Congregation of Jesus Charitable Trust Registered Charity Number: 298970
Trustee’s Report and Financial Statements For the Year ended 31 August 2020
Haysmacintyre LLP Registered Auditors Chartered Accountants London
## **Congregation of Jesus Charitable Trust**
|Contents
|Page|
|---|---|
|Reference and administrative details
|iii-v|
|Trustee’s Report
|1 - 13|
|Independent auditor’s report
|14 - 15|
|Consolidated statement of financial activities|16|
|Balance sheets|17|
|Consolidated statement of cash flows|18|
|Notes to the financial statements
|19 – 37|
ii
Congregation of Jesus Charitable Trust Reference and administrative details For the year ended 31 August 2020
## **Trustee** Congregation of Jesus Trustee (Company Number 0866880)
## **Current Directors and Officers of the Congregation of Jesus Trustee and those which served during the year**
## **Sarah Dobson cj**
Director (serving as Chair of the Trustee Board from 1 January 2021)
I have been a director since 2003. My professional background is in education and I now work in adolescent mental health in the NHS, as well as holding various responsibilities in the Congregation of Jesus English Province.
## **Frances Orchard cj**
Director (serving as Chair of Trustee Board until 31 December 2020)
I have been chair of the cj trust since 2012. I have a background in educational
leadership and educational consultancy. I have served on our general council in Rome and as the provincial superior of cj England.
**Katherine Archer cj** Director until 28 May 2020
I have been a director for many years. I was involved in school and CJ Province accounts for twenty-five years.
## **Gill Chapman**
Director
I had a varied professional career in commerce, retiring as Group HR Director of a large PLC.
Alongside my employment I spent several years as an HR advisor to the Royal National Theatre, the CBI and other Public Sector organisations and a Government Department.
I also spent ten years as Trustee of a large Pension Trust and a well-endowed Benevolent Trust.
## **David Herd**
Director appointed 5 December 2019
Career Accountant. 32 years in the NHS followed by 15 years as financial secretary, Diocese of Leeds. Involved since 2013 with the Bar Convent Trust and Bar Convent Enterprises in various roles.
**Stephen Macklow-Smith** Director until 5 December 2019
I am an adviser to the investment committee of the Congregation of Jesus and becoming a director in 2015. I am Managing Director and strategist in JP Morgan Asset Management’s International Equity Group and have been a volunteer with and latterly trustee of the Sovereign Military Order of Malta for 34 years.
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Congregation of Jesus Charitable Trust Reference and administrative details For the year ended 31 August 2020
## **Michaela Robinson cj**
Director
My professional background is in education and I retired from full time teaching in December 2012. During 2017/18 I was in charge of the cj Community in Cambridge.
## **Gemma Simmonds cj**
Director
I have been a director since 2013. I currently lecture in theology in the Cambridge Theological Federation, having worked in education at secondary and tertiary levels, in university chaplaincy and in spiritual direction. I was a volunteer prison chaplain for 26 years and have been a member of the Congregation of Jesus since 1974.
## **Ann Stafford cj**
Director
I am Superior of the Bar Convent Community and have been a director since 2014. I have responsibilities at the Bar Convent and in the Province including the ministry of Spiritual Direction.
## **Glen Travers**
Director
I have been a director since 2014. My professional background is in chartered accounting, investment banking & venture capital. I now contribute to biopharmaceutical developments in diabetes and assist with catholic education and their charities.
**Mary Walmsley cj** Director
I have been a director since 1987. My professional background has been in Education – teacher, Home School support worker, School Chaplain. I have had various roles in the Congregation, among them Superior of the York cj Community.
## Company Secretary
## **Mel Avis**
CEO
I spent 18 years in senior appointments in the charity sector before joining the Trust. I am also a qualified Chartered Accountant with 30 years’ financial experience, including in the private sector.
iv
Congregation of Jesus Charitable Trust Reference and administrative details For the year ended 31 August 2020
|**Provincial Superior**|Sr Sarah Dobson from 1 January 2021|
|---|---|
||Sr W Frances Orchard until 31 December 2020|
|**Charity number**|298970|
|**Charity Offices**|17-19 Blossom Street|
||York YO24 1AQ|
|**Solicitors**|Stone King|
||13 Queen Square|
||Bath BA1 2HJ|
|**Investment Managers**|Sarasin and Partners|
||Juxon House|
||100 St Paul’s Churchyard|
||London EC4M 8BU|
||CCLA Investment Management Ltd|
||COIF Charity Funds, Senator House|
||85, Queen Victoria Street|
||London EC4V 4ET|
||Epworth Investment Management Ltd|
||9 Bonhill Street|
||London EC2A 4PE|
|**Auditors**|Haysmacintyre LLP|
||10 Queen Street Place|
||London EC4R 1AG|
|**Bankers**|Royal Bank of Scotland PLC|
||1 Princes Street|
||London EC2R 8BP|
|**Investment Powers**|Widest powers of investment permitted under the Trustees Act 2000|
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **Introduction**
The Directors of the Congregation of Jesus Trustee present their annual report together with the group accounts of the Congregation of Jesus Charitable Trust and its subsidiary, Bar Convent Enterprises Limited for the year ended 31 August 2020. The charitable trust holds the assets of the English Province of the Congregation of Jesus and through which, its finances operate. The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charity’s trust deed, applicable laws, and with the Statement of Recommended Practice for Charities (SORP 2015. Second Edition, effective 1 January 2019).
## **Mission and Vision**
The charitable trust’s purpose is to promote the charitable work carried on, promoted or supported by the English Province of the religious congregation known as the Congregation of Jesus (CJ).
The Congregation of Jesus is an international Roman Catholic religious congregation with 1,460 Sisters in 16 Provinces worldwide (1,491 in 2019). We are an apostolic order of religious women, founded by the Venerable Mary Ward in 1609. She believed that women could ‘do great things’ in the service of God, and struggled against the prejudices of her time to establish apostolic religious life for women, adopting the spirituality of St Ignatius of Loyola and the Jesuit model of life and mission. Since its foundation it has been engaged in religious and other charitable work, including education.
## **Governance, structure, management and collaboration**
## • **Governance**
In terms of Canon law, the General Superior and her General Council in Rome govern the Congregation of Jesus at an international level. The English Province of the Congregation of Jesus is well represented as one of its members, Sister Jane Livesey, was elected as General Superior in 2011, and will continue her service in that office until 2021. The Provincial Superior and her Council, whom the General Superior appoints after consultation with each member of the province, govern the English Province.
In terms of civil law, the Charity is governed by the trust deed of 11 March 1988 and as amended on 11 December 2004, 12 April 2012, 21 January 2014 and 18 September 2019 and registered with the Charity Commission (Number 298970). The sole trustee of the Charity is the corporate trustee, Congregation of Jesus Trustee, (Company registration number 8668810) which was incorporated on 29 August 2013 and appointed as the Trustee of the Charity by the Charity Commission on 21 January 2014.
The directors of Congregation of Jesus Corporate Trustee are appointed by the Provincial Superior, who acts as the Chair of the corporate trustee. Sr Frances Orchard acted as Provincial Superior and Chair of the Trustee Board for nine years until 31 December 2020. The Board would like to record their sincere thanks for her dedicated work for the Trust during that period. Sr Sarah Dobson took up the post of Provincial Superior and Chair of the Board from 1 January 2021. The directors for the year 2019-20 consisted of the Provincial Superior and her four consultors, two other CJ sisters, and three lay directors. One sister retired as a director in May 2020.
Care is taken to ensure a balance of directors with appropriate experience, understanding of the ministries of the sisters, and the necessary skills for good governance. Initial and ongoing training is provided for directors, who all attend at least one training course on some aspect of charity trustees’ responsibilities every two years. The Trust CEO was a member of the Charity Finance Group and attended several such courses during the year. When necessary, the directors seek advice from the charity’s professional advisers, including property consultants, investment managers, solicitors and accountants.
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## • **Structure and Management**
The corporate trustee is ultimately responsible for the policies, activities and assets of the Charity. The Congregation of Jesus Trustee Board meets twice a year to consider the Charity’s accounts, review developments, and make significant decisions. The directors who form the CJ leadership team (the Provincial Superior and her Council) act as the Trustee’s Management Committee; they meet frequently for decisions on day-to-day management and directives to the local communities during the year.
A Finance Committee consisting of two/three directors, the CEO and professional advisers meets three times a year. Its duties include reviewing the annual budget, finalising the annual accounts for approval by the directors, and receiving and scrutinising reports from the investment managers.
The trust deed provides for the appointment of Administrative Trustees for the local management of the charity’s activities. These are:
- the three CJ Local Superiors, appointed by the Provincial Superior, who are responsible for local communities. They are accountable to the trustees and send monthly finance reports to the Trust's main office. The Local Superiors meet with the Provincial twice a year. The Provincial keeps in close touch with the local communities and visits them several times a year.
- the CEO, a professionally qualified person who also acts as Company Secretary, reports to the Board and meets with the Chair of the corporate trustee regularly.
At 31 August 2020, the members in the CJ English Province numbered 27 (29 in 2019). This number included two members in training. Three Sisters are engaged in charitable work overseas. The communities are situated in York, London, and Cambridge, but the charitable work of the sisters is not limited to the local area. The CJ English Province operates nationally throughout England and Wales, with some international outreach.
