TRUSTEES. REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024 SISTERS OF CHARITY OF JESUS AIYD MARY ANGLO-IRISH PROVINCE (Registered Churity Number.. 251262) Haysmac LLP Chartered Accountants London SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED JI AUG'UST 2024 The Trustees present their annual report togeth¢r with the financia] 5tateTnents of the Charity, for the year ended 31 August 2024. lllSTOR Y AND ORGANISATION The Sisters of Chariiy of Jesus and Mary ("SCJM") is an Internation￿ Teligious Congregation of pontifical righL founded in Belgium in 1803 in the rural district of Lovendegem. In 1803. our founder Peter Joseph Triest was appointed p￿]Sh priest in Loyendegem. The povety, the moral depTavity, the crying need for education and ¢atE of the sick spurred him into ￿tion. In July 1804, the first Sisters of Charity of J¢sus and Mdry pronounced their first vows and decided to devote their lives to'the caring of the poor and destithie" Th¢ Sisters gave le&80ns, looked after orphans, and went into th¢ hoines of the sick and old to car¢ for them. Over ihe next two ¢enNries the Sisters established ministries in other ¢ountries. The Atiglo-Iri5h Provin¢e was estsblished on 14 October 1968. Today the Cowegation has around 1,300 Sister& who live and work in Belgium. The Netherlands. England, Ireland, India, Pakistan, Sri Lank4 Philippines, The Democratic Republic ol Congo, Mdi. Burundi, Rwanda, and Viets)am. OWECTIVES AND ACTIVITIES The Charity's lega] purposes/objects are for such charitsble p￿r￿SeS whtch advance the religioiis and other charitable work for the time being carried out by or under the direction ofthe Congregation. These obj¢rts are sel out in lis Trust Deed daied 18 January 1967 by which it is govenied. The Trustecs have had regard to the Charity Comrnission's guidance on public beiiefit. The majority of the expenditure of the Charity ￿lld5 the living and care costs of our Sisters in England and Ircland. Stella Matutina Care Home provides care for elderly women and TDen. The home is not op¢raled for profit. The Charity also makes donations lo support third paty charilahle projects and disaster appea]s worldwide. From the begi￿ling unlil tiNJay, the life of every SCJM has been, and remains. a reality, of grace which fmds expression in.. An apostolic s¢rvice which stems from our union with God and itself nowishes this same union. Prayer, which is a waiting on th¢ Lord. who himself opens us lo his pr¢seERce and enabl¢s us to collaborate in his work- ComJnunity life, which intensifies our apostolic dynamism and is an effective sign of our communion with Him,. alld At one with the universe and each other. we value the whole of creation and journey with God's people in faith, respe¢tingdifferen¢c5, welcoming diversity. and upholding their inherent dignity. The activities and ministries of the Charity fall into five areas.. Care of members of the Province in EngJAnd and Irelmnd The members of the Provinc¢ have devoted th¢ whol¢ of their working lives to the Care of the young, elderly. poor and marginalised in society and all their income and assets have been gifted to the Charity. The Chariry Cares for ih¢ir members in relirem¢nl. The care includes supwrting Sisters who are able to live ind¢pendently and supporting Sisters living in communities in Eng]and and treland. SISTERS OF CHAIUTY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (eontlnued) FOR THE YEAK ENDED 31 AUGUST 2024 Some Sisters already retired give support lo our elderly Sisters. who are living in the Rosglas and Stella Matutina communities. Their support involves spending time with them and supporting them lJ)th emotionaIly and spiritually. The Tr￿SteeS ensure that every Sisler. whether living alone, or in a ￿m￿unity, receives financia], spiritual and emotional sUPPOrt, for both their ministries and their own care. When appropriate, Sister5 are transferred between communities lo ensure th¢ environment and 5UPPOrt available to them ad¢quat¢ly meets their necds. Social and pastoral work Members of the Province are involved in vaTiOUS forn)s of so¢ial or paslorat work throughout England and Ireland, including care of the elderly and people with spe¢ial needs, family support, and ¢haplain¢y work in hospitals. All this work is undertaken on a voluntary basis. The Trustees ensure volunieers have the necessary ski115, experien¢e, and training lo undertake theirrol¢s in the community and training is provided (inierna] and ¢xt¢rnal) as required. Stella MAtutlna Care Home The Sisters continue to provide caff and assistance to the elderly at Stella Matulina Care Home in Ansdell for bothmembers of the Provincc and m¢mb¢rs of the public. The occupancy of this care home is a mix of Members ol th¢ Province, private and I￿al authority clients. It is not operated for profit. Cases of financial liardship ar¢ ¢i)nsidered by the Trustees and fees ar¢ Tedu¢ed if ne¢essary. All applicants are assessed on their needs and not their ability to pay. The stralegy for ihe homr is lo provide the best Possible care for residents, emotional and physical needs so that they cgn enjoy their life to the full¢st possible extent. Overseas missionary work The Chariry also helps financially support Sisl¢rs working in educatio￿ ecology, healthcare, social and pastoral care worldwide. We have funded the building of iiew classrooms for the OTdcr's primary school in Rwanda and currently we are supporting financial the building of a new care home for the elderly in Rwanda. Working with other organisatiolls The Charity works closely with a number of other charities and publi¢ bodies that work in the field of providing c￿e to the vulnerabl¢ and the ¢lderly. Working together with othercharities and public bodies enhances cornmunication and understanding thus enabling services lo the elderly lo be provided more efficieiitly and effectively and avoiding duplieation of effort. Examples of the organis&tions for which rnember5 have worked and with whi¢h the Charity has cooperatcd during the year are as follows= Roman Catholic Di￿eSe of Weslminstrr RLSS (Religious Life Safeguarding Service) COR (Confcrence of Religious of England and Wales) AMRI (Association of Missionaries and Religious of Ireland) Lancashire County Council and Blackpool Coun¢il CSSA (Catholic Safeguarding Servi¢¢s Agenoy) SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 ACHIEVEMENTS AND PERFORMANCE Care of memb¢rs of the Provlnce in England and Treland In Co￿[nOn with many religious congregations in Great Britain. age profil¢ of the member3 of the Congregation is increasing as existing members grow older and the number of new vocationq becomes n]inirnal. The age profile of the Congregation in the British Isle5 Province is shown graphtcally below.. Age90-99 Age80-89 Age 70-79 Age 60- 69 The Congregation h&% an obligation. EKTrth moral and legal, to provide care for its members, none of whom have resources of iheir own and all of whom have devoted a sigmificanl part of their lives lo the Care of the elderly, poor and marginaIised in society. As the age profile of the Province inereases so too docs the need to provide iiicre&4ing, and in¢reasingly expensive, eare to the Sisters. At present three members of the Congregation are receiving care in Stella Matulina Care Home and others are receiving gupptsrt wirhin their communities in England and Ireland. In the future. the Trustecs expect the number requiring care to increase. As a consequence, the Trustees consider the impact of this on the work of individual members of the Con¥regation th¢ propety requirem¢nls and the financial implications. In this regard. the Congregation's purpose-built convent Ro$glas provides cate for our ¢lderly and ill￿paCitated Sisters. Soeigl and p%5toral work The aims of the Tmslees in this area include- Enabling all membcrs of th¢ Cowegalion to carry out Jneaningful gocial and pastoral work within the community. P&siora] care of residents in Stella Matutina Care Home. S¢rvices are held in the Chapel. and these are a]so open to non-residents- Chaplaincy work in hospital5. Along witb all other organisations who serve in the Community, the Trustees recognise the absolute necessity of ensuring the protection and safety of all those Ihe Charity serves. In February 2022 we signed up to ihe RLSS and their Safeguarding Model Poli¢i¢s. Currently all Sisters, staff and voluntcers are required to comply with our Safeguarding Children and Vulnerable Adult Policy and Guidelines document whi¢h wa5 last reviewed in Seplember 2021. Tn dddilion, nur sthff working at stella Matutina Care Home are required to follow safeguarding policies provided by a specialist third party care provider for care homes. Encouraging 2nd motivating members lo work with and assist th¢ poor, elderly and marginalised, for example two of our Sisiers working in these are&s give the following accounts of their ministry. SISTERS OF CEtARfTY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (COTttinued) FOR