Registered number: 3914049 Charity number: 1080521 TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TERESA BALL INTERNATIONAL SOLIDARifi FUND (A Company Limbted by Guarantee) CONTENTS Page Reference and Administrative Details Trustees, Report 3-23 Statement of Trusto0s' Respon$ibiliti•s 24 Indapendent Auditorfs Repori on tho Financial Statom•nts 25-29 Statement of Financial Activities 30 Balanc• She•t 31 Statoment of Cash Flows 32 Notes to the Financial Statements 33-48
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS Trustees Sister Carmel Swords Sister Jane Mc Donell Sister Kathleen Myers Sister Natalie Houlihan Sister Mary Kamotho Sister Geraldine Moktan Sister Barbara Murphy Sister Jen Bromham Sister Sarah Dobson CJ Sister Hellen Oluoch {Appointed 22 May 2024) Sister Geraldine Mc Aleer {resigned 24 September 2024) Company registered number 3914049 Charity registered number 1080521 Registered office Loreto Education Centre Province Centre Dunham Road Altrincham England WA14 4GZ Company secretary Sister Hellen Oluoch (appointed 2510912024) Sister Geraldine McAleer (resigned (2410912024) Independent audltor RBK Audit UK Limited Chartered Accountants and Ststutory Audit Firm Termini 3 Arkle Road Sandyford Dublin 18 Ireland Bankers Royal Bank of Scotland Wfigan {G) Branch 1 Harman Boulevard Manchester M3 3AQ Allied Irish Bank (Nl) 24 East Bridge Street Enniskillen Co Femianagh Northern Ireland Allied Irish Bank 7112 Dame Street Dublin 2 Ireland Page 1
TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limited by Guarantse) REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED) Solicitors Stone King Upper Borough Court (UBC) Upper Borough Walls Bath United Kingdom BA11RG Investment Manage Setanta Asset Management Beresford Court Beresford Place Dublin 1 Ireland Investmont Advlsors Cantor Fitzgerald Ireland Limited 23 Sl. Stephen's Green Dublin 2 Ireland Financial Advisors L&P Trustee SeNices Limited 23 St. Stephen's Green Dublin 2 Ireland Page 2
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limitod by Guarantee> TRUSTEES. REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 The Trustees of the Teresa Ball Intemational Solidarity Fund {TBISF). who also seDie as Directors of the Charity under the Companies Act, prèsent their annual report alongside the audited financial statements for the financial year ending 31 December 2024. The Trustees confirm that the report and financial ststement5 comply with statutory requirements, the Charity's governing document. and the Statement of Recommended Practice {SORP) on "Accounting and Reporting by Charities," adhering to UK and Republic of Ireland financial reporting standards (FRS102) effective from 1 January 2019. 1. BACKGROUND INFORMATION a. Introduction The Teresa Ball International Solidarity Fund is a Charitable Company limited by guarantee, without share capital. Under section 30 of the Companies Act 1985, it is exempted from the requirement to use the word limited after its name. It was established on 26 January 2000 and registered as a charity on 2 May 2000. The Fund aims to promote the Roman Catholic faith, £lleviate povety, advance education, and support other charitable causes for the benefit of the public, operating globally. b. Mission The TBISF supports the mission of the Institute of the Blessed Virgin Mary (IBVM). a Roman Catholic congregation, particularly in developing countries. The Institute's focus is on education. especially for disadvantaged communities, pastoral work. and the promotion of religious values in 24 countries. Trustees regularly assess the Fund's activities and ensure they compty with the Charity Commission's public benefit guidelines. in section 4 as per the Charities Act 2011. 2. OBJECTIVES AND ACTIVITIES a. Policies and objectivos The primary function of the TBISF is to provide financial support to the IBVM'S global mission, covering living allowances, healthcare. education, travel, and insurance for those invofved in charitable work. b. Strategles for achlevlng objectives The Fund's key strategy is to offer financial assistance to the wider mission of IBVM members engaged in charitable initiatives, with a focus on underprivileged regions. Page 3
TERESA BALL INTERNATIONAL SOLIDARITh FUND (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2. OBJECTIVES AND ACTIVITIES (contlnued) ¢. Activities for a¢hi•ving objectives The TBISF supports the Institute's key activities across.. Education Pastoral work (poverty alleviation, social justice advocacy) Religious Promotlon Support and Malntenance of Instltute Members Positive Impact Investing (generating social and environmental benefits) The Fund's impact spans across provinceslregions such as Africa (Kenya, Zambia, Ghana, Tanzania), Asia (India, Bangladesh. Nepal), and South America (Peru), supporting local communities through ongoing charitable activities. Primary ProvinceslRegions in Need of Financial Assistance The Fund focuses on regions in Africa, Asia, and South America, where financial support 1$ most urgently needed. d. About th• Institute The Institute of the Blessed Virgin Mary is a global community of women dedicated to promoting human dignity, advocating for women's and children's rights, and addressing social InjustiS. The IBVM'S mission is to uphold the teachings of Mary Ward, focusing on education, advocacy, and community development. The Institute's work includes educational initiatives, social service centres, healthcare, and spiritual ministries. e. IBVM Prlorltles The Institute embraces Mary Ward's vision of empowering women and fostering justice and ecological sustainabilty. Its ministries span educational and social seNice projects, including schools, hospitals, parishes. and shelters. The Institute's focus on gender equalty and vMen,$ empowennent is reflected in its advocacy efforts and empowerment strategies in areas like income generation and child labour prevention. f. Financial Assistance Noed8 The TBISF'S support is particularly crucial in regions facing significant challenges-. Eastern Afrlca (Kenya, Zambla, Ghana. Tanzania) Asla Ilndla, Bangladesh. Nepal) South Amerfca (Peru) Page 4
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 3. PROVINCEIREGIONAL SUPPORT AND IMPACT Eastern Africa Province The TBISF plays a vital role in funding the fomiation of young sisters, health initiatives, and gender empowerment programs. In Kenya, Tanzania, and Ghana, the sisters are engaged in education, healthcare, HIVIAIDS awareness, and environmental conservation. Initial Forniation The Fund supports the Initial and Ongoing Formation of candidates and novices, preparing them to sen/e their communities effectively. In 2024. 8 candidates began their formation journey. with 7 progressing to the noviliate. These candidates contribute to pastoral services, benefrting over 2.100 students and 400 young people at the parish level. Professional Training The TBISF is instrumental in supporling professional training for the sisters, viith 19 sisters currently enrolled in various degree and diploma programs. The Fund ensures that the sisters, academic and professional development integrates with their ministries, allowing them to make a greater impact on the communities they serve. Care of the Slck and Elderty Generous funding from the TBISF helps the Institute care for elderly and infimi sisters who have dedicated their lives to service. The provision of nursing care and medical support ensures the comfort and dignity of the elderly sisters, reinforcing the Institute's commitment to those who have served selflessly. Zambia Community Impact In Zambia, the Loreto Sisters are pivotsl in providing healthcare and educational support to impoverished communities. The College of Nursing & Midwifery in Lukulu has 173 students, with over 480kn receiving scholarships. The College plays a key role in addressing the healthcare shortage in Zambia. as students provide essential healthcare seDii¢e8 to over 29.000 patients annually. Communty-Based Development Projects The Sisters also support community-based programs that improve health and education. including: 1. Milk Program - Providing formula milk to orphaned and vulnerable babies. 2 HIV Counselling & Testing Centre - Over 1,000 clients tested with referrals for treatment. 3. HEPS Production - Supporting local women producing nutritional supplements for malnourished patients. 4. Home4ased Care - Over 40 clients receive continuous care in rural communities. 5. Speciallst Medlcal Transport- Transporting individuals for $peci8lized medical treatment. These initiatives. along with the sisters, work in 46 communty schools, are transfomiing the lives of thousands of people in wral Zambia. Page 5