## • **Working with other organisations**
The Charity works closely with several other charities having objects like its own, and with certain public bodies. In some instances, sisters are employed by, or perform voluntary work for, these organisations, while in other instances the relationships are more informal.
Examples of the organisations for which members have worked and with which the Charity has co-operated during the year are as follows:
- Roman Catholic Dioceses
- other religious congregations
- the Conference of Religious for England and Wales (COREW)
- Churches in York and elsewhere
- the five schools formerly under the trusteeship of the Congregation of Jesus, and now under diocesan or lay charitable management
- Durham University Centre for Catholic Studies (CCS)
- St Beuno’s Jesuit Spirituality Centre
- Margaret Beaufort Institute of Theology, Cambridge
- Regis College, Toronto University, Canada
- NHS Trusts
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **Strategic Plan**
The Charity has a Strategic Plan for 2011 to 2025. This takes into account the aims, objectives, activities and policies shown below. The financial implications are also included in the plan for agreement by directors annually.
## **Risk Management**
The directors have continued to review and update their assessment of the major risks to which the Charity is exposed and have introduced systems and procedures to manage those risks. Further detail will be found on pages 11 to 13.
## **Policy on pay to key management staff**
Staff pay is reviewed annually by the Finance Committee, which makes recommendations to the Board. Pay is normally reviewed in the context of national average earnings.
## **Objectives and activities**
- **Charitable Objects**
The Charity’s objects, as set out in the trust deed, are the promotion of the charitable work for the time being carried on by, promoted or supported by, the Congregation of Jesus and as the Board shall from time to time, with the consent of the Provincial Superior, think fit.
The CJ sisters carry out their ministries in the spirit of their foundress, Mary Ward. Our religious constitutions and foundation documents (17th century) define our ministry as the service of faith through religious works, the provision of schools, the service of prisoners and people in hospitals, and “any other works of charity which may seem proper to further the glory of God and the common good”.
## • **Aims and Public Benefit**
The Congregation of Jesus Charitable Trust aims
- to enable all members of the Congregation to continue as far as they are able with the religious and other charitable works of the Congregation of Jesus
- to care for those members throughout their lives with the Congregation: supporting the active sisters in their personal lives and their ministries, and to provide for the health care and spiritual welfare of the elderly and sick.
All aspects of our work involve the promotion of religion. Our religious values are based on the teaching of Jesus Christ in the gospels, which commits us to the love and service of God, and to put faith into practice by serving our neighbour wherever there is need. The present charitable activities of the sisters and the Charity include religious ministries, education, and social/pastoral work for the relief of poverty and suffering.
The directors have considered the Charity Commission’s guidance on public benefit, and in particular guidance on charities for the advancement of religion. All the Charity’s activities and the ministries carried out by the CJ sisters are for the benefit of the general public. The Congregation of Jesus is a Roman Catholic religious congregation, but the benefit is not confined to members of the Catholic faith.
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## Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
- **Relevant Policies**
The Congregation of Jesus offers its members for charitable service, some in the corporate work of the Charity, others working in co-operation with other charities, or on individual charitable projects.
The charity frequently reviews the use of its functional property, with special attention to the maintenance of its land and buildings, including the Grade 1 listed buildings of the Bar Convent, York (founded 1686) which are part of the heritage of the Congregation of Jesus and of the history of the Catholic Faith in England.
The Charity does not fundraise from the public and there were no complaints received with regards to fundraising.
## **Details of activities and review of achievements during the year and plans for the future**
Activities are offered to benefit people of all backgrounds and all faiths and none. The apostolic and charitable work of the sisters ranges from theology and retreat direction to the practical expression of faith through education and social/pastoral care for individuals in need.
Last year’s report identified the following specific objectives for 2019/20:
- ➢ Continuing to carry out the many and varied charitable works and ministries, which are chosen to meet the needs of the time and the training and abilities of each sister, together with care for the elderly sick sisters.
- ➢ Provision for the religious formation and training of the new members who have entered the Congregation of Jesus, in accordance with the practice of an apostolic congregation of religious sisters.
- ➢ Pursuing a merger with the Bar Convent Trust (a connected charity) with financial funding and the involvement of the CJ sisters in the Bar Convent Trust’s activities.
- ➢ Continuing development and expansion of the work of St Bede’s Pastoral Centre in its provision of religious, educational and pastoral courses.
- ➢ Continuation of the association with Durham University Centre for Catholic Studies by funding an annual research fellowship in Catholic history.
- ➢ Cataloguing, preserving and opening the Bar Convent Historical Archive to students and researchers under the direction of the special collections manager and archivist.
The extent to which these objectives have been achieved during the year is detailed below together with a summary of plans for the future. As has been universally the case in 2020, activities have been severely impacted and reduced by the pandemic of the coronavirus, Covid-19. Working within the restrictions in place the Congregation and the Charity have continued to provide services and support to those in need.
## **• Religious ministries of the members of the Congregation**
The members of the Congregation of Jesus give their service voluntarily to the various charitable works of the Congregation of Jesus Charitable Trust. Twenty-two active sisters with an age range of 43 to 104 are working for the Charity. The majority of these are engaged in more than one activity.
Areas of service include: religious ministries, education, social and pastoral activities, religious heritage, and service to other charities. Service within the Congregation includes the care of the elderly frail sisters, the government and administration of the Congregation of Jesus, and the mentoring and guidance of the newer members. The historic Bar Convent Chapel (1769) is open to the public for religious services and private prayer.
CJ members continue to serve at diocesan and parish level, and several sisters provide regular spiritual accompaniment, retreat direction, religious courses and preparation for the sacraments.
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
Two CJ members continue in theological teaching at tertiary level: lecturing, writing, and providing courses on religious matters in this period. One lectures at the Margaret Beaufort Institute of Theology in Cambridge alongside writing and teaching engagements and broadcasts in the UK and worldwide, and the second serves as Associate Professor of Systemic Theology at Regis College, Toronto, Canada with other theological responsibilities and outreach conference and retreat work.
## **• Social and Pastoral work**
Sisters of all ages have continued to be involved in social and pastoral works, ranging from professional psychotherapy for young people provided by a sister who is a qualified child and adolescent psychotherapist, to the welcome visits made by CJ sisters to sick and housebound people who live in lonely isolation.
Some members are involved in various forms of advocacy, support for the homeless, refugees and asylum seekers and in local initiatives for the care of those in need. A sister serves as a hospital chaplain, and others visit hospitals and hospices. Several sisters have taken part in parish and local committees for justice and peace. Awareness among the sisters of justice issues and ethical living and investing continues to develop, with practical ways of caring for the environment.
## **• Education**
CJ sisters continue to be valued as school governors and also hold positions in charitable organisations which serve the wider needs of Catholic education, including university education and have continued to offer courses, talks and tuition on religious subjects, spirituality, and justice and peace issues. In York CJ members supported the work of St Bede’s Pastoral Centre and the educational and heritage work of the Bar Convent during the year.
The five schools formerly run by the Congregation were transferred to diocesan or lay management as independent registered charities in the 1980s. Four of the sisters served as governors in these schools during the year. The Congregation were saddened to hear of the closure of St Mary’s School, Shaftesbury, in July 2020. It had been experiencing financial challenges for some time and the coronavirus pandemic had pushed the school to the brink of insolvency. Although the Charity no-longer had financial links with the school, many CJ members had been at the school and/or lived and worked there and had fond memories of their involvement with the school.
## **• International work**
A CJ English Province member, Sr Jane Livesey, serves as General Superior of the Congregation of Jesus and resides at the CJ Generalate in Rome. This office involves spiritual and pastoral government as well as administration, and her responsibility for the 1,460 CJ members worldwide takes her on visitation to some of the provinces and regions each year. She has held this position for nine years and her term of office had been due to come to an end in 2020 when the General Congregation had been due to be held. The General Congregation takes place every nine years when sisters from the 16 international provinces meet. Its purpose is to decide the direction of travel for the Congregation and its mission for the nine years following the General Congregation and also to elect a General Superior and her four General Assistants to form a new General Council. Due to the coronavirus pandemic, the General Congregation has been postponed until July 2021 and Sr Jane Livesey and her Council members will remain in their posts for another year.
As previously stated one CJ member is seconded to Regis College, Toronto University, where she holds a Professorship in Theology, and a third English Sister lives in Zimbabwe with the CJ members there who provide religious and education services. The English Province welcomes sisters from the CJ Provinces in developing countries for periods of study and training, and to visit the birthplace of the Congregation founder, Mary Ward.
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **• Other Religious Activities**
Sr Frances Orchard serves as vice-president of the Executive of the Conference of Religious (Registered Charity No 277024) and on the Mixed Commission, the meeting point for the Conference of Religious and the Catholic Bishops’ Conference of England and Wales. In 2020 Sr Sarah Dobson served on the panel led by Ian Elliott reviewing the safeguarding arrangements of the Catholic Church in England and Wales.
