The Sisters of the Infant Jesus (Nicolas Barré) General Trust Annual Report and Accounts 31 December 2024 Charity Reoislr81ion Number 272581 LISTEN! Ic'li (?J C7e17eralL'Aaytei' 21)1.9 2()2.5 LISTEIV/
Contents Reports Referen and administrative details of the charity, ils Iruslee$ and 8dvisers Trustees, report Independent auditor's report 16 Accounts Statement of financial 8clivities 20 Balance sheet 21 Slalemenl of cash flows 22 Principal 8ccounling policies 23 Noles lo the accounts 27 The Sisters of the Infant Jesus (Nicolas Barrél General Trust
Reference and administrative details of the charity* its trustegs and advisers Trustees Marie Pitcher IProvince LeaderlProvinciall Margarel Walsh Rosemary Barter (The Iruslees 8re incorporated under the Charities Act 20111 Flnanclal admlnlstrator Noreen Morris Principal addro38 42 Adams Hill Bartley Green Birmingham 832 3QG Charlty roglstratlon number 272581 Investmènt powgrs There are no re$lri¢lions on the Trustees, powers ol investment. Govornlng Instrument Trust Deed dated 20 March 1975. Audltor Buzzacoll ALJdil LLP 130 Wood Street London EC2V 6DL Prlncipal banker¥ HSBC plc 69 Pall Mall London SW1Y SEY Investment managers Sarasin & Partners LLP Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Solicitors Wedlake Bell LLP 52 Bedford Row London WC1R 4LR The Sisters of the Infant Jesus (Nicolas Barrél General Trust 1
Trustees. report 31 December 2024 The Iruslees present their report and the accounts of The Sisters of the Infant Jesus (Nicolas Barrél General Tlusl Ilhe charilyl for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies sel out on pages 23 10 26 of the 8118ched accounts and comply with the charity's conslilulion, the Charities Act 2011 and Accounting and Reporting by Charities.. S181emenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. INTRODUCTION The Inslilule ol the Sisters of the Infant Jesus (Nicolas Barrél is an Inlernalional Roman Catholic Religious Order. The Congregation comprises of 8 Provinces.. Englandllreland, France, Italy, Spain, Japan, Malaysia. Singapore and Thailandl. 3 Vice Provinces: Cameroon, Nigeria and Peru and 3 Distrlcts.. Bolivia, Czech Republic and Myanmar. These accounts cover the English Province of the Order which is governed by a Trust Deed dated 20 March 1975. The Tfusl is regislerod with the Charity Commission, Registration Number 272581. TRUSTEES The Trustees who served in the year and up lo the dale th8 accoun15 Were approvod were as follows.. Marie Pitcher (Province Leaderl Margaret Walsh Rosemary Barter RECRUITMENT, TRAINING AND INDUCTION OF TRUSTEES The Trustees are appointed by the congreg81ion81 Leader lor three years which can be renewed. The Province itself is administered by the Province Leader and her team (who are Trusleesl. The Trustees are kept informed on Charity Sector issues by Profession81 Advisors. Fact Sheets, Newslellers from our Auditors and Legal Advisors and by allending Training Workshops and Conferences. The Province Leader allends the Charity Conference and furnishes the Trustees with information on relevant issues. LEGAL AND ADMINISTRATIVE INFORMATION The Provincial Office, principal bankers and advisors are as shown on page 2. Noreen Morris is Financial Administrator and carries out the work of the Provincial Bursar in close liaison with the Provincial and her Team. Pal Armalo IJS is the Safeguarding lead for the UK The Sisters of the Infant Jesus (Nicolas Barrél General Trust 2
Tru¥tees' report 31 December 2024 PUBLIC BENEFIT The Trustees confirm that they have given due consideration lo the Charity Commission's general guidance on public benefit. These requirements are addressed in this report. OBJECTIVES AND POLICIES The general objectives of the Order are for "such charitable purposes which advance the religious and other charitable work for the lime being carried on in England and Wales or elsewhere by or under the direction or with the support ol the Congregation as the Trustees shall from lima lo lime think fil and with the approval of the Province Leader.. There have been no changes lo the objectives during the year. GOING CONCERN The Truslg8s confjdenl, given the strong Gash res@rv85 of th6 organisation, th8t the org8nis8tion will continue as a goAng concem. PRINCIPAL ACTIVITIES AND AIMS The Inslilule of the Sislers of the Infant Jesus INico18s B8rrél aims lo advance religious and other charitable work or purposes connected with the advancement of the development of 811. based on the Roman C8lholi¢ Tradition as the Trustees shall decide. There are 5 Sisters lesidenl in Eng18nd. They live Iheir mission in Wolverhamplon, Birmingham, London and Horsham. The sisters form one community. residing individually in different 1oc81ions. They have remained in contact via all means possible lo help mainlain Iheir emotional and spiritual well-being. They have also been able 10 8dapl lo the situation within their various ministries and continue lo serve those around them, particularly in their local communities. All are involved In promoting and living 8 more sustainable lifestyle along with ¢8re for the environment. Every 6 years a General Chapter is held and the Chapter decides the focus for our mission during the next 6 years. The theme which emerged during the Chapter held in Rome JunelJuly 2019 invites us lo LISTEN even more carefully lo the Spirit speaking through each person we mgel and lo discern what new path we should walk together lo improve all our lives. The Sisters of the Infant Jesus (Nicolas Barrèl General Trust 3
Trustees, report 31 December 2024 PRINCIPAL ACTIVITIES AND AIMS Iconlinuedl The charitable works we 8re involved in fall under the following main headings.. Education Sr. Pal Armalo continues lo be involved in two Primary Schools in the Slate sector in London. Following 41 years of leaching Sr. Pat is now a full lime Governor al a mullicullural School in Wesl London and also is a volunteer at another School. Her experienco and expertise is a great resource lor both schoo15. She gives 'boosler' sessions wilh the pupils lo support th8 work of r8ising standards in Math8 and English. Our work in education is closely linked with the Charlsm of the Infant Jesus Sisters.. 'To foster the growth ol all people in the Image of God" keeping in mind 'We must not look for cherrles on a plum tree so It Is wlth people. (Nicolas Barrél, as each is created uniquely. This charism is lived as much outside of the classroom as well a8 in il 8SP8cially in the building of community whorever we are. Sister Pal is also involved in voluntary ministry with visitors lo tha local Prison. This service is organised by PACT IPrison Advice and Care Trust) and she now does this al Womwood Scrubs. 2. Famlly and Childron Hope Famlly Centre, Heath Town Estate, Wolverh8mpton. Reglstered Charlty 1139362 hllp.'hopecommunilyprojecl.org.uk , HOPE" This is 8 Partnership between the Infant Jesus Sisters, Fr. Hudson's Care Ilhe social Care Agency of Birmingham Archdiocese) and Sl. Patrick's parish in Wolverhampton. 11 was opened October 2nd 1985. The Sisters of the Infant Jesus INicolas Barrél General Trust 4
