Charity No. 527184
DAUGHTERS OF DIVINE CHARITY
ST JOSEPH'S CONVENT CHESTERFIELD
TRUSTEES' REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023
DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Contents
3 - 6 Report of the Trustees 7 Independent Examiner's Report 8 Statement of Financial Activities 9 Balance Sheet 10 - 16 Notes forming part of the Financial Statements Trustees Maria Cirko (Sr M Jacinta) Kathleen Muriel Prentice (Sr M Thomas More) Diana Judith Ridler (Sr M Francis) Anna Yeo Chai Luan (Sr M Anna) from 2nd September 2023 Provincial Superior Linda Pergega (Sr M Linda) Head Office St Josephs Convent 42 Newbold Road Chesterfield Derbyshire S41 7PL Nursery Manager Joanne Kehoe Charity Registration Number 527184 Independent Examiner Aaron Widdows ACA FCCA Price Bailey Anglia House 6 Central Avenue St Andrews Business Park Thorpe St Andrew Norwich NR7 0HR Solicitors Banner Jones 24 Glumangate Chesterfield Derbyshire S40 1UA Principal Bankers National Westminster Bank PLC PO Box 13 5 Market Place Chesterfield Derbyshire DE1 3PJ
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report for the year ended 31st December 2023 under the Charities Act 2011 together with the financial statements of the Charity for the year and confirm that the latter complies with the requirements of the Act, the Trust Deed and the Statement of Recommended Practice - Accounting and Reporting by Charities 2019.
REFERENCE AND ADMINISTRATIVE INFORMATION
The Daughters of Divine Charity is an international religious congregation divided into seven separate Provinces and three Vice-Provinces. The English Vice-Province is administered by the Provincial Superior together with a Council consisting of three councillors. The Council is elected by the members of the Province for a term of two years.
The financial statements accompanying this report are the financial statements of the charitable trust on which the assets of St Joseph's Convent, Chesterfield, being part of the English Province, are held. The trust is governed by a Trust Deed dated 6th July 1965 and is registered with the Charity Commission, Charity Registration No. 527184.
Trustees Maria Cirko (Sr M Jacinta) Kathleen Muriel Prentice (Sr M Thomas More) Diana Judith Ridler (Sr M Francis) Anna Yeo Chai Luan (Sr M Anna) from 2nd September 2023
Key Executives The Provincial Superior Linda Pergega The Nursery Manager Joanne Kehoe
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is governed by the provisions of the Trust Deed dated 6th July 1965.
Governing Body
The Charity has four Trustees. The Provincial Superior and two Councillors constitute the Provincial Council. The power of appointing new Trustees rests with the Provincial Superior.
Organisational Management
The Provincial Council headed by the Provincial Superior determine the general policy of the Charity and review its overall management and control for which they are legally responsible. The day to day management of the School is delegated to the Nursery Manager.
Risk Assessment
The Trustees have appointed a working group to review the risks to which the Charity is exposed. To date they have reported that there are no major risks that have been identified that have not already been dealt with by the management controls that the Trustees already have in place. The working group will continue its work; meeting on a regular basis to ensure the Charity assess and controls the risk that it is exposed to.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
OBJECTIVES AND PRINCIPAL ACTIVITIES
The Charity's Trust Deed states that the Trust's principal objectives are the advancement of and support for the charitable work being carried on by the Congregation, the advancement of religious education or such charitable work as the Trustees think fit in support of the Roman Catholic Religion, with the approval of the Provincial Superior.
Policy
In fulfillment of the objectives of the Trust it is the policy of the Charity to undertake a range of charitable activities. There have been no material changes in policy during the last year however at the invitation of the Bishop of Salford the Charity has now established a House (Mother Most Admirable) in Rochdale in furtherance of its objectives.
However during the year a former Convent in Middleton, Manchester was purchased by the Province and following refurbishment the Sisters based in Rochdale have relocated to there.
1. Education
The Charity owns the Freehold Land and Buildings which comprise the St Joseph's Little Scholars Nursery School which it operates as an independent fee paying nursery.
Members of the Congregation work in the School as unpaid welfare assistants. The English Vice-Province relies heavily on Members from Overseas Provinces (e.g. Croatia ) visiting to carry out these functions.
2. Social and Pastoral Care
Members of the Congregation undertake work within the community and parish, by providing family support and giving religious and material support to those in need, in conjunction with the parish priest and Bishop.