## **• Care for members of the Congregation of Jesus in the English Province**
The Congregation has an obligation, both moral and legal, to provide care for its members. 78% (21) of the members of the English Province of the Congregation of Jesus are aged 70 and over. Many remain in good health and will continue for some years in the active ministry to which they have given their lives. The expense of the specialist care needed for the older and frailer members is borne primarily by the Charity. 34 members of staff are involved in the care of the sisters in St Joseph’s Infirmary; including nurses, health care assistants and facilities staff. They have worked with professionalism and dedication throughout the coronavirus pandemic to ensure the sisters receive the best of care and are kept safe.
## **• New members**
During the year, two members in formation left the Congregation. One member in formation is currently working at St Bede’s Pastoral Centre, York and undergoing further training in spiritual accompaniment. Another young woman joined the Congregation in February 2020 and started her postulancy.
## **• Acquisition of the Bar Convent Trust**
Bar Convent Trust (BCT) is a charity that was registered in 1986 (Charity No. 291320) and its aim has been to provide income to support the long-term sustainability of the Bar Convent. Its subsidiary trading company, Bar Convent Enterprises Limited (BCEL), whose commercial activities of a guesthouse, conferencing facility, café, shop and museum, all operate within the Bar Convent and provided profits for BCT. The Bar Convent is owned by the Congregation of Jesus Charitable Trust, which has leased part of the building to BCT since 2007. The aim of ensuring the long-term sustainability of the Bar Convent is also important to the Congregation of Jesus Charitable Trust and it has provided financial support to BCT for many years. Due to the synergies between the two trusts a decision was taken to bring them together, allowing for a more simplified governance structure and opportunities for sharing expertise and resources. After a due diligence process, the Congregation of Jesus Charitable Trust acquired all the assets and liabilities and activities of BCT on 1 December 2019 and Bar Convent Enterprises Limited became the wholly owned subsidiary of Congregation of Jesus Charitable Trust at the same date. BCT has been a dormant company since 1 December 2019 and the intention is to wind it up.
## **• The Bar Convent Living Heritage Centre (BCEL)**
The Centre has made a positive impact, providing a safe, welcoming and enriching space for visitors, volunteers and residents during a challenging year. It has also contributed to York’s unique offering as a historical tourist destination, providing visitors with an opportunity to stay, dine or meet in one of York’s most iconic buildings, and the nation’s oldest living convent. The Centre’s exhibition also provides an educational platform to build awareness, and raise and explore issues of religious faith, persecution and tolerance.
Approximately 6774 people have visited the exhibition and shop from diverse backgrounds and of different ages. The café continues to be an important community hub for local people providing hospitality to 6175 customers. 4,367 guests have stayed overnight in the guest house and the conference rooms have enabled numerous meetings for local groups, charities and business people.
As part of the hospitality sector, one of the sectors hardest hit by pandemic restrictions, it has required financial support from the Congregation of Jesus Charitable Trust during 2020. More detail is provided in the financial review.
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **• St Bede’s Pastoral Centre**
The pandemic restrictions have also impacted the activities of St Bede’s Pastoral Centre. During the lockdown period from April 2020, the building had to close for all in-person activity and use by outside groups. The Centre staff managed to adapt quickly to the restrictions by switching all in-house content, including delivery of the Personal and Spiritual Development (PSD) course, to an online format and trialled some new offerings such as Pathways in Prayer and Guided Prayer sessions. To the credit of the team, they swiftly grew their ability to work online and were surprised at what it is possible to experience in terms of quality and depth of group interaction. It was not, however, a natural arena for many, demanding a different degree of energy and attention from tutors to enable participants to feel comfortable meeting in this environment.
The Spiritual Accompaniment training course was adapted to an online format meaning that the 19 participants were all able to successfully complete the two year programme. A number of the group have now added to those able to offer one-to-one spiritual accompaniment as part of the St. Bede’s network and may potentially become involved in retreat work and course tutoring in future. One person has join the team for a one year internship from autumn 2020.
Although use of the building has been significantly reduced in the latter part of the year, the Centre’s main income for room hire came from hosting an external group who offer therapeutic training and group therapy and there has been a rise in the number of counsellors using the Centre over this last year. This was encouraging as these types of outside activities are a strong compliment to the Centre’s own programme, area of ministry and the ambience that characterises St Bede’s. The Centre has hosted Capacitar training (wellness practices) with a strong group of 15 from York and beyond and where appropriate, these practices have been integrated more broadly into the Centre’s own programme offerings.
The time freed up from the reduced timetable within the Centre was used to complete a new website and develop a new integrated bookings database, as well as repainting of all the interior to make the building feel fresh and contemporary, ready for when it can again welcome users back.
## **• Looking Ahead into 2020-21 Programme Year**
In the new programme year from September 2020 the Centre has continued to offer the second year of the two year PSD course online, although the start of a new course has been postponed until autumn 2021 in anticipation that the new group will be able to meet in person. It is hoped that a ‘hybrid’ model (virtual and small bubble groups) will be possible in the new year if restrictions allow. All other programme content throughout the year will be offered online. Following a good response to the online retreat in the summer term, online retreats will continue to be offered and a new programme directly addressing formation needed to respond to the demands of the climate crisis. An online summer conference will be hosted focusing on the call to ecological conversion. A new training course in Spiritual Conversation Skills will commence in autumn 2021.
The building has continued to be closed for general public access in autumn 2020, opening on a limited basis for pre-booked groups, counsellors and spiritual accompaniers, where it has been possible to accommodate these in a covid-secure way. The Centre will continue to be as responsive as possible within the restrictions that will most likely continue to be in place for most of this programme year.
The new website www.stbedes.org.uk is now live, with an online booking facility and shortly, online purchasing of cards.
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **• The Bar Convent Archives and Special Collections**
Following the physical renovations to the archives and library, the main focus for the Special Collections is the recataloguing of the items across the archive, library and Living Heritage Centre (LHC) in order to make them more accessible to researchers, and to draw out links between the items themselves across the three areas. Although lockdown meant that the collections were physically inaccessible, it also provided a bit of breathing space for stepping back and evaluating process and structures. It has also allowed time to look at the story being told by the collections, and to ensure that it captures the whole range of activities taking place across the Blossom Street site, and across the CJ province as a whole. To this end, new collections for archive and library material relating to St Bede’s have been established; a new database of objects has been set up to capture the many and varied items around the building; and progress has been made towards producing a catalogue of the library books.
In the archives, recataloguing has been progressing well, and all four archive collections have been restructured in line with the International Standard of Archival Description (ISADg). Collection-level descriptions will be sent to national archive databases and search platforms to ensure that researchers are able to find and access the collections more easily, and also view them in context with other collections from around the world. We are currently investigating various ways to ensure that researchers can come back to use the collections in an appropriately covid-secure way.
Our survey to capture the memories of Bar Convent alumni is still ongoing, and has been well-received so far, with a plan to launch an exhibition and event sometime in 2021.
In the library, Durham University have now finished the first phase of cataloguing the rare books on to a database, using photocopies of the existing index cards. The second phase is to get a professional cataloguer to check the index card details against the physical books and add any extra information into the database, and to finish cataloguing the c.3500 reference books. PhD research is also ongoing into the history of the antique library, in conjunction with the University of York. It is hoped to put together a library launch event to celebrate these various achievements, and to rename the library for Sr Gregory Kirkus, who did so much to ensure its survival in the first place.
In the LHC, following the lockdown, all museum cases have been opened and cleaned for the first time since installation and all objects on display have been inspected and cleaned.
Remotely accessible environmental monitors have been installed across the whole of the Bar Convent, allowing temperature and humidity to be monitored and to ensure that the collections are being stored in an appropriate environment. Alert systems have been implemented in the event of increased readings (usually indicative of excess water or other issues). This allows greater monitoring on site, and will also allow monitoring to continue even in the case of further lockdowns.
The second volume in the Living Heritage Series is nearing completion, and will be entitled ‘Secrecy and Sanctity: 250 Years of the Bar Convent Chapel’. A third volume is planned for some time in 2021 to feature the history of the school. All volumes will be available for purchase in the Bar Convent gift shop.
## **• Donations and grant making policy**
The Charity supports the work of the international Congregation of Jesus by means of donations to the General Council in Rome, to the CJ Solidarity Fund for provinces in developing countries, the Common European Novitiate, and on occasion to a CJ province in particular need.
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Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
In association with Durham University Centre for Catholic Studies, the Charity continued to fund an annual research fellowship in Catholic history, and the development of the Centre for Catholic Studies.
Some donations are made to organisations with objectives consistent with those of the Charity, but it does not regard itself as a grant-making charity and applications for grants and donations are not invited.
## **• Charity property: use and management**
## The Trust’s charitable property has continued to be used for:
- ➢ religious worship in the historic Bar Convent chapel, which is open to the public.
- ➢ residences for the sisters, and for their charitable works.
- ➢ care of the elderly, frail and sick sisters.
- ➢ religious and spiritual training, guidance and support
- ➢ exhibition, hospitality and research
## **• Employees, volunteers and members of the congregation**
The Trustee Board wish to record their recognition and thanks for the professionalism and commitment of all their staff, volunteers and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.
## **• Financial Review**
The year’s results can be seen in the Consolidated Statement of Financial Activities (SOFA) on page 16. Further detail is provided in the notes to the accounts pages 19 – 37.
