Charlty Reg18tratlon Number {England & Wales): 250183 Charlty Rogl$tratlon Number {Scotlandl: SC039564 SISTERS OF BON SECOURS OF PARIS BRITISH PROVINCE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page Relevant Addr￿￿5 Trustees, Report 2-10 Independent Auditors, Rewrt Statement of Financial Acdvltles 15 B818nce Sheet 16 Notes to the Flnancial Statements 17-26 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE RELEVANT ADDRESSES FOR THE YEAR ENDED 31 DECEMBER 2022 Prlnclpal Address Crowe U.K. LLP Aquis House 4￿sl81agrave Street Reading Berkshire RG1 1PL Truste88 Sr Winilred Mccahlll Sr Mary Bradshaw Sr Pat Eck Sr Eileen O'ce￿nor Prlnclpal Bankers Royal Bank of ScDtland London Victoria ICI Branch 1 Hardman Boulevard Manchester M3 3AQ Sollcltorn Pins8nl Masons 141 Bolh¥%tll Street Glasgow G2 7EQ Audltorn Crowg U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshlre RG1 1PL Inve¥tmont Advlsors Wllshlre Assoclales Incorporated 210 Slxlh Avenue, Sulle 3720 piitsburgh PA 15222 Global Cu8todlan8 8NY Mellon One Dockland Central Gulld Street Dublln 1. D01 E4XO Inv••tment Managern 81ackRock 12 Throgmorton Avenue London EC2N 2DL Vanguard Brovm 8rolhors Harriman Fund Administration Ilrolandl Ltd 30 Herbert street Dublin 2, DD2 W329 Cantor FStzgerald Ireland 75 Sl Stephen's Green Dublln 2, D02 PR50 PIMCO 78 Sir John Rogerson's Quay Dublin 2, D02 HD32 Page 1 SISTERS OF BON SECOURS OF PARIS- BR￿lSH PROVINCE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their repgrt, together wlh the audited financial statements for the year ended 31 December 2022. INTRODUCTION Th8 Congregation of the Slslers of Bon Secours of Parf$ 4$ an international Roman Catholic Religious Congregation. 11 was founded in Paris, France in 1824, where Ihg Congregation is Still located. The accounts accompanying this report are the aCC￿nts ol the charitable trust that supwls the Ilfe and wotl( of the Sisters in Britain. MISSION The objects of the charity. as set out in 118 8mended Trust 09gd are lo "advance the religious and other charita￿e work for the lime beino carried on or under the dlrectlon of th8 Congregation as tho Trustees wlh the approval of tha Superior $hg11 think fil" By c8ring for indSvidual m8mb8rs of the congregati(￿ throughout Ihelr Ilves wlh the Congregation. th9 charlly aims to gnable and support the Sisters lo liv8 Out their fallh Whon settiro the objectives and plannlng the work of the charlty for th¢ year, and when encouraging the work of indlvldual Slsl8rs, the Truslees have glven carglul consideration lo the Chadly Cclnmlsslon's guidance on public benefbt and have therefore complied with their duly in secllon 17151 of the Charllles Act 2011 to hav8 due regard lo the Charity Comrnission's published ggnoral guidance concgming the OP8ration of the public benefll requlrement under that Act. The works or mlnlslrles of the Slsler¥ of Ihg Congrggatlon fall Into the fc41owing moln areas.. Wornhlp and Pray•r Member5 (rf the Congregation 8re glven the opportL*nlty lor prlvat8 worshlp and lo contlnue lo develop Ihelr knO￿edge and trust in Jesus 8nd the Church through quiet prayer. study of the Gospel and splriluol dovglopm8nl. In addition, members of the Congregation ¢e18brale and pray wth the vlder ccwmunily including p8opl8 of all faiths and none. They do this through the provi4on of spiritual guidance, by being avaIla￿e lo Ilslen in ￿Me8 of need and attendanGe al Ihe celebration of the Lilurgy through prayer groups and church servlces. Soclal and Pa•toral Work Members of the Congregallon are Involvod in social, pastoral work and Ihe provislw d counselling services. The Slsters aim lo help, in p8rtlcular, the poor and marglnalised in SOfAely regardless ol Ihelr personal background, faith, oender or Individual clrcwistances. Internatlonal Mlsslon Support The Charity alms to provloe both fbnanclal and community support for internatlonal rellglou5 and other charitable ￿)rkS carried out in the name of and throughout the Congregallon. STRUCTURE. GOVERNANCE AND MANAGEMENT Govornlng Documènt Und8r Canon Law. the Congregallon Is govemed at an Inlernallonal level by the Congreg8tOon Leader and the Congregation Team. They are elected every flve years al a General Chapter. Page 2 SISTERS OF BON SECOURS OF PARIS- BRrrisH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED) In December 2009. the Congregation worfdwde was restructured lo remove the Province structure for Canon Law purposes and lo move lo a &ngle Congregation structure wvilh the Congregation Leader aThJ the Congregation Team responsible lor the governance of the Sisters under Canw law. In term5 of Civil Law, the charity itself is. and will continue lo be govemed by a Trust Deed dated 30 September 1966 as amended by a Commissioner's Scheme dated T December 1992 and 8 supplement Deed dated 2 Aprll 1996. The charity Is regbslered with the Charity Commisslon In England and Walgs Icharily number 2501831 and with Ihg Office of the Scolllsh cha￿lIeS Regulator in SGotland Icharily number SC0395641. In accordance ￿th the Charlly's Trust Deed, the￿ shall be a mlnlmum of three and 8 maximum of eleven Tru8lees. The statutory p0￿r of appointment and rernoval of a Trustee is vested in th8 Leader of Irdand and Great Brftaln, 8t•lom8nt of Trutyteo8' rosponslbllitlo5 The Trustees are responsible for preparing the Trustees, Annual Report and the finandal sl8lemenls In acLordance wlh applicable law and Unitgd Kingdgm Generally Accoplgd Accounting PraGllce Iunltèd KIngd￿ kcounllng Slandard8}. The law applicable lo charities in England and VVale5 and Scotland requires the Trustees lo prep8r8 flnanclal statements lor each Ilnaneial year which glve a true and fair vlew of the slate of 8ff8lrs of the charfly and of th8 Incomlng resourc8s and appllcalion of resourcès ol thè tharlly for th81 perfod. In preparfng these flnanclal statemen15, the Tru318es are fequlred to: • Solect suitable acrounling pclicles