REpoiYf OF THE TRUSTEFS AND FINANCIAL STATEMENPS FOR THE YEAR EI¥DED31 DECEMBER 1011 FOR SISTERS OF cHAR￿y OF OiIR LADY OFEVRON DJH Autht Limited Act￿nIan Stswtory Audit(xs Th¢ Exchange 5 Bank Stre BL9 ODN sisrERS OF CllARrrY OF OUR IADY OF EVRON CONfENfs OF THE FINANCIAL sfATEMEr FOR THE YEAR ENDED 31 DECEMBER 2023 P•ge Rryort of the Trustees to 11 Reyort of the Indq)tthlelli Avditor5 12 to 14 Statemtnt of Fin*neI￿ Aeknitits 15 Statement of FiJMncial Position 16 Ststenwnt of Casb Flo 17 Iyotu to th¢ Ststem¢nt of C*sh Flows 18 Notes to tht FinaDti&l StateMe￿ts 19 10 31 SISTERS OF CHARrfY OF OUR LADY OF EVRON REPORT OF TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Tnjstees present their retth with th¢ financial of the awity for the year ended 31 Decemlxr 2023. The TtuMees have adooed the provisions of Ac£wnting and Repmirtg by Charities." s￿ement of Recommended Ptactice applicable to charities preparing their &cth]nts in aCC(Kd￿ with the Ftnancial Rtp)rting Stondard appli¢able in the UK and Republic of Ireland (FRS 102). strond edition- (kt(A>er 2019 (effe£tive l January 2019). INTRODUCTIOIY The full name of the Charity is the c￿gregOtiOn of the Si5ttrs of Charity of Our Lady of Evron, commonly known a5 the Si#ers of Evron. The cOngreg￿l0￿ of the Sisters of Evron is an internation8] Roman Catholi¢ R¢ligious Congregation supporting 120 Sistm worldwide of whom 16 live in the UL It was founded in Frdtlce in 1682. where its Generdlate is still located. The Congregation is divided INO Ihree Reg"Lons consistin8 of the Rw"on of Afrio ihe Reglon of Franc< and the Trinit15 R¢gioD, whi¢h ￿mpriSeS the UK P¢nJ and Canad& For xcounting purpose5. exh ￿￿nIry wiihin the Trinits5 Regjon is autonornws. The accounts accompanying this report are the xeounts of the eharitable tru# on which the &ssers of the Congregation in Ihe UK known as Trinitas UK art held. Misslon Trinitas UK of the Si5ter5 of EviDn aims to support the relib￿0Us and othcr chaEitable works carried on by th¢ members of the Congregation. to care for those memt*TS throughout Iheir lives within th¢ CoThgr¢galion, ¥ well cnsuring compliance with the Chariiies Ad 2011. These mitkistries of the Si5tU5 of Evron, all of which benefii numerous m¢mb¢rs of thc public, fail into thc following main aTtas: 181 and astordl Work Many Members of the Congregation are involvd in vaTiOUS form5 of social or pastornl work thr(MJghout England and Wales includkng cart of ihe elderly and dcaf pcopl4 family 5uprrf and Parish Ministy. mi work Thc Charity also helps support Si*ers working in healtlKaTe and s(Kiat and ptsordl fiel￿ in PeN and Afri¢& SISTERS OF CHARrfY OFOUR IADY OF EVRON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 O&VECTIVES AND AcnviTIES Obj¢ctiv¢5 and •im$ for the Public Bemfit As stated abov¢ unthr'Mis$ion". th¢ xtiviiies of ihe Charity can te divided into three prirtipal are4S: In tOTnmon with many Teligiou5 ¢ongTegations in the UK Ihe age profile of the membus of the Congregation is increasing as existtng members grow older and the number of new V￿￿￿on$ beLomes minirnal. The a8e profile of the Congregation in England and w￿¢5 is shown below: 20-29 3￿39 4(k49 5¢>59 6M9 70-79 8fv89 9￿99 16 Trini11S UK ¥n oblig*ion. both mml I￿. to Provth care for lis members. rK>ne of whom have T¢SOUT¢¢$ of thcir own and all of whorn have devoted a significant part of iheir live5 10 gJu¢*ion. nuT5ing and the Care of the elderly, d￿f, poor rnarginalised in ￿CIety. A5 Ihe age profil¢ ineTta%es so ttr) does ihe need to provide incre45ing and increasingly expensive care ¢0 th¢ Si51¢rs. At present two munbers of Triniths UK are living in ¢xt¢rnal nursirtg homes n by organisation$ with a Catholic dhos. A community house, EvrDn-Brinnington, h&$ been designed and buili io a￿0mm0d￿le wr more senior Sisters in iheir retirement. Over the next dttade, the TN*ees expea ihe number of members rquirin8 care io increase. Con5equenily. the Trustees are 8iwng carefvl wnsideration to ¢h¢ impact of this on the work of indhvidual rnembers of the Congregation, Ihe prwrry requirem¢nts of the congre8alic￿ and the financia] implications. In this re8atd. the aims of ihe Twue¢5 over th¢ forthcoming years include.. ensuring all member5 of Trini￿ UK rtceive the hi8h le￿ of care IIKY requir¢ to provide them with the quality of life th¢y Should rightly expect: reVIe￿n% the Charity's P￿1￿rtic$ which are usd as community h{￿Se9 and assessing their suitability; Ablirtg all members of Triniias UK to Mnlinu¢ wilh their irtdivldual ministries for ¥ lon8 a5 W55ible. The followin8 are example5 of the atld paaorat WO￿ uTrMlenaken by individual Sis¢ers'. worknng in parishes. including visiting wishiontss and assI￿lA8 in pro8rnrnmes. to help parishioners develop their spiri￿al Iivc5; involvement in ￿uinen1tsI and ￿h¢r faiih a(4ivitie5' working in pastoral care wilh d￿f pe￿Ie,. administrative and S￿r￿arial 5UPPOrt to Church 0[g￿lsati￿1S. pastoral care in nursing and rcsidential h juslice and peacc initiativcs. pporting children and familits. SISTERS OF CHARITY OF OUR LADY OF KVRON REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 The aims of theTnJAees in ihis arta intlud¢'. promoting the human rights of the individua] for th¢ gLxd of all humanity: enabling all m¢mb¢T$ of Trinira5 UK to cany crtil mt4ningful socÈal and pastOTal work within the community after assessing their sk]"Ils and the needs of the l(tal encour4iTrg and motivating members ￿ wc¥k wth and a4si# th¢ potsr. CId￿lY and matginalis¢d: wherever possible, ensuring Si￿¢[s are remunerated for such work by wty of salary or stipend. Such in is ¢ovenanied to the Charity and thertby en5¥T￿ thm the Work of the Si5ta5 and Ch￿lty may continue and develop into the futyr¢. The Charity providcs financial 5UPPOrt for the Congreg*ion's missions in ihe Ivory Ccol Burknna Faso and Penj. The missions are undtt ihe control of Iht Con8r¢gation and Ihe fin￿la1 51EPPOrt is used to the personal and living expenses of the Sis*rs. Funds are transfened arhfbually as awttd by the members of the CongrEgation Ltad¢rship T¢am. Ap05toli¢ work ThrOugh￿t the year, and in acc(th with tr*ir &poAolie wo￿. Si#ers 8ive Iheir lime to assist ihe poor and marginaliscd and th05¢ in D¢¢d. Sist¢rs le￿1ve no finan¢ial reward for this Work. which contribut¢5 10 th¢ overnll 4¢hitvemtnl of the ChariWs obicctives. In addition, rn¢mb¢r5 aT¢ involvcd in ￿MiniStering the work of th¢ Con8re8ation And Charity., withtyji Ihis contribution. the Charity would nfA be able io function as eff￿tIVelY or fully as it During th¢ year, th¢ arus irt whi¢h members of ihe Congr¢wion yve theirtime fin￿ellI reward included.. woth, includin8 takin8 Communion to the h￿Se￿ftd and io those in ￿sidential home5: general pan5h work: Trinitas UK ￿minIStA110n.' voluniary work for many ￿er Cffsani￿IoTrS and ch￿ltieS ts d&ail¢d fvrther M wthin this report. li is ¢#1M￿ed time spent on lhese9p￿ollc aaivities was more Ihan 10.IJ)) hou Proteetlon of Adults At Rhk Along with all other orB¥ni$4tions who serve in ihe eommunity. the TrU￿ceS Tecognise the Jbsolule neeessity