This year the 12 months financial results of the Charity were combined with the results of its new trading subsidiary Bar Convent Enterprises Ltd (BCEL) for the 9 months from 1 December 2019, presenting an overall group position. The combined income for the year was £3,125,944 (£1,711,906 in 2019). The main reason for the increase was due to the acquisition of the net assets of Bar Convent Trust (BCT), £1,287,213, as a donation and trading income from BCEL of £192,613. The main continuing income source of the Charity itself was investment income, £1,032,925. This dropped by 9% this year due to reductions in dividend distributions as a result of the impact of the pandemic on stock markets. Total income and expenditure included in the group accounts includes £255,867 and £415,317 respectively from BCET for the 9 months to 31 August 2020. The financial position of BCET has been affected by the Covid-19 pandemic as many of the operations had to remain closed.
Covenanted salaries and stipends continued to decease as fewer sisters were in paid employment. Pension income rose a little this year due to the payment of a lump sum on the retirement of one of the sisters.
Despite the restrictions experienced in the summer term by St Bede’s Pastoral Centre, as a result of adaptations to covid social distancing protocols, it managed to achieve income of £68,247 a slight increase on the previous year (£65,513 in 2019).
The total expenditure of the group for the year was £2,451,499 (£2,196,216 in 2019), a 12% increase in costs due to the acquisition of BCT and BCEL costs. The main area of expenditure was supporting the CJ members and their ministries, £1,703,314, (£1,929,697 in 2019) a decrease of 12%. The decrease was due mainly to lower charitable donations made this year, in 2019 a large donation had been made to fund the building of a school in Zimbabwe. Part of the expenditure for supporting CJ members included the support and care for elderly CJ members in St Joseph’s Infirmary £493,423 (£471,604 in 2019). Property maintenance for the year was £90,173 (£240,555 in 2019).
9
**Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020**
Due to the impact of the pandemic BCEL made a loss for the 9 months of £159,350. The Trustee Board are confident that the company will be able to return to profitability once the effects of the pandemic end and therefore to ensure the financial sustainability of the company in the short term they have approved a loan to BCEL at a commercial interest rate, with the expectation that the company will start to repay the loan once it has positive cashflows. At 31 August 2020 the loan stood at £175,746. The Board will be monitoring the performance of BCEL carefully over the next year.
The net position for the year before investment gains/losses was a net surplus of £674,445 (loss of £484,310 in 2019).
## **Balance Sheet**
The Consolidated Balance Sheet at 31 August 2020 was valued at funds of £42,115,642 (£41,517,543 in 2019), all of these represent unrestricted reserves. Of this, £35,649,416 consisted of listed investments and £5,567,773 in other tangible fixed assets; consisting of properties in York, London, Cambridge and Whitby used by CJ members.
## **Investments**
The market value of the Charity’s quoted investments at 31 August 2020 was £35,649,416 a decrease of £707,767 largely due to the sale of investments and the funds moved to short term investments which will be utilised to fund working capital needs over the next year. The actual investment loss at the year-end was £76,346 (gains of £1,784,973 in 2019). When the global pandemic took hold in March 2020 stock markets experienced significant falls in value with the Charity’s portfolio reducing by over 10% at that point but it recovered a lot of its value over the remaining months of the year. The Charity takes the view that investment values are volatile, although it is anticipated that over the longer term there will be a growth in values. However, this volatility emphasises the need for caution when reviewing reserve levels, which incorporate investments at their market value.
The investment income for the year generated a return of 2.84%. Holdings of investments were as follows as at 31 August 2020: Sarasin & Partners £17,729,811, CCLA £12,168,466 and Epworth £5,751,138.
In addition to quoted investments, the Charity had three investment properties which generated rental income for the Charity. These properties were valued at their market value at the year-end was £1,395,000.
## **Investments Policy**
Under its trust deed the Charity has the widest powers of investment and power to enter into discretionary management agreements. The investment managers operate within written guidelines which, together with performance, are set out and reviewed regularly by the Board. Within the specified guidelines, the investment managers’ task is to maximise total return through a diversified portfolio taking account of ethical considerations, while providing a level of income which is specified each year. Any realised gain on investments is reinvested in order to maintain the value of the portfolio and provide future income to offset the anticipated reduction in salaries and other sources of income.
The Charity’s investment portfolio is divided between listed investments, cash deposits and investment properties. The equity portfolio is divided between the existing managers: Sarasin & Partners LLP, Epworth Investment Management Ltd and CCLA Investment Management Ltd.
The Charity has an ethical investment policy, which excludes investment in companies having significant profits from an activity contrary to Christian principles. The Charity is also considering its stance on ethical issues around climate change and will be reviewing its policy for this area in the coming year. The Charity is a member of the Church Investors Group, and so has contact with the Ecumenical Council for Corporate Responsibility (ECCR) and the Ethical Investment Research Service (EIRIS).
10
Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **Reserves Policy**
The Charity has power under its trust deed to set aside reserve funds for particular purposes. Details of the Charity’s policy and its designated funds can be found in the Notes 19 to 21.
The Charity carries out a diverse range of activities and is responsible for the care and support of sisters whose average age is increasing and whose needs are changing. The Trustee Board have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes, or otherwise committed. The Board consider that, given the nature of the Charity’s work and its commitments, the level of free reserves should be equal to approximately two to three years’ expenditure (£4,902,998 for two years). At 31 August 2020, free reserves amounted to the equivalent of two years’ expenditure at £4,874,379 (£6,357,094 in 2019), which is within the Charity’s target range.
Forecasts of income over the next few years indicate that there will be a continuing decline in covenanted income as the older sisters retire from paid work. The younger Sisters either work within the Charity itself or take up charitable work in the community at large, often voluntary and unpaid in nature. Many of the older CJ members do not qualify for occupational or state retirement pensions, other than the non-contributory pension awarded at 80 years of age. Actuarial calculations show that the proportion of elderly members will remain high, while covenanted income from salaries and from pensions will continue to decline. With this decrease in earned income the Trust is more reliant on its investment income.
## **Risk Management**
The Trustee Board has continued to review and update its assessment of the major risks to which the Charity is exposed and has introduced systems and procedures to manage those risks.
## **Key Risks**
- **Governance and management**
- Includes: lack of direction; skills and training of members and staff; safeguarding and wise use of funds and assets. Mitigated by appropriate training and effective management by the Board and key personnel.
- **Operational**
- Includes: suitability of premises; ongoing maintenance of buildings; health and safety precautions. Mitigated by effective maintenance of buildings and implementation of a health and safety policy.
- • **Financial**
Includes: budgetary control; appropriate spending; quality of accounting; appropriate investment policies and management. Mitigated by having effective budgetary control, a clear investment policy and effective management accounting systems.
- **Reputational**
- Includes: possible damage to the CJ Charity’s reputation. This is mitigated by having and monitoring high standards.
- **Safeguarding**
This is dealt with separately below.
- **External and environment**
Includes: effects of government policies; consequences of non-compliance with laws and regulations and major disaster in the area where we reside. Covid-19 risk is also dealt with separately below.
11
Congregation of Jesus Charitable Trust Trustee’s Report For the year ended 31 August 2020
## **Covid-19**
In early 2020 the Covid 19 pandemic started to have an impact with countries across the world introducing a range of measures to enhance social distancing and reduce the spread of the disease. These measures affected the ability of many organisations to operate normally, which in turn has led to economic problems on a global scale.
In March 2020 the UK government introduced its own measures and as an effect the Trust had to close the St Bede’s Pastoral Centre to the public and its newly acquired trading subsidiary Bar Convent Enterprises Limited had to suspend its hospitality operations. The Trust and its subsidiary have looked at ways to mitigate financial loss and have taken advantage of the government’s Coronavirus Job Retention Scheme by furloughing a number of employees of the trading subsidiary and the Trust to be able reclaim financial support for wages and prevent job losses. St Bede’s has continued to offer a revised, reduced range of spiritual training courses using digital media and is looking at ways that this can be incorporated into its future programming to enhance faceto-face training once the Centre is able to re-open fully.
