Rggistornd number: 3914049 Charity number: 1080521 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limlted by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guiranteel CONTENTS Pa9e Ref•rnnc• and Administrative Detsils Tru8to1$' Report 3-19 Tru$to•$' Responsibiliti•s Statement 20 Independonl Audltorfs Report 21-24 Statement of Flnanclal Activilies 25 Balance Sheel 26 Statement of Cash Flows 27 Notes to the Finanelal Statements 28-43 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022 Trust••s All the Trustees are members of the Institute of the Blessed Virgin Mary Sister Noelle Corscadden Iresigned 24 January 2023) Sister Igora Pinto (resigned 24 January 20231 Sister Judith Nekesa (resigned 24 January 20231 Sister Ma¢arena Fernandez de 8obadilla Lassaletta (resigned 24 January 2023} Sister Brenda Eagan Iresigned 24 January 20231 Sister Bematjette Boland Sister Geraldine Mc Aleer Sister Carmel Swords Sister Jane Mc Donell SisteT Kathleen Myers {appoiTrted 24 January 2023) Sistei Natalie Houlihan (appointed 24 March 2023) Sister Mary Kamotho (appointed 24 March 20231 Sister Geraldine Moktsn lappoinled 24 March 2023) Company registered number 3914049 Charlty registered numb8r 1080521 R•9lster¢d offlce Loreto provin￿ Offices 28 Haruey Road Altrincham England WA 144AY Company secretary Sister Geraldine McAleer Independent audltor RBK Business Advisers Chartered Accountants and Statutory Audit Fim Termini 3 Arkle Road Sandyford Dublin 18 Iieland Page 1 TERESA BALL INTERNATIONAL SOLIDARI￿ FUND IA Company Limit•d by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Bankers Royal Bank of Scotland Wigan IG) Branch 1 H3Tman Boulevard Manchester M3 3AQ Alliedlrish Bank (Nll 24 East Bridge Street Enniskillerl Co Fermanagh Northem Ireland Allied Irish Bank 7112 Dame Street Dublin 2 Ireland Solicitors Stone King Uppei Borough Court (UBCI Uppei Borough Walls Bath Uniled Kingdom BA1 1RG Inv•$lm•nt Managers Set2nta Asset Management Be￿Sf0rd Court Be￿st0rd Place Dublin 1 Ireland Inv•stment AdvSsors Cantor Filzgerald Ireland Limited 23 St. stephen's Green Dublin 2 I￿land Flnanclal Advisors L&P Trustee Services Limited 23 St. stephen's Green Dublin 2 Ireland Page 2 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees Iwho are also directors of the charity for the purposes of the Companies Acll Present their annual report together with the audited financial statements of the Teresa Ball Inlernational Solidarity Fund (the company) for the year ended 31 December 2022. The Trustees confirm that the Annual report and financial statements of the organisation compty with the current stslutory requirement5, the requirements of the charity'$ governing document and the provisions of the Statement of Recommended Practi￿ ISORPI 'Accounting and Reporting by Charities" appli¢able to charities p￿ParIng their accounts in accordance with the Financial Reporting applicable in the UK IFRS102} effective 1 January 2019. 1. BACKGROUND INFORMATION a. Introduction The Tefesa Ball Intemalional Solidarity Fund Is a Charrtable Company limited by guarantee and does not hove a share capital. Under Section 30 of the Companies Act 1985 it is exempted from the requirement lo use the word limited after ils name. It was set up on 26 January 2000 and registered as a charity on 2 May 2000. Its objects are the advancement of the Roman Catholic Religion, the relief of povety and suffering. the advancement of educab'on and other eh8ritable purposes for the benefit of the public as the Trustees shall decide. Its area of operation is worfO￿lde. b. M1881on The purpose of the Teresa Ball International Solidarity Fund is to SUPPOrt the mission of the Instrtute of the Blessed Virgin Mary la Roman Catholic Religious Congregation) w(￿dwide but especially in the developing world. The Institute 15 involved in education, especially the education of the poor and marginalized. pastoral work and promotion of religion in trftnty-four countries around the world. The works the TNstees undertake are reviewed on a continuou5 basis. inrtially to assess their effectiveness In the achievement of our aims and the benefits we have provided to those sectors of the community we set out to help. In conducting this ￿vIeW. the Trustees have given careftjl consideration to the Charity Commission's guidance on public benefft and have thereftire ecmplied with their duty in Section 4 of the Charities Act 2011 to have due regard lo the Charity Commission's published general guidance concerning the operaticn of the publi beneffit requirement under that Act. 2. OBJECTIVES AND ACTIVITIES . Policles and objo¢tlves The Teresa Ball Intemalional Solidarity Fund is the vehicle through whith the Institute of the Blessed Virgin Mary ILofeto Sisters) carries out its mission worldwide. Therefore, the principal activity of the charity is lo support the woiks being carried out by the Institute in many parts of the wodd. The chief costs include living allowances, health care, ongoing edLFcation, travel and insuran￿. b. Strategies for achlevlng oblectlves As staled above under "Mission the purpose of the Teresa Ball Intemational Solidarity Fund is to support the mission of the Institute of the Blessed Virgin Mary worldwide especially in the developing world. It does this by suppoth'ng financially the members of the Institute carrying out these works. Page 3 TERESA BALL INTERNATIONAL SOLIDARITY FUND {A Company Llmitod by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTMTIES (continued) c. Actfvitlgs for achlevlng objectives The activities of the members of the In51ilule mostly but not ex¢hJsNely focused on the following areas.. Education Pastoral work including the relief of povety and promotlon of justice Promotion of ￿Ligion Maintenance of the members of the Institute in the pursuit of their mission Positive Impa¢t Investing The work in all of these areas 15 of an on going nature ralher than short term and the Sisters and their collaborators work with skill and dedication. The Charity has also integrated Positive Impact Investments within the investment portfglio. These investments generate positive sctial, environmental benefits as well as financial relums. The Teresa Ball Intemahonal SolidaTity Fund supports the mission of the Institute in many parts of the world with the Sisters present and working in ￿enty-fOUr countries. Europe: Albanla Afrlca & Ghana Islands: Kenya Morocco South Afrlca Tanzania Zarnbia Mauritius South Sudan Asia: Bangladesh rimor East India Nepal Vietnam Philippine5 Gibraltar Ire13nd Rorne Spain United Klngdom Australi3 Australla North Canada South America: United States America: Peru The maln geographlul ar•a8 currently in nwd of flnancial o$si$tance are: Afrf¢a- Kenya, Zambia, Ghana and Tanzania. ABla - India, Bangladesh, Nepal. South America- Peru. The Institute is a global ne￿ork of religiou$ women promoting dignity. advocating for women and chlldren, challenging unjust systems, educats'ng for the future and bringing the gospel to life. The Sisters live in ommunities in the spirit of Mary Ward our Foundress. Passionate about Jesus. mission, convinced that women have greal gifts to offer, we seek truth, War￿.ng with others to promote freedom, jusli¢e and integrity within hurch and society Page 4 TERESA BALL INTERNATIONAL SOLIDARiff FUND (A Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTIVITIES ¢contlnu?d) d. A¢tivftl•s, Institute PrioTilies: Inspired by Mary Ward's lour Foundress} vision, we 51rive lo ¢laim passionately and INe radically our Ignalian spirilualrty and share it widely with those among whom we live and Wc￿k. The Sisters commit their energies and resources to promoting the dignity and Ilberalion of all, parti¢ularfy of women and children.. to challenging unjust systems and structures.. to stsnding with those on the edges of society., to showing reverent eare of the earth and all creation. We ar8 slrongty Committed lo living in solidarity a$ a multiwcultural international Institute. Alert lo the needs of our lime Ihe Sisters serve in a wde va￿ty of ministries. Around the world Loreto Sisters are to be found serving in schools. colleges. universities, social service ¢entres, shelters for the abused and homeless, in retreat and spiritual life centres, rural and urban parishes, as development workers, 8$ medical personnel, prison chaplains, home visitors, spiritual caregivers for peTsoll5 With HIVIAIDS, in adv¢xacy and lobbying al locavnational levels and the United Nations, and wherever contempotary needs aiise. In prepaTrlion for rninislry, internally through Initial. Professional and Continuing Formation Programmes the Sisters are trained to take up their role in society, $0 as to enable them by extension to emp¢)wer Ihe staff with whom they work and the many other people they Serve within their daily ministries. Their work embr￿8 education at all levels, from basic literacy and welfare programmes for street children to Higher Education Collegeluniversity levels and religious, pastoral and social work. All work in education has been motivated bythe call to achieve universal primary education, the promOt￿n of gender equality and empowerment of women. IBVM recognises the education of girls anrj women as being the key to the economi¢, health and general development of S￿iety. We have a worldwide nelwork of Loreto s¢hools who work incessanly in delivering an education which liberates, empowers and motivates students to use their individual gifts wilh confidence, creativity and generosity. We challenge our students lo act justly in every sphere of life, to take ￿rsonal responsibilty for their lives and to contribute to the advancements of their families and their own communities through loving, responsible and infomied service. Redressing gender inequalities is an integral part of the Loreto development policies. Our Foundress Mary Ward said that Women in time lo come will do much" and her faith in what could be achieved through the education of girls and young women has proved lo be well founded. The Loreto Sisters recognise that female education and gender-power relations and issues of enlilement rnU5t be considered not only separately but also as dynamically interconnected. The links betsveen women's health and notions of empowerment, entitlement, and improved self*stsem are taken seriousty by Loreto and these areas are catered for in all our education systems and activities be they in England, Ireland, South Asia, Ea5tem Africa, Peru or wherever. Much of the work of Sisters, both inside and outside of the formal educatth $¢ene, is with women and children. The Sisters 8im lo enable and equip individuals and groups, with whom they work, to have power, with the intention of creating and fostering relatsonships of equals in society. For girls and young women, the process of empowennenl entails breaking away from the cycle of learned and taught submission to discriminats'on, carried from one generation of women lo the next. In our education systems, in all our advocacy work for example in 5peeial projects such as Tiaining in Income Generation and the Job Ex¢hange for poor parents and the Hidden Domestic Child Labour Movement Ilndial, the work with families among the Stone Breaker community in Nepal, in fact an￿here there is a Loreto school or project we teach that empowerment is critical lo development, and particularly to heallh-related issues and subsequently to behaviour change. Above we stated that the main areas currently in need of financial assistan￿ from the Solidarity Fund are: Afrlca- Kenya, Zambia, and Tanzania Asla - India, Bangl¥Jesh. Nepal Page 5 TERESA 8ALL INTERNATIONAL SOLIDARI￿ FUND IA