of en5urin th¢ prot#tion artd safety of all those the Charity seThes. This Means lha¢ a]1 Sistets who are in any kind of ministry in England artd Wales obthin cleardnce from ihe Disclosu￿ Barring SeTviec. The TNstees are committed to implemeniing all ￿lIcI¢S and pr(Yxdur¢s of the Religi(￿9 Life Safe8uarding Service and Catholic Saf¢gyardin8 Standards Authoriry and hav¢ a named cLH)rdinator to cnsure th￿ this hapws, The Trn*e¢& th¢ CTrQTdinator and st&ff und¢rtake Ifdining and are kept ttpdaied regarding any legislation. Dooatlons support of w15$1onary ￿rk *ttd mintstry Donations ond other payments in Syp1￿ of mis51(m￿ ar￿ ministy are decisw on by the Tntstees in consultation with oiher members of th¢ Con8rcgation as appropwiaie. Whi15t th¢ TnLSt¢C$ 8ive ctcasionai 5UWOrt to unl¢￿ Kingdom or8ani5ations Wh￿ wcrfk is wihin ihe object5 of the Charity, the Charity doe5 not regard itsclf a5 a m•king eniity and applic*i¢Mts for grattts and donations are noi invited. SISTERS OF CHARrrY OF OiJR LADY OF EVRON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Investment poli¢y The Charity's investments ar¢ rnanaged by Rathbone5, Cazenove Capithl Mana8ement and by Wavuton Investment Management Limited. There aTe no restrictions ffi thc ChJrity5 tM)wer to inv¢#. The investment p)licy is set by the TnJ#ee5 and ¢(￿SiderS the liquidity which enable the Charity's (A)jectives, the Trus1e¢s' attittLd¢ to risk. and ahic41 and sociaily re5w1n￿bI¢ invesling crit¢Ti4 th¢ Invts1mcnt Mana8¢T5' ewson ihe investments, market. Investment Managers are appointoj to manage on a diserth'onsry b&%1$. The mandates Tequire a balartc￿ and diversified approach combining income reNrns with real capital Erow¢h ovtr Ihe medium io long-temi whils¢ following the Charity'5 ethical policy. However. the Truste¢s recwise ihat Ihe diversified na￿Te of many companieg xtivitie5 mw5 Ih#i within th¢ir 10t￿ op¢r41ions th¢re may ￿ Sm￿1 areas io which ihe Trumees might obj¢¢t. For praetieal reasort4 the TNMees wcwld not object if not more than 5/• of a group's profji is d¢riv¢d from prohibited actLVities. Purpost of I￿Vestment% The funds possessed by ih¢ Charity enabl¢ it to out it5 Apo*olic Mission. The principal purpose of having investments is ￿ provide ihe income requir&J to cUi8&ions . brAh cuThi and fvtyr¢. Tht$e obli8ati(￿s include.. the"So]id8rity Fund" for the third world rni55i(#)sof the Conrnion. the welfare of the older Si5t¢r5 of the CongT¢wion who liv¢ in Fr￿￿¢,. the ¢are of th¢ sick aThd older Sistry50f Trinit&s UL. the forrnalion of Siaers. prov15ion of 5Uitablc property and i¢S onBoin8 mainienance. hcr ¢xpendiiure nttessary for fiJlfillin8 the Charity's chan'lablc obje¢tiv¢s. SISTERS OF CHARITY OF OiIR IADY OF EVRON REPORT OFTHE TRusfEES FOR THE YTr AR ENDED 31 DECEMBER 2023 Socially Responsible lttyuilng The Trnstees seek io in eomp*Aits tb%t are sotifilty dhi¢ally respotisible *Thl wbicb ll￿ke * positive tontribution to society. *thl wbielb ettg4e in •tlivittu such pr(Killrt5 and services th* are of long-terni benefit toth¢¢ommuDIty" conservation of energy and natyral re50uTces" enviromnental improvements and polluti￿ control: high ernploy¢¢ w¢lfare 5widards.' Tespe¢i forthe sancitty of human lif trwaT¢n¢y regarth'ng xtiviiie The Trustees setk to r¢fr•iD from d¢•ling ¢(Jmp￿ieS that Ire eLga8ed in: tr*Jing with cwressive regimes and countries with p(whuman rights r￿Ord4' unne¢essary exploiiaiion of anim￿5,. cnvironmentally damaging practi pr)rnography and the exploitation of worn human traffickn"n& genetic en￿neerIn% abortion aThJ embryonic reseaT¢h. ii)bacco prrylu¢t1(￿. gambling. Given the global n*ur¢ of E4L5in¢55 and the fingn¢iat m¥kds in the world it is ditTJ¢ult Iways to match these aim5 with the procedures of each company. However. regular meetings are held wsth the investment Managers to rewew the Charitys investments aKainst the Charity's ￿11¢Y of involvonetlt in the WdTityJS companies. The Tnts￿e$ e￿(￿jrage the investm￿1 manager5 ￿ foster T¢¥￿5]ble cort*)N¢ Ixhaviour. by consulung with ihe (harity prior to involvem¢nt in 155u¢s which may b¢of &hical cotLcenL SISTERS OF CHARrfY OF OUR LADY OF EVRON REPORT OF TUE TRusfEES FOR THE AR ENDED 31 DECEMBER 2023 ACH1EvEh￿NT AND PERFORMANCE Re￿￿¥ of adiiitles The following paragraphs outlin¢ th¢ main xhievemerKs dwing the year in each ofthe Charitys prin¢ipal ¥tiviti¢s. mem Throughout the y¢ar ih¢ Charity continud to assi# members 0fTrini￿ UK in their eharitable and religiws work. One member of the Congregation wa5 cared for in a nursing home run by an organisation with a Christian dho& whilst the Chariry enabled oiher members to work and volunteer in thcir choscn rninistry. As prtviously ststed, it ts a great joy to have a puoose-buili commuthity hojse where five of our o]der Sisters live oui their TetlTernent in eomkn, th¢y have a¢tt$5 to all they Tojuire and #aff to assisi ihem. Trinitas UK has a M(￿ obliwion to suppM our dderly Sisi¢n Ltt th¢ Mdhe¥ H¢rtts¢ th¢ G¢n¢rnl Administr¥tion in France and has pledged up 10 £IO.(KKI annually to their ned. Throughout the yeAr. Siaers continued to etrry various foms of ￿7&[ and ptstoral WOTk in order to fulfil their individual ministries. This work enables the Charity to rexh out 10 those in need within $￿Iety generally and benefit 8 very significant number of pecple. Case Studej from lome oltbe Rel*h)¥s Slsttrs tsote tb*t knve betn ebath8ed) Case Strjdy I.. Sorne aspects of my work as a Parish Sister in a rerncle part of North Wai¢s whue there is no Catholie 5ehLX)l and the Prie51 hts two Parishes 10 Iwk after eoverinB a arca from thc end of thc Llyn Peninsula 10 the bottom of Snowdonl My work consi￿$ mairtly in catechising the C8ihdic Children. This irKludes pr¢pariThg ihe paT¢n15 for their chi1￿ChIldren'S Baplism., Sacramenial preparation (Baptism, FI￿ Conf¢55ion, FIT* Communion through Conftnnaiion; Marria8¢ preparation and Fonn, Filling Prq)arin8 the Service dc: on80in8 Chri￿lan Forn)ation whi¢h takes place sometimes irt the children's homes, (which ￿tailS quiie a lot of rr•v¢lling) or in A small room in the Church. Becaus¢ I lake ihe Ln5mKlion in ihe ¢hildT¢n's hom¢ tk ptr¢nts alg) bmefii from'a refreshef ￿rSe. Case s￿dY 2.. My othu work cOn￿Sts in being available lo the Pari$hicmers in this F4rt of t￿ Pari*L &4 the regdent priest lives thirteen miles away. Hence. I pm ¢he fir￿ port of ull for someix>Jy ￿th i prc*•lem: for a sick Parishlor￿r ￿ home or in H05Pital (whi¢h is thiTty milt$ away in Bangor) or Wh￿ somebcdy dies in this area of the P￿Sh. Then I ¢ry to help the family with their bereavement and the pfq)a￿1C￿ for the Funerai Servi¢¢. Reetntly an eld¢y]y lady lo￿ her husband and h¥0 son$ and h&8 no relative in Wales. She is now in a NuT5ing Horn¢ I visil htt i)n a r4ular basis. l am oflen called upon to lake ihe SeNce at the Crematwiym for Caiholics and non C*holics (which is thirry Mil￿ away). In th¢ absence of the Parish Priest I lake the Morning Service here. I wsii and tsk¢ Holy Communion to the siek in iheir homes in this pjrt of the Parish as ihe Parish Priesi wot