Ch•rlty numbern: 250183 (England and Wal•81 & SC039564 {Scotlandl SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SISTER8 OF BOII SECOURS OF PARIS - BRITISH PROVINCE CONTENTS Page R•lernnce and admlnlstratlve d•t•lls of th• Charfty, Its TruBt•o¥ and advl¥•ra Tru•tso•' report Ind•p•ndgnt •udltor* r•port on th• flnanclal wtstsmgnts StAt•m•nt of fln•nclal actlvlt1•4 3-10 11-14 Baknnc• •h••t 16 Notm to th• Ilnanclal stit•ffl•nts 17-29
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND AOVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trust• Sr Winifred Mccahill Sr Pat Eck (resigned 1 January 20251 Sr Eileen O'connor Sr Goretti Spillane lappolnled 1 January 20251 CrIty reglsternd numb•rn 250183 (England and Wale$l and SC039564 {Scollandl Prlnclpal offl¢• Crowè U.K. LLP R+ Building. 2 Blagrave Streèt Reading Berkshire RG1 1AZ Ind•p•nd•nt audltor Crowe U.K. LLP R+ Building, 2 818gr8ve Street Readlng Berkshire RG1 1A2 8ank•r• Royal Bank of Scotland 1 Hardman BoulevJid Manchester M3 3AQ Sollcltors Blandy and Blandy 1 Friar Street Reading RG1 1DA Inv••tm•nt Ad¥l$ov• Wilshire A8soclale$ Incorporated 210 Sixth Avenue. Suite 3720 Pittsburgh PA 15222 Global Cu*todlan• BNY Mellon One DoGkl¥nd Central Guild Street Dublln I, D01 E4XO Page 1
318TERS OF BON SECOURS OF PARIS - BRITISH PROVINCE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Invg•tmgnt Managor4 BlackRock 12 Throgmorton Avenue London EC2N 2DL Vanguard Brown Brothers Harriman Fund Admlnimtration Ilrelandl Ltd 30 Herbert Street Dublin 2, 002 W329 Cantor Fitzgerald Ireland 75 St Stephen's Green Oublin 2, 002 PR50 PIMCO 78 Sir J¢)hn Rogerson's Quay Dublln 2, D02 HD32 Page 2
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees psent their report, together with the audited finaneial $18tement5 for the year ended 31 December 2024. Introductlon The Congregation of the Si81eTS of Bon Secours of Paris is an intemalional Roman Catholic Religious Congregation. 11 was founded in Paris, France in 1824, vthere the Congregation is sb'll located. The accounts accoMpanng this report are the accounts of the charitable Irust that supports the Ilfe and work of the Sisters in Britain. MIMlon The object5 of the charity, as sel out in its amended Trust Deed arè to 'advance the religious and oiher chanlable work for the lime being carried on or under the direction of the Congregalbon as the Trustees wilh the approval ol the Superior shall think fir,. By caring for Indlvidual member5 of the Congregation throughout their lives 1 the Congregation. the ch416ty aims lo enable and support the Sisters lo live out their fath When setting the objective8 and plannlng the work of the charity for the year, and when encouraglng the work ol individual Sisters, the Trustees have given careful consideration to the Charily Commission'g guid8nce on public benefit and have Iherelore Complied with their duly in section 17151 of the Charilies Act 2011 to have due regard to the Charity Commission's published general guidance concerning the operation of the public benefit requirement und•r Ihol Act. Tht works or ministries of the Sl8ler8 of the Congregation fall Into the followng main areas.. Wor•hlp and Pr•y•r Members ol the Congregation are given the opportunlty for private worshlp and lo continue to develop their knoe19e and trust in Jesus and the Church through quiel prayer, 8Iutly of the Gospel and spiritual development. In addltion. members ol the Cgngregalion celebrate and pr8y wlh the der community including people of all faith5 and none. They do thi5 through the provision of 4pirilu81 guidance, by being available lo listen in limes cf need and 8ttend8nce al the celebrallon of the Lllurgy through prayer gfCUPS 8nd church seNces. So¢l•l •nd P••toral Work Member8 of the Congregallon are involved in social, pastoral vKsrk and the provision of counselling gervicey. The Sisler8 alm lo help, in particular, the poor and marginalised in society regardless of their personal background, faith, gonder or Individual circumstances. Int•rnational P•llsslon Support The charity aims to provide both financial and cornmunily support fur internats'onal religious and other charilable WOTk5 carried out in the name of and throughoijl the Congregation. Page 3
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, Governance and Manag•m•nt G¢)v•inlng Documont Undor Canon Law, the Congregation is governed al an international level by the Congregation Leader and the Congregatron Team. They are elected every five years at a General Chapter. In December 2009, the Congregation worldwlde was resiruclured lo remove the Province structure for Canon Law purposes and lo move to a single Congre9ation structure with the Congregation Ltader and the Congregation Team responsible lor the gtsvernance of the Sisters under Canon law. In terms of CSvil Law. the charity 118811 is. and wlll contsnue to be governed by a Trust Deed dated 30 September 1968 a8 amended by a Commissioner's Scherne dated 7 December 1992 and a supplement Deed dated 2 April 1996. The charity is regislered wlh the Charity Commi#slon in England and Wales (charity number 2501831 and vAlh the Office of the Scottish Ch8ri1ie8 Regulator in Scotland (Charity number SC0395641. In atCOTdance wlh the chartly's Trust De•d. there Shall be a mlnlmum of thTee and a maximum of eleven Trustees. The ilalulory power of apptyniment and removal of a Trustee 18 vested in the Leadtsr ol Ireland and Gieal Britain. Stat•ment ol Tru•t•M' r•sponslbllltlo8 The Twslees are resptrnsible for preparing the Tru$lee8' Annual Report and the financ181 slalement5 in accordance wlh applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounllng Slandardsl. The law applicable lo charities England and Wales and Scotland requires the Tru8lee8 lo prepare flnanclal Statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming re8ource8 and application ol resources of the charity for that period. In preparing these financial 8talement8, the Trustees are required lo.. 8elect sultable accounting pollcies and then apply Ihern consistently,. observe the methods and principles in the Charits'es SORP., make judgments and estimates that are reasonable and prudent., stale whether appIlble accounting 8tsndardg have been follewed, subject to any material deportures disclosed and explained in the financi81 statements.. prepare the financial 918lemenls on the going concem basis unless il 13 inapproprialo to presume that the charity wll conknnue in bu$ine$8. The TTuslee5 are responsible for keeping adequate accounting records that are sufficienl lo show and explain the charity's transactions, disclose wth reasonable accuracy al any time the flnancial position of the charity and enable Iheln lo ensure Ihal the finan¢ial slalements comply with the Charities Act 2011, the Charities (Accounts and Report51 Regulations 2008, the Charities and Trustee Inve51Tnent Iscollandl Act 2005, the Charilies Accounts IScolland} Regulations 2006 las arnendedl and the provisions of the charity's conslilulion. They are also responsible lor safeguarding the assets of the ch8rily and hence for taking 380nable steps for the prevention and detection of fraud and other irregularf(ies. Page 4