Company Llmlted by GuaraTrteg) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECnVES AND ACTIVITIES Icontinuedl South America- Peru There follows a brief overview of the life and work of the Sisters and their collat*)rators in these areas- Zombla The Sisters working on this mission are living and working within the remote Gommunity of Lukulu in the Westem Province of Zambia. Lukulu is one of the most impoverished districts of Zambia. The people of Lukulu, suffer great deprivations in comparison to the rest of the country. The population is currently around ninety-six thousand and the poverty level Stands at ninety-eighl per cent. In Zambia threo quarters of the country'$ poorest children live in rural areas like the Lukulu District. The Sisters outreach to the local village communities is inclusive of supporting them through Ihe Baby Milk Project, Vehicle Support for the Integrated Health Care Support Program, thè Lukulu Teacher Training Program and more recenlty by their Involvement in the Sancts Mari8 College of Nursing and Midwifery Project. In 2020 the Bishop of Mongu 8sked the Lorelo Sisters to manage the construction and operations of the new Sancta Maria College of nursing and midwifery ISMCNMI in collaboration wth the Diocese5 and local Government. The proprietor of SMCNM is the Bishop of the Diocese of Mongu. The Lorelo Sisters in Lukulu manage the college on behalf of the Diocese. In year 2022, a total of five Loreto Sisters and one CJ Sisters were involved in this project. One Sister is the college administrator with overall responsibility for the management of the college. Two olher Sister5 had direct involvem•nt one as a nurse tutor and the third as a clinical instructor. The residential college opened in 2021. The first intake of sixty students for the Ihree-year diploma course in nursing was in mid-2021 and the second intake of sixty was in mhd-2022. There will be a third intake of sixty students in mid-2023, which bring the totsl lo one hundred and eighty- The catchment area is almost exclusively the Weslem Province with the significant majority coming from Ihe Lukulu DistricL As ststed earlier in this report the Lukulu District is an underdeveloped district and the establishment of a nursing college is the ffirst post school academic institution in Lukulu. Currenlty, it is not only the one hundred and fyventy students, who are benefitting but there is a staff of ￿enty- o. mainty l¢xal people. In 2022 eighty bed hostels and ￿ large classroom blocks were completed. The college has used local contractors and local labour la minimum of seventy people at any one timel with the exception of one site foreman. Some of the bed, desks and chairs, benches and tables have also been made by local carFentsrs. Food is sourced l¢xally. This economy of th￿ remte rural town has benefitted significantly from the establishmenl of the college. Long term, the Lukulu District will benefit from locally trained nurses, who understand the culture and want to give back to their communty. working in the hospital. Rural Heallh Centers or Health Posts. Lukulu has difficutty retsining workeTS from other parts of Zambia. Lukulu is ￿garded by many as rÈmote, inaccessible and underdevelop￿. Outsiders just use Lukulu as a means to enable them to get onto the government payfoll and then transfer. In Year 2022 the Sisters were also Involved in other projects which have been of benefit lo the local community Catechets'c classes1100 students) Primary Health Projects include a Counselling and Teslng Centre for HIVIAIDS {900 dientsl, Milk program160 babies), Home Based Care150 clients), High Energy Protein Supplement1150 people Imonthl IGA include Production of HEPS16 vulnerable women), Soap makn'nglselling18 vulnerable women), HBC Tuek Shop120 vulnerable people operate tuck shop on rotslion). Support of 45 community schools (about 6000 students) with 200 desks and 20 bl8¢kboaTds, support of ommunity school teachers with leaching materials and training, stationery for most vulnerable students. Page 6 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTNMES Iconlinuedl Ea¥tem Afrfca The distinctive themes to have emer9ed trom Kenya. which basically reflect the demographic reality of the nature of the Province in Eastern Africa are.. Education- basic and secondary HIVIAIDS Women and Adulvs health Gender empowem)ent and entitlement Environment- Justy'ee and Peace Capacty Buikling of Sisters, stsff and p8rtners Kenya is a Province with young, vibrant, and energetic women of v￿510n, courage and wisdom. They are drawn from different cultural backgrounds.. Kenyan, Ugandan, Tanzanian, Ghana. and Irish. The Eastem Afn"¢a Province comprises three countries.. Kenya and Tanzania {bolh in East Africa) and Ghana (Western Africa). In all there are eighty Sisters working wthin the Province. The fomation of young Sisters is central to the continuation of the mission of the Institute in the long lem in Eastern Africa, it is also central to their strategic planning for the future development of the Institute there. Therefore, this funding has been instrumental in the advancin9 of the Initial Formabon of Candidates and Novices and the On%oing Formation requirements of both the Temporary and Finalty Professed Sisters. Inltlal Formatlon In 2022. there were six candidates in the candidacy f0m￿tiOn programme. These funds helped the candidates, to achieve their objectwe - change and growth in the individual candidates, some who are now novices. The Province are deeply grateftjl lo the support of this fund which has contributed so much to the success of the candida¢y programme by meeting costs that are needed lo keep the programme running. This in turn made it ssible to engage the candidates in learning theoretical and practical lessons related to religious life., personal growth and empowerment. ministries and service in the Church as enshrined in the Institute's way of life. Notsbty by the end of the candidacy programme the integration of what the candidates have ac4uired helped them lo further di$¢em their vocation, enabling them to respond lo the rall to religious life as well as to the seNice of the mission of the Institute wodéwide. Candidacy programme has the following syllabuslcontenL faith fom?ation. different ways of prayer, human development, awareness of the mission of the Institute, the Spirituality and Charism of the Insb"tule, praying through the spiritual exercises, liturgy and sacraments, introduction to scriptures. sewng and guitar lessons, swimming and cookery lessons, plus undergoing psychological assessment thal helps them to become more awa￿ of themselves. how to relate with self and others, have enabled them to reach out confidenuy to the local Chur¢h. the Schools, nearby villages, where they listen, share. guide, leach and empower the people they encounter in their diverse situations. Apostolates through which they offer such seTvices are youth ministry in the church. praying with and guiding Pontifical Missionary Child Society IPMCI members, offering spiritual guidance to the Legionaries, teaching pastoral lessons in the schools. visiling the s￿k in the villages and animating Liturgy. As part of their training the candidates were available for pastoral outreach to one thousand six hundred and fifty- six gids ￿tsveen b￿0 different High Schools within their locality,. eighty pupils at Primary School level and in addition doing home visitalK)n to an average of len families per week. Thi5 Qulieach programme brought mu¢h joy and was gready appreciated by the ￿elpientS. The much learning and the exposure to different experiences within the candidacy yields growth and maturity in individual candidates, faith development, personal growih, a deep sense of belonging. ability to touch and influence other peoples, lives which is a clear manifeststion of good integration of what they have gained within the formation programme. This has also equipped them with social skills, raising Iheif consciousness about contemporary issues around them and aclivats.ng their zeal to partner Page 7 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmited by Guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER Z022 I OBJECTIVES AND ACTIVITIES (continued) more with God in apostolates. 11 has been encouraging to see how by the end of the ¢andidacy programme. the an¢Jidates exhibit a lot of skill. competence and confidence in doing things. As well as the six candidates there were seven NoVi￿S being trained in 2022 and for richness and diversity of experiences, Specialist￿hired facilitators were engaged in different fields lo empower the Novices lo serve society better. The Noviees training included offering pastoral services lo schools through pastoral instructions, animating Mass in the local parish, guiding and working with different youth groups in the local church. They have been able to reach oul lo approximately five hundred people in the various apostolates they have engaged in. although some of the numbers of those they serve keep changing depending with the enrolmenl of the alechumens. They also visiled and prayed with the sick in the slums IKan9emi, and Galina}, h05Pitals and the ¢ommunilies around. Onee a month the novices went lo Kenyatta National Hospital - Cancer Ward for children lo lean, feed. play, and accompany them to mass. Thi5 experience renew5 the patients. spiritual lives and facilitates their healing process. The Novices also benefitted from this process because il made them realise what suffering is and how to cope with it. The visit to the elderty and the sick undertaken every week on Thursdays, helped meet the needs of these people, especially their material and psychosocial needs. The Novices become part of their support system by catechising them and encouiaging them in spite of their illness. The same 15 Iwe of the children in Kangemi Primary School special class and Upendo Unit. These children learnt from the NoVi￿S and their constant interaction helped them lo grow, feel loved and to discover new possibilitr"es. The Novices have become more socially aware and conscious of contemporary issues. It ha5 also ignited their desire to engage in charitsble works and apostolic experiences bringing hope to the hopeless. healing and newness of life to the society. While Carrying out these activities they have always exhibited a lot of competence and confidence which we attribute to the formation they are receiving in the different programrnes. Pmfessional Training In the year 2022. there were a total of ￿1ve Sisters undertaking professional training in various Tertiary Colleges and Universities. In addition to their studies, these Sisters engaged in Pastoral Outreach Programmes in Pari$hes. Lorelo Schools and other Church based insliluts'ons. They ministered lo the youth, the sick in hospital, animated srnall Christian community prayers, liturgy and pastoral care. From the feedback re¢eived from the Sisters, they are benefiting from both their pastoral outreach and their studies. Those Invo￿ed in Edu¢alion are becoming more professional in handling the young people and are more effective in their leaching subjects, liturgy preparations. and pastoral Care. Those undertaking Information Technology have found the knowledge and skills very effeclive in connecting with the youth they serve and those who were involved in F0m￿tion Courses, have acknowledged a deepening in growth at both a human and spirrtual level. One of the Sisters who has gtzduated with a éegree in Social Work is now missioned to worknng with Religious Against Human Trafficking IRAHT) in Nairobi as a Project Officer. Being