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlted by Guarantee) TRUSTEES, REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 The support provided by the Teresa Ball Intemational Solidarity Fund continues to be vital in advancing the mission of the IBVM. With the generous contributrons from donors. the Fund has significantly impacted communities worldwide through education, healthcare, and empowerment programs. The Trustees remain committed to ensuring that the Fund's resources are used effectively to support the needs of those most in need, in line with the mission of the Institute and the vision of Mary Ward. We extend our heartfelt gratitude to all donors. whose contributions make these transformative initiatives possible. Together, we continue to build a more just, equitable, and compassionate world. This report highlights the ongoing impact of your support, reflecting both the tangible and intangible outcomes of your generosity. Thank you for helping us fulfil our mission to empower. educate. and uplift the most vulnerable. South America - Peru In 2024, the Institute of the Blessed Virgin Mary (IBVM) in Peru made significant strides in enhancing the quality of life for children, adolescents, women, and vulnerable individuals in Huaycan and Jicamarca. Through a variety of key projects, IBVM focused on education. health, and child protection, ensuring lasting impact through community collaboration and international support. 4. KEY PROJECTS 1. Fearless Childhood This project strengthened violence protection for students in 4th to 6th grades through psychoeducational activities. Aimed at reducing violence within schools and the broader community, it raised awareness among students, families, and teachers on the importance of non-violence. 2. United We Nourish Bett•r & Healthy Women and Children Focused on promoting healthy eating habits and disease prevention, this initiative targeted women and children, fostering a better understanding of nutrition and its crits'cal role in long-term health. 3. Among Friends This initiative encouraged reading and social development, helping children and adolescents enhan their literacy and socio*motional skills through interactive learning experiences. 4. Kusi Warnia & Add to Grow Focusing on child protection, these projects ensured the sustainability of IBVM'S efforts in the region. They provided essential support for families and communities while promoting social equity and environmental sustainability. These programs were made possible thanks to the generous contributions from various partners, including the Foxrock parish, and the continuous support from friends, family. and project participants. Their involvement has helped ensure the sustainabilty and long-temi impact of these initiatives. Page 6
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmlted by Guarant•8) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEIIIBER 2024 Role of Mary Ward International Peru (MWIP) Mary Ward International Peru {MWIP) has been instrumental in coordinating these projects, ensuring their alignment with IBVM'S mission to promote justice and sustainability. MWIP played a vital role in planning. monitoring, and evaluating each initiative, offering continuous support to the communities and teams involved. Their strategic oversight ensured effective project management, helping to maxirnize the impact of every initiative and ensuring the lasting benefit to the communities. i) Protsctlng Students from Vlolence The Fearless Childhood.. Free of Violence project, funded by Mary Ward International Australia. targeted students at Gustavo Mohme Llona School in Huaycan, Ate. This initiative strengthened students, rights through psychoeducational activities that focused on violence prevention. It significantly raised awareness among students. families, and teachers about the importance of protecting children from all forms of violence. The projects carried out by IBVM Peru in 2024 have made significant contributions to the education, health, and overall well-being of vulnerable populations. Through the dedicated work of IBVM sisters, donors, volunteers, and beneficiaries, these initiatives have fostered a just and humane society. Moving forward. sustaining and expanding these initiatives will be key to continuing their transformative impact on communities. especially in the areas of education. health, and social solidarity. Child Violence in Huaycan AGGording to the District Observalory of Citizen Security of Ate (2021), Huaycan recorded the highest number of child violence complaints in the district, making up 390/0 of the total cases reported lo the Women's Emergency Center {CEM) at the local police station. Most of these cases involved close relatives of the victims, highlighting the urgent need for early intervention and Prevention efforts. National data from UNICEF and the Ministry of Women and Vulnerable Populations (MIMP} further emphasizes the widespread issue of family violence, affecting 68.50/9 of children aged 9-11 and 80.9 /0 of adolescents aged 12-17. These stats'stics underline the necessity of addressing violence, particularly in primary and secondary school-aged children. Page 7
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER2024 Project ObJectlve8 and Achlevements: The Fearless Childhood initiative aimed to protect 102 students across 4th, 5th, and 6th grades, with a focus on girls, who made up 51 Dk of participants. The project achieved several key outcomes.. 1. Children's Promoters of Non-vlolence 920/0 of participants shared knowledge on violence prevention. 590 primary school students benefited from peer-led education through storytelling, theatre, and songs. Family Strengthening 82 families participated in child protection workshops. Over 1 OOQ/o participation in home visits and personalized counselling, with specific attention to 4th, 5th. and 6th grade students. 3. Teacher Tralning 32 teachers were trained to recognize and address cases of violence, far exceeding the initial goal of three. These activities were built around the ecological model, which targeted the interconnected systems of child, family, school, and community. The collaboration with local institutions like CEM, the Ombudsman's Office. and the Huaycan Police Station was key in ensuring timely interventions. Challenges and Adaptivo Strategies The project faced numerous challenges: Infrastru¢ture i$sues such as overcrowded classrooms and temporary facilities, addressed by using open spaces for activities. Limited technology, mitigated by support from local organizations. Resistanco from school administration and faMIlylated Issues such as addiction and mental health challenges. Limited institutional support from state agencies due to resou constraints, compounded by political and economic instability. Despite these challenges, adaptive strategies, including flexible project implementation and continuou5 community engagement, ensured that the project remained on track and impactful. The Fearless Childhood, Free of Violence project has been instrumental in creating safer school environments and empowering children, families, and educators to act against violence. With sustained support. the initiative promises to continue its positive impact, ensuring that all children can grow and learn in a safe. supportive environment. 11) Unlted We Nourlsh Better: Communlty Organlzlng for Healthy Food This project has empowered women to manage local soup kitchens by enhancing their administrative and logistical skills. This initiative also promoted sustsinable and healthy eating practices, ensuring that community members not only received meals but were educated on nutrition and long-term food security. Page 8
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limitsd by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Child Malnutrltlon and Soup Kitchens Project The project was initiated in response to the high rates of poverty and malnutrition in Peru, worsened by the COVID-19 pandemic. According to the National Institute of Statistics and Informatics IINEII, poverty affeded 27.5% of the population in 2022, with worsening projections. Child anaemia remains critical, reaching 40.9% in children under three due to inadequate lion and protein intske. The community of Huaycan, Lima, is among the most affected, with over 200,000 residents facing urban poverty, limited basic seiCes, and food insecurity. Soup kitchens, vital in providing meals to vulnerable populations, struggle with limited nutritional diversity, contributing to health issues like anaemia. The project aimed to support two soup kitchens in Huaycan through technical and logistical assistance to improve their food quality and sustainability. Objectlves Strengthen the organization of soup kitchens through training and support. Promote balanced nutrition, ensuring proper intake of proteins, carbohydrates. fats, vitamins, and minerals. Encourage community participation and leadership in local decision-making spaces. Impact and Results 1. Str•ngthenlng Soup Kitchens: Seven cases of child anaemia were reduced by the projecvs end. 870/0 of members from "When You Feel Weak, Let the Lord Be Your Strength" and 940A from "Santa Ursula" dining rooms received training in food acquisition and preparation. Both dining rooms developed worf( plans for infrastructure improvement, including floor repairs and facility upgrades. 2. Skills Development in Food Preparatlon: 690/0 of members at "Santa Ursula" and 73 % at °When You Feel Weak. Let the Lord Be Your strength" participated in horticullure workshops. 94 % of cooks adopied improved food handling techniques. 1 OOOA of members gained knowledge on the protein value of iron-rich foods. 3. Community Engagement and Leadgrship: Six training workshops were held on leadership. conflict resolution, micro-project planning, and community neOrk strengthening. Member participated in key local forums. including the "Concertation Table for Family and Sexual Violence Prevention. and the "Working Group for Gender Equality." Strategic alliances were fomed to expand support nefvrforks and improve long-tern sustainability. In condusion. the 2024 projects of IBVM Peru represent a significant investment in the health, safety, and education of vulnerable populations. Through collective action, sustainable practices, and a commitment to justice, these initiatives are laying the foundation for a brighter, healthier, and more equitable future for all involved. Page 9
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) TRUSTEES. REPORT {cOriNUED} FOR THE YEAR ENDED 31 DECEMBER 2024 iii) Di$¢overlng Stories Together Recognizing the challenge of reading comprehension in local children, IBVM launched the Entre Amigos.. Discovering Stories Together project. This initiative sought to enhance literacy and socioomotional development through collaborative learning and reading mediation. Implemented across schools.. Fe y Alegria No. 58 focused on reading mediation with student promoters and workshops that fostered social skills. 84./0 of participants improved their social skills. with female students seeing a more significant impact (890/0) than their male counterparts (73¥0}. l.E. 1289 - Huaycan focused on collaborative leaming strategies, book discussions, and interactive methodologies, with 1000/0 of students in 3rd grade achieving °Expected" or "Outstsnding Achievement. levels in reading comprehension Challenges and Mitigation Strategies The project faced limited access to educational resources and initial resistance to reading. To overcome these, the projecL' Customized reading materials based on students, interests. Integrated playful methodologies to engage students. Fostered close collaboration with teachers to reinfor reading initiatives. Crealed inclusive learning environments that encouraged active participation. The project successfully demonstrated the power of collaborative learning and reading mediation in improving both literacy and socio*motional skills. The enthusiasm displayed by student promoters and participants highlights the importance of creating dynamic. inclusNe leaming spaces for continued success. Page 10