Trustees. report 31 December 2024 PRINCIPAL ACTIVITIES AND AIMS Icontinuedl 2. Family and Children Iconlinuedl The aim of this project is to seek out, reach and support the most isolated, vulnerable and disadvantaged people in the community, particularly those on the margins who struggle with day lo day living and lo be accapled by society as a whole,. lo offer them a programme of activities designed lo support them so that they can use their potential for a beller life for themselves, their families and the local community. Project aclivili85 include.. Door-knocking and home visiting service Cla$$es in English for Speakers of Other Languages (individual and group sessions) Volunleerlng opportunities for people from the local community. A place of welcome including a Community Café Food elub. pantry and emergency lood parcels Clothing provision. Oulre8ch for older people and telephone support lor those who are isolated Support and opportunities lo promote independent living F8cililalion of youth groups, workshops and slruclured informalion sessions for children and young people Support for young people al risk of exclusion, and aclivilies for children outside school hours and during school holidays Support group for families experiencing difficultie8 One-lo-one and group support for women experiencing relationship difficulties and isolation. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 5
Trustees, report 31 December 2024 PRINCIPAL ACTIVITIES AND AIMS Iconlinuedl 2. Family and Children Iconlinuedl Sr. Margaret Walsh IJS is Chair of the Hope Management Board and Sr. Pal Armalo IJS is also a Iruslee. 'Welcomlng the stran9er'_ ESOL (Engllsh for Speakers Of Othor L•nguagès1 Brushstmkes http.'//www.brushslrokessandw811,org,uk/ Jolnt Pro1t IJ Slsters Charlty No 272581 Fothgr Hudson's Care Charlty No 512992 and St Phlllp Nerl Parlsh Charlty No 234216 It was opened In September, 1999. Ifoko5 The Sisters of the Infant Jesus (Nicolas Barrél General Trust 6
Trustees, report 31 December 2024 PRINCIPAL ACTIVITIES AND AIMS Iconlinuedl 2. Family and Children {conlinuedl This project is located in Smelhwick, West Midlands and is a partnership between the local Parish ol Sl. Philip Neri, Fr. Hudson'8 Care (see above) and the Inlanl Jesus Sisters. Brushstrokes reaches out lo those whose dignity has been disregarded and those who are the most forgollen and invisible people in the neighbourhood and further afield. As well as visiting people in their homes. and networking with Ioc81 agencies, 8rushslrokes provides a range ol activities for families, many of whom are refugees and asylum seekers. In more recent years Brushstrokes has opened 8 number of satellite centras in other parts of Ihe Wesl Midlands. Brushstrokes corp services include.. Practical support through the provision ol food, clothing and household goods. English Languag8 provision Social and community activities Health information and advice Specialist advice including asylum support issues. benefits, housing and immigration Specialist support S8rvices including employment. digital skills and refugee reselllemenl services. Sr. Margaret Walsh IJS is a member of the Management Committee. Wormwood Scrubs Pony Centre, London Registered Charity 1045045 www.wormwoodscrubsponycenlre.org Sr. Mary Joy Langdon IJS is the founder and CEO of the Womiwood Scrubs Pony Centre which offers equine therapy and developmental progr8mmes for children and young people. 11 has been delivering vital services lo children, particularly those with special needs and physical disabilities. for over three decades. The vision for the Wormwood Scrubs Pony Centre has always been lo provide a safe and supportive place where a11 children can grow and flourish in a caring and nurturing environment. The Centre aims lo improve the quality of life for all involved, giving many opportunities to both children and volunteers, which can enable them lo grow towards their full potential The Sisters of the Infant Jesu5 (Nicolas Barrél General Trust 7
Trustees, report 31 Dernber 2024 PRINCIPAL ACTIVITIES AND AIMS Iconlinuedl 2. Family and Children Iconlinuedl HRH The prInsS Royal, Princess Anne, rentlY visited Ihe Wormwood Scrubs Pony Centre lo mark the beginning of ils 351h anniversary celebrations. She paid Iribule lo Sister Mary Joy in a Iwo-minule speech, describing her conlribulion and commitment as 'exc8plional', before she unveiled a plaque commemorating the visit. Martin Clunes is patron of the Wormwood Scrubs Pony Centre and President of the British Horse Society. Wofmwood Serubs Pony Centre is one of their highly approved cenlres. Sister Mary Joy retired from Wormwood Scrubs Pony Cenlre on the 3111 December 2024. with her long years of services and dedication celebrated al several events during the year. Sister Mary Joy intends continuing her work on a part-lime basis in gquine Ihtrapy programmes for children and young people during 2025. They were able lo see how the centre is benefitling hundreds ol children and people in the local area through riding and equine therapy. The Sisters of the Infant Jesus (Nicolas Barrèl General Trust 8
Trustees. report 31 December 2024 PRINCIPALACTIVITIES AND AIMS Iconlinued} 2. Family and Children Iconlinuedl St. Chad's S8ncluary Birmingham www.slchadssancluary.oom Registered Charity No. 114615111 was opene(l in knlarch 2010 and became 8 Registered Charity operating under Charity Numbgr 1146151. On June I Ilh 2018 Sl. Chad's Sanctuary was registered as a CIO (Charitable Incorporated Organisation und8r the charity numb6r.' l 178728 Sl. Chad's Sanctuary is a project supported by Sl. Chad's cathedral and the Salvation Army, 11 was sel up lo welcome and support asylum seekers and refugees especially those who are particularly vulneratile. Hope Peace Safety Their core services include.. Welcome and hospilalily English for $pe8ker$ of other languages Classes on 'School readiness, for children who have not yel secured 8 school place Social activities Food parcels. clothing, hygiene products and household items Information and signposting. Service users come from across the world including Sudan, Eritrea, Iran, Syria, Pakistan, Congo, Ethiopia, Zimbabwe, Somalia, and Afghanistan. .1 Sr. Margaret Walsh IJS is 8 Iruslee and Patron of the project. The Sisters of the Infant Jesus INicolas Barrél General Trust 9
Trustees. report 31 December 2024 FINANCIAL REVIEW Results for the year A summary of the year's results is sel out on page 20 of this annu81 report and accounts. During the year lo 31 December 2024. income was £392,688 12023 £364,680). The components ol income were don81ions (including pensions receivable from members of the Institute under Gift Aid compliant Deeds of Covenanll and investment income and interest receivable. During the year the charity incurred expenditure of £162,616 12023 £222,753). Expenditure on maintaining the members of the Inslilule and enabling them lo carry out their charitable work was £129,926 12023 £123,490). Donations payable during the year amounted lo £26,85712023 - £92,042). Further details of donations are given in note 4 10 Ihe allached accounts. Inveslmenl management fees for the period were £5,833 12023 £7.2211. Nel income for the year before investment gains was £230,072 12023 £141.9271. Nel investment gains for the year lolalled £190.27612023- nel gains of £122,242) and resulted in 8 nel increase in funds of £420,34812023 - nel In¢rease in funds of £264,169). Finan¢lal posltlon and reserves pollcy The balance sheet shows lot81 funds of £5,598,258 al 31 December 2024 12023 £5.177,9101. Of this, £562,677 12023.. £569,677) represents reslricled funds. Further details of these lunds are given in note 13. £839,686 12023.. £788,0831 represen15 the nel book value of the charity's tangible fixed assets and an equivalent amount has been designated as a tangible fixed assets fund in recognition of the fact that the assets are required lor the charity's operations and are not available as a reserve lo fund activities or meet lulure contingencies. Amounts lolalling £3,500,00012023'. £3,500,000) have been designated by the Iruslees for the care of the sisters and their ministry as explained in note 15 to the accounts. Funds which are available as free reseNes i.e. those unreslricled funds not designated for specific purposes or otherwise commilled, are shown on the balance sheet as general funds and amount lo £695,89512023 - £320,150}, Reserves pollcy It is the Iruslees, aim to ensure that sufficient funds are generated to be able lo provide a proper level of care for sisters of all ages as they need it. The ch8rily is reliant on investment income necessary lo meet both currenl and lulijre requirements. To this end, regular meetings are held lo ensure that sufficient funds are generated from the investment portfolio and changes are made lo the portfolio as appropriate. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 10