guided by the United Nations 4Ps' that is., 'Prevenlion, Protection. Prosecution, and Partnership,, she and her team through pievention have been able to reach out to about eight thousand people in the inforrnal settlements within Nairobi since 2017. A strengthened networking system within the informal setuement has been established within Kangemi since we as Loreto Sisters intervened. They have managed to train inler-reli9ious leadets, religious congregations. seminaries, village elders, JPIC animators, small Christian Communities and those living at the border points. These efforts are geared towards protecting the youth, women, and job seekers who a￿ vulnerable for trafficking. A significant number of human trafficking victims have been rescued, provided with psychological support. medication, and economic empowemient. It bTings great joy to see young women restore back their dignity after past traumas and we Continue lo advocate for a just community and a worfd free from human trafficking_ Whik the Province has been blessed wrth many new members, they have also had lo face the challenge of caring for a number of Sisters who are experiencing failing health and for many years had worked with great Page 8 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTIVITIES Iconlinuedl generosity and dedication in the service of others. These Sisters continue lo reach out and support others In society through their ministry of prayer. In year 2022 this fund has also helped wrth the care and welfare of these Sisters. South Asia- Indla During year 2022, the Sisters have continued to work at offering hope to people of different Cultu￿$, backgrounds and creeds. This is done through an education wh￿h is faith filled, positive. holistic and aimed al helping people develop their full polenlial and also through other works in response to the needs of people and circumstances of the time. There are one hundred and ￿enty-seven Loreto Sisters working and living in India. Dharan.. The Lorelo Sisters in India first began their development work in Eastem Nepal in 1994. The Dharan Mission Project was initiated in 1996 by tsvo of the Sisters as a multi-purpose outreach base that worked to facilitate the education of women and Children as well as lo promote communty development in the Dharan Region. The mission project was basically set up to serve the locals of Dharan through Education and Health Care. The Sisters work mainly in the District of Sunari in Dharan. with an out-reaching mission lo tsventy-six villages. Developing Sukumbasi.. rs one of the main goals of the Loreto Sisters vrfho have been inserted into the Sukumbasi community in Dharan. This area has a population of 118,000. "Sukumbasi" is defined as landless settlers who because of natural disaster or manmade wnflicts are indigenous people who have lost their traditional land. Theiefore. the purpose of this mission is to aid the underprivileged people Of the area, in particular the members of the rural community of Dharan, largely a slum area of very deprived migrants from the Nepali Hill dIstr￿ts. Families in this community work as stone-breakers and women and girls are oppressed and deprived of opportunities due to a culture of gender inequality. The community is marginalised with minimal rw3hts due to their internal displacement and eam minim81 income due to limited employment opportunities. The mission encompasses several development activities addressing the area5 Qf education and vocational training, health and nutrf(ion, rights awareness, women's empOwem￿nt and human trafficking prevention. For the running of the project the Sisters are dependent on generous contributions from other intemational provinces of the Institute or other sources. For their actual day-to-day livin9 expenses, the Sisters are dependent on income from this fund. During year 2022 the Sistsrs outreach included the provision of direct care and support lo the following.. Bal Bikash Kinder Garden (Play School).. The purpose of the Kinder Garden is mainty lo support poor working parents who go out lo Ihe brick fields to eam a basic daily wage. The Sisters daily care for an average of thirty- Yo children ranging in age from eighteen months to four years old. With the support of olher staff, the children are tsughl to play different activities and are giving a basic education which helps prepare them for going to primary Sch￿1. The children also receive a daily meal which is an addib'onal support for the family. Vocational Skills.. Eight young gids part￿lP￿ted in the basic vocab'onal training Classes that are organised to teach woman and young gids who have dropped out of education how to cook, sew and ottter practical activities to enable th8m lo become self-sustaining and to eam a living lo support their families. Underweight children. Foty-eight children were given food to enable them to gain their normal weight and to lessen the family burdens. This resulted in the significant irnprovement in the health of eleven of these children. Pregnant Mothers.. Anti Natal Care and Post Natal Care are provided to the woman. Due to povety and unemployment. they suffer low haemoglobin levels which affects their pregnancy. In 8verage every month enty-seven woman are prOV￿ed with ialions that help5 to raise their hae￿￿jgI0bIn levels and the Sisters glso assist by laking them for regular cheGk-UPS. Page 9 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limlted by Guarant99 TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTIVITIES {¢ontlnued) Thirty-four patients with T.B. The people have protracted the disease duo to high leveEs of povety and poor sanitstion. These people were given weekly rations and were brought to hospital on a weekty basis to obtsin their medicines. Self Help Groups ISHG}.' Through SHG women get empowered. One hundred and foty were trained on how to generate income, lo educate their children and to provide food for their families. Tuition Center.. There are a total of four cenlres. At the ILxal centre the Sisters distributes food to the poor and stone breakers children. They also assist the children with their studies by providing extra tuition. Girfs Hostel.. The Sisters have provided hostel accomrnodation for Iwenty*ighl girfs who have come from very p)or backgrounds and different villages where they have no access to higher studies. They slay in the hostel while pursuing their studies al local government ￿h0o15. These girfs try their very best to do well in theiT studies. In their local villages when they return. they are known as 'first-generats"on leamers, as their parents and rnany older listen to them and the gids work at sharing their knowledge by edu¢ating and supporting 811 of the other local residents. As well as assisting Ihe people dirwtly the Sisters reached out indirecty to support many others. Bangladesh.. Three Loreto Sisters are working in Educational ministry mainty through the local Saint Alfred's School and College, Padrishibpur. This is a Coeducational School IXG-Xlll with approximatety one thousand four hundred chIld￿n in attendance and forty-five members of staff. These three Sisters are rending their services as administrator and lull-time teachers a$ well as counselling the students and parents when required. The aim of the Sisters is to give the local children every opportunity lo gbl8in a basic education as well a5 an appreciation lor extracurricular activities. After the normal school hours. the Sisters also provide extra-curricular activitses for the students for example one Sister is involved with students from classes Xl - Xll level in a parish youth programme known as the 'Bangladesh Christian Movement,. and another is supporting student from dasses Vl - X through attendanee at the Young Calholics Students Movement In addition, following the pandemic the Sistets have reopened the Molhers Group for Social Service in a very small s¢ale at the Loreto Social Centre. There are currently fifteen mothers attending Mayer Choya (Mother's Tou¢h} these ladies are being taught different skills lo enable them to eam an income 50 as to provide for their families. It is hoped that the numbers attending the centre will in¢￿ase again in yeaT 2023 lo pre-pandemb¢ level when there were an average of seventy- eighty people in attendan￿. Another Sister is also fully involved with the Health Barishal Town. She is the Director of 'Maria Sick Sheltef and works in collaboration wlth Banshal Dioceses Icaritasl. She works al a mobile health camp that travels out to the remote villages to reach out and care for poor and vulnerable people who have acce5S to no doctors or other health $eNtces. Above we hear the story ot the impact of the work carried out by the Sisters and their ¢o-workers regardin9 the Lorelo ministries in Dharan and Bangladesh and as they continue to work hard for the primarily underprivileged Children. this story is repli¢ated wilhirs all the other areas where the Sisters minister across South Asia. South Amerlca- Peru Not onty has the global gluation impacted on Peru in 2022, but the entire population of Peru ¢ontinues to experience a long series of political, social and civil unrest, instability, violence and general chaos. An inept and ¢orrupt govemmenl have &Yded to the chaos. Covid is still rife. Pueblos and ¢ommunitie$ outside Lima, especially in the south have found their voice. and in recent months Lima has experienced an onslaught of protests that will not go away until demands are met. Main roads have been blocked affecting movement and Page 10 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmlled by Guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTIVITIES {conllnuedl communication. Tourism, a mainstay of whole sections of the country, has sl¢)wed down. resulting in thousands of job losses and general paralysis. In addition. inclement weather conditions have lo greater hardship for the people. While living and coping in such an environment the three IBVM communities continued their work of animating. organising and accompanying the people Whe￿ possible. One Sister who oversees the Regions health care programs organized and coordinated health care programrnes where the needs of more than fifty families were met. Our healthcare centres ¢onlinued lo treat pab'ents, especially migrants and their families and undertook the foll¢￿ up of these health care programmes which have a large outreach and multiplier effect. Donations received through this fund has contributed to this work by suppoth'ng the costs of transport and communication around the city and its periphery. The lifting of covid restrictions enabled the 'FAITH and JOY School, to bring the one thousand plus children back to the classroom. Post covid emob'onal and psychological needs of children We￿ given attenlion and this spilled over lo families. Fomalon and building up of families have been a priority on the outskirts of Jicamarca. Two members work in outlying areas and ￿al progress is evident with women leaders emerging and taking sponsibility. Our mlssion in Huaycan has grown considgrably with the support of Loreto Sisters members. The office of 'Warmi Wasi, which is for the betterment of the Posbtion of woman in the Huaycan area works to p￿vent violence against woman, young peoplo and children by providing the necessary help and guidance and they too work in collaboration with other organizations and the munieipality. The appointment of a Nutritionist and Social worker has been madé possible through project monies received through this fund. The health and wellbeing of Children is a priority and mothers are directly involved. The Sisters have involved young volunteers in working with children of tsvo schools. More than tsventy children have improved health as a result of the project which is ongoing. The monies received from this fund is an invaluable support to the Sisters who continuously work in this Challenging environment as it enables thern lo purchase the necessary f¢)od, medical supplies etc they loo require on a daily basis. The Sisters in Peru are strengthened by a new call from leadership and are continually mindful of Pope Francis wor¢Js to Ihe county.. 