INSTITUTE OFTHE DAUGHTERS OF MARY HELPOFCHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO {Registered Charity Number: 250888) (Charity Reg&stered ill Scotland No SC039657) TRUSTEES. REPORT AND FINANCIALSTATEMENTS 31 DECEMBER 2023 Haysrnacintyre LLP Chartered Accouniani$ Registered Auditor5 London INSTITUTE OFTHE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF sfJoHJ¥ BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial 5tstements for th¢ y¢8r ended 31 tiecember 2023. Thes¢ have been prepared under the provision of the Staiement of Recommended Practice for Charities {SORP 2015) (Second Edition, effe¢tiv¢ l January 2019} and comply with all statutory requirements and the ¢lwity's governing documenL REFERENCE AND ADMINISTRATIVE DETAILS FMA Trustees.. Sister Pauline Clark Sister Breda Byrne Sister Bemadette Cassidy Sisier Gillian Mccambridge (Provincial Superior) (Provincial Vicar {Provin¢i¥l Bursar & Councillor) (Councillor) Adilrc4s.' 64 Dowhills Road Blundellsands Liverpool L23 8SP Tel.. 01519248212 Fa¢ebook= Salesiart Sisters UK Charily Registration No.. 250888 Charity Registered in SC039657 Scotland No.. Soli¢itor5'. Wrigleys Soliclors LLP 19 Cookridge Street Leeds LS2 3AG Auditors: Hay5ma¢intyre LLP l O Queen Sired Place London EC4R IAG Barclays Bank pl Chertsey Branch Walwn on Thornes Group POBox193 8112 Church Street Walton (m Thatnes KT12 2YW Governing Instrumenl- Trust Dttd dated 7 August 1962 and 6 Septemiw 1965. and as amended by Charity Commission Scheme dated l August 1997 Object5.' Such charitable purpose$ 8$ shall advance the Teligious and oth¢r charitable work of the Province of the S￿Iety, which includes England and S¢￿1￿￿0, &sthe Trustees with the approval of the su￿rIOr shall from tilne io time. think fil. Invesimeni Powers.. Under ihe Trust Deed there are no limilation5 on the Trusi¢e$' power of investment. INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRJSTJANS OTHERWISE SALESIAN SISTERS OF ST JOHf4 BOSCO TRUSTEES Af4NUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INTRODUCTION The charitable trust is constktuted by a Trust Deed daied 7 August 1962 and a Deed dated 6 September 1965 its principal object is io promote the religious and other charitable work in the Province. carried out by the Swiety, the Institute of The Daught¢rs of Mary Help of Christians (more familiarly known as Yhe Salesian Sisters of St John Bosco" or'salesian Sister5"). A scheme da*d l August 1998 widened ihe temis of the T￿￿ Deed to"shall advance the religiou5 and other charitable work of the Province Of the Society which includes En￿nd". The Institute of the Daughtets of Mary Help of Christians is an international religious congregation of Roman Catholic women governed by it5 own Constitutions. Worldwide it counts 10,962 members and is divided into 73 provinces. The Sisters 5¢rve in 1,331 Communities across 95 Nations. Since its foundation in 1872 it has been engaged in religious and other eharitable work, particularly education and the development of the youn& Its Generalate is located in Rome. The accounts accompanying this report a￿ the accounts of the charitable trust under which the assets of the Insiiiuie in the Province are held. The Sisters are trained as members of the Inslitute. They receive the further c￿￿￿tIOn and training necessary io become professionally qualified to take part irt the activities of the Province and are a]50 given the opportuniry to keep abreast of developmenis in iheir particular fleld of activity and to broaden iheir experience in both the religious and s¢¢ular sphere5. INVESTMENTS Per our investment managers. 2023 provedio be afavourableyearfor inV￿lor5 as ihe sirengih ofihe US e¢ BLUNDELLSANDS LIVERPOOL This is the Provincial House. The adMinist￿lon of the Province is Managed from here and this includes the keeping and updating of the Province Archives. It is also the home of an aging bui active community that serves the local ¢ommunity in various ways in a voluntary capaciry. ii. One Sister works in a Catholic Primary School and in the local Parish. Two Sistets give lime in the Ireneaus Proje¢i for 5piritualiry and growth. One Sisier provide5 spiritual accompaniment in the house io individuals who ¢ome on a Jnonthly basis. Two Sisters are 5¢hool governors in iwo schoo15" Si John Bos¢0 Arts Colle8e and All Saints Primary School. The Community also provides hospitality for gatherings of young people and young adults and provides space for meetings related to the mission of the Provin¢e. In the Province plan io downsizE this house will close in 2024 and the adrninistration of the Province and local mission will move to our house in Croxtcth which 15 being remodeled foT this purpose. * COWLEY, OXFORD Two Sisters voluntttr in Our IAdy's RC Primary Schfy)l. The sthff and pupils visit the house ￿gUlarlY for pastoral and spiritual support. and support the Club. One Sister is the link for Salesian Schwls N￿WOrk. T44? w. One Sister volunteers in Grey Friws Secondary School in a pastoral role. As a result of ihig, one Sister lead5 p, mainly from East Timor, with the help of oiher Sisters. Thi5 Club has the aim of giving these teenager5 a safe pla¢e to gather for recreation and, at their requesL to deepen (heir Christian faith. One Sister rnn the Junior Club until April 2023 when the Club finished. One Sister is th¢ loGai Delegaie for the C{￿￿TatorS, Group. One Sist¢r wa5 appointed as School Governor in Our Lady's School in December 2023. Two Sisters volunteer in the local Parish for Sacremerttal Preparation. INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 'I'lii% is ihi Community where our sick and elderly Sisters receive Éll)i)ri)priate care. It is staffed wilh a teain of carers who are Liiiploy¢d and managed by St John of God Hospitaller Service5. 'I"l)L level and qualiry of the service provided has been oiit4tanding and had a significani imp￿t. not only on our sthff. but on the livts of our Sisters. Since the b¢ginning of 2023, our Comlnunity ha5 increased in nuinber and we welcomed two Vietnatnese Sistets from our Congregation who are here io leam English with the hope of being fvlly inserted irt the Mission of the Province. The Momese Cenire which. with the help of bellefactors. Ihe Sisters had built on their land. This is used for a variety of activities for young people and OF¢n to ¢he I￿al school and community. 