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarant•g) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 tv) Child Protection Project The proj8Ct aimed to strengthen child protection in educational institutions, families, and the community by preventing violence, particularly sexual violence. Implemented at Public Educational Institution No. 1289 in Husycan, the project targeted students from impoverished backgrounds facing social and economic challenges. Obj•¢tives Enhance child protection in schools, families, and communities. Empower students to become advocates against violence. Strengthen teachers, capacity to detect and respond to violence. Improve parental practices to prevent child abuse. Impact and Resufts 1. Student Engagement: 58 students (33 girls, 25 boys) participated in 16 workshops on violence prevention. 73°h became child promoters of non-violence, reaching 310 peers with awareness activities. 14 students students received socioemotional support, with iwo referred for specialized care. 2. Tea¢hor Training: 18 teachers received training on child protection, eXedIng the initial goal of t0. Two teachers identified at-risk students. and one teacher monitored cases. The school director reported a case on the Minislry of Education's SISEVE platform and referred another for intervention. 3. Family Support: 62 families attended parenting workshops on non-violent discipline. 900h of families received home visits for dired assessment and guidance, 75 /0 of families participated in personalized counselling. with nine children receiving ongoing support. Conclusion The projects significantly improved child protection, nutrition, and community engagement. By empowering students, families, and teachers, these initiatives created a safer. healthier environment for children in Huaycan. Their success underscores the importance of collaborative efforts in ensuring children's rights and well-being. South Asia- India Throughout 2024, the Loreto Sisters have remained steadfast in their mission lo bring hope and empowement to individua5s from diverse backgrounds, cultures, and beliefs. Their commitment is reflected in a faith-driven, holistic, and uplifting education thal nurtures the full potential of those they serve. Beyond education, the sislers extend their support to various humanitarian initiatives, responding with compassion to the ever- evolving needs of society. Currently, 124 Loreto Sisters live and senie in the South Asian Province, dedicating Ihemselves wholeheartedty to this noble cause. Page11
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 Dharan Mission: A Journey of Compasslon and Servlce Sints 1994, the Loreto Sisters have been a beacon of hope in Eastern Nepal. In 1996, two Sister5 laid the foundation for the Dharan Mission Project" a Multi-fated initiative aimed at transforming lives through education and community developmenl. Rooted in a deep commitment to seNing the people of Dharan, this mission has been instrumental in providing education and healthcare to those most in need. The Sisters primarily work in the Sunari District, reaching out to twenty-six villages with unwavering dedication. Empowering the Sukumbasi Community One of the most pressing challenges the Loreto Sisters address is the plight of the Sukumbasi community. landless settlers who have been displaced due to natural disasters or socitrpoliti¢al conflicts. With a population of about 118.000, this rnarginalized community faces severe economic hardships, with many individuals working as stonebreakers and women and girls struggling under the weight of gender inequality. Understanding the depth of their struggles, the sisters have devoted themselves to fostering sustainable change by providing education, vocational training, healthcare, and nutrition programs. Their rnission also focuses on empowering women, raising awareness of human rights. and preventing human trafficking. Despite these vitsl efforts, the mission relies heavily on the generosity of intemational benefactors, ensuring that both the community and the sisters themselves receive the necessary resources to continue this transformative work. A Commitment to Holistic Minlstry Beyond their developmental efforts, the Loreto Sisters are deepty involved in various ministries across Nepal. They senie the Church, guide young people in faith and personal growth, and offer pastoral care to Ihose in need. Their dedication to community development is evident in their operation of tuition centres and hostel services, providing vital educational opportunities for underprivileged girls. Through professional expertise and compassionate outreach, the sisters create meaningful connections, offering guidance. training, and support to those seeking a better future. Bulldlng Bridgas of Hop• and Solldarity The ministries led by the sisters seDie as a testament to their unwavering belief in the dignity and potential of every human being. By aligning their work with the core values of the Institute's Charism, Ihey continue to inspire and uplift those facing adversty. Their pastoral outreach goes beyond mere assistance. it fosters deep empathy. strengthens community bonds, and cultivates a spirit of solidarity that is reciprocated by the people they serve. Through direct Care. education. and empowerment, the Loreto Sisters remain dedicated to illuminating lives with hope, dignity. and the promise of a brighter future in the areas below. Hostel Program The hostel provtdes a safe and supportive environment for 17 girls from Class Vl to a bachelorfs degree, ensuring their continued education. Many come from financially disadvantaged families who cannot afford city schooling. Tuition dasses in core subjects are offered five days a week, enhancing acadernic perfomance. Koy Achievements Hostel girls actively participate in school activities, gaining confidence and recognition. Annual home visits by the sisters maintain strong connections with families. Skill development activities include greeting ¢ard making and kitchen gardening for sustainability. Regular monitoring visits assess student progress and family situations. Page 12
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Current Enrolment: 4 inclass 10 3 in Class 9 1 in Class 8 1 in Class 7 1 in Class6 2 in College Among the 17 girls. 9 are Catholic, 1 is Christian, and the rest are Nature Worshipers. Schools and colleges appreciate their confidence and participation in extracurricular activities. Beyond academics, the girfs engage in skill-building activities like greeting card making, fostering creativity. They also maintain a small vegetable garden, leaming the importance of sustsinabilty and healthy eating. Additionally, they are taught recycling practices to develop eco-cons¢ious habits. Their home visits are organised once or bNice a year to stay connected with their families. We are deeply grateful to our donors for making this mission possible. The Sukumbasi Project provides many different areas of support for the local community inclusive of the following- Bal Biskash Kendra (Earfy Childhood Educatlon) Bal Biskash provides early childhood education for children aged 2 to 5. A dedicated team and trNo teachers, nurtures 12 children. Admissions are open year-round, with classes from 10:00 AM to 3:00 PM. The curriculum emphasizes hygiene, social interaction, rhythm exercises. arts, and action songs. Children receive a hot lunch and rest time. Activities & Educatlonal Approaeh The institution organizes celebrations (Children's Day, Parents, Day, Holi, Diwali, Easter, and Christmas) and interactive learning to build confidence. Our curriculum fosters literacy, numeracy, motor skills. social competence, and emotional resilience through a child-centered, play-based. and inclusive approach. Parents are encouraged to participate actively. For the 2024-2025 academic year, we have 16 students {10 girls, 6 boys), with three transitioning to other schools. Health and Nutrition Tuberculosis Patients.. Of 44 patients, 13 recovered, 4 passed away, and 27 are still in treatment. Monthly rations (rice, dal, soybean, etc,} are provided to aid recovery. UndeThveight Children- 46 children were identified, with 13 improving and 33 still requiring nutritional support. Monthly rations help Combat malnutrition. Maternal Care: 46 pregnant and postnatal mothers receive support, ensuring healthy pregnancies and newbom care. Self41glp Groups ISHG) 16 SHGS empower 199 women to promote savings and financial independence. These members engage in small businesses, farming, tailoring, and other occupations. Regular training and bi-monthly meetings enhance their skills and financial literacy. SHG loans support their education, business ventures, and family needs. Page 13