**Covid-19 Risk management**
|RISK
Covid-19
The main risks associated with Covid-19
surround the health and safety of the charity’s
sisters, staff and beneficiaries with the financial
risks not considered significant within the
context of the charity’s funds.|MITIGATING ACTIONS
•
Following government policy both in
terms of closing all but essential
services and safeguarding those that
are vulnerable;
•
Close monitoring of the health and
wellbeing of all of our sisters ensuring
those who need physical or emotional
support are provided with adequate
resource;
•
Regular meetings of the Senior
Leadership Team and key staff during
the restrictions
•
Developing specific Coivd-19 risk
assessments and introducing covid-
secure measures in line with
government guidelines to be able to
operate safely
•
Developed policies for managing
investment properties and investment
portfolios in times of volatility
(including dealing with tenants who are
struggling financially)|
|---|---|
12
##
##
Congregation of Jesus Charitable Trust Independent Auditor’s Report to the Trustee of the Congregation of Jesus Charitable Trust
## **Opinion**
We have audited the financial statements of the Congregation of Jesus Charitable Trust for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities, the Group and Parent Charity’s Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the group’s and Parent charity’s affairs as at 31 August 2020 and of the group’s and parent charity’s net movement in funds for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 to provide a basis for our opinion.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
14
Congregation of Jesus Charitable Trust Independent Auditor’s Report to the Trustee of the Congregation of Jesus Charitable Trust
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charity, or returns adequate for our audit have not been received from branches not visited by us; or
- sufficient accounting records have not been kept; or
- the charity’s financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
Haysmacintyre LLP Statutory Auditors Date: 15 February 2021
10 Queen Street Place London EC4R 1AG
Haysmacintyre is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
15
Congregation of Jesus Charitable Trust
## Consolidated statement of financial activities
(Incorporating a group income and expenditure account)
## For the year ended 31 August 2020
|**Income from:**
**Notes**
**Donations and legacies:**
2a
Covenanted Income
- Salaries and stipends
- Pensions
Donations and other income
Donated net assets on Bar Convent Trust acquisition
**Investments**
- Rents
- Dividends and interest
**Charitable activities**
- St Bede’s Pastoral Centre
**Trading activities**
4
**Total Income**
**Expenditure on:**
**Charitable Activities:**
3a
St Bede’s Pastoral Centre operating costs
Support of CJ members and their ministries
**Raising funds:**
Investment management costs
Rental costs
Trading activities
4
**Total expenditure**
**Net expenditure before gains on investments**
**Net (losses)/gains on investments:**
- Investment Properties
- Quoted investments
10
**Net income - movement in funds**
**Reconciliation of funds:**
Fund balance brought forward as at 1 September 2019
**Fund balances carried forward at 31 August 2020**|**Unrestricted Funds**
**Totals**
**Totals**
**2020**
**2019**
**£**
**£**
69,085
53,892
297,031
252,436
121,448
137,698
1,287,213
-
69,214
73,332
1,032,925
1,132,967
56,415
61,581
192,613
-|
|---|---|
||**3,125,944**
**1,711,906**|
||195,554
153,297
1,703,314
1,929,697|
||1,898,868
2,082,994
105,526
102,762
31,788
10,460
415,317
-|
||552,631
113,222
2,451,499
2,196,216|
||**674,445**
**(484,310)**
-
363,000
(76,346)
1,784,973|
||**598,099**
1,663,663
**£41,517,543**
**£39,853,880**|
||**£42,115,642**
**£41,517,543**|
The notes on pages 19 to 37 form an integral part of the financial statements. All income and expenditure relates to continuing operations. All gains and losses recognised in the year are included in the Statement of Financial Activities.
16
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2020|20L9|2020|2At9|
||Notes|g|f|f|f|
|FixedAssets||||||
|Tangiblefixedassets|8|4,772,773|3,081,102|4,!72,773|3,081,102|
|lnvestmentproperties|9|1,395,000|1,395,000|1,395,000|1,3g5,ooo|
|Other investments|10|35,649,416|36,357,!83|35,649,516|36,357,183|
|||4L,2L7,L89|40,833,285|41,,2L7,289|40,833,285|
|CurrentAssets||||||
|Stock|12|18,045||||
|Debtors|13|t34,791.|103,851|295,L75|1-03,851|
|CashandshorttermdePosits||939,205|704,126|892,534|704,L26|
|||L,O92,O4L|807,977|L,L87,749|807,977|
|Creditors:amountsfalling||||||
|duewithinoneyear|1,4|(150,340)|(68,921)|(86,658)|(68,921)|
|Net CurrentAssets||94L,701,|739,456|L,101,051|739,A56|
|TotalAssetsless||||||
|Current Liabilities||42,1-58,890|4r,572,341,|42,318,3404L,572,341"||
|Creditors:dueaftermore||||||
|thanoneyear|15|(43,248\|(54,798)|(43,2481|(54,798],|
|TotalNet Assets||f42,115,il2E4L,517,543f.42,275,O92|||E4!,5L7,543|
|UnrestrictedFunds||||||
|Designatedfunds
-Fixed assets|18|4,172,7733,OBL,LOZ4,L72,773|||3,OgL,1O2|
|-BarConvent
- Property maintenance||12,L68,4661L,90t,47212,L68,456
3,500,000 3,284,7733,500,000|||LL,90L,472
3,284,773|
|-Support ofCJmembersandtheir
Ministries
-FrBillBroderick MemorialFund||L7,387,295
L2,729|16,880,869
L2,233|17,387,295
72,729|L6,880,869
L2,233|
|TotalDesignatedFunds||37,241,263|35,L60,449|37,24',L,26335,L60,M9||
|Generalfunds||4,874,379 6,357,094 5,033,8296,357,094||||
|TotalFunds||0.42,LL5,642f.4L,5L7,543842,275,A92|||84t,5t7,543|
Congregation of Jesus Charitable Trust Consolidated statement of cash flows For the year ended 31 August 2020
||||2020||2019||
|---|---|---|---|---|---|---|
|||£|£||£|£|
|**Cash flows from operating activities:**|||||||
|**_Net cash (used in) operating activities_**|||(230,410)||(1,,645,414)||
|**Cash flows from investing activities:**|||||||
|Dividends, interest and rent from investments|1,102,139|||1,206,299|||
|Purchase of tangible assets|(1,268,071)|||(14,000)|||
|Purchase of investments|(8,352,074)|||(9,304,031)|||
|Proceeds from sale of investments|8,900,953|||9,334,083|||
|Decrease in investment cash|82,542|||96,816|||
||----------------------|||----------------------|||
|**Net cash provided by investment**|||||||
|**Activities**|||465,489||1,319,167||
||||------------------||------------------||
|**Change in cash and cash equivalents in**|||235,079||(326,247)||
|**the year**|||||||
|**Cash and cash equivalents at the start of**|||||||
|**the year**|||704,126||1,030,373||
||||------------------||------------------||
|**Cash and cash equivalents at the end of**|||||||
|**the year**|||£939,205||£704,126||
||||=========||=========||
|**Notes to the Cash Flow Statement:**|||||||
|**A Reconciliation of net income to**||||**2020**|**2019**||
|**net cash inflow from operating activities**||||**£**|**£**||
|Net income for the year (as per the Statement||of|||||
|Financial Activities)||||598,099|1,663,663||
|Depreciation charges||||176,400|71,918||
|Losses/(gains) on investments||||76,346|(1,784,973)||
|(Gains) on investment properties||||-|(363,000)||
|Dividends, interest and rent from investments||||(1,102,088)|(1,206,299)||
|(Increase) in stock||||(18,045)|-||
|Increase) in creditors||||81,419|44,467||
|(Decrease) in creditors due after more than one|year|||(11,550)|(145,750)||
|(Increase)/decrease in debtors||||(30,940)|74,560||
|||||----------------------|----------------------||
|Net cash (used in) operating activities||||£(230,359)|£(1,645,414)||
|||||==========|==========||
|**B Analysis of changes in net debt**|||**At 1 Sept**|**Cash**|**Other non-**|**At 31 Aug**|
||||||**cash**||
||||**2019**|**flows**|**changes**|**2020**|
||||**£**|**£**|**£**|**£**|
|Cash and bank|||704,126|
235,079|-|939,205|
The notes on pages 19 to 37 form an integral part of the financial statements.
18
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## 1. **Accounting Policies**
## **Basis of preparation**
The financial statements have been prepared in accordance with the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **Group financial statements**
The financial statements consolidate the results of the charity and its wholly owned subsidiary Bar Convent Enterprises Limited on a line-by-line basis. No separate Statement of Financial Activities or Cash flow Statement has been prepared for the charity as permitted by section 408 of the Companies Act 2006 and FRS 102 respectively. A summary of the charity’s financial performance is shown in note 2.
The subsidiary undertaking was acquired by the charity on 1 December 2019 and therefore only the results for the nine months to 31 August 2020 have been included. The comparatives titled “Group 2019” represent solely the parent charity’s figures.
A summary of the subsidiary undertaking’s financial performance is shown in note 4.
In addition the charity received a donation of net assets upon its merger with the Bar Convent Trust on 1 December 2019 amounting to £1,287,213. This consisted of fixed assets of £1,268,071 (see note 8) and net current assets of £19,142. These assets have been included at fair value.
## **Critical accounting judgements and key sources of estimation uncertainty**
Preparation of the accounts requires the Trustees to make significant judgements and estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both periods.
Judgements made by the Trustees in the application of these accounting policies that have significant effect on the financial statements, and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rate of tangible fixed assets and are noted below.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.
19
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## 1. Accounting Policies (continued)
## **Assessment of going concern**
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. With regard to the next accounting period, the year ending 31 August 2021, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustee’s Report for more information).
## **Income recognition**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
St Bede’s Pastoral Centre - income receivable comprises fees and other charges received by St Bede’s Pastoral Centre, York.
Covenanted salaries and pensions are received under deeds of covenant from members of the Congregation of Jesus, and are stated inclusive of income tax, but net of any deductions for social security payments and contributions to occupational pension schemes. Receipts of lump sums from occupational pension schemes upon the retirement of members from paid employment are recognised when receivable.
Legacies and donations are recognised when receivable or when the Trust becomes legally entitled to them. Receipts of property, investments or other gifts in kind are included at market value.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
In accordance with the Charities SORP FRS102, volunteer time is not recognised.
## **Expenditure recognition and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following categories:
Costs of rental properties and raising funds comprise fees paid in respect of fund management advice in relation to the charity’s portfolio of quoted investments.