and th8n apply them consislenlly., • observe the method5 and principles in th8 Charflles SORP; • make judgments and e51imgles that ar¢ rga¥onablg and prudgnl.. slate whether applleable accountin9 standards have been lollo¥%*d. sutyecl lo any m8tedal dep8rture8 dlsclosed and explalned In the Ilnanaal slalemenls., prepar8 the fbnancial stslemenls on the golng concern basis unless St Is Snappropriate to presume th81 thg charity wll conllnue in bu￿nesS. The Trustees are responslble for keeplng adequate accounliry record5 that 8re suffiaent lo show and explaln the charity's transactions, disclose wlh reasonable accuracy al any tlme the financlal posillon the charity and enable them lo ensur8 Ihal the financial slalements CCIn￿y with th8 Charities Act 2011, thè Charitie5 (Accounts and Reportsl Regulations 2008, the Charities and Trustee Investment (Scollandl Act 2005, the Charitses Accounts (Scollandl Regulations 2006 la$ amended) and the provisions ol the chaTIIy's conslilullon. They are also responsible for safeguarding the assets of the charity and hence lor taking reasonable slep$ for the prevention and detection of fraud and other irregularitles. Rgcrullment and Tralnlng of Trustses Trustees are chosen lor their personal qualities and their understanding and experien￿ of the mlnlstrfes of the members throughout Brllain. The Trustees are Sisters of Bon Secours who wll already ￿ ￿11 infomied about the Mission, governing documellls and strategic planning and history of the chartty. The local Tr8asurer is responsible for the induction and training of new Trustees. Ther& were no ngw Trustees in 2022. Page 3 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT ICONTINUEDI Organ18atlonal Structure The Trustees are ultimately resp￿sible for the poliry8s, adivilies and assets ol the charity. They mg91 on regular ba&s lo review developments ￿ll1h the regard to Ihe Charity and its aclivilies. When necessary, they seek advice from the charity's professional a(fvisors. There are seven Sisters in 8ritain and they live and work in a number of different locations. wlh the majority of them clustered around Glasgow. Working wlth Other Organlsatlons The charlty works closely with a number of other ch8rttles and publlc bodles vh)Ich work In the field of providing care lo the vulnerable and the elderfy. Examples of the organisalions lor which members have workgd and wlh which Ihg Gharity has ¢oop9rated during the yeai are as fdlows.. Roman Catholic Oloc8ses of Glasgow, North8mpton8hlre and Westminstef Sl. Chrlslopher's Hospice - Vc4unleer NHS Bucklngh8mshlre Voluntary Ch8plalncy ProtèctSon of Chlldren and Vuln•rabl• Adults Along wth all othgr organlsollon5 who serve In the communlty, the Trustees recognlse the absolute nec8ssily ol ensuring th8 protection and safety of all those the charlly serves, Thls means that all Sisters who arg in any kind of mlnislry have lo obtain clearance from tho Criminal Records Bureau. The Trustees are committed lo imF4em8nling all pdiGies and procedures of the Catholic Safeguarding Advisory Sotvice ICSASI. Ms Meranda Chan was aprxsinled a5 Safe Guarding Manager l Liaison for the slslers in Great Brll8Sn (England and Scotlandl. Rlsk Management The Trustees have malnlained a pollcy of continL￿U9 monitoring ol the rf¥k$ that the chorily faces. The8e an be Identified undgr main headings 8$.. Maintalning the well.bdng of the members of the CongregallDn', Ensurlng the property and 8quSpm8nl used by the Congregatlon18 fit foi the purpose It is applied lo. In order to mlnlm18e the likellhood of éamaging 8v6nls Ihe Trustees monitor: Health and safely r9gulalions and have 8 policy ol maintaining their promlses lo a sufficignl standard., Safeguarding of Children & Vulnerable Adults Finanaal controls through budgets and accountability lor aLlions t8ken. The Tru81ees are satlsfled th81 major risks Idenllfi8d hovg been 8dequatgly mlligaled where necessary. Page 4 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 08JECTS, AIM, OBJECTIVES AND PRINCIPAL ACTIVITIES Charltable Obje￿¥ As slated above under "Mission.. the objecis of lh8 charity, as s81 out in ils amend9d Trust Deed are lo "a¢fvance the religious and other charitable work for the bme being carriod on or under the direction of th8 Congregation as the Trustees with the approval of the Area Leader of Sisters ol Bon seC￿r$ Ireland and Great Britain shall think fil" ASm8 As also slated undw 'Mlsslon', the aims of the charlty are to care for Indlvidu81 members of the Congregation throughout their lives yrith the Congregation and so enable and SUPFK)rt them lo Ilve OLrt their faith and lo pul that faith into pracbce through a wide variety ol religious and other charitsble wths. 1. Support of Members The Congregation h85 an obllgalion to support ils members and their charilakle ministries, 8ec8uso of their vow of poverty and the completion of a Deed of Covonant or Glft Aid declaration, non8 of the memb8r8 have r8source8 of Ih8ir own. Each one ha8. however, devoted a slgnllicanl part of thelr Ilfe to the mlsslon of the Congregallon. In common wllh many religious Congregallons In Brllain, the 8ge profile of the members is Incr8aslng as exisllng members grow older and the number of new vocations deGlingS. In thls regard, the alms of the Trustees over th8 current and forthc￿nIng years Indude.. Enabling membars lo con11n￿ wlh their indvldual mlnlslries for as long as p0s￿ble.. ReVIe￿ng the propertles used by Ihe Slslers and assessing their suitability for th9 Sisters age. health and wellbeing. Ensurin9 all m8mb8rs r8ceive the levd of care they require., Providing support lo Congregation worfdwidè. 