10 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF STJOHN BOSCO TRUSTEES ANJ¥UAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 + CROXTETH, LIVERPOOL St John Bosco Arts College, Croxteth is a Catholic Voluntary Aided Girls. Comprehensive School in a deprived area of the ciry. The Salesian Sisters are the Trustees. owning the land and building& A new buildirt& whTrch metts current needs. was officially opened in July 2014. The number on roll is ¢UTTently 1.064. The school has a lay head tea¢her. One Sister wa5 employed in the school, on a part tirne ba515, a5 a Youth Worker, until June 2023. Our Youth Worker offered ongoingpastordl supponto pupils boih on a one- to.one and group setting b&%is. On¢ Sister was on the Governing Body of the Arts College until June 2023. Orte Sister was employed in the Laura Vicuna Centre of the College until June 2023, where she gave one-lo-one support to snjdenis with social and ernotional needs. She ¢ompleted her diploma and is a qualified Play and cr￿1Ve Arts Th¢rdPiSt which she offered to the students a5 well as Counsellin& One Sister was a membeT ofthe Parish Council ai Our IAty Queen of Martyrs until June 2023. One si51er taught 8Uitarand led the music group in ih¢ Iwal parish until June 2023. One Sister worked, on a voluntary basis. in a local ¢ommunity centre until June 2023 and one Sister worked, on a voluntary basis. ai a SPTfiiuality ¢entre until June 2023. She continues to do this from her new community- One Sister 15 the Provincial Bursar. She continues this role from her new community. One Sister 15 the Youth Ministry CoTrordinator for the Provinee Continues to do this from her new community. Until August 2023, the VIDES UK office was based in Croxteth but this has now rempirarily moved to Blundellsands. One Sister is the Director and works wiihoui remuneration for VIDES. Until January 2023. another Sister was on the Executive Committee. Irs activiiies include youth leadership Iraining, running holiday schemes in needy areas in Britain and short and long-ierm volunwy Work overseas. VIDES volunteers from the UK and abroad come for a volunteer ¢xperi¢n¢e and to share in community life as pan of the Outreach Development Team. The Community offered hospiialiry for many me¢ting5 and events throughout the year until June 2023. One Sister visited different nursing homes in the local area to tske Communion and visii the si¢k until June 2023. The reason thatthey all no longer live in the Croxteih Community is part of the Provincial Plan ihat you will read more at¥)ut in the SPOTLIGHT. The plan for this house is that it will k refurbished and will eventually become the Provincial House. INSTITUTE OFTHE DAUGHTERS OF MARY HELP OFCHRisfiANS OTHERWISE, SALESIAN SISTERS OFSTJOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 * EASTERHOUSL SCOTLAND One Sister was a delegate the local c1￿￿[￿t0[S group until April 2023. One Sister ctrordinated the appeals for ow Missions in Englarvj and Wales and Scotland until April 2023. One Sister volunteered in a local primary xlwl, St Benedid's until June 2023. One Sisrer gave a short tslk on social media every week and wa5 a150 the local delegale for the co-operators group in Milton, Glasgow until April 2023. ()Iic Sisier was the Provincial delegate for the cfr(walor5 unlil April 2023. 'riii% Mi.￿%10￿ of URSpace operated from Easterhouse uniil June 2023. This Mission consists of outrea¢h work to schools. Iii%lIL.% ￿nd youth groups to provide opportunities for ihe young people to explore and deepen their faith Bnd training for the viiltrniLLr.8 in Salesian Spiriwaliry and youih work skills. OnL Si5trr 15 ￿￿nSIble for our Provincial ￿la] Neiwork siies, a member of Salesian Schoo15 Team and a member of Vocatioi)$ S¢otland Team. One Sistcr is part of thc English Translation Group for our congregation and she was re5id¢nt in the Ea5terhou5e community until August 2023. One Sister wa5 Studying to be a Counsellor for teenagers and this Sister wa5 also involved in kKal mi55ioll to the young people until June 2023. One Sister is an aeiive meinber of sevetzl national and internalional academic forums dealing with the history of women in religious and is working on ihe publicaiion of (he early hisiory of the Daughiers of Mary Help of christia￿ (Salesian SiS￿r$) in Britain and Ireland. This Sisier changed community in April 2023. In September 2023, two Sisiers came to join the one remaining Sister as part of the future vision of the Province. One of these Sisters is also the Provincial Bursar. The other Sister is the Youth Ministry Co- Ordinator for the Provtnce and she is also the Director of VIDES and works without r£muneration. These three Sisters spent the time from Septernber 2023 getting io know ihe young people in ihe I￿1 schoo15 and building up relationships Wlth the Parishioners. As you will have noted, there were many Ch￿ge$ in Easterhouse throughoui ihe year. This will be explained more fully in the SPOTLIGHT later on in thi$ rep)rt. 12 INSTITUTE OFTHE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED31 DECEMBER 2023 + NEWLANDS, GLASGOW Sisters and Volunteers who form ihe URSpace Pmjeci lived in the Easterhouse rommunity and continued to do their planning from ihe house in N¢wland5 as the resources coniinued to be kept there. A$ part of ihe reshaping of the Province. Ihe URSpa¢e Project finished at the end of June 2023. The Sisters continued io host a Ukrainian family Imum, Dad and ihree chtldren) through the Govemment Homes for Ukrainians Project until the end of March 2023, when the family secured their own rented accommodation in Croftf¢)oL Glasgow. The House in Newlands wa5 501d and the newowners moved in on 13 December 2023. 13 INSTITUTE OF THE DAUGHTERS OF MARY HELPOFCHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED31 DECEMBER 21123 SUPPORT FOR WORK OVERSEAS As part of an international illsiituie. Ihe Briiish Provi1￿e has many links oversea& thwing this year the Province ha5 sent financial support to our nominated Mission5 in Syria. Froin October 2023, the Province decided that we were ￿ longer able to belong io the Sillers. Missionary Committee for Mission Appeals and it was proposed that eaeh local Community will find a ¢reative way io support the Mi55ion5 abroad. Various activiiies were organised through the centre5 in Britain in suprA)rt of the inmitule's work abroad. Donations were re¢eiv¢d and passed on through the Central Office in Rome thus avoiding administraiive costs. The Cotnmunities also welcome young women & Sisters from abroad who come to St￿ English. •> PROPERTY A% a %iipwJrt to C￿holIc education. the Province h*$ made available school buildings and land at little or no rent at Cowley And Cr()XlLIII. + UK VISAS AND IMMIGRATION- HOME OFFICE Wc, i]￿ Dailghters of Mary Help of Chrisiians (Salesian Sisters). are licensed with the above Authority for Tier 2 and Tier 5. 'I'liis Ineans we can sponsor Religious Workers and Charity Workers from outside the UK. Applications for the appropriate Certificates of Sponsorship will be made foi Volunteers and Religious worke￿ wishing to come to the UK whilst living in one of our Communities. We have als0 achieved Settled Status for all the EurO￿ll Sisters within our Province. Ai the end of August 2023. the Province received hvo Missionary Sisters from Viethani, who entered ihe county on Ther 5. Ai present, they are studying English and are involved in charity work for ihe Salcsian Si￿ers Charity. 