20
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## 1. Accounting Policies (continued)
Expenditure on charitable activities includes the costs of running the charity’s communities as well as all other costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. These costs comprise charitable grants and donations, direct and support costs in respect to the support of members of the Congregation and their ministry. It also includes governance costs.
Governance costs include expenditure on strategic management and compliance with constitutional and statutory requirements.
Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **Investments**
Quoted investments are stated at their fair value.
Realised and unrealised gains (or losses) are reflected in the Statement of Financial Activities in the year in which they occur. No distinction is made between realised and unrealised gains in the Statement of Financial Activities as the Trustees consider that the disclosure of total gains/losses show a truer and fairer view.
## **Investment Property**
Investment property is property (land, a building or part of a building, or both) held to earn rentals or the capital appreciation or both, rather than for:
- a) use in the production or supply of goods or services or for administrative purposes, or b) sale in the ordinary course of business.
Investment property must be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
## **Tangible Fixed Assets**
Individual assets costing £2,000 or more are capitalised at cost.
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life: Land Not depreciated Buildings - general 50 years Furniture, fixtures and equipment 10 years Motor vehicles 4 years
## **Financial Instruments**
The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
21
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
1. **Accounting Policies (continued)**
## **Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Deposits for more than three months and up to one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Stock**
Stock is included at the lower of cost or net realisable value.
## **Pensions**
The Charity and its subsidiary company provides two defined contribution schemes and has no commitments over and above the amounts paid into the scheme.
22
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **2. Financial Performance of the Charity**
The consolidated statement of financial activities includes the results of the Charity's wholly owned subsidiary Bar Convent Enterprises Ltd.
The summary financial performance of the Charity alone is:
|**Income:**
Donations and legacies
Investments
Charitable activities
**Expenditure:**
Charitable activities
Raising funds
Net (losses)/gains on investments
**Net Income**
Total funds brought forward
**Total funds carried forward**
Represented by:
Designated funds
General funds
**Total unrestricted funds**
**(a) Income from donations and other voluntary income**
Covenanted Income:
- Salaries and stipends
- Pensions
Other donations & income
Government grants: furlough scheme
Acquisition of Bar Convent Trust|**Charity**
**Charity**
**2020**
**2019**
**£**
**£**
1,711,523
444,026
1,102,139
1,206,299
56,415
61,581|
|---|---|
||**2,870,077**
**1,711,906**
1,898,868
2,082,994
137,314
113,222|
||**2,036,182**
**2,196,216**
(76,346)
2,147,973|
||**757,549**
**1,663,663**
41,517,543 39,853,880|
||**42,275,092 41,517,543**|
||35,160,449 35,160,449
7,114,643
6,357,094|
||**42,275,092 41,517,543**|
||69,085
53,892
297,031
252,436
41,011
137,698
17,233
-
1,287,213
-|
||**1,711,573**
**444,026**|
23
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **3. Expenditure of the Group – 2020**
||||**Other**|**Support &**|**2020**|**2019**|
|---|---|---|---|---|---|---|
|||**Staff**|**Direct costs**|**Governance**|**Total**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|
|**(a)**|**Charitable activities**||||||
||Support of CJ Sisters and their ministries:||||||
||Direct support costs|96,124|147,007|5,875|
249,006|344,700|
||St Joseph’s Infirmary|411,913|81,510|-|493,423|471,604|
||Premises and equipment|34,661|167,142|170,525|372,328|345,877|
||Donations|-|164,269|-|164,269|436,418|
||Support costs|209,154|84,421|-|293,575|188,047|
||Governance costs|29,718|-|100,995|130,713|143,051|
|||-----------------|------------------|-----------------|--------------------|--------------------|
||Support of CJ Members|781,570|644,349|277,395|1,703,314|1,929,697|
||St Bede’s Pastoral Centre||||||
||operating costs|138,374|57,180|-|195,554|153,297|
|||-----------------|------------------|-----------------|--------------------|--------------------|
|||919,944|701,529|277,395|1,898,868|2,082,994|
|**(b)**|Raising funds|-|-|137,314|137,314|113,222|
||Trading activities|-|415,317|-|415,317|-|
|||-----------------|------------------|-----------------|--------------------|--------------------|
||Total expenditure|£919,944|£1,116,846|£414,709|£2,451,499|£2,196,216|
|||========|========|========|==========|==========|
Note. The direct charitable expenditure for individual ministries carried out by individual CJ Sisters is reported under the heading of ‘Direct costs of providing support”. A breakdown is not possible because with this voluntary work most Sisters are working in more than one area.
|||**2020**|
|---|---|---|
|||**£**|
|**(c)**|**Analysis of Alms and Donations**||
||Contribution to the CJ Generalate|3,740|
||General Council meeting, Rome, 2021|60,000|
||CJ Solidarity Fund|6,055|
||Jesuit Refugee Service UK|23,000|
||Catholic Studies, Durham University|15,000|
||IBVM Loreto sisters in Albania|10,000|
||Support for the Bar Convent Trust|25,000|
||CJ Common European Novitiate|10,189|
||Smaller donations to other charities|11,285|
|||----------------|
|||£164,269|
|||=======|
24
## Congregation of Jesus Charitable Trust Notes to the Financial Statements
For the year ended 31 August 2020
|**(d)**|**Governance**|**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
||Auditors’ remuneration – audit fees|10,500|10,920|
||Legal and other professional fees|90,495|109,025|
||Staff costs|29,718|23,106|
|||-----------------|-----------------|
|||£130,713|£143,051|
|||========|========|
Legal and professional fees during the year included work on the proposed merger with Bar Convent Trust. In addition, the audit fee for the subsidiary undertaking was £3,500.
## **3. Expenditure of the Charity – 2019**
||||**Other**|**Support &**|**2019**|**2018**|
|---|---|---|---|---|---|---|
|||**Staff**|**Direct costs**|**Governance**|**Total**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|
|**(a)**|**Charitable activities**||||||
||Support of CJ Sisters and their ministries:||||||
||Direct support costs|33,588|305,237|5,875|
344,700|351,670|
||St Joseph’s Infirmary|344,268|127,336|-|471,604|435,185|
||Premises and equipment|14,652|265,182|66,043|345,877|717,077|
||Donations|-|436,418|-|436,418|235,108|
||Support costs|183,490|4,557|-|188,047|185,082|
||Governance costs|23,106|-|119,945|143,051|33,595|
|||-----------------|------------------|-----------------|--------------------|--------------------|
||Support of CJ Members|599,104|1,138,730|191,863|1,929,697|1,957,717|
||St Bede’s Pastoral Centre||||||
||operating costs|104,623|48,674|-|153,297|106,651|
|||-----------------|------------------|-----------------|--------------------|--------------------|
|||703,727|1,187,404|191,863|2,082,994|2,064,368|
|**(b)**|Raising funds|-|-|113,222|113,222|116,803|
|||-----------------|------------------|-----------------|--------------------|--------------------|
||Total expenditure|£703,727|£1,187,404|£305,085|£2,196,216|£2,181,171|
|||========|========|========|==========|==========|
Note. The direct charitable expenditure for individual ministries carried out by individual CJ Sisters is reported under the heading of ‘Direct costs of providing support”. A breakdown is not possible because with this voluntary work most Sisters are working in more than one area.
25
Congregation of Jesus Charitable Trust Notes to the Financial Statements
## For the year ended 31 August 2020
|||**General**|**Designated**|**2019**|
|---|---|---|---|---|
|||**Funds**|**Funds**|**Total**|
|||**£**|**£**|**£**|
|**(c)**|**Analysis of Alms and Donations**||||
||Contribution to the Generalate of the Order|4,303|-|4,303|
||Contribution to the CJ Solidarity Fund|5,721|-|5,721|
||Contribution to CJ Zimbabwe to build a school in Mbizo|279,076|-|279,076|
||Support for the Bar Convent Trust|-|115,378|115,378|
||Donations to other charities and alms|31,940|-|31,940|
|||----------------|-----------------|-----------------|
|||£321,040|£115,378|£436,418|
|||=======|========|========|
||Donations to other charities include the following amounts of £1,000 or more:|Donations to other charities include the following amounts of £1,000 or more:|||
|---|---|---|---|---|
|||**£**|||
||Durham University|15,000|||
||CAFOD cyclone Adai|4,145|||
||CAFOD earthquake appeal|1,000|||
||Loreto Albania|2,000|||
|**4.**|**Financial Performance of the subsidiary**||**Company**|**Company**|
||||**9 months**|**15 months**|
||||**2020**|**2019**|
||||**£**|**£**|
||Turnover||192,613|749,217|
||Cost of sales and administrative costs||(415,317)|(704,533)|
||Other operating income||63,254|1,211|
||**Net (loss) / profit**||(159,450)|45,895|
||Amount gift aided to the charity||-|(45,895)|
||**Retained in subsidiary**||(159,450)|-|
||Assets and liabilities of the subsidiary:||||
||Current assets||80,078|91,689|
||Current liabilities||(239,428)|(91,589)|
||**Total net (liabilities) / assets**||(159,350)|100|
||Share Capital||100|100|
||Reserves||(159,450)|-|
||||(159,350)|100|
2019 figures are shown for comparison, however these results pre-date the acquisition by the Congregation of Jesus Charitable Trust.