TERESA BALL INTERNATIONAL SOLIDARITh FUND (A Company Limited by Guarantee) TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 OECEMBER 2024 Tuition Centers Three tuition centers serve 96 students from Nursery to Class 8, with each center managed by a sister-in- Charge and teachers. Classes run six days a week, offering academic support and skill-building activities. Centers host competitions in singing, dan, essay writing, and spelling. The teathers help the students on special holiday sessions to focus on English and Nepali literacy, self-introduction. and personal hygiene. The students receive biscuits after each session for nourishment. The centers plan for annual events, including environmental awareness programs. Children's Day, Christmas lebratIOnS. and picnics. keep students engaged and motivated. Through these programs, the center continues to empower children, young girls, and women, fostering education. health, and financial independence in the community. Your support remains invaluable in sustaining and expanding these initiatives. Bangladesh: Bangladesh is a densely populated country in South Asia, rich in culture but facing significant social challenges such as povety, income disparity, inequality, political unrest, and issues related to healthcare and education. The Loreto Missionary Sisters seNe in Dhaka, Padrishibpur, and Barishal and are deeply grateful for the support they receive from this fund. Their ministry in Dhaka began in May 2019, with the sisters initially residing in a flat close to the people. Currently, Three Sisters are actively engaged in outreach programs, putting their faith into action through social justice advocacy, counselling, anointing of the sid(, hospital ministy, home visits, and organizing prayer seNices. These faith-based initiatives help strengthen the Christian community. Through their dedicated service, the sisters have built strong nelN4orks and collaborations, allowing them to connect with both religious and laypeople who share similar values. Their work has positively impacted the Loreto community, enabling resource-sharing and mutual support. They contribute to seminars, parish school ministries, and other initiatives, which help sustain the community while fostering a spirit of unity among the sisters. The Sisters, mission reaches a signfficant population, directly and indirectly nurturing faith across eight dI0Se$.. Dhaka (23,210,000 people), Padrishibpur {313,845 people), and Barishal (533,000 people). Their commitment conlinues to strengthen the faith and well-being of the communities they seNe. The Loreto Sisters in Bangladesh have been actively engaged in various ministries with the support of generous donors. Their WO focuses on education, youth empowennent. religious formation, pastoral care, health services, and community development. Education Ministry.. Two Sisters provide value-based education to underprivileged children. They enhance the learning experience by ensuring welE-trained teachers. curriculum development, and the use of innovative teaching methods. Both children and teachers are grateful for the empowennent provided through education and skills development. 2. Initial Fomiation- Four young women are currently in Initial Fomation for religious life, with two having recently joined the Novitiate in Manila. One of the sisters is accompanying them in their spiritual growth. Efforts to promote vocations have been SuC$SfUl, with more girls expected to join the Congregation next year. 3. Youth Ministry: Another sister has been nurluring the local youth with a focus on leadership and faith development. She participated in the National Youth Day Program in Sylhet diocese, where she inteiacied with 400 youths and completed her Bachelor of Educats"on. which will enhance her ability to carry out her ministry more effectively. 4. Pastoral Ministry.. The Sisters have been involved in pastoral work, particularly during Easter and Christmas. They have provided spiritual guidance and service to people in remote villages, including organizing pilgrimages to Rajabaria. 5. Workshopslseminars: One of the sisters has conducted several seminars for leachers, office staff, and religious communities. These sessions aim to share knowledge and raise awareness, and she is expressing gratitude for the support that enables her to reach various communities. Page 14
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlted by Guarant89) TRUSTEES. REPORT (CONTINUED> FOR THEYEAR ENDED 31 DECEMBER 2024 6. Health Ministry= Sister and her team continue to seNe the people of Barisal diocese through a mobile clinic, providing healthcare in remote villages lacking basic infrastructure. The community deeply appreciates their semess service. The Loreto Sisters exp$$ their heartfelt gratitude for the continuous support they receive, which enables them to continue their work and make a meaningful impact in the lives of those most in need. Their ministries remain focused on education, youth development, fomation, pastoral care, health, and community engagemenL In 2024, three Sislers were on mission at Loreto Residence, Mohakhali. Dhaka and they are deeply grateful for the support and assistance, which has been a blessing to their community life and mission. Educatlon Mlnlstry Two sisters have been actively involved in the primary school run by the Loreto community for local children. The school is co-educational, SeIng 47 students, with a team of six staff members, including the Sisters. They provide a well-rounded education that emphasizes not only academic learning but also extra-curricular activities. The children's talents are nurtured, and they a educated about significant days such as Environment Day, Teachers, Day, Matyrs, Day, and Victory Day. Through these efforts, they in still values of patriotism, respect for the environment, and love for our country. The children enjoy coming to school, and they miss the homely atmosphere when th8y leave for other institutions. However, one challenge we face is maintaining a steady student population. We are currently unsble to expand beyond Class 111 due to space limitations, which makes it difficult for students to continue their education with us. Ideally, we would like to extend the Khool up to Class V to provide a more complete primary education experience. Pa8toral Mlnlstry I three Sisters are aclively involved in pastoral work. One sister prepares young children to read and lead the singing during the Friday Eucharist. She also teaches catechism and prepares children for the Sacrament of Reconciliation, First Communion, and Confirmation. Sixty-five children are registered, and around 25 attends regularly for dasses fvrfice a week. Another sister seNed as the Animator for the J&sus Youth group, where her outreach efforts were highly appreciated. She regularly attended meetings. and the group held online prayer sessions every Friday, with approximately 30 youth participating. Additionally, around 150 young people gathered for Lent preparation, and Iwo other awareness programs were organized last year. She has been a constant blessing in the parish, visiting the sick and elderly to bring them Communion. Her dedicated seNice has been met with great devotion, and she visits four families each week. The three sister visit homes regularly, particularly when there is a need. Profe88lonal Training With your generous support, one of these sisters is pursuing her Bachelor of Education training, vthere she is excelling and currently serving as one of the two Class Representatives. She is expected to complete her training by June 2025, which will enhance her effectiveness as a teacher and better equip her for future educational missions. Conclusion We extsnd our heartfelt thanks for your continued support in our ministries here in Bangladesh. Your generosity enables us to serve the people of our neighbourhood and beyond with love and dedication. We are truly grateful for your partnership in helping us give of ourselves fully to the mission entrusted to us. Page 15
TERESA BALL INTERNATIONAL SOLIDARrrY FUND {A Company Llmlted by Guarantee) TRUSTEES. REPORT (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Mary Ward Mission Fund The Mary Ward Mission Fund is a designated component within the Teresa Ball International Solidarity Fund (TBISF). This restricted fund receives annual charitable contributions to support the intemational ministries of the Institute of the Blessed Wirgin Mary (IBVM). In 2024, a total of £36,173 was disbursed from this fund (2023.. £33.480). The following Loreto Ministries benefited from these charitable donations: English Provlnce: Loreto Foundation Project. Albania. Peru Region: 'Kusi Warma, Children's Project, Huaycan. 'Adding Up to Grow, Communications Project, Lima. Zambia: Nursing and Midwrfery College Scholarships Project. Lukulu. Community Schools Support Project, Lukulu. South Asia: Loreto High School. Panighatta, Darjeeling. Eastern Africa: Saint Joseph's Kangemi Nursery & Primary School. Grants. Donations, and Ministry Support The Teresa Ball Intemational Solidarity Fund exists to provide financial support to various Regions and Provinces of the Instttute, aligning with its mission and ministry work. However, it does not operate as a general grant-making organization. Fundraising Policy Currently, the Trustees have no p18ns to engage in public fundraising efftirts, and as such, no fundraising strategy was implemented during this period. If the Trustees decide to pursue fundraising in the future, they will collaborate with advisors to establish appropriate policies and evaluate associated costs. The Trustees, policy is to rely on investment income to fund the charity's work rather than active fundr8ising. Page 16
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmlted by Guarantèe) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Missioniiriven Investment Approach This investment report outlines a fatth-based, mission4riven strategy that seeks to generate both financial returns and meaningful social and environmental impact. The portfolio is designed as an extension of the organization's charitable mission, actively avoiding industries that conflict with ils values-such as fossil fuels, weapons. and tobaccwhile pursuing investments that promote human well-being, sustainability, and social justice. C02 L03 il N!¥MNJLI IU5%LIULI LIIRiiiJf4 SWKS Il)1 kr11s)N$ SA¥tIi TONNf.s OF Iiii. rjl (Klhi (¥KIt4 CRtATII) ece rcEyL FthN). YDJI clai
