (1,720,945) 2,400,854
	15,749,739 561,627	16,873,262 119,841
	16,311,366	16,993,103
	13,561,385	13,539,400

Listed investments comprised the following:

	2022 £	2021 £
UK fixed interest UK equity Overseas equity	3,364,985 6,987,767 5,396,987	3,437,441 7,458,038 5,977,783
	15,749,739	16,873,262

All listed investments were dealt on a recognised stock exchange.

14 Programme related investments

The charity leases one of its properties in Ipswich on favourable terms to L’Arche, an organisation that uses the property for purposes consistent with the charity’s charitable objectives. The property which was previously shown as a tangible fixed asset was reclassified as a programme related investment in 2018. The value at which the programme related investment was included in the accounts is equivalent to its net book value immediately prior to reclassification.

During the year, the trustees have reached an agreement to sell the property to L’Arche for gross proceeds of £850,000 and the sale completed on 24 October 2022. The impairment provision reduces the net book value of the property to a figure that reflects the sale proceeds.

	2022 £	2021 £
At 1 September 2021 Impairment provision At 31 August 2022	847,479 —	1,382,479 (535,000)
	847,479	847,479

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 41

Notes to the accounts 31 August 2022

15 Debtors

Debtors
	2022 £	2021 £
School fees and related charges Investment income receivable Prepayments and other accrued income	46,840 95,298 209,749	47,778 73,042 185,857
	351,887	306,677

16 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022 £	2021 £
Obligations under finance leases (note 24) School fees received in advance Returnable fee deposits PAYE, National Insurance and related costs Accruals Amounts held on behalf of individual members of the Congregation Other creditors Capital creditors	87,783 1,568,523 33,781 145,857 96,048 367,219 537,164 53,724	122,175 1,063,217 24,200 136,993 140,225 367,219 330,133 24,923
	2,890,099	2,209,085

17 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
	2022 £	2021 £
Obligations under finance leases (note 24) Returnable fee deposits	63,918 284,044	117,450 281,603
	347,962	399,053

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants to be applied for specific purposes:

	At 1 September 2021 £	Movement in funds	Movement in funds	At 31 August 2022 £
		Income £	Expenditure £
School prizes fund Nursery School training fund SEN fund Val Holmes legacy fund	8,000 1,657 9,741 —	— — 39,848 3,191	— — (49,589) (3,191)	8,000 1,657 — —
	19,398	43,039	(52,780)	9,657

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 42

Notes to the accounts 31 August 2022

18 Restricted funds (continued)

Restricted funds(continued)
	At 1 September 2020 £	Movement in funds		At 31 August 2021 £
		Income £	Expenditure £
School prizes fund Nursery School training fund SEN fund	8,000 1,660 —	— — 12,096	— (3) (2,355)	8,000 1,657 9,741
	9,660	12,096	(2,358)	19,398

Restricted funds held in the year to 31 August 2022 comprise:

•  The School prizes fund consists of monies donated to the College to award prizes to students.

•  The Nursery School training fund consisted of a donation received towards training to aid in the retention of quality nursery staff at the College.

•  The SEN fund consists of monies received from the local authority to be spent on one student attending the College who qualifies for Special Educational Needs (SEN) and requires extra educational support.

•  The Val Holmes Legacy Fund consists of donations received to mark the retirement of the head teacher at Thornton College. The donations were used to provide a gift and a commemorative plaque at the school for her.

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

	At 1 September 2021 £	New designations £	Utilised/ released £	At 31 August 2022 £
Thornton College fund Retirement reserve International fund Congregational development fund	7,827,962 6,000,000 393,721 3,100,000	— — — —	(420,428) — — —	7,407,534 6,000,000 393,721 3,100,000
	17,321,683	—	(420,428)	16,901,255
	At 1 September 2020 £	New designations £	Utilised/ released £	At 31 August 2021 £
Thornton College fund Retirement reserve International fund Congregational development fund	8,361,421 7,600,000 393,721 1,500,000	— — — 1,600,000	(533,459) (1,600,000) — —	7,827,962 6,000,000 393,721 3,100,000
	17,855,142	1,600,000	(2,133,459)	17,321,683

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 43

Notes to the accounts 31 August 2022

19 Designated funds (continued)

 Thornton College fund

The Thornton College fund represents the net assets of the school excluding the restricted funds, which have been designated by the trustees for use by the school only.

 The Retirement reserve

The retirement reserve has been calculated using actuarial principles and consists of monies set aside by the trustees to assist in providing for the sisters in their retirement.

• International fund

The international fund represents funds set aside to care for sisters in the Middle East.

 Congregational development fund

The Congregational development fund represents monies set aside and to be applied, as and when needed, to develop the work of the Congregation both in the United Kingdom and overseas.

20 Tangible fixed assets fund

The tangible fixed asset fund represents the net book value of the charity’s tangible fixed assets excluding those designated as part of the Thornton College fund (see note 19). A decision was made to separate this fund from the general fund in recognition of the fact that the tangible fixed assets are used in the day-to-day activities of the charity, and the fund value would not be easily realisable if needed to meet future contingencies.