'Don't let anyone rob your HOPE.," Con¢luslon These are just some of the works carried out by the members of the Institute of the Blessed Virgin Mary. While this report has focused mainly on a small number of our missions. members of the Insts'lute in other parts of the world are also working ¢ontinuously to promle the welkbeing of those for whom and with whom we work. Much of this work is carried out wrthout or wth very little remuneration therefore the Teresa Ball Intemational Solidarity Fu￿& makes the work possible by supporting the Sisters in their ministries. in caring for their sick and elderly members and In helping train new membeTS professionally to carry on this very important work into the future. Mary Ward Mission Fund Within the Teresa Ball Inlemational Solidarity Fund there is a component called the Mary Ward Missiorb Fund. This is a separate ￿$tricted fund which receives annual Charitable Gifts lo support the International ministries of the lnsts.tute of the Blessed Virgin Mary. In the year 2022, the total smount disbursed from this fund was the Page 11 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmlted by Guaran¢•81 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Z OBJECTIVES AND ACTIVITIES Iconllnuedl equivalent of £39,12012021: £5,110}. In year 2021 the amount disbursed from the fund was Signif￿CandY bwer and the reason for this was Ihat the amount received as Charitable donations in the early part of year 2021 was significantly lower than prevlous years, therefo￿, only one Lorelo Ministry namely the Loreto Community Schools Project in Lukulu, Zambia received funding. In year 2022. the following Lorelo Ministfies benefitted from these charitable donations.. English Reglon: Loreto Drawn Together Project, Harpenden LO￿10 Foundation Project, Albania Nursing and Midwrfery College Scholarships, Lukulu. Mary Ward Nivas Hostel. Bangladesh Salnt Joseph's Kangemi Nursery & Primary S¢hool Zambia: South Ayia: Eastern Afrlca: Grants, donallons and support of ml88ionary work and Mlnlstry The purpose of the Teresa Ball Intemational Solldarty Fund is to make funds available to the Region I Provinces of the Institute in furtherance of its mission. It is nol a general grant making body. Fundralslng At this p)int in lime it is not the inlenb'on of the Trustees to engage in public fundraising xtivrties. Therefore. no fundraising strategy has been pul in place during the period. If, at a later dale, the Trustees make the decision to do so, they will then work together with their advisers lo put the necessary policies in place and to review related eosts. The policy of the Trustees is to use the income from investments to support thè work of the charity. Posltlve Impact Investing We view our investment portfolio as part of our Mission. Alongside our active Ministries, we also seek to brin9 about change through our investment portfolios. The investment funds have an ethical Investment screen., they exclude companies that fall foul of certain ethical crilena. and where possible, favour 5tock5 that provide positive benefits to society. The Charity also holds a number of Positive Impact Investments whose aim is to generate positive Ènvironmental benefits as well as financial rebjms. Page 12 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guarant•o} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND AcTIV￿lEs lcontlnuedl e. The Portfolio and the Sustsinablè Development Goals ISDG8} All of the investments within the Portfolio wnlribute towards the achievement of the Sustsinable Development Goals ISDGSI. The SDGS were developed and ￿0pted by all member slates of the United Nation5 to help achieve "a MO￿ sustainable future for all". They represent a call to action lo end poverty, protect the planet and promote prosperity and people's wellbeing by 2030. They integrate and balance the three dimensions of sustainable developmenl-. economic, social and environmental. Achieving the SDGS on a global basi5 requires co5laborats.on bemeen governments, the private sector, civil society and citizens alike. The Portfolio plays a role in the realisation of the goals. The Sustsinable Development Goals are also cbsely aligned with the charitable objectives of ￿ligIouS organisalions. Since the publicab.on of Laudalo Si, Pope Francis has made a strong commitment to sustainable development. His appeal to .every person living on this planet for an inclusive dialogue about how we are shaping the future of our planev, provides a fimi ethical foundation for actions that need to be taken urgently at all levels. Pope Francis, speech ahead of the Ursited Nations General Assembty's formal adopb'on of the 17 SDGS gave furtheT SLlPPOrt lo the ambitious and transformational vision of the goals. A ¢omprehensive Ethical and Positive Impact policy ensures the Portfolio rernains consistent vrfilh the ethos of the Charity- The Portfolio currently excludes companies involved in the production of weapons, tobacco, alcohol, pomography, and activities such as gambling and embryonic stem cell research. Environmental, S¢xial and Governance IESG) criteria complements the screening as il improves the overall ESG risk exposure of the Portfolio. In particular, climate risk is addressed through the exclusion of fossil fuel companies and a focus lo redu¢e the carbon footprint of the Portfolio through investment in such areas as renewable energy and forestry. Page 13 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Umlted by Guaranteo) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTIVITIES {continued> f. Environmental Impact Ovorn11 Carbon Footprlnt Measurement of carbon emissions is crucial lo help us understand the role our investment portfolo plays in the climate crisis, while taking measures to address It. The Portrolio in¢ludes a number of carbon sink-type investments. which sequester or draw carbon dloxide IC021 from the atmosphere. Forestry in particular is a very effective carbon sink, a$ trees absorb carbon dioxide as part of their growing process. Therefore. the presence of tsvo forestry funds means that any Ca￿On emissions from the majonty of the portfolio are offset almost entirely by the foTesty investments. Fossll Fuel Reserves Following the Trustees decision to entirely divest from fossil fuels in early 2017, the Portfolio now holds no fo$$il luel reserves. This section addressed the level of exposure that th* portfolio has to companies owning thermal oal, oil, gas reserves and other unconventional 5our¢es of reserves such as oil sands. shale oil and gas. Many of these reserves may not be useable if we are lo keep the targeted temperature rise las a resutt of global warming) below 2 deg￿e$ Celsius. The risk is referred to as stranded asset risks and it is addressed through avomdance of companies holding fossil fuel reserves. Hence, in addition to the impact, not holding these assets reduces the financial risk within the portfolio. Renewable Eneryy Increasing Ihe proportion of renewable energy in the wodd 1$ a critical aspect of achieving sustainable development. The world remains highly dependent on fossil fuels for energy. Given the irnpx)rtance of promting renewable energy sources to address climate change, any investor Inte￿$ted in impact investing generalty seeks a high level of renewable power output from their investment portfolio. Within the Porffolio, renewatle power is produced by a number of investments based in Ireland, Europe, and Ihe developing world. We note some of the key impact metrics of these funds below.. Solar Income Fund Fund ￿1￿1￿ approx. 40 501¥ planrs in Europe Energy fof 150,0(N) hou5e5 per annum Avoid5 emi55ions of162,0(￿ ronnes of CO2 per annum 480￿￿) Mwh ofrenewable p)wer perannum Environmental Protsction and Carbon Soquestration Envlronmental proledion is a critical a$Fect of sustainability addressed by the Portfolio. The forestry investrnents within Ihe Portfolio have a mandate to.. Produce Sustainable limber., Sequestsr carbon from the atmosphere" Protect natural resources and biodiversity of the area. Page 14 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmttod by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2022 2. OBJECTIVES AND ACTIVITIES (continued) Soclal Impact Job Creat￿n.. Providing employment is one of the best methods of reducing povety, and therefore it has a number of positive benefiaal effects acioss the SDGS, from poverty reduction {SDG11 to providing Decent Work and Economic Growth ISDG81. As the majority of the job5 created by the impact investments are in the developing world and tend to favour women as much lif not morel than men, then job creation in these areas improves Gender Equality {SDG5) and Reduces Inequalitie5 ISDG101. both behveen sexes and betsveen the developed and developin9 regions of the world. 3. FINANCIAL REVIEW a. Golng concern The trustees believe Ihat the company has adequat& resources to continue in operational existen¢e for the foreseeable future. For this reason, Ihey continue to adopt the going concern basis in preparing the financial $latements. Further details regarding the adoption of the going concern basi$ ¢an be found In the Accounting Policies. b. Results for th• y¢ar During the year, incoming resources amounted lo £5,740,830 {2021-. £212,784). This included a 'one-off or non- recurring donab'on from the Canadian Province of £5,678.181 12021.. £01, monies received from Mary Ward Mission Funding £49,501 12021.. £38,741), funding for specific charitable projects £12,969 12021.. £37.0551, investment incc(ne £17912021.. £291. Resources expended totalled £382,832 {2021'. £210,099). This was comprised of. Support for Intemational Provinces and Projects £25D,71012021: £138.5351 Mary Ward Missh)n Fund £39,12012021'. £5,110) Govemance Costs £3,90212021'. £4,084) Raising Funds I Investment Management Costs £52,89712021'. £48,572) The overall expenditUTe in 2022 was £172.733 higher than 2021 and the mains reasons for thi5 were as follows.. Support for the Intemational Provinces increased by £112,175. This included £60.188 disbursed from the newly established Canadian Funds and a general increase in activities and associated fvnding following the lifting of the majority of the Covid-19 related restrictions. Support of the International Piojecls increased ty £22.405 a5 a £20.000 charitable donation received towards the end of 2021 was disbursed in 2022. Mary Ward Mission Fund increased by £34,010 and this was linked to the amount and timing of the funding receNed. Net income resources for the year. therefore, was £5.357,998 12021, net incoming resources of £2,685}. This was befo￿ Ihe net losses on the investment assets of £1.123,333 {2021". net gains of £3,063.0601 and foreign exchange gains of £666,01012021.' foreign ex¢han9e losses of £962,894} which when considered result$ in 8 net increase in funds for the year of £4,900.675 12021.. net increase of £2,102,851). The gains in f¢￿ign exchange were a result of the translation difference arising on the Euro denominated investment portlolio. As noted earlier, the signthcant In¢￿aSe in fvnds was