THE YEAR ENDED 31 AUGUST 2024 Slster Marian Dave I continue to see my ministy as a means of serving in small ways according to the needs of the individuals who cross my paih. ly support for a few ofmy neighbours here at Oxford Court continues mainly by mc visiting them on regular basis for a short period for a chat or bringing a newspaper etc. We've recently had a couple of residents requiring Hospice ¢ar¢ and I've been asked by the Hospice to visit with my dog as they both wanted to stroke a dog just to help them relax a little bit. I'm currently visiting on¢¢ a week for one neighbour who is sadly neat the end of her lile now. Continuing Tny work for visually impaired people through the Charity Group N-vision. Under their coordination I vigit a couple where the h￿sband also has Alzheimer's alongside his vision loss. He has 105t much of his capacity lo hold conversations -_however with certain promptings from me he ¢an talk for more than an hour about his life and work. This brings his wif¢ great joy as he speaks very little in between my Yisits. Howev¢r, this is changing slowly as I'm training his wife infornially how to prompt him on to certain topi¢s which trigger his long-terni memory for conversation. T also offer support by making coffee and helping with Bingo at the Coffe¢ Groups run by the same organisation when they're providing training sessions for daily living visual impairment. Through the Lancashire Volunteer Project, I'm supporting a Client with short tem) memory loss following a brain lumour. This involves lots of %mall tasks for me helping her to load her weekly appointments on to her pl)one calendar and Al¢xa machine so that she receives regular proLnptings and reminders throughout th¢ day. A weekly "walk and talk" session around the local lake so that she Can offload ernotionally as she has low level depression. Helping her to explore local friendship /SuppoTI Groups etc for her ongoing 5UPPOrt. Were off on a Bargc trip for the day in a couple of weeks, timel I am also helping her to cope with divorce proceedings whi¢h are in thc pipeline. I continue with my ongoing telephone sUp￿rt for a few seafarers. Weekly telephone support for maritim¢ volunl¢er who visits ships r¢gularly. His Volunteer Suppon system is non-existent, so h¢ lalks to me about any issues that come up during his visits. I still visit ihe few Sisters who live at Stella Matutina Car¢ Hotne at l¢ast twi¢e weekly along with spending a regular time with Sr Camillus just for some social conversation. Also do little bits of shopping for them regularly and hospiial visits for any Sisler who is in hospital. Also take any of thc other Sigters who are mobile enou￿ with m¢ for a visit. l am slill involved in a local Parish Prayer Group every week. l Continue to 5UPPOrt olimate ¢hange issues through online confcr¢n¢es and discussio￿ and campaigns such as dr&￿ill£ attention to banks and other institutions and groups who invest heavily in fossil fuels eic. Sometimes this involves standing outside a bank in silen¢¢ tn#kingi ¢USiomeLS aware of the inv¢stllient activities of that bank in ￿MiS of fossil fuels etc. A lot of ¢ampaigning has moved online so I must expand my internet knowledge urgently to keep pace with this development. There are a couple of gatherings which I hope to attend in person later in the year. The tocus always must be lo grow awareness of this growing problem among as ]nany people ￿ possible both in person and online. So. there's a long way lo go certainly here in the Northwest. SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEESI ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Stella Mgtstina Car¢ Home The Chariry owns and operates a residential care home, Stella Matutina Care Home. The philosophy of care is to ensure a homely, friendly, and openatmosphere amongstresident5 and staff whilsL maintaining the privacy? dignity, rights, and quality of lif¢ of all residents. There are 43 rooms at Stella Matutin4 all with ensuite facilitie5 and a number with separat¢ sitting areas and each room has a television and telephone linked to the call system. All areas of the home are accessible by either stairs or a lifL and r¢sidents are encouraged to take meals in the dining room. Other facilities include a chapel, hairdressing salon. conserv&lory, several lounges, and passenger lift kn all floors. Spacious bathruoms on each tloor are fLtted with assisted balh chairs. The home is sei in its own extensive grounds overlooking the Bibbl¢ Estuary. In opeyating Stclla Matutina Care Homc, the Trustees aim io.. Provide excellent residential c￿e to elderly m¢n and women, ensuring that th¢ir need5 are fully met kmd thal they enjoy as hi￿} a quality of life as possible. Employ high quality strff lo care for the elderly iesidents ensuring that all such staff obtain the neceswy qualifications and training needed for their work. Ensure that Stella Matutina Care Home meets ihe requirements of the Care Qudlity Coinmission and that any recommendations arising from inspections are acled upon quickly and err¢¢tively. Maintain the financial security through ¢areful budgeling and by setting fees for Stella Matutina Care Home at levels that ensure its viability is not threatened. Stclla Matutina an excellent local repuiation which is being Tnaintsined and dcveloped. The average occupancy level during ihe financial year was 74Q/o. Th¢ accommodation is over three floors, and the "fru5tees are finding it increasingly difficult to keep rooms on the second and first floor occupied. Thi5 refi¢cts a trend lo individuais slaying ai home for longer, so when they do cnter the care home their needs are greater. The Irustee5 have and continue to explore ways of making better use of the facilities &1 the home. Ov¢rneas missionary Ivork Th¢ Charity supports the work of the Congregation worldwide and in recent years its financial support has been focused on two projects in Rwallda: Co￿p]eXt Seolaire Mere Placidc School, Rivanda Rwanda is a small country in Central Afri¢a. It has an area of 26,338 km with a populatioD of I I million. The main sour¢¢ of incotne Eur the p¢ople is esseiitially agTi¢ultiwe. Rwanda was heavily Affected by the socio- political crisis of the bycnocide, that caused several hundred Iliousand deaths in three months in 1994. The consequences of this genocid¢ are incalculable and continue to hav¢ very visible impact in th¢ county to thi5 day. Whole families were wiped out, and many widows. orphans, aThd elderly people remaitLed. who were desolate. with little OT no means to survive. Another inevitable consequence of this crisis is the many uneducated children and youth and school dropouts. Our congregatio￿ Sisters of Charity of Jesus and Mary, ISCJM ), who are workiTbg as missionaries in Kibeho. which is located in the Southern Proviiice of Rwand4 are ver)i aware of the tremendoLLS need fnr education. In 2018 the Trustees agreed to pledg¢ £235k to part fund the building of 10 new classrooms for the Congregation's primary school the Complexe Scolaire Mere Placide S¢hi)ol. SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANPIUAL REPORT (¢ontinued) FOR THE YEAR ENDED 31 AUGUST 2024 Th¢ photographs Ihat follow speak for themselves, as the smiling faces of happy ¢hildren, exude the joy of youngslers enjoying their new school, wbi¢h includ¢s food for the body as well as the mind. As members of the SCJM family hete in England, we were delighted to help financially towards the construction of10 ¢la5srooms for this n¢w sLhool. Iiiiiiiiiiiiiiiiiiiiiiiiiii,,,,,:,,.,. IV. J4 SISTERS OF CHARITY OF JESUS ATrID MARY ANGLO IRISH PROVINCE TRUSTEES, ALYNUAL REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Care home In Klbcho, Rwand The T￿teeS have pledged £600k to fund the building of a new c￿e home. As with tlie new classroom& this projected is being managed by our Generalaie in Brussels, who provide regular re￿)rtS on progress at our Tru8te¢s meetings. The following photographs of the building work were tokcn in May 2024: Building work is currently nearing eompleiion and ihe expectation 15 the care home will be opened within the nexl few months. SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Terhagen Monastery Compl¢1 in Belgium Terhagen is the mother house of our co￿￿egation, which is one of the most important in Belgium. In 2010 Ihe site w&$ reeognised by the Flemish Government as a protected monument. Work on renovating the buildings on thc sile commellced in 2023 and is scheduled to be coMple￿d in 2026. The proj¢¢t is bcing managed by our Generalate with the support of architects, surv¢yors, engineer5, and other specialist contractors. The total budget for thc proj¢¢t is in excess of ÉIOM. The Heritage Site is a part of th¢ Terhagen Monastery Complex. It preserves and tells the history of the Congregation and its achievemenis in edu¢alion, health care and welfare. It tells the story of wom¢n religious in Belgium