14 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIA]YS OTHERWISE SALESIAN SISTERS OF STJOHN BOSCO TRUSTEES ANIYUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 PROJECTS & CHARITIES SUPPORTED BY SALESIAN SISTERS VIDES UK VIDES UK has, at ils hearL the training and development of volunieers (17-) lo work with children and young people at home and abroad. It offers a Wdriety of different Salesilln Proj¢¢ts. Whilst CrOxt￿h is being refvrbished, VIDES ha5 its base in Blundellsands. our Provincial House. The volunteer5 work in areas of social disadvantage and high unemployment. Through VIDES Hangoui, training and fomiation are also offered to Young Leaders (age 14-16). This year VIDES UK continued with 'Anima" This is a week-long re5idenlial Project which offers leadership trainsng lo polentiai new volunittrs. UR Space is a Salesian Outreach Proje￿ set up by the Salesian Si51er& offering Gap Year Stydents (17-) the possibiliry to live in a Salesian Christian Community and work with children and young people to explore and deepen their faith. Young people are ai the heart of this project and the training #nd fomiation of the Volunteers is central to the mission of this Gap Year experience. After mu¢h prnyer and refle¢tiOT) we came to ihe very difficult decisiort to Close the URSpace project at the end of June 2023. We will continue to offer young women the Frfissibiliry of living in a Christian Cornmunity and working wilh other young people in our new presence in Easterhouse. Association ofsalestan Co-oper•iors The A551xiation of Salesian Co-operators is ¢omp)sed of men and women who follow the 5piril of the founder of the Salesian movement, Si. John Bos¢o, sharing with the Salesian Faihers and the Salesian Sisters the same charism within the Church. They work particularly for ihe good of young people, helping to build up the communiry in their local areas, working in the mission of the Sisters wherever wjssible. Many work in schools> parishes and OUtrEa¢h projects. making a real itnpact on the lives of the poor and especially of poor and disadvantaged children and young people with panicular f¢xus on the family. In Vdch Centre. originally established bythe Salesian Sisters, a Sister isappointed agthe Delegate, attends their meetings and offers ongoing Forniation. 15 INSTITUTE OF THE DAUGHTERS OF MARV HELP OFCHRISTIANS OTHERWISE SALESIAN SISTERS OF STJOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 SPOTLIGHT A decisive momeni in the history of the Charity . Instit￿e of the Daughters of Mary help of Christians - was the Provinc¢ Chapter Assembly of (kiober 2019. It stirred the Province to look 5eriou51y at its current reality against ihe vision of its original spirit and misgion ststement. Facing the hard questions of a8in8 and diminishmeni wasn't easy bui encouraged the charity to believe thai something was Coming to birth. Despite the confusion. it was finally agreed that the wre of its eoncems could be held in this statemeDt'. 4RE-EVALUATE THE MISSION, The clear foru5 of the charity, then, for susiainability and development, Wds to com￿[7d￿te the misston to meet ihe needs of young people todty while maximisin8 the potential to be life-giving communities. This wa5 the path (aken wilh discerning and clear-cut Steps th required the collaborarion and comrnitment of each mern￿r, and Ihc cfrworkers and recipients. To a ttrtain extent. COVID blocked IhL priieess. but not the intent or desire. Each year the Province hLld Illl 415seinbly to continue to search for the best way forward to niLLI Ilie following needs that young peop￿ and co-workers had cxprL%%Ld.. Pre.¥ence Need tofEndafaiih ihat is Meanin￿*1 Menlal Health Supporl 0ppovliini1i￿ lo help others GuidLTncé. aecompanimeni To do this realistically and well. while m¥ximising the Sisiers potrntial to be life-giving communities, the ossembly concluded that it would be necessary io regroup in 4 areas. This would mean closure of thrtt pl#¢es of mission and o Strengthening of community presen¢e and focussed mission in the other four areas agreed on. Care for every Sisier and good communication with co-worker5 involved in our life and mission was (hen carefully navigated so that all were supponed through ihe changes. Even though the changes were dauniing. Ihe faci ihat we were Teshaping the Province for new life and a revival of mission. helFed put rtw heart in the Sisters and co-workers and gav¢ enry to take forward the changes. Looking back over 2023 thi5 is where the reshaping of the Province has arrived to date.. Having dis¢ern¢d major changes in personnel. four communiiie5 have t*en Set up in view of a new start in mission and in ihe formation of life-giving communiiies. Sepiember saw each one off to a ¢ourngeous and focussed siart not withstanding uneX￿(led setbacks ihai called for even further adapialion5. The Salesian Community in Cowley, Oxford. continues io focus on Care of the sick and elderty sisiet3 with ouireach to mission as much as personnel and possibilities allow. The community in East¢rhouse. Glasgow. is made up of ihe younger and more active si5t¢rs in th¢ Province with a clear fo¢u5 of COTnmunity Imission in ihe local area. This is a new ventyre with adaptstions to ihe house to make it acce55ible as a place and space for young people. The community of Blundellsand8 Liverpool. is in the kyocess of closing in view of relocating the Provincial Office and ¢omrnunity mi55ion to Croxteth. At the momenL il continue5 the work of administration and the various mission activities already in place. The community of Batterse4 Londoffj has increased from a community of three sister5 to seven and continues its mi55ion of hospitality with further opportiinities of outrexh in xTvice lo sch￿)IS and local parish. 16 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 21)23 To help us move fon¥ard with new impetus, our Intemaiional Instiwte of Daughters of M¥ry Help of Chrisiians, aware of our journey, gifted the Province with two missÉonary Sisiers from Vietham who are now part of our Province.. Sr Nhung and Sr Xuan Dan. They are studying English with great dedication so that they can be fully inserted into the lifr and mission of ihe province and receive lh¢ ne¢essary permission to remain. SJ To make all of the at*)ve possible, other significani aThJ difficult choices were made.. the Closure of the project in Beckenham and ending of the lease on the property. the sale of the house in Newlands wilh the closure of URSpace Projecl th¢ eventual closure and sale of ihe house in Blundell$8Dds and Tel￿atiOn of rhe Provincial House to Croxteth for 2024. The reshaping and adaptations ￿e being done in phases and will tak¢ up to Iwo years with the hope thai the mission of the Charity will continue to care for the member5 who committed their lives over Tnany year5 and at the same time engender new membership to take forward our Mission for and wilh young people of tixEay. 17 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHP4 BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW The charity in¢ome of £1,596212 in 2023 (2022: £881.698) and expendiwre of £1.544.872 (2022- £1,444,795) re5ulied in net income before net gains on investments in ihe year of £51.340 (2022.. net expendiiure £563.097). Fin¥4ncial Dependence The Instiiute ujmlerpins ihe finances of ihe Province. During the year the Sisiers have received some small sums from benefa¢tors for their work. Unless the donor states a sp￿lfIC use for such offerings they are credited to ihe Genernl Fwid to enable the Sisters, as part of their commitment io education, to subsidise educative events, with relaied wavel and acrornmodtttion costs for youn8 people. Tlie ChaTlty has link5 with VIDES UK whhch was set up by the Salesian Sisrers. The Trustees of the Salesian Si5ter5 do not lorin ihe majority of Trust¢¢s of this Charity, which is nol in the dTre¢i ¢onirol of the SalesiaD Stste I'II)I. ¥ IJK- Charity number 1166876- promotes training and developmeni of young people for voluntary Service at home and l)rc)ad. VIDES UK incOr￿rated as VIDES UK (CIO) on l July 2017. Il¢wrv¢5 Policy Ai 31 December 2023 the Charity's nel assets siorxl at £13.43m12022.. £12.92m). Of thts, £6.5m (2022.. £7.] m) represents prO￿rtIeS and related capiial commiiments required for the continuing work tsf the charity. These cannoi be realised without undermining the charity's activities and a designaied fvnd ¢xtSts to reflect this requiremerti. Funds of some £6.8m (2022.. £5.7m) have also been designaied in respect of the charity's on-going commiiment to provide for the care