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2024-08-31-accounts

Congregation of Jesus Charitable Trust

Registered Charity Number: 298970 Trustee’s Report and Financial Statements

For the Year ended 31 August 2024

Congregation of Jesus Charitable Trust

Contents Page
Reference and administrative details i – iii
Trustee’s Report 1 – 13
Independent auditor’s report 14– 16
Consolidated statement of financial activities 17
Balance sheets 18
Consolidated statement of cash flows 19
Notes to the financial statements 20 – 33

Congregation of Jesus Charitable Trust Reference and administrative details For the year ended 31 August 2024

Trustee Congregation of Jesus Trustee (Company Number 0866880)

Current Directors and Officers of the Congregation of Jesus Trustee and those who served during the year

Sarah Dobson cj

Director & Chair of the Trustee Board

I have been a director since 2003 and Provincial Superior since 2021. My professional background is in education and adolescent mental health in the NHS.

Maryluke Addyman cj

Director - resigned 13 November 2024

My professional background is education. I was head of our Junior school at Cambridge for 10 years and then followed by TEFL in Switzerland. I was then in hospital chaplaincy for 17 years.

Gill Chapman

Director - resigned 23 October 2024

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, 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.

Una Coogan ibvm

Director

I am a member of the Institute of the Blessed Virgin Mary. My roles have included: teacher, school and university chaplain, retreat director and trainer of spiritual directors. I trained as a management and leadership coach (ILM, Level 5) and worked as a coach for Birmingham University’s Coaching Academy. I am also trained as a canon lawyer and work as a Judge for the Birmingham Metropolitan Tribunal.

David Herd

Director - resigned 7 February 2024

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.

Jane Livesey cj

Director - appointed 7 February 2024

My professional background was in education until I was appointed Provincial Superior of the English Province of the CJ in January 2003, thereby also becoming Chair of the CJ Charitable Trust. I held both roles until elected as General Superior of the Congregation of Jesus worldwide, based in Rome, in October 2011, a role I held until August 2022. I became a member of the Provincial Council and a Director of the Trust again in early 2024.

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Congregation of Jesus Charitable Trust Reference and administrative details

For the year ended 31 August 2024

Caroline O’Neill

Director – appointed 11 July 2024

My professional background includes senior roles within private, public and community sectors, spanning business development and support, planning and managing education and skills investment, and more latterly community development.

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.

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 - resigned 11 July 2024

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.

Frances Orchard cj

Director

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 the cj English Province.

Michaela Robinson cj

Director

My professional background is in education and I retired from full time teaching in December 2012. I am Superior with responsibility for the St Joseph’s Community.

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.

Mel Avis

CEO, Company Secretary

I spent 20 years in senior appointments in the charity sector before joining the Trust. I am also a qualified Chartered Accountant with more than 30 years’ financial experience, including in the private sector.

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Congregation of Jesus Charitable Trust Reference and administrative details

For the year ended 31 August 2024

Provincial Superior Sr Sarah Dobson
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
Methodist Church House
25 Tavistock Place
London WC1H 9SF
Auditors Saffery LLP
10 Wellington Place
Leeds LS1 4AP
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 2024

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 2024. 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 (Charities SORP (FRS 102) (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 1,294 Sisters in 13 Provinces and regions worldwide (1,333 in 2023). 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 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 Sarah Dobson took up the post of Provincial Superior and Chair of the Board from 1 January 2021. During the course of the year 2023-24 the Board of Directors consisted of the Provincial Superior and her five consultors, two other CJ sisters, one IBVM sister and four lay directors. During the year two directors stepped down from their roles and since the year end two further directors stepped down. The Board would like to thank the retiring directors for their dedicated support and service to the Charity during their term of office. Two new directors were appointed during the year.

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. The Trust CEO is 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 2024

• 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 three directors, a further member of the CJ community, 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 management accounts and 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:

At 31 August 2024, the members in the CJ English Province numbered 20 (21 in 2023). This number included two members in training. One Sister was engaged in charitable work overseas during 2023-24. The communities are situated in York 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:

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

Strategic Plan

The Charity has a rolling three year plan which is updated each year. 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. In 2024 the 20-year financial forecast was updated as an aid to long term planning and this is reviewed regularly.

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 12.

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 the Living Wage and measures of inflation.

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. Their religious constitutions and foundation documents (17[th] century) define their 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:

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, social/pastoral work for the relief of poverty and suffering, ecological awareness and care for the earth.

At the last international decision-making meeting in 2022, priorities for the worldwide Congregation of Jesus were formulated and are as follows; these offer a broad outline for the whole Congregation including the English Province.

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

“As members of the Congregation we are called by God to:

Listen to Jesus His Son

Be rooted in our charism

Listen and attend to the cry of the poor and the earth

Experience His all-embracing love in vulnerability

Journey towards Becoming One with the IBVM branch

Be inclusive and synodal in our life and ministry. “

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 and lay staff 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.

• 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 I 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 2023/24:

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

The extent to which these objectives have been achieved during the year is detailed below together with a summary of plans for the future.