driven by the 'one-off or non-recurring donation from the Canadian Province Page 15 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlt¢d by Guarantge) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 . Inv•$tmenl pollcy and performan¢e On 31 December 2022, the Charity had Snveslments of £16.589m12021'. £17.187ml. The main objectnie of the investment ￿ndS is lo provide investment income to prompte the ¢haritsble objectlvgs of the Chanty, maintain the real va￿e of the portfolio and target moderate real return where market conditions allow. The majority of the investment funds are under the management of Setanta Asset Management Limited. The Charity also has investments within a holding of otherlaltemative assets which include infrastructure and forestry lunds administered by Cantor Fitzgerahts Ltd via a nominee structure. The investment funds have an ethical investment screen,. they exclude companies that fall foul of certain ethical criteria. and where possible, favour stocks that provide positive benefits to society. A5 noted earfier, the investment funds have an ethical investment screen., they exclude companies that fall foul of rertain ethical cri18ria, and where possible favour stocks that provide positive benefits lo society. In year 2022, the investment portfolio generated a retum of 4.7Y•. While acknowledging the decrease in value, the Trustees were very satisfied with the ￿tUrn given the double4igit negative returns generated by World Equity and European Bond markets. The Trustees with their advisors continue to review the investment portfolio on an ongoing basis and ate satisfied that the Current diversified approach is suitsbEe lo meet the charity's needs at this time. The Charity ￿ntinUeS lo utilise withdrawals from the portfolio to partially fvnd expenditure. d. Resgrves poli¢y The reader will see that the Charity Carries out a diverse range of activities in many parts of the world, being responsible for the support and upkeep of the Sisters who earry out these activibes. The Trustees have examined the need for free reserves, unrestricted funds nol Invested in tangible fixed assets. designated for specific purposés or olhetwise committed. The fvnd 1$ managed in such a way as to provide 9r0%￿h with income. to limit the risk wiihin the portfolio by making the equity conlenl subject to a m8ximum of seventy per cent of the liquid investment portfolio li.e. the investments exdudin9 any illiquid inveslmenlsl. The performance of the portfolio and the Charity's investment strategy are continually reviewed by the Trustees., regular meetings are held with the investment managers. . Financial posltlon The balance sheet shows totsl reserves of £22.587,674 of which". £16,946,721 is in the main Investment Fund, £5,586,658 in the Canadian Funds £47,165 in the Restricted Mary Ward Mission Fund and £7, 130 in the Development Fund. f. Fixgd a8sel8 The charity held no fixed assets during the period. g. Tax ststus The charity has exenyt status through its registration with the Charity Commission. Page 16 TERESA BALL INTERNATIONAL SOLIDARI￿ FUND IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 PLANS FOR THE FUTURE a. Future Plans The Charity intends to continue to review its spending plans and needs and lo make every effort to manage its existing assets as efficiently as possible in order10 9enerate the income necessary to achieve the charlty aims. The Trustees do not anticipate any significant change to the ehanty or its aclivilies over the next lo five years. It is their intention lo continue lo support the rni5si0n of thè Instslute of the Blessed Virgin Mary worldwide. especially those working with the poor and marginalized in the developing world. S. STRUCTURE, GOVERNANCE AND MANAGEMENT a. Constitutlon In terms of civll law. the charity is governed by the Memorandum and Articles of Association dated 26th January 2000 and as amended by Special Resolution on the 24th Fèbruary 2012. There is also an Institute Management Document for the Fund which was revised by the Board of Trustees and approved by the Membets of the Company at the Annual General Meeting on the 21 st April 2012. b. Method of appolntment or ?h¢tion ol Trustees The management of the company is the responsibility of the Truslees who are elected and co opted under the terms of the Trust deed. All Trustees of the Cornpany are also Trustees of the Charity- According to the Articles of Association, the Trustees consist of the members of the Insti￿te Council and the Institute Leader by virtue of their offices- Suth other persons as shall be appointed by the Institute Leader provided that not less than 50Q/o of the Trustee5 shall be members of the Institute. The temis and conditions of the office of a Trustee shall be determined by the Inslilule Leader but not lo exceed three years provided that such a Trustee shall be eligible by reappoinlmenl for consecub.ve periods not exceeding nine years. The Trustees are the Institute Leader and her Council, the Institute Treasurer who is also Co)mpany Secretary and three Province l Regional Leaders. In October 2022. the Institute held their General Congregation al which a new Institute Leader and Institute Council were elected and as noted in the 'Reference and Administration. section these members look up their role on the 24th January 2023. The Inslibjte Council upon taking up their role as Trustees are given a full briefing of these responsibilities from the various professional advisors to the Institute. In addition, the￿ is a period of handoverlinduction ￿e￿een the incoming and outgoing Trustees. The name$ of the Trustees a￿ sel out on the attached schedule of legal and administrative detsils. . Policie$ adopted for th• Inductlon and tralnlng of Tru8t•es As all the Trustees are members of Ihe Inslitule, they have a detailed knowledge of the work of the charity and of its stnrcture. When il is in session, the AGM is held during the meeting of PrOvin￿lRe91onal Leaders with the Institute Leader and Council. At other limes of the year meetings may be held with a quorum present. As the Instrtute's main ministy has traditionally been educational most Trustees are fvlly qualified teachers. Some have later trained in other disciplines including pastoral. spiritual, justice issues and finance. d. Oryanlsatlonal structure and declslon maklng The Institute is divided, for governance purposes. into fNe provin¢es and five regions, each with a Province Leader or Regional Leadership Team appointed by the Institute Leader and her Council in ts)nsultation with the provinceslregion concerned. During the lem of office of the Institute Leader and Council. they visit each Page 17 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guaranteo) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Province and Region of the Insts'lute at least bwice and more often as required. Every h¥elve lo eighteen months an intemational meeting is held with all the Province and Region Leaders to consider all aspects of the Institute's lif8 and ffission and to plan ahead for future mission. The Trustees are ultimatety responsible ft)r the policies. aclivilies and assets of the charity. Major decisions relating to the distributson of the fund are taken at the Annual General Meeting which is normally attended by all Trustees. The Company Secretary reports lo this meetin9 and any Changes in poliry are also decided al this time. The Institute Leader and her Council meet regularfy to consider the worlthide mission of the Inststule and to make appropriate decisions as necessary. They, together with the Institute Treasurer who is also the Company Secretary. form a quorum of Trustees for the Teresa Ball Intemational Solidarity Fund and meet at other times during the year and make decisions as appropriate. At all other limes during the year the Company Secretary is wi regular contact with the Institute Leader and her Council. Her function is lo carry Out the decisions of the Trustees and to operate in accordan¢e wfth their policies. lo seek professional advice and to manage the fvnds ¥c￿rdIng to best pracli¢e. When necessary, the Trustees seek advice and support frorn the charity's financial advisory committee, professional advisers and inveslrnent managers. The day-to4ay management of the Teresa Ball International Solidarfty Fund and the implementalion of policies are delegated lo the Company Secretary. •. Worklng wlth othor organlsalions As noted earfier the Gharlty supports the mission of the Institute of the Blessed Virgin Mary worldwlde. f. Rlgk a88e8sment The Trustees undertake a full risk assessment on an annual basis. This process is supported by the Financial Advisory Committeè, who wort( dosely with the Truste8s in this area. The Trustees identified the following as being the pri￿1PaI risks to which the Charity is exposed.. FlnanGial: considers the financial capacity of the Charity and ensuring it has the available financi81 resources to continue to carry out its activities both now and in the years ahead. This incorporates the m8nagemenl of the operating {day-to-dayl position as well as the returns earned on the Charity's investment portfolios. These risks are mitigated in a variety of ways, in¢luding budgeting, the setting of an investment strategy l investment obje¢tives that consider diversity, PTuden¢e and liquidity crrteria, Tegular financial and investment reporting against budget, cash-flow planning, the work of the Financial Advisory Committee, the appointment of a Stewardshipllnvestment advisor. Operatlonal: considers the risks associated with the Charity's investments, disbursement of funds, fraud or error and Cyber Security. In year 2022, tsvo additional operat.onal risks were included in the Risk Register, name 'Cash-Flow Sensitivities, and 'lnflation'. The Trustees also continued with their ongoing response to the growing issue of Cyber S￿u[Ity which they recognise as needing eonslanl attention as well as the need to adhere to the GDPR requirements. At the General Congfegation in October 2022, when presenting the Institute Finan Report the Trustees once again reminded all present of the importance of keeping the topic of Cyber Security as a 'live item, on their Finance Agendas. The Trustees also continud to work on the identifi￿tiOn of members who Could potents'ally tske on the Insliluts Treasurer role and to arrange for their transfer to Dublin to work in the Finance Office to mitigate the polenlial risk of the Loss of key 'personnel', specifically the Institute Treasurer. It has been agreed that the Institute Treasurer will not movtron until a successor has been appointed. Compllance Risk: as one of the steps taken to mitigate risk the Finance Advisory Committee hold joint Govemance Inforni8tson Meetings Wlth the Trustees. Ext•rnal Factor¥: while COVID-19 was less of a risk in 2022. the Trustees and the Finan¢e Advisory Committee considered tsvo additional external factors. One ¢on¢erning the Global Geopolitical risk5 that have increased significanuy following Russia's invasion of Ukraine. This is a wid&ranging risk incorporating a number of Page 18 TERESA BALL INTERNATIONAL SOUDARtrY FUND IA Company Llmited by Guardnto?) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EIJDED 31 DECEMBER 2022 e18ments including in)lalion, global economy investments etc. The second additional rfsk Is Sn reLqflon to Govemmenl Policy and tho monitoring of proposed legal and regulatory thanges. Members of the Charity attend conferences webinats. and the Twstees l Finanoe Ad￿sory Commlttee soek adwc8 a5 required to mitigate this risk. ACCOUn￿n9 Raeords Th? Trustees aCkr￿1[edge thetr responslbilttles under the Statement of RoGorded Prackn 'Accounling by Charities, ISORP} and their obllgallons to keap proper t4)oks and records for the thartty. The b￿kS of aGGwnt of thg charity are kept at 25 Rathfamham Wood, Rathfamham. Dublin 14. Subsoquont Events As noted eadler. there was a General Congregallon held in October 2022 and A new Institute Leader and Institute Council were 81ectsd. In aCCo￿ance the Articles of Assoclalon. the newly elacled mem￿rS became Trustees of the Charity 8ffectwe from the 24th January 2023. Dlsclosure of inforn)atlon to audltor Eath of the persons who are Trustees at the time when this Trustees. Report is approved has ccrfrmed that.. so far as IhBt Trustee ts aware, there 16 no rolgvant 8udlt Inf0m￿tiOn of which tharftys Buditor k8 unaware. and Ihat Trustse has taken all st8PS that ought lo have been taken as a Trustee in ￿der to be aware of any relevant audlt Inforrnation and lo establish that the charitys audttor Is aware of that Inf(￿atiOn. Indep•ndent audltors Ttte Independ8nl auditor, RBK Busin058 Advisers. Chartered Accountants and Regislgred Audit FITM have iT￿leated Ihelr willingness lo continue In office. Approved by order of the members ofthe 8oard of TN$tee$ 8fKI Signed on their beh8ff ty. Si5tsr Carnigl Swords Tnjstee Slster Kathleen M￿r Trustee Datg: Page19 TERESA BALL INTERNATIONAL SOLIDARrrY FUND (A Company Umltsd by Guarantgo) STATEMENT OF TRUSTEES, RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER2022 The TnJstees (who are also the directors of th8 Teresa Ball Intsmation81 Solidartty Fund ftjr Ihe purposes of company law) are r9spon51ble for prepartng the Tnjstees. ￿port and the financial stalgmenls in accordance with appllcable law and United Kingdom Accounting Standards (United lQngéom Generalty A¢¢epted Accounting Practi￿1. Company law r8quires the TnJstegs to prepare financial statements for e8cM financlal year. Undgr company law, th8 Trustees rnLtst not approve the financlal ststements unless they are sallsfled that they gNe a arKJ falr view of the state of aff8lrs of the Charitable Company and of Its Incomlng resources and application of resourees. InGluding its In￿me and expenditure of the Chathable Company, for that petiod. In prepadng these finan¢AI statements, the Trusleey are requlr8d to.. select sultable aco)unllng polici08 and Ihen apply them conslstendy. obseNe the methodg and principl&s of Ihè Chariligs SORP-. make judgem8nts and accoundng estimate5 that are reasonable and prudent", state whether appllrAble UK Ac%ounthng Stsnd8rd5 havo been followed, subject to any n￿terial depa[￿re8 disGlos8d and explained in the finanoal stslements., prapère the finanrAai statem8nls on the wlng concem basls unless 5t is Inapproprlate to presume that the Charitable Company VAII conUnue in oparation. The Trustees are responsibl8 for keeping adequate accounting iecords that are suffieiant to show and explaln the Ch8ritable Companls transactions and dlsclose with reasonable acGufdCy at any Ime the financi91 position of the Gh8ritable Ccffipany and enabla them lo ensure that tho financlal statements comply with the Companies Act 2006. They are also rospon5ible for safeguardlng th8 assets of the Charitabl8 CoTnpany and henGg for laki reasonable steps for the prevention and detection of fraud and other ITregularttie& Approved by ordèr of the members of the Board of Trustgès and signed on Its behaK by. Slstor Carnièl Swords Trustee Slster Kathleen Trustee Pag8 20 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limitod by Guaranlee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL IKfERNATIONAL SOLIDARITY FUND Oplnion We have audited the financial stslements of Teresa Ball Intemalional Solidarity Fund for the year endeé 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and noteg to the financial Statemenls. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom knounting Standards, Including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland, (United lQngdom Generalty Accepted Accounting Piaclicel as modified by Ihe Statement of Recommended Practice 'Accounts'ng and Reporting by Charities. effective 1 January 2019. In our opinion the financial statements= give a true and fair view of the state of the charitable companvs affairs as al 31 December 2022 and of ils incoTning resources and application of resources, including its income and expenditure for the year then ended.. have been properly prepared in ac￿rdance with United Kingdom Generally Accepted A¢countin9 Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basi¥ for oplnlon We Gonducted our audit in xcordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitses under those standards are further deseribed in the Audilorfs responsibilitie5 for the audit of the financial ststements section of our report We are indeFÉndent of the charitable company in accordance with the ethical requirements that are relevant to our audrt of the financial statemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our olher ethical responsibilities in a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions r•latlng to going Concem In audits'ng the financial statements, we have concluded that the Trustees. use of the going concern basis of ac¢ounling in the preparation of the financial statements is appropriate. Based on the work we have perlormed, we have not identified any m*erial uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to conts.nue as a going concem for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to goin9 concern are described in the relevant se¢tions of this report. Page 21 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARITY FUND ICONTINUEDI Other Infomiatlon The Trustees are iesponsible for the other information. The other inforniation comprises the information included in the Annual report, other than the financial statements and OUT Auditorfs report Ihereon. Our opinion on the financial statements does not cover the other informalion and we do not express any form of assuran¢e conclusion thereon, In connection with our audit of the financial statements, our responsibility Is to read the other information and, in doing so, consider whether the other informab'on is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we idenlify such material inconsistències or apparent material misstatements, we are required to detemiine whether there is a material misstalernenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslatement of this other information, we are required to ￿pOrt that facL We have nothing to report in this regard. Oplnlon on other mattern prnscrlbed by the Comp•nle8 Act 2006 In our opinion, based on th• work undertaken in the course of the audlt the information given in the Trustees. Report for which the financial slatements are prepared is consistent with the financial statèments. the Trustees, Report has been prepared in accordance wth applicable legal requirements. Mattgrn on which we ara raqulred to report by exceptlon In the light of our knowledge and understsndirbg of the charitable ￿MpanY and its environment obtained in the course of the audrt. we have not identified material misstatemenls in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Com￿nIeS Act 2006 requires us to report lo you if, in our opinion-. adequate accounting records have not been kept, or returns adequate for our audit have not been received from bran¢hes not visited by us,. or certain disdosures of Trustees, remunerations specified by law not made- or we have not received all the infomation and explanations we require for our audit-, or the Trustees were not enb.lled to prepare the financial slatements in accordance with the small companies regime and lake advantage of the small companies, exemptsons in preparing the Trustees, Report and from the requirement to prepare a Strategic Report Page 22 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarante81 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARifi FUND (CONTINUED) Responsibiliti9¥ of trustees As explained more fully in the Truslees. resporbsibilities stslement, the Trustees (who are also the directors of the charitable company for the purposes of ¢ompany lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees deterrnine is necessary to enable the preparation of financial slalements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing th8 charitable company's ability to continue a$ a going concem. disclosing, as applicable. matters ￿lated to going concern and using the going concern basis of accounting unless the Trustees either intend to liquldate the charitable company or to cgase operations, or have no realistic allernalive but to do so. Auditorfs re¥ponslbllltle8 fortho audlt of the financlal statomonts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are fr•¢ from material misstatement, whether due to fraud or error, and to issue an Auditor's report thal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aNvays detect a material mi5Statement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS IUK), we exercise professional Judgement and maintsin professional sGepticism throughout th¢ audit We also.. Identify and assess the risks of material misstatement of the financial 5tstements. whether due lo fraud or error. design and perform audit procedure$ responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not dele¢ting 8 material misstatement resulting from fraud Is higher than for one resulting from error, as Iraud may involve collusion. forgery, intentional omissions. misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in ordei to design audit procedures that are appropriate in the cir¢umslances, bul not for the purpose of expressing an opinion of the effectiveness of the charitsble company's internal control. Evaluate the appropnateness of accounting policies used and the reasonablene55 of accounting estsmales and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees. use of the going concern basis of accounting and, based on the audil evidence obtained, whether a material uncertainty exists related to events or conditions that may east Sl9nificanl doubt on the charitable company's abilty to continue as a going concern. If we con¢lude Ihat a material uncertainty exists. we are required to draw attention in my Auditorfs Report to Ihe related disdosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of my Auditorfs ReporL However, fvture events or conditions may Cause the charitabl8 ￿MpanY to cease to continue as a going concern. Evaluate the overall presentalion, structure and content of the financial statements. inclu¢Jing the disclosures, and whether the financial statements represent the underlying transath'ons and evenl$ in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, 8mong other matters, the planned scope and liming of thè audit and significant audit findings. including any significant defiaencie$ In Intemal control that we Kjentify during our audit. Page 23 TERESA BALL INTERNATIONAL SOLIDARI￿ FUND {A Company Llmited by Guaranto8) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARITY FUND (CONTINUED) The purpose of our audlt work and to whom we owe our responsibllltles This report is made solety to the charitable ¢ompanls trustees as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustee5 those matters that we are required to slate to them in the auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibilty lo anyone other than the charitable company or the charitable company's trustees as a body for our audit worK for this report, or for the opinions we have formed. R._ kJL for and on behalf of Ronan Kilbane RBK Busines8 