of the cong￿¥￿tiOn,$ members. The Trustees ¢stimate that a fund in excess of this sum will be required to provide fully for meinbers. We are keeping in Inind that the recommended amoitnt ntt(kd in reserve for each Simer is in the Tegion of £125.000, in¢rea5ing to £225,000 if residential or nursing eare is required. The balance irt General is £Nil (2022.. nil). The sisters coniinually moniior fjnancial performance and will draw down on designated funds io fund ongoing expendiiure if regular income strea￿5 are hn5uificierht in the short ierni. The Trustees will coniinue to look io ways to build up its general fvnds in future years. Investment Powers. Poliey *nd Perform4ne¢ In accordance with the trust deed. the Trustees have the p)wer io invest in swh 510cks. share& investments and property in the UK as they see fit. I'hey have also allocated sums io an intemal retirement fijnd placed Wilh Barclay5 Wealth. This fund amounted to £6.41 m on 31 Deceinber 2023, #n increase of 1.24V• during the year. Given the level of risk the TTUStees are willing io undertake. the reiums are saiisfactory when compared io market movements. FUTURE PLANS AND COMMITMENTS > Resrructurtng our communilies lo maximise potertiial for life giving mission EO the young > Maintenance and modificaiion of our properties for our mission io the young to make our propertie5 envirotllnentally 5usiainable and to play our part in ¢ombatting global wamhin8 > Gronts to A550ciat¢d Charities Car and equipment replacements > Sabbaticavtraining for mission > Ongoing formation of members and also providing opportunities for Sisters from abritrad to leam English > Development of Youth Pastoral Ministry > Implementation of the XXIV General Chapler 18 INSTJTUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED31 DECEMBER 21J23 FUNDRAISING The chariry manages its own fundraising activities and dw not employ the services of professional fundraisers. We do not engage in cold-callin& door to door or strtti fundraisin& The charity is therefore nr)t registered with the Fundraising Regulator. No complaints (2022.. None) about fundraising ¥tiviiies ￿ve received during the year. The chariry has poli¢ies in place to protect vulnerdble donors. The trustees are of the opinion that the charity's overall fundraising perfornian¢e was good and wL8 condu¢ied in fully accordance with the above principles. STA TEMENT OF TRUSTEES RESPONSIBILrrIES The Trustees aTe responsible for prepaTing the Trustees. Annual Report and the financial stat¢ment5 in accordance with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted A¢ciJunting Prdctice). The law applicable to charities in England and Wale5 requires the Trustees of ihe charity io pr¢pare financial statements for each financial year which 8iv¢ a true and fair view of the slate of afrairs of the charity and of the incoming resources and application of resources of the ¢h¥rity for period. In preparing those financial siatements, the Trusiees aTe required to.. select suitable accouniin8 poli¢ie$ #nd then apply them consistrntly observe the methods and prin¢iple5 in the Charities SORP make judgements and es1imat¢s that are reasonable and prudent > state whether applicable accounting standards have beert followed, subject io any material departures disclosed and explained in the financial slatements > prepare the financial staiements on the going concern b￿lS unl¢ss it is inappropriate to ￿ume that this basis applies. The Trustees are reS￿)nsible for keeping proper accounting re¢ords which disclose with reasonable accuracy. at any time, the financial position of the charity and to enable them to ensure that the financial sraiemenis cornply with ihe Charities A¢t 2011. the Charity (Accounts and reports) Regulations 2008 and wsth the Trust Deeds dated 7 August 1962 and 6 September 1965. They are also restM)nsible for safeguarding ihe assets of the ¢h8rity a￿1 hence for tsking reasonable steps for Ihe prevention and deteciion of fraud and other irregularities. Approved by the TrusÉees on 21 June 2024 and signed ort their behalf by- Sr Bernade Trustee assidy 19 INDEPENDENT AUDITORS, REPORT TO THE TRusfEFS OF SALESIAN SISTERS OF ST JOHN BOSCO Opinion We have audited the financial statements of Solesion Sisters of Si John Bosco for the yw ¢nded 31 December 2023 which comprise the Statement of Financial A¢tlVLties, the Balance SheeL ihe Sratement of Cash Flows and noies 10 the financial 5tateJnents, including a summary of signifi¢ont accouniing policies. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accouniing Siandard& including Financial Reponing Siandard 102 The Fi*ftncial Reporling Sitsndordopplicoble ihe UK andRepublic oflreland(United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statemenis.. give a irue and fair view of the siaie of ihe charity's afFdirs as * 31 December 2023 and of ihe charity's net movement in funds for the year then ended. have been properly prepared ID oc¢ordance with United Kingdom Generally Ac¢epted Accounting Practice: and have been prepared in accordan¢¢ wilh the requirements of ihe Charities Act 201 l aThJ ihe Charities and Trustee Investmeni (Scoiland) Act 2005 regulation 8 of ihe Charities Accounts (S¢otIat￿) Re8ularions 2006. Basis for opinlo We have been appointed as audiior underseciion 144 of the Charities A¢t 2011. and section 44(1 Xc) ofthe Ch¥rities and Trustee Investment (Scoiland) Act 2005 and report in accordance with th¢ Acts and relevani regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable l#w. OLir responsibilities under those standards are funherdescribed in the Audiior's responsibilities forth¢ audit of the financial .4l¢llLinLnis section of our report. We are independeni of the charity in accordance wilh the ethical requirements that are relevant li) i)Ill' ciiidii of the financial statements in the UK, including the FRC'S Ethical Swidard, and we have fulfilled our oiher erhical rL'.%PI)ii%ibililie5 iTt accordance with ihese requirements. We believe that ihe audit evidence we have obtained is suffjcieni and Ippnjpriiiti lo wovide & basis for our opinion. Cibnclu%i¢)Ns relating to going concer In iiiiditing ihe financial statements. we have conclLthd ihar ihe t￿￿CeS. use of the going concem basis of a¢¢ounting in ihe preparation of the financial statements Is appropriaie. Based on the work we have performed. we have ideniified any material ll￿ertainl}e$ relating lo ev¢nt5 or eortdiiions ihat, individually or colle¢lively, may cast significant doubt on the ¢hariWs ability to coniinue as a going ¢on¢ern for a period of least iwelve months from when ihe financial statements are authorised for issue. Oiir responsibilities and the responsibilitie5 of the trusttts Ivith Yespeci to going co￿ern are described in the relevant Sections ol-Il)is report. Other informalion The trustees are responsible forthe other inforniaiion. The other infonnation comprises ihe inforn)aiion I￿luded in the Trusiees. Annual Report. Our opinion On the financial statements doe5 nol tover the other inforniarion and, except to the extent otherwise explicitly stated ID our report, we do noi express any fonn of aSSUTance conclusion thereon. In connection with our audii of ihe financial state￿ntI our resEMinsibiliry is to read the other inforn)aiion and. in doing so. consider whetherthe other infomiaiion is materially inconsistent with the financial Statements or our knowledge obrained in the audit or otherwise ap￿arS io be malerially misslated. If we ideniify such mat¢Ti81 inconsistencies or apparent material Ini55tatem¢nts. we are required io deterniine whether there is a m￿erial misstatemertt in ihe financial statements or a tnaterial 1111SStateineni of the other infornution. If, based on the WO￿ we have perfornied. we conclude that IheTe is a material Inisstatemeni of ihis other inforniation. we are required io wrt that fact. We have nothing io report in ihis regard. Matters on wht¢h we are required to report by exeeptio# We have nothing to re￿rt In respeci of the following matt¢f5 in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounis (Scoiland) Regulations 2(K16 require us io report to you if, in OUT opinion.. adequate accounting records have noi been kept by ihe charity; or sufficient and proper accounting records have not been kepi- or the charity fjnancial statements are not Èn agreement Wlth the accouniing records and retunLs' or we have not re¢eived all the inforniaiion and explan&ions we require for our audit. 