phy$icaJly visil them on any regularbasis. There are al(X of elikrly pcople in the area who have no religjous 8ffiliation but often requem that I visit aThl chat with. SISTERS OF CHARITY OF OUR LADY OF EVRON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 IDvestment perfornfttttt The ￿￿O￿nanCe of the tnve5rmeni Portfolio and the ChoTitYs Inv¢5tmcn¢ Strtw ￿ monitOT¢d by the Independent Strategic and Financi￿ Advi5¢r, who repC¥￿ regulaTiy io ihe Tnjstees. The TNMees dso mttt wth the investmerht managers on a regular b&%is to ensure that they are following the C1wi¢Ys invesTh)eni sNegy and ￿ review their ptrfornancc, with the a55i5tance of ihe Inde￿de1)I Stratw'e and Financial Adviser. Investrntnt valu¢s rose in 2023 with 8ains of around £105k. Investm￿ at the year-end are at a lower value than they were ai the end of 2022 duc to di5P)5als ￿rIng the year. The Tn￿e£S are conimt that their invesunents conlinue satisf¥rorily 10 5uppon the Charity's objeciive Covid-l9 Noiwith51anding the serious ¢hallen8es presented by Covid-19, the Trustees considtt, 8iven the str*e8ies that ihey have irnpl¢m¢nt¢d ro deal wilh The siwaiion, that ihe Ch￿Ily'S wabiliry has ncrf been threatened. Fin#thti*l review During 2023 total incoming resouttts amounied ro £356261 (2022: £352,552). Of the incoming Te50UTC¢4 a total of £3,640 {2022.. £2,319) w&s rt¢eived by way of d(yWioThs #nd Iyies. In¥eth￿l income interest receivable totalled £158.948 (2022.. £162.065). ResOU￿e$ expend￿1 to genu*¢ inwme and to enabl¢ objectives of the Charity to be me£ totalled £628.931 compared to £569,793 in 2022. Of this total. expendiDJre on strategy and governan¢¢, including the fe¢5 paid to the Charity's investsneni mana8ers and audiwrs, gmountrd to£lOI241 (2￿22. £93.69)). Net yin$on investrnents the yetr to £106.on (2022 hss: £5￿.9141 Net re50urtt5 expentsj th¢ year were £166,598 (2022.. £718,155). The Tru5t¢¢5 are ￿l$fIed th￿ all of the Charitls are sthte41 irt ihe swement of financial position in accordan¢¢ with tht Charivs Accountin8 p)liaes as swed on pages 19 to 21. The re￿tr will disrern from ihe foregoing th* Charity c￿1¢5 Out ¥ divtTse of TLiivities gnd is respon￿b[c foT care and support of Sisters whos¢ av¢rag¢ age 15 increasing and whosc are changing. A¢coTdingly, th¢ Tru51 have designaled r¢s¢rve5 for.. retirement,. and, the carc #nd SUPPDrt of SislUS Iti their mis5i¢ffi &tivities. In a88reye at the statement of financial Jy)silion date. these designaled reserves arnolmted ￿ £4.140.020. In wJditLon, £2201.351 of ihe iotd reserves is fryTes￿l by prrycrti¢s and fiX￿re$ which are essentid for the wpport and work of the Siius. FTe¢ res¢rv¢s ￿ at 31 Decembff 2023 are thu5 £98,501. Th¢ Tru*eeg 8re ￿l$fIed thaL &Yven the n#ur¢ of the Charity's work its commitment% this r¢pr¢5¢nts an adquate level of free re5eTve SISTERS OF cHAR￿y OF OUR LADY OF EVRON REPORT OF TItE TRUSTELS FOR THE YEAR ENDED 31 DECEMBER 2023 Futhr¢ pl The Tnjsttts are torttinuing to work with PTof¢55ionai in order 10 maximise the PTc¢e•Js of the disposal of the rixed assas in orderthat gjch ￿lIS￿l0n$ c4n be used forthe gwai obje¢tiV¢s of th¢ Charity. It is the TTUSte¢¢ IrtientiC￿ io C(YLtinue to mttt the following rknit£tive5.' tocart forthe Sistcrs and cnablc them to cany ￿t their p*stual and ministry. will continu¢ to given to assiming and caring for ihe elderfy. deaf peLyl< those in spiritual nee4J. the and the marginaliscd and Te4chin8 Out to many peryle as FQ55ible. to support ihe elderly Sisters in the Mother House and the Gtnernl Adrninisirnlion itt Frnnce. to 5UPPOrt th¢ Congr¢gwion'$ work in Peru and Afiica. 10 rnoniiorthe needs of the Sisi¢rs grow oldcT and. if T￿¢s5￿ry, *1 ¢he Charity's plans in resptcl of property needs and the prnvision of eare to oidtt memb Employeu and members of ihe CoDgregitlo Th¢ TnJste¢s wish to recorf Iheir rwnilim of the prof¢4ionalisYn and commitment of all their s¢aff and the individual members of the Congr¢Balion. Their dedic*ion and posiiive appr￿h are very m￿h.4)pr￿1￿Led. We invite staff 10 trainin8 days io update tkn (ffi issues relevant to iheir area of work and also i5su¢$ r¢lAt¢d to safeguarding and corr¢¢t prr*•JuT¢s in lin¢ wilh 4YLr poli¢i¢s. STRUCTURE, GOVERNANCE A]¥D MANAGEME Governance In tem15 of Canon Law. the Cryewion is governed * an Int¢mwi(xwl l¢v¢l by the s1￿cr electeAI ￿ Con8re8alional Lead¢r along with a team of thTte others who are dso elttted ￿ the Genernl Chawer every fJv¢ years. This General Chapter or m￿1Th8 has, as its ￿Presen￿lives, members fmm ￿] r4rions of th¢ Congregation. The last Genernl Chapter took place in Augu* 2022. The Trini￿ UK area 15 Koverr￿j by a Team of five SiA¢rs (the c￿ord]r￿1nI Team) alon8 with Regional L￿der. The Regional Leader 1$ 8]$0 an Assistant on the Congrt8ational Le*krship Team. Fwr speeiali# areas have been id¢ntified &% vita] for the wellbein8, mission and of TriThilas UL. Holisii¢ Core. Mi55ion and Spirituality Fornwion Financial St¢waTd$hip Th¢ Congrtsational Le*r makes an official viyt to Trinits5 UK 3t leaa every five years. In trns of Civil Law the Charity is governed by a Tn￿ Deed dated 30 Deeember 1966 (as amendd in 2¢X18) and is a Rtgisiered Charity - Charity Rw51Tation Number 251267. The TTu#ee tKdy w35 ineoTwrated ut)der Part VU of The Charities Act 1993 and the CeTtifi¢ate of In￿r￿NIon was issued a50f ihat da￿. The Tn￿CeS of Ihe Charity w¢.. l. the Regional Leader li￿n8 in Ui. 2. Trinitas UK BursaT,' 3. two members of the CothordinatingTearn' 4. and a member of the finJnrx grryip. All Trustees are members of the Congregation. have a dctwl•J kTh)wl&lge of the work of thc CongTegaiion and of its structure. On bein8 aP￿inted. nrw Trustees are TtyUiTed to speThd Or￿ fvll day With those Tryst￿$ leaving offic< and the Trustce5 a150 avail of irnining days. Thcy a150 mcct with the Trinitas UK legal. ￿)UntIn￿ investment and propery ￿VISers. toobtw'n a full briefing of their andth¢ cI￿l￿$ pwtion. Thc narnes of the T￿￿¢¢$ who suv¢d during the year are as &*rt of th¢ relerettt and thinistr*iv¢ details on page 15 of ihis a[￿Ul1 Tep(xt stsrERS OF CHARrrY OF OUR iADY OF EVRON REPOttr OF THE TRu￿EEs FOR THE IEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERf4ANCE AND14fANAGEME Strncture and Minagemertt rtporting The Tru5tccs are uliimaiely respcffisible for the policie4 Xtivities and a5sds of the Charity. They meet quarterly io Teview developments re8arding iht CTharity artd ils adimtics and make any Irn￿rtant decision5. When necessary, the Tru￿￿5 seek *lvice and yjpport frorn the Charity5 professional &lvisus including propw ¢onsultant& inyesttnent rrtanager5, solicitOTS and ￿¢￿￿ants. The day-ttsday rnanagcmcnt of the Charity'5 Xtivitie5. atld the implementation of policies, is delegated to th¢ appropriate memkn of the Congregation or sthior ￿ttff. Trinitss UK comprise5 16 Si5LU5 who live in six diffutht h￿5¢& Five of the cornmunity houses are situated in the North we￿ of England and one is situated in North Wale5. Th¢ comrnunity houses we in ihose areas of towns and citie5 where it is believed that the Sisters can