2. Worshlp and Prayer Th8 charlly Is commltt8d lo helplng as many people as posslble lo loln ￿th the Slsler5 In worshlp ￿th tho aim of putting faith into ac*'on through prayer and seriplure, music and sacrament. The Slslers are involved In a number of advllles whlch Include.. Promoting the values and vi4on set out in the Gospel Induding the promollon of human dlgnlty, working fci o society based on lustlce and peace and encouraging care and respect for all creation.. There Is an opportunity to lake Ilme lo pray individually., Sisters can take lime for qulet conlemF4alion, reflection, study and Gon&der tha Gosp&l,' Praying wlh Ihosg who are house bound, slck or dylng. Page S SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 OBJECTS. AIM, OBJECTIVES AND PRINCIPAL ACTIVITIES ICONTINUEDI 3. SoGlal and Pastoral Work The charity enables and supports individual membors of Ihg Congregation in ministry and outreach work thereby furtherlng the message set out in the Gospol. The following are examples of thg swial and pastoral work undertaken by Indlvldu81 Sl¥tgrs.' Working in Parishes, helping parSshloners d8vel¢Jp their spirllual lives Adminislralive sUPPOrt to Church organisations Spiritual direction The aims of the Trustees in this aroa indude.. To defend and care for all of creatlon,. lo Gry out wllh others against injustice and all that diminishes Ilfe on Earth Encouraglng and motlva¥ng members lo ¥￿th and 88s18t the poor, elderty and marglnallsed. 4. Internatlonal Ml•slon Support Tha Congregatlon works with ch8rltabi& purposes conn8cled ￿th th6 0thancem8nl of religlon. The charlty supports the inlemallonal rellglous and other charitable works carried on In the name of the Congregallon. Thls includes providing finanoal support for fellow countries wlhin the Congregallon as a whole. fundlng the Congregatlon's mission work and Sisters living costs woildwide. Page 6 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 REVIEWOF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR The foll￿n9 paragraphs outllne the main a¢hievemenls duriro the year In each of the charfly's prinapal areas of work. 1. Support of Members Thg charity continues to ensure that the propertl8s are suitsblg for th9 Slsters, needs and the Sl8ter8 recaive the level of care they require. 2. Worshlp and Prayor Throughout the year the Slslers conb'nuod ￿th Ihelr prlvate worship and continued ￿th Ihelr ovm spiritual development and training. Some SI818r8 attended on Ilne courses on scrlpture ¥thich provlded renowal aThY quiet conlemplalion. 3. Soclal and Pastoral Work Through¢￿1 the year. Ihg Si51ors continued lo carry out vartous forms of social and pastor81 work in order lo fullll Ihelr Indivldual Ministries with Covld-19 reslrlctions, This work enabl85 the charity lo reach out to those in need wlhln sodely generally and benefit a number ol pèopl8. Somè examplès of the work individual Sisters are doing are glven below by way of IIIu8lrallon. A SSsler works In her parish as a Pastoral Care worker helplng people cop8 wilh their Iroublgs, be that the loss ol someone dear to them, famlly and relallon5hlp problemg. unemplo￿ent and the assoclaled monetary worri88. This Slsler's dedlcallon lo hgr work means that she Is available to those she is helping enever they need her- even if il is simply a matt8r ol sharing a cup ol lea or popping in for a chat. In London, a Slsler volunlegrs al Sl Christopher's Hosplce asslstlng people al 8nd-of-l￿e care both In the hospice and lo￿1 community. In Glasgw, a Slsler volunteers In her local parish and provides pastoral visits to &slers In Nursing hom9S. Page 7 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2022 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Rasults lor thg Year The Slalemenl of Finanaal Activities ISOFAI is set out on page 15. During the year, lolal incoming resources arnounled lo £89.334 (2021.. £230,410). An ongoing component was penslons received by the Sisters of £44,429 (2021.. £48,342), which were gifted lo the charity. In 2021 the sale of 8 property In Glasgow was completed and £181,686 in exceptional income was received. In 2022 the charity was gifted a legacy and Income of £44,528 was recelv8d. Resources expended lolalled £1.798.393 f2021.' £4,599,070), wlh over 9990 (2021.. 99%) bging expgnded on direct charflab18 activities. Induded within this charitabl8 activilles amounl is £455.009 {2021.' £603, 765) in relats.on lo contributions made lo the Congregation Office induding exponses incurred by CBS Paris for the communbty in the Democratic Republic of the Congo IDRCI. There are also donations of £715,667 12021.. £3,164,847) for the Vendome Beguinoge and Ang81ique G8ay Projects in France and £378.883 {2021.' £335,840) made lo Peru. Thls was lo fund operations of th8 mlsslon dinlc In M8dro de Cristo, and commurllly support and care of th8 Sisters in general in Peru. These amounts make up the bulk of the donations for the year. Investment m8nagers fees amounted lo £9,445 (2021.. £7, 1911. Investment losses of £1.347,578 (2021.. gains of £1, 768, 140) were made. The nel decrease In fund5 for the year was £3,056,637 (2021.. £2, 600,460J, The charity had no fundralslng activities requiring disdosuro under S162A of th9 Charities AGI 2011 (N Section 13 of the Chartlle¥ (Proleclion and SociBI Investment) Act 2016. Investments Al 31 December 2022, the charSty had inv8slmenl8 of £9.16m (2027.. £14.5m). The purposè of Ihè8e funds is lo provide Investment Sncome lo promote the charitable oblectlves of the Trust, and lo pYovld8 capital grovAh in the reserves over the medium term. They ar9 inv8s18d wlh a conservallv9 Inv8slmenl slralggy. The oblectlves for the investrngnls are as follows.. To provid8 an annual income lor the charlty. To preseNe the capital value of the portfolio in real lemis. To generate a real relum, depending on conditions in financial markets, after the inikn'al two obleclivgs havo been mel. To 8chieve the above targets while ulill$lng the charity's slated ethical Inv8Stmonl policy. The majorfly of the Investment funds are under th8 m8n8g8menl of Vanguard. The Charfly 8160 has a holding of PIMCO Inveslmenls, BlackRock investments and Allern8lwe Inv8Stm8nls