20 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF SALESIAN SISTERS OF ST JOHN BOSCO Responsibilities of trustees lor the fin#nel*l staterneDts As ¢xplaitLed more fully in the tru5tees' responsibilities statement set out on page 16. the trustees are responsible for the preparalion of the financial statements and for being satisfEed that thty give a true and fair view, and for such internal control as the trustees d¢terniine is necessary io enable Ihe preparation of flnancial staiements that are free from material misstatemenl whether due to fraud or eTror. In preparing the financial statements. the trustees are responsible for a5se55ing the charity's ability to continu¢ as a going ¢on¢ern, di%losin& a5 applicable. matters related to goiftg concern and using the going concern basi% of accounting unless the trustees either intend to liquidate the chariry or io cease operation5, or have no realistic aliernaiiye but to do so. Auditor's respob)sibilitles for the audit of the financial statements Our objective5 aTe lo obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error. and to issue an auditor's report that includes our opirjion. Rea50rwble assurance is a high level of assurance, bur is noi a guarantee that #n audit conduaed in accordance with ISA5 (UK) will always detect material missiatemeni when it exists. Misstatements can arise from fraud or error and are con5id¢r¢d material if, individually or in the aggregate. they could reasonably be exp¢ci¢d io influence the economic decisi0rt5 of users taken on the basis of these financial slaiements. I￿egularItIe￿ including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibiliiies. outlined above, to deteet material mis5taiements in respect of irregularitie& including fraud. The extent to which our procedures are capable of deteeting iTregulartlies. including fraud is detailed b¢low.' Based on our understanding of the charity and the enyironrnent in which li opeTaies, we identifi¢d that the principal risks of non- compliance with laws and regulaiiofts related to compliance with employment law 2nd we considered the extent to which non- compliance might have a material effeet on the financial statements. We also considered th05e laws and regulations that have a direct impact on the preparation of th¢ finanoial slatements such as the Charities Act 2011. We evaluated managemeni's ineentives and opporluniiies for fraudulent manipulation of ihe financial ststements (includin8 the risk of override of controls). and determined that the principal risks were rel￿ed to the rttognition of income from legacies and donations. Audit procedures perfornied by the engagement team included.. Inspecting minute5 Of Trustees, meetings. Reviewing calculations for depreciaiion including reviewing estimated useful economic lives. Inspecting correspondence wilh regulalors and authoritie5. Discussions with managemem including conssderaiion of known or suspected instances of nonrycompliance with laws and regulation and fraud,. Evaluating management's cwtro15 designed to prevent and ddect irregul#rilies- Reviewing valualions of investments. and Challenging assumptions and judgeTrhents made by manY4gement in their crritical aecounting estimates. The only critical area ofjudgement or esiimaiion in th¢5e accounts is rhe estiM￿ed useful lives of fixed a5setS. Because of the inherent limitations of an audit, Iher¢ is a risk thai we will not delect all irre8ularitie5, including those leading to a material misstatement in ihe financial statetn¢nts or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and trdnsaciions reflected in the financial statements, as we will be les5 likely io become aware of instsnces of non-¢ompliance. The risk is also greater regarding i￿¢gU[arli￿eS occurring due to fraud rdther than error. as fraud involves intentional concealmenL forgery, collusion. omissiort or misrepresentation. A further description of our responsibilities for tl* audit of the financial stsiements is located on the Financial Reporting Council's website at.. wivw .ukla Thi5 description fornis part of our #uditor's report. Ir4DEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF SALESIAN SISTERS OF ST JOHN BOSCO Use of our report This report is made solely to the chariry's trustee& as a EMJdy, in acc(the with section 144 of the Chariiie5 Act 201 l and regulations made under section 154 of th* Acl, and section 44{IXc) of the Charities and Trustee Investment {S¢otland) A¢1 2005 and regulation l O of the Chariiies Accounts (SC￿1￿Trd) Regulations 2006. Our audit work has been undertak¢n so that w¢ mighi slate to the charity's irusiees ihose matters we aTe required to state to them in an AudiioVs repon and for no other purpos¢. To (he fullest extent pemiitted by law, we do not Kcept or assume responsibiliiy io anyone other than the charity's trust¢es as a body for our audit work, for this report, or for the opinions we have fornied. Haysmacintyre LLP Siatuiory Auditors 10 Quttn Street Place London EC4R IAG 2024 Haysinacintyre LLP is eligible to act as an audilor in itrms of seciion 1212 of the Companies Act 2006 22 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIA]YS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO STA TEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 DesigD*ted Fynds Property Retirement Fund Fttnd GtHtr#l F￿tsd$ Rostrlcted F￿nd Notts 2023 2022 INCOME FROM: Investments Chai'ifrtble ociiviiies Si51er5- Salarie5 and Pcnsions 15& 15&983 168.899 621524 559,033 688.695 24.029 Donations and i£gacies Other income Surplus on sale of fixed assets (Xher intorne 251346 75 Total IJW12 1,59&212 881,698 EXPENDITURE ON: Cosfs ofrdisingfiinds.. Investment Manage[r￿llt fee5 Chariiableociiviises.. Support of mernbers and their ministry Missions and charitable giving 37yI 37327 38,893 lJ31118 161.959 1,497.071 10268 1.175.835 30,067 Tolal IJW13 161.959 1,544,8n 1,444,795 Net incomtllexptnditure} before gainslon iDV¢Stmellt$ 21 1161,9591 SlJ40 1563.0971 Nel gainOllosses} on investments 459.158 459,158 {761.3891 Nei incornellexpenditurel 213W) 1161.9591 459.158 51Q498 11.324,6861 Transfer betiveen futmts 1391.6751 Net moveme*t In fmnds 1553.634) l.W.132 5lQ498 {1,324,6861 Reconcili*tion of funds Fund Balanee5 brought foNaTd 7,103J55 &694.171 117,051 1191&577 14241,263 Fund Balan￿ cArrled forwxrd 6.35 I,ni &75&303 117ml 13.427.075 12,916,577 There were no recogni5ed gains and losses other than those included above. All of ihe charity's activitie5 during the above two financial yeaTS deriT4ed from continuing activities. The accompanying note5 fomi part of these ac¢ounts. 