ress 10 104 (¥51 .JTI re¥* Allgnment with the SDGS: The portfolio is fully aligned with the United Nations Sustsinable Development Goals (SDGS), leveraging comprehensive ethical and positive impact screening process. This ensures investments refiect values of dignity, equity, and environmental stewardship. in line with principles endorsed by Pope Francis and the broader faith community. SUSTAINABLE DEVELOPMENT GC)ALS EIIIMAY£R ((( 11 12 13 IWE 15: Page 17
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 Environmental Impact: Carbon Footprint: Through forestry and other carbon sink investments, the portfolio removes 261 tonnes of C02e annually, making it carbon-negative compared to an unscreened portfolio. Fossil Fuel Dlvestment: Since 2017, the portfolio has maintained zero exposure to fossil fuel resenies, reducing environmental risk and SLtpporting the global energy transition. Foxi l Fue.1 Reserve s {thoUs3T5 tornes pe IE rnfeste d) *•a Renewable Energy: In our portfolio, renewable energy production is supported through various investments across Ireland, Europe, the U.S., and developing regions. These investments play a vital role in advancing clean energy solutions while contributing to global sustainability goals. As the transition to renewable energy is crucial in addressing climate change, impact-focused investors typically aim for a high level of renewable power generation within their portfolios. The benefit of generating renewable power can be measured by how much fossil fuel power (and resulting C02 emissions) it replaces, In 2024, the Portfolio avoided the release of almost 90 tonnes of C02e. This is equivalent to: Removing 19 cars from the roads every year 206 barrels of oil saved 75 acres of pine forest absorbing C02 for one year 10 round trips around the world by one typical passenger car (travelling at the equator). In terms of renewable energy prOdUd. th8 Portfolio produced 467 Mwh in 2024, enough energy to power approx. 126 homes. Page 18
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Below. we highlight some of the key impact metrics of these renewable energy funds.. Renewhble EnrgY Fvnd Renew3eenergY fund hoFdiro toth tmshore and off5hoie proiecrs Energy for 3,(11 housespwannum Avoids emissions of 4c4)XJC(iionnesol C02 Ferannum i.(IxI,Cj Mwh of tenewable F¢ peiarbnum Environmental Protectlon: Environmental protection is a critical aspect of sustainability addressed by the Portfolio. Investments also support sustainable forestry practices that promote biodiversty and resource conservation. The forestry investments within the Portfolio have a mandate to.. Produce sustainable timber. Sequester carbon from the atrn05phere. Protect natural resources and biodiversity of the area, to minimise the effect on the biodiversity and general environmental welfare. Solar lTrcome Fund Fund kjlding 3pprox. 40 sdai antS in Euwe Ener9yfor 150MKI hou wannvm Avoidsernissions of161(1 ionnes ofCO2 per onnum 480,C(Q fvAW) of renewable power Ferannum Page 19
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limit•d by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Social Impact: Job Creation: The Portfolio has several funds which provide job creation through their economic activity. The equity funds provide capital to companies thal employ anywhere between hundreds to hundreds of thousands, and therefore additional capital from investors should enable these companies to create jobs, albeit that the job creation impacl from additional investment in these typically large. estsblished businesses is low. However, other funds that operate in the developing world tend to produce far higher job ¢reation and compris8 most of the additional jobs produced for the portfolio. The new jobs created by an unscreened portfolio of the same size as the Portfolio would only create 19 new jobs, while the Portfolio helped create circa 31 dired jobs in 2024. While job creation from large-cap equity investments 15 modest. investments in developing regions significantly contribute to employment generats"on. Homelessness: In response to Ireland's housing crisis, the portfolio includes the New Haven Social Housing Fund. which tsrgets sustainable housing development for low-income and homeless populations. Overall, the portFolio exemplifies a values-driven, impact-focused investment strategy that contributes to a more just, Sustainable, and compassionate world. bJodlvey51ty by h.nnlng IlokdAe btiwe lkn h Taunoan4trdthrou9lmu Page 20
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 5. FINANCIAL REVIEW a. Golng Cone•m The Trustees affirm that the Charity has sufficient resources to continue operations. Financial statements have been prepared under the going concern assumption, with further details in the Accounting Policies. b. Financial Perfomiance In 2024, total income was £41,792 (2023: £68,648>. Income sources included Mary Ward Mission Funding of £26,117 (2023.. £26,826) and specific project funding of É14,221 (2023: £40,767}. Investment income totalled £1,454 {2023: £1,055). Total expenditure was £323,575 {2023'. £341,291), allocated as follows: Intemational Province$ and Projects: £225,913 Mary Ward Mission Fund.. £36,173 Governance Costs: £3,404 Fundraising and Investment Management. £58,085 The net deficit for 2024 was £281,783 {2023: £272.643), before considering investment gains of £1,945,232 {2023.' gains of £1,025,123) and foreign exchange losses of £806,585 (2023.. losses of £341,699). Consequently, the net increase in funds for 2024 was £856,864 (2023.. £410,781). c. Investment Policy and Perforniance As of December 31, 2024, the Charity's investment portfolio was valued at £17.989 million (2023: £17.072 million). The investments aim to generale income, preseDie real value, and achieve moderate retums. Managed primarily by Setanta Asset Management, additional alternative investments such as infrastructure and forestry funds are held through Cantor Fitzgerald Ltd. The Portfolio achieved a 10.8¥0 return in 2024, a substantial improvement from the 6.0°/o return in 2023. Trustees and advisors continuously review the portfolio to ensure alignment with the Charity's objectives. d. Reserves Pollcy and Finance Posltion The Charity manages funds to provide growth and income while maintaining a diversified risk profile. The total reserves as of December 31. 2024, were £18,268.661, allocated as follows: £18,231,639 in the main Investment Fund £30,455 in the Restricted Mary Ward Mission Fund £6,567 in the Development Fund The Charity held no fixed assets and maintained taxéxempt status through the Charity Commission. The Trustees plan to sustain current initiatives while optimizing asset management to generate income. Over the next knvo to five years, the Charity will continue supporting the Institute of the Blessed Virgin Mary's global mission, particularly in developing regions. Page 21
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmltsd by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 S. FINANCIAL REVIEW (continued g. Flxed Assets The Charity held no fixed assets during the year. f. Tax status The Charity has exempt status through its registration with the Charity Commission. 6. GOVERNANCE AND MANAGEMENT a. Constitution and Trustee Appointments The Charity is govemed by the Memorandum and Articles of Association {2000, amended 2012). The Trustees, who manage the Charity. include Institute Council members, the Institute Leader. and appointed individuals, ensuring that at least 50OA are members of the Institute. Trustees seNe up to nine years in three- year temis. In 2024. a new Institute treasurer was elected. Continued governance training was provided to all the Trustees. b. DecisiOnakIng and Oversight The Institute is structured into six provinces and four regions, each with leadership teams. Trustees oversee fund management and make major decisions at the Annual General Meeting, with regular consultations throughout the year. The Charity Secretary implements decisions and liaises with professionsl advisors. c. Risk Management Annual risk assessments identify key challenges, including: Financial Risks: Ensuring financial sustainability and sound investment strategies. Operational Risks: Managing investrnents, fund disbursement, cybersecurity, and inflation. Compliance Risks.. Strengthening governance through advisory meetings. Extemal Risks: Monitoring geopolitical and regulatory changes. The 2024 Risk Register was approved on November 16. 2024. d. Plans for the future The long anticipated merger between the Congregatron of Jesus (CJ) and Institute of the Blessed Virgin Mary (IBVM) is set to take place on 4 November 2025. This historiG event marks a significant step toward fulfilling the vision of our foundress, Mary Ward. She dreamed of a day when all the branches inspired by her spirituality would unite as a strong body of women religious working together for mission. This canonical merger brings us closer to making that dream a realty, and on merger day 4 November 2025 her hope for unity will be fully realised. Page 22
TERESA BALL INTERNATIOMAL SOLIDARITY FUND (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUEO) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure ol infomialion to auditor Eath Irustee wh0 18 In oifirk al the time of approvin9 ihis trustees. report has Confirm Ihat, to Ihe besl of Iheir knowledge. There Is no relevant audit inlomatton of which the Chadty's audilor Is unaware, They have taken all necess8ry Steps as a trustee to ensure they are aware of any relevant audrt infomiatmjn and Ihal the ¢harWs audilor is also infornied ol suGh informatlDn. Trvstées, Responslblllty Tnjstees ensure compliance with UK accounting standards and Charities SORP. They maintsin xcurate rinancial records, safeguard assels. and miligale fraud risks. Eath Tfuslee Confirms awareness of relevant audit infom)alion. Accountlng Records The Trustees aekntAwledgè thelr r8sp)nslblllll•$ urKler Ihe Slatemenl of Recorded Pra¢ttcè 'A¢countlng by Charities. {SORP) and their obllgats'ons to keep proper book$ and record$ for Ihe Charily. The books ol ac(yJunt of Ihe Charity are kew al 25 Ralhlamham W¢xd. Ratnfarnham. Dublin 14. Posl balance sheet events There have been no Signilicanl events affecbng Ihe Company since year end. Independent audffilor The independent auditor. RBK Audit UK Llrniled, Chartered Acunlants and Registered Audit Film have indicated their willingness lo continue in office Approved by order ol tPie momber8 of Ihe Board of Trustees and $igned on Iheir behalf by. Sister Canxel Swords Trustee Sister Kalhleen My(r Trustee Date., 6. *2,5 PagE 23