in general. of their life behind the convent walls and the pioneering role ihese often-anonytnous wojnen played in society. The archives department is a public-oriented and goal of the renovation work is to provide a well-¢quipp¢d 5lorage placc that Wtll preserve the collection of the CongTegation under optimal conditioi]s and mak¢ the collection availabl¢ lo the public for consultstion%, events, exhibitions and sociai projects iha1 make use of the collection and building5. In April 2023, the Trust¢¢s agreed to pledge atotsl of El,135k towards the cost of the project overthree f]nanLial years in ¢qual instalinents. The first tran¢he was paid in thc year under review. RISK MANAGEM&Nr The Trustees have considered the major risks to which the Charity is exposed. Every effort is being made to mitigate those risks. The k¢y risks for the Charity, as idenlifi¢d by ttL¢ Trustccs, ￿ described bclow together with the principal way5 in which ih¢y Bre mitigated.. Goyernartee and Management The Congregation has an Obligatio￿ both moral and l¢gal, to provide care for its manbers, none of whom has resources of her own and all of whom have devoted 8 5ignifiwit part of their lives to the activities of the Charily. The Sistet3 are all ￿der a vow of poverty and the￿fore providing them with support is considered to be an important element of the Charity's work. Wherever possihlc. care is provided lor frail and unw¢ll m¢mbers within Communities. Tlie inciden¢e of such care needs is impossible to predict, 8nd the T￿￿le¢S ther¢for¢ believe that it 15 incutnb¢nt upon ihem to maintain reserves at an appropriat¢ l¢vel to ensure that the charity is able to meet this obligaiion- s¢¢ Reserves Policy below. Along with all other organisations who serve in the community, Ihe Trustees recogT)ise th¢ absolute necessity of ensuring the protection and safety of all those the Charity setves. We joined the Religious Life Safeguarding Service in February 2022. Th¢ Tntst¢¢s are mindful that at some limc in the medium to longer tern], there may b¢ issues in relation lo succession planning for the governanGe of th¢ Charity. With an ageing group of Sisters, it may be necessyry to cO￿lder appointing lay trnstees (th&t is trust¢¢s who are not meTnb¢rs of tbe Congregation) andlor Sisters from overse&8 are&s where there is a greater pool of younger members. Such steps may require constitutional changes for the Charity. The Trustees continue to keep under review the issues and the options op¢J) to them. Property and Operational Il is absolutely necessary to ensure that ourprop¢rties eontinue to be safe pl8¢¢s for the residents. Sisters and visitors to use. Attention is given to keeping our properties in good repair. G¢neral mainlenance is regularly carried out. There is an on-going programffle to ensure compliance with the increasing d¢mands of He<h and Safety Regulations parti¢ularly with regard to Fir¢ Regulalions. SISTERS OF CHARITY OF JESUS AND MARY ANGiA) IIUSH PROVINCE TRUSTEES, ANNUAL REPORT {coDtinu¢d) FOR THE YEAR ENDED 31 AUGUST 2024 Property and operational risks ar¢ reviewed annually with arL insurance broker to ensure all risks are identified and insured against wh¢re possible. All property is maintained to a high standard and Stella Matutina Care Home hLS comprehe￿1Ve processes in place lo ensure appropriate health and safety standards are maintsined. The Care Quality CoTnmission is responsible for reviewing standards achieved at Stella Ma¢utin41 Care Home. Any serious incidents ar¢ reported to th¢ Care Qua]ity Commission, Safeguarding 8nd the Charity Commission as appropriate. The Care Quality Commission undcrtotsk an inspection in February 2021 and the overall Classification was Good acros5 all classifi¢ations. The Care Quality Commissi(m also undertook a review in July 2023 and found no evidence that they ne¢ded to reassess the rating. Investments and Finaneial The Charity is rdiant on investm¢nt income to cany out its activities and uses two invcstment managers with different assets class benchmarks 10 mitigate to some extent the risks associated with mark¢l volatility. Both portfolios are managed to provide income and Capitat growth taking moderate risk. The Trustees receive invcstment reports on a quarterly basis and nornially m¢¢1 with their managers on a qu&rtcrly or half yearly bagis. Their p¢rformance and thal of the portfolios are monitored ¢aTefully. The Trust¢es take a conservative approach to managing cash and five-yw cash flow fore¢ast5 yie exa]nined and reviewed at least annually to ensure adequate cash is available for both known needs and to sorne degrce unknown contingencies. The Trustees seek to make the best possible use of the Charities financial resources. Reputational And Safeguarding The Truste¢s adhere to the highest standards of integrity and expect all members of the Province and employees to do the same. A register of interests for the Trustees is maintained and kept updared. A conflict-of-int¢rest policy is in place for both TnLStees and employees. The Anglo-lrish Province has a comprehensive Child and Vulnerable Adult Safeguarding Policy booklet which w&s last reviewed in Seplrmber 2021. We are tnembers of The Religious Life Safeguarding Servi¢¢. VINANCIAL REVtEW Investment policy Thc Charity's investtnents are managed by Julius Bar and HSBC Private Banking. There are no restriction5 on th¢ Charity's power to invest. We mandate our investtnent m8nagers is to exclude investmeni in companies which undertake activities ontrary our faith and eihicd values. In addition, (Trur investtnent managers have been asked to continu￿]Y assess the Environmenlal. Social and Govemance Stand￿d5 of the companies we invest in and avoid, as far as reasonably possible. iiivesting in companie5 that do not sharc our ESG values. The perforniance of the portfolio and the Charity's investment stral¢£Y are reviewed by the Trustees who nomially meet with Julius Baer InlenTrational quarterly and HSBC Private Bank every six months. Investment performance Lnvestment performancc for the year to 31 August 2024 was morc positiv¢ after a r¢latively uneveniful year in 2022123. Investment gains (net of investmenl management fees) amounted io £1.63m (2023: losses - £175.9k). SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (contlnued) FOR THE YF.AR ENDED 31 AUGUST 2024 The total returns (in¢oine pluslminus capital gainsAosses} of the two portfolios have again b¢¢n broadly in line with each other. N¢tof fee5, the E.ISBC-manag¢d investmenls generated a return of +1 1.06Q/o (2023: +1.39ts/0) whi15t that on the Julius Baer portfolio was +9.980/0 (2023: +0.678/0). The overall return on portfolios for the year was +1 0.43Yo (2023.. 0.970/0). Thi5 was slightly ahead of the average retums for th¢ ¢iwity sector published by ARC (Asset Risk Consultanls). ARC'S Sterling Cautious model portfolio showed a return of +6.48010 and their Sterling Balanced model +9.340/0. Th¢ investr]ent manager5 continued to inves1 in accordance with the Trustees, investm¢nt policy set out earlier in the r¢port and comply with the ethTcal guidclines given to them. The Trustees are satisfied with ihe perlom)¥tnce of the inv¢s¢m¢nts and rcmain happy thal their inv¢stment objL¢tives are being met. Results for the year A SUllLtnary of the year's results b¢ found in the Statement of Financial Activities. During 202314 iotal income was broadly flat at £2,231 k Compared to £2,341 k in the prior year. Of the income, a total of £1,261k (202213.. £1,240k) related to the fee's receivable and other income of the Charily's care home. A total of £296k (2022123.. £285k) was received by way of donations and legacies. Investment income and inl¢re5t receivable tolailed £662k (2022123.. £508k). In 2022123 a surplu5 on lh¢ sale of a property of £298k ix)Islered incotne in that year. Expenditure lotalled £3,187k compared to £4,305k in the prior year. Expenditure on the Charity'5 care home ￿Ounted to £3,186k (2022123-. £1,783k) and that incurred on maintaining the members of the Congregation and supporting them in th¢ir p&storal work and ministry arnol￿ted lo £405k (2022123: £463k}. Grants paid in the forni of overseas Irdnsfers. plus an all(Kation of tiovemance and Support osts, lotalled £l,O Iok in the year comparcd to £1.93 Ik in 2022123. A £339k grant was made lo our G¢n¢ralate in B￿SselS 10 Port fund the restoration of our Mother House. The remainder to fund the living costs of our Sisters resident in Ireland. Fees paid to the ch￿lty.S investment m8thagers during the year were £128k. Net expenditure before gainsllo5ses on investments for the year was a negative £955k (2022123 negative £1.964k)- Fundr*i$ing The charity has not mad¢ any fundraising appeals to the public during the year and is unlikely to do so in the future. There has been no oulsourc¢d fundraising via professional fimdraisers or other third partieg. Consequently, the Charity is not registered with ihe fundraising regulator and received no fundraising complaints in the year. RESERVES POLICY AND FINANCIAL POSITION Going concern After Inaking th¢ appropriate enquiries, the Trustees have & reasonable expectation that the Charity has adequate resources to continue in operalionai exist¢n¢e for the toreseeable future. For this reason, they continue to adopt th¢ goingconcern basis in preparingtiie financial statements. Further details rewding the adoption of th¢ going concern basis can be found in the accounting policies. 