• 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. Twelve active sisters with an age range of 47 to 91 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, safeguarding in the Church in England and Wales, 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 (built in 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.

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 a range of social and pastoral works, including visits and calls 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. 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. During the year, one CJ member was employed as lead trainer in spirituality at St Bede’s Pastoral Centre in York. The community members support St Bede’s, as well as 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 and 1990s. Two of the sisters served as governors in two of the remaining four schools during the year.

• International work

As previously stated, one CJ member is seconded to Regis College, Toronto University, where she holds a Professorship in Theology. The English Province welcomes sisters from other CJ Provinces 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 2024

• Other Religious Activities

Sr Una Coogan serves as Lead Religious for Safeguarding for the Catholic Church in England and Wales, alongside the Lead Bishop, Bishop Paul Mason. She is a non-executive director of the CSSA (Catholic Safeguarding Standards Agency).

Sr Sarah Dobson is a joint lead of the Executive of the Conference of Religious (Registered Charity No 277024).

• 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. As at 31 August 2024, 75% (15) of the members of the English Province of the Congregation of Jesus were aged 70 and over. Many members 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. 35 members of staff are involved in the care of the sisters in St Joseph’s Infirmary; including nurses, health care assistants and facilities staff.

• New members

One member in formation has been working at St Bede’s Pastoral Centre, York. From Summer 2024 she has been engaged in intensive preparation for making her final vows in March 2025. Another member made her first vows in September 2023 and is now based in Cambridge. She has been working with the former CJ schools and will soon take up a role as assistant chaplain at the University of Cambridge.

Below are highlighted a couple of the areas of Trust activity; St Bede’s Pastoral Centre and the Special Collections and Archives.

• St Bede’s Pastoral Centre

St Bede’s Pastoral Centre aims to foster a culture of welcome, hospitality and ecumenical collaboration. It has established itself as a recognised regional centre for spiritual formation and training in the Ignatian spiritual tradition.

Over the course of the year, the Centre ran a programme with a good mix of online and in-person courses, events and workshops. During the year there was a measurable uplift in the numbers of people attending the in-person day courses and the online courses. The Lent talks averaged 30 people per evening for the four-week series, which is a new high.

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

The new Centre Director and additional member of the Spirituality Team have completed their first year at St Bede’s Pastoral Centre. As ordained Methodist and Anglican clergy they have extended the ecumenical profile of the Centre. Additional teaching and spiritual formation experience has brought into the team, which is being used in longer courses and one-to-one meetings. The Centre Manager has brought in well-being training for a national audience and open sessions locally. One of the sessions is a regular input to an addiction recovery programme for a York based centre coming to St Bede’s.

The refurbished basement rooms are finding new uses and the designated art and creative space has regular classes and dedicate programmes. The ‘Creative Lent’ and Summer School Icon Painting worked very well there. A great variety of church, community and charity groups continue to use the Centre. We remain open to all sympathetic users who can use the spaces to its maximum, which remains our aspiration.

September 2024 saw the start of a new Ignatian Spiritual Accompaniment Course, this two-year training will provide more people trained in the way of Ignatian accompaniment, which is a core ministry of St Bede’s. The course has 11 participants and 4 tutors, 3 of whom are tutoring this course for the first time so is very important for their personal development.

• Special collections and archives

The collections department continues to grow and gets busier each year. In addition to the Special Collections Manager, in February 2024 a Special Collections Assistant was appointed. This has increased capacity for managing projects and the ongoing work of the department. The Collections Assistant oversees research enquiries and visits and is cataloguing the reference library.

In the library, the rare books collection has now been catalogued on to a spreadsheet, meaning that the historic manual index card system is now available in digital form for the first time. A full conservation assessment has also been undertaken on all 1,400 books, which have been categorised in order of urgency of repair, and specialist conservation work is now being undertaken by a team of specially trained book repairers who have previously worked on the rare books at York Minster. The bulk of the reference library has also been catalogued and will soon be made available via the Bar Convent website.

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

• Trading subsidiary company

The trading subsidiary company, Bar Convent Enterprises Ltd, operates the commercial activities of a guesthouse, conferencing facility, café, shop and exhibition, all of which operate within the Bar Convent Living Heritage Centre.

The Centre has made a positive impact, providing a safe, welcoming and enriching space for visitors, volunteers and residents. It has also contributed to York’s unique offering as an historical tourist destination, providing visitors with an opportunity to stay, dine or meet in one of York’s most unique buildings, and the nation’s oldest living convent. The Centre’s exhibition has provided an educational platform to raise and explore issues of religious faith, persecution and tolerance.

Approximately 9,748 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 and has provided hospitality to 27,200 customers. 6,927 guests have stayed overnight in the guesthouse, and the conference rooms have enabled meetings for local groups, charities and business people.

During the year a major project to refurbish and enhance the exhibition was commenced and this will be completed and launched in 2025.

• 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 and on occasion to a CJ province in particular need.

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:

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

Fundraising

Congregation of Jesus Charitable Trust does not undertake fundraising from the public and does not use professional fundraisers. As such no complaints procedures or further policies in this area are considered necessary.