- Missions
The English Province supports the establishment and running of overseas missions by the Congregation, with fundraising and social events.
The objective, the advancement of the Roman Catholic Religion, permeates all the work of the members of the Congregation.
Public Benefit Statement
The trustees have had due regard to the Charity Commission guidance on public benefit. They confirm that the activities of the charity are in line with this guidance. The trustees feel that they have provided benefit to the public by providing pastoral care to those in need as well as facilities for use by the local community and residents.
Fundraising
The charity understands its duty to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate, but does not currently fundraise from the public or use any internal fundraisers or external fundraising agencies for either telephone or face-to-face campaigns and received no fundraising complaints during the year.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
Operational Performance
During the year the Congregation was active in the areas detailed. A summary of major developments follows:
- Education
St Joseph's Little Scholars Nursery School has had another successful year. The average number of day pupils during the year was:
| Nursery | 2023 39 |
2022 42 |
|---|---|---|
- Social and Pastoral care
Support was provided to families, with religious and material support given to those in need.
- Missions
A jumble sale took place once a month in the Church Hall, to raise funds for the Congregation and the overseas missions.
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
The Statement of Financial Activities set out on Page 8 shows that the net income/(expenditure) for the year was £(25,045) (2022: £6,234 )
At the end of the year the total funds of the Congregation were £877,128. Of this sum £599,153 represents fixed assets needed for the work of the Congregation.
The remaining balance of £277,975 is considered by the Trustees to reflect the true 'free reserves' position of the Charity.
Reserves are held for the following reasons:
-
To provide a sound financial base to support the future activities of the Congregation. A target of three months running costs has been set, which equates to £76,827 for the year ended 31 December 2023.
-
To provide for the future care and support of the older members of the Congregation. The Province currently has ten members and the average age of the congregation remains high.
The Trustees consider the current level of reserves to be appropriate given the above policy.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Investment powers policy and objectives
Under the Order's Trust Deed there are no limitations in the Trustees' powers of investment.
The Trustees have considered the most appropriate policy for investing funds and concluded that holding monies in bank deposit accounts and short term bonds meets the requirement to generate income whilst minimising risk and maintaining liquidity. Given the nature of these investment the Trustees consider the return to be satisfactory.
FUTURE PLANS
Our key objectives for the future remain the same as those reported above for this year.
The ongoing development of St Joseph's Little Scholars Nursery School will continue to be the Trustees main objective in order to maximise the use of facilities and resources.
The average age of members of the Congregation remains high with the consequential need to maintain pension provisions for future years.
27 Oct 2024
Approved by the Trustees on 2024 and signed as authorised on their behalf by:
Sr Cirko (Sun, 27th Oct 2024 12:02:02 GMT) Sr M Cirko Trustee
Sr Ridler (Sat, 26th Oct 2024 16:24:34 Sr D J Ridler BST) Trustee
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| INCOME Note Donations and legacies 2 Income from charitable activities 3 Investment Income 4 TOTAL INCOME Expenditure on charitable activities 5 TOTAL EXPENDITURE Net income/(expenditure) for the year being net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Funds 31 Dec 2023 £ 16,800 262,644 2,820 282,264 307,309 307,309 (25,045) 902,173 877,128 |
Unrestricted Funds 31 Dec 2022 £ 10,351 264,398 508 |
|---|---|---|
| 275,257 | ||
| 269,023 | ||
| 269,023 | ||
| 6,234 895,939 |
||
| 902,173 |
All amounts relate to continuing activities of the charity. The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 16 form part of these financial statements.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
BALANCE SHEET AS AT 31ST DECEMBER 2023
| Note FIXED ASSETS Tangible Fixed Assets 9 CURRENT ASSETS Debtors & Prepayments 10 Cash at Bank & in Hand CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 11 NET CURRENT ASSETS TOTAL NET ASSETS FUNDS Unrestricted Funds: General |
2023 £ £ 599,153 9,625 282,144 291,769 (13,794) 277,975 877,128 877,128 877,128 |
2022 £ £ 607,967 9,364 297,793 307,157 (12,951) 294,206 902,173 902,173 902,173 |
2022 £ £ 607,967 9,364 297,793 307,157 (12,951) 294,206 902,173 902,173 902,173 |
|---|---|---|---|
| 902,173 | |||
| 902,173 | |||
| 902,173 |
The financial statements on pages 8 to 16 were approved by the Trustees and authorised for issue on 2024 and are signed on their behalf by:27 Oct 2024
~~……………………………………..~~ Sr Cirko (Sun, 27th Oct 2024 12:02:02 ~~…………………………………….~~ Sr Ridler (Sat, 26th Oct 2024 16:24:34 . Trustee Sr. M Cirko GMT) Trustee Sr. D J Ridler BST)
The notes on pages 10 to 16 form part of these financial statements.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1 ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
1.1 BASIS OF ACCOUNTING
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Daughters of Divine Charity, Chesterfield meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The charity, being small in size, has used the exemption provided by Charities SORP (FRS 102) under which it is not required to include a cashflow statement as part of the financial statements.