pwvide the most help to the prK>r and rnargina]i5ed. Often the5¢ arAs 4T¢ Socially deprived area5 d¢sperat¢ly in nthlof the ¢ar¢ and p￿ra] w(¥k I￿ri￿A ojt by the Sistei Working witb other org#n￿ation3 The Sistets pcrfonll IhcLT ap05tolic dulles for uternal chaTitics and wblic I￿lieS which provide care to the vulnernble. the elderly, children, the deaf and all those in any ¢ir¢umsuntt of dwrivation. whil￿ tsvo Sisters wrrc cmployed dursng 2023, most Sisters had an infornal relatjon5hip with charirable organiwions. In ail ca%% working tog£iher with oth charities and public bodies enhances Communication and unde￿[￿lIn& enablin8 Strviccs to k provided rnOTe efficiently and avoiding duplication of effort. Examples of th¢ org•)isations for whi¢h memb¢rs hav¢ work¢d and with which the Charity h&s cooperated during the year are as follows: CaTita5. Di(*ese of Salf(xd Roman Catholic th"(tests of Saifort Shrewsbury. WreAham Saint Joseph's Missi¢x¢ io Deaf People Charity Catholic Dgf Asswialion of Great Britsin and Irelaryl Risk m8n8gement In line wilh the wuilement for Tn￿e$ to undertak¢ a risk as5essm¢rt ￿￿15¢ and rcrA)rt on thc 5amc in their annual rq)ort, the Ttustees have miewed the current and futu￿ risks the Cwion. The Truslees have identificd five main areas where risks may ¢Kcur. Governance and rnana looks at the risk of ihe Congfega¢iThL and hence ￿ Charity, suff¢Ting from a lack of directioo ai the Skill s and trnining of it5 members and #aff, ar￿ the 8(xyJ use of tts Tes(yJrces. Q￿OLL￿1 looks at the ri5k5 inherent in the Charitys aCtiwtie& yJ¢h as members engaging in iD8ppropriate activities, the unsuitability of buildings FOY Mainl￿an¢¢, shortcomings in th¢ 5ervice5 provid& ditriculties wilh statT. p)or healih and saf¢ry, lack of a disasier r￿0Very tKTrlity, ei¢. Financial risks includ¢ those arising as a resuk of w I￿1&C￿ry contyc4, inappropriate ytxling, 1x￿r accounting, inappropriate inve#ment wlicie& d¢. looks at tM)ssible damage w the Congreg￿lon.$ an(Vor Charitys ryiation. aw lations ￿￿ental l(M)ks at the eff￿ of governert policies, the wnsqLtence5 of non-¢omplianc¢ with laws 8t￿ regulations and poor risk assessment. Having assessed the major risk5 to which the Chan"ty is uposal. the Tnw¢es thelieve that by mtsnitc*ing reseNe level5, cnsuring controls exist over key finartciai systems and examining thc orthtional and Imsiness risk5 by the Charity, effective Sy$￿S have t*¢n emblishcd to rnit1￿c the risks ideniifirjl. REFERENCE AND ADI￿VNISTRATlv￿ DETAIIS R¢gister¢d Ch8rity #umber 251267 Prlncip*l #ddress 36 P￿￿field C¢)urt Kensiwon Stte WhTtcfield ManclKrtcr M45 6FH sisrEILS OF CHARITY OFOUR LADY OF EVRON REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2(123 Trnstees M A Considine M A Mccrcady C Kelly L Gilbcy P M Hu8hc3 Audito DJH Audit Limttrjj Accounianis Stoiutory Audiio Th¢ Exch8ng¢ 5 Bank Street Bury BL9 ODN B4nk¢rs National westmlrt￿Cr Bartk PIC 10 Great UndeTbank Stockport Cheshire SKI ILL Other B*nktrs Scottish Widows Bank plc PB Box 12757 67 Morrison Stre¢¢ EdinbuT8h EH3 8YJ HSBC Bank plc 23 Allerton Road Mosslry Hill Liverp)ol L182DA Epworth Inv¢5tment Management Ltd 9 Bonhill Street London EC2A 4PE Solicitort Wornble Bond tAckingon One Trinity Broad Chare Newca￿1¢ upon Trne NEI 2HF I￿V￿tment M*D•8ers thbones Br￿h￿S PIC 8 Finsbury Cirvjs London EC2M 7AZ CCLA Fund Managers LiMi￿d PO Box 12892 Dunmow, Ess¢X CM6 9DL Waverton Investm¢nt M¥nag¢ment I 16 Babm¥s Street London SWIY6AH IndependeDt Str*tQ8le *tsd FIDill¢lal Advlxr Tim OBrien B Com FCA Omimum Support 60 Si Martin's Lane London WC2N 4JS io sIsrERS OF cHAR￿y OF OUR LADYOF EVRON BIPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2011 STATEMENf OF TRUSTEES. RESPONSIBItJTIES Th¢ Ttv￿c¢S are rwonsible for prcparing the Report of th¢ Trust¢¢5 and the fJnan¢iai 51ataD¢nts in accordance with applicable law and United Kingd￿ A¢c(rtJniing Standards(Uniicd ￿"ngdoM Gent￿lY Accepted Acc(yJntin8 PTacticc}. The law applicable to chariti.es in EnElaTKI and Wale4 the (￿ritieS Aet 2011. Tharity {AcuM]nts and Report5) Regulation$ 2(X18 and th¢ provision5 of the Trua Dee41 ￿Ul¢e5 ihe Ttustees to Prepare financial statements for each fLnancia] year which give a true and fair vi¢w of the Swe of affair5 of the Chariry and of th¢ incoming r¢sottr￿ and applicaiion of resource& including the inu)me and expenditure. of th Chartty for perityj. In prwaring those financial Strate[neT￿4 the Truslee5 ar¢ required to - sel￿t 5Uitabl¢ accounting policies and then apply them con5$4enily: - observe the meihryts and principle5 in the Chariry SORP,. - make judgeThcnts and estimates that arr rca50nablc and pnLdenL - state whaher appIl￿ble acC￿01iThg #andards have follow¢4 subject to any matcrial (kparture5 disc105ed and explained in the fjnancial 5talements,' - Prepare the firwicial statements on the going concern basis unless it is inappropriaie lo presum¢ that th¢ Charity will Continue in business. The Tnjstees are responsible for keeping proper accounting rttords which dis¢lose with reasonable accuracy #t any time the financial position of the Charity and to enable them to ensure that the financial sratements comply wilh the CbaTities Act 2011, the Charity {Accounts and Rewts) Regul*ions 2¢xI8 and the PTOWS1¢)ns of the trua deed. They are also rwonsible for safeguarding tlK assds of th¢ Chwity kn¢¢ for taking re￿[babIe sws for the prevention and ddection of fraud and oth¢r iTrw]arities. Approved by order of the boafd of tNste¢s OD .. and signtsl on its behalf by: M A Considine- TNste¢ REpoirr OF THE INDEPENDENT AiJDTTORS TO THE TRiFSfEES OF SISTE1￿ OF CHARfTY OF OUR LADY OF EVRON o￿TrI04 We have auditul th¢ fina￿la1 statements of Sisters of Ch&ity of L￿r L•ty of Evn)n 'charity) for the year endoj 31 Deccmbcr 2023 which comprise the Statement of Financial Activiti4 the Statement of Fina￿18[ Position, th¢ Sratement of Cash Flows and TWtes to the financi￿ statement5, including a summary of significant accounting poIicLes. The financial rq)orting framework ihat has tten appliuj in their prwation is applicable law and United K]"ngdom ACC￿nting Standards (United Kingdom Genually Acce￿￿ Acc{x￿nt)g P￿1￿). tn ouropinion the financial ststemenis.. give a true and fair vi¢w of the State of th¢ charity5 affair5 a5 * 31 D¢¢unbu 2023 and of its incomirtg resources and application of re￿xIrce$. for the year thtn ended; have been properly prepar&1 in xcordance wilh Uniioj Kingdom Generally Acc(XLThtin& Practice,. and have been prcpared in accordance with the rtqUiTcments of the Charities Act 2011. Bssis for opinio We conducted our audit in ￿￿TdaT￿¢ with Internatic￿ S¢aThlths ¢xt Auditing IUK) (ISA8 (UK)) and applicable law. Our r¢sponsibilitkes under those 5tandard5 arc furthcr described kn the Audi￿￿ Tesponsibiliti¢5 for the audit of the financial Statements section of our rep￿. We are indewhleni of the chatity in a¢crydaThce with the ethical rcquirements that are relevant to our audit of the financial sty¢ment5 in the UK including the FRCS Ethical Standarf and we hav¢ fulfilled our other dhical respon5ibiliti¢5 in xcordanct with these requiremcnts. We believe ihai the audii eviden¢¢ we have O￿aIned i5 sufficient and appropriate to provide a ba￿"$ fortyjr opinion. Conclusions relating to going ¢o*¢ern In auditing the finarttial nt¢ment5, we have concludrd that the tru#ee¢ use of the going concern bsis of accounting in the prepar*ion of the financial st&em￿ts is appropri*e. Basod on rh¢ work we have perfoTtned. we have ￿ identifid amy material uDc¢rtainties telating to evenis or Conditions that. individually or colleciively. may ¢& Si￿lfi￿t dwbt on the chan.