Long term strategy

York Review

In July 2024 the Board decided to instigate a “York Review”, to look at the allocation of space across the York buildings and to explore whether there may be better ways to use them in the medium to longer term. A wide consultation is to be undertaken with all stakeholders which is likely to take some time to complete.

Becoming One

The International congregations of the Congregation of Jesus and the Institute of the Blessed Virgin Mary [IBVM/Loreto] have continued to make progress towards a canonical merger of the two congregations. Internationally there are 1294 CJ members and 567 IBVM members.

The two international leadership teams have had a number of meetings throughout the year focussed on the merger and culminating in a joint Extended Leadership Meeting in Loyola in Spain in September 2024.

In readiness for the merger, the English Provinces of the two congregations held several joint meetings to deepen relationships with one another and learn more about some of the process for coming together.

The official canonical merger will take place on 4 November 2025, with a celebration in Loyola.

Following the formal merger, the work of coming together in terms of financial, charitable and legal entities will begin.

• Financial Review

The year’s results can be seen in the Consolidated Statement of Financial Activities (SOFA) on page 17. Further detail is provided in the notes to the accounts on pages 20 – 33.

The financial results of the Charity were combined with the results of its trading subsidiary. The combined income for the year was £2,466,968 (in 2023 £2,519,110). The main regular income source of the Charity itself was investment income, £1,080,086 (in 2023 £1,226,349).

The trading income for Bar Convent Enterprises Ltd was £889,540 (in 2023 £779,398), an increase of 14% as prices were raised to keep pace with rising costs. Despite inflationary pressure and the squeeze of people’s finances, the hospitality businesses of the company didn’t fare too badly. Occupancy rates for the guesthouse, although below pre-pandemic levels, were still reasonable at 69% and the café enjoyed high levels of visitors and its income was £239,286 an increase of 20% for the second year in a row.

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

Donations income of £16,857 was lower than the previous year (in 2023 £69,105), as the Friends of St Bede’s Pastoral Centre donated £50,000 towards the refurbishment of the Centre’s basement in 2023.

The total expenditure of the Group for the year was £4,322,551 (in 2023 £3,227,361). The increase was mainly due to the major renovation work carried out on the exterior of the buildings on Blossom Street in York. This external maintenance programme is carried out every six years to ensure the grade 1 and 2 listed buildings are maintained to a good standard.

The trading company made an operating surplus of £9,327 (in 2023 it was a deficit of £12,708) which was pleasing given the difficult trading environment. The company also incurred £52,200 in expenditure after operating surplus due to the project to refurnish the exhibition, so overall it made a trading loss of £42,873.

The company is expected to make a loss again in 2025 due to the ongoing exhibition refurbishment, however the Trustee Board are confident that the company will be able to return to profitability from 2026 onwards and therefore will ensure the financial sustainability of the company and repayment of its loan in future years.

The Group’s net position for the year before investment gains was a net deficit of £1,855,583 (in 2023 a net deficit of £708,251).

Listed investments gained in value in the year to 31 August 2024, resulting on a gain on revaluation of £4,015,168.

The net surplus after investment gains for the year was £2,159,585 (in 2023 a deficit of £1,705,286).

Balance Sheet

The Consolidated Balance Sheet at 31 August 2024 had funds valued at £44,617,024 (in 2023 £42,457,439). Of these funds, the majority consisted of publicly listed investments and there were £3,113,140 in other tangible fixed assets; consisting of investment properties, properties used by CJ members in Yorkshire, Cambridge and Whitby and other tangible fixed assets.

Investments

The market value of the Charity’s quoted investments at 31 August 2024 was £41,095,909. Investment markets improved in 2023/24 resulting a gain of £4,015,168.

The Charity takes the view that investment values are volatile and although it is anticipated that over the longer term there will be a growth in values, 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 approximately 2.6%. The Charity splits its investment holdings between three investment managers. Holdings of investments were as follows as at 31 August 2024: Sarasin & Partners £18,450,702, CCLA £16,364,014 and Epworth £6,580,303.

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. The valuation was £1,295,000.

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

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

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 pensions income 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. In making investment decisions the Charity expects its appointed investment managers to observe responsible ESG investment principles, taking into consideration environmental, social, reputational and governance risk characteristics of existing and prospective investments. This requires direct engagement with firms and transparent reporting.

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).

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 17 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. At 31 August 2024, free reserves amounted to £19,178,393 (in 2023 £1,436,985) which, given the nature of the Charity’s work and its commitments, the Board considers to be more than sufficient. Unrestricted reserves increased in 2024 due to transfer from designated funds, after reassessment of the required size of the designated funds.

Forecasts of income over the next few years indicate that there will be a continuing decline in covenanted income as pensions’ income reduces. With this decrease the Trust is more reliant on its investment income, with this reliance on investments and their potential volatility, the Trust needs to hold higher reserves.

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

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

Financial

Includes: budgetary control; appropriate spending; quality of accounting; appropriate investment policies and management. Mitigated by having effective budgetary control, a clear investment policy, effective management accounting systems and a Finance Committee to monitor finances.