The accounts are prepared in pounds sterling and have been rounded to the nearest pound.
1.2 GOING CONCERN
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. With regard to the following year, the most significant areas of uncertainty of the charity are the level of donation income and numbers of pupils to the school which is needed to cover the cost of the charity.
At 31 December 2023 net current assets amounted to £277,975.
The Trustees have considered the period of 12 months from the balance sheet date and have concluded that the company will receive sufficient funds to continue for the foreseeable future.
Based on the above the Trustees' consider it appropriate to prepare the financial statements on the going concern basis.
1.3 FUND ACCOUNTING
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES (continued)
1.4 INCOME
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.
Nursery fees receivable are accounted for in the period in which the relevant services are provided and are stated net of any bursaries and allowances.
Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.
Interest on deposit funds held is included when receivable and the amount can be measured reliably by the charity which is normally upon notification of the interest paid or payable by the bank. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable
1.5 DIRECT AND OVERHEAD EXPENDITURE
Direct charitable expenditure consists of all expenditure directly relating to the objects of the Charity. Certain central costs which cannot be directly apportioned are allocated between direct charitable expenditure and governance costs on the basis of the Trustees' estimate of the time spent on the relevant functions. Supplies of games equipment, books, stationery and sundry materials are written off to the Statement of Financial Activities as soon as the expenditure is incurred.
Grants are made at the discretion of the Trustees.
Governance costs comprise the costs of running the charity including audit, any legal or professional advice and all costs of complying with constitutional and statutory requirements such as the cost of preparing statutory accounts.
Irrecoverable VAT is included with the category of expense to which it relates.
1.6 FINANCIAL INSTRUMENTS
The charity only has financial assets and 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.
The financial assets of the charity include cash at bank and the school fees debtors. Prepayments are not considered a financial asset. The financial liabilities of the charity include accruals and other creditors.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES (continued)
1.7 FIXED ASSETS
The freehold land and buildings remain in constant use in furtherance of the Congregations's charitable objectives and are properly maintained to standards that enable the Trustees to conclude that the residual value of the property exceeds the book value.
Tangible Fixed assets are stated at cost or valuation less depreciation.
Depreciation is provided at rates calculated to write off the cost fixed assets, less their estimated residual value, over their expected economic useful lives on the following basis:
Land Nil Buildings 2% straight line Furniture & Fittings 10% reducing balance Motor Vehicles 25% reducing balance
Assets donated for use by the charity are recognised as income when receivable and capitalised at their open market value.
Items costing less than £250 are written off as an expense as acquired.
1.8 DEBTORS
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 CASH AT BANK AND IN HAND
Cash at bank and cash 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.
1.10 CREDITORS
Creditors 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 are normally recognised at their settlement amount after allowing for any discounts due.
1.11 PENSIONS
Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity contribution is restricted to the contributions disclosed in note 13. The costs of the defined contribution scheme are included with the associated staff costs and allocated therefore to raising funds, charitable activities, support and governance costs and charged to the unrestricted funds of the charity.