Trustees. report 31 December 2024 FINANCIAL REVIEW Iconlinuedl Financlal position and reserves policy Iconlinuedl Resgrv9s pollcy (conlinued) The Iruslees consider that, given the nature of the charity's work. the level of free reserve$ should be sufficient lo cover up lo three year's on-going expenditure and lo provide lor contingencies, unevenness in future income and vo181ility in the value of inv051ments. Al the dale of the balance sheet, the Irusleos consider th81 the level of free reserves w8S adequate. Investment polScy and performanco The charity's inveslmenls are managed by Sarasin 8nd Partners LLP. There are no reslriclions on the charity's power lo invest. The investment strategy sel by the Iruslees lakes into account income requiremenls, the risk profile and the investment manager's view of the m8rkel prospects in the medium term, The sisters 18ke p8rticular note of the prudent advice of the charity's investment manager. The policy adopted by the charity is to maximise lolal rolurn through inv881ing in unllised funds backed by a diversified portfolio whilst providing a level of income advised from Ilme lo lime by the Iruste8s. There 18 also an Ethical Policy precluding investment in any company which, afler reasonable enquiry. clearly has signilicanl profits from an activity which is onlrary lo the objectives of the Catholic Church. The investment policy is generally risk averse with the objective of producing lolal return through growih in capital and income. The risk profile of the investments will be lowlmedium and. in order lo salisly the requirements, investments normally comprise of UK Government securities, leading UK companies. unil and inveslmenl trusts lincluding those investing in major inlernalional markelsl. and in fixed interg51 sgcurilies whlch merit an international rating of single A or beller. The performance ol the portfolio and the charity's investment slr81egy have been reviewed by the Iruslees, who are part of the investment committee which includes an independent financial adviser. The financial adviser and the finance adminislralor, guided by the policy of the Inslilule, meet with the investment managers on a regulai basis and report their findings lo the truslees. The policy of the charity is lo achieve a combination of income and capital growth wilhin acceptable levels of risk. The trustees of the charily continue lo lake a long-lerm view and believe the investment policy continues lo be appropriate. The charity's two portfolios of inve$tmenls had a market value 8131 December 2024 of £3,236,49612023.' £2,951,662) including cash available for reinveslmenl of £709,39412023: £624,697) The Sisters of the Infant Jesijs INicolas Barrél General Trust 11
Trustees, report 31 December 2024 FINANCIAL REVIEW Iconlinuedl Inveslrnent policy and performance Iconlinuedl During the ye8r, the charity's listed investments achieved an income yield of 4.31 D/o12023'. 2.70/0) and a capital yield of 4.290A12023." 5.90/01. The performance of the portfolio reflected the condition of the markets generally throughout the period. The investment managers continued lo invest in accordance with the Iruslees, investment policy sel out above. Further details of the investment portfolio are detailed in note 10 lo the allached accounls. FUTURE PLANS The Iruslees do not 8nlicip8te any significant changos lo the charity s activities in the year ahead. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitutlon The Inslilule of the Sisters of the Inlanl Jesus (Nicolas Barrél is an International Roman Catholic Religious Order. In terms ol Canon law, the Order is governed al an international level by the Superior General and her Council. These officials are elected every six years al General Chapter, the most recent of which was in JunelJuly 2019. In terms of Civil law, the charity is governed by a IrL+sI deed dated 20 March 1975 and is a registered ch8rily, Ch8rity Registration Number 272581. Governance As all Iruslees are members of the Order, they have a delailed knowledge of the work of Ihg charity and of ils slrucluros. On being apF)oinled, new Iruslees are required lo spend some time with those leaving office, lo receive a briefing on their responsibilities and the current position of the charity. They also meet with the Inslilule's legal, accounting, inveslmenl and property advisers during the course of a day lo obtain a full briefing ol their responsibilities and the charity's position. On-going in-service training 18kes place during the mandate. Trustees The names of the Iruslees who served during the y8ar are sel out as part of the reference and adminislralive detail$ on p8ge 1 of this Annual Report and Accounls. Rocmltment, tralnlng and Inductlon of trustees The Deed ol Trust does not slipulale a Minimum or maximum number of trustees. 11 slates that Iruslees may be appointed and removed by the Provincial. Currently the number of trustees is three. including the Provincial. In practice, members of the Provineial Council are also trustees. Under the terms of the Order's Constilulions Irule of lifel generally the Council term is two consecutive terms of three years each. In exceptional cases Ihis may be increased 10 8 maximum of nine years. The Province itself is administered by the Provincial and her team (who are Irusleesl. The Iru51ees 8re kept informed on Charily Sector issues by Professional Advisors. Fact Sheets, Newslellers from our auditors and legal advisors and by allending training workshops and conferences. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 12