10 SISTERS OF CHAIUTY OF JESUS AND MARY ANGLO IRISH PRovJf4CE TRUSTEES, ANNUAL REPORT (eontlnued) FOR THE YEAR ENDED 31 AUGUST 2024 Re$erv¢s Polley The Charity carries out a diverse range of a¢tivilies is responsible for and support of Sisters whose average age is increasing and whose needs are ¢hangin& The Trustees have examined the need for free reserves i.e., thos¢ unrestricted funds not invest¢d in tangible fixed assets, designated for specific purposes, or othenvise committed. The Trustees consider thaty given the nature of thc Charity's work and its commilmenls, the level of fr¢¢ r¢serves should be between one- and Iwo-y¢8rs' budgeted expendilure. This equates to kiween £2.2m and £4.4m. The fre¢ res¢￿¢S as al 31 August 2024 of £477k fall significantly Short of this. However, post year end, a property, no longer needed, was sold and rnised £800k of cash. In additio the Trustees asked Julius B￿r 10 liquidated ÉITn from their investment portfolio and are on standby to liquidat¢ a furth¢r El m when required to further bolster our cash r¢s¢rv¢s. The Trustees ore of the opinion the fr¢c res¢rv¢s are adequate. Financial pusition The balance sheet shows total reserves of £25,146k. OFihis, £2.924k is represented by properties and other tangible fixcd assets ¢ss¢ntial for the support and work of the Sisrers. All tangible fixed &ssets used for th¢ suppori and ministry of rnembers of the Congregation forni a de5ignatcd fund equal io the net book value of the tangible fixed assets. In additioJ¥ the Trusl¢es have set aside £21,745k to meet the cost of the Care and welfare of Sisters in their retiremeni. The Trustee's plan is to draw on the designated fund so il Can ¢ontinue to meet the care needs of the Sistets. FUTURE PLANS The Trustees do not anli¢ipate any signifIcant change to the Clwity or its activities over the next two to five years. 11 is iheir intention to ¢onlinue io meet the following objectives: ro continue to c￿e for Ihe Sisfrrs, whether they live independently, in communilies or require full time care. ro continue to support those Sisters who are able lo carry out pastoral work and ministry. FcKus will continue to be given to assisling and caring for the elderly, the poor and ihe marginalised and reaching out to as many as possible. To continue lo operate Stella Matulina Care Home and in particular: > To provide the highest possible quality of care for the Tesidents in a dignified and friendly environment. > To achieve average occupancy rates in excess of 750/4 at Stella Matutina Care Home: To attain high success rates in inspections carried out by the Care Quality Commission; To continue the rolling programme of refurbishment,. and > To continue to cmploy high quality siaff and ensure that th¢y are given appropriate and relevanl training. To support the Congregation's work overseas and for the Trustees to salisfy themselves that the funds are applied for their intended purpose. To monitor the needs of ihe Sisters a5 they ￿0W older and if necessary. addpl tbe Charity's plans in respect of property necds and thc provision of care io elderly members. SISTERS OF CHARITY OF JESUS AND MARY ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (contlllued) FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MATr4AGEMEP4T STRUCTURE The Briiish Isles Province comprises 23 Sisters who live as part of 8 Communities, 3 in England and 3 in Ireland. Usually there is an annual Assembly of all thc Sisters that are well e￿Ugh to attend. The most recent gathering of Sisters was held at Ros8las Convent in Mon&stereviN Lreland in November 2023. GOVERNANC In ternis olcanon law, the Congreg&tion is governed at an international level by the Superior General d her General Coun¢il in Bru55els. They are elccled every six year% at a GeneTal Chapter or me¢ting of representatives of all proyinces of th¢ Congregation. The British Isles Provin¢¢ is governed by a Lcadership Te￿￿ appoint¢d by the G¢ii¢rate. In ternis of ¢ivtl law, the Charity is gov¢rned by a Trustee B(Trard which is responsible for appointing new Tru5l¢es. The Trust¢¢s are rnemb¢rs of the Congregation who have a detailed knowledge of th¢ work of the Chariry and its stru¢lure. Th¢ Trustee5 In¢¢t with ihc Congregation's legal, accounting. investmenl, and property advisers as appropriat¢. The Trustees are ultiM￿elY responsible for the policies, activities, and Dssets of the Charity. They meet quarterly to review d¢velopments with regard to the Charity and its activities and to make any i]nportant decisions. When necessary. the Trusl¢¢s seek advice and also support from the Chariry's professional advisers including surveyors, investmenls managers. soli¢itors. at]d accountants. The day-to-day management of ihe Charity's aetivities, and the implementation of poli¢ies, is d¢l¢gated to the appropriate member5 of the Congregation or oth¢r appointed staff. The Trustees attend foimal training courses as considered necessary to fulfil their duties and are also bricfed on sp¢¢ifi¢ matters by iheir professional advisors. There follows brief biographical infonnation oll each of the current Trustees, Slster Elizabeth Roche Sister Elizabcih tau￿1 Sci¢n¢e and Religious Educalion al Si. Angela's Comprehensive School for ten years. Having studied for a m&8ter's degree at Southampton University she returned to the school and served on th¢ Senior Management Team, where &s Deputy Head Tea¢her she had overall r¢sw>nsibility for the Pastoral Curri¢ulum. During this time and until June 1992 as a qvalified Coun5ellor she also worked for a voluntary organisalion. In the mid-eighlies she was involved in facilitating the amalgamation of two schiKbls (Si. Angela's- girls and St. Michael's - boys) which b¢¢ame The John Flenry Newrnan S¢hool. In 1992 she went as a tnissionary lo PerLL South Arnericl and worked in Primrt and work with socially disadvantaged }ioung people and the homele.qs. Later she was invited by the Midland Health Board and the Sisters of Charity of Jesus and Mary atKI the local Parents and Friend8 Association to sel up a seryice for adults with int¢lle¢tual disabilities to further their education and creale opportunities to enable them to live happy and fulfLlled liv¢s. Sister Ann is currently a memb¢r of tlLe Pastoral Support Te8Jn for the Muiritssa Servi¢es in Ireland. 13 SISTERS OF CHARITY OF JESUS AND L￿Ry ANGLO IRISH PROVINCE TRUSTEES, ANNUAL REPORT (contlnued) FOR THE YKAR ENDED 31 AUCUST 2024 Sister F.ilecn O'connor Sister Eileentaught GeO￿aphY, Sociolo¥y and was Head of Religious Stude5 and Careers over a period of*n years at St Francis College, before moving to Birniingham lo do a master's in theoloEy. Here she worked in a voluntary capacity in Charitable Cenlers, with Refugees (for three yeats} and Vulnerable Women (for fifteen years). Presently she is Hospital Chaplain at two City hospitals for thre¢ days a weeL work she finds rew￿ding. KEY MANAGEMENT PERSONNEL The following lay staff support the Trnstees". Mr. Alall Kin Alan is a retired ballker with over 30 years, experience with HSBC Bank. In 1976 h¢ obtained The Institute of Bankers Banking Diploma and was elected an Associate of the Institute. He has held several senior management positions in both ¢orporate and retsil banking. including managing 2 business unil with a budget of £lQm and 140 staff. His previous Yoluntary work includes advising local gov¢rnment on economic issues and he has been a govemor of two 5¢¢0ndary schools. Alan has a keen interest in lh¢ environm¢nt and in 2012 was Award￿ a Bsc (Hons) iii Environmental Studies by the Open University. He reports to Sistcr Elizabeth Roche. liis linc Manager, and is accouiitable lo the Trustees. Mrs. Dawn Ward The day-lo-day rcsponsibility for Stella Matutina Care Home in Ansdell. Lanc&shirc is in the hands of the Registered Care Manager Mrs. Da￿l Ward. Dawn w&s appointed the Rcgistered Care Manager in February 2018. Dawn has over 30 years, experience ¢aring for thc ¢ld¢rly. Prior 10 joining us Dawn was the Registered Manager of another care home in Ansdell. arta ement Pa The TTUSt¢es review pay annually to thke into consideration CPI and wage inflation. P¢rfornian¢e reviews for key management are conducted by their line rnan&ger but there is no performance related pay. From time-to-tiJne pay is benclllD8rked agaitt￿ se¢tor pay scales. STATEMENT OF TRUSTEES, RF,SPONSIBILITIES The TNste¢s are responsibl¢ for preparing the Tr￿ttes, reFM)rt and the finan¢ial statements in accordance with applicable