which are h&ld via the Ethical Investment Initiative Ltd and the L&P Nomlnees (formerly Allemaliv8 Investments Lldl. Th888 funds have an ethlcal investment screen.. they exdudg companies that fall foul of certain ethical critgria, and In most cases favour stocks that provide poslllve benefits to society,- these funds only hold Investments that are c¢)mpalible wlh the Charity's rgligious ethos. The ethical screen in tJac8 sl81os that funds should not be invested In companle8 which.. Invest In hospllalslcllnlcs ￿lch h8ve aborti¢)ns. euthanasia, human embryonic st￿) cell re888rth and human doning as a m74or rd8. Expl(Ml the local labour force in a way thich is unju51ifiable in the light of local cirGumstanGgS. Have operations in areas of oppressiv8 regSmes where these operations contribute lo the oppressivg naluro of the regimes, Manufacture weapDns of mass destruction (chemical, nuclear, bidogicall. Are invdved in pornography, tobacco and gambling, Derive 100h or more of revenues from the operation of private prison5, jails detention centres or correctional ta￿litIeS or from the provision of integral services lo these types of facilities. Integral service8 Include.. complete facllllies m8nagemenl lend lo endl, securlty 8eNlces and éetentlon seNices And due regard should be given lo environmental concems. Page 8 SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The Sisters of Bon Secours UK Provlnce Fund recorded a loss in 2022 of 10.62%. broadly in line with ils Investment Policy Benchmark loss 0110.96%. The Community Support Fund T8corded a loss of 13.65Vo, und8rperfoming ils Investm8nl Policy Benchmark loss of 13.03010. Bolh funds finished th8 year with negative perfomiance due to a challenging environm8nl in global capital markets, ¥Mlh Spi￿.ng inflats'on. several Intèrest rale hlkes, and geopolitical concems between Russia and Ukralne. The ESG Global Equity portion of the portfdiDS, managed pasyvely by Vanguard, recorded a1055 of 13.20A for the full year. in line with the global eqully benchmark. BlackRock faced headwinds In the sodally screened Flxed Income portion ol the portfolios with rising interest rates. recording a loss 0117.5% and la9ging the benchmark loss of 15.5Vkn. The returns of the PIMCO Inflab'on Strategy provided a bit mor8 downside protection with inflation risng. recording small8r losses of 3.1 QA. Whil8 put4ic markets securities posted neg8tlve absolute returns, assets wlh positive return8 were limited lo the energy s8clor, private assets, and certaln infi81ion sensitive assets such as limber. The NCREIF Tlmberland index relumed 12.90A for the year. Private eqully prfces had more stability than public markets equlty, they dld not axperience the same outsized inGrga¥g In value nor as sharp ol a decrease. As such. the Allernallves portrolios added 14.6% 10 th8 ProvlrKo Fund relum. Reserves Pollcy The charity needs free reserves lo enable il lo me&1 ils charitable obllg811ons in the evenluallly ol an unexpected revenue shortfall. Free reserves are defined by the Charity Commlssion as unre5tricled funds availabla lo spend on the general purposes of the Charity and excludlng thos9 deslgnaled for particular purposès and those already ukn'lised in purchasing tangible fixed ass818. At th9 end of the financial year. the lolal funds of the charity amounted lo £9.9m (2021.. £12.9m). Expendable endowments for the m81ntenance, repair, all8r8tion and improvement of the convents. chapels and other bulldlngs were all spent by the end of 2020. The Tnjslees have designated £3.29m (2021.. £3. 75m) lo provide for ffli5sion and ministry works and the care and welfare of the Members. Delalls are given in Note 10 of these Financial Slalemgnls. After deducllng the Car￿ng value of fL*nclional fixed a5se15 for the ch8rlty's own u9e, deslgnated funds, and endowment funds, the free reserves are £6.Om 13021.. 8.51m). The Trustees consider this an adequate level of free rese￿88 for the current year to cover spendlng an1￿cIpated for the Vendome beguinage projgGI in France, the m15sion and support of the Sislgrs in Peru and the DRC, and the Congregation Office. The total funding lo support the Vendome beguinage and Angeliqu8 Geay proiecls18 expected lo be £ 5.5M The charily has the followlng deslgnaled funds.. International Mi$$lon Fund Exists lo support the inlernalional misson of tho Congregallon. indudlng the hegllh¢are missben In Afrlca and the Slslars In Peru and France. Cornmunlty Support Iprevlously Communlty Rellefj Fund Exlsts lo meet the care and welfare needs ol the Sisters In Great 8rtt81n. General Funds The rgmaining funds ¥thich are available for all other purpose$ of th9 Congregation in alignment wth the chadty's Trust Deeds. Page 9 ## **SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022** ## **FUTURE PLANS** The Trustees intend to continue to meet the following objectives to: - Support its members and their charitable works - Worship and prayer - Social and pastoral work - Support the International Mission of the Congregation worldwide. - Support other charities and projects that are in line with their charitable objects - Be attentive to care for all of creation in all activities. This report was approved by the Trustees and signed on their behalf by: ## SISTER WINIFRED TRUSTEE Date: 12 May 2023 Page 10 Crowo U.K. LLP Ch8rtoredAccountants M&tT&pr d Crowg Global Aqu￿ Housg 4&51 Blayravg sir881 Reathng Bwkshire RGI 1PL. UK Td +44101118 959 7222 Fax +44101116 958 4640 wwwLrowe£o.uk Crowe INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE Opinlon We have audited Ihg finanelal $lalem8nls of the Slslgrs of Bon Secours of Parf$ lor Ihe year ended 31 December 2022 which comprise Ihe Slalem8nl ol Finanoal Aclivilies, the Balance Sheets and notes to the flnanaal si818m8nls, including significant accDunling policies. The financial reporting frame￿rk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Finanryal