23 INSTITUTE OF THE DAUGHTERS OF MARY HELP OFCHRisfiANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO BALANCE SHEET AS AT 31 DECEMBER2023 2023 2022 Notes FIXED ASSETS Tan(Jible fixed a5set5 Investments 6.564244 6,411.138 7.124.636 6,332.680 12.975.382 13,457,316 CURRENT ASSETS Debiors Cash at bank and in h￿￿ 60,557 764,180 60,407 253.277 824.737 313,684 CREDITORS: Amounis falling due Within one year (373.044) (854.423) NF.T CURRENT ASSETS 451,693 (540.7391 NF.T ASSETS 13,427,075 12,916,577 UNDS Unresiricted Funds Designaied Funds.. Reiirernerti Fund - Property Fund 10 6.758,303 6.551.721 5.694.171 7.105.355 13 J10,024 12,799.526 Restricted Funds 10 117.051 117,051 13,427,075 12.916,577 The financial sl&(ements were approved and authorised for issue by the Board of the Tr￿51¢¢5 on 21 June 2024 and were signed belo on its behalf by- Sr Bemad¢tte Cassidy Trustee The accompanying notes form part of thw¢ accounts. 24 INSTITUTE OF THE DAUGHTERS OF MARY HELPOF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO STA TEMENT OF CASH FLOWS FOR THE YEAR ENDED31 DECEMBER 21123 2023 2022 Cash flows from operating #etlvltles: N¢r¢a$hprowided by (u5edlnJ operurfn8 derfvilics (675.800) (493.058) Cash flows from investing ttctivities= Dividends, interest and rents from investments Proceed5 from the sale of fixed assets Proceeds from sale of investments Purchase of investments 158.983 647.020 3.835.607 (3.507.858) 168,899 962,525 (997,492) Net cash provlded by 5ttvesting aetivities 1.133.752 133.932 Change in n¢t c4$h In the reporting period 457,952 (359,126) Net eash at the beglnning of the reporting period 423262 782,388 Net cash #t the end of the r¢portin8 period 881,214 423,262 R¢con¢iliation of net movement in funds to ¢a$h flow from operAting a¢livities 21123 2022 Net movem¢nl In funds 510.498 (l J24.6861 AdJu$tments for: Depreciaiion charges Gains on investments Dividends, interest and rents from inveMments Gain on the sale of fixed assets {Incre8se)Ide¢rease in debtors {De¢rease)lincr¢ase in Creditors 168.718 (459.1 $8) (158.983) (255.346) (150) (481,379) 178,796 761,589 1168,899) 10,323 49,819 Net easb provided by {used in) operating attivities (675.800) (493,058) Analysls of nel funds Cash in hand Cash held with investment managers 764.180 117,034 253.277 169.985 Tol81 net funds 881.214 423,262 25 INSTITUTE OF THE DAUGHTERS OF MARY HELP OFCHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO ACCOUNTING POLICIES FOR THE YEAR ENDED JI DECEMBER 2023 General Information The Charity 15 registered in England and Wales (charity [￿- 1165097) and S¢wiand (charity rKJ.' SC039657). The ChaTity'S principal Oir￿e address is 19 Trinity Rorf Bootle, Liverpool. L20 7BD. 64 Dowhills Road. Blunde115and& Liverpool, L23 8SP. The Charity is a Public Benefit Entiry. Bllsls of 8¢¢Olllltlng The accounts (financial stateinents) have been prepared under ihe hiswrical com convenlion with items retognized ai cost or Iransaction value unless otherwise stated in the relevant noie(s) io these accounts. The financial statements have been prepared in accordance with ihe Statetnent of Recommended Pracuce for Charilies (S¢coDd Edition, effective l January 20191, the Financial ReFx)rting Standard applicabk in the United Kingd￿￿ and Republic of Ireland (FRS 102) and the Chariiies Act 2011. Going Coneern The Trust¢e5 of the ¢harity have concluded ihat there are no material uncertdinties related to events or conditions that Inay cast sigynificonl doubt on ihe ability of the chariry to coniinue as a going ¢oncern for the foreseeable ￿ture. Given the charity'5 level of rLserve5 available at the year end. the Trusttts consider that the charity has adequaie resource5 to continue in operational LXiSILllC¢ for the foreseeable future. Investments are expected to continue to proyhde an income although this may be diminished iii IIIL iIMiiiediaie future with ihe current Situation. However, Invesknents assets are sufficieni enough to finance the activities of IIK. Llidrily if need be. Accordingly. the fina￿la1 statements have been prepared on a going concern bas15. All incoiiie 1$ recognised once the charity has entitlement 10 Tncome. it is probable that income will received and the amount of income receivable ¢an be measured reliably. Invemmeni income consists of interest receivable and is accounred for on an accruals basis. Sisters? Salar5￿ and Pensions Si5ter5' salaries and ￿nSIonS are received under deed5 of covenant ond #re stated inclusive of income tax but nel of any deductions for social seeurity paymenis and coniributions to ¢xcupation#l pensitin schemes. LegAcRes and Donation$ Legacies and donations are recogni5ed when re¢eivxble or when the Charity becomes legally enlitled to them. Receipis of properry. invesnnents or other gift5 in kind #re included ai mat*ei value at ihe lime of re¢¢ipt. Exptndltyre Charitable expenditure cortsisis of all expenditure relating to the objew of the Charity. All costs are direcTly attributable to the activitles under which they have bttn analysed. Governance ¢osts include exwldiiure on the g0veTna￿e of the cI￿lty and its assets and are primarily associated with constitutional and statutory requirements. Governan¢e Cost is alloc*ed in line with 5UPPOrt costs. Irrecoverable VAT is included with ihe category of expEnse to which it ￿l￿e5. Paymenis under operdting leases are charged io the Siaiement of Financial Aclivilies on a $traighi line basis over rhe lift of the lease. Tangible Fixed Assets Fr¢¢hold land and buildin85 owned at l January 1997 are 5tsted ai theirestirnated Existing Use Value. The valuations are based on a report Prepared by Playle & Company purely for the PUTPOW of providing a value for inclusion in the Charity's a¢cowits. Subsequeni additiffis are capitslised at cosL Certain school properties owned in the name of the Trustees ate occupied and by independenl charities in the forn) of Voluntary Aided Schools. There are signific￿1 legal restrictions on the disposal of rhese properties under Education legislarion. The Trustees consider their ownership io be in th¢ nature of a custodianship of the assets and they are therefore not capiialised in ihe financial statements. Ddail$ of ihese properties are Sel out in the not¢5 to the accounts. Other tsngible fixed assets over £500 are capiiali%d at C05t. 26 Jr4STITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF STJOH]% BOSCO ACCOUNTING POLICIES (¢ontinu¢d) FOR THE YEAR ENDED31 DECEMBER 2023 Tangible Fixed Assets {eontlnued) Depreeiation is calculated by the straight-line rneihod to write off the com1val￿. less anii¢ipated residual value, over the expected useful lives of assets as follows.. Fre¢hold building5 Leasehold building5 Furniture and equipment Motor Yehicle5 Building under construction is noi det￿￿111cd. 50 years 50 years or the lem of the lease if under 50 years 5 years 4yea Designated fund$ These are funds set aside by Ihe trustees oul of unrestricted general funds for specific future pUr￿)seS or prospects. Further details of the designated funds are shown in Note 9 to the accounts. Investments Quoied investtnents are valued at their markd valu¢ on the b￿anCe sheet date. Change5 in markel value are reflected ir] the Statement of Financial Activitie5. ReAlised gains and losses All gains and105se5 are tsken to the statement of financial activities as they arise. Rvdlised