SISTERS OF BON SECOURS OF PARIS - aRITISH PROVINCE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Recruitment and Training of Trusts•s Trustees are chosen lor their personal qualities and their vnder3tanding and expenence of the rninistries of the members throughout Great Britain. The Tru51ees are Sisters of Bon Secourg VAII already be well informed about the Mission. goveming documents and strategic planning and history of the chadty. The loc81 Treasurer Is responsible for the induction And training of new Trustees. There are currenuy three Trustees of the Trust. Ory•nlutlonal Structur• The TrLt8tees are ultimately responsible lor the policies, gcllvilles and assets of the charity. They meet on a regular basis lo review development¥ vmlh the regard lo the charity and 113 aclivilie8. When necessary, they 8oek advice from Ihe charity's professional advisors. TheTe are seven Sisters in Great Brilain and they live and work in a number of different loGalicJn$, with the majority of Ihem clustered around Glasgow. 11 is intended th• adminislralive functson, and subseqvently the funds, for the Great 8Tilain Sisters wll be transferred to the SiJter8 of Bon Secours in Ireland In future years. A dlréclor of Ihe young adult Ministry wgs •ppoinled in January 2024. This role 11 further the vlslon, charism and mi8yion of the SiBler5 of 8on Secours through evangeli881ion and formation of young adults in Great Britain. Worklng wSth Oth•r Oryanl•atloTr• Tho charity works closely wlh a number of other chariti'es arTrd public bodie8 whlch work in the field of providing Cgre lo the vulnerable and the elderly. Examples of the organi$alions lor which member8 have worked and wlh which Ihe charity has cooperated during the year are aB lollows.. Roman Catholic Dioceses of Glasgow, Northamplonshlre and Weslminsler Sl. ChrSslopher'8 Hospice . Volunteer NHS Buckinghamshire Voluntary Chaplalncy Prot•ctlon of Chlldr•n and Vuln•r*bl• Adult• Ajong wlh 811 other organi$ation$ who Servè in the community. th? Tru$teeJ recognise the absolvte neces31ty of ensuring the protection and safety of 811 those the charity serves. Thls means that all Sisters are in amy kind of ministry have lo obtain clearance from the Criminal Records Bureau. The Trustees A commltted lo implements'ng all policies and procedures uf the Catholic Safeguarding Advisory Service ICSASI. Ms Meranda Chan was appointed a8 Safe Guarding Manager l Liai50n for the 5151er5 in Great Britain {England and Scoll8ndl. Rlsk hlanag•m•nt The Trustees have maintained a policy of continuous monitoring of the risks that the charity face$. These can be idenlffjied under main headings as.. Maintaining the well-being of the members of the Congregation., Ensuring the propety and equipment used by the Congregation 15 fil for the purpos8 it is applied to. In order to rninimise Ihe1Skelihood ol damaging even13 the Trustees monitor.. Health and safely regulations and have a policy of maintaining thelr premises to a Sufficient standard.. Safeguarding of Children & Vulnerable Aduttg Financial conlrols through budgets and accountability for actions taken. The TTU5tees are 5atisfved that Major risks identified have been adequately miligaled where necessary. Page 5
SISTERS OF BON SECOURS OF PARI8- BRITISH PROVINCE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objects, Aim •nd Obl•ctlv•s and Prln¢lp•l Activitie• Ch*rltablo Objgcts As slated above under'mission., the objects of the Chanty, as set out in ils amended Trust Deed are lo 'advance the religious and other charitable work for the lime being carried on or under the direction of the Congregab'on as the Tru91ee5 With the approval ol the Area Leader of Sisters of Bon Secours Ireland and Great Britain shall think Alm• As al80 $18ted under "Mi5glon', the aims of the charity are lo care lor Indl¥Adual members of the Congregation throughout their lives with the Congregallon and so enable and Support them lo Ilve out their faith and to pul that faith into practice through a variety of religious and other charitable works. Support of Momb•r• The Congregation has an obligation lo support ils mernbers and their ¢haritable minislrie8. Because of their vow of povety and the completion ol a Deed of Covenant or Grft Aid declafalion. none of Ihe members have resources of their own. Each one has, however, devoted a significant part of their life lo the misjion of the Congregat4'0n. In common with many religious Congreg8lion8 in Great 8ritaln, the age profile of tha member8 18 increaslng as existing members grow older and Ihe number of new vocaliong declines. In this regard, the alms of the Trustees over Ihe current and forthcoming years include.. Enabling members lo continue wllh their individual minislrtes for as long a8 pos$lbl•', Reviewng the properties used by the Si81er3 and a8se88ing Ihelr iuitability for the Si81•ri age, heath and wellbeing. Ensunng 811 members receive the level of care they require., Prowding support lo Congfftgallon worldwde Wor•hlp and Prnyer The charity 13 MmItted to helplng a8 wnany people as possible lo join wth the S181ers In worshlp with thè alm of pulling faith into action through prayer and scripture, music and $acromenl, The Sisters a Involved in a number of activikne¥ which include.. Promoting the values and vision ¥el out in the Gospel including the promotion ol human dignity, working for ¥ society based on justice and peace and encouraging care and respect for 811 creation., There is an opportunlly lo lake lime lo pray Individually,. Siylers can take time for quiet Gonlemplalion, reflecb"on, gludy and consider the Go¥pel', Praying wlh those who are house bound, sick or dying. SocSal and P•¥tor•l Work The charity enables and supports individual membor8 of the Congregation In ministy and OLbtreach work thereby furthering the message set out in the Gospel. The following are examples of the SOCAal and pastoral work undertaken by individual Sister5-. Working in Parishes, helping parishioner8 develop their spiritual lives Administrative support to Church organisalions Spiritual direction Page 6