Trustees. report 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Iconlinuedl Recruitment, training and induction of trustees Iconlinuedl The Provincial Leader attends the Charity Conference and furnishes the Iruslees with information on relev8nl issues. Legal and administrative infomiatlon The Provincial Office, principal b8nkers and advisors are as shown on page 2. Noreen Morris is Financial Adminislralor and carries out the work of the Provincial Bursar in close118ison with the Provincial and her Team. Pal Armalo IJS is the Safeguarding lead for the UK. Structure and managemont rgPQrtlng The Iruslees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly lo ieview all aspects regarding the charity and ils aclivilies. lo plan and make relevant decisions for the lulure. When necessary, the Iruslees seek advice and support from the charity's professional 8dviser8, including property consullanls, investment managers, solicitors and accounlanls. The day-lo-day management of the charity's aclivilies and the implemenlalion of policies are delegated lo the appropriate members of the Inslilule, St•tement of tru8ts88' re8ponslbllltle8 The Iruslees are responsible for preparing the Iruslee$' report and accounts in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Praclicel. The 18w applicable lo charities in Eng18nd and Wales requires the Iruslees lo prepare accounts lor each financial period which give a true and fair view of the slate of affairs of the charity and of the income and expendilure of the charity for that period. In preparing the accounts the Iruslees are required lo.. • select suitable accounting policie5 and then apply them consislenlly., observe the methods and principles of Accounting and Reporting by ChArilies'. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the United Kingdom and R9public of Ireland IFRS 1021., make judgments and eslimales that are reasonable and prudent., slate whether applicable United Kingdorn Accounting Standards have been followed, subject lo any material departures disclosed and explained In the accounts.. • prepare the accounts on the going concern basis unless it is inappropriate to assume Ihal the charity will continue in operation. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 13
Trustees. Trport 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Icontinuedl Statement of trustees, responsibilities Iconlinuedl The Iruslees are responsible for keeping accounting records which disclose with reasonable accuracy al any lime the financial position of the charity and which enable them lo ensure that the accounts comply with the Charities Acl 2011, the applicable Charity IAccounls and Reports) Regulations and the provisions ol the conslilulion. They are also responsible lor safeguarding the assets of the charity and hence for taking reasonable slaps for the prevention and detection of fraud and other irregularities. Key management personngl The Iruslees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charitable trust and 118 successor charity on a day lo day basis. The Iruslees receive neither remuneration nor reimbursement of expenses in connection with their duties as Iruslees or key m8n8gemenl personnel. Pollcy on recelpt of donatlons and legacl8s The charity aims lo achieve best practice in the way in which il communicates with donors and other supporters. 11 prolecl8 donors. data and never sells data, il ngvor swaps data and ensures that communication preference can be changed al any lime. The charity does not employ the services of professional fundraisers. The charity undertakes lo react to and invesli981e any complaints regarding ils approach lo those who give il money and to learn from them. During the year, the charity received no such complaints, Rlsk management RISK REVIEW The Trustees continue lo work on assessing the main risks lo which the ehafily is exposed, in partlGular those relating lo specific operational areas of the charity, ils investments and ils finances. The Trustees believe that by monitoring reservelovels, by ensuring controls exist over financi81 systems and by examining the operational and business risks laced by the charity, il has established effective systems lo miligale those risks, These systems are frequently reviewed with a view lo possible updates and improvements. The key risks lor the Charity identified by the Trustees are described below together with the principal ways in which they are miligaled.. Loss of key personnel Income sources Loss of Reputation. Loss of key personnel The Province Leader and Financial Adminislralor hold much of the inlomialion which is shared with the Provincial Team. If there was an ernergency our Accountants (Buzzacolll, Insurers IPIB Insurance Brokers) and Investment managers (Sarasinl are familiar with our processes. However, we are also aware that our diminishing numbers and increasing age profile cause concern for the future and the Congregation al General Level is PLJtting in place plans lo cope with this evolving scenario. The Sisters of the Infant Jesus INicolas Barrél General Trust 14
Trustees. report 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Iconlinuedl Risk management Iconlinuedl Income sources All the sisters are now of retirement age although no one is 'relir8d'. One sister receives a salary for her work with the Wormwood Scrubs Pony Cenlre, a registered charity 1045045. Income is limited 8nd so we will increasingly have lo depend on our inveslmenls. Good budgeting and accounlabilily is encouraged and monitored lo make the most of our resources for the good of all. Loss of reputatlon The impact of the far reaching inquiry into child soxual abLbse in England and Wales has an effect on 811 Religious and members of the Calholic Church in Engl8nd 8nd Wales. There are also financial implications with regard lo the running costs which will require contributions from all Congregallons. We are members of COR (Conference of Religious of England and Wales) and also subscribe lo CSSA Icalholic Saleguarding Standards Agency) and RLSS IReligious Life Safeguarding Service). These organisalions keep us well informed of steps we need lo lake in relation lo safeguarding. COLLABORATORS OF THE ORDER The Iruslees wish lo record their recognition of the professionalism end commitment ol all their collaborators and individual members of Ihe Order. Their dedication is very much apprecialed. Signed on behalf of Ihe Iru$lees'. Marie Pitcher Trustee Approved by the Iruslees on.. 15 May 2025 The Sisters of the Infant Jesus {Nicolas Barrél General Ttusl 15
Independent auditor's report 31 December 2024 Independont auditor's report to the trustses of the Sisters of the Infant Jgsus (Nicolas Barrél General Trust Opinion We have audited Ihe accounts of the Sisters ol the Infant Jesus (Nicolas Barrèl General Trust Ilhe charilyl for the year ended 31 December 2024 which comprise the statement ol financial aclivilies, the balance sheet, the slalemenl of cash flow5, the principal accounting policies and notes lo the accounts. The financial reporting framework Ihal has been applied in their prep8ralion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Praclicel, In our opinion, the accounts.. • give a true and f8ir view of the slate of the charity's affairs as at 31 December 2024 and of 118 incoming resourcos and application of f8sources for the year then ended., • have been propgfly propared in accordance with United Kingdom Generally Accepted Accounting Practice., and • have been prepared in accordance with the requirements of the Charities Act 2011. Basi# for oplnlon We conducted our 8udll in accordance with Inlernalional Standards on Audlling IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in Ihe auditor's responsibilities lor the audit of the a¢¢ounls section of our report. We ar8 independent of the charity in accordance with the ethical requiremènts that are relèvant lo our audit ol the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the accounts, we have concluded th81 the Iruslees, use of the going concern basis of accounting in the preparation of the accounts Is 8pproprlal8. 88sed on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least twelve months from when the accounts are aulhorised foi issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in tho relevant sections of this report. Other information The other information comprises the information included in the annual report, including (he Iruslees, report, other than the accounts and okjr auditor's report thereon. The Iruslees are responsible for the other information. Our opinion on the accounts does nol cover the other information and we do not express any form of assurance conclusion thereon. The Sisters of the Inlant Jesus INicolas Barrél General Trust 16