Reporting Standard 102 The Financi81 Rewrting Stand8rd applicable In the UK and Republlc of Ireland {Unlled Kingdom Generally Accepted AccounllrvJ Pracllce). In our oplnlon the flnandal slalemenls.. gSv8 a true and fair view of the sl818 of th8 charlly's aff8irs as al ended 31 December 2022 and of Its income and eX￿ndIture for the year then ended,. have been properly prepared In accordance Yllh Uni18d Kingdom Generally AGceplgd AGcounllng Practice., and have been prepared In accordance with th8 requlremenls of th8 Charftles Act 2011 and the Ch8ritles and Trustee Invgslmenl (Scollandl Act 200S ond Rggulalions 6 and 8 01 th8 Charflles Accounts (Scollandl RegulaUons 200618mèndèdl. Ba818 for oplnlon Wa conducted oui audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further degcrlbed in the Auditor'8 responsibili*'es lor tho audit of the fi'nan¢ig1 stalgmenls sg¢1ion of our report. Vve are independent of the chorlty In accordance wllh the ethlcal requlremenls that are relevant lo our audit ol the Ilnanclal slalemenls In the UK, Including the FRC'S Elhlcal Slandard, and we have fulfilled our olhgr 9th1￿1 respon&billlles In accordance wSth these requlremenls. We belleve Ihal the audll evldence we hove obtsined is sufficAenl an¢J approprlale lo provide 8 basis for our opinion. onclusbons rèlatlng to golng conc•rn In aLKlllSng the Ilnanclal slalemenls, we have concluded that the Trustee's Use of the gclng conceTn basis of accounllng In the prep8raJon of the fi'nanclal slalements18 approprfate. Based on the ¥w)rk we h8ve perfO￿ed, have not Idenlifled any malerlal Un￿rtaIntieS relofjng to events or conditions that, individually or collectively. may cast significant doubl on the charity's ability lo conllnue as going GonGem for a ￿rIOd of al 19asl twelve months from whgn the financAal statements are authoriwj for is$u8. Our rgsponsibili119s and the rgsponsibililies of Ihe Trustges with rgspecl to going concem are described in the relevant sertions gf this report. C￿V￿ LLP￿a |imitsdth*JlrtypartnwFhip rC3QFO43.Th&rt>￿W￿0ff1LÉ l$dl£5Lu￿a￿ Hill, Lorth EC4M7th. A piKI lh￿ LLP'B IB licer￿Id bv PracWUcffjorn Cr¢￿> UM. LLP Is ¥ Craw? Q￿1. a 5ww ¥w*n. CTowe w¥ral? i￿ap￿r￿1 UX. LLP and ts uifiialts nol Page11 ) Crowe INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE {CONTINUED) Other Infomiatlon The Trustees are responsible for th8 Other inlomialion conlalned wlhln the annu81 report. The other infomiats'on comprises the infomiation induded in the annual report. othèr than the finandal statements and our auditor's report Ihereon. Our opinion on the financial stslemenls does not cover the other inlomiation and. except to the exlenl olhgrwise explirytly stsled in our report, we do not express 8ny fom) of assurance conclusion Ihereon. Our responsibility is lo read Ihg other infomialion and, in dolng so, consider whether th8 other inf0rna￿0n Is m8terially inconsislenl wlh the financial statements or our knowledge obtaln8d in the audit or othe￿￿88 appears lo b8 materially mlsslaled. If we idenlify such malerlol inGonsst9ncles or apparent material mlsstalemenls, we are requlred lo de18miine whether this gives rise lo a malerfal misslalemenl In the financl81 slalements Ihemselv8s. If. based on the work w8 have performed, we concludo that there Is malerlal rnisslalemenl ol this other inforfflalion, we are required lo report th81 fa¢X. We have nothing lo report in this regard. Matters on whlGh we aro roqulrgd to roport by excfrptlon We have nothing lo r8porl in respect of the follo￿ng matters In relalon lo whl¢h the Charflles (Accounts and Reports) Regulations 2008 and the Charlllos Accounts (Scollandl Rogulalions 2006 require us to report lo you if, in our opinion.. th¢ information given In the fln8nd81 st8lemenls Is Inconslstent In any material respect with the Trustees, report., or sufflcl8nl and proper accounllng records have not been kepl by the chartly,. or the Ilnancl81 slalemenls are not In agrgemenl uAih the accounting racords and r8tums,' or we have not recelved all Ihe InformaUon and exp18nalions we require for our audll Re8ponslbllltle8 of Trust•es As explalned more fully Sn the Trustees, responslbllS1ies slalemenl s81 out on page 3, Ihg Trustees are responsible for the preparation of the finanaal slalemenl8 and for belng satlsfied that thoy give a true and fair view, and for such internal control as the Trusle8s determine Is necessary lo en8ble the PTeparalion cl financial slalements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalemonls, thg Trustgos are responsible for assessing the chanly's ability lo continuo as o going concgrn, disclosing, as applicable, matters related lo golng concern and using the going concern basls of accounting unless the Trustees either intend to liquidate the charlty or lo cease OP8r81ion8. or have no realistic alternative but lo do so. Page 12 A Crowe INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE (CONTINUED) Audltor's responslbllltles for thè audlt of the flnanclal Ststements We hav8 been 8ppolnted a8 auditor under section 151 of the Charilies Act 2011. and sedion 4411 Ilcl of the Charitles and Trustee Investment IScoU8ndl Act 2005 and r8t¥NI In accordance with the Acts and relevant regulations made or having effect Ihereunder. Our objectlve8 are lo obtain reasonatAe assurance 8boul whether the financlal 5talemenls as 8 whole are free from matQri81 misslalemenl, whèthèr du& lo fraul or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high levd ol assurance, bul Is not a guarantee that an audit conducted in accordance wlh ISAS IUKI yrill always delecl a materlal misst81ement when il exists. Misslalemenls can arise from fraud or error and ars considered material if, Inclvldually or in the aggregate, they could reasonably be expeded lo influence the economlc declsions of users taken on the basis of these financial stalamenls. Details ol the exlenl to which the audil was considered