SISTERS OF BON SECOURS QF PARIS- BRITISH PROVINCE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 The alrns of the Tru8lee$ in this area include.. To delend and care for all of Creation.. lo cry out with others agalnsl injustice and all that diminishes life on Earth Encouraging and motivating members to WOt* wlh and assist the poor. elderly and marginalised Internatlonal Mls•lon Support The Congregation works with charitable purp05e$ connectèd wlth the advancement of religion. The thatY 8UPPOrt5 the international religious and other charitable works carried on in the name of th• Congregation. This incluiJ89 providing financlal support for fellow countries wlhln the Ccfflgregation as • Ithole, funding th Congregation's mlssion work and Sislers living cogls worldwde. R•vl•w of A¢hl•v•ments and Perfornianc• for th• y••r The followng paragraphs outline Ihe maln achievements durtng the year in each of the charity's princlwl areas of work. Support of M•mbern The charity wnlinue8 to •nsure that the properties are ¥uilable for the Si81•r8' need8 and the Slslers receive the level ol care they require. Wornhlp Ind Pray•r Throughout the year the Sisters continued wth ththr own private worship and continued wllh their own spiritual development and training. Some Si$ters allended on line cour508 on Scripture which provided renewal and qubel conlemplalion. Socl•l ind Pa•tornl Work Throughout the year, the Sigler3 conts'nued lo carry out various forms of social and pastoral work in order to fulfil their individual Min15trie5. This work enables the charity to reoch out Its those in need wlhin society generally and benefit a number of people. Some exarnple8 of the work Indidual Sisters are doing are given below by way ol illuslralion. A Sister work8 in her pari8h aB a Pastoral Care worker helplng people cope wlh their troubles, be that the1058 Of someone dear lo Ihern, famlly and relationship problems, unemployment and the associated monetary worries. This Sister's dedication lo her work means that She 15 available to those she is helplng whenever they need her- even if il is simply a matter of sharing a cup ol lea or popping in lor a Chal. In London, a Sister volunteers at Sl Christopher's Hogpice assisting people at end-of-life c8re both in the hospice and local cornmunity. In Glasgow, a Sister volunteers in her local p8ri5h and provides pastoral visits to Sisters in nursing homes. The Charlty funds the Bon Secours Young Adult8 Director prograrnme which furthers the vision, charigm and mi$$ion of the Si51efs of Bon Secours through evangell8ation and formation of young adults in Great Britain. Page 7
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnincl•l Revlew and R•sults lor th• y•ar Rèsults for th• Yoar The Statement of Flnancial Activities ISOFAI is set out on page 15. During the year, total Incoming reSoUe8 amounted to £97,692 (2023.. £128,882). An ongoing component was pensions rec•ivod by the Siyters of £91.590 (2023.. £59,077), vthich were gifted lo the charlty. Resources expended lolalled £3,288,019 (2023.. £2,807,532), with over 96% f2023,. 94%) being expended on direct charitable activllies. Included wthln this ch8ritable activities amount 15 £1,358,148 (2023.. £7,024,810J in relation to conlribulions made lo the InternatSonal Congregation Office lo cover expenses Incurred by CBS Paris Inc. Also included within charitable activitie5 are donations of nil (2023.. £789,501J for the Vendome Beguinage project In France, and £803.779 (2023.. £578,910) for the Sisters of 8on Se¢ours Peru. Tho donallons lo Peru were lo fund operations of the ml8$ion clinic in Madro de Crlsto and to provide community support and care of the Sister5 in general in Peru. £ 935.171 (2023 £294,300J of donalions were made to 8UPPOrt the purchase of land, capital expendilureG, living and other couls of the community in the Congo. The remaining balance ol donabons paid lo reconcile lo Note 5 were for minor project8. Inve81ment managers fees amounted lo £3,848 (2023.. £4,085). Investment gain5 01 £861,385 (2023.. Gains of £950,419) were made. The net decrease in funds lor the year wa8 £ 2.528,942 (2023.. £ 1, 728,231). The charfty had no fijndraislng activitie8 requlring diacloiure under S162A of the Charities Ad 2011 or Seclion 13 of the Charlli•$ {PTOtection and Sodal Inveslmenll Act 2C18. In¥e•lm•nts Al 31 December 2024, the charity had irwestments of £4.65m (2023.. £7,33m). The purpose of Ihege funds IB to provide investment income to promote the charitable objectives of the Trvsl, and to provide capital gr0h in the reserves over the medium tomi. They are invested wlh a conservative inveslment 8tralegy. The objectives for the inve¥lmenl8 are as follows.. To provide an annual income lor the charity. To preserve the ¢apital value of the portfolio in re81 term8. To generate a real relum, depending on conditions In financial markets, after the Inltlal Iwo objeth'ves have been mel. To achieve the above targets while utilislng the chanty's slated ethical Inve51menl policy. The majority ol the investment ftjnds are under the management of Vanguard. The charity a180 has a holding of PIMCO investments, BlackRock investments and Alternative Investments vthich are held vla the Elhlcal Investment Initiative Ltd and the L&P No)minee5 (formerly Alternative Investments Ltd). These fun¢Js have an ethical investment screen.. they exclude companies that fall foul of certain ethical criteria, and in most cases favour stocks that provide positive benefit8 to society", these lund8 only hold investrnents that are compatsble wrth the charity's religious elho$. Page e
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 The ethic818creen in plaee States that funds should nat be invested in companies vthich are determined to be engaged or involved in, and l or derive revenue labove a threshold Specified by the Index provider) from, the following acliviknes.. lal Vice Products11.e., adutt enlertainrnenl, alcohol, gambling, tobacco. cannabis).. Ibl Non-Renewable Energy11.e.. nudear power, fossil fuels lincludlng power generation from oil, gas, and Ihemial coalll., and c) Weapons Ichemical & biological weapon5, cluster munition5. anti-personnel landmines. nuclear weapons, avilian firearms, and conventional milltary weaponsl. The index methodology 81$0 excludes Companie5 that, as deterrnined by the Index provider, are Involved in severe conlrovernles li.e., companies lCh do not meet the labour, human rights, environmental, and anlicorruplon standards as defined by the Unlled Nations Global Compact Principlesl. The Sisters of Bon Secour$ UK Province Fund recorded a po$ilive relum of 12.4% In 2024, oulperformlng its Investment Policy Benchmark vthich posted gain of 12.0%. The Community Support Fund recordèd a gain of 8.7%, underperforming its Investment Policy Benchmark gain of 8.8%. The Environment81, Social and Governance Global Equty portion of the portfolios, m8n8ged p888iv&ly by Vanguard, recorded a gain 0120.1% for the ftjll year. 8 basis poin15 behind the global equity benchmark. BlackRock recorded a loss of -0.4%, behind the benchmark gain of 0.1 %. The retums ol the PIMCO Inflation Strategy were posllive In 2024, whlle adding value through active management, recordlng a relum 014.8% compared