laiv and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in Engl Anglo•lrish Provillee Opinion We have audited th¢ financial statements of Sisters of Charity of Jesus and Mary, Anglo-lrish Province {the 'charity') for the year ended 31 August 2024, which comprise the Stalemenl of Financial Activities, the Balance Sheet, the Statement of C￿h Flows, and the ￿Lated notes, including a summary of significant a¢counting policies. The financial repnrting framework that has been applied in their preparation is applicablc law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irelond (United Kingdom Gen¢ra]ly Acceptcd A¢counting Practice). In our Opinio￿ th¢ financial slatem¢nts: giv¢ a true and fair view of the state of the charity's affairs as al 31 Augusl 2024 of the charity's net movenenl in funds for the Ye￿ then ¢nd¢d; have been properly prepared in accordance with United Kingdom Generally Accept¢d Accounting Praclice. and have been prepared in accordanee with the requirements of the Charities Act 2011. B*$is for opinio We eonducted our audit in ac¢ordan¢e with Intemational Standards on Auditing (UK) OSAS (UK)) and applicable law. Our responsibilities und¢r those Standi￿dS are further described in the Auditor's responsibilities for the audit of the financia] statements section of OUT Teport. We ￿e independ¢nt of the charity in accordan with ihe ethical requiretnents that relevant io our audit of the financial statements in the United Kingdom, including the Finiincial Reporting Coun¢il's Ethical Standard. and we have fulfilled our other ethical responsibilities in a￿ordanCe with these requirements. We believe that th¢ audit evide￿¢ we have ob¢ained is sufficient and appropriate to provide a basls for our opinion. Conc]U¥iOD$ relatlng to going coneern In auditing the financial slatements, w¢ hav¢ con¢luded ihat ihe Tn￿tee5, use of the going concem basis of accouniing in the preparation of the financial staletnenls is appropriate. Based on th¢ work we have perfornied, we have not identified any material uncertainties rclaiing to events or conditions that, individually or collectively, may casi significant doubt on the ch￿Ily'S ability lo ¢ontinue as a going ¢oncern for a period of at least twelve inonihs from whcn the financial statement5 are authorised for issue. Our re5ponsibiSities and the responsibilities of the T￿leeS with respect to going wncern are described in the relevant se¢Lions of this report. other information The other inforn)ation comprises the information included in the Trustees, Report other than the financial Statement5 and our Audiior's r¢port Ehereon. The Trubiees are respunsibl¢ for the oth¢r information contained within the Amiual report. Our opinion on the financial statements does noi cover the other information and, except to the extent otherwis¢ explicitly stat¢d in our report, we do not express any forni of assurance conclusion Ihereon. Our responsibility is to read the other inforniation and, in doing so. consider whether the other infortna¢ion is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otheTWiSC appears to bc materially misstated. If we identify such Tnaierial inconsiSt¢ncies or apparent material misstatements, we are required to detennine whether ihere is a material misstatement in the financial statements thems¢lve5. If, based on the work we have perfomed, we Conclude ihat ihere is a materidl Jnisstalement of this oiher inforniation, we are required to report that fact. We have nothing lo report in this regard. 18 Independ¢nt auditor's rcporl to the Trus¢ees of Sisters of Charity of Jesu$ and Mary. Anglo-Iri5b Province Matters ott whieh we are requlred to report by exeeptlon We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the inforniation given in the Trustee's report is inconsisient in any material respect with the financial staternents. or sufficient and prop¢r accounting records have not been k¢pt; or the charity financial slatem¢nls are not in agreemenl with the ac¢ounting records returns- or we have not received all the infonnation and explanation5 we require for our &udit. Responsibilities oftru5tee8 for the fiDaneial statements As explained more fully in the Tn￿te¢s, responsibilities statem¢nl, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemai control as the Trustecs d¢terniine is necessary to enable the preparation of financial statements that ar¢ free from material misstsl¢menl, wheiher due to fraud or ¢rror. In preparing the fll]ancial statements, the Trustees are responsible tor asse55ing th¢ ¢harity's ability to continue as a going ¢onc¢rn, disclosing, as applicable, matters reldted to going concern and ￿Ing the going conc¢rn basis olac¢ounling unless the Trusiees either intend to liquidate the charity OT to cease operaiions. orhav¢ no realistic aiiernativ¢ but lo do so. Audltor's responsibilitie% for tbe audit of the finan¢ial statements We have been appoiiit¢d as auditor under section 144 of the Chariti¢s Act 201 l and report in accordance with th¢ Act and relevant regulalions made or having effect theTeunder. Our objectives ￿¢ to obthin reasonable assurance about whether th¢ financial statements as a whole are free from mal¢rial misstatemenL whether due to fraud or ¢LTor, and to issuc aD Auditor's report that in¢lud¢s our opinion. Reasonable &ssurance is a high level of assurance, but is not a guargmtee thai an audit conducted in accordance with ISAS (UK) will always detect a material misslatemcnt when it exislb. Misstatments can arise from fraud or error and are considered material if, individua]l )' or in the aggregate, th¢y could reasonably be expeeted to influence the e¢onomi¢ decisions of users taken on the basis of these fmanciai statements. IrregularitLes. including fraud. are inst&nc¢s of non-compli8thcewith laws and re8ulaiions. We design procedur¢s in line with our responsibilities, outlined above, to d¢tect material misstatements in respect of irregulariti<& incliiding fraud. Th¢ ¢xt¢nt to which OUT pro¢edures are capable of detecting irregularities, including fraud is detail¢d below.. Based on our understanding of the charity and the environm¢nt in which it operdtes, and through discussion with the Trustces and other management (as required by auditing standards), we idenlifi¢d thal the principal risks of non-compliance with laws and regulalions, related lo safeguarding regulations, anti-bribery, care quality Commission compliance, employment law and taxes and Charity law, and w¢ ¢onsAdered ¢he extent to which non-compliance mighi have a maierial ¢ffect on the financial statements. W¢ a]so considered those laws and regulations that have a dircct impnet on the preparation of the financial statements such as the Charities Act 2011 and the Ch¢wili¢s 50KP (FRS 102) and other relevant cliarity legislaiion. We communicated idcntifi¢d laws and regulations throughout our team and Temained alert to any indications of non-compliance throughout the audit. 19 Independenl auditor's report to Ibe Trustees of Sisters of Charity of Jesu5 and M4ry* AngI￿Rrish Province Wc evaluated Tn￿tee$ aThJ management's irEcentives and opportunities for fraudul¢nt manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to: recognition of income; posting inappropri￿e journal entries to increase revenue or reduce expenditure; and managernent bi￿ in accounting estimates and judgemental are&$ of the financial statement5. Audit procedures perfom)ed by the engagement team included- Reading minutes of meetings of those charged with governance. Discu55ions with management including conslderation of known or suspectcd instan¢es of non-compliance with laws and regulation and fraud; Challenging as5umprions and judgements mad¢ by managemenl in their criliGal arcounting estimates. Assessment of identified fraud risk factors. Performing analytical pro¢edur¢s to identify any unusuai OT unexpected relationships, including rel￿ed paty transaclions. that may indi¢ate risks of material migstatement due to fraud. Confirniation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the nornial course of business Review of significant and unusual transactions Identifying a￿A testing joumal entries, in particular manual entries made at the year-¢nd for financial statement preparation. Because of the inherent limitattons of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial Statements or non-compliance wilh rcgulation. Tris risk in¢reas¢s th¢ more that compliance with a law or regulation is r¢Fnov¢d from the events and transactions reflected in the financial statements, as w¢ will be less likely to be¢om¢ aware of instances of non-compliance. The risk is algo ￿eater Tegarding irregularilies occurring due to fraud rather than error, a5 fraud involves intenlionai con¢eaIment, forg¢ry, ¢ollusion, omission, or misrepresentalion. A further description of our responsibilities for the audit of the financial statements 15 located on the financial Reporting Ctsuncil's w¢bsit¢ at: www.frc.or