Independent auditor's report 31 December 2024 Other information Iconlinuedl Our fesponsibilily is lo read the other inlormalion and. in doing so, consider whether the other information is materially inconsislenl with the accounts or our knowledge obtained in the course of Ihe audit or otherwise appears lo be materially misslaled. If we idenlily such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslalement in the accounts themselves. If, based on the work we have performed, we conclude that there is 8 material miss18temenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matter8 on whlch we ore requlred to report by exceptlon In the light of the knowledge and understanding of the charity and ils environmenl obtained in the course of the audit, we have not identified material misslalemenls in the Iruslee5' report. We have nothing lo report in resp8cl of the following mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you il, in our opinion,, • the information given in the Iruslee5' report 15 incon$islenl in any material respect with the accounts., or sufficient accounting re¢ords have not been kept.. or • the accounts are not in agreomenl with the aecounling records., or we have not received all the infomialion and exp18nalion$ we require for Ouf audit. Regponslbillties of trustees As explained more fully in the Iruslees, responsibililies slalemenl. the Iruslees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. and for such internal control as the Iruslee$ determine is neces88ry lo enable the preparation of accounts that are free from material misslalemenl, whether due lo fraud or grror. In preparing the accounts, the trustees are responsible fof assessing the charity's ability lo continue as a going concern, disclosing, as applicablg, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charity of lo cease operations, or have no realistic allernalive bul lo do so. Auditor's responsibllitles for the audit of the accounts We have been appointed as auditor under section 144 of the Charities A¢1 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable aSStjran about whether the accounts as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an auditor's rgport thal includes our oplnion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will always detect a material misstatement when il exists. Misstalemenls can arise from fraud or efror and are considered materi81 if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these accounts. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 17
Independent audltor's report 31 December 2024 Auditor's re¥ponslbllltles for the audit of the accounts Iconlinuedl Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respecl of irregularities, inclijding fraud. The extent to which our procedures are capable ol delecling irregularities, including fraud is detailed below.. How the audit was con¥id&red capable ol detecting Irrggularltles Includln9 fraud Our approach lo identifying and assessing the risks of material misslalemenl in respect of Irregu18rilies, including fraud and non-compliance with laws and regul81ions, was as follows.. • the engagement partner ensured Ih8t the engagement tgam collectively had the appropriate competence, capabilities and skills lo identify or recognise non.compliance with applicable18ws and regulalions., • we identified the laws and regulations applicabl8 to the charity through discussions with management and trusleas, and from our knowledge and experience of the charity sector,. we focused on specific laws and regulations which wè considered may have a direct material effect on the accounts or the activities of the charity. These Included bul were not limited lo the Charities Act 2011 8nd Accounling and Reporting by Charities.. Slalemenl ol Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable lo the United Kingdom and Republic ol Ireland IFRS 1021,. and we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of managemenl and those ¢harged with governance and reviewed minutes of Iruslees, meetings. We assessed the susceplibilily of the charity's 8ccounls lo material mis51atemenl, including obtaining an understandin9 01 how fraud might occur, by.. making enquiries of management and Iruslees as lo where they considered there was susceptibility lo fraud, their knowledge of actual. suspected and alleged Iraud., and considering the internal controls in place lo mitigate risks of fr8ud and non-compliance wilh 18ws and re9ulalion$. To address the risk of fraud through management bias and override of controls, we.. + perfomed analytical procedure5 10 identify any unusual or unexpected relationships., + lesled and reviewed journal entries to identify unusual transactions: carried our substantive testing of expenditure including the authorisation thereof.. assessed whether judgements and assumptions made in Oetèrmining the accounting estimates were indicative of potential bias., and investigated the rationale behind significant or unLJsual transaction5. The Sisters of the Infant Jesus (Nicolas Barré} General Trust 18
Independent audltor's report 31 December 2024 Audltor's responsibilities for the audit of the accounts Iconlinuedl How the audit was consldered capable of detecting irregularitles Includlng fraud (continued) In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo.. agreeing accounts disclosures lo underlying supporting documenl81ion', reading the minutes of meetings of Iruslees., and enquiring of management and trustees as to actual and potential liligalion 8nd claims. There are inherent limitations in otjr audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely 51 is that we would become aware of non-compli8nce. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the truslges and olh$r m8nag8menl and the inspection ol regulatory and legal correspondence, if any, Material misslalemenls that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate conce81menl or collusion. A further description ol our responsibili118s for the audit of the account8 18 located on the Financial Reporting Council's website al www.frc.org.uk1audOr8responslblliIle5. This description forms part of our 8udilor's report. Use of our roport This report is made solely lo the charity's Iruslees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulalions 2008. Our audit work has been undertaken so that we might slate lo the charily's Iruslees those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accgpl or assume responsibility lo anyone other than the charity and the charity's Irusle8S 8$ a body, for our audit work, for this report, or for the opinions we have formed. Buzzacott Audit LLP Slalulory ALJdilor 130 Wood Street London EC2V 6DL Date.. 16 May 2025 Buzzacotl Audit LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 The Sisters of the Infant Jesus (Nicolas Barrél General Trust 19