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A C¢mpany Limited by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Twslee8 (who are also the Direclors of Ihe Teiesa Ball Inleinational Solidarity Fund for the pU)se8 of company law) are responsible lor preparing the Tru8lee8' report and Ihe financial sletemenls in accordance ilh applicable la. arKI Uniied Kingdom Accounling Standards (United Kingdom Genernlly Accepted Aco)untin9 Pracbce). Conpany law requlr8s the TpJsiees to prepare flnanclal statements lor each financlal year. Und&T company la7A'. Ihe Twslees must nol appiove the financ4al siatements unless they are salisfied that they give a twe anrl fair view ol stale of aifairs ol Uie Charitable Company and ol 115 incoming re9CWr and application ol resources, including ils Income and expendiiuie of Ihe Charitable Company, lor that period. In prepaTtng Ihese rinanc¥al slalements. the Trustees awe required lo= sèlect $ultab16 accounllng polleles and then appty them eonslsteniiy,, observe the methods and pn'ncipies of the Chanties SORP; make It9ements and aerK)unllng estlmales that are reasonable 8nd yudenl,. slale whether applicale UK Accounting Standards have been lollowed, subject to any material departurès dLsdosed and explalned In thè flnanclal statsmènis: prepare Ihe finan¢ial slatements on the gdng ¢oncem basis unl&ss it is Inappropriate to presume thal the Charitable Company V4ill ¢ontinue in operation. The Trustees are rpOrVa1ble for keeping adequale 8c¢ounting records that afe wffiGienl to tshV and explain the Charitable Company's transarAions and disclose wth reasonable ac(xJracy at any ts.me the fmancial Frtlsltion of the Charitable Company and enable them to ensure that thc financial staternents o)mply with the COFanieS Act 2006. They are also resp)nsttrAe lor Safegrd1j the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and ¢)ther irregularilieg. Approved by ordw of Ihe members of trbe Board of Trugtees and signed on its behalf by: Sl$lor Carmol Swords TNstee Slstsr Kathleen My¢ Tte¢ Dale: 4&2, ts2 Page 24
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limit by Guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARITY FUND Oplnlon We have audited the financial ststements of Teresa Ball International Solidarity Fund for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, (United Kingdom Generally A¢pted Accounting Practice) as modified by the Statement of Recommended Practi ".Accounting 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 company's affairs as at 31 December 2024 and of its incoming reSoUeS and application of resources, including its income and expendrture for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pradice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for Ihe audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, induding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethi¢al responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the Twstees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt Dn the Charitable Company's ability to continue as a going concern for a period of at least tweSve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 25
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlted by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARITY FUND (CONTINUED) Other inforniation The Trustees are responsible for the other information. The other infornation comprises the infomation included in the Annual report, other than the financial ststements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other infomation and we do not express any fomi of assurance onclusion 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 informalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material mi5Statement in the financial statements or a material misstatement of the other information. If. based on the work we have perfomied. we conclude that there is a material misstatement of this other information, we are required to report that fact. Vve have nothing to report in this regard. Opinion on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomalion given in the Trustees, Report for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, ReporL We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if. in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us; or certain disclosures of Trustees, remunerations specified by law not made" or we have not reiVed all the information and explanations we require for our audit: or the Trustees were not entitled to prepare the financial statements in accordan with the small companies regime and take advantsge of the small companies, exemptions in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Responsibilities of Trustees As explained more fully in the Statement of Trustees, responsibilities, the Trustees {who are also the Directors of the Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is ne$sary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic altemative but to do so. Page 26
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARITY FUND (CONTINUED) Auditorfs responsibillties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non4ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide the basis for our opinion. In identifying and assessing risks of material misstatement in respect to irregularities, including fraud and noncompliance with laws and regulations, we considered the following.. the nature of the industry and sector, control environment and business performance., the Charity's own assessment of the risks that irregularities may occur either as a result of fraud or error. results of our enquires of management and other key persons about their own identification and assessment of the risks of irregularities any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to: identifying. evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., and detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentive5 that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which rnanagement is required to exercise significant judgement. In common with all audits under ISAS (UK) we are also required to perform specific ProdureS to respond to the risk of management override. We also obtained an understanding of the legal and reguialory framework that the Charity operates in, focusing on provisions of those laws and regulations Ihat had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulats-ons that do not have a direct effect on Ihe financial ststements but Complian with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. These included the competition and anti4>ribery laws, data protection, employment. environmental and health and safety regulations. Page 27
TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TERESA BALL INTERNATIONAL SOLIDARITY FUND (CONTINUED) Audit Response to Risk Identified Our procedures to respond to risks identified induded the following= reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., enquiring of management and exiernal legal counsel conceming actual and potential litigation and claims- performing analytical and substantive produ$ to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud,. reading minutes of meetings of those charged with govemance" addressing the risk of fraud through management override of controls, testing the appropriateness of joumal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of potential bias, and evaluating the business rationale of any significant transactions thal are unusual or outside the normal course of business., We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional scepticism throughout the audiL We also.. Identify and assess the risks of material misststement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that IS Sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion of the effectiveness of the Charitable Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates 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 audit evidence obtained, whether a material uncertainty exists related to events or condits'ons that may cast significant doubt on the Charitable Company's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our Auditorfs Report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Charitable Company to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial ststements represent the underlying transactions and events in a manner that achieves fair presentation. We Communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 28
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) 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 responsibilities This report is made solely to the Company's 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 Trustees those matters that we are required to state to them in the auditor's report and for no other PU*Se. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company or the Charitable Company's Trustees as a body for our audit worf(, for this report. or for the opinions we have formed. kJL. Ronan Kilbane {Senlor statutory auditor) For and on behalf of RBK Audlt UK Limited Chartered Accountants and Ststutory Audit Firm Termini 3 Arkle Road Sandyford Dublin 18 Ireland Date: 0410612025 Page 29