Reputational

Includes: possible damage to the CJ Charity’s reputation. This is mitigated by having and monitoring high standards.

This is dealt with separately below.

Includes: effects of government policies; consequences of non-compliance with laws and regulations and major disaster in the area where we reside.

Safeguarding

The Charity takes safeguarding very seriously. There is a Safeguarding lead for the Charity and a Board subcommittee for safeguarding. During the year training was provided for the management team and staff working with vulnerable people. The Charity has a safer recruitment policy and procedures which includes DBS checks for anyone working within a regulated activity. Safeguarding is considered at all Trustee Board meetings, meetings of the Provincial Council and Charity senior management team meetings.

In 2021, the Catholic Church established a new safeguarding regulatory body called the Catholic Safeguarding Standards Agency (CSSA) and a new body was also formed to support the safeguarding work and training of religious congregations in England and Wales. The new body is called the Religious Life Safeguarding Service (RLSS). The Congregation of Jesus has subscribed to membership of both the CSSA and the RLSS.

Assessment of the major risks is a regular item on the agenda for the meetings of the Finance Committee and the Trustee Board. The Board believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational risks faced by the Charity, they have established effective systems to mitigate these risks.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the charity and the group for that period. In preparing these financial statements, the trustees are required to:

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Congregation of Jesus Charitable Trust

Trustee’s Report

For the year ended 31 August 2024

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 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.

For and on behalf of the Trustee of the Congregation of Jesus Charitable Trust

Sarah Dobson

Director of the Congregation of Jesus Trustee

26 February 2025

13

Independent Auditor’s Report to the Trustee of the Congregation of Jesus Charitable Trust

Opinion

We have audited the financial statements of Congregation of Jesus Charitable Trust (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 August 2024 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 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:

Basis for opinion

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 group and parent 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

14

Independent Auditor’s Report to the Trustee of the Congregation of Jesus Charitable Trust

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:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 12 and 13, 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 group and the parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charity by discussions with trustees and updating our understanding of the sectors in which the group and parent charity operate.

15

Independent Auditor’s Report to the Trustee of the Congregation of Jesus Charitable Trust

Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity 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 parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Saffery LLP

Statutory Auditors

10 Wellington Place Leeds LS1 4AP

Date: 7 April 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

16

Congregation of Jesus Charitable Trust

Consolidated statement of financial activities (Incorporating a group income and expenditure account)

For the year ended 31 August 2024

Notes
Income from:
Donations and legacies:
2a
Covenanted Income
- Salaries and stipends
- Pensions
Donations and other income
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 gains/(losses) on investments:
8 & 9
Net expenditure - movement in funds
Reconciliation of funds:
Fund balance brought forward as at 1 September
Fund balances carried forward at 31 August		 Unrestricted Funds
Totals
Totals
2024
2023
£
£
41,491
56,481
293,734
273,578
45,066
69,105
57,123
62,940
1,080,086
1,226,349
59,928
51,259
889,540
779,398
2,466,968
2,519,110
260,485
234,295
2,995,409
2,092,924
3,255,894
2,327,219
172,156
110,128
11,364
34,425
883,137
755,589
1,066,657
900,142
4,322,551
3,227,361
(1,855,583)
(708,251)
4,015,168
(997,035)
2,159,585
(1,705,286)
42,457,439
44,162,725
44,617,024
42,457,439		 Unrestricted Funds
Totals
Totals
2024
2023
£
£
41,491
56,481
293,734
273,578
45,066
69,105
57,123
62,940
1,080,086
1,226,349
59,928
51,259
889,540
779,398
2,466,968
2,519,110
260,485
234,295
2,995,409
2,092,924
3,255,894
2,327,219
172,156
110,128
11,364
34,425
883,137
755,589
1,066,657
900,142
4,322,551
3,227,361
(1,855,583)
(708,251)
4,015,168
(997,035)
2,159,585
(1,705,286)
42,457,439
44,162,725
44,617,024
42,457,439
2,519,110
234,295
2,092,924
2,327,219
110,128
34,425
755,589
900,142
3,227,361
(708,251)
(997,035)
(1,705,286)
44,162,725
42,457,439

The notes on pages 20 to 33 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.