ststement of financial activities Year to 31 December 2024 2024 2023 Unr88trfcted Re$trlc¢¥d Total Unlèslricled Re51ricled Total Notes Inc¢)mg Irom.. Dtrnaiions and legacies Investments and inlere51 receivable Other Incotne Total Incom• 263.203 129,485 263,203 129,485 251.883 111.297 1.500 364.680 251,883 111,297 1,500 364,680 392.688 392,686 Expendlture on.. Raising fund Investment m8naoem8nl fees Charilabk 8clivilie Supwrt of m?mb8rs of th? Order snd their minislry Chanlable dongllonB Total expendltur• 5.B33 6,833 7.221 7,221 129,928 129,920 123,4QO 19,653 150,384 123.490 92,042 222.753 19,657 155,610 7,000 7,000 26,8S7 162,816 72,389 72,389 Net Income l•xpendlturo1 bolor• n•t Investment golns I191•o•1 237,072 17,0001 230,072 214,316 172.3891 141,927 Not galn811011o$1 on InvoBtm8nt auo•t• 10 190,276 190.278 122,242 122.242 Not fflovemoni In lund• 427,348 17.0001 420,348 336,558 172.3891 264,169 Reconclllbtlon ol lund•'. Fuiids brought IoTward al l J4nu4ry 2024 Fund$ carr lorwarcs 8131 December 2024 4,608,233 509,677 S,177,910 4,271,875 642.oee 4.913.741 5,035.681 662,677 5,598.2$8 4,608,233 589,877 5,177.910 All of the charity's 8clivilies during the above financial periods derlved from continuing operations. All recognised gains and losses are included in the $181emenl of financial aclivilies. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 20
Balance sheet 31 December 2024 Notes 2024 2024 2023 2023 Fix?d a$¥ots T8ngibl6 ass8ts Investments 839,686 3,236,496 4,076,1B2 788.083 2,951.662 3,739,745 10 Curr•nt a88Ots Debtors Cash al bank and in h8nd 2,132 1.540.882 1,543,014 2,007 1,453,596 1,455,603 Crèdltors.. amounts falling due within one year 120,9381 117,4381 Net currgnt aa8èt8 Total nel a8S•t8 1,522.076 5,598.258 1,438,165 5.177,910 The funds of tho eharlty Restricted fund Unrestricted funds General funds Tangible fixed asBet5 Ivnd DesKJn8l¥d fund 13 562,677 569,677 695.895 839.686 3,500,000 5,598.258 The notes on pages 23 10 32 foim part of these financial slalemenls. 320,150 788,083 3,500,000 5.177.910 14 15 Appioved by the IrLtslees and signed on their behalf by.. Marie Pitcher Tiuslee Approved by the Iruslees on.. 15 May 2025 The Sisters of the Infant Jesus (Nicolas Barrél General Trust 21
Statement of cash flows Year to 31 Drnber 2024 2024 2023 Note5 Cash flows from operating o¢tlvltl8s'. Net cash provided by operating activities 107,981 39,445 Cash flows from Invejting activities.. Investment income and interest received Purchase of investments Purchasè ol tangible fixed asset Nèt cash luged inl provlded by Inv•stlng actlvltlas 129,485 111,297 19,8611 1246.3341 155,6221 123.3351 64,002 1158.3721 Chango In cash and ca¥h gqulvolènt* In th• y•ar 171,983 1118,9271 Cash and cash oquiv•l•nt• ot 1 January 2024 B 2,078,293 2,197,220 Cash and cash oquivalents at 31 Do¢èmb•r 2024 B 2.2SO,276 2,078,293 Not8s to the ststement ol cash flows for tho year to 310ocemb8r 2024. A Reconclllatlon of net movement In funds to net cash provld8d by operatlng actlvltles 2024 2023 Net movemgnt in fund• las pér th• 8tat•m•nt of flnanclal actSvltle81 Adlu8tmentB lor.. Depreciation charge IG8insl losses on inv8stments Invtrslment income and interest Ceivable Iln¢reasel decrease in dèbtors Increase Idecreasel in creditor5 Not cash provld•d by operatlng actlvl¢lo8 420,348 264,189 4,019 4,019 1190,2761 1122,2421 1129,4651 1111.2971 11251 12041 3.500 5.000 107,961 39.445 8 Cash and cash equlvalents Asat31 December 2023 Cash flows A88t31 Dec8mber 2024 Cash 8t b8nk and in hand Cash held by investrnent managers Total cash and cash equlvalents 1,453,596 624,697 2.078.293 87,286 84,697 171,983 1,540,882 709,394 2.250,276 No separate slalemenl of Changes in nel debt has been prepared as there is no difference belween the movements in cash and cash equivalents and movement in nel cash Idebll. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 22
Principal accounting pollcles 31 December 2024 The principal accounting policies adopted, judgements and key sources of eslimalion uncertainly in the preparation of the accounts are laid out below. Basls of preparation These accounts have been prepared for the year ended 31 December 2024 with comparative information given in respect lo the year to 31 December 2023. The accounts have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the relevant accounting policies below or the notes lo these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities,. Slalemenl of Recommended Practice applicable lo charities preparlng their a¢eounl8 in accordance with the Financi81 Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 1021. the Financial Reporting Standard applicable in tha UK and Republic of Ireland IFRS 1021 and thg Charities Act 2011. The ch8rily conslilules a public benefit enlily as defined by FRS 102. The accounts 8re pr88enled in sterling and ar8 rounded lo the nearest pound. Crltlcal accountlng estlmates and areas of Judgement Preparation of the accounts requires the Irusl8es lo make significant jijdgements and eslimales. The items in Ihe accounls where such judgomonls and es1imalg$ have been made include.. eslimaling the usefLtI e¢onomic life of tangible fixed assets lor the purpose of calculating the depreciation charge., and delermining Ihg value of designated funds including the delerminalion of Ihe assumptions made in determining the value of the retirement fund Assessment of going concgrn The Iruslees have assessed whether the use oflhe going concern assumption is appropriate in preparing these accounts. The Iru51ees have made this assessment in respect lo a period of al least one year from the date of approval of these accounts. The Iruslees will continue lo keep both income and expenditure under review. Undoubtedly there will be challenges ahead bul the truslees do not expect material concerns lo arise over the charity's financial position Of going concern. The Iruslees have concluded that Ihe charity will have sufficient resources lo meet ils liabilities as they fall due. The Sisters of Ihe Infant Jesus (Nicolas Barrél General Trust 23
Principal accounting policies 31 December 2024 Income recognition Irscome is recognised in the period in which the charity has enlillemenl lo the income, the amount of income can b8 measured reliably and il is probable that the income will be received. Income comprises donations, investment income, bank inl8resl reeeivAble and other income. Donations, including salaries and pensions of individual religious received under Gift Aid or deed ol covenant, are recognised when the eharily has confirmation ol both the amount and selllemenl dale. In the event ol donations pledged bul not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject lo conditions that require a level of perform8nce before the cttarily is entitled lo the funds, the ncome is deferred and not recognised until either those conditions are fully mel. or the fulfilmenl ol those conditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. In accordance with the Charities SORP FRS 102 volunteer lime is not recognised. Investment income is recognised once the dividend has been dec18red and nolificalion has been received of the dividend due. Inlefesl on funds held on deposit is included when receivable and the amount can be measured reliably by the charily; this is normally upon nolifi¢81ion of the inleresl paid or payable by the bank, Expendlture recognltlon Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation commilling Ihe charity lo make a payment lo a third party. il is probable that a transfer of economic benefits will be required in selllemenl and the amount ol the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned lo the applicable expenditure headings. The classification between activities is as follows.. • Expenditure on raising funds comprises investment management fees. • Expenditure on Charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable aclivilies. Such costs include charitable grants and donations and costs in respect lo the support of members of the Order and enabling their ministry, including governance costs. Charitable donations are made where the trustees consider there is real need following a review of the details of each particular case. Donations are included in the slalemenl of financial activities when (hey have been approved by Ihg Trustees. All expenditure is staled inclusive of irrecoverable VAT. The Sislefs of the Infanl Jesus INico18s Barrél General Trust 24