uklauditorsres sibililies. This description lorms part of our auditor's Tepofl. Use ofour report This report is made 501ely to the charity's Tru5tee5, a5 a budy. sn ac¢ordan¢¢ with section 144 of the Charities Act 2011 and regulations made under section 154 uf that Act. Our audit work h&s been iuidertaken 50 that w¢ might stste lo tlie charity's Trustees those matters we aTe requirLd to state to th¢m in an Auditor's report and for no other purpose. To the fullest extenl permirted by law, w¢ do not ac¢¢pt or assume respi>nsibilily 10 anyone other Ihan the charity's Trustees as a body for our audit work, forthis report, or for the opinions we have fornied. Hay$M2e LLP Statutory Auditors 10 Queen Stre¢l Pldce London EC4R IAG D&te.' 21 May 2025 Haysmac LLP is ¢li8ible to act as an auditor in temis of section 1212 of tlie Companies Act 2006 20 SISTERS OF CHARITY OF JESUS AND ANGLO-IRISH PROVINCE sTATEmEr￿ OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED31 AUGUST 2024 Total 2024 Total 2023 rNCOME frorn Grant5. donations, and lega¢ies 296,109 284.925 Charitable activities- Car¢ Home Residents, fees 1,260,903 1.239.712 Other tfdding act]￿tieS Rents receivable from charitable-use properties temporarily to operational rwuiTemelll5 12,300 10,8(M) Inv¢s(ment5 661.719 508,147 Other income- Surplus on disposal of tangible fixed assets 297,544 Totsl In¢orne 2,231,031 2,341,128 EXPENDITURE o Cost of fdiSiU8 fL)nds- Investment Management fees 128.049 128.430 Charitsble Activitie5 - Care Home Support of rnembers of the Congr¢gation and their minislry - Grants paid 1,642,740 405,358 1,009,946 1,782,914 462,709 1.931,264 3,058,044 4.176.887 Total expenditure 3,186,093 4J05,317 Net exppuditure before gainslO0s5es) itt*estment5 (955,0621 {1.964.1891 Olher recognised g*insl(losse5) Nei gainsl{losses) oth investments 1,634,829 (175,943) Net movement in fu￿dS 679,767 12,140,132) Fund balances broughi fonward * beginning of yeaT 24,466,710 26,606,842 Totsl funds urried forw#rd at eDd of ye*r 25,146,477 24,466,710 The Statement of Financial Activities in¢ludes all gains and10sses r¢cognised in ihe year. There were no discontinued operations or acquired operation5 during the current or the p￿c¢dIng ye8J. The notes on pages 25 to 37 forn) part of these financial statements. 21 SISTERS OF CHARITY OF JESUS AND I￿ARy ANGLO-IRISH PROVINCE BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes FIXED ASSETS 13 2,924,032 3.024,211 INVESTMENrs 14 21,745,176 20,206,921 24,669,208 23.231.132 CURRENT ASSETS Debtors Short-term detx>sit5 Cash at bank and in hand 15 10.556 929.282 448,026 73,512 1,828.127 549,716 1.487,864 2.451.355 CREDITORS: Amoun¢$ falling due within one year 16 (746.9091 (632,091) NET CURREf+rr ASSETS 740,955 1,819.264 TOTAL ASSETS LESS CURRENT LIABILI'I'IES 25.410.163 25.050.396 CREDtTORS: Amovnts f4lllng due af¢¢r more than one year 17 (263,686) (583,686) NET ASSETS 25,146,477 24.466.710 FUNDS Genernl Designated R¢ttrernent Fund Fixed Assets 477,269 1235,578 18 21,745,176 1924,032 20,206.921 3,024,211 24,669,208 23.231.132 TOTAL FUNDS 19 25,146,477 24.466.710 The tinancial slalemenis were approved and authorised for issue by the Trustees on signed as authorised on their behalf by.. 2025 and Sister Eliub¢th Roche Trnslee The notes on pages 25 to 37 form part of these financial stalem¢nts. 22 SISTERS OF CHARITY OF JESUS AND MARY ANGLO-IRISH PROVINC CASH FLOW STATELMENT FOR THE YEAR ENDED 31 AUGusf 2024 2024 2023 Notes C?5h flows Oper8ting Aetlvlties Nd ¢ash outfiow from operating activilies (1,758.8281 (lJ24,745) Cgsh flows from investine Attivltles ividends and in1￿c51 from investtnents Re¢¢ipts from sale of fjxed assets Paym¢nis to aequiTe fixed asscts Paymenis to acquir¢ investments Receipts from sales of investh]ents 661,719 508,147 384,711 {39,721) (10.938.182) 11,029.958 (6,216,348) 6,312,922 N¢t cash provided by inve5tlng 4etlvltie$ 758.293 944,913 ChgDge ltt Lash 8nd c4sh eqllivSl￿ts year (1,000.535) (879J32) Cash and eash equivalents at I September 2023 2,377,843 3,257,675 Cash alld cash equivalents at 31 August 2024 lJ77?08 2J77,843 The notes on pages 25 to 37 fortll P4rt of these fjnancial statements. Notes to the Cash Flnw Stgtemtht A. Reconci114tson of net movememt in funds to net eA8h flow from operating #ctivlties 21124 2023 f4et movement fuDds (as per the Statement of Financial Aetivities) 679.767 12,140,132) Adjustments for {Gains)ILo$ses on investments Dividends and interest from investments (Gains) on disposaI of r]xed assets D¢pre¢ialion Ilncreas¢yLkcrea5e in d¢bto] ID¢¢r¢ascyJncreas¢ in ¢r¢ditors 11,634,829) 1661,719) 175.943 (508.147) (297,544) 100,178 52.504 792.453 100,179 {37,044) (205.182) Net cosb (used opernting ac¢ivilies {1,7$8,828) (l ￿24.745) 2024 2fr23 B. AnAlysls of cash cash ¢quivaltnt5 Cash at bank and in hand Short-rem d¢posit5 448.026 929,282 549,716 ,828,127 TO¢￿ cash and ¢ash equivalents 1,377J08 2 J77.843 23 SISTERS OF CHARrrY OF JESUS AND MARY ANGLO-tRISH PROVINCE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 C. ATr4lysi$ of tbAnges in llet e*sb funds A¢ Septe￿be￿ 1023 At 31August 2024 Cashflows Cash ai bank and in hand 2,377,843 (1,000,535) 1,377.308 Tot*1 c95b and cA5h equivllents 2,377,843 (1,000,535) IJ77J08 24 SISTERS OF CIIARtTY OF JESUS AND MARY ANGLO-IIUSH PROVINCE NOTES I'O THF FIIYAP4CIAL STATEMENTS (¢ODtinued) FOR THE YEAR ENDED 31 AUGUST 2024 Genernl informalion The Sisters of Clwity of J￿uS and Mary is an unincorporated charity in England and Wales, with the charity registration number 251262. The regisl¢red otTice ￿ Provin¢ial House, 108 Sprin¥ Road. Letchworth Garden City, Hertfordshire, SG6 3SL. The prin¢ipd objectives of the charity are set out wilhin the Trustees Report. on page l. The prin¢ipal accounting policies adoptcd, judgemeDiS and key sour¢¢s of estimation uncertainty in the preparntion of the a¢counls aTe laid out below. St#ten)ent Dfcompliance The fiJJan¢ial statem¢nts hav¢ been prepared in accordance with Charilies SORF IFRS 102) - Accounting and Reporting by Chdrities-. Statement olRecommended Practice applicable to charities preparing their accounts in accordance wilh Financial R¢porting Standard applicable in the UK and Rcpublic of Ireland (FRS 102) and the Charities Act 2011. The chariry m¢¢ts the d¢fmition of 8 public ben¢fit entity under FRS 102. Asset5 and liabilities are iniiially reco￿lsed ￿ historical cost or tran5adion value unless Othen¥ise stated in lh¢ relevani a¢¢ounling policy. The aw)unts are presented in UK pound sierling and ￿e rounded to the nearest pound. Cri¢i¢al aecountinLi estimates and Are#$ of judgemeDt Preparation of the ￿CoUnt$ requires the Tnjstees to make significant judgements and estimates. These judgements and estimates have been made tliese ar¢ estimating the economic useful life of L￿gible fixed assets. Assessment of goillg concern The Trusl¢¢s have assessed whether the use of the going concern a55umption is appropriate in preparing these accounts. The Trustees have made this &ss¢ssment in respect of a period of one year from Ihe date of approval of tlies¢ accounis. The Trustees of the Charity have ¢on¢luded thAt there are no material uncertainties relal¢d to events or conditions that rnay ¢oSt significant doubt on th¢ ability of the charity io continue as a going con¢ern. The Trustees are of the opinion that the charity will have sufficient resources to meet Lts liabilities as rhcy fall due. The mosl sigJJificant areas of judgeinenl that affect items in ihe accounls are detailed above. With regard ro the next a¢¢ouniing ￿r5￿d, the year ending 31 August 2025, the mosl significant areas thal affect th¢ carrying value of the asset5 held by the charity are the level of inve.%tment return and the perfomi&nce ol'the investment markets {see the investment policy and the risk D]anag¢rnent Sections of the Ttustees, Report for more infornlation). 25 SISTERS OF CHARITY OF JESUS AND TrL4RY ANCLL)-JRtSH PROVINCE NOTES TO THE FINANCIAL STATEMENTS {¢oD¢inued) FOR THE YEAR ENDED 31 AUGUST 2024 Tn¢om¢ recognition In¢ome AS recognised when the charity has entitlemeni to the funds, any perfornwice conditions ￿tached to the ilem(s) of income have been mel, it is probable that the income will be received, and the amount can be measured reliably. For legacies, enliilemenl is taken as the earlier of the date on whieh either.. the charity is aware that probat¢ has been granted, the esiale has been finalised and notifi¢ation ha5 been madc by th¢ ¢x¢¢utorfs} to the Trusi a di51ribution will be made. or wh¢n a distribution is received from the estate. Receipl of a legacy. in whole or in part, is only considered probable when the amount Can be measured reliably, and the chariiy has been notified of the cxecutor's intention to make a distribution. Where legacies hav¢ been nolified to the charity, or the charity is aware of the granting of probale, and the ¢riteria ftsr incoine re¢ognition have not been mel, then th¢ l¢ga¢y is a ireated ￿ a ¢oniingent asset and disclosed if material. Incom¢ received in advance of the provision of care servic¢s is defeTIed until the cril¢ria forin¢ome recognition are met. In ￿CordanCe with the ChJyilies SORP FRS102, voliinteer time is not I¢¢0￿]sed. Dividends are recoEnised once the dividend has been declared and notifi¢ation has been received of the dividend due. Interest on funds held on deposit is included when receivable wid the amount can b¢ measured reliably by the charity,. this is nornlally upon notifieation of the interest paid or payable by the bank. Expellditure recognition and Irrecoverable VAT Expenditure is recogni5ed once there ig a legal or construclive obligation lo make a payment to a third party. it 15 probable That 5ettlem¢nl will be rcquircd, and the amoun¢ of the obligation can be measured reliably. Expendiwre is classified under the following activity headin8S.' Costs of raising fvnds comprise fees paid in respect of fund management advi¢¢ in relation to the charity'.