17

Congregation of Jesus Charitable Trust

Consolidated and Charity Balance Sheets

As at 31 August 2024

Notes
Fixed Assets
Tangible fixed assets
7
Investment properties
8
Other investments
9
Current Assets
Stock
Debtors
11
Cash and short term deposits
Creditors: amounts falling due within
one year
12
Net Current Assets
Total Assets less Current
Liabilities
Creditors: due after more than one
year
13
Total Net Assets
Unrestricted Funds
Designated funds
17
- Fixed assets
- Property maintenance
- Support of CJ members and their
Ministries
- Fr Bill Broderick Memorial Fund
- Other designated Funds
Total Designated Funds
General funds
Total Funds		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
1,818,140
2,010,577
1,818,140
2,010,577
1,295,000
1,295,000
1,295,000
1,295,000
41,095,909
38,432,753
41,096,009
38,432,853
44,209,049
41,738,330
44,209,149
41,738,430
20,561
19,462
-
-
296,384
275,029
612,505
553,873
529,218
822,681
507,117
799,721
846,163
1,117,172
1,119,622
1,353,594
(395,473)
(355,273)
(275,519)
(241,155)
450,690
761,899
844,103
1,112,439
44,659,739
42,500,229
45,053,252
42,850,869
(42,715)
(42,790)
(42,715)
(42,790)
44,617,024
42,457,439
45,010,537
42,808,079
1,818,140
2,010,577
1,818,140
2,010,578
10,900,000
8,900,000
10,900,000
8,900,000
12,700,000
30,100,000
12,700,000
30,100,000
9,970
10,521
9,877
-
9,970
10,521
9,877
-
25,438,631
41,020,454
25,438,631
41,020,455
19,178,393
1,436,985
19,571,906
1,787,624
44,617,024
42,457,439
45,010,537
42,808,079

The financial statements on pages 17 to 33 were approved by the Trustee Board on 26 February 2025 and were signed on its behalf by S Dobson - Director of the Congregation of Jesus Trustee.

The notes on pages 20 to 33 form an integral part of the financial statements.

18

Congregation of Jesus Charitable Trust

Consolidated Statement of Cash Flows

For the year ended 31 August 2024

2024
£
£
Cash flows from operating activities:
Net cash (used in) operating activities
(2,716,000)
Cash flows from investing activities:
Dividends, interest and rent
1,137,209
Purchase of tangible assets
(66,684)
Purchase of investments
(9,412,058)
Proceeds from sale of investments
11,055,833
Decrease in investment cash
(291,763)
Net cash provided by investment
Activities
2,422,537
Change in cash and cash equivalents in
the year
(293,463)
Cash and cash equivalents at the start
of the year
822,681
Cash and cash equivalents at the end of
the year
£529,218
Notes to the Cash Flow Statement:
A. Reconciliation of net income to net cash inflow from operating
activities
Net expenditure for the year (as per the Statement of Financial Activities)
Depreciation charges
Losses on disposal of fixed assets
Losses/(gains) on investments
Dividends, interest and rent from investments
(Increase) in stock
Increase/(decrease) in creditors
(Decrease) in creditors due after more than one year
Increase in debtors
Net cash (used in) operating activities
B. Analysis of changes in net debt
At 1 Sept
2023
Cash flows
£
£
Cash and bank
822,681
(293,463)		 2023
£
£
(2,037,382)
1,289,289
(555,836)
(17,639,266)
17,902,184
594,643
1,591,014

(446,368)
1,269,049
£822,681
2024
2023
£
£
2,159,585
(1,705,286)
259,121
224,655
-
2,780
(4,015,168)
997,035
(1,137,209)
(1,289,289)
(1,099)
(1,296)
40,200
(95,482)
(75)
(400)
(21,355)
(170,099)		 2023
£
£
(2,037,382)
1,289,289
(555,836)
(17,639,266)
17,902,184
594,643
1,591,014

(446,368)
1,269,049
£822,681
2024
2023
£
£
2,159,585
(1,705,286)
259,121
224,655
-
2,780
(4,015,168)
997,035
(1,137,209)
(1,289,289)
(1,099)
(1,296)
40,200
(95,482)
(75)
(400)
(21,355)
(170,099)

2024
£
2,159,585
259,121
-
(4,015,168)
(1,137,209)
(1,099)
40,200
(75)
(21,355)
(446,368)
1,269,049
£822,681
2023
£
(1,705,286)
224,655
2,780
997,035
(1,289,289)
(1,296)
(95,482)
(400)
(170,099)
(2,716,000) (2,037,382)
Other non-
cash changes
£
-		 At 31 Aug
2024
£
529,218

The notes on pages 20 to 33 form an integral part of the financial statements.

19

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

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.

A summary of the subsidiary undertaking’s financial performance is shown in note 4.

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.

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 and have based their conclusions on reserves levels.

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.

20

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

With regard to the next accounting period, the year ending 31 August 2025, 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.

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.

21

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

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:

Investment property must be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. A formal valuation of investment property is conducted every five years.

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:

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.

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 2024

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 gain/(loss) 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		 Charity
Charity
2024
2023
£
£
380,291 399,164
1,207,940
1,339,106
60,053
51,499
1,648,284
1,789,769
3,277,474
2,340,759
183,520
144,553
3,460,994
2,485,312
4,015,168
(997,035)
2,202,458
(1,692,578)
42,808,079
44,500,657
45,010,537
42,808,079
25,438,631
41,020,455
19,571,906
1,787,624
45,010,537
42,808,079
41,491
56,481
293,734
273,578
45,066
69,105
380,291
399,164