Principal accounting pollcles 31 December 2024 Allocatlon of support and governance costs Support cosls represent indirect charitable expenditure. In order lo carry out the primary purposes of the charity il is necessary lo provide support in the form of personnel developmenl, financial procedures, provision of office services and equipment and a suitable workin9 environment. Governance costs comprise the costs involving the public accounlabilily of the charity (including audit costs) and costs in respect lo ils compliance with regulation and good practice. All expenditure on support and governance is allribuled directly lo the charitable activities of supporting members of the Inslilule as any governance costs in relation lo the provision of donations and grants is considered lo be negligible. T4nglble fixed assets All assets costing more than £2,000 and with an expected useful Ilfe exceeding one year are capilalised. • Land and buildings Land and buildings are those designed as, and used wholly or mainly for, private residenli818ccommodalion. They are slated al cost. Such buildings are not depreciated. Their value and condition are reviewod annually by the Iruslees. who are satisfied that their residual value is not materially less than their book vaSue. Disposals and additions lo land and buildings are accounted for on legal complelion of the relevant Iransaclion. • Plant, furniture and equipment Expenditure in relation lo plant, furniture and equipment is capitalised and depreciated over a len-year period on a slraighl-line basis. Motor vehicles Expenditure on the purchase of motor vehicles 18 capilalised and depreciated over a five-year period on a slraighl-line basis, Fixed asset investments Listed investments are a form ol basic financial instrument and are initially recognised al their transaction value and subsequently measured al their fair v81ue 88 al the balance sheet dale using the closing quoted market price. The charity does not acquire pul oplions, derivatives or other complex financial inslrumenls. As noted above the main form of financial risk faced by the charity is that of volalilily in equity markets and investment markets due lo wider economic conditions, the altitude of investors lo investment risk, and changes in senlimenl Conrning equities and within particular sectors or sub sectors. Realised gains lor losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value 8t the year end and their carrying value al Ihal dale. Realised and unrealised inveslmenl gains lor losses) are combined in the statement of financial activities and are credited lor debiledl in the year in which they arise. Cash held by Ihe Investment Manager held for investment is disclosed as a fixed asset investment. The Sisters of the Infant Jesus INi¢olas Barrél Gefieral Trust 25
Principal accounting policies 31 December 2024 Debtors Debtors 8re recognised al Iheir selllemenl amount, less any provision for non-recoverabilily. Prepayments are valued al the amount prepaid. They have been discounted lo the present value of the lulure cash receipt where such discounting is material. Cash at bank and In hand Cash al bank and in hand represents such accounts and instruments that are available on demand or have a malurily of less than three months from the dale of acquisition. Deposits for more than three months bul less than one year 81 the lime the deposit is made have been disclgsed as short-lerm deposits. Creditors and provisions Creditors and provisions are recognised when there Is an obligation al the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllemenl can be eslimaled reliably, Creditor5 8nd provisions are recognised al the amount Ihe charity anlicipales il will pay lo sellle the debt. They have been discounted lo the present value ol the future cash payment where such discounting is material. Fund structuro The funds ol the charily comprise reslricled lunds and unreslricled funds 8vai18ble for use in furtherance of the charity s objectives al the discretion ol the Iruslees. Within the lolal unreslricled funds are amounts representing tangible fixed assets and amounts which the Iruslees have designaled for specilic purposes. Details of funds are provided in notes 13 10 15. Servlces provlded by member8 For the purpose of these accounts, no monetary value has been placed on adminislr81ive and other services provided by members of the Inslilule. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 26
Notes to the accounts 31 December 2024 1 Income from.. donations 2024 2023 Unrestrlct8d Restricted Total Unr&slncted Reslricled Total Pensions and 51milar Income of Individual religUS Other donations 262,895 308 263,203 262,895 306 283,203 251,426 457 251,883 251,428 457 251,883 2 Income from.. Investmgnts and Snterest recelvable 2024 Unrostrlcted Restrlcted 2023 Total Unr&$lricted Reslricled To1 Income from 118t8d Inv88tm8nt8 UK uniliy&d funds 68.219 68,21 57.030 57,030 Intsr08t rocelvgble ash held by inveBlmenl mgnagers B8nk Inlere81 32,173 29,09J 129.485 32,17J 29,093 129.486 33.907 2D.360 111.297 33,907 20,380 111,297 3 ExpendSturg on: Support of member8 of the Ordor and their minlstry 2024 2023 Unr88tdctod Re•trlc10d Total Unreslricled ReStrted Tol81 Sisters, living and p8rson81 expense Premi8e8 and household co8t8 Educa11, Iraining anLI spirilu•l renewal Support ¢061$ Insuranc8 SubscriplKins Bnd Gonferencés Sundry *Jminislr81ion cos15 GovernanGe cos15 Inole 51 50,872 49,266 60,872 49,266 51.251 48.479 51,251 48,479 1.350 1,36S 505 50S 9,614 4.348 2,863 11,610 129,926 9,614 9.000 1.645 1.690 10.520 123.490 9,000 1,645 1,690 10,920 123,490 2,863 11,610 129,926 The Sisters of the Infant Jesus (Nicolas Barrél General Trusl 27
Notes to the accounts 310ecember 2024 4 Expenditure on.. charitable donations Donations during the year comprised.. 2024 2023 Unr88trlcted Restricted Total Unie$tn¢led Re$lncled Totsl WIKmwix)d Scrubs Pony Centre Hope Family Centre (Hope CTrrmunily ProieGI Wdverhamplonl Bru8hslrokes Sl. Chad8 Sanctuary Sl. Aidans Parhh CAFOD Mayhew Animal Sheiiar Kids on the Green Other $undry don81vns 3,000 3,000 6,000 2.500 83,389 65,889 2,600 2,500 2.500 2.500 4,500 2,500 2,500 4,500 2,600 2,SOO 2,500 2,500 2,000 2,000 s,0 3.000 1.000 2,000 2,000 3,000 1,000 7.653 9,367 9,3S7 7.653 19,887 7,000 26.857 19,653 72,389 92,042, S Governance Go$ty 2024 2023 Le 018nd professional fees 11,610 10.920 6 Net Income lexpendlturfrl for tho year before net Investment galns 11088081 This is slal&d 8fter ch8rging', Unreslricled and total 2024 2023 Staff costs Inote 71 Auditor's rernuneralion Slalutory audit services.. Current year Other servi¢e$'. advisory services Depreaation 9,500 1,110 4,019 9,480 1.440 4,019 7 Staff costs and key management personnel The charily did not employ any staff during the year12023 - nonel. As noted in the Iruslees, report, the trustees consider they comprise the key management personnel of the charity in charge of directing and controlling, running and oper81ing the charity on 8 day-to-day basis. The Iruslees are all members of the Order and whilst their living and personal expenses are borne by the charity they receive no remuneration or additional reimbur5emenl ol expenses in connection wilh their duties to the charity. The Sisters of Ihe Infant Jesus (Nicolas Barré} Gener81 Trust 28