lo ilg custom benchmark of 4.0%. The Bon Secours UK Province private markel9 investments Produced slighlly negative relums in 2024. The Alternative Investments, represented by the North American Foreslry Fund, recerded a gain of 15.7%. While the Ethical Investment Initiative, represented by the Derta Venture Capital Fund, iecordtrd a108s of .23.7%. AS such, the Tol81 L&P portlollos ended the year down -2.56% in the UK Province Fund. R•••rv•• Pollcy Freè reserves are deflned by the Charfly Commi55ion a5 unrestricted funds 8vailable lo spend on the genera purposes of the Charity and excluding Ih05e de51gnated for particular purp06es and thoge already utilised in purchaglng tangible fixed as$el•. Al the end of the financial year, the total lunds of the chaflty amounted to £5.62m12023.. £8.15ml. The Trustees have designated £4.6m12023'. £8.5ml lo provide for the young adult minislry and the care 8n¢J welfare needs of the Siylers ol Bon Secours in Great eritain. The Trustees consider Ihi$ an adequ3le level ol reserves for the current year lo cover ¥pending antieipaled. After deducting the carrying value of functional fixed assets for the charity's own use, designated funds and free Te5erves are £0.60m12023'. 1.18ml. The Tiustees consider this an adequate level of free reserves. Page 9
SISTERS OF BON SECOURS OF PARIS • BRITISH PROVINCE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Designated funds
The charity has the following designated funds:
-
Young Adult Ministry
-
Exists to support the vision, charism and mission of the Sisters of Ban Secours through evangelisation and formation of young adults in Great Britain.
• Community Support Fund Exists to meet the care and welfare needs of the Sisters in Great Britain
General Funds
The remaining funds which are available for all other purposes of the Congregation in alignment with the charity's Trust Deeds.
Future Plans
The Trustees intend to continue to meet the following o�jectives to:
Support its members and their charitable works Worship and prayer Social and pastoral work including Young Adult Ministry. Support other charities and projects that are in line with their charitable objects Be attentive to care for all of creation in all activities.
It is intended the administrative function, and subsequently the funds, for the Great Britain Sisters will be transferred ta the Sisters of Bon Secours in Ireland in future years.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Sr Winifred Mccahill Trustee Date 4 June 2025
Page 10
SISTERS OF 80N SECOURS OF PARIS- BRITISH PROVINCE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE Oplnlon We have audited the financial slaternents of Sisters ol Bon Secours of P8ri8 - British Province Ilhe 'charily'l for the year 8nded 31 December 2024 which comprise the Statement ol financial acllvilies, the Balance Sheet. the Slaternent of cash fl¢)w$ and the related notes, including a summary of significant accounts'ng policies. The financial reporting framework that has been applied Iri their preparation is applicable law and Uniled Kingdom Accounting Standards, including Finanrjal Reporting Standard 102 'The Financi81 Reporting Standard applicable In the UK and Republic of Ireland, Iunlled Klngdom Generally Accepted Accounting Practicel. In our opinion the financial slalernenl8'. give a true and falr eW of the slate of the chartll8 affair5 as at 31 December 2024 and of its incoming re90urcey and application of resources for the year then ended.. have been properly prepared in ¥ccord8n¢e wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. the Chari1188 and Trustee Inve$lmenl Iscollandl Act 2005 and regulation 8 01 the Charities Accounts (Scollandl Regulations 2008. B••lB for oplnlon We conducted our audit in accordance wth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re8pon8ibililies under those standards are further described in the AudiloI8 responsibilities for the audit of the financial stslemenls section of our report. We are independent of the charity in accordance wlh the ethical requiremenlg that are relevant to our audit of the financial slalements in the Unrted Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audit evldence we ttave oblalned 18 6ufficienl and oppropriate to provide a basis lor our opinion. Conclu81onB r8latlng to golng conc•m In auditing the financial statemen15, have concluded that the Truslee8' U8e of the golng concern basis Of accountsng in the preparation of the financial statements is appropriale. 8ased on the work we have perfomied, we have not Identified any material uncertainties relating lo events or condits'ons that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period ol al least twelve months from then the financial 51alements are authorised for issue. Our re8pon8lbllllles and the respon$ibililie$ of the Trustees wth respect lo going concern are described in the relevant 8ecllons of this report. Page 11
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE {CONTINUEDI Oth•r Informatlon The other information comprises the Information included in Ihe Annual reptsrt other than the financial slalementS and our Audilovs report thereon. The Tru51ees are respongibl8 for the other inforrnallon contained wthin the Annual report. Our opinion on the financial stalemenl5 does nol cover the other Informallon and, except lo the extent othetwise explicitly slated in our report, we do riot expre$s any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other infofrnalion 15 materially inconsislent wlh the financial ytalernenls or our knowledge obtained in the course of the audit, or olhewse appears to be maleri8lly misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether this gives rise to a material misslalemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there 18 a material misglalement of this other Informalion, we are required lo report that fact. We have nolhlng lo report in thi5 regard. Mattgr¥ on vthlch are requlr•d to roport by &xc•ptlon We have nothing lo report in r88pecl ol the followng matteT8 where the ChaTllle8 IAc¢ounls and Report81 Regulations 2008 and the Charities Account8 Iscotlandl Re9ul*lion8 2006 requires us lo report lo you if, in our oplnlon-. the information given in the Trustees, report Is inconBl•lenl In iny malenal respect ¥th the financial slalemenls., or sufficlenl and yoper accounting records have not been kept, or the financial 3talemenls are not in agreement with the accounting records and relums., or wts have not received all the Infomialion and explanaonS we require for our audlt. RMpon•lbiliti•# of tru$toos AS explained rnore fully in the Trustees. responsibilibes statement, the Trustees are responsible for the preparation ol the ffinancial statements which give a true and lair view, and for such internal control a5 the Trustees delem)ine 1$ necessary lo enable the pieparation of ffinanaal Statemenlg Ihal are free from material misslalemenl, whether due lo fraud or error. In preparin9 the financial slalemenls, the Trustees 8re responsible for assessing the charity's ability lo continue a$ a going concern, disclosing, 88 applicable. mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operations, or have no realistic allemab've but to do so. Page 12