	2022 £	2021 £
At 1 September 2021 Net movement in the year At 31 August 2022	1,430,499 40,736	1,273,944 156,555
	1,471,235	1,430,499

21 Programme r/elated investment fund

Programme r/elated investment fund
	2022 £	2021 £
At 1 September 2021 Impairment provision At 31 August 2022	847,479 —	1,382,479 (535,000)
	847,479	847,479

The programme related investment fund represents the net book value of the charity’s programme related investments. The existence of the fund highlights the fact that the value representing the property leased out on favourable terms to L’Arche, an organisation that will use the property for purposes consistent with the charity’s charitable objectives.

Since the balance sheet date, the trustees have reached an agreement to sell the property to L’Arche for gross proceeds of £850,000 and the sale completed on 24 October 2022. The impairment provision reduces the fund value to a figure that reflects the sale proceeds.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 44

Notes to the accounts 31 August 2022

22 Analysis of net assets between funds

	General funds £	Designated funds £	Tangible fixed assets fund £	Programme related investment fund £	Restricted funds £	Total 2022 £
Fund balances at 31 August 2022 are represented by: Tangible fixed assets Investments Programme related investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after more than one year Total net assets	— 7,371,598 — 515,520 (428,612) —	9,791,005 8,939,768 — 979,931 (2,461,487) (347,962)	1,471,235 — — — — —	— — 847,479 — — —	— — — 9,657 — —	11,262,240 16,311,366 847,479 1,505,108 (2,890,099) (347,962)
	7,458,506	16,901,255	1,471,235	847,479	9,657	26,688,132

	General funds £	Designated funds £	Tangible fixed assets fund £	Programme related investment fund £	Restricted funds £	Total 2021 £
Fund balances at 31 August 2021 are represented by: Tangible fixed assets Investments Programme related investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after more than one year Total net assets	— 7,848,505 — 722,992 (428,611) —	9,774,045 9,144,598 — 721,178 (1,780,474) (399,053)	847,499 — — — — —	— — 1,382,479 — — —	— — — 19,398 — —	10,621,544 16,993,103 1,382,479 1,463,568 (2,209,085) (399,053)
	8,142,886	17,460,294	847,499	1,382,479	19,398	27,852,556

	2022 £	2021 £
Unrealised gains included above on listed investments: Total unrealised gains at 31 August 2022 Reconciliation of movements in unrealised gains Total unrealised gains at 1 September 2021 In respect to disposals in the year Net (losses)/gains arising on revaluation in the year Total unrealisedgains at 31 August 2022	2,188,354	3,333,863
	3,333,863 (498,343) (647,166)	776,508 156,501 2,400,854
	2,188,354	3,333,863

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 45

Notes to the accounts 31 August 2022

23 Operating leases

Future minimum lease payments at 31 August 2022 under non-cancellable operating leases in respect to office equipment and motor vehicles were as follows:

	2022 £	2021 £
Operating leases which expire: . Within oneyear	—	276

The operating lease liabilities were subject to the terms of the agreement relating to the relevant pieces of office equipment and motor vehicles.

24 Finance leases

The charity leases certain equipment and fixtures under leases classified as finance leases. The future minimum payments to which the charity was committed at 31 August 2022 were as follows:

	2022 £	2021 £
Payable within: . One year . Two to five years Amounts representing interest Summary Amounts repayable within one year (note 16) Amounts repayable after more than one year (note 17)	103,635 67,607	105,468 154,302
	171,242 (19,541)	259,770 (20,145)
	151,701	239,625
	87,783 63,918	122,175 117,450
	151,701	239,625

25 Pension commitments

Thornton College is a member of the Teachers’ Pension Scheme (TPS), a defined benefit pension scheme.

Teacher’s Pension Scheme (TPS)

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 46

Notes to the accounts 31 August 2022

25 Pension commitments (continued)

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

• employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy);

• total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million; and

• the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.

The next valuation result is due to be implemented from 1 April 2023.

A copy of the valuation report and supporting documentation is on the Teachers' Pension Scheme website.

Contributions paid to the Scheme during the year amounted to £655,069 (2021 – £637,407), £466,027 (2021 – £454,732) of which were employer’s contributions.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. Thornton College has accounted for its contributions to the scheme as if it were a defined contribution scheme. The College has set out above the information available on the scheme.

Other schemes

Employer contributions paid to defined contribution schemes during the year amounted to £21,508 (2021 – £39,267).

26 Ultimate control

The charity, which is constituted as a trust, was controlled throughout the year by The English Province of the Community of the Religious of Jesus and Mary by virtue of the fact that the Provincial Superior of the Congregation appoints all of the trustees.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 47

Notes to the accounts 31 August 2022

27 Related party transactions

With the exception of the transactions detailed in notes 9 and 10 to these accounts, there were no other related party transactions in the year that require disclosure (2021 – none).

28 Post balance sheet event

On 24 October 2022, the charity completed the sale of its property classified in these accounts as a programme related investment. The property was sold to the tenants, L’Arche, for net proceeds of £844,679.

The English Province of the Community of the Religious of Jesus and Mary Charitable Trust 48