￿$ abilKty ¢0 continu¢ as a goin8 concern for a period of ai least twelve monihs from when th¢ fi]]antiai statemenL% are authorisfAI for issu¢. Our re5ponsibilt¢i¢5 and the reW￿lbilitLes of the with re5TKL# to going cortcern dc5cribed in the relevant Secti¢￿$ of this rew. Other informAtIoD The tnisiees are responsible for the c4her infomation. The other infornjation comprises th¢ inforniation iTKludoJ in the Annual Repor4 othcT than the financial ststements and our Rep￿ of the tndepend¢nt AudIt￿S ihemn. Our opinion on the financial statements does n¢X cover the other inf0m1￿70t) and, ¢xW to the extent ¢xhen¥i5¢ explicitly slated in ¢JJr rep)rL we do noi ¢xpress any form of atyJrnnce conclu&on thereon. In connection wth tyjr audit of the financial ststemeTtt% re4Kmsibility 15 lo r¢ad the other information and, in doing so, consider whdher the other infortnation i% [nateri￿lY inconsi#ent with the financial #at¢ments or our knowledge obtsined in the audit or otherwig appears to be materially miswted. If wc id￿tIfy wch material in¢onsistet)Ci¢5 or apparenl material mis#*ement4 we are rffjuired io deternjine whdhcr this gives rise to a material mis5taiement in the rinancial 5ts1¢m¢nts themselves. If. b&s¢d on the work we have perforrned. we c￿clude that there is a matetial mi5Statement of this txher infonnalion, wc aTt tequired to re[￿ fact. We have nthing tts Fep(brt in ihis regard. M8rters ort whi¢h we *re required io report by exteptioD We hav¢ nothin8 to Tepm in respxt of thc following matter5 whff¢ thc Charities {Acrywnts RepMs) Rwl*ions 2(M)8 requircs us to report io Y￿ if, in tyjr wnion: the infomiatj(ffl giveti irt the Rwt of the Trustees is inconsis1ent in any matuial respect with the financial smements. or sufficient a¢¢ounting recr￿d5 have not been k￿. or the financi8] statements are not in agleemeni with ihe XCOWLting re¢cds atbj rcbjrns; or we have not received all ihe infornjation and explan*ions we rqUi￿ for tyjr audit. 12 REPORT OF THE INDEPENDEKT AUDrroRS TO THE TRusfEES OF SISTERS OF CHARITY OF OUR LADY OF EVRON ReSpO￿ltsI11t1el of tnuteej As explained morc fully ITh the Statement of TNslc¢< Rewybiliti¢5. thc truts Jr¢ r¢stK)nsibl¢ for th¢ preparation of the financial statemenis whith wve a aThJ fair view, and for ￿ch inttmal tontrol as the trustees detemiine is n￿eSsary io enable Ihe preparation of financial stsiements that are free from material mi￿￿eMent. whdher due io fraud or error. tn preparing the financial *ateMen￿ the trustee5 aye wible for asseffjng the Charitys ability to ¢ontinu¢ &$ 8 going con¢¢rn, dis¢losiDg, as applicable, mattcr5 related to going ￿¢crn and using the going concern basis of accounting unless the trustees eittler intend to liquidate the charity or ¢0 ce&Y OF*ration% or ha￿ no T￿lstiC gi*rnative but to do Our respon3ibililiu for th¢ *udlt of ¢ht %t*teIiie￿ty We have been appointed as auditors under Se¢iion 144 of Chariti¢5 A¢t 2011 and rcwrt in &cordance with the Ad And relevant regul￿lOns having effxt thereuDd¢r. T objKtiv¢s are to olxain reasonable assurnnce alh)Ji whdher ihe fina￿1￿[ 5taierncThts a whole are free from material MI￿1￿cmeni. whaher due io fraud or error. and to issue a Rcport of thc IndqMthni Audiiors that include5 our opinion. Reasonable IssuTrn￿ is a high levcl of asgjrance. but ts a guaraniee ihai an audii ¢onducted in accordance with ISAS IUKI will oiways d¢tect a matcfial missiaiemeni Wh￿ it exi*s. Misgat¢m¢nt5 arist from fraud or error and are considered mateTi•I if. individually or in the a8gr¢8at¢. they could reasonably be expxied ¢0 influenet the economic decisionsof user5 tsken on th¢ bxsi$ of ihese flnanuai swemen The extenl lo whi¢h ￿r pr(t¢du￿5 are capableof d¢t¢tin8 trregularitie4 including fraud is d¢t•iled below.. As part of ￿Jr planning p￿¢￿5.. W¢ ¢wuired of management the systems and ￿ntrOl$ thc charity has in plac4 the area5 of the financial statements thai are M￿lY sus¢¢ptibl¢ to Ihc risk of irre8ularilies and fraud, and wh#hcr there w&$ any known, specled or alleg¢d fraud. The charity did n¢X inform us of any knowm, su$pecied or alleged fraud. We obtwned an under5tandin8 of ihe legai and regulaw frnme￿ 4pplie&ble to ihecharity. We deternined that the Charitics SORP (FRS 102) mom r¢l¢vant. We cortsidered the in¢enliv¢s and opportunities that in the tharity, ineluding the exieni of m8nag¢m¢nt bi4 which PTes¢nt a pot¢ntiil for irre8ularilies fr•Ld to be wpetua*d, and thilored our risk assessm￿1 Qrdingly. Using our knowled8e of ihe charity, togdhttwiih the di￿￿5510n5 held with the charity ai ihe pl￿ning stAge. we fomied a Conclusion on Iht risk of misswemeni du¢ to irr¢gulzritLes Ln¢ludin8 frwd Ind tailored our Pt￿edur¢S xcording to ihis risk assessment. The k¢y procedures we undeJ¢kxik to defe￿ irre8ularitie5 i￿luding flaud ￿rin¥ ihe c￿r$¢ of the audit Includ￿.. Identifying and testingjoumal entrie& in p3rti¢ular those that were significani and unusual. Reviewing Ihe financial sthiement di%losures and ddem)ining whether a¢￿MIE￿ wslicies ￿ve b appropriatcly applied. Reviewing and ¢hall¢nging the assump¢ions and judgemettts used by manageAnenl in their significant accounting estimate5, in particular in relation to estimatin8 the useful economic lift of an asset and its residu￿ value. A55es5ing the extent of compliance. or lack of, wilh ih¢ r¢levant laws and regul*ions in parti¢ularthox that are entral to the eniiiies ability to continue in (gerdtion. Testing key income lines for evidence of management bi￿. Ob¢wning third-parry confirmation of m&uial bank and Inve￿ma)i balanc rkjcumenting and verifyin8 all significant rclattsj party balance5 and tranwtion Rewewing third party dc¢umen¢ation and correspondence for dI￿u5510ns of iTregul8riti¢s including fraud. Owing to ihe inherent limitati￿$ of an audii. thcrr 15 an unavoidable risk that we may not hav¢ d￿ed some material missiatemen15 in the fiD#n¢ial statements cvcn th(￿gh we have PTcpcrly and ￿rfO￿led our audit in ¥¢(￿danCe with auditing standard5. The primary rcsponsibility frx the prevention and d¢te¢tii)n of irrc8iilaritie5 and fraud rests with the INst¢e5 of the charity. A further d¢ScriF￿0￿ of our Te5Fwsibilities for th¢ #udit of ihe fimncial Aatunttlts is Ic¢*ed rn the Financial Rtpjrting Council's websiie at www.frc.oYg.ukJ?udittirmwbilitie5. Thi$ degcn.￿ioTr forns w of wr Rwrt of th¢ Indep￿t￿l AuditOTS. 