SISTERS OF BON SECOURS OF PARIS- BRITISPI PROVINCE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SISTERS OF BON SECOURS OF PARIS- 8RITISH PROVINCE ICONTINUEDI Auditorfs re*ponslbiliti•s for th• audlt of tht financial statements We have been appointed as audrtor under section 144 of the Charities Act 2011 and section 4411 Ilcl of the Charities and Trustee Investment Iscollandl Act 2005 and report In accordance wlh the Act and relevant regulation8 made or having effect Ihereunder. Our objectives are to obtaln Trasonable assurance aboul %thelher the financial gtslemenlj a %thole are free from material misslalemenl, whether due lo fraud or error, and to 155ue an Auditor's report that includes our opinion. Reasonable a3$uranee is a hlgh level of assurance, but is not a guarantee that an audit Cunducted in accordance wth ISAS IUKI VAII 8lway3 delecl a material misstatement when it exists. Misstslemen18 can arise from fraud or error and are consldered material if. individually or in the aggregate, they could reasonably be expected to influence the economlc dedsioris of users taken on the basis ol these financial 81alemenl8. Irregularilles. includlng fraud, are instances of non-compliance wlh law5 and regulations. We identified and a85essed the rlsks of material misstatement of the financial 8latemenls from irreguladles, whether due lo fraud or erTor. and discussed these between our audrt team members. We then de51gned and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a bagls for our opinion. Ext•nt to whSch th• audlt wa• con¥ldor•d G•pabl• of d•toctlng Irr•gularltle•, Includlng fraud We obtsined an underjlandlng of the legal and Tegulalory frameworks wthin whlch the charity operates, focuslng on Ihose law8 8nd regulations that have a dlrecl effect on the deterniinalion of material amounts and disclosure5 In the financial $181emenl8. The law8 and regulations we considered in this context wefe the Charits'es Act 2011 and The Charities and Trustee Investment Iscollandl Act 2005 together wth the Charities SORP IFRS 1021, We assesged the required compliance wth Iheje laws and regulations as part of our audit procedures on the related financial statements. In addition, we consldered provlslons of other laws and regulallons that do not have a direct effect on the rinancial slalements bul compliance wlh vthich might be fundamental lo the charity's ability lo operate or lo avoid material penalty. We also ¢on$idered the opportunilieg and Incenllves that rnay exist wlhin the Charity for fraud. The lawy and regulations we considered in this context for the Charity were Charrty Commi¥slon regulallons, Health & Safety regulations and $8feguarding regulallong. Auditing ylandards limit the required audit pro¢edure$ lo idents'fy ncn-compliance with these law5 and regulations to enquiry of the Trustees and other management and Inspection of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financial 9ts1emenls from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond lo these risks included enquiries of rnanagemenl and Tnjslees about their Vvdll idenlifi'Galion and a35es5menl ol the risks of irregularilie8, sample testing on the posts'ng of journals, reviewing accounting eglimale5 for biases, reviewing regulatory corTespondence and reading minutes of meetings of those charged with governance. Owng to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalements in the financial statements, even though we have properly planned and performed our audit in accordance wlh auditing standards. For example, the further removed non-compliance wlh laws and regulations liriegularilie51 is from the even15 and Iran5aclions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identity it. In addition, as wlh any audit, there remained a higher risk of non-detecllon of Srregularilies, as these may involve collusion. loryery, intentional omissions, misrepresentations. or the override of internal controls. We are not responsible for preventing non- compliance and cannol be expe¢ted to delecl non-compliance wth all law5 and regulation5. Page 13
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: w.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and regulation 1 0 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP
Statutory Auditor R+ Building, 2 Blagrave Street Reading Berkshire RG1 1AZ
Date: 9 June 2025
Crowe U.K. LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 14
SISTERS OF 80N SECOURS OF PARIS- BRITISH PROVINCE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unr••trict•d fund• 2024 Tot•1 funds 2024 lunds 2023 om• from: Donab'ons and leg•dei Other trading 4ctivilloi., Si¥l•r8' pen8ion• Investrnenti 100 100 450 91,590 6,002 91,590 0,002 59,077 2,823 66,532 Profil on sale of tangible fixéd al1# Total Incom• 97,692 97.692 128,882 Exp•ndStur• on: Raisin9 lunds. Inve$lmenl Manayr Feel Charitable acty¥lll•s 3,048 3.284.171 3,841 3.214.171 4,085 2,803,447 Tot•1 •xp•ndITh 3,288,019 3,281,019 2,807,532 Nel gaini on in¥e•lments 661.385 661,385 950.419 N•1 mo¥•m•nt In lund• 12,528,942) 12,520.9421 (1,728,231) R•con¢lllallon ol lund•: Total fvnd$ brought lopw•rd Net movement in fund• ,146,341 ,140,341 12,528,942> 12,528,942) 9,874.572 fl, 728,231J Total lund• c•rrl•d forrd 5,617,399 5,617.399 ,146,341 The Statement of fi'n8ncl•l •ctlv¢ti'e¥ Includes all galn• and 1088es recogni8ed in the y?•r. The notes on page8 17 to 29 fomi part of theje Nnanci•l $l•lernenls. Page 15
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE
| Fixed asset Tangible assets Investments Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one BAANCE SHEET AS AT 31 DECEMBER 2024 Note 7 8 9 955 590,128 591,083 year 10 (42,176) Net currnt assets Total assets less currnt liabilities Total net assets Charit fnd Unrestricted funds: Designated funds - Community Suppor Fund Designated funds - Interational Mission Fund Designated funds - Young Adult Ministr General funds Total unrestricted funds Totl funds 12 3,000,000 12 12 1,600,000 12 1,017,399 12 2024 413,974 4,654,518 5,068,492 1,230 417,057 418,287 (27,935) 548,907 5,617,399 5,617,399 3,096,769 3,445,569 1,604,003 5,617,399 5,617,399 2023 £ 426,856 7,329, 133 7,755,989 390,352 8,146,341 8,146,341 8,146,341 8,146,341 The fnancial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Sr Winifed McCahill Trustee Sr Eileen O'Connor Trustee |
||
|---|---|---|
Date: 4 June 2025
The notes on pages 17 to 29 form part of these financial statements.