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Not• Income from: Project contributions Investment income Other income 14,221 1.4S4 14,221 1,454 26,117 40,767 1,055 26, 826 26,117 Total incomè 26,117 15,675 41,792 68,648 Expenditure on: Charitable activities Raising funds 36.173 229.317 58.085 265,490 58,085 284,337 56,954 Total expenditure 36.173 287,402 323,576 341,291 Net gains on investments Net Incom• before other recognisod galns and losses 11 1.94S.232 1,945,232 1,025, 123 {10,056) 1,673.505 1,663,449 752,480 Other recognlsed gainsl{losses): Foreign currency (losses) {806,585) (806.585) (341,699) Net movement in funds {10.056) 866,920 856.864 410,781 Reconcillation of funds: Total funds at 1 January Net movement in funds {see above) 14 40,511 (10.066) 17,371.286 866.920 17,411,797 856,864 17,001,016 410,781 Total funds at 31 December 14 30,455 18,238.206 18,268.661 17,411,797 Page 30
TERESA BALL INTERNATIOPIAL SOLIDARITY FUND (A Company Limited by Guarantee) BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 14ote Flxed assels Inv881ments 17,989.409 17.071.744 17,989,409 17,071.744 Current assets Deblors Cash at bank and in hand 12 17 16,085 282,007 366 358.328 298.092 558.694 Creditors.. amounts falling due wthin one year 13 (18.840) (18.841) N•t currenl assgts 279,252 340,053 Total net assets 18268.661 17 471,797 Charity lund5 Re8tr¢ted Mary Ward Mi8son fund Unrestrf¢ted inveslmerrt and devebpmenl funds 14 30.455 40.511 14 18.238,206 17.371.286 Total funds 18.268,661 17.41f.7g7 The financial stalements isefe aPpVed and authorised lorlgsue by the Trusiees and signed on Iheir behalf by: Slsler Cami•l Swords Tluslee Slster Kalhleèn Truske Dale". ffLlk IkYL ts 2 Page 31
TERESA BALL INTERNATIONAL SOLIDARiff FUND (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activltles Net cash (used in) operating activities 16 1298,7571 (269.557) Cash flows from investing activities Dividends, interests and rents from investments Increase in investment deposits arising from bank transfers 1,055 201,392 220,982 Net cash provided by Investing actlvltles 222,436 202.447 Cash flows from financing actlvltl88 Net cash provlded by financlng activiti8$ Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (76,321) 358,328 {67.110) 425,438 17 Cash and cash equlval8nts at the end of the year 17 282,007 358.328 The notes on pages 33 to 48 form part of these financial statements Page 32
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Inforniation The following policies have been applied consistently in dealing with items which are considered material to the financial statements. The financial statements have been prepared in £GBP Sterling. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared on a going Concern basis and under the historical cost convention with items recognised al cost or transaction value unless otherwise ststed in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK {FRS 102) (effective 1 January 2019) - (Charities SORP IFRS 102)). They also comp with the reporting requirements of the Companies Act 2006 and Charities Act 2011. Teresa Ball International Solidarity Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historiGal cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Company status The Company is a Company Limited by Guarantee incorporated in England within the UK. The registered address is provided in the Charitable Company's information on page 1. The members of the Company are the Trustees named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Company. 2.3 Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Trustees have prepared Cashflow projections and budgets which show that the Company will have sufficient resource5 to operate for a period of not less than twelve months from the date of approval of the financial statements. For this reason they conts'nue to adopt the going conrn basis in preparing the financial statements. Page 33
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2A Fund ac¢ounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial ststements. Restricted funds are funds which are to 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 use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to 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 to develop and strengthen those ministries of the Intemational Institute which have limited access to necessary reSoUs. or to assist new Institute Projects to become self-SUPPOrting. Only ministries for which the Institute is responsible or any ministry in which an Institute member 18 directly and currently involved, may be beneficiaries of the fund. Page 34
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limtted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 2.5 Income Income from donations, provin contributions and project contributions are recognised On the Charitable Company has entitlement to the income, it is probable that the income will be reiVed and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either.. the Charrtable Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is onty considered probable when the amount can be measured reliabty and the Charitable Company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charitsble Company, or the Charitable Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included a5 income when they are sold. Donated facilities are 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 financial statements for services donated by volunteers. Donated seNices or facilities are recognised when the Charitable Company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charitable Company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised. On receipt, donated professional senilS and donated facilities are recognised on the basis of the value of the gift to the Charitable Company which is the amount the Charitable Company would have been willing to pay to obtain seniices or facilities of equivalent economic benefit on the open market; a Corresponding amount is then recognised Tn expenditure in the period of receipt. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the seNice. Page 35
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng policigs (continued) 2.6 Expendlturg Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured 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. Govemance costs are those incurred in connection with administration of the Charitsble Company and compliance with constitutional and statutory requirements. Expenditure on charitable actNlties is incurred on directly undertaking the aclivities which further the Charitable Company's 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 the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as commitment, but not accrued as expenditure. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. 2.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company,. this is normally upon notification of the interest paid or payable by the bank. 2.8 Investments Investments are initially measured at fair value which usually equates to the transaction price and subsequently at fair value where investments are listed on an active market or where non listed investments can be reliably measured. Movements in fair value are measured in the Statement of Financial Activities. 2.9 Taxation The Charitable 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 charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation 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 Trade and other debtors Trade and other debtors are recognised initially at transaction price (including transaction costs) untess a financing aangement exists in which case they are measured at the present value of future receipts discounted at a market rate. Subsequently these are measured at amortised cost less any provision for impairment. Page 36
TERESA BALL INTERNATIONAL SOLIDARI FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poll¢les (continued) 2.11 Cash at bank and In hand Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Trade and other credltors Trade and other creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trdde payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 2.13 Foreign ¢urrencle8 The financial statements are presented in £GBP Sterling which is the functional currency of the Charitable Company. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the dosing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was detemined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of financial activity within 'costs of charitable activities,. All other foreign exchange gains and losses are presented in the statement of financial activity within 'expenditure on charitable activities,. 2.14 Contingencies Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable that there will be an oufflow of resources or that the amount cannot be reliably measured at the reporting date or (li) when the existence will be confirmed by the occurrence or non- occurrence of uncertain 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 remote. Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable. Page 37
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (contlnued) 2.15 Provlslon6 Provisions are recognised when the charity has a present legal or constructive obligation as a result of past events. it is probable that an oufflow of resourtss will be required to settle the obligation., and the amount of the obligation can be estimated reliably. Where there are a number of similar obligations, the likelihood that an oufflow will be required in settlement is determined by considering the class of obligations as 8 whole. A provision is recognised even if the likelihood of an ouffiow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using 8 pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognised as a finance cost within expenditure on charitab18 activities. 2.16 Financial Instruments The Cornpany onty enters into basic financial instrument transactions that resum in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at pr8S8nt value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments th8t are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However. if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outafight short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's csrrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impaitment loss is the current effective interest rate detemiined under the contract. For financial assets measured at cost less impaimient, the impairment loss is measured as the differgnce beeen an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of th8 amount that the Company would rec8ive for the asset if it were to be sold at the balance sheet date. Page 38