Advlsers Charteied Accountants and Stalutory Audrt Firm Termini 3 Arkle Road Sandytotd Dublin 18 Ireland Date:2610412023 Page 24 TERESA BALL INTERNATIONAL SOLIDARITY FUND A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrictod Canadian funds 2022 Unrostricleql funds 2022 Restrictod fund$ 2022 Total funds 2022 Total ftinds 2021 Income from: Donations and legaC￿S Project contributions Inveslment income other income 5,678,181 5,678.181 12,969 179 49,501 136, 959 37,055 29 38,741 12,969 179 49,501 Total In¢ome 13,148 49.501 5.678.181 5,740,830 212.784 Exp¢nditure on: Charitable actNits'es Raising fvnds 230.627 52.897 39,120 60,188 329,935 52.897 161,527 48.572 Total expendlturo 283,524 39.120 60,188 382,832 210,099 Net Ilossesllgains on investments 12 11,123,333) (1,123,333 3,063,060 Net (expendltureyincom• Transfers be￿een funds Net incom• before other recognised gains and losses (1,393,709) 10.381 5,617,993 4.234,665 3,065, 745 15 13061 306 11,394.0151 10,381 5,618,299 4,234,665 3.065,745 Other recogn18ed galn¥l{lo¥se8): Foreign currency gainslllosses} Not movement In funds 697.651 131,641) 666.010 (962.894) (696.364) 10,381 5.586.658 4,900,675 2,102,851 Reconclllation of funds: Total fvnds at 1 January 2022 15 Nel ￿)Vernent in funds 15 17,650,215 (6%.3641 38,784 10,381 17,686,999 4.900,67S 75,584,148 2.102,851 5,586,658 Total funds at 31 December 2022 15 16,953,851 47.165 5,586,658 22,587,674 77,686,999 Page 25 TERESA BALL IprrERNATIONAL SOLIDARfTY FUND {A Company Llmltsd by Guarantee} REGISTERED NUMBER: 3914049 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Flxod assèts Investments 12 16.589,712 17,167,584 16,589.712 17,167,584 Current assgts Debtors Cash at bank and in hand 13 18 366 1,228 533, 189 6.012.096 6.012.462 534,417 reditors: amunts lalling du8 within one y8ar 14 {14.500} (15,002) Net current a•8et¥ 5,997,902 519,415 Total not 8¥sets 22,587.674 17,686,999 ChaTity fLtnds Unrestricted Canadian fund5 Restrictad Mary Vward Mission funds UnreslActed Investment and devalopm&nt funds 15 15 5.686.658 47,165 36,784 16,953,851 17,650,215 Totsl fvnds 22.5tr1.674 17.686.999 Thg f￿andal statemonts were 8pprov8d and authod$#d for Issue by the Trustees and 8igned on their behafi by. Sistor Cami•l swords Trustee Slstsr Kathlgon My TrLWte8 Date.. Page 26 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guarantefj) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Cash flows from operatlng a¢tSvltles Net cash provided byllused inl operating activities 5,358,179 (46,520) Cash flows from Investlng a¢tlvllles DNidends, interests and rents from investments In¢reasel(decreasel in investment deposits arising trom bank transfers 179 120,549 29 (520,464) Net cash provided byl(u$•d Inl Investing a¢t(vltles 120,728 1520,435) Cash flows from financlng acllvltigs N•t ¢ash provided by flnanclng activitles Change in cash and cash •qulvalents in th• year Cash and cash equivalènts al the beginning of the year SN78.907 533.189 (566,9551 1, 100, 144 Cash and cash #qulvalent8 at the end of the year 6,012.096 533, 189 Page 27 TERESA BALL INTERNATIONAL SOLIDARI￿ FUND (A Company Limlted by Guaranto0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ggneral infomiatlon The following policies have been applied consislenlty in dealing with items which are considered material to the financial statements. The ffinancial statements have been p￿pared in £GBP Sterting. Accounting pollcies 2.1 B•8is of preparatlon of Ilnancial stat•m•nts The financial statements have been prepared cn a going concem basis and under the historical cost convenlion with rtems reco9nised al cost or transaction value unless otherwise ststed in the relevanl notes to these a¢¢ounls. The financial statements have been prepared in accordance with Accounting and Repoitng by Charities.. Statement of Recommended Practice applicable to Charities prepanng their ?￿ount$ in accordanee with the Financial Reporting Standard applicable in the UK IFRS 102} {effective 1 January 20191- (Charities SORP IFRS 102)). They also comply wllh the reporting requirements of the Companies Act 2006 and Charities Act 2011. Teresa Ball International Solidarity Fund meets the definithon of a public benefil enlity under FRS 102. Assets and liabilth.es are initially recognised at historical ¢ost or transaction value unless othe￿iSe stated in the relevant accounting policy. 2.2 Company sta￿$ The company is a Company Limrted by Guarantee incorporated in England within th8 UK. The gistered add￿$5 is provided in the company'5 infomiation on page 1. The member5 of the company are the Trustees named on page 1. In the event of the compgny being wound up, the liabilrty in respect of the guarantee is limited to £10 per member of the company. 2.3 Golng con¢•rn After making appropriate enquiries, Ihe Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fijture. For thi$ reason they continue to adopt the going concern basis in preparing the financial Statements. P8ge 28 TERESA BALL INTERNATIONAL SOLIDARrrY FUND IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounllng policies (¢ontlnuod) 2A Fund accounting General funds are unrestricted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and whith have not been designated for other pu￿OseS. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designaled fvnd is Set out in the notes to the financial statements. ReslTiCted funds are fvnds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and LFse of ea¢h restricted fund is set out in the notes lo the financial slalements. Investm8nt income, gains and losses are allocated lo the appropriate fund. The Mary Ward Mission Fund consists of income received from a perpetual charitable fund. According to set criteria the annual income received is assigned lo develop and strengthen those ministries of the Intemational Institute which have limited access to necessary resources, or to assist new Institute Projects to become self-supporting. Only fflinislries for which the Institute is responsible or any ministry in which an Institute member is directly and currently involved, rnay be benefi¢laries of the fund. Page 29 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Ac¢ountlng pollcles (continuod) 23 Income Income from donati¢ns, province contributions and project contributions are recognised once the Charty has entitlement lo the income, it is probable that the income will be received and Ihe amount of Incon￿ receivable Can be measured reliably. For legacies, ents"tlement is taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and nob'fication has been made by the execulorlsl lo the TNst that a dislnbulion will be made. or when a distribution is received from the estste. Receipt of a legacy, in whole or in part, is onty considered probable when the amount can be measured reliably and the chaTity has been notified of the executorfs intention to make a dislributs'on. Where legacies have been notified trj the charity. or the charity is aware of the granting of probate, and the criteria for income recognition have not been mel, then the legacy is treated as a contingent asset and disclosed if material. Gifts in kind donated for distribution are included al valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilitr.es a￿ included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financlal ststements for setvices donated by volunteers. Donated services or facilities are recognised when the charity has control over the item, any conditions asso¢iated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charilies SORP {FRS 1021, the general volunteer time is not Tecognised. On receipL donated professional services and donated facilities are recognised on the basis of the value of the gift lo the charity which is the amount the charity would have been willing to pay lo obtsin services or facilities of equivalent economic benefit on the open market,. a coTresponding amount 15 then recognised in expenditure in the period of receipt. other income is reco9nised in the period in bthich tt is re*ivable and lo the extent the goods have been provided or on completion of the service. Page 30 TERESA BALL INTERNATIONAL SOLIDARI￿ FUND IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles (continu•d) 2.6 Exponditur? Expendibjre 1$ recognised once there is a legal or constructive oblyakn'on to Ir?n¥fer economic benefft to a third paty. it is probable that a transfer of economle benefits will be requi￿ in settlement and the amount of the obligats.on ean be n*asured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Goveman¢e costs are those incurred in connection with administration of the tharitable company and Complian￿ with constitutional and statutory requirements. Expendrture on charitable activities is incurred on direcuy undertaking the activities which ftjrther the Compan￿$ objectives, as well as any associated sUPPOrt costs. Grants payable are charged in the year when the offer is made except in those Cases where th8 offer is condib'onal, such grants being recognised as expenditure when the ¢onditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditlsre. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 2.7 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured liably by the company,. this is nomally upon nots"fiGalion of the interest paid or payable by the bank. 2A Investments Investments are inits'ally measured at fair value whi¢h usually equates to the transaction priee and subsequently at fair value where investments are lisled on an active market or where non listed investments can be reliably measured. Movements in fair value ar8 measured in the statement of financial activities. 2.9 Taxatlon The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a ¢harilable company for UK Corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within calegories Covered by Chapter 3 Part 11 of the Gorporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.10 Trad8 and 0thoT dgbtorn Trade and other debtors are recognised initially at transaction price lincluding transaction costs) unless a financing arrangement exists in whi¢h case they are measured at the present value of future re￿ip1S discounted at a market rate. Subsequently these are measured at amortlsed cost less any provision for impaiment Page 31 TERESA BALL INTERNATIONAL SOLIDARiff FUND (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A¢countlng policies Icontinuedl 2.11 Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly liquid investments wlh a short maturity of three ffv)nths or les$ from the date of acquisition or opening of the deposit or similar account. 2.12 Trade and other croditi>rn Trade and other creditors are classified as Current liabilities if payment is due within one year or less. If t)ol, they are presented as n0n-Cur￿nt liabilities. Trade payables are recognised initially at the transaction price and subsequenuy measured at amortised cost using the effective interest method. 2.13 Forel9n CUTrgn¢i¢$ The financial statements are presented in £GBP Sterling which is the functional currency of the charitable conyany. Foreign currency transactions are tran￿ated into the fvnctional currency using the spot exchange fates at the dates of the transactions. At each period end foreign curren¢y monetsry items are translated using the closing rate. Non- monetary items meas￿red at historical Cost are translated using the exchange rale at the date of the tranSa￿lOn and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the ststemenl of financial activity vmthin 'costs of charitable aclivilies,. All other foreign exchange gains and losses a￿ p￿Sented in the statement of financial activity within 'expendiluie on haritable activities.. 