Page 16
SISTERS OF BOPI SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Gen•ral Informatlon The objec15 of the charity are to advance the religlou8 and other charrtable work under the direction of the Congregation as the Trustees, wbth the approval of the Supefior, sees fil. The unincorpoTaled Charrty 15 registered in England and Waleg Icharity numbèr 2501831 and reg15tered and domicaled In Scotland Icharity number SC0395641. The prlncip81 address ol the charity is Crov* UK LLP, R+ BldIng, 2 Blagrave Stet, Reading, Berkshlre. RGI 1AZ. A¢countlng po15cl•s 2.1 8a818 ol prnparatlon of Ilnanclal qt•t•ffl•nt• The accounts (financial slalemenlsl h•ve been prepared in accordance wth the Accounling and R8portttng by Chanti8s' Slatemonl ol R8commended Prac10 (SORP) in accordance with the Finanual Reporting Slandard applicable in the UK 8nd Republic of Ireland {FRS1021 and the Finanual Reporting Standard •pplicae in the United Kingdom ind Republic of Ireland IFRS1021 and the Charili•s Act 2011 and UK Generalty Accepted Prctlc• a811 applie8 from 1 Janu8ry 2019. A8 tho Charity is rnl deemed, per the SORP, lo be a 'larger charity, no Cash Flow Slalemenl 18 required. The financial $1gtements hav• been prepared lo glve a 'true •nd falrf view and have departed from the Charities IAccount5 and Reports) Regulalionj 2008 only lo the extenl requirgd lo provide a 'true •nd l•irf This departure has involved lollowng the Charlli•8 SORP IFRS 1021 published in October 2019 rather than the Accounting and Fleporting by Charities. Statement of Recommended Prnclice effective from 1 April 21KJ5 which has slnce been wthdrawn. Si•lers ol Bon Secourg of Parfs . Briliih Provlncè meelj the deflnllion ol a publlc btrnefrt entity undor FRS 102. Asselg and liabilities are initially recogni8ed al hislodcal co8t or IranBaction Yue unlèss olherwie italed in the relevant accounting policy, 2.2 Golng conc•m 8ving reg8id lo the level ol inve$lm•nls hdd by the ch•rlty, th• Tru$lee$ have a reax)nable expeclglion that the charity has adequate resources lo conlinve rt8 •CtivitieA lor lh• foreseeable future, 8nd therefore believe It appropnate lo adopt the going concern ba$1$ of accounting in pr•p8ring Ihe finJn¢ial Statements. 2.3 In¢omlng R••ourc•8 Incoming r¢J¢)urwJ are Iruded in Ihe Statement of Financial Ath'vitsos ISOFAI vrtwn.. . the charity becomes entitled to the inc(The and any conditions lor rewpl •re mel. • It's probable that they will receive it., and th¢ Trustees are reasonably certain that the value can be rdiabty measured other Income 18 recognised In the period in which il is recer¥¥b and lo the extent the good# have boon provided or on complebon of the service. Page17
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcle5 {contlnu•dl 2.4 Resources ¢xpond•d Resources expended are accounted for on an accruals basis. Certain co¥1$ are apportloned lo expenditure categories based on U)e estimated amount attributable to that activily in the year. The irrecoveiable element of VAT 18 included with the item of expense lo which it relate$. Included ¥Mlhin resources expended are govemance cogls. Governance ¢osl$ comprise the co815 of running the charity, including strategic planning for ils lulure development, also internal and external audrt. any legal advice for the Charity and all the costs of complying wlh con51iluliono1 and ¥latulory requirements. Expenditure on raising funds includes all expenditure incurred by the Charrty to raise funds for its charitable purposes and include5 costs of all fvndraiging activities events and non-charitable trading, ExpendIlU on charitable adlvrtles 18 incurred on directly undertaking the activities whlch further the Charity's objectives, a5 well as any a¥socialed support costs. All expenditure18 Incluslve of irrecoverable VAT. 2.5 T•nglbl• Ilxed a81•ts and depr•clatlon Expenditure incurred in keeping the propertie8 in a fil and useful condition is written off in the year il is Incurred unless the subsequent expenditure provldes an enhancement of economic benefit8 In excess of the previously asse88ed sland8rd of performance. In whlch case It i¥ capitalised. Depreciation is Charged 80 a8 to allocate the cost of tangible fixed a85els less their residual value over their esllmaled useful live$, using the slraighl-line method. Depreciallon 1$ provided on the followlng ba8es.' Land Buildings and property improvements Fumiture and equipment 2.5% 25% Assets purchased for les5 than £500, ore written off to the Slalemenl of Finanoal Activities on aCqU1811I0n. 2.6 L••$•d commitm?nts Operating lease commitments are charged to the Statement ol Financial Aclivrties in the year in which they are inGuried. 2.7 Flx•d asset Invegtrnents Quoted investments are included at closing market value at the balance sheet date wlh the exception of a $mall amount of investments held in private equity which are valued al cost rather than market value as there Is no liquid market lor them. Any gain or loss on revaluation or disposal 18 18ken lo the Statement ol Financial Activities. Page 18