% portfolios of quoted investments, whicli are managed under discretionary tnanagement agrecrnents. Expenditure on charitable actlvlties includes th¢ costs of running the ¢harity's Care Home in Ansd¢ll and of its ioiivents as well as all other costs asso¢ial¢d with furthering the charitable purpos¢s of the charity through the provision of its ch￿itabl¢ activities. These costs include charitable bTants and donations, direct and support costs in r¢spect to the support of mcmbers of the Congregaiion and their rninistry. It ￿50 includes governan¢¢ Costs. Charitable gra￿ts and donations are made wher¢ the Trustees Consider thcre is real need following a review of the details of each particular case and comprise singl¢ y¢ar payments rather than rnulti-year grants. Grants and donatiorLS are in¢luded in the stat¢m¢nt of financial dcliviiies when approved for payment. Provision is made for graols and dol￿tIonS approved but unpaid at the period end. Irr¢¢overable VAT is charged as a cost against the activity for which the eX￿ndItUre was incurred. Allocltlon of support and governan¢e ￿5t$ Support costs repr¢s¢nt indirect charitsble expenditure. In order to carry out the primary purposes of ihe cliarity il is necessary to provide support in the fonn of personnel development, financial procedures, provision ot'office seTrices and equipment and a suitable working environment. 26 sIsrERS OF CHARITY OF JFSUS AND L￿ARy ANGL￿tRIsH PJiOVJNCE NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Tangible fixed assets As at 31 August 1996 th¢ Trnstees estimated the cutTent value of fixed &ssets required to be shown in the balance sheet. Subsequent acquisitions or improvements of £2,500 or more are capitalised &t cost and are depreciated over their estimated useful eGonomi¢ lives on a straigh¢-line basis as follows.. Where no fornjal analysis is available, il is assumed that the cosi Ivaluatton of fr¢ehold properties derive ¢qu￿lY from Ihe land and the buildings. Annual rnte Fre¢hold land Fr¢¢hold buildings Long le&sehold buildings and improvem¢nts Fixtures, furniturL, and equipment Motor v¢hicles NEI 25Yo Flnancial InstrumeDts The charity only holds financial assets and flnancial liabilities of a kind that qualify as basic financial instruments. B&%ic financial instnjmcnts are initially recognised at transaction value and subsequently rne&%ured at their 5ettl¢ment value. Investments Inv¢stments held for th¢ long-tem lo generate incom¢ or capital growth are ¢arried at fair value &8 fixed assets. R¢alised gains are the differen¢¢ between sales proceeds and the c8nying value of the investment. The ¢anying value is the fair value at the beginning of the year or the purchase cost wh¢r¢ the invesmient w&s acquired durAng Ihe year. Unrealised gains are th¢ change in value of inv¢stments after considering any mov¢m¢nts in investment holdings such as purch&ses and disposals of investments. Realised and utirealised gains are aecounted for within the Ststemeiit of Financial Activities. Debtors 'rrade and oth¢r debtors recognised al the settlement 8rnount due. Prepa)qnents are valued at th¢ amount prepaid. Cash at bank #nd In band Cash at bank and in hand include5 cash and short-terni high]y liquid investmenis with a Short maturity of three mOYAihs or l¢ss from the date of acquisition or opening of the deposit or similar account. Deposits for more than three tllonths and up lo one y¢ar have been dis¢losed as short-term deposits. Cash placed on deposit for more than onc year is disclosed as a fixed asset it]veslm¢nl. Seryic¢s proTrided by members of the Congregatlon For lh¢ pury05es of th¢s¢ accounts, no value has been placed on administtY¢tive and other services provided by the members of the Congregation. 27 SISTERS OF CHARfTY OF JESUS AND MARY ANGL￿TRISH PROVIIYCE PIOTES TO THE F1Tr4ANCIAL STATEMENTS (e0thtI￿y¢d) FOR"I'Hk YEAR ENDED 31 AUGIJST 2024 Creditors ¥lld provisions Creditors and provisions are recognised where the charity h&$ a present obligation resulting from a past event that will probably resuli in the transfer of fuELds tu a third party and the amount due to 5ettl¢ th¢ obligation can be measured or estimated reliably. Creditors and provisions are norn)ally recognised dt their g¢IU¢m¢nl amount after allowing for any trade discounts due. Fvrelgn ¢urr¢n¢i¢s Assets 2nd liabilities in forei￿ currencies are translated into sterling al the rates of exchange ruling at the balance sheet date. Transa¢tions in forcign currencies are translated into slerling al th¢ rate of exCh￿ge ruling at the date of the Iransa¢lion. Exchange differences are considered in atTiving at the nct TTrovemeni in funds. Funds General funds comprise ihe accumulated 5urylus or defi¢it from th¢ Ststement of Financial Activities which is not restrided or designated funds. They are available for use at the discr¢tion of the Trt￿te¢S in furtherance of the general objectives of the Charity. tksignal¢d funds compris¢ funds that have been set aside al the discr¢lion of the Truslees for Sp￿]fiC purposes. The purpose and use of the designated unrestricted funds are set out in the notes to the accounts. Reslrickd incom¢ fiinds comprise donations and grants held in trust to be applied for specific purposes. RestTl¢ted funds in recent years relatcd to Covid grants which were fully sp¢nt b¢forc the year end in accordance with the relevant restriclions. These have not been separately disclosed in the Statement of Financial Activities due to being immaterial. Employee benefits Employment benefits, including holiday pay. are recognised in the perithl in which they are eamed. T¢mination benefits are recognised in the period in which the decision is made and communi¢at¢d to the ￿leVant employee(s). Pension contributioll$ Contributions in respecr of the charity's defined contribution pewion schcinc are Charged to the statement of financial activities when they are payable to the sclietne. The ¢harity's contributions are restricted to th¢ ¢oniributions disclosed in note 9. There were no outstandin&¥ contributions at the year end. Th¢ ¢harity has no liability beyond making its contributions and paying across th¢ deductions for the employees, contTibulions. 28 sIsrERS OF CHARITY OF JESUS AND MARY AYGLO-IRISH PROVINCE NOTES TO THE FINAYCIAL STATEMENTS l¢olltinued) FOR THE YEAR ENDED 31 AUGUST 2024 GRAiYfs DONATIONS AND LEGACIES 2024 2023 Sisters, salaries aDd pensions R¢strithd Covid Grants- all spent in year Other dortations 281,469 277238 984 6,703 14,640 296.109 284.925 INVESTMENT INCOME 2024 2023 Income from listed investments Bank interest 603.-377 58,342 483,236 24,911 661,719 508,147 SURPLUS ON DISPOSALOF TANGIBLE FIXED ASSETS Motor Vthielt5 Proptrty 2024 2023 Net procceds from disposal Less.. net book valu¢ of assets disposed of 384,711 (87,107) 297.544 EXPENDITURE ON CHARITABLE ACTffvrriES CARE HOME 2024 2023 Staff cost5 Direct costs Premises costs Depreciatio Administration and other Costs 1,083,409 89.6i9 163.777 62,856 100,219 1,035,974 104,001 331,927 62.856 1,499,900 1.645,870 Governance and 5UPPOrt cost5 142,840 137,044 1.642.740 1.782.914 29 sIsrERS OF CHARITY OF JESUS AND MARY ANGitsIRISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE ON CHARITABLE AcrtVlTIES SUPPORT OF MEMBERS OF THE CONCREGATiof4 AND TIIF.tR MTNISTRY 2024 21123 Sisters, livin8 & personal exp¢ns¢s emises ¢ost$ Depreciation AdTninistr&iion gthd oih¢r ¢osts 188,221 83,099 37,323 11.012 233.199 100.312 37,322 9.650 319.655 380.483 Governance and suprth costs 85,703 82.226 405,358 462,709 EXPENDITURE ON CILIRrrABLE ACftVlTIES GRAN'I"S PAID 2024 2023 Gr*nts pgid to overseas bNDthes of th¢ Congregation Ireland- Supwrt of sisters and th¢ir ministries Ireland Community supporl Grants for buildillE of CongregatlOD Care 14ome for the Elderly in Rwanda Grants tv Generalale of the Congregaiion 453,809 160,078 377,362 83.776 400.000 ,015,309 338.923 952,810 1,876.447 Governan¢¢ and support costs 57.136 54,817 1,009,946 1,931,264 30 SISTERS OF CHARITY OF