23

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

3. Expenditure of the Group – 2024

. Expenditure of the Group – 2024
Other
Direct Support & 2024 2023
Staff costs Governance Total Total
£ £ £ £ £
(a) Charitable activities
Support of CJ Sisters and their ministries:
- Direct support costs 83,171 176,087 7,075 266,333 258,695
- St Joseph’s Infirmary 530,360 178,536 - 708,896 641,034
- Premises & equipment 53,287 895,530 252,047 1,200,864 552,694
- Donations - 220,550 - 220,550 141,292
- Support costs 329,739 203,191 - 532,930 429,582
- Governance costs 39,055 - 26,781 65,836 69,627
1,035,612 1,673,894 285,903 2,995,409 2,092,924
St Bede’s Pastoral Centre
operating costs 207,718 52,767 - 260,485 234,295
Total Charitable Activities 1,243,330 1,726,661 285,903 3,255,894 2,327,219
(b) Raising funds - - 183,520 183,520 144,553
Trading activities 512,445 363,340 7,352 883,137 755,589
Total expenditure 1,755,775 2,090,001 476,775 4,322,551 3,227,361

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.

(c) Analysis of Alms and Donations

(c)
Analysis of Alms and Donations
CJ Generalate International Conferences Fund
CJ Generalate – annual contribution
CJ International Solidarity Fund
Mary Ward Loreto (for Albania)
The Tablet Trust
CAFOD – Ethiopia Aid
CAFOD – humanitarian aid in Gaza
Margaret Beaufort Institute
Durham University, Centre for catholic studies
St Thomas’ Church, Osbaldwick
Smaller donations to other charities
(d)
Governance
Auditors’ remuneration – audit fees
Legal and other professional fees
Staff costs		 2024
£
23,600
10,533
39,055		 2024
£
50,000
3,187
9,207
50,000
15,000
10,000
10,000
20,000
40,000
10,000
3,156
£220,550
2023
£
18,000
22,675
35,763
£76,438
£73,188

24

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

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||||||| |---|---|---|---|---|---| |3.|Expenditure of the Group – 2023| |Other Direct|Support &|2023|2022| |Staff|costs|Governance|Total|Total| |£|£|£|£|£| |(a)|Charitable activities| |Support of CJ Sisters and their ministries:| |- Direct support costs|76,363|180,509|1,823|258,695|209,606| |-| |- St Joseph’s Infirmary|510,257|130,777|641,034|588,548| |- Premises and equipment|37,406|289,676|225,612|552,694|556,667| |- Donations|-|141,292|-|141,292|562,324| |-| |- Support costs|316,811|112,771|429,582|395,158| |- Governance costs|35,763|-|33,864|69,627|62,456| |976,600|855,025|261,299|2,092,924|2,374,759| |St|Bede’s|Pastoral|Centre| |operating costs|190,686|43,609|-|234,295|224,547| |Total Charitable Activities|1,167,286|898,634|261,299|2,327,219|2,599,306| |-|-| |(b)|Raising funds|144,553|144,553|123,067| |Trading activities|454,006|294,772|6,811|755,589|669,406| |Total expenditure|1,621,292|1,193,406|412,663|3,227,361|3,391,779|

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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.

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||| |---|---| |2023| |£| |(c)|Analysis of Alms and Donations| |Religious Life Safeguarding Service Common Fund|66,667| |CJ Generalate – annual contribution|3,160| |CJ International Solidarity Fund|5,930| |CJ Sisters in Zimbabwe|19,598| |CAFOD – Turkey disaster appeal|10,000| |CAFOD – Zimbabwe project|15,000| |Aid for the Church in Need – Pakistan project|10,000| |Aid for the Church in Need – bibles for Mozambique|3,000| |Margaret Clitheroe Trust|3,000| |Catholic Bishops’ Conference of England and Wales – safe spaces project|2,000| |Smaller Donations to other charities|2,937| |141,292|

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25

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

4. Financial Performance of the subsidiary

Financial Performance of the subsidiary
Turnover
Cost of sales and administrative costs
Operating result
Exhibition refurbishment
Retained in subsidiary
Assets and liabilities of the subsidiary:
Current assets
Current liabilities
Long term liabilities
Total net liabilities
Share Capital
Reserves		 Company
Company
2024
2023
£
£
911,121
792,938
(901,794)
(805,646)
9,327
(12,708)
(52,200)
-
(42,873)
(12,708)
145,189
64,050
(200,575)
(179,295)
(338,028)
(235,296)
(393,414)
(350,541)
100
100
(393,514)
(350,641)
(393,414)
(350,541)

5. Employees

Wages and salaries
Social security costs
Pension costs
Key management personnel
Salaries
Employers Pension contribution		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
1,596,527
1,474,203
1,112,883
1,048,295
106,705
93,862
83,711
77,147
43,805
39,307
30,798
27,924
1,747,037
1,607,372
1,227,392
1,153,366
242,166
216,870
228,525
204,379
9,070
10,222
8,630
9,325
251,236
227,092
237,155
213,704

Key management personnel includes: the CEO, Chief Operating Officer, St Bede’s Centre Director, Nurse Manager and Special Collections Manager.