13 REPORT OFTHE INDEPENDENT AUDrroiLS TO THE TRusfEES OF sisrERS OF CHARITY OF OUR LADY OF EVRON Uv of our r¢port This report is tn*k 501¢ly to the charity's tDJsie4 &8 a body, in ￿rdant¥ With Part 4 of th¢ ThaTiti¢s {Ac¢ount$ 4nd Reports) Regulations 2Q)8. Our audit work ha5 undertaken so ih& we might state io the chaTity'S trustees those matiers we are required to state to them in an auditorg rwn and for no L%h¢r purpose. To ihe fiJl]e￿ exteni pemiiued by law, we do noi accept or assume responsibility to anyon¢ other th￿ t￿ tharity Jnd th¢ thatity'5 tTUSt¢e5 a5 a b￿Jy, for our audit wrrt forihi5 rem w for ihe opinions we have formtst DJH Audit Limited Accounianis Statutory Audit(xs The Exchan8e 5 Bank Str Bury BL9 ODN 24 October 2024 14 SISTEILS OF CHARtrY OF OUR LADY OF EVROIY STATEMENf OF FINANCIAL AcrivrriES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Tot41 2022 Totsl funds Unrestriciol ReAft"C￿￿ fijnds fimds INCOME AND ENDOWMENTS FROM )nations and legacies 2J19 Other income Lnvestmeni income 193,673 158948 193,673 158948 188,168 162.065 Total 356361 356361 352.552 ExPEND￿URE ON CharitRble *ctiTAtleJ Rar¢ais and forn)4ions Mission5 Office expenditure Motor and travel expendiluTe Donations and gifts Cart and supwrt of the Sistus ISJ93 IOJ59 73,020 42,041 15,733 339h54 IV93 IOJ59 73,020 42,041 15.733 339,654 3.570 16,800 53,730 41,589 24,081 304,093 SupFth ¢05ts 132WI 132531 125,930 ToiHI 62&9Jl 628,931 569,793 Net gain￿{1￿$$t$I on investments IfjA072 106,072 (500.914) NET INCOMEIIF.XPENDfTiJRE) Tr*nsferi between fundi 1166J98) {166,598) (718,155) 19 ($66,960) Iytt movement th fuDdi (5*966 {166J98) (718.155) RECONCILIATION OF FUNDS Totsl funds broyght foTWdrd 1)39JO4 475 7J24,630 TOTAL FUNDS CARRIED FORWARD 439*72 439077 6,606,475 Thc nrtes f(nn of thcge fina￿111 5t*m 15 SISTERS OF CHAR￿ OF OiJR IADY OF EVRON STATEME￿ OF Th ANCIAL POSITION 31 DECEMBER 2023 2023 Total funds 2022 Total nds VnrestriLxe4 fuT Restricted funds FIXED ASSETS Tangibl¢ ass¢ts tThve5tm¢nts 12 ij 2332h79 4,IM4J05 2332h79 4,(M4JOS 2,241,478 4.130.936 637 6376,984 6,372,414 CURRENT ASSETS Debtors Cash ￿ bank aThd in hand 14 52,069 147I#NI 51069 154381 41,301 282.254 7381 199 7381 2W50 323,555 CREDITORS Amwnts failing due within one year 134535} (7J76) {41011) (85,147) 164534 104539 238,408 TOTAL ASSETS LESS CURRENT LIABILITIES WI￿18 fi441S23 6,610,822 CREDITORS Amounts falling du¢ •fttr MO￿ than (the year 16 (1,6M) {1,646) (4,347) NET ASSETS 6,439,8n 6,439077 6.606,475 FUNDS Unrestricted ￿ndS.. General fijnd Retiremeni Reserv¢ Fund {desigfiated fund) Care and D¢v¢lopm¢nt Fund (design￿ed fund) 19 2399052 3J85,925 754,095 1,869,514 3,301,234 868,756 6,439072 6,039,504 Re51ricled fvnd$ 566.971 TOTAL FUNDS 439,877 6,606,475 The financial swements were 4)proved by ihe of Tw&¢¢s authori5ed for issue 1.4....Oe&kn.'2&•nd were sigKd on its b¢halfby.' M A Consi ine- Trwee The ￿￿¢$ f￿rn ofthtte finartci￿ ￿¢￿tI 16 SISTERS OFCHARrrY OF OUR IADY OF EVROIY STATSME1￿ OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2022 Notes Ca$h IIow5 from operating a¢¢1 Cash generated from op¢Nic￿$ Intere￿ paid Ji) (325 (120,934) (477) Nd cash used in operating *tivitLes (98.126> (12l.411) Cgsb fiows from thvutlog a¢tl Purchase of tangible fixed &sse15 Purcha5c of fixcd ¥sel investments Sale tsf tangiblc fixcd a55Ct5 Sale of fixcd as5Ct investm¢nts Int¢r¢5t rx¢iv¢d (79.421) (591011 (262,221) (826,632) 8,724 792,641 2,453 783,912 lJ87 N¢t ¢ash provid¢d byllysrd in) inv¢#ing aCti￿ties 114367 (285.0351 CA8h t70￿ from fln•ttdn8 1¢d￿tI¢l Capiial repayments in year Received froml{advan¢al lo) W￿ld18ry (2J49) (96,(th) (2,396) 7,430 N¢t cash (used inyprovided by fLnknein8 aetivities {98￿9) 5,034 Ch#ll8e lrt taih ind t￿b eq*lv*lents ID the reportin% perlod Cash ind equiV￿t￿ts •t the bt8innin¥ of ihe reportin8 perlod 182,408) (401,412) 638.101 Cash and c￿￿ eq￿l¥￿ents •¢ the eDd of the reportiog perlod 236,689 The note5 fonn part of tlw financial Sts￿ents 17 SISTERS OF CHARtrY OF OUR IADY OF EVRON NOTES TO THE STATEME￿[ OF CASH FLOWS FOR THE &TAR ENDED JI DECEMBER 2023 RECONCILIATION OF Nrf EXPENDrrU1￿ TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net expendIti￿e for th¢ r¢portiiig p¢iiod (w per th¢ s1*teme￿ of FiDADci81 Activities) Adjustments for: Depreciation charges {Gainllosses on invesimc4JlS lrtteresi received Intuest paid (Gain￿0$$ on disFThI of investments Decrcas&lincrea5e) in dcbtors I￿rease in ueditors (166598) (718,155) 88220 (104,756) (1587) 325 (714) 85232 67.066 s￿,914 (2.453) 477 24,464 (1.042) 7,795 Nrt ¢￿h ￿ed oper8tiwLS (97JOI) (120,934) ANALYSIS OF CASH AI¥D CASH EQiJIVAIrnS 2023 2022 Cash in hand NNi¢e deposits (le5$ than 3 montlts) Overdrafts included in bank loans and overdralts falling du¢ within year 135 154,146 235 282,019 (43,565) TO￿ e&sh and clth equivalents 154381 236,689 ANALYSIS OF CHANGES FUNDS At 1.1.23 Cash flow At31.12.23 P4¢t ¢a$h Cash at bank and in hand Bank overdrdft {127973) 45¥5 154281 {4556S) (SI4￿) 154381 Debt Finance leases (6￿96) 2J49 {4J47) (A896) 2￿49 14J47) Tot81 229,793 (79059) 149,934 The noies forni wt ofthEse financial #atcmcnts IB sisrERS OFCHARrrY OF OUR IADY OF EVRON NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 LEGAL STATUS Sistcts of Charity of Our Iady of Ern {￿lS1¢T$ of EvTDn-) a￿ the UK ann of the Trinitys Region ¢stablish¢d by The Congregation of the Sisters of Charity of Our W of Evn)n in 1682. The Charity is rc8ulated by the Charity Commission 5jnct rwstraiion on 16 February 1967. ACCOUNTING POLICIES Basis of prep￿l￿g the ststemeDts The financia] state￿ents of ihe Ch&ity. which is a public bertfit a)lity under FRS 102. have been prwed in accordance with lh¢ Chariries SORP (Fks 1021 'AccwntiThg and Rwrting by Charities.. Statemeni of Re¢(￿￿￿ended Pr&tice applicable to ¢han"ties preparing their accLwnis in a¢cordanc¢ with th¢ Finan¢ial Reporting Standard applIt￿le in ihe UK and Republic of I￿land (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 The Financia] Rwrting StarKEard ¥pli¢able in the UK and Republic of Ir¢land' and the Charities Act 2011. The financia] statemcnrs have been Prepared uTrder the historical c05t convention with thc exccpli(ffi of investhients which are inclutsl at market valu4 mLKlified by the revaIL￿tIon of certain assets. Sisters of Evron meets ihe defirtilion of a Publi¢ Brnefit Eniity fPBEJ as sd ￿J1 in FRS ILKI, and therefore apply the PBE Prefixed paTagraph5 in FRS 102. The financial #at¢m¢nts contain iThfornJation alxyjr Si#ets of Charity of (kn Lady of Evron &8 an individuat Charity and do not contain consolidatoj finan¢iaJ inforniatioD &$ the parent of a gmup. The company has taken the o￿lOn under section 139(2) of th¢ Charities Act 2011 to prepare consoiidat¢d finaneial ststemcnts. Th¢ Iinancial s￿emellts eombine the xcwnts of Sis1u5 of EvrDn and asscciated cornmuni1iC5 to 31 D￿ernber each year. After ¢onsidering the rolc of Sisters of Evron within the widcr community (desaibed on page5 1-1 l tsf the annuoi report), invc5tmcnt Ftrfomance & rdurn and risk managemeni the tN#ees have reas0T￿le expeaation that Sisters of Evron has adequate re￿[¢¢$ and cash flows to meet their 4)ending commimlents for the foreseeable futurc. Accordin8ly. they continue to adw