capable of detecting irregularflle8, induding fraud and non-compliance with laws and regulations are sel out below. A further descrlptlon of our responsibllllles for the audll of the flnancial statements Is located on the Finanaal Reportlng Coundl's website 31.. This description forms part of our pudilor's report. Extent to whlch the audlt was ¢onslder¢ql c•p•blo of deteGtlng lrnègularltles, Includlng fraud Irregularitles. indudlng fraud, are Instances of non-eunpllance wlh laws and regulations. We identified and assessed the risks of material mi551alemenl ol the linancial 51alements from irregularities, whether due to f￿u￿ or error, and discussed these between our audit team memberg. We then deslgned and perfomied audit procedures responsive lo those risks, Including oblalning audit evidence suffldenl and approprlale to provlde 8 basls for our oplnlon. We oblalned 8n undarslandlng of the legal and regulatory framgworks wlhin which tha charity operates, focuslng on those laws and regulations that have 8 dlrect effect on th8 determination of malerlal amounts and dlselosures in the financial slalements. The laws and ￿gUlationS we considered in this context were the Charilles Act 2011 and The Charilles and Trustee Investment Iscollandl Act 2005 together with the Charities SORP IFRS 1021. We assessed the requlred compllance with these laws and regulations as part of ¢Jvr audit procedur85 on the related financiBI slalèments. In addition, we considered provisions Df other laws and regulations that do not have a dired efferA on th9 financial 51alemenls bul com ￿lance with which might fundamental lo the chority's ability to operate or to avcid a material penalty. We also considered the opportunitbes and Incenllves that may exist within the Charity for fraud, The laws and regulations we considered in Ihls context for the Charlty were Charlty Commlslon regulations, Health & Salgly regulations and safeguarding regulatlons. Audiilng standards Ilmil the requirod audit procedures to idonlify non-comFAiance with these laws and r8gulalions lo enquiry of the Trustees and other management and inspection of regu1810ry and legal Correspondence, 11 any. Page 13 ## **Crowe** ## **INDEPENDENT AUDITORS' REPORT TO THE** ## **TRUSTEES OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE (CONTINUED)** We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and Trustees about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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. ## For and on behalf of **Crowe U.K. LLP** Statutory Auditor Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Date: 8 June 2023 Page 14 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Notes Total Fund¥ Tot81 Funds 2022 2021 INCOME AND ENOWMEfrifs FROM: Donatlons and legaclos Other tradlng aetlvltles Sisl8rs' pensions Investments Exceptlonal InGomo- 8410 of Ilx8d 888Ot8 1c 44,528 400 44.429 377 48.342 42 181 Total Income 230 470 EXPENDITURE ON: Ral•lng fund• Investment managers, lees h•rltable aGtlvltle$ 9,445 7,191 Total expendlturo Net Ilowsygalns on inve3bnents NET EXPENDITURE AND MOVEMENT IN FUNOS (3.056,6371 (2,600,460) FUNDS BROUGHT FORWARD FUND8 CARRIED FORWARD 11 The notes on pages 17 to 26 form part cl Ihgse financial slalements P￿e 15 ## **SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE BALANCE SHEET** ## **31 DECEMBER 2022** |||**2022**|_2021_| |---|---|---|---| ||Notes|£|£| |**FIXED ASSETS**|||| |Tangible assets|6|**588,832**|_608,995_| |Investments|7|**9,159,013**|_14,510.618_
~~Nine~~
~~Vs as.~~| |||**9,747,845**|_15,119,613_| |**CURRENT ASSETS**|||| |Debtors|8|**1,267**|_1,264_| |Cash at bank and in hand||**153,442**|_188,193_| |||**154,709**|_189,457_| |**CREDITORS:**Amounts falling due within one year|9|**(27,982)**|_(2,377,861)_| |**NET CURRENT ASSETS**||**126,727**|_(2, 188,404)_| |||£**9,8Z4**~~**1**~~**5Z2**|_£. 12, 9.3.1 2Q9._| |**TOTAL NET ASSETS**|||| |**UNRESTRICTED FUNDS:**|||| |General Fund|10|**6,588,980**|_9,177,052_| |Designated Funds|||| |- Community Support (previously Community Relief) Fund|10|**1,939,239**|_2,245,784_| |- International Mission Fund|10|**1,346,353**|_1,508.373_| ||11|£**9,8Z4,5Z2**|_£. 12_**_._**_9.3.1.2Q9. _| Approved and authorised for issue by the Trustees on 12 May 2023 and signed on their behalf by: - SISTER EILEEN O'CONNOR TRUSTEE SISTER WINIFRED MCCAHILL TRUSTEE The notes on pages 17 to 26 form part of these financial statements Page 16 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 CHARITY INFORMATION The objects of Ihg Gharlty are lo advance the religious and other charitable work under the dlreclion of the Congregation as the Trustees. wilh the approval of the Superior. sees fil. The unincorporated Charity is registered In England and Wales (Charity number 2501831 and reglslered and domiciled in Scotland Icharlly number SC0395641. The prlncipal address ol the charity is Crowe UK LLP, Aquis House. 49-51 Blaoiava Street, Reading. 88rkshire, RG1 1 PL ACCOUNTING POLICIES Ba815 of pr8paratlon The accounts Iflnandal slalemenlsl h8vo been prepared In accordance wllh the Accountlng and Reporting by Ch8rit18s.' Sl8lemenl of Recommended Pr8clice (SORP) In accordanc8 with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS1021 issued on 16 July 2014 and the Financial Reportlng Standard appllc8ble in the United Kingdon and Republic of Ireland IFRS1021 and th8 Ch8ri1ies AGI 2011 and UK Generally Accepted Pradlee as11 applles from 1 January 2019. As the charfty18 not deemed, per the SORP, to be 8 'lar98r charity. no Cash Flow Statement 1$ required. The aceounls Iflnanaal slalemgnlsl hève bean prepared to glve B true and fair vlew and have departed from the Chpriligs IAccounts and Reports) Regulations 2008 only to the exlenl required lo provide a true and lair view. This departure has involved following Accounllng 8nd Reportlng by Charili8S, PTeparfng Ih8ir accounts in accordance wllh the Flnandal