26
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **5. Government grants**
Coronavirus Job Retention Scheme:
|Coronavirus Job Retention Scheme:|||||
|---|---|---|---|---|
||**Group**|**Group**|**Charity**|**Charity**|
||**2020**|**2019**|**2020**|**2019**|
||**£**|**£**|**£**|**£**|
||80,089|-|17,233|-|
|**6.Employees**|**Group**|**Group**|**Charity**|**Charity**|
||**2020**|**2019**|**2020**|**2019**|
||**£**|**£**|**£**|**£**|
|Wages and salaries|1,113,561|653,881|838,867|653,881|
|Social security costs|75,666|41,787|62,683|41,787|
|Pension costs|23,673|8,059|18,394|8,059|
||**1,212,900**|**703,727**|**919,944**|**703,727**|
|**Key management personnel**|||||
|Salaries|191,164|162,321|182,694|162,321|
|Employers Pension contribution|7,120|3,501|6,791|3,501|
||**198,284**|**165,822**|**189,485**|**165,822**|
|**Average headcount of employees**|**Number**|**Number**|**Number**|**Number**|
|Administration|31|14|23|14|
|Maintenance & facilities|11|10|11|10|
|Nursing & care workers|24|21|24|21|
|Hospitality|14||||
||**80**|**45**|**58**|**45**|
One employee earned between £60,000 - £70,000 per annum, excluding pension contributions, during the year (2018/19: the same).
|**7. Financial Instruments**
Financial assets measured by fair value
Financial liabilities measured by amortised cost|**Group**
**Group**
**Charity**
**Charity**
**2020**
**2019**
**2020**
**2019**
**£**
**£**
**£**
**£**
36,723,412 37,165,160 36,837,125 37,165,160|
|---|---|
||193,588
123,719
129,906
123,719|
Financial assets measured at fair value included investments. Financial liabilities include trade and other creditors.
27
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **8. Tangible fixed assets - Charity & Group**
||||**Equipment,**|||
|---|---|---|---|---|---|
|||**Land &**|**Fixtures &**|||
|||**Buildings**|**Fittings**|**Motor cars**|**Total**|
|||**£**|**£**|**£**|**£**|
||**Cost**|||||
||At 1 September 2019|3,574,886|575,571|55,785|4,206,242|
||Additions on acquisition|748,621|519,450|0|1,268,071|
||At 31 August 2020|4,323,507|1,095,021|55,785|5,474,313|
||**Depreciation**|||||
||At 1 September 2019|506,659|575,571|42,910|1,125,140|
||Charge for the year|103,224|67,301|5,875|176,400|
||At 31 August 2020|609,883|642,872|48,785|1,301,540|
||**Net book value**|||||
||At 31 August 2020|3,713,624|452,149|7,000|4,172,773|
|||||||
||At 31 August 2019|3,068,227|0|12,875|3,081,102|
|**9.**|**Investment properties**|- **Charity & Group**||||
|||||**2020**|**2019**|
|||||**£**|**£**|
||Market value at 31 August|||**1,395,000**|**1,395,000**|
|||||||
||Historical cost|||245,000|245,000|
The fair value of the properties was based on a valuation by a professionally qualified chartered surveyor on 1 May 2019.
28
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
|**10.Quoted investments - Charity & Group**
Market value at 1 September
Additions
Disposals at market value
Net (losses) / gains
Movement on investment cash
**Market value at 31 August**
**Represented by**:
Investments listed on a recognised stock
exchange or valued by reference thereto:
Fixed interest
Unit and common investment trusts
Alternative investments
Equities
Property
Cash
**Charity - investment in subsidiary undertaking**||**2020**
**2019**
**£**
**£**
36,357,183
34,699,078
8,352,074
9,304,031
(8,900,953) (9,334,083)
(76,346)
1,784,973
(82,542)
(96,816)|
|---|---|---|
|||**35,649,416**
**36,357,183**|
|||4,495,816
4,684,440
17,704,303
18,010,234
884,567
894,187
10,839,702
11,056,767
813,789
873,091|
|||34,738,177
35,518,719
911,239
838,464|
|||**35,649,416**
**36,357,183**|
|||**100**
**-**|
**Charity - investment in subsidiary undertaking**
## **11. Investment in subsidiary undertaking**
On 1 December 2019 the Charity acquired all the assets and liabilities of the charity and company limited by guarantee, Bar Convent Trust (registered company number 2007499 and charity number 294320). The acquisition included the transfer of its wholly owned subsidiary company Bar Convent Enterprises Ltd (BCEL).
BCEL became a wholly owned subsidiary of Congregation of Jesus Charitable Trust. It is a private company, limited by shares, registered in England and Wales. The investment is valued at its nominal share capital value of £100 in the Charity. The company’s registered number is 03192786 and its registered office address is 17 Blossom Street, York, YO24 1AQ.
The principal activities of the company include the provision of bed and breakfast accommodation, a café, conference facilities and a museum, the Living Heritage Centre, which has exhibitions on the history of the Congregation of Jesus and Catholicism in England. Its financial results are shown in note 4.
29
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
|**12. Stock**
Trading company stock
**13. Debtors**
Trade debtors
Other debtors
Prepayments and accrued income
Income from legacies
Amount due from
subsidiary
**14. Creditors due in year**
Trade creditors
Other creditors
Accruals
**15. Creditors due in more than one year**
Other creditors||**Group**
**Group**
**Charity**
**Charity**
**2020**
**2019**
**2020**
**2019**
**£**
**£**
**£**
**£**
18.045 -
-
-|
|---|---|---|
|||**Group**
**Group**
**Charity**
**Charity**
**2020**
**2019**
**2020**
**2019**
**£**
**£**
**£**
**£**
4,381
-
1,499
-
3,811
432
1,835
432
66,599
43,419
56,095
43,419
60,000
60,000
60,000
60,000
-
-
175,746
-
134,791
103,851
295,175
103,851
**Group**
**Group**
**Charity**
**Charity**
**2020**
**2019**
**2020**
**2019**
**£**
**£**
**£**
**£**
43,605
13,115
32,615
13,115
44,767
55,806
24,258
55,806
61,968
-
29,785
-
150,340
68,921
86,658
68,921
**Group**
**Group**
**Charity**
**Charity**
**2020**
**2019**
**2020**
**2019**
**£**
**£**
**£**
**£**
43,248
54,798
43,248
54,798|
This represents interest-free loans by the sisters to the Charity.
## **16. Operating leases**
At 31 August 2020 the Group (and also the Charity) had total future minimum lease payments under non-cancellable operating leases as follows:
|Leases expiring not later than one year
Leases expiring in more than one year and not more than five years|**Group**
**Group**
**2020**
**2019**
**£**
**£**
4,721
739
12,235 8,218
16,956
8,957|
|---|---|
30
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **17. Loan to subsidiary undertaking**
Bar Convent Enterprises Limited was acquired by the charity on 1 December 2019. Prior to acquisition the company has made profits which it had gifted to its parent charity, the Bar Convent Trust. The company’s activities are customer hospitality services. Due to the Covid-19 pandemic in 2020 trading activities have been extremely disrupted, resulting in a financial loss for the nine months to 31 August 2020. The Trustee Board has reviewed the projected future cash flow for the company and are satisfied that it can return to profitability once restrictions in trade due to the pandemic cease and therefore it has agreed to provide the company with short-term financial support until it returns to profitability to ensure the company’s sustainability. The finance is in the form of a loan at a commercial interest rate and the company will be expected to start repaying the loan once it has sufficient positive cash flows to make repayments. The amount owned at 31 August 2020 was £175,746.
## **18. Transactions with trustees**
Members of the Board who were also members of the Congregation of Jesus had their living expenses borne by the Charity during the year, but the Board received no remuneration or other benefits for their duties during the year, except reimbursed travel expenses for one trustee of £663 (2019 Nil).
There were no related party transactions in the year.
## **19. Designated Funds**
The Charity has an express power under its Trust Deed to set up or augment reserve funds to provide income for particular purposes and to use either the income or capital of these reserve funds for these purposes.
The Trustees have designated funds out of unrestricted funds for specific purposes as follows: -
## **Fixed Assets fund**
In order to fulfil its charitable objectives, the Trust needs a number of properties and other fixed assets. These assets, although they are unrestricted, cannot be realised without undermining the Charity’s work, and the Trustees therefore feel that it is appropriate to reflect the net capital value in such fixed assets by means of a designated fund.
## **Bar Convent fund**
This designated fund was established by transferring investments whose income provides financial support for the Bar Convent in York, a grade 1 listed building and the historical home of the English Province of Congregation of Jesus since 1686. This is to provide future sustainability for the Living Heritage Centre from 2020 onwards.
## **Property maintenance fund**
The Trustee considers it advisable to designate investments whose income will in future provide a maintenance fund to ensure the proper care of the Trust’s properties, which include large Grade 1 and 2 listed buildings, open to the public, with a Grade 1 listed 18th century Chapel.