TERESA BALL INTERNATIONAL SOLIDARITY FUND IA Company Limit•d by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting 8stimates and areas of judgement The preparation of these financial ststements requires management to make judgements, eslimales and assumptions that affect the application of policies and reported amounts of assets and liabilities. income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. The Charitable Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition. seldom equal the related actual results. 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. Going concern The Directors consider it appropriate to prepare the financial statements on the going concem basis which assumes the Company will continue in operational existence for the foreseeable future. The Directors have prepared annual budgets and cash Ilows to assist in financial planning matters for the organisation. These Budgets and cash flows inevitably involve elements of estimation and judgement with regard to predictions of future activity and are monitored, flexed and reviewed on a regular basis. These budgets demonstrate that the organisation will have sufficient resources to continue in operation for a period of at least 12 months from the date of approval of these financial statements and to conts'nue to have the ability to discharge its obligations as they fall due. Project contributions Unrestricted funds 2024 Total funds 2024 Total funds 2023 Kangemi, Nairobi- Kenya Entally, Kolkata, India Sealdah, Kolkata, India Peru Projects - Jimcamarca Fe Y Alegrea Irish Project- Rumbek South Sudan Other General Donations 1,063 309 910 1,063 309 1,025 770 750 30,000 4,670 3,552 910 100 11,839 100 11.839 Totsl 2024 14,221 14,221 40,767 Total 2023 40, 767 40,767 Page 39
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 Investment income Unrestri¢t8d funds 2024 Total funds 2024 Total funds 2023 Listed investments Interest income 1,454 1,051 Total 2024 1,454 1,454 1.055 Total 2023 1,055 1,055 Other incoming r•sources Restricted funds 2024 Total funds 2024 Total funds 2023 Mary Ward Mission Fund income 26,117 26,117 26,826 Total 2024 26,117 26,117 26,826 Tot812023 26,826 26, 826 Page 40
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charitsble activities Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Support for the International Provinces (7.1) Mary Ward Mission Fund Support for the International Projects (7.2) Govemance Costs (7.3) 211,422 211,422 36,173 14,491 3,404 205.473 33,480 40.813 4,571 36,173 14.491 3,404 Total 2024 36,173 229,317 265,490 284,337 Total 2023 33,480 250,857 284,337 7.1. Support for the international provinc•s (unrastricted funds) Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 South Asia - Kolkata South Asia - Bangladesh South Asia - Nepal Eastern Africa Peru South Africa - Zambia Administration Expenses 32,202 16,696 4,999 70,968 77,434 9,013 110 32.202 16,696 4.999 70.968 77,434 9,013 110 43,997 10,802 3,593 60,412 73,188 13,298 183 Total 2024 211,422 211,422 205,473 Total 2023 205,473 205,473 Page 41
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limlted by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7.2. Support for international projects (unrestri¢tod development funds) Unrestricted funds 2024 Total funds 2024 Total funds 2023 Kangemi, Nairobi - Kenya Gener81 Eastern Africa Entally. Kolkata, India South Asia Projects - General Peru - General Rumbek South Sudan Administration Expenses Other General Donations 1.C63 213 9,504 1.063 213 9.504 1,025 770 T50 30,000 8,222 46 100 57 3,554 100 57 3.554 Total 2024 14.491 14,491 40,813 Total 2023 40,813 40,813 7.3. Governance Costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Auditor's remuneration Professional fees 3,404 3,404 4,558 13 Total 2024 3,404 3,404 4,571 Total 2023 4.571 4,571 Page 42
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Raising funds Unrestricted fund8 2024 Total funds 2024 Tot81 fvnds 2023 Investment management fees 58,085 58,085 56,954 Total 2024 58,085 58,085 56,954 Total 2023 56, 954 56,954 All costs of raising funds paid in the current and prior year were in relation to unrestricted funds. Auditorfs remuneration 2024 2023 Auditorfs remuneration - for audit services only 3,404 4,558 10. Tru8tee8' remuneratlon and expenses During the year, no Twstees received any remuneration (2023 - £NIL). During the year, no Twstees received any benefits in kind (2023 - £NIL). During the year, no Trustees received any reimbursement of expenses (2023 - £NIL). 11. Investments 2024 2023 At 1 January 2024 <Withdrawals)Ideposits Gains on investments Currency (Ios5es) on Investments Management Fees Deducted 17,071.744 16,589,712 1162,897) (168, 944) 1,945,232 1,025, 123 1806,585) (341, 699) (58,085) (32,448) 17,989,409 17,071, 744 Page 43
TERESA BALL INTERNATIONAL SOLIDARrrY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2024 12. Debtors 2024 2023 Due wlthln one year Other debtors 16,085 366 16,085 366 13. Creditors: Amounts falling duo within one year 2024 2023 Accruals and deferred income 18,840 18,641 18,840 18,641 14. Statement of funds Statement of funds- current year Balance at 31 Galnsl December (Losses) 2024 Balance at 1 January 2024 Income Expenditure Unrestrlcted funds Investment funds Development funds 17,364.277 7.009 1N54 14,221 {272,911) 1,138,819 18,231,639 114,491 (172) 6,567 17.371.286 15,675 {287,402) 1.138,647 18,238,206 Restrlcted funds Mary Ward Mission fund 40,511 26,117 136,173) 30A55 Total of funds 17,411,797 41,792 (323,575) 1,138.647 18,268,661 Page 44
TERESA BALL INTERNATIONAL SOLIDARrrY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Statem•nt of funds (continued) statement of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Gainsl (Losses) Income Expenditure UnroStrl¢ted funds Investment funds Development funds 16,946,721 7, 130 1,050 40, 772 (266,999) (40,812) 683, 505 17,364,277 (81) 7.009 16,953,851 41,822 (307,811) 683,424 17,371,286 Restrlcted funds Mary Ward Mission fund 47,165 26,826 (33,480) 40,511 Total of funds 17,001.016 68.648 (341,291) 683,424 17,411,797 16. Analys18 of net assets between funds Analysis of net assgts between funds - ¢urrnnt y•ar Restricted Unrestrfcted funds funds 2024 2024 Total funds 2024 Fixed asset invesknents Current assets Creditors due within one year 17.989,409 17,989,409 267,637 298,092 (18,840) (18,840) 30,455 Total 30,455 18,238,206 18,268.661 Page 45
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Analysis of net assets between funds (contlnued) Analysis of net assets betwoen funds - prior year Restricted Unreslricted ftinds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 17,071, 744 17,071,744 318,183 358, 694 (18,641) (18,641) 40,511 Total 40,511 17,371,286 17,411,797 16. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the year (as per Slatement of Financial Activities) 1,663,449 752,480 Adjustments for: Investment income (Gains) on investments (Increase) in debtors Increase in creditors (1,454) (1,055) {1,945,232) (1,025, 123) (15,719) 199 4.141 N•t Cash used In operating activitie8 (298,757) (269,557) 17. Analysis of cash and cash equivalgnts 2024 2023 Cash at bank and in hand 282.007 358,328 Total cash and cash equivalents 282,007 358,328 Page 48
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limit by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Analysis of changes in ngt debt At31 December 2024 January 2024 Cash flows Cash at bank and in hand 358,328 (76,321) 282.007 358,328 (76,321) 282.007 19. Funds recelvedlheld as agont Teresa Ball International Solidarity Fund {TBISF} has entered into a Fund Investment and General Project Agency Agreement with the Loreto Ladies, Colleges and Schools (LLCSI, LLCS has engaged TBISF as its agent to assist it in investing its funds and carrying out its charitable activities on its bahalf. 2024 2023 Funds received and paid by TBISF as agent Opening balance Funds received from LLCS Donations paid as agent Net gainsl{losses) on investments, including bank interest Bank and investment fees Foreign currency (losses) 5,608,022 5,586,658 8.501 (25,047) 160, 148 (9, 139) (113,099) (675,840) 560,625 (21,819) (251,158> Closlng balance held as agent Assets held as agent 5.219,730 5, 608, 022 Cash at bank Investments, unitised funds Debtors 41,922 5,315,126 6,614 (139,510) (4,422) 580, 790 5, 027.232 Creditors Accruals Closlng balance held as agent 5,219,730 5,608,022 Segr•gation of assets Both the cash at bank and inv8Stment portfolio are held in separate LLCS accounts. Page 47
TERESA BALL INTERNATIONAL SOLIDARITY FUND (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Capltal commitments There were no capital commitments at the year ended 31 December 2024. 21. Contlngent liabilities There were no contingent liabilities at the year ended 31 Decemb8r 2024. 22. Related party transactions The Charitable Company supports the mission of the Institute of the Blessed Virgin Mary - Loreto Generalate and is a related party by virtue of common Trustees. During the year, the charity through province contributions provided funding to the Institute of the Blessed Virgin Mary - Loreto Generalate for the LLCS and TBISF Project Funds of £431,198 {2023'. £16,797). 23. Post balance sheet events There have been no significant events affecting the Charitable Company since year end. 24. Approval of the financial sL1tements The Trustees approved the financial statements for issue on.. 0410612025 Page 48