gains and losses on invesrments are cal¢ulated as the difference between sale proceed5 and opening market value (purchw date if later). Unrealised gains and losses are ¢al¢ulated a5 the difference between the market walue at the year end and opening tnarket value {purchase date if later). There were no reali5ed gains and losses in the year. Debtors Trade and other debtors are recognised at the settlement amouni due after any trnde discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and irt hand Cash at bank and cash in hand includes cash and short term highly liquid inve4m¢nts. Creditors and provisions Creditors and provisions are recognised wh¢re the ¢harity has a preseni obligation resulting from a pasi eveni that Wtll probably result in the transfer of fvnd5 to a third party and the amouni due io settle the obligation can be measured or estimated reliably. Creditors and provisions are nom)ally recognised at their seulemeni amount after allowing for any trade discounts due. Employtt bener Short term benefits Shon iemi benefits including holiday pay are recognised as an expense in the period in which the $ervi¢¢ 15 received. Employte lermination bertefits Terniination benefits are accounted for on on accn￿l b&%is and in line with FRS 102. P¢nslon$ The Charity operates a PEf50nal Ftn5ion plan for staff whieh is a defined contribution scheme and contributions are accounted for as a charge to the SOFA in the period io which (hey relat¢d. Crltl¢¥l #¢¢ounling estimate5 and judgements In the application of the Charity's accounting policies. Ihe Tn]stce5 are required io make judgements. estimates and assumptions about the carrying amount of 855ets and liabilities that are not readily apparent from other sources. The e51imates and associated assumptions are based orl historical experience and other fa￿Or5 that are considered to be rel¢vanL Actual results may differ from these esiimates. The estimates and underlyirtg assumptions are reviewed ort an on80ing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affect5 only thai period. or in the period of Ihe revision and future periods where ihe revision afftcts borh current and future period5. The only significant critical area subject EO judgement or estimation in ihese accounts is the estim*ed useful lives of fixed &ss¢ts. 27 INSTITUTE OFTHE DAUGHTERS OF MARY HELP OF CHRisfiANS OTHERWISE SALESIAN SISTERS OF ST JOHP4 BOSCO r40TES TO THE FINANCIALSTATEMEMS FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FROM INVESTME￿ 21)23 2022 Investment in¢ome arising from.. Bank deposits and Quoted investments 158,983 168,899 EXPENDITURE Staff Cwts Governanee Total 2023 Total 2022 Ikpr¢ci8tio Other Investment managetnent Charilable a¢iiviiies-. Support of members and their ministry Mission and eharitable iving 37,527 37,527 38,893 93.782 168.718 31,419 1203.158 1.497,077 l J75,835 10268 10.268 30,067 93.782 168.718 31.419 1250.953 1,544,872 1.444,795 lln&lysls Total 2022 Cosi ofroislngfjinds Investment manag¢ment Chariloble ac1ivEtA￿'. Support of members aThl their ministry Mission and clwiiable ghving 38,893 38,893 120.580 178.796 31.558 1.044.901 1.375.835 30.067 30,067 120,580 178.796 31.558 1.113,861 1,444,795 Included io Govemance costs 2023 2022 Auditor's remuneration (net of VAT) Audit - Oth¢r services 16,170 14,71)0 3,775 SIAff Costs Wages and salarie5 Redundancies Social Security ¢05ts Pensions 84.695 81.432 30.0 7.304 1.844 7.183 1.904 93.782 120,580 The average monthly number of employees per he#deourtt in ihe year was 4 (2022.. 4). No employees earned more than £60,000 during the year (2022.. £60,000). The kry management personnel are the Provineial. ProviTKial Secretary andihe ProYin¢i&l Bursar. These members forgo remunerdtion for the benefit of ihe charity. As a result, there is no wlicy for selling pay. 28 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHJY BOSCO NOTES TO THE FJNANCIAL ST ATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 TRANSACTIONS WITH TRUSTEES AND RELATED PARTY TRANSA ￿[ONs The trustees of the Charity 8r¢ also meTnbers of the Sociery and as such have taken vows of poveTry under which they have renounced ail personal rights to income and capital. The Charity provides for the essential needs of all members of the Society within ihe Province. The living costs of the four trustees are therefore borne by the Chariry. None of the Trustees received any remuneration or other benefits in connection with their duties as Trustees during the year. There were no other re141¢d porty tr￿￿tiOns during the year12022: Nil). TRANSFERS BETWEEN FUNDS 2023 2022 General Funds Designated Funds.. Retirement Fund- ￿rther amounts (deducied)ladded in the ye8r Property Fund- net funds allocated in ihe year (213299) 391.922 604.974 (391.675) (391,922) See Note 10 for further details on the movement in fund TANGIBLE FIXED ASSETS Freehold land & Building5 Leasehold Buildittgs Furn & EquiptneDt Motor Vthieles Total COST OR VALUATION Ai l January 2023 Addition5 Disposa15 6.983,382 2.082.557 50.742 144.611 9.261,292 (460,794) (28.410) (489,204) As at Deeember 2023 6,522,588 2.082.557 50,742 16,201 8.772,088 DEPRECIATIOIY At l January 2023 Charge for the year Disposals ,610,137 120.309 (69.119) 350.446 41,651 49,670 1.008 126.403 5,750 (28.411) 2,136,656 168,718 (97,530) At 31 December 2023 1.661.327 392.097 50,678 103.742 2207,844 NET BOOK VALUE At 31 December 2023 4.861261 1,690.4 12.459 6,564,244 At 31 December 2022 5.373.245 1.732.111 .072 18.208 7.124,636 Apart from a small proportion used for manttgetnent and administrative purposes, all fixed assets ore held for charitable purpose5. There are also school properties registercd in the name5 ofthe Trustee5. As all rights and obliytions in respect of these properties have effectively }￿en transferred to the Governors of the schools. the Trustees ¢onsider their ownership to be in the naiure of a custodianship of the assets and they have therefore not been capitalised. These properties are- . St John Bosco Arts College. Croxteth, Liverpool. In 2013. part of ihe College land was sold by the charity to the Local Authority under a leasehold agrttmeni. The charity ha5 a reversionary interest which can be exercised for a consideration of £10 at the end of th¢ lease period. Land used & play area by Our Lad￿5 SchcM)l. Cowley. These schools are being maintained by ¢he Loca] Education Authority. 