Reporting Standard applic8ble in the UK and Republlc ol Ireland IFRS1021 issued on 16 July 2014 rather than the Accounling and Reportlng by Charities.. Slatgmenl ol Recommended Prectlce effectlve frG*n 1 April 2(K15. which has since been wllhdrawn. The charity meets the definition of 8 public benefit entity under FRS102. Asgels and liabililles are inits'ally recognised al hlslorlcal cost or Ir8nsactS¢)n value unless othemise slated in the relevanl accounllng pollcy note. b) Golng ¢oncgm Having regard to the level of inv851menls held by the charity. the Trustees have a reasonable expectation that the charity ha¥ adequate resources to continue 118 acllvilles f(x th¢ forese88ble future. Havlng regard lo the atx)ve, Ihe Trustees bèli8V6 11 approprlalg lo adopt the goirvJ concgrn bass of accounting in preparing Ihe financial $latements. Incomlng Resources Inccming resourGes are Included In the Sla18menl of Flnanclal Activitie5 ISOFAI when.. the charlly b8comes entid8d lo the income and any for receipt are rnel., il's probable that they wlll reC￿ve it.. and the Trustees are r8asonably certain that the value can bg reliably measured Induded within this year'5 inccffle is a legacy amount for £44.028. Page17 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUN'TING POLICIES Icontlnuedl dl Resources gxpended R8SOLirces expended are accounted for on an accruals basis. C8rtain costs are apportloned lo expendiiure ¢at8gories based on the eslirnaled amount attributable lo that activity In the year. The Irrecoverable element of VAT is included ￿th the ltsm of expense lo whlch il rdales. Includ8d ￿thIn resources expended are governance costs. Governance costs ccrnprise th8 )sls of runnlng th8 charity, includin9 slralegic rAanning for ils future development. also Internal and external audit, any legal advice for the Charity and all the costs of complwng wllh conslilulional and slatulory r8qulrement8. Tanglble flxed assgts Expendllufe incurr@d in keeping Ihe properties in a fit 8nd useful candilion is wrfllen off In the year11 Is incurr&J unless the subsequent expenditure provides an enhancement of economlc benefits in axcess of the previously as3essed st8nd8rd of performance, In whlth c8se 11 58 G3Pitollsed. Depreclatlon Depreciation is calculated so 88 to wrlle off the cost d Ionglble fixed assets, on 8 slralght-llne basis, over their expected u¥elul 8￿r￿￿C Ilves as lollow8'. Land Bulldlngs and property improvemgnls Furniture and equipm8nl 2.50/0 25010 Asse15 purchased for le88 than £500, arg written off lo the Slalemenl of Flnanaal Activlles on acqulslllon. L8a8ed commltmonts Operating lease commrtments are charged lo the Slalement ol Flnandal Actlvlles In the year in which they are Incurred. h) Flxed a88et Invo6tmgnts Quoted investments are included al Glosing market value al the balance sheet date wth the eX￿ptIOn of a small amount ol investments held in private equity thlch are valued al cost rather than maTket value as there Is no liquld market for them. Any goin OT loss on revaluation or disposal is taken to the Slalgmenl of Flnancial Activities. Forelgn currency Transactions in lorelgn currencigs are rec￿￿8￿ at the rale ruling at the dale of the Iransaclion. Balances denomlnaled In a foreign currency are translated into storting at th8 exchange ralg ruling on the balance shegt dale. Page 18 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES Icontinuedl ) Funds Deslgnaled funds are amounts whlch have bgerb put aside al the discretign of Ihg Trustees for Specific purposes. Such purposes are wlhin the overall aims of the organisalion. Endowment lunds are in relation to the property fund ￿lch relates lo income for the maintenance, repair, alleralion, Improvement or equipment of th8 conv8nls chapels and other bulldings Induding thosè over8eas whlch are sublecl lo the Tru81¥ of Ihg amended Trust Oeed. Delalls of the nature and purpose of each fund is desryib8d in thg Truste95 rgPQrt and in note 10 of the accounts. Ggneral unrestrfcted funds represent funds whlch are expendable al the d5screllon of the Trust8es in furtherance of th8 oblecls of tho charlty. Such funds may be held In order to Ilnance both working capilal and capSlal Inveslm8nl. Flnanclal Instruments The charity only has financjal assets and finana81 liabilities of a kind that qualify as basic fln8ndal instruments. B3￿C flnancial instruments 8r8 initially recognise4 81 transaction valve and subsequently measured al their settlement value. Crbtlcal accountlng ludgomonts and key sourcgs of 98tlmatlon uncertalnty Preparation of the financial slatem8nls requlres management lo mak8 ludgemenls and eslimales. The Twste8s consider that there are no material judgemen18 In applying accounting polldes or key 80urces ol eslimab'on uncertalnty. INVESTMENT INCOME 2022 2021 Bank interest EXCEPTIONAL INCOME 2021 Exceplion81 income arose due lo the sale of cne of the charfly's propertSes in Glasgow. Pag8 19 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 TOTAL RESOURCES EXPENDED 2022 other Depreclatlon Total 2022 Total 2021 Ralslng funds Investment Manager fees ￿445 Charltablo actlvltie¥ Charitable donations Sisters, Ilvlng expens8s159} Contributions lo the Congregation Offlce General expenses15b) 1,208,360 61,422 1.208,360 61.422 3,848,471 52,568 455,009 455,009 603. 765 91 Total re•ources exp•nd•d The charity has no employees. 2022 2021 Charllable expendlturo InGlude8: Audllors, remuneration.. 2021 Other Deprncl8lbn ro181 2021 Total 2020 R8lslng funds Investment Man8ggr fees Chantable 8clivitles Chari18ble donalions Sisters, livlng expenses {6a) C<)ntributions lo the Congregation OffKe 3.848,477 52,568 3,848,471 52,568 933,354 59,975 603, 765 603, 765 415, 724 Total resources expgnded Page 20 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 TOT AL RESOURCES EXPENDED ICONTINUEDI 2022 2021 al SSster8' Ilvlng expenses: Groceries Heal, light and water Personal Rent Olher 11.449 7.253 2,590 3.534 3. 