26

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

5. Employees (continued)

Average headcount of employees
Administration
Maintenance & facilities
Nursing & care workers
Hospitality		 Group
Group
Charity
Charity
2024
2023
2024
2023
Number
Number
Number
Number
35
34
26
24
13
12
13
12
27
31
27
31
24
21
-
-
99
98
66
67

Two employees earned between £60,000 - £70,000 per annum, excluding pension contributions, during the year (2022/23: Two).

6. Financial Instruments

Financial assets measured by fair value
Financial liabilities measured by amortised cost		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
41,714,089
39,273,587
42,025,385
39,540,840
246,202
172,862
218,575
152,329

Financial assets measured at fair value included investments.

Financial liabilities include trade and other creditors.

7. Tangible fixed assets - Charity & Group

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
Disposals
At 31 August 2024
Net book value
At 31 August 2024
At 31 August 2023		 Land and
Plant, Fixtures
Buildings
& Fittings
Motor cars
Total
£
£
£
£
2,434,999
1,341,583
66,286
3,842,868
17,045
38,839
10,800
66,684
-
-
-
-
2,452,044
1,380,422
77,086
3,909,552
860,572
921,110
50,609
1,832,291
138,557
113,489
7,075
259,121
-
-
-
-
999,129
1,034,599
57,684
2,091,412
1,452,915
345,823
19,402
1,818,140
1,574,427
420,473
15,677
2,010,577

27

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

8. Investment properties – Charity & Group

Investment properties – Charity & Group
Market value at 31 August
Historical cost		 2024
2023
£
£
1,295,000
1,295,000
245,000
245,000

The fair value of the properties was based on a valuation by a professionally qualified chartered surveyor on 15 March 2023 and resulted in a reduction in the total value of the properties by £100,000. The Trustees do not believe that there has been a material change in value since March 2023.

9. Quoted investments – Charity & Group

Quoted investments – Charity & Group
Market value at 1 September
Additions
Disposals at market value
Net gains / (losses)
Movement on investment cash
Market value at 31 August
Charity – Investment in subsidiary undertaking		 2024
2023
£
£
38,432,753
40,187,349
9,412,058
17,639,266
(11,055,833)
(17,902,184)
4,015,168
(897,035)
291,763
(594,643)
41,095,909
38,432,753
100
100

10. Investment in subsidiary undertaking

Bar Convent Enterprises Limited (BCEL) is a wholly owned subsidiary of Congregation of Jesus Charitable Trust. It was acquired on 1 December 2019 and is a private limited company, limited by shares, registered in England and Wales. The investment is valued at its nominal share capital 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 guesthouse 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.

11. Debtors

Trade debtors
Other debtors
Prepayments and accrued income
VAT
Amount due from subsidiary company		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
3,272
15,728
1,266
5,701
85,691
2,426
2,443
2,193
207,421
242,299
190,147
230,931
-
14,576
-
14,576
-
-
418,649
300,472
296,384
275,029
612,505
553,873

28

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

12. Creditors due in one year

Creditors due in one year
Trade creditors
Other creditors
Accruals
Creditors due in more than one year
Other creditors		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
203,487
130,072
175,860
109,539
53,055
31,407
39,688
22,566
138,931
193,794
59,971
109,050
395,473
355,273
275,519
241,155
Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
42,715
42,790
42,715
42,790

13. Creditors due in more than one year

This represents interest-free loans by the sisters to the Charity.

14. 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 £371 (2023: £468).

Creditors due in more than one year consist of funds paid by some CJ members when they joined the Congregation and these funds are repayable if a member decides to leave the Congregation.

There were no other related party transactions in the year.

15. Operating leases

At 31 August 2024 the Group (and also the Charity) had total future minimum lease payments under noncancellable operating leases for office equipment as follows:

Leases expense not later than one year
Leases expense in more than one year and not more than five years		 Group
Group
2024
2023
£
£
5,416
5,416
6,815
10,832
12,231
16,248

16. Loan to subsidiary undertaking

Bar Convent Enterprises Limited was acquired by the Charity on 1 December 2019. Prior to acquisition the company made profits which it gifted to its then parent charity, the Bar Convent Trust. The company’s activities are customer hospitality services. Due to the Covid-19 pandemic, trading activities were extremely disrupted in 2020 and the Charity agreed to provide it with a loan. Interest is charged on the loan at a commercial interest rate.

The recent refurbishment of the guesthouse and project to refurbish the exhibition have meant that further amounts have been loaned to the company. The amount owned at 31 August 2024 was £418,649 (2023: £260,296). The Trustee Board has reviewed the projected future cash flow for the company, are satisfied that

29

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

it can return to profitability and have agreed to provide the company with short-term financial support until it returns to profitability.

17. 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. Therefore transfers are made to ensure the fund reflects the value of fixed assets in the balance sheet. The current value of the fund is £1818,140 (£2,010,577 in 2023).

Property maintenance fund

The Trustee considers it advisable to designate investment funds to 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. Transfers are made to ensure the fund reflects the value of investments required to provide an income to cover the maintenance costs of the buildings. The current value of the fund is £10,900,000 (£8,900,000 in 2023).