SISTERS OF BON SECOURS OF PARIS . BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Aceountlng policies IcontSnuedl 2.8 Forolgn curr•ncl•s Transacb'ons in foreign currencies are recorded al the rate ruling al the dale of the tran9actlon. Balances denominated in a foreign currency are translated into steiling at the exchange rale ruling on the balance 8heel date. Transactions in foreign currencieg are trang14led Into slerting al the rale rullng on the dale of the transath'on. Exchange gains and lo¥se8 8rfj recognised in the Statement of finandal adlvlb'es. 2.9 Fund iccounting All funds held in the current and prfor year ore unrestricted. Designated funds are amounts ¥thich have been pul aside al the diicrelion of the Tru8lees for specific purposel. Such purpoies are %Mlhin the overall aims ol the organisation. Details of the nature and purp08e of èach lund is described in the Trustee• report and In note 11 of th• accounts. General unreslncled lundg represent fund5 which are expendable at the di$crelion of the Trustee5 in furtherance ol the objects of the charity. Such lunds may be held in order to finance both workin9 capital and capital investment. Design8led fund8 Compfise unre6lricled funds that have been sel aside by the Trustees for particulgr purposes. The aim and use of •8ch designated fund is set out in the notes lo the financial slalemenls. 2.10 Financial in¥trum•nl• The charity only h88 financial asset5 and Ilnanclal 118b11115es of a kind th41 quallfy as basic financial instruments. Biyic financial instrurnents are initially recognised al Iransacllon value and subsequently measured al their setement value. 2.11 P•nslonJ The Charity opeTale5 a defined contribution pension scheme the pension charge represents the amounts payable by the Charity to the fund in ro5pecl of the year. Crltlcal accountlng t8tlmatèg and aroas of ludgm•nt Preparation ol the financial statement5 require5 management to make judgemen15 and e5b"mates. The Trustees consider that there a no material judgements In applying accounting policies or key 50urces of estimation uncertainty. Page 19
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Incomg Unmstricted funds 2024 Total funds 2024 Tot81 funds 2023 Bank Interest 6,002 6,002 2,823 Analy•lJ of exp•ndltur• on charitablo •ctlvltl•• Surnmary by fund typ• Unr••trlct•d fund• 2024 T(•t•l 2024 Tol81 2023 Charitable donolions Sisters, living expenses15a Contributions lo the Congregation Offic• Gtsneral expenses {5bl 1,741,401 49,397 1,358,148 135,225 1,741,401 49.397 1,358,148 135,225 1,604,287 57,065 1,024,810 117,285 3,284,171 3.284.171 2,803,447 Summary by •xp•ndltur• typ• Staff ¢o$t• D•pre¢l•tlon Oth•r cost 2024 2024 2024 Total 2024 Tolal 2023 Charilable donations Sisl¥rs' living expense$15al Contn'bution5 to the Congregation office General expenses15bl 1,741,401 49,397 1,741.401 49,397 1,604,287 57,065 1,358,148 82.459 1,358,148 135,225 1.024,810 117,285 38,092 14,674 38.092 14,674 3,231,405 3.284,171 2,803,447 Total 2023 18.809 2. 784,638 2,603,447 Govemance costs included In General expenses above tolalled £19,900 (2023.. £18, 600). Page 20
SISTERS OF 80N SECOUR3 OF PARIS - BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 54> Slstors. Ilvlng exp8ns•s: 2024 2023 Groceries Heal, light ond water Personal Rent Other 7.269 2.006 3.412 28,386 8,324 7,817 2,210 3,490 30,005 t3,543 4•.397 57,065 5bl G•n•r•l •xp•n•M'. 2024 2023 Depreclatlon Travel, events and a88emblies In¥urnnce Medlcal Education Legal and proleislon#l fees Audhor8 remunerAtlon Other Sloff costs 14.674 7,803 579 22,382 345 23,748 19,•00 7,7D2 3B,092 18,809 6, 121 684 41,705 310 28,915 18,600 2.141 136,225 117,285 Page 21
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL 8TATEIIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 St*ff coBts 2024 2023 Wages and salarle$ Social security costs Contn'bution to deflned contrttiOn pension scheme8 31,985 2,931 3,198 38,092 The average number of per•on8 employed by the Chartty durfng the year was 08 fo11Th.. 2024 2023 No. Charftable act111•# No employee received remuneration amoUnn9 to more than £80,000 in either year. Key managernenl personnel are deemed to b• the Trustees. The total rernuner•tlon is £nil. Page 22
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEM8ER 2024 Tangible fixed assets Fr••hold prap•rty Offlc• •qulpm•nt Totsl Cost or valuatlon Al l January 2024 Addlbony 498,400 90,081 1,792 588,541 1.792 Al 31 December 2024 498,460 91,873 590,333 D•pr•el•tion Al 1 January 2024 Charge for the year 76,875 12,462 14,810 2,212 161.685 14.674 At 31 December 2024 89.337 87,022 170,359 N•t book valu• AI 310ember 2024 40•.123 4,861 413,974 At 31 Decemb8r 2023 421,585 5,271 426,856 Page 23
SISTERS OF BON SECOUR8 OF PARIS - BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 Flxèd ass•t Invostm8nts Invo•tmeni8 Cost or valuatlon At 1 January 2024 Additions Disposal$ Revaluations 7,329.133 180.000 lJ,516,0001 861,385 Al 31 December 2024 4,654.518 Ll•i•d inv•stm•nts In pooléd fund• ¢omprl8•'. 2024 2023 UK equities Overse08 equities UK fixed inlere8t s•curities Overseas fixed interest securitses Cash 48,417 1,760.980 1,821.193 104.992 218.012 134,348 3,728, 129 2,228, 135 176,659 368,684 Total Il•t•d Inv•stm•ni• 3,953.594 6,635,955 Unllsted Inveslmenl8 700.924 693, 178 4,654.618 7,J29, 133 Tho above Investments ar• hfrld by th• followlng fund managors.. 2024 2023 Vanguard BlackRock PIMCO North Arnerican Forestry Investmgnt Trust Adaxia Clean Teach private equity fund Anglolrish Bank (bank depositslgovemmenl bonds Delta Venture Capital Fund 1,746,589 1,917,737 622,469 270,444 3,767.637 2.225,419 885. 148 253,972 40,432 55, 729 100, 756 30,450 06,829 4.654,518 7,329, 133 Page 24