the going o)TKun t*sis of ¥wunting in pr4)aring the financial statements. IDcoint All income is r¢wi5ed in th¢ Statemtht of Finan¢ial Activities oNe the charity h&5 cntitlcrnent to the fund& it is PTobabl¢that the income will t¢ [￿e1Ved and the amLNmt can be rneasurcd rdiably. ExpeDditur¢ Liabilities are reCogni￿d &s expenditure as scon as there is a legal w constrnctive obligation committing the Ch￿1ty io that ¢X￿nditurC. il ig probable that a trartsfer of eLonomic bcnefits wll be rse of each fvnd is indudtsl in I￿ Twxes to financial statements. Forel8n currencltj Monetary a55ets and liabililies in for¢1￿ ¢urrencies ve translawl into sterfing #t th¢ r*s of dxchan8e ruling ai th¢ slat¢menl of finarteial posilion d&e. Transxiions ID fI)rel￿ curreftcie5 are translated inio sterling at th¢ rntt of exchan8e Nling a( the dat¢ of trans*tion. Exchan8e differenc¢s ar¢ th into a¢cr￿n1 in arriving at th¢ OFwating result. Hlre purchase l¢•sth8 commltments Assets obtained under hire PUTchas¢ coniracts OT financt Ic&se5 aTr owta]1sd in thc Stalcmcnt of Financia] Positlon. Th¢)se held under hir¢ Purch￿ contraL15 arc dq>reci*ed over their C5timated use￿1 live5. Thos¢ h¢ld nder finan¢¢ lea￿ are dcpreciatcd overiheir esiimated u￿rUI lives orthe leasetemi, whichev¢r is shtsrter. The irtterest dement of thcse obligations is Cha￿￿￿ to the of Financial Actiwties over the rdevant peJiod. The capital Cl￿ellI of the fvnjre payments 15 fre*￿ &% a liability. Cash *ttd e*$b eqlllv•leTrts Cash and c&5h equivaIeTts include cash in hand detX>sits hdd at call with bank5 and (rther short tem) liquid investments with original maturitie5 of three motth or les& eontinutsl... SISTERS OF CllARtrY OF OUR LADY OF EVRON NOTES TO ThE FtNANCIAL sfATEMENfs. CODtinued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOiJNTING POLICIES. eoDtiDu¢d Cash and c¥h ¢quivai¢nts Financi￿ instruments The charity only entCTS into basic fitwicial in#ryrnents transaaions lh* resuli in the retogniiion of financial &sset5 and liabilities like trade and (thr acc￿nts recei￿able and paydble, l¢)3n5 from batjks and other third partics and loans to related partics. F]rwKi￿ &%sets that are mca5urtd at tost and amoTtised cost *e assessul at the eThJ of each rqKsMng period for objeciive emdence of imFMimitht. If objetlive cvidcTKC of impairncnt is f￿nd, an impairmcTht Ios5 Es rccwhsed in the Ir￿M¢ stalement. Section PBE34.90 to PBE34.97 of FRS 102 allows a PBE io Tecognise c(m¢¢ssion3ry loans at the arnount paidlreceived with subsqlltnt measurcmcnts beirg the c4nyin8 am(Mint ￿justed for any accrued intertst rtteivable orpayable. Basic financiai liabilities are initially rnea5￿ * tr•k5a¢tion prtc¢ aryl Subsequently measurtsl at arnortised cost. b¢ing th¢ transacti￿ price less any aM￿nIS sdtlbj. Crili¢41 aeeouotlllg estim4tes judgem¢Trts In th¢ application of the charity's accountin8 policie5, the ttustee5 arc rc4uiruJ 10 make es¢imat¢s and judgement5. The e51irnatcs arr based c￿ historical exput¢nces artd ￿her relevant fxtOT5. Actual rcsults may differ fiom these estimates. The estimates are ¢ontinually ev￿u&le￿1. ReVisIL￿ tttr atec￿nting estimates are in th¢ puiod in which th¢ ¢sIimat¢ ts revistAI. The estimates and assumptions which have a Si￿lficant risk of causing a material adjustm¢nt to the carrying amouni of a55ets and liabilities aTeiyJÈlined below'.- Estimahn8 the usefiLI economic life of an &sset and the anticipated Tesidual value in calculating an appropriate depreciation eharg& Dthrmine whdhu there are any indi￿015 olimpairnent of the Compan￿$ taThgible &8sets. DONATIONS AM) LEGACIFS 2023 2022 DonatiODS 2J19 OTHER INCOME 2023 2022 Covenanted itK(xne 193,673 188,168 21 c¢)ntirtu￿... SISTERS OF CHARrrY OF OUR LADY OF EVRON N(yfES TO TUE FINANCIAL STATEME1￿rS. ¢olltlnued FOR THE YEAR ENDED 31 DECEMBER 2023 VESTMENT ThCOME 2022 Dividends and inter¢st Bank inieTe5t 157J61 159.612 2.453 158948 I62,(￿5 Dirtct Retreais and fonnations Missions OtTi¢e ¢xpuHlitur¢ Motor and travel expcmiliture Donation5 and gifts Cgre a[￿ support of the Sisters 15A93 IOJ59 73.020 42,041 15.733 339,654 496,400 SUPPORT COSTS Governance Finance Totsis Other resources exwdal 29h97 1111341 132531 Support CO$￿ induded in the at*)vA are &q ftsllows: 2023 Other 2022 Toiai activities expended Bank ¢hargès Int¢rest payable and similarcharges Investment managers fe¢$ Auditors, remuneNioD Lega] f¢¢$ Sirategic and financial advice 1268 325 29,697 16,8 5,661 78,780 1,632 477 30.131 low) 13378 69,612 132WI 125930 22 tontinued... SISTERS OF CHARITY OF OUR LADY OF EVRON NOTLS TO ThE FINANCIAL STATEMEprtS. continued FOR THE ENDED 31 DECEMBER 2023 TRUSTEES, REhlUNERATION AND BENETrTrs Thcrc wer¢ no tTUStt¢s' remunerntion or other benefits for the year endcd 31 Deccrnbcr 2023 for thc year ended 31 DeLembts 2022. Trujtoes, expemeg The Six tm#ees are s1￿Cr$ of the congregation. As Si￿1￿ thty rtreive Care and support from the charity in their Tetirernent. in line with th¢ Charity5 mi55ioTr. This C4T¢ support is a ben¢fit lh￿ 15 rwxived for their rol¢ as a irustee and is equ￿ io the care and support rece4v•J by si￿¢ AFF COSTS 2023 2022 Wa8e5 and Salaries 56,131 45,088 56,131 45,088 The averd8e monthly number of employees during the y￿1 ¥$ ftsllt)WS". 2023 2022 Adminisiration and support No employees reexived emoluments in ￿¢¢5$ of£60,(NJ). io. COMPARATTVES FOR THE STATEP*lE1￿ OF FINANCIAL A￿[v[rIEs Unreffjided R¢5trid¢d fun¢ts furtds Toial fijnds INCOME AND ENDOWMENfs FROM Donations And le8acies 2.319 2,319 Other income Inv¢5tmcnt LllelYII¢ 188,168 161,985 188.168 162,065 80 Tot 352.472 352.552 EXPEND￿ ON Ch•rit•ble acflvili Rareals fonnati0Th5 Mi55ion5 otYi¢e exF¢nditure Motor and travel expendiNre Donaiions and gift$ Care support of the Sime 3,570 16.8 53,730 41.589 24.081 304,093 3,570 16.8LN) 53,730 41.589 24,081 304,093 Suppon eoms 125,930 125,930 Tof*l 569,793 569,793 Net gain￿(](55¢$) on inves¢maits 1500,914) (S￿,914) 23 tonÉhnued... SISTERS OF CIIARTfY OF 017R LADYOF EVRON NOTL8 TO THE FINANCtAL sfATEMETrtIS. continued FOR THE YEAR ENDED 31 DECEMBER 2011 COMPARATIVES FOR THE STATEMENT OF FINANCiAL ACTIVITIES.¢ontioued Unre5tiictoJ Re5thctcd fi￿d5 funds Total nd5 Nrr tNCOWXPENDrruRE) (718235) (718.155) RECONCILIATIOIY OF FUNDS Total funds brought forward 757.739 566,891 7J24,630 6,039,504 566.971 6.6&5.475 11. AUDITORS, REMUNERATION During the year TemutKration of£16,8(X) (2022: £10.8(Kl) Wds to the auditorsof the charity. 12. TANGIBLE FIXED ASSETS Fixtures Frtchold Leasehold property fitting5 At l January 2023 Additions Rttlassifjcation 595m2 1001151 79.421 J85,(XN) 197J82 (185,(M) At 31 Decelnber 21723 410m2 2,IJW72 197J82 DEPRECIATION At l January 2023 Charge for year Re¢la55ificatiorthansfer 117J95 {liJ23} 13,718) 134,(K*) 83318 3.718 141¥27 8J78 31 December2023 101*54 220336 149,SY)S NET BOOK VALUE At 31 Decemb￿ 2023 308238 IJ4S636 47,477 At 31 December 21Y22 4TI.697 .668,151 55,855 24 ¢ontinuul... SISTERS OF CHARTfY OF OUR LADY OF EVRON NOTES TO THE FINANCtAL STATEMENIS. ¢ontloue41 FOR THE YEAR ENDED JI DECEMBER 21n3 l2. TANGIBLE FIXED ASSETS- tontinued Mot vebi¢les Computer equipm￿1 TO￿1$ co At l January 2023 Addiiions Reclassification 12A750 7.180 2,728,SSS 79,421 At 31 Deccrnl%r 2023 7,180 2,807,976 DEPRECIATION At l January 2023 Charge for ye4r Reclassificationltransfer 86J75 8.447 7,180 487.077 8832 At 31 December 2023 422 7,180 5753yI NET BOOK VALUE At J l Dwernkr 2023 31328 2332,679 At 31 Dtt£mber 2022 39.775 2,241,478 Fre¢h(Ad propty c0Th5ists of two Pro￿leS in the following I￿atio￿.