JESUS AND MARY ANGL(>IIUSH PROVINCE r40TES TO THE FINANCIAL STATEMEIYTS {Continu¢d) FOR THE TrIAR ENDED 31 AUGUST 2024 GOVERf4ANCE AND SUPPORT COSTS 2024 2023 Support eosts Staff costs Professional fees Pr¢nises and insuranr¢ Administration and other costs 145,728 18.145 50,886 46,(￿3 131,924 11,308 54,822 52,108 261.754 250,162 Governante eosts Professional fees 23,925 23,925 285,679 274,087 Allocaied ￿ follows: Care Ho￿¢ Support of mcmbcrs of the Congregation and their ministry Grants paid 142.840 85,703 57,136 137,044 82,226 54.817 285,679 274,087 P4ET INCOMEIEXPETrIDITURE FOR THE YEAR 2024 2023 Thls is stated after rharging: Investment manag¢rnent fees Depreciation Auditots. r¢muneraiion Audit fees (including VAI'I 128,049 I￿).179 128,430 100.178 21,400 18,050 STAFF COSTS AND TRUSTEES REMUNERATION 2024 2023 Staff wsts during the year w¢r¢ as follows.. Wages and salarie5 So¢i#l security costs Pcn5ion ￿8t$ 1,109,513 74,701 44,923 1,059.571 73.460 1.229,137 1,167,898 SISTERS OF CHARITY OF JESUS AND MARY ANGLI>IRISH PROVtNCE NOTES TO'fHE FINANCIAL STATEMENT8 (Colltillued) FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 No. The numbfr of employees whose ¢moluments exceeded £60,000 w£re'. £60,001- £70,000 Th¢ key maTLagement personnel of th¢ ¢hariry ￿mpriSe th¢ Trustees (who r¢¢eive no forrn of reinuD¢ration} and the senior management team. Thc total amouni of employee benefits (tncluding wnployer peDsion ¢ontribuiions and eTnployer National Insurance ¢ontributions) received by key management personnel for thcir servjces to the charity was £175,44512023.. £157,817). The two most senior cmployees, who ar¢ Considcred to be memb¢r5 of the key management personnel. WeTe paid in aggregate £126.503 {2023 £119244) and the employer National Insurance ¢osi w¢re £18.06512023.. £17,274) with ¢mploycr's pension ¢ontributions amounting lo £30,877 (2023.. £21,299). STAFF NUMBERS Avetagt staff numbers in the year were= 2024 No. 2023 Care Home Administration 46 46 48 48 32 SISTERS OF CIIARITY OF JESUS AND MARV APIGLO-IIUSH PROVINCE NOTES TO'fHE FINANCIAL STATEMENTS (Continued) FOR TIIE YEAR ENDED 31 AUGUST 2024 TRUSTEES, EXPENSES AND REMUNERATION AND TIL4NSACTIONS wrrH THE TRIISTEES Ibe Trustces of ihe C,harity gtt also members of th¢ Congregation and as such have iaken vows of poverty utlder which they have renoun¢¢d all personal rishis to income and ￿pital_ The Charity provides for th¢ e5scniial needs of 811 members of the Congregation within the ProviD¢¢. The living Costs of the Trnstees ar¢ therefor¢ bmie by the Charity. 12. TAK4TION The Sisters of Charity of Jesus and Mary Anglts-Lrish Province is a reEisiered charity and therefore is not li&bl¢ to In¢omeTaxor Capital Gains'l-ax on income orgains d¢rived from it5 charitable a¢tivitiC5 as li falls with lh¢ various exemptions available to rcgis*red ¢harities. 13. TANGIBLE FIXED ASSETS I￿*S£hOld buildiThgs & Improvemettts Fpeehold Ignd & building5 Tr'ixtur¢ Furniture & ¢quipm¢n¢ Motor Vehicles Tot*l COST OR VALUAIryOY At I￿ S¢p*mber 2023 3,168.144 1.085.041 395,758 114,169 4,76J,R12 At 31 August 2024 3.168,144 1.085,041 395,758 114.169 4,763,112 DEPRECIATIOIY At I September 2023 Charg¢ for year 1,101,412 63,363 287,897 10,850 271.670 12,362 77,922 13,604 1,738,901 100,179 At 31 August 2024 1,164,775 298,747 284.032 91,526 1.839,080 NF.T BOOK VALVE At 31 August 2024 2.003,369 786,294 111,726 22.643 2,924.032 At 31 August 2023 2,066.732 797.144 124.088 36,247 3,024,211 33 SISTERS OF CHARITY OF JESUS AND MARY ANGLO-IRtSH PROVINCE NOTES TO THE FINANCIAL STATEMEpifs (Continued) FOR THE YEAR ENDED 31 AUGUST 2024 14. INVESTMENrs 2024 2(123 At I September 2023 Addition5 Disposals Procr¢ds' GainsllLosses) by reference opening va]u¢ 20,206,921 6.216,348 20.474,640 10.938.182 (6,3 12,922} {11,029,958) 224,031 167,835) Disposa]s (at opening market valu¢) lJnrffdltsed IGains}Ilosses (6.088,891 } 1,410,798 111,097.793) 1108.108} At 31 August 2024 21,745,176 20,206.921 2024 2023 Llsted a UK 5totk exehang¢ Equities Fix¢d interest stocks 9.806.766 10,685.952 8.971,780 10,622,802 20,492,718 19,594,582 Fixed Term Deposits Portfolio bank d¢ptssiis 845,595 406,863 612,339 21.745.176 20,206,921 At cost 20.209.791 19.940,511 15. DEBTORS 2024 2023 Du¢ withln one year rrade debtors Prepayments and accrued income 83,319 27,237 43,609 29.903 110,556 73,512 34 SISTERS OF CHARITY OF JESUS AND NLiRY ANGLO-IRISH PROVtNCE iy(wrES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR bNDED31 AUGUST 2024 16. CREDITORS.. Amounts falling due within one ye4r 2024 2023 rrade creditors Taxation and Social Security Accrued grants A¢¢rued expens¢$ 35,075 15.173 652.270 44,391 16,818 15.956 541.000 58,317 746,909 632.091 17. CREDITORS: Amounts fllling du¢ aft¢r mott ont year 2024 2023 A Tnount due to the Generalate of the Sisters of Charity of Jesus and Mary A￿ru¢d grants- due after more one year 263,686 263.686 320.000 263.686 583,686 The amount dlle to the Generalate of the Sisters of Charity of Jesus is non.inierest bearing and is not expected to be paid within one year. 18. DESIGNATED FUNDS The Trustees have designated funds out of the unr¢stri¢ted fiu)ds for specifi¢ purposes as follows:_ Retirement Fund A fvnd has been designated in respect of the Charity'5 comrniunenl to provide for the retirement and care in old age and 5ickne55 of the Congre¥ation'5 memb¢rs. A review of th¢ Congr¢gation's membership indicated that a fund of some £21m is required to finan¢e fully rhe Charity's ¢ommitinent to provide care for its members, aft¢r taking account of their occupational pension right5. The fund was raised to thi5 level by the end of August 2016. Since th¢n, a number of rn¢mbeTS hav¢ died which ￿dUceS demands upon the fi]nd. How¢ver, ¢are costs have bccn subj¢¢t to an abov¢-average rate o( ionaiion. Pending a fvrther d¢tailed review, th¢ Tn]ste¢s have decided to design&te the entire ¥&lue of the Charity's investment portfolios to thE Retirernent FuT)d. As such lh¢ Fund will tlucNate as investment values rise and fall. In the year, expenditure on investment management fees and in support of elderly sistcrs in England and Ireland amounted ￿ £81 Ik (2023.. £706kl. whi15t investment Èncome aTnounted tts £603k (2023.. £483k), an ¢x¢¢5s of expenditure over income of Some £208k12023.. £223k}. Investment gain% were £1.635k (2023-. losses of £176k) giving rise to an increase in the fijnd of £1.427k (2023.. decrease of £399k). To bring the Fund into line with the investsn¢nl portfolios £1] Ik was r¢leas¢d from th¢ designation (2023- £131kl. The lev¢1 of th¢ fU￿J. iJive5tment values and Ihe Iik¢ly n¢¢ds of the m¢tnb¢rship will continue lo b¢ ]nonitor¢d. Fixed knets Fund Jn order to fulfil its charitable obje¢tiYes. the Congregation needs a large number of properti¢s. These properties, although they are unrcstricted assets cannot be realised without undemin2ng the Congregation's WO￿ and the Trustees therefore feel that it is appropriate to r¢flect the investment in fixed assets by m¢an5 gf a desiynated fund. Trdnsf¢rs refl￿lIng ihe net mov¢meni in fixed assets., were made in the yraT. 35 SISTERS OF CHARrrY OF JESUS AND MARY ANCM)-IRISH PROVINCE NOTES TO THE FINANCIAL STATEMENTS (Contilluedl FOR THE YEAR ENDED 31 AUGUST 2024 18. DESIGNATED Fuf4DS Icontinued) b) Analysis of M•v¢memts- tllTrent year Balance I S¢ptember 2023 Net ineome expenditure & gaIn￿o￿$StS) TrAn5fer$ Balance 31 Augu$t 2024 Retirement FuDd Fixed Assets Fund 20,206,921 3.024,2ll 1,427.122 1100.1791 111.133 21,745,176 2.924,032 23,231.132 1.326.943) 111.133 24.669,208 b) AnAly$is of Movements- prlor year Retir¢m¢nt Fund Fixed Assets Fund 20,474,640 3,171,835 {398.855) 1100,178) 131,136 {47,4461 20.206,921 3.024,211 23,646,475 (499,033) 83,6 23,231,132 19. ANALYSIS OF NET ASSEIS BY FUNDS An#ly$is of net assets between fund$ curr¢n¢ year Genergl Fumd Desi aied Fund$ Totsl Flxed ssets Retirernent Tangible fixed assets Investments Cutrent assets Current liabilities Creditors due afterone year 2,924,032 2.924,032 21,745.176 1,487.864 1746.909) (263,686) 21.745,176 1,487.864 (746.909) {263,686) 477,269 2,924,032 21,745,176 25,146.477 Analysis of net assets between tsnds prior y¢Ar G¢n¢ral De51 gted FU￿d$ Total F5xed assets RetireJDent Tangible fix¢d assets Investjnellts Current assets Current liabilities Creditors du¢ after one yeAr 3.024,211 3,024.211 20,206.921 2,451,355 (632,091) 1583,686) 20,206,921 2.451,355 (632,091) (583,686) 1,235,578 3,024.211 20,206,921 24,466,710 SISTERS OF CHARITY OF JESUS AYD MARY ANGL￿lR1SH PROVINCE FIOTES TO THE FKNAYCIAL STATEMENTS (Continued) FOR I'HE YEAR EIYDED 31 AUGUST 2024 20. RELATED PARTY TW4sA￿TONS There were no related party trdnsaclions in the yeor12023'. Non¢l other than th¢ provision of temporal needs of th¢ Trustees who ar¢ &lso benefieiaries of the charity as dis¢losed in note I l. 21. posr BALANCE SHEET EVENTS A property knoThTr as Roxley Col￿. Willian, Letchworth Garden City w&8 501d at au¢tiort for £800k in O¢tob¢r 2024. 37