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 2 INCOME FROM DONATIONS AND LEGACIES Donations Salaries and pensions donated by the Sisters 3 INCOME FROM CHARITABLE ACTIVITIES Fees Nursery fees receivable 4 INVESTMENT INCOME Bank interest 5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES |
2023 £ 12,255 4,545 16,800 2023 £ 44,300 218,344 262,644 2023 £ 2,820 |
2022 £ 898 9,453 |
|---|---|---|
| 10,351 | ||
| 2022 £ 26,300 238,098 |
||
| 264,398 | ||
| 2022 £ 508 |
||
| 2023 Expenditure Note Charitable Activities School Direct Running Costs Premises and Equipment Support Costs 6 Province and Communities Missions and Charitable Grants 6 2022 Expenditure Charitable Activities School Direct Running Costs Premises and Equipment Support Costs Province and Communities Missions and Charitable Grants |
Staff 2023 Costs Other Depreciation Total £ £ £ £ 168,778 52,954 - 221,732 - 30,620 12,620 43,240 - 17,803 194 17,997 |
|---|---|
| 168,778 101,377 12,814 282,969 - 23,376 - 23,376 - 964 - 964 |
|
| 168,778 125,717 12,814 307,309 |
|
| Staff 2022 Costs Other Depreciation Total £ £ £ £ 168,516 47,393 - 215,909 - 5,325 12,240 17,565 - 17,639 259 17,898 |
|
| 168,516 70,357 12,499 251,372 - 16,972 - 16,972 - 679 - 679 |
|
| 168,516 88,008 12,499 269,023 |
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (continued)
| Support costs comprise: Printing, Postage & Stationary Telephone Motor & Travel Bank Charges Depreciation Professional Fee Independent examination fee Missions and Charitable Grants comprise: Grant to the Daughters of Divine Charity, Uganda Sundry Grants |
2023 £ 129 720 13,169 435 194 890 2,460 17,997 2023 £ 550 414 964 |
2022 £ 1 1,148 12,623 312 259 1,155 2,400 |
|---|---|---|
| 17,898 | ||
| 2022 £ 380 299 |
||
| 679 |
7 ANALYSIS OF STAFF COSTS AND KEY MANAGEMENT PERSONNEL
| Wages and salaries Social security costs Pension costs The average number of employees in the year was: - School teachers - Other |
2023 £ 165,490 1,318 1,970 168,778 14 2 16 |
2022 £ 164,183 2,172 2,161 |
|---|---|---|
| 168,516 | ||
| 14 2 |
||
| 16 |
No employees received employee benefits excluding pension contributions over £60,000 (2022: £Nil).
The charity considers that the key management personnel comprise the trustees and the senior management team.
The total employee benefits of the key management personnel of the charity were £21,801 (2022: £27,675).
As members of the Congregation, the four Trustees' living expenses during the year, amounting to £9,350 (2022: four trustees totalling £6,789) were borne by the charity. The Trustees received no remuneration or other benefits or reimbursement of expenses in connection with their duties as Trustees during the year (2022: £Nil).
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 8 NET EXPENDITURE Net expenditure is stated after charging: Depreciation Independent examiners fees 9 TANGIBLE FIXED ASSETS Cost At start of year Additions during year At end of year Depreciation At start of year Charge for the year At end of year Net book value at the end of the year Net book value at the start of the year |
2023 2022 £ £ 12,814 12,499 2,460 2,400 Freehold Furniture Land and and Motor Buildings Equipment Vehicles Total £ £ £ £ 901,585 54,785 13,788 970,158 - 4,000 - 4,000 |
|---|---|
| 901,585 58,785 13,788 974,158 |
|
| 296,271 52,908 13,012 362,191 12,032 588 194 12,814 |
|
| 308,303 53,496 13,206 375,005 |
|
| 593,282 5,289 582 599,153 |
|
| 605,314 1,877 776 607,967 |
The cost of depreciable assets included in freehold land and buildings at 31 December 2023 is £601,585 (2022 - £601,585).
10 DEBTORS
| School Fees Other Prepayments |
2023 £ 836 2,563 6,226 9,625 |
2022 £ 2,140 2,189 5,035 |
|---|---|---|
| 9,364 |
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DAUGHTERS OF DIVINE CHARITY, CHESTERFIELD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Accruals Province Pension Contributions Taxation and social security |
2023 £ 7,273 3,648 352 2,521 13,794 |
2022 £ 9,941 - 338 2,672 |
| 12,951 |
12 RELATED PARTY TRANSACTIONS
Daughters of Divine Charity Swaffham and Daughters of Divine Charity Chesterfield are related parties as together, they constitute the English Province. The English Province is administered by the Provincial Superior together with a Council consisting of 3 councillors.
These financial statements are also consolidated into the financial statements of Daughters of Divine Charity Swaffham as this charity controls Daughters of Divine Charity Chesterfield.
13 PENSIONS
The charity operates a defined contribution pension scheme. The total pension cost in the year was £1,970 (2022: £2,161). The amount due to the scheme at the year end was £352 (2022: £338).
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