2.14 Contingencles Conb'ngent liabilf(ies, arising as a result of past events. are not reco9nised when (il it is not probable that there will be an ouffiow of resources or that the amount cannot be reliably measured at the reporting date OT lill when the existence will be confirmed by the Occur￿ nce or non-occurtence of uncèrtain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an oufflow of resources is remte. Contingent assets are not recognised. Conlingenl assets are disclosed in the financial statements when an inflow of economic benefits is probable. Page 32 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles Icontinugdl 2.15 Provisions Provisi)n$ are recognised when the charity has a present legal or constructive obligation as a result of past events,. it is probable that an ouffiow of resour￿ will be required to setde the obligation., and the amount of the obligation can be estimated rellably- Where there are a number of similar obligations, the likelihood that an outnow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an oufflow with respect to any one item included in the same class of obligab'ons may be small. Provi$ions are measured * the present value of the expenditures expected lo be required to settle the obligalron using a pre-tax rale that reflects Current market assessments of the time value of Money and the risks specific to the cbligalion. The increase in the provisions due to passage of time is recognised as a finance ¢o$t within expendrture on ¢haritable actNilies. Critical a¢counllng estimat¢s and areas of Judgement The preparats'on of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of a55ets and liabilities, income and expenses. Judgements and eslimale$ a￿ continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charitable company makes estimates and assLtmptions conceming the futu￿. The resulting accounting estimates will, by definition. seldom equal the related actual resU￿S. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Golng concem The trustees have prepa￿d budgets and cash flows for a period of at le?$t twefve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the entity's ability lo meet its liabilities as they fall due. and to continue as a going concern. On this basis the trustees consider il appropriate to prepare the financial stalements on a going eoncem basis. Accordingly, these financial statements do not include any adjustments to the carying amounts and classification of assets and liabililies that may arise if the entity was unable to Continue as a going concern. Page 33 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Donation$ and legacies Unrestrlcted Canadlan Unrostrleted funds funds 2022 2022 Total funds 2022 Total funds 2021 South Asian Province Canadian Province Contributions. 136,959 S,678,181 5.678.181 Total 2022 5.678,181 5.678.181 136,959 Total 2021 136,959 136,959 n prior year5 the Canadian Province had set aside funds to donate to the Charity. These funds had historically been disclosed as Contingent Assets. In 2022, discussitsns were finalised lo allow these funds to be transferred to the entity in compliance with existing legi518tion. These ftinds were transferred in late 2022 and amounted to £5,678,181. They are recognised in the statement of financial activities as ntributions from the Canadian Province above. Project conlribution$ Unrostri¢tsd Dgvglopment fund$ 2022 Total funds 2022 Total funds 2021 Eastem Africa Projects- General Kangemi, Nairobi - Kenya Entally, Kolkata, India Sealdah, Kolkata, India India Projects- South Asia - Gen&ral Peru Projects - General Peru Projects- Jimcamarca Fe Y Alegrea Irish Project- Rumbek South Sudan other General Donations 213 213 770 1,071 1,050 750 2,474 1,555 1,650 5, 000 22, 795 900 900 840 600 600 150 150 5,608 4,658 5.608 4,658 Total 2022 12,9S9 12,969 37,055 Total 2021 37,055 37,055 Page 34 TERESA BALL INTERNATIONAL SOLIDARiff FUND (A Con4)any Limited by Guarantee) NOTES TO THE FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 310ECEMBER 2022 Invutment income Unrestricted Unrestrictod development fund$ funds 2022 2022 Total fund8 2022 Tot81 funds 2021 Listed investments Interest income 179 179 27 Total 2022 179 179 29 Total 2021 27 29 Olher Incoming re$ources Restrlctsd lunds 2022 Total funds 2022 Total fvnds 2021 Mary Ward Mission Fund income 49,501 49,501 38,741 Tolal 2022 49,501 49.501 38,741 Total 2021 38,741 38,741 Page 35 TERESA BALL INTERNATIONAL SOLIDARrrY FUND (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable a¢tlvltles UnTP¥tricted Canadian funds 2022 UnroStriGted Ro8trlctgd fund$ funds 2022 2022 Total fund$ 2022 Totol funds 2021 Supporl for the International Provinces18.11 Mary Ward Mission Fund Support for the International Proje¢ls18.21 Governance Costs18.3} 190,522 60.188 250,710 39,120 138,535 5,110 39,120 36,203 3.902 36,203 3.902 13.798 4,084 Tolal 2022 230.627 39,120 60.188 329,935 161,527 Tolal 2021 142,619 5.110 13.798 161,527 8.1. Support lor the internatlonal Provinc￿ (unrestricted fund¥) Unrestricted Canadian funds 2022 Unrestricl•d funds 2022 Total funds 2022 Total fufjds 2027 South Asia- Kolkala South Asia- Bangladesh South Asia- Nepal Eastem Africa Peru South Africa - Zambia Administration Expenses 21,627 12,173 2.713 72,412 57,666 23.748 183 21,627 12,173 2.713 132.574 57,666 23,748 209 13,045 4,767 69, 722 47,312 3,446 243 60,162 26 Tolal 2022 190,522 60,188 250,710 138.535 Total 2027 138.535 138,535 Page 36 TERESA BALL INTERNATIONAL SOLIDARifi FUND IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 8.2. Support for international proiects luDre$trlcied dgv•lopment funds) UnrestriGtod funds 2022 Totsl funds 2022 Total funds 2021 Kangemi, Nairobi - Kenya General - Eastem Africa Entally, Kolkata. India South Asia Projects- General Peru - General Rumbek South Sudan Administration Expenses Community of Southern Africa - Zambia Other General Donations 1,100 1,11X) 871 710 840 3,074 3,205 5,000 98 1.050 750 1.050 750 2,922 15,608 2,922 15,608 87 10,000 4,686 10,000 4,686 Total 2022 36,203 36,203 13,798 Total 2027 13,798 73,798 8.3. Governance Costs Unrestrictpd funds 2022 Total funds 2022 Total funds 2021 Auditorfs remuneration Professional fees 3,902 3,902 4,071 13 Total 2022 3,902 3,902 4,084 Total 2021 4,084 4,084 P￿e 37 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Raising funds Unrestsi¢lfrd fund$ 2022 Total funds 2022 Total funds 2021 Investment management fees 52,897 52,897 48,572 Tot812021 48,572 48,572 All costs of raising funds paid in the current and Pfior year were in relation to unrestricted frjnds. 10. Auditorfs r•muneration 2022 2021 Auditorfs remuneration - for audit services only 3,902 4.07t 11. Tru5tees' remuneration and expens•s During the year, no Trustees received any ￿M￿neratIon12021- £NIL). During the year, no Trustees received any benefits in kind {2021- £NIL}. During the year, no Trustees received any reimbursement of expenses (2021- £NIL}. 12. Investments 2022 2027 Al 1 January 2022 Income re-invested IWithdTawalslldeposits Market Value Ibssesllgains Currency gain51llosses} on Investments Management Fees Deducted 17,167,584 14,492,251 169 (109,5561 528,315 11,123.333} 3,063,060 665,814 (908, 191) (10,797) (8,020) 16.589.712 17, 167,584 Page 38 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limit•d by Guarants•} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Debtors 2022 2021 Due within one year Other debtors 1,228 366 1,228 14. Creditors: Amounts falling due within one year 2022 2021 Accruals 14,500 15.002 14,500 15.002 Page 39 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limlted by Guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Slatement of funds Statom•nt of fund$ - current y•ar Balance at 31 Galnsl December (Losses) 2022 Balanc• at 1 January 2022 Transfers inlout Income Expendlture Unrestricted fund8 Investment funds Development fvnds 17.619.823 179 1247,320) 1821 (425,879} 16,946,721 30,392 12,969 136.204) {2241 197 7.130 17,650,215 13,148 1283.524) {3061 (425,682) 16,953,851 Unre$trlctsd fund$ Canadian fvnds 5,678,181 160,1881 306 (31,641) 5,586,658 Restrictgd funds Mary Ward Mission fvnd 36,784 49,501 139,120) 47,165 Total of funds 17,686,999 5,740,830 (382,8321 1457,3231 22,587,674 Page 40 TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Llmited by GuaTanteo} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 stitemont of lund¥ (tontlnued statement of funds - prior year 8alance at 31 December 2021 Balanc8 at l January 2021 Gainsi (Loss8s) Income Expenditure Unrostrf¢ted funds Investment funds Development funds 15.573,583 7,412 136,986 37,057 (191, 191) 2, 100,445 17,6t9, 823 (73,798) (279) 30,392 15.580, 995 174.043 (204,989) 2. 700.166 17,650,215 Reslrict•d funds Mary Ward Mission fund 3,153 38, 741 (5, 110) 36,784 Total of fund8 15.584,148 212,784 (210,099) 2,100,166 17.686.999 16. Analysis of n•t assets bgtw•en funds Anal￿1$ of n•t assets between funds . curront year R••trlcted Mary Ward Unrestricted Mlssion Canadlan funds funds 2022 2022 Unrestrict•d funds 2022 Total funds 2022 Investments Current assets Creditors due within one year 16.589,712 378,639 (14,5001 16,589.712 6,012,462 114.500) 47,165 5.586,658 Total 16,953,851 47,165 5,588.658 22,587,674 Page41 TERESA BALL INTERNATIONAL SOLIDARtrY FUND (A Company Limited by Guarante0> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 16. An•lysls of net assots between funds {continu¢dl Analysis of nel assets between fvnd8 - prior year Reslricled Mary Ward MissAon funds 2021 Un￿sIriCted funds 2021 Total fvnds 2021 InVeStw￿nts Current assets Creditors due within one year 17.167,584 497,633 (15,002) 17.167,584 534,417 (15,002) 36. 784 Total 17,650,215 36, 784 17.686,999 17. Reconclllatlon of nol movement in funds to net cash flow from op•ratlng activilie$ 2022 2021 Nel income for the year las per Stslement of Financial A¢tivitses) 4,234,665 3,065,745 Adju$tm•nts for: Investment income {Gain}Iloss on investments FX movement on Tetranslation Decrease in debtors {Decreaseifincrease in Cfedilors (179 (29) ,123,333 (3,063,060) (54,703) 3,725 1,802 ($02 N•t cash providod byllused In) operatlng adivltle8 6.368.179 f46,520) 18. Analysls of cash and ¢a$h equivalents 2022 2021 Cash at bank and in hand 6,012,096 533,189 Total ¢a8h and cash equivalents 6,012,096 533, 189 Page 42 TERESA BALL INTERNATIONAL SOUDARITY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEWt8ER 2022 19. Anatysls ol Changes In n¢t debt At31 December 2022 January 2022 Cash flowg C85h at in hand 533,189 5N78,9Q7 6,012,Q96 533.189 5.478,907 8,012.096 20. CapStal commknlents The￿ were no caprtal commrtmenls at the yéar énded 31 Dgc8mb8r 2022. 21. Contlngont Ilabllliles Thore were no contiTgenl liabilitiés at tho ye¥ ended 31 December 2022. Related party tran8actlons The charity supports the miss￿n of the Instilule of the Blessed Virgin Mary - Loreto Genefalate and 18 a relat￿* party by virtue of common trustees. During the year, th6 charity did nol re¢8ive any province contributions from the Institijte of the Bfesged Virgin M￿- Loreto Generalate {2021. ENIL)- 23. Post balanco sh8et evonts As noted earfier, there was a General Congiegation hekl in October 2022 and a new InslltLrte Leader and Institute Council were elected. In accord8n¢e wrth the Art￿leS of Association, the newly elected members became Trustees of the Gharty efledive from the 241h January 2023. There were no other $wJnificant events ¢ffe¢ting the charity Since year end. Approval of the Ilnanc5al statements The Trustees appr¢ved the financial stalemgnts for issue on.. 25￿ fvpYbL 2¢ 23 Page 43