- Liverp¢y)I Porthmadog 285.C82 125.NJO 410.(P)2 The net I￿￿ value of *angibl¢ fixvAI a55eL8 includes £ 5.482 (2022 - £ 7J09 ) in respxt of assets hdd under hire purchase cOntr￿S. Shaffs in Listed inv¢#m¢ntS undcrtakn.ngs Totals At l January 2023 Additions Di5Tr0sals Revaluations 4,130,935 4.130,936 lJ42,752 AJ42,752 (1.534,139) {1S34.139) 104,7S6 104,756 At 31 Dc£crnber 2023 4WJ04 4JJ44J05 rqET BOOK VALUE At 31 Decembu 2023 4,IM4JH 4.044J05 Al 31 Decemb￿2022 4,130,935 4.130,936 Th¢ change in maE*et value in th¢ Statem￿1 of Financial A¢tivilies rcla*S tothe Ge￿ra1 Fund. 25 continud... SISTERS OF CUARrrY OF OUR LADYOF EVRON N(yfES TO ThE FINANCIAL STATE￿￿NTs- ¢ODtiDued FOR THE YEAR ENDED 31 DECEMBER 211L1 13. The charity holds I share of £1 in its wholly owned Subs¢di￿ New Brinnin8ton Limitol, which 15 incortQTated in ihe United Kingdom. These shares are called up unpaid. The ¢ompany's Purpose LS to constrnct residential prom for the charity, to fijnher its aim of caring for mernlKrs of the congre￿10n. 14. DEBTORS 21123 2022 AmLwnts falling duc within one year.. Arn(xJnts owed by gr(￿P undettakir Other debtors Prcpayments and x¢nJeJ it￿￿¢ 24237 14J24 I3￿￿8 6,166 18,909 15,826 52,069 40,901 Amtyjnts fa]ling due after more ihan oneyear. herdebtors 400 Aggregate amounts 41.301 I& CREDITORS: Amou￿ FALLING DUE WThN ONE YEAR 20 2022 Bank loans and oveTdTafts (se¢ n(rt¢ 17) Hire purchase{see nore 18) Social stturiry and othertaxes Other cr￿l[0T5 (see not¢ 19) Accwed expens¢5 45,565 2,549 2,701 1,1 7,497 36 7,171 28,798 41 Jll 85,147 26 continud.. SISTERS OF CHARTfY OF OiJR LADY OF EVRON NiyfKs TO THE FINANCIAL STATEMENTS. eoniinued FOR THE YEAR ENDED 31 DECEMBER 2023 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE ITAR 2022 Hire purtha5¢ (stt n¢xe 18) 1,646 4,347 17. LOANS An analysis of the maturity of loans is givth bEIow. 2023 2022 knounts falling du¢ within one yearon deffl￿.. Bank ovcrthafts 45,565 18. LEASING AGREEMENTS Minimum lea%e payments under hire pU￿has¢ fall d￿a$ follows: 2023 2022 Net obligations wabl¢: Within one year Ben¥een one and fivcyeaT5 2,549 4,347 4?47 6.896 19. MOVEMENf IN FUNDS N¢t movement in funds Transfus bttw¢¢Th funds At 31.12.23 Ai 1.1.23 Ut)restricted hllds Genernl fund Retirement Resuve Fund (designatoj fithd) Care and De¥elopmeni Fund (deg"gn&ed fvnd) 1069SiS 3JOA233 {401,633) 214J46 831,97Q (129ffj54) 2399852 3J85925 868,756 (135J50) 754,095 039504 (106598) 0,439,872 R¢stri¢¢¢d Si5teTS {566J66) 56&971 15(W) TOTAL FUNDS ,47S {IW98) 6,439077 27 continued... sisrERS OF c￿li1ITy OF OUR IADY OF EVRON NOTES TO THE FINANCIAL sfATEMENTS. tonlinvd FOR THE YEAR ENDED 31 DECEMBER 2023 19. MOVEMENT IN FUNDS. co￿lled Ne( movem¢nt in indudtsl in the aknve a]ras follows". Movtsnent in fvthds expendoj Unrestritt¢d fwm Generdl fund Reiirefftent RuerveFund (d¢siNoJ fijnd) Care and DeVel￿MeTht Fund (desig￿rA1 fund) 19&9)1 119359 (599.233) 12&48D) (iJoi) 123467 (401.033) 214J46 38,101 {lJ18} (16.194) 20ffj89 356261 {628J31) (166J98) TOTAL FUNDS 3￿261 (628,931) i￿072 (166￿98) Comp*ratives for movement hu Net movment in fuTwJs TT3nsfcrs between n(ts At 1.1.22 31.12.22 Unrestrieted futsd8 Gene￿ fvnd Retirement Reserve FUTWI {designattd fund) Car¢ and Development Fund (desi fvndl 2.059.118 3.728,786 (401.1I$7) {253,479) 211,463 (174,073) 1,869,514 3JOI.234 969.835 (63.689) {37,390) 868.756 6.757.739 (718235) 6,039,504 Re5tsirted funds Sisters Retirement Prowty FuThl 566.886 80 566.966 566.891 80 566.971 TOTAL FiJNDS 7J24,630 (718.155) 6,606.475 28 continuoj... SISTERS OF CllARrrYoF OUR tADY OF EVRON FOR THE YEAR ENDED 31 DECEMBER 2023 19. Comparative net movem￿1 in ffiJI￿ includul in the above are ¥ follow& Incoming Resources Gairts and loss¢$ Movement in fvnds GeneTal fund Retirement iieserve Fund (degigrhattsj fund) Care and Develwent Fund (designa*d fund) 192.861 121,638 (569.793) (24.135) (375.117) (401,067) (253.479) 37.973 (101.662) (63.689) 352,472 (569,793) (5CQ,914) (718,235) R¢stri¢t¢d funds Si5teTS 80 TOTAL FUNDS 352,552 (569,793) (5(K>,914) (718,155) A curTeni year 12 months at)d prior year 12 months combin&J is as follows: Nct movement in fund5 Trdllsfer5 betww) fund5 At 31.12.23 At 1.122 UDrestiicted funds GeneTal fund Retirunent Reserve Fund (designatoj fund) Care and Development Fund (design*eAI fvnd) 2.059.118 3.728.786 (802,7(X)> (39,133} ,iM3,433 (303.727) 2,299,851 3 J85.926 969.835 (43.¢KKJ) {172.740) 754.￿5 6,757.739 (884,833) 566.966 6.439.872 Restrirted Sisters Retiremerti Propety Fund 566.886 (5669661 566.891 80 (566,966) 7.324,630 (884.753) 6,439,877 eontknued... SISTERS OF CllARrrYoF OUR LADY OF EVRON NOTES TO THE FINANCLIL STATEMENTS. contlllu FOR THE ITAR ENDED 31 DECEMBER U123 19. MOVEMENT IN FIJNDS. continued A CUTrent year 12 months and prior year 12 months combined n# movanent in fund5, included in the above are a5 follows: Incoming Re50urc¢s Gairts and losses Movement in fvnds Unr¢Mrfeted (unds Generdl fund Retirement Reserve Fund (d¢5ignat¢d fund) Care and Development Fund (designated fvnd) 391,762 240.897 (1.169,026) (28,480) (25,436) (251,550) (802,7W) (39,133) 76.074 (1218) (117,8561 (43,000) 708,733 (1,198,724) (394,8421 {884.833) Restricted fllnds Sisters TOTAL FUNDS 708,813 {1.198,724) (394.842) (884,753) RdiremeDt Property This r&tiiet¢d fund ry)nsists of moni¢s rwxiv¢d specifically io t¢ used to t*Jild a residential property to be us by the SI￿rs in their rdiremeftt. C8r¢ tl¢v¢lopmeDt Fund Thi5 ts a designatd fvnd ￿MprIsing of Investm￿ set aside to g￿er￿C income to a5￿$t with th¢ Ca￿ for th¢ Sistcr5 and enable thctn to C￿ out thcirpthT31 Work and ministy in the UK and elscwhcTe. This is a designated fijnd o)mpTigng of inv¢s1m¢nts %t aside to generate in¢owK to as5is1 with th¢ svpt4)rt of the Si#ers in their retirement. 20. RELATED PARTY DISCLOSURES Included within oiher creditors is £7281 (2022.. £6.966) owed to a SI￿ at the year which is being held for her. This is her patrimony and is in¢lud¢d within rtstiict¢d fvnd5. As Med in the a¢counting ￿licIeS the cornmunity xcamts are included within Ihe5e finanCE￿ ￿ateme[￿. These cxpcn5es tnclu(k m5nimum levels of living CO$￿ fL* the Sistus who pmvide their timt working to furthcr the objectives of the Charity and d￿￿te thtir inC(￿e tothe Charity. Some of thcsc Sister5 are a150 trustCe5. Included within debtors is an amount du¢ frThn New Brinnington LirnituL a subsidiary compaThy. of £24237 {2022: £6.166). continued... sisrERS OF CHARfTY OF OUR IADY OF EVRON NOT&S TO THE FINAI¥CIAL STATEMENTS. CODliTrued FOR TUE YEAR El￿ED 31 DECEMBER 2023 21. Th¢ charity is ¢ontrollrAI by the tru&ees in otTice.