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMeER 2024 Debtors 2024 2023 Prepayments and accrued income 955 1.230 955 1.230 10. Cr•dltors'. Amounts falllng duo wlthln on• yèar 2024 2023 Other laxallon and Social security Accruals 8,470 33.690 27,935 42,176 27,935 11. Fln•nclil In•trument• 2024 2023 Basic financial 088et$ measured al lair value Basic financial assets measured al amorb'sed co81 Basic financial liabilities mea8urgd al amortised co8t 4,854,618 590,128 133.698) 7,329, 133 417,057 (27,935) Basic financial assets are all inve8tmenlg and cash. Investment8 are measured al fair value and cagh al amort15ed cost. Basic financial Ilabillb'e$ are accwals and are measured al amortised cost. The entity's income, expensg, gains and lossos In re8pect of financial instruments are summarfsed below.. 2024 2023 Total dlvidend and interest incorne for basic financial assets Total gainslllossesl in respect of basic financAal a5set$ 6,002 661,385 2,823 950,419 Page 25
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Ststgm9nt offunds Statemont of funds- ¢urr•nt y••r 8•lance It 31 Galnsl D•c•mber 2024 Balance at 1 January 2024 Translor• inlout Inc4)m• Exp•ndltur• Unr•strlctsd fund• D••lgnat•d funds International Mission lund Community support fund Young Adult Ministy 3,445,569 13,097,D981 1761,6421 413,171 3,096,769 97,692 {142.9181 1138,5571 87,012 3,000,000 {48.0051 1.648.IKIS 1,600,000 6,542.338 97.692 13,288,019) 747,806 SOO.183 4,600,000 G•noral fund• General Fund 1,604,003 1747,8061 161,202 1,017,399 Total Unrestrl¢t•d lund• 8.146,341 97,692 {3.2B8,019) 661.385 5,617.399 Trnn•f•r• During the year, the Iru9tee$ reviewed the allotion of unreslricled designated funds lo refiecl Ihe mission of the charity which Includes funds lo care for the welfare of the Sislerg and fund5 to support the young adult minlgtry Into the future. A desuiption of emch fund 13 as follows.. Communlty Support Fund,. - Exists to meet the care and weFfare needs of the Slslers in Great Brllaln. Intornation•l Ml¥•ion Fund- Exi515 to support the inlemalional mission of the Congregation, includlng the Congo, Peru and Fr8nce. Young Adult Mlnlstry: Exists lo support the vision, charism and mission of the Sisters of Bon Secours through evangelisab'on and fomialion of young adults in Gre4t Britain. General Fund: The remaining funds %thich are avai18ble for 811 other purposes of the Congregab'on in alignment wlh the charity's Trust Deeds. Page 26
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Statement of funds Ici>ntlnuodl Statement of funds - year 8818nce al 31 Docomber 2023 88lance al l J8nuary 2023 Transfers in/oul G8insl (Losses) Inco Expendllurg Unrg•trlct8d funds D••lgnat•d funds Inlernallonal Mission fund Community support fund 1,346,353 1,933,283 165,933 3,445,569 1,939,239 903,000 254,530 3,096, 769 3, 285,592 2,836,283 420.463 6,542,338 General Fund 6,588,980 62,350 f2, 741,OOOJ f2,836,283) 529,956 1, 604,003 Totsl Unrojtrictod fundi 9, 8T4,572 62,350 f2,741,OOOJ 950.419 8, 146,341 A de8criplion of each fund is as followg.. Community Support Fund.. - Exists lo meet the care 8nd welfare needy of the Sister5 in Great Brilaln. Intemalional Mission Fund.. -Exists to support ihe intemaUon81 mi88ion of the Congregation, including the Congo, Peru and France. General Fund.. The MainIng fund¥ lch are available for all other purposes of the Congregation in alignment the charity's Trust Deecss. Page 27
SISTERS OF BON SECOURS OF PARIS - BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 13. Analysis of net ass•ts b•tw•en funds Anaty#l8 of net assots belween fund$- curY¢nt porlod Unrestricted funds 2024 Total fund* 2024 Tangible flxed assets Flxed asset investments Current assets CretJilors due wthin one year 413,974 4,654,518 591,083 142,1761 413,974 4,854,518 591,003 142.1761 Totsl 5.617,399 S,617,399 Inelud•d in the above wlhin Inve$lmenl8 Is designated funds of £4.600,000. An•ly81• of nel assets b•tw••n fund• . prlor rIOd Unrestricted runds 2023 Tof81 runds 2023 Tangbble fixed assels Fixed asset inve$tm¢nls Current a55etB Creditors due wthin one year 426,856 7.329, 733 418,287 127,935) 426,856 7,329. 133 418,287 f27,935) Tot•1 8, 146,341 8, 146,341 Included in the above wthin Inveslmenl8 is designated funds of £6,542.338. 14. Ponsion cornmitments The charity makes contributions lo a defined ¢onlributson scheme. The total employer conlribulions made in respect of the scheme in the year and charged lo the Slalemenl of Financial Activities was £3,196 12023.. £nifj and al the year-end £3,19612023.' £nH) wa8 accrued in respect of conlribub'ons lo this scherne. Page 28
SISTERS OF BON SECOURS OF PARIS- BRITISH PROVINCE NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024 15. Opgrating lea80 commitments Al 31 December 2024 the Charty had commitments lo make fvlure minimum lease payments under non cancellable operating lease¥ 0$ lollows.. 2024 2023 R•nt lor prop•rty In London.. Due wthin one year 12,950 12, 950 16. Tran•a¢tlon8 wlth Tru•t••• The Tru8tees of the Convent are also rnernber8 01 the Order gnd as such have taken vows of povety under which Ihoy have renounced all personal rbghls to income and capS181. The charity provides for the es$enli81 need8 of all membèrs of the Order within the Prownce. The living co81$ ol the Tru51ees ore therefore borne by the Convent. Neither the Tru8leeG nor any person connected vllh them received any remunerallon from the Charfty during the current or preceding year. ND Tru$teeB were reimbursed ¥ny expen••i durfng the current or preceding year. Other than the IranBactsons de6cribed above there were no related paty tr4nsaclionB durfng the current or preeeding year. Page 29