31
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **Support of members and their ministries fund**
A fund has been designated in respect of the Charity’s commitment to provide for its own members, who broadly fall into two categories - those, (a number of them post what has commonly been regarded as retirement age) who are still in active ministry, whether full-time or part-time, and those who through a combination of any or all of old age, sickness and frailty, both physical and mental, require dedicated care.
Actuarial calculations show that a secure fund of at least £15m (at today’s values) is needed. The current value of the fund is £17,387,295 (£16,880,869 in 2019).
## **Fr Bill Broderick memorial fund**
A fund was set up in 2005 sourced by donations in memory of Fr Bill Broderick SJ, who did much to set up training in Ignatian spirituality at St Bede’s Pastoral Centre. The fund is used to subsidise attendance on courses in this subject offered at the Centre. The value of the fund as at 31 August 2020 was £12,729 (£12,233 in 2019).
32
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
|**20.**|**Summary of funds – 2020**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**||||
|---|---|---|---|---|---|---|---|---|---|
||**Group**|||||||||
||||||**Support of**|||||
|||**Fixed**|**Bar**|**Property**|**CJ Members**|**Fr Bill Broderick**||**General**||
|||**Assets**|**Convent**|**Maintenance**|**and their ministries**|**Memorial Fund**|**Total**|**Funds**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**a)**|**Analysis of Movements**|||||||||
||Balance at 1 September 2019|3,081,102|11,901,472|3,284,773|16,880,869|12,233|35,160,449|6,357,094|41,517,543|
||Income received|||||||||
||- from investments|-|266,994|-|-|-|266,994|835,145|1,102,139|
||- from other sources|-|-|-|366,116|-|366,116|1,657,689|2,023,805|
||Expenditure|-|-|(95,390)|(828,728)|-|(924,118)|(1,527,381)|(2,451,499)|
||Transfers|1,091,671|-|310,617|969,038|496|2,371,822|(2,371,822)|-|
||Investment losses|||||||(76,346)|(76,346)|
|||---------------------|---------------------|--------------------|-----------------------|--------------------|--------------------|---------------------|-------------------------|
||Balances at 31 August 2020|£4,172,773|£12,168,466|£3,500,000|£17,387,295|£12,729|£37,241,263|£4,874,379|£42,115,642|
|||==========|==========|==========|===========|===========|===========|==========|===========|
## **b) General Funds**
The sum of £4,885,179 (£6,357,094 in 2019) is held as a general reserve. The Board consider that this level of general funds is an appropriate reserve for two years’ dayto-day expenditure.
## **c) Bar Convent**
Up to now the market value of the CCLA COIF has been used to generate income for the support the upkeep of the Bar Convent, which as at 31 August 2020 was £12,168,466. This is to ensure the sustainability of the Living Heritage Centre, which was completed in October 2015.
Congregation of Jesus Charitable Trust
33
For the year ended 31 August 2020
## Notes to the Financial Statements
|**20.**|**Summary of funds – 2020**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**|**…………..…………………………………………..Designated………………………………..…….…………………**||||
|---|---|---|---|---|---|---|---|---|---|
||**Charity**|||||||||
||||||**Support of**|||||
|||**Fixed**|**Bar**|**Property**|**CJ Members**|**Fr Bill Broderick**||**General**||
|||**Assets**|**Convent**|**Maintenance**|**and their ministries**|**Memorial Fund**|**Total**|**Funds**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**a)**|**Analysis of Movements**|||||||||
||Balance at 1 September 2019|3,081,102|11,901,472|3,284,773|16,880,869|12,233|35,160,449|6,357,094|41,517,543|
||Income received|||||||||
||- from investments|-|266,994|-|-|-|266,994|835,145|1,102,139|
||- from other sources|-|-|-|366,116|-|366,116|1,401,822|1,767,938|
||Expenditure|-|-|(95,390)|(828,728)|-|(924,118)|(1,112,064)|(2,036,182)|
||Transfers|1,091,671|-|310,617|969,038|496|2,371,822|(2,371,822)|-|
||Investment losses|||||||(76,346)|(76,346)|
|||---------------------|---------------------|--------------------|-----------------------|--------------------|--------------------|---------------------|-------------------------|
||Balances at 31 August 2020|£4,172,773|£12,168,466|£3,500,000|£17,387,295|£12,729|£37,241,263|£5,033,829|£42,275,092|
|||==========|==========|==========|===========|===========|===========|==========|===========|
## **b) General Funds**
The sum of £5,033,829 (£6,357,094 in 2019) is held as a general reserve. The Board consider that this level of general funds is an appropriate reserve for two years’ dayto-day expenditure.
## **c) Bar Convent**
Up to now the market value of the CCLA COIF has been used to generate income for the support the upkeep of the Bar Convent, which as at 31 August 2020 was £12,168,466. This is to ensure the sustainability of the Living Heritage Centre, which was completed in October 2015.
## Congregation of Jesus Charitable Trust
34
Notes to the Financial Statements For the year ended 31 August 2020
## **20. Summary of funds – 2019**
**…………………………………………..Designated………………………………..…….……..**
||||||**Support of**|||||
|---|---|---|---|---|---|---|---|---|---|
|||**Fixed**|**Bar**|**Property**|**CJ Members**|**Fr Bill Broderick**||**General**||
|||**Assets**|**Convent**|**Maintenance**|**and their ministries**|**Memorial Fund**|**Total**|**Funds**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**a)**|**Analysis of Movements**|||||||||
||Balance at 1 September 2018|3,139,020|10,107,527|3,033,965|16,702,911|10,908|32,994,331|6,859,549|39,853,880|
||Income received|||||||||
||- from investments|-|1,061,754|318,474|764,516|-|2,144,744|(1,012,834)|1,131,910|
||- from other sources|-|-|67,911|252,436|-|320,347|259,649|579,996|
||Expenditure|-|-|(135,577)|(838,994)|-|(974,571)|(1,221,645)|(2,196,216)|
||Transfers|(420,918)|-|-|-|-|(420,918)|
420,918|-|
||Other gains|363,000|732,191|-|-|1,325|1,096,516|1,051,457|2,147,973|
|||---------------------|---------------------|--------------------|-----------------------|--------------------|--------------------|---------------------|-------------------------|
||Balances at 31 August 2019|£3,081,102|£11,901,472|£3,284,773|£16,880,869|£12,233|£35,160,449|£6,357,094|£41,517,543|
|||==========|==========|==========|===========|===========|===========|==========|===========|
## **b) General Funds**
The sum of £6,357,094 (£6,859,549 in 2018) is held as a general reserve. The Board consider that this level of general funds is an appropriate reserve for two and a half years’ day-to-day expenditure, as well as cover for contingencies and reductions in investment values.
## **c) Bar Convent**
Up to now the market value of the COIF Bar Convent Fund has been used to generate income for the support of the Bar Convent, which as at 31 August 2019 was £11,901,472. This is to ensure the sustainability of the Living Heritage Centre, which was completed in October 2015.
35
Congregation of Jesus Charitable Trust Notes to the Financial Statements For the year ended 31 August 2020
## **21. Analysis of Group Net Assets by fund as at 31 August 2020**
|Tangible fixed assets
Investments
Current assets
Current liabilities
Liabilities due after
more than one year
Total net assets|**General**
**Fund**
**£**
-
3,988,655
1,079,312
(150,340)
(43,248)
------------------------
£4,874,379|**Fixed Assets**
**Fund**
**£**
4,172,773
-
-
-
-
--------------------------
£4,172,773|**Bar Convent**
**Fund**
**£**
-
12,168,466
-
-
-
---------------------
£12,168,466|**Property**
**Maintenance**
**Fund**
**£**
-
3,500,000
-
-
-
-----------------------
£3,500,000|**Members &**
**their**
**Ministries**
**Fund**
**£**
-
17,387,295
-
-
-
------------------------
£17,387,295|**Fr Bill**
**Broderick**
**Memorial**
**Fund**
**£**
-
-
12,729
-
-
----------------
£12,729|**Total**
**£**
4,172,773
37,044,416
1,092,041
(150,340)
(43,248)
-----------------------
£42,115,642|
|---|---|---|---|---|---|---|---|
36
## Congregation of Jesus Charitable Trust
Notes to the Financial Statements
For the year ended 31 August 2020
## **21. Analysis of Group Net Assets by fund as at 31 August 2019**
|Tangible fixed assets
Investments
Current assets
Current liabilities
Liabilities due after
more than one year
Total net assets|**General**
**Fund**
**£**
-
5,685,069
795,744
(68,921)
(54,798)
-----------------------
£6,357,094|**Fixed Assets**
**Fund**
**£**
3,081,102
-
-
-
-
-----------------------
£3,081,102|**Bar Convent**
**Fund**
**£**
-
11,901,472
-
-
-
------------------------
£11,901,472|**Property**
**Maintenance**
**Fund**
**£**
-
3,284,773
-
-
-
-----------------------
£3,284,773|**Support of**
**Members &**
**Their**
**Ministries**
**£**
-
16,880,869
-
-
-
------------------------
£16,880,869|**Fr. Bill**
**Broderick**
**Memorial**
**Fund**
**£**
-
-
12,233
-
-
----------------
£12,233|**Total**
**£**
3,081,102
37,752,183
807,977
(68,921)
(54,798)
-----------------------
£41,517,543|
|---|---|---|---|---|---|---|---|
37