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 who are still in active ministry, and those who through a combination of any or all of old age, sickness and frailty, either physical or mental, require dedicated care. It is also designated to cover the expenditure on its charitable activities such as the activities of St Bede’s Pastoral Centre. Transfers are made to ensure the fund reflects the value of investments required to provide an income to cover the CJ communities’ costs over their lifetime. The current value of the fund is £12,700,000 (£30,100,000 in 2023). The size of the designated fund was re-assessed and reduced during the year to ensure that it is sufficient to meet the needs of the community for their remaining lives.

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 2024 was £9,970 (£9,877 in 2023).

Other designated fund

In 2023 the Charity awarded a donation of £10,000 to the sisters of the Congregation of Jesus in the Zimbabwe Province. The Zimbabwe Province have asked that the fund continue to be held on their behalf until they require it. In 2023/24 interest of £521 was added to the fund bringing the value of the fund as at 31 August 2024 to £10,521.

30

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

18.
Summary of funds – 2024
Group
a)
Analysis of Movements
Balance at 1 September 2023
Income received
- from investments
- from other sources
Expenditure
Transfers
investment gains/(losses)
Balance at 31 August 2024		 Fixed
Assets
Property
Maintenance
Support of CJ
Members and
their
Ministries
Fr Bill
Broderick
Memorial
Fund
Other
Designated
Fund
Total
Designated
Funds
General
Funds
Total
£
£
£
£
£
£
£
£
2,010,577
8,900,000
30,100,000
9,877
-
41,020,454
1,436,985
42,457,439
-
-
-
-
521
521
1,136,688
1,137,209
395,153
912
-
396,065
933,694
1,329,759
(66,684)
(706,697)
(3,154,522)
(819)
-
(3,928,722)
(393,829)
(4,322,551)
(125,753)
2,706,697
(14,640,631)
10,000
(12,049,687)
12,049,687
0
-
-
-
-
-
-
4,015,168
4,015,168
1,818,140
10,900,000
12,700,000
9,970
10,521
25,438,631
19,178,393
44,617,024

b) General Funds

The sum of £19,178,393 (£1,436,985 in 2023) is held as a general reserve. The Board consider that this level of general funds is more than sufficient to cover two years’ day-to-day expenditure.

31

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

19.
Summary of funds – 2023
Group
a)
Analysis of Movements
Balance at 1 September 2022
Income received
- from investments
- from other sources
Expenditure
Transfers
Investment gains/(losses)
Balances at 31 August 2023		 Designated Funds
Fixed Assets
Property
Maintenance
Support of CJ
Members and
their
ministries
Fr Bill
Broderick
Memorial
Fund
Designated
Funds
Total
General
Funds
Total
£
£
£
£
£
£
£
1,682,176
7,800,000
27,400,000
11,955
36,894,131
7,268,594
44,162,725
-
-
-
-
1,289,289
1,289,289
-
-
330,058
412
330,470
899,351
1,229,821
(227,435)
(113,308)
(393,168)
(2,490)
(736,401)
(2,490,960)
(3,227,361)
555,836
1,213,308
2,763,110
-
4,532,254
(4,532,254)
-
-
-
-
-
-
(997,035)
(997,035)
2,010,577
8,900,000
30,100,000
9,877
41,020,454
1,436,985
42,457,439

b) General Funds

The sum of £1,436,985 (£7,268,594 in 2022) is held as a general reserve. The Board consider that this level of general funds is an appropriate reserve for expenditure.

32

Congregation of Jesus Charitable Trust

Notes to the Financial Statements

For the year ended 31 August 2024

20. Analysis of Group Net Assets by Fund as at 31 August 2024

Tangible fixed assets
Investments
Current assets
Current liabilities
Liabilities due after more than one year
Total net assets		 Members &
Fr Bill
Property
their
Broderick
Other
Fixed Assets
Maintenance
Ministries
Memorial
Designated
General Fund
Fund
Fund
Fund
Fund
Fund
Total
£
£
£
£
£
£
£
-
1,818,140
-
-
-
-
1,818,140
18,790,909
-
10,900,000
12,700,000
-
-
42,390,909
825,672
-
-
-
9,970
10,521
846,163
(395,473)
-
-
-
-
-
(395,473)
(42,715)
-
-
-
-
-
(42,715)
19,178,393
1,818,140
10,900,000
12,700,000
9,970
10,521
44,617,024

21. Analysis of Group Net Assets by Fund as at 31 August 2023

Tangible fixed assets
Investments
Current assets
Current liabilities
Liabilities due after more than one year
Total net assets		 General Fund
Fixed Assets
Fund
Property
Maintenance
Fund
Members &
their
Ministries
Fund
Fr Bill
Broderick
Memorial
Fund
Total
£
£
£
£
£
£
-
2,010,577
-
-
-
2,010,577
727,753
-
8,900,000
30,100,000
-
39,727,753
1,107,295
-
-
-
9,877
1,117,172
(355,273)
-
-
-
-
(355,273)
(42,790)
-
-
-
-
(42,790)
1,436,985
2,010,577
8,900,000
30,100,000
9,877
42,457,439

33