29 INSTITUTE OF THE DAUGHTERS OF MARY HELP OF CHRisfiANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO NOTES TO THE FINANCIAL STATEMENTS (eoAtinued) FOR THE YEAR ENDED 31 DECEMBER2023 INVESTMENTS 2023 Qu4Jted 2022 Quoted Balance at l January 2023 Additions Disposals Net gains on revaluation 6,162,695 3.507,858 (3.835,607) 459,158 6,889.317 997,492 (962.525) (761,589) Balanet #t 31 Deeember 2023 6,294,104 6,162.695 Cash held for reinvestment 117,034 169,985 Balance 8131 December 2(123 6,411,138 6,332.680 Cost at 31 December 2023 7.778.944 6,067.158 I)F.BTORS 21123 2022 l)rcpayments and accrued incom¢ Siindry debtors 15.416 45,141 15.000 45.407 60.557 60.407 CASH AND CASH EQUIVALE]YTS 2023 2022 Cash at bank and in hand 764,180 233,277 CREDITORS 2023 2022 Other ¢reditors Accruals 289,260 83.784 774.783 79.640 373.044 854,423 10. MOVEMENT IIY FUNDS General Fund Property Retirnment Fund Restricted Fund Total 2023 Funds as at l January 2023 Net {expertditureyincome Net gains on investments Transfers between funds 7.105,355 {161.959) 5.694.171 117.051 12,916,577 51340 459.158 459.158 604,974 (391.675) Funds #t 31 Deeember 21123 6.551.721 6,758J03 117,051 13,427.075 30 INSTJTUTE OF THE DAUGHTERS OF MARY HELP OFCHRisfiANS OTHERWISE SALESIAN SJSTERS OF ST JOHN BOSCO NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 DECEMBER 21122 10. MOVEMENT IN FUIYDS (tOntinu¢d) Comparative movements i funds General Property Retiretnenl Restricted Total Fund Fund Fund Fund 2022 Fund5 as at l January 2022 Net {expenditure)/income Net gains on investmen Trdnsfers between fijnds 7,276.530 (171.175) 6.847.682 117.051 14.241,263 {563,097} (761,589) (391,922) {761.589) {391,922) 391,922 Fund$ 9131 December 2022 7.105,355 5,694.171 117.051 12,916,577 DeslgnAted fund5 The irustees have designated fvn(ts out ofthe unrestricted funds for s￿e]riC purposes as follows:. Property Fund In order to ￿lfIl its charitsble objectives ihe charity needs 8 number of pro￿rtIes. These properties. although they are unrestricted assds cannot be realised without underniiniftg the charity's work and the trustees therefore feel that it is 8ppropriatr io reflerf the investment in properties. Retirement Fund A fund has been designated in respect of the charity's commiimeni to provide for the retirement and care in old a8¢ and sickness of the Institut¢'s M¢m￿¢T$. Lump sums received uEx)n certain si%ter5 reaching retirement age are credited io this fund. In addilion the tru$1¢¢5 designate amounts from free reserves from time to time with the aim of bringing the level of Ihe Ajnd in line with the amount considered io be necessary for the long-terni needs of sisters. At the year to 31 December 2023 the designated fund was £ 5.7m (2022.. £6.8m). All fixed asset investments are included in this fvnd, alM8side other ¢urrent cash 4s5et. Restricted Funds Restrieted funds a￿ 411 foT the purpose of helping the poore￿ young people. Transfer5 between funds Transfers have been made from the Relirement Fund to cover ihe defi¢it in the year on the Generdl Fund. I la. ANALYSIS OF NET A&SETS BY FUND General Fund Designated Funds Restrl¢ted Fund Total Fund Ba12nces #t 31 Defember 2023 Are repre5¢nted by: Tangible fixed as%et5 Inv¢stmenis Current as5els Current liabilities 12.523 6.551.721 6.411,138 347.165 6,564,244 6.411,138 824,737 {373,044) 360.521 (373.044) 117,051 13.310.024 117.051 13.427,075 Ir4STITUTE OF THE DAUGHTERS OF MARY HELP OF CHRISTIA]YS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED31 DECEMBER2022 I Ib. COMPARATIVE ANALYSIS OF NET ASSETS B Y FUND Genernl Fund Designated Funds Restrltted Total Fund B*l4nc¢$ #t 31 Deeember 2022 re repr￿ented by: Tangibl¢ fixed assets Investments Current assets Current liabilities 19.281 638,509 196,633 (854,423) 7,105.355 5,694.171 7,124,636 6,332,680 313,684 (854.423) 117.051 12.799,526 117,051 12,916.577 12. OPERATING LEASE COMMITMENTS Ai 31 December 2023, the chariiy had future minÈmutn Icdse payments under non￿ncelIable operating leases as lollows.. 2023 2022 F4uiprnent 'I'o¢al commitment under operating leasCS= r)ue in one year Later than l year and not later than 5 years 312 312 The iotal rental expense incurred during ihe in respea of assets under operating lease w8s £1.24812022.' Property £30,000). 13. CONNECTED CHARITIES The following charities are connected charities of the Institute of the Daughters of Mary Help of Chri5tian& otherwise known as'salesian Sisters of S( John BO￿O- by reason of the similarity of their Charitsble objectiV¢5. Charity Charity Number Addr Vides UK 1015097 Mansion Driv4 Liverpool Support IS given by the Charity 10 these connected ¢horities in the forni of rent free use of buildings and unrernuner￿ed sisters, time. A grani of £l.000 was also given to VIDES UK. Anne Frances McNamee {trusiee and director of FMA) 1$ a trustee of VIDES UK. 32 INSTITUTE OFTHE DAUGHTERS OF MARY HELP OF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO ACCOUNTING POLICIES (contin#ed) FOR THE YEAR ENDED 31 DECEMBER 2023 I& COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES D¢slgD*t￿ Fuuds Property Relirement Fund Futtd G¢n¢r*l Fund5 Restrl¢t¢d Fund Notes 2022 INCOME FROM: Inv¢slment5 Chorifable aciiviiies Si8ier5' Salarie5 and Pension5 DoThation5 Legacies Other income 168.899 168,899 688.695 24.029 688.695 24,029 75 75 Total 881.698 881.698 EXPENDITURE ON: Cosis ofmiyirtgfiinds." Investment mana8emet)t fees Cknj'iiable a¢iiviiies.' Sllpport of mernber5 and their msnistry Missions arKI charitable givin8 38.893 38,893 1,204.660 30,067 171,175 1,375.835 30.067 Totil 1.273.620 1,444.795 Nrt l¢xp¢ndlt¥r¢)lin¢omt before £•ITh￿ on lttv¢$tm¢tyts 1391.922} (171,1751 1563,0971 Nci gains on investments 1761,5891 1761,589 Nei lexpenditureyincom¢ (391,9221 1761.5891 {1.324,6861 Transfcr i*twrcn fund5 391,922 (391,9221 N¢t mov¢m¢nt in funds 11.324.686) Rttoneili*tioD of fynd$ Fut￿ Balances brought fonwd 7.276.530 6.847.682 117,051 14241,263 Fuud B¥lxnces rarried forward 7.105.355 5.694.171 117.051 12.916,577 33 INSTITUTE OF THE DAUGHTERS OF MARY HELP OFCHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO DETAILED INCOME AND EXPENDITURE- GENERAL FUNDS FOR THE YEAR ENDED 31 DECEMBER 2023 Provinee Houses 2023 21122 INCOME Salaries received Pensions received Bank interest received Donations & legacies Sales of bulletins & calend4rs Surplus on sale of fixed a55el$ 21.365 601,159 158.983 548.021 326 255J46 21,365 601,159 158.983 559,033 326 255,346 51.875 636,820 168.899 24.029 75 11.012 TOTAL INCOME 1.585.2LKI 11,012 1.596,212 881,698 EXPENDITURE Premises #nd Equipment Costs Repairs and maintena￿¢ Professional fees Insurances 140.036 36215 39283 140,036 36,215 39,283 51,271 5.594 39.770 215.534 215.534 96,635 Cnniniunltles 14277 76.960 90,570 16,197 91.237 90,570 25,203 1.009 539,620 7.611 1,340 5,080 9J30 1,150 92.633 B9.420 73.877 55.799 2,893 504.915 8,247 372 5,879 9,291 1.633 88.947 30.000 4,180 2,760 60,450 20,625 14,355 49,247 27,240 20,295 4.728 40,207 RLni & rates l. ixtiires and equipment depreciation Medical Cltsihing Sundries Library Subscriptions Sisters. NatiOTtal Insurance Salaries paid (excluding VIDES UKtNewlands)) Redurhdancies Funerals Chapel Light and heal Telephone Mass media RetTeat& courses and holiday Travel and fare5 Motor expenses Motor vehicle depreciaiion Bank charges & managemeni fee5 9.(KJ6 1.009 533.698 1.024 5.922 6.587 209 3.525 1,555 9.321 1.150 92,633 4.885 (22) 4.885 2.035 65,202 23,211 15.061 57.492 27,167 21.511 5.749 38.596 2,057 65,202 19.499 4.240 14.011 11,937 16,311 3.712 10,821 4J.481 15.230 5,200 5,749 37,818 778 791.678 334,014 1.125,692 1,115.360 34 INSTITUTE OFTHE DAUGHTERS OF MARY HELPOF CHRISTIANS OTHERWISE SALESIAN SISTERS OF ST JOHN BOSCO DETAILED INCOME AND EXPENDITURE-GENERAL FUNDS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Prnvin¢e Houses 2023 2022 Don&tlons Grants and donations (incI￿lIng VIDES UKINewlands) Missions 4.293 5.975 10,268 30.067 4293 5.975 10268 30,067 Governance costs General office expenses Audit and accountancy fees Monies from Communiti¢s to Prownce Monies from PTovince to Communities 1.779 24,768 (38.157) 354.576 4.872 6.651 24.768 8,398 23,160 38.157 (354.576) 342.966 {311,547) 31,419 31.558 TOTAL EXPEIYDrruRE 1.354.471 28.442 1,382.913 1,273.620 NET (OUTGOINCYINCOMING RESOURCES FOR THE YEAR BEFORE PROPERTY DEPRECIATION 230.729 117.430) 213,299 (391,922) Property depreciation Gain on revaluation of invesiments (161.959) 459,158 (161,959) 459,158 (171.1751 {761.589) NET INCOMING RESOURCLS FOR THE YEAR 527.928 (17,430) 510.498 (1.324,686) 35