Notes to the accounts 31 December 2024 8 Taxation The Sisters of the Infant Jestjs (Nicolas Barrél General Trust is a registered charity 8nd, Iherefore. is not liable lo income 18x or corporation lax on income derived from ils charitable aclivilies. as il falls within the various exemptions available to registered charities. 9 Tangible fixed assets Land and PLqnl. furniture building8 and equipment Motor vehicles Total CoBt Al 1 January 2024 Addition5 Al 31 Dec8mbw 2024 758,326 13.056 55.622 69.578 51.719 824,001 SS,622 879,623 758.326 51.710 08pr•clatlon Al 1 January 2024 Charge lor the year At 31 Dfrcember 2024 2.556 1.396 3.952 33,362 2,e23 35,985 36,918 4,019 39,937 Not book valu88 Al 31 December 2024 Al 31 Decwnber 2023 738.320 758.326 68.826 11.400 15,734 18,357 839,886 788,083 Land and buildings include two properties held on long leases originally of 125 and 999 years, commencing on 1 July 1998 and 20 August 2016 respectively. The nel book value of these properties al 31 Decembér 2024 and 31 December 2023 was £486,085. As permilled under Fin8nci81 Reporting Standard 102, the charily continues 10 adopt a policy of not revaluing ils tangible fixed 8ssets. 10 Investments 2024 2023 Llsted Investments Market valuellair value al 1 January 2024 Additions Net unrealised gains Ilosse51 Market valuelfair value at 31 Dember 2024 2,326,965 9,861 190,276 2,527,102 1,958,389 246,334 122,242 2,326,965 C*5h held by Investment managers Llst•d invastmants and cash held lor r?-invg8tm•nt 709,394 3,236,496 624,697 2.951,662 Cost ol listed investments at 31 December 2024 1,890,706 1.880,845 All listed investments comprise units in Charity Aulhoiised Investment Funds, the underlying investments of which were dealt in on a recognised stock exch8nge. These comprised.. 2024 2023 Sara5in Endowmènt Fund Class A Incomè units Sarasin Climate Active Endowments Fund C18ss A Income Unils Sarasin Income and Reserves Fund Class A Inc 1,554.853 765,065 207,184 2,527,102 1,431,433 690.040 205,492 2.326,965 The Sisters of the Infant Jesus (Nicolas Barrél General Trust 29
Notes to the accounts 31 December 2024 11 Debtors 2024 2023 Prepayments 2,132 2,007 12 Credltors: amounts falllng due wlthln one yoar 2024 2023 Monies adMinisted by the chanly on beh8110l individual merrber3 of the Order Accruals Donations payable 2,938 10,500 7,500 20,938 2.938 9.500 5.000 17,438 13 Restrlctgd fund 2024 2023 Al 1 January 2024 Expenditure in th• year Al 31 0ec8mb6r 2024 569.677 17,0001 562,677 642,066 172.3891 569,677 The restricted fund comprises monies donated by a member of the Order following Ihe inheritancè of a property. The nel proceed5 from th8 Sale of the property were gilled by the member lo the charity under a declaration of trust in 2021. The fund is lo be used lo linance donations lo organisalions and causes supported by the sister and by the charity. 14 Tanglble fixed assgts fund 2024 2023 Al 1 January 2024 Ntrt m¢vèments in the year At 31 December 2024 788,083 51,603 839,686 768,767 19,316 788,083 The tangible fixed assets fund represents the nel book v81ue of the charity's propgrties and other tangible assets. This fund is separaled from the general funds of the charily in recognition of the fact that the tangible fixed assets are essential lo the day-lo-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order lo meet lulure contingencies. The Sisters of the Infant Jesus (Nicolas Barrél General Trust 30
Notes to the accounts 31 December 2024 15 Designated fund The income funds of the charity include the following fund designated by the Iruslees.. Rgtirgment reserve lund The fund represents monies designated by the Iruslees lo provide for the members of the Order in their reliremenl. 11 has been calcu181ed using actuarial principles and is reviewed regularly by the Iruslees in the light of the resources available and those likely lo be required. 2024 2023 Al 1 January 2024 Designated during the year Al 31 December 2024 3,500.000 3,250,000 250,000 3,500,000 3,500,000 16 Analyslg of net assets between funds The fund balances are represented by the following 8ssels 8nd liabilities. Tanglblo G8nernl Ilxed Jjseti O••lgnatad Rg•trIGtgd fund fund lund lund 2024 Total fundo Fund balanc88 at 31 December 2024 are representod by.. Tangible fixed 855els Listed Invosiments Not currenl O$$¢18 Toi•l not •888ts 839.6e6 839.688 3,236,496 1,622.078 5,598,258 3,238.496 263.504 3,500,000 695,895 69S,895 562,877 $62,677 839,686 TAnglb Iixed &8sets fund 2023 Tolal lunds General fund Da8ign818d fund R88lrKled fund Fund b818nces al 31 Decernber 2023 are repre¥enled by Tangible fixed asselB Listed investments Nei current a88818 Total nel 88sels 788,083 788.083 2.951.8e2 1,438,165 5.177.910 2,951.662 548.336 3,500.000 320,150 320,150 5eg,877 569,677 788,083 The tol81 unrealised gains as at 31 December 2024 conslilule movements on revaluation of listed investments and were as follows.. 2024 2023 Unrealised gains at 31 Decembgr 202485 includod above: Total unrealised gains on listed investments 636,396 446,120 R•conciliation of movemènts in unrealised goins Unrealised gains at 1 January 2024 Gauns Ilossesl arising on revaluation in the year Total Ljnrealised gain5 al 31 Dècember 2024 446,120 190,276 636,396 323,878 122.242 446,120 The Sisters of the Infant Jesu5 (Nicolas Barrél General Trust 31
Notes to the accounts 31 December 2024 17 Transactions with trustees and other related party transactions The charily's Iruslees are members of the Inslilule. While In England, their living and personal expenses may be borne by the charity. No Iruslee received any remuneialion or reimbursement of expenses in connection with their duties as Iruslees12023 - £nill. As members of the Instilule, the trustees have no resources of their own 8S 811 earnings, pensions and other income have been donated lo the charity under a Gift Aid compliant Deed of Covenant. During the year, the lolal amount donated by the Iruslees lo the ch8rily was £24,90712023- £24,556). Sister Margaret Walsh, a Ifuslee of the charity is also a Iruslee ol the Hope Community Projacl Wolverhampton Icharily Registration Number 11393621 and St. Chad's Sancluafy Icharily Registration Number 11787281. During the year. the charity donated £2,500 lo the Hope Community Project Wolverhampton and £2,000 lo St. Chad's Sanelu8ry 12023 £2,000 lo the Hope Community Project Wolverhampton and £2,000 lo Si. Chad's Sancluaryl. Sister Margaret took no part in the decislon lo m8ke these donations. There were no other rela18d party Ir8ns8clions during the year which require disclosure (year lo 310ecember 2023- none). 18 Ultlmate control The ch8rily, which is conslilul8d as a Irusl, was controlled throughout the period by the Inslilule of the Si51ors of the Inlanl Jesus INicolas Barrél General Trust, by virtue of the fact th81 th8 Pfovincial appoints all of the Iruslees. The Sisters of the Infanl Jesus INicolas Barrél General Trust 32