186 32,996 26,925 10 599 aL14 bl Genoral expen888: Deprecl8tlon Repairs and renewals Travel, evgnls and assgmblies Insur8nce Medical Educallon Legal and professional fees Auditors remuneration Olh8r 20.163 22,817 15, 127 2,342 655 17.124 169 11,929 14.950 2,945 739 9,040 216 12,561 16,950 TANGIBLE FIXED ASSETS Fr•ehold Land and Bulldlng¥ Furnlturo And Equlpment Totsl Cost Al 1 January 2022 Addi1Sons Disposa15 681,660 97,229 778,889 At 31 December 2022 77 Deprèclatlon At 1 January 2022 Charge for year Disposals 78,287 17,042 91,607 3,121 169,894 20,163 Al 31 December 2022 Net Book Valu8 31 December 2022 31 December 2021 P8ge 21 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 INVESTMENTS 2022 2021 Market value al 1 January 2022 PurGha585 Di5PDsals Revaluation Ilossesll gains 14.510.618 14,340,514 741, 185 {4,004,027> (2,339,221) 1 347 578 176814 Market valu8 8131 December 2022 Hlstorlcal cost as at 31 December 2022 Llsted Snvo•tments In pooled fund8 comprfs•: UK &quilies Overseas equllies UK flxed Interest securllles Overseas fixed interest 8ecurllle8 Cash 181,197 8,033.726 2,152,559 192,516 399,600 8, 175,503 2, 193,863 2,582,903 Tolal of Ilsled Inveslmenls Unllsled investm8nls 8.214,182 13,308,314 The above Investments aro hokl by the ft)Ilowln9 fund mana98r•: Vanguard BlackRock PIMCO North Amencan Foreslry Invgslmenl Trust Adaxia Clean Tech private equity fund Anglo Irish Bank Ib8nk deposlslgovernmenl bonds) Delta Venture Capital Fund 5,079,287 8,515, 102 2,124,006 3,262,628 1,264,212 2,074,974 341.642 327, 766 37,132 28,390 205,897 124,472 106 L7 117286 DEBTORS 2022 2021 Prepayments Page 22 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2022 CREDITORS: Amounts falling due VJblhin one year 2022 2021 Accruals 10. FUNDS: MOv￿n￿nIS in th¢ year Balance a11 Jgnuary 2022 Balanc• at 31 Decembor 2022 In¢omlng resources Outgoing Investment re8ourc•s galn¥lllo¥M•l Llnrestrlctod lundB Ggn¢ral fund 9177052 879 013 6 5e8 980 Oeslgnated funds Inlemational Misslon fund 1.508,373 1162,0201 1,346,353 Community support fund 2 245 784 06 1939 239 3 754 157 3 285 592 Totsl unro•trl¢tod lund• A descripllon of each fund15 8s fdlows.. Communlty Support Fund: . Exists to meet care and wellarg n88ds of the Slsters In Great Britain. Intematlonal M18slon Fund:. Exl8ts lo support the Inlemallonal mi55lon of the Congregallon. General Fund: . The rernal￿ng funds whlch are avallab18 for all other purposes of Ihg Congf8galion in alignmont wth the charilvs Trust Deeds. Page 23 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10. FUNDS: Movements In 2021 comparative year Balance at I J8nu8ry 2021 Transfer belwegn funds Balance at 31 DgGgmbgr 2027 Incoming resources Oulgoing sources Investment gains/flossos) UnrgslrKted funds General fund 177 Designéled funds Inlem8liono1 Mission fund Comnlunily 8UPPOrt fund 1,356,278 183,083 f30,988J 1,508.373 Tot81 unrestrfctsd fund$ A de5Grfplion of each fund Is as follows.. Communlty Support Fund.. - Ex1818 lo meet the care and welfare nefrJ$ of the S1818rs In Great BrltsSn. Internatlonal Ml¥$lon Fund.. . Exists 10 5UPPOrt Ihg Inlemallon81 mission cl tho Congregallon. General Fund: . The remalnlng funds vthlch are avallable lor all other purposes of the CongregBlion In allgnmenl wllh th8 charlly's Trust Deeds. Pagg 24 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11. ANALYSIS OF ASSETS BET1￿EN FUNDS Fixèd a88ets Investments Not Current assets Totsl Unreslrlcted gO￿ra1 funds Designated funds 588,832 5,873,421 126.727 6,S88,980 285 592 ANAL YSIS OFASSETS 8EfwEEN FUNDS COMPARA TIVE YE4R 2021 Fixed assets Invgslmenls Nel Qurrgnl fllobilillès) Total Unrnslncled general funds D88ignaled funds 608,995 10,756,461 {2, 188,404) 9, 177,052 12, COMMITMENT8 UNDER OPERATING LEASES Al 31 December 2022 the tharily h¥d lulura mlnlrnum lease payments under non-caneellabl8 operallng leases os follows: 2022 2Q21 Rent for propgrty In London Amounls due wllhln one year 13. FINANCIAL INSTRUMENTS 2022 202t 88slc fin8nci81 assets measured al falr valug 9,159,013 14,570,618 Basic fi'nanGial ass915 measured al amortised c08t 153,442 188, 193 Basic financial liabili11gs measure at amortl8ed cost Basic flnand81 assets are all investments and cash. Inveslmenls are measured al fair value and ash al amortised cost. Basc financial liabilities are accruals and are measured at amortised cost. The entity's Ineome, expense. gains and 10s8es in respect of flnandal instrument5 are summarlsed b81ow'. 2021 2022 Total dividend and interest Income for ba&c financial assets Total galnsl {lossesl in respgGI of basic finanaal assets Page 25 SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14. TRANSACTIONS WITH TRUSTEES The Trustees of the Convent are also members of the Order and as such have taken vows of povety under ￿lch they have renounced all personal rights lo income and capitd. The charity provides for th8 essential needs of all mernb8rs of the Order wlhin the Provincg. The livlng costs of the Trustees ar8 Ihereforg bome by the Convent. Neither the Trustees nor any person connected with them rece6ved any remuneration from the Charity during the CUTrenl or precedlng year. No TNsle8s were reimlxjrsed any expènsas duling the current or preceding year. Other than the Iransadions d8scrlbed above there were no related party Iransadions durfng the current or preceding yeaf. 15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Tolol Funds Total Funds 2021 2020 INCOME AND ENOWMENTS FROM.. L)onallons Olh6r Ir8dlng acllvkles Sislers'pensions Inveslmenls Excgplw81 income- Salg olfixgd 8ssels 400 48,342 42 4T,397 2, 753 To181 income EXPENDITURE ON.. Ralsing funds Invoslmgnl managers, f&os Charitablè activities 7,191 6,825 Total 8XPgndilu Ng1 galns on investments Nel expendrture (2,600.460) {141,469) Transfers belween funds NET MOVEMENT IN FUNDS f2,600,460) (141,469) FUNDS BROUGHTFOR WARD 75 FUNDS CARRIED FORWARD Page 26