2025-12-31-accounts

Charity Registration No. 1127151

MARIA ASSUMPTA TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

MARIA ASSUMPTA TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Sr Catherine Cowley r.a (Chair)
	Sr Maureen Connor r.a (Secretary)
	Sr Catherine Jones r.a
	Sr Veronica Ann Rowley r.a
	Sr Cecile Franquin r.a (Resigned 3 April 2025)
	Sr Isabelle Roux r.a (Resigned 11 March 2025)
	Sr Lerma Montana Pangantihon r.a (Appointed 11 March 2025)
Charity number	1127151
Principal address	20 Kensington Square
	London
	W8 5HH
Auditor	HaysMac LLP
	10 Queen Street Place
	London
	EC4R 1AG
Solicitors	Russell-Cooke
	2 Putney Hill
	London
	SW15 6AB
Investment advisors	Quilter Cheviot Ltd
	Senator House
	85 Queen Victoria Street
	London
	EC4V 4AB
	Epworth Investment Management Ltd
	25 Tavistock Place
	London
	WC1H 9SF

MARIA ASSUMPTA TRUST

CONTENTS

	Page
Trustees' report	1 - 3
Statement of trustees' responsibilities	4
Independent auditor's report	5 - 7
Statement of financial activities	8
Statement of financial position	9
Statement of cash flows	10
Notes to the financial statements	11 -17

MARIA ASSUMPTA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are to advance the religious and other charitable work of the Religious of the Assumption, anywhere in the world, as the trustees thinks fit. ·

The charity was formed in October 2008 and received its first funds from the related charity the 'Religious of the Assumption" in May 2009.

The trustees have paid due regard to the public benefit guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Fundraising standards information

The charity does not actively fundraise and does not hold any agreements with professional fundraisers or commercial participators.

Grant making policy

The trustees give priority to requests for funds from the various provinces of the Congregation and make grants as they judge appropriate. The trustees have established a Grant Making Policy and procedures and guidelines for grant applications to achieve its objects for the public benefit.

Achievements and performance

The Maria Assumpta Trust gives priority to projects directly undertaken by the Congregation of the Religious of the Assumption anywhere in the world. MAT trustees have funded 26 projects worldwide in the last five years. The largest proportion of grants went to school projects, such as building new schools, expanding or renovating existing buildings, improving IT provision or offering bursaries for underprivileged children, mainly girls. Other supported projects have included new chapels and pastoral programmes. Many provinces benefited from these grants, particularly across Africa, Central America and India.

During the year, the charity made donations to the Religious of the Assumption Provinces of Central Africa and Madagascar. Trustees approved a grant of £212,000 ($272,000 US) to the Mpiko Lycée in Kinshasa (DRC) to expand the school. Funding will go towards a new building for the lycée’s secondary school, so kindergarten and primary school can be offered in the lycée’s current building once construction is completed. In a country where education is in crisis, educating children from an early age is essential for transmitting values that help transform society for the better, common good.

Saint-Joseph College in Ambohimahasoa (Madagascar) was awarded £111,000 (126,000 euros) to fund a new building with 12 classrooms near the existing school. The current infrastructure can no longer accommodate the growing needs of the 1,205 pupils enrolled in kindergarten, primary and secondary education, jeopardising their learning. The project will improve learning conditions and ensure that more children from disadvantaged backgrounds can access quality education.

Projects approved in previous financial years were continued or completed by the Religious of the Assumption Provinces of Europe and Central America. More than a year after submitting plans to the Office of Historical and Environmental Landscapes in Italy, the Assumption School in San Campoforo (Como) were granted permission in September 2025 to build their gymnasium. Weather permitting, works will continue through the winter months with the construction of changing rooms and facilities ready for spring 2026. The new structure will enable the school to offer students adequate space for sports activities whilst reducing rental and transport costs.

The Central America Provincial Council continues to deliver transformative education to the most vulnerable communities in Nicaragua, Guatemala and El Salvador. The CANVAS educational platform gives children and young people from all social backgrounds access to technological advances for education. In the last year, CANVAS has been accessible to all education centres of the province and used by 1,900 students. It was also used for communications in emergency situations, such as a volatile political situation in the region or an environmental disaster. El Salvador's education policies have, however, weakened the use of the CANVAS Platform in that country.

• 4 -

MARIA ASSUMPTA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The construction of the chapel for the Singa Chini Community in Tanzania, in the Assumption Province of East Africa, is progressing slowly. With the roof now installed - a challenge because of its height – building should speed up and the chapel should be finished in 2026. The proposed chapel will accommodate up to 150 visitors and will serve as a spiritual centre for the sisters and the novices in the region. The Assumption Noviciate Oratory, situated on the slopes of Mount Kilimanjaro, is not large enough to accommodate the growing number of visitors who come to the area.

The Assumption School in Passi (Philippines) experienced significant delays in the construction of a new building on the school’s current grounds. Work started with a new contractor and about 15% was done in the year. Delays were caused by having to redesign from a 2-storey to 3-storey school, losing the original contractor and the strong typhoons that have affected the country and flooded the construction site. Despite those challenges, the on-going construction of this new building is encouraging more parents to enrol their children. With Assumption Passi being the only Catholic school in the city, faith formation and evangelisation will be assured.

Investment Performance

The market value of the investments increased during the year with the value of the portfolio being £23,282,000 at the year-end in comparison to £22,055,000 in the prior year.

The investments which consist of UK equities and Investment funds, are selected on the advice of the investment managers.

The trustees are satisfied with the performance of the Investments and with the advice received from the investment managers.

Financial review

The charity's work is entirely reliant on income and investment returns from its endowments. Income for the year comprised £703,000 in investment income (2024: £738,000). Expenditure amounted to £461,000 (2024: £845,000). When combined with the gains on investments, the resulting net increase in funds for the year was £1,530,000 (2024: £670,000). This resulted in a increase in reserves to £24,117,000 (2024: £22,587,000) as shown in the statement of financial position.

Reserves Policy

As at the year end, the charity held £24,117,000 in reserves (2024: £22,587,000). It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level of not less than six month's estimated income. The trustees consider that reserves at this level will ensure that, in the event of a prolonged significant drop in income, they will be able to continue the charity's current activities. Free reserves at 31 December 2025 were £848,000 (2024: £532,000) which were above six month’s estimated income in line with the charity’s reserves policy but not considered excessive.

Investment policy

The charity’s investment powers are prescribed under the terms of the trust deed. The trustees are permitted to invest in investments in the form of Government securities and the shares and fixed interest securities of public companies, investment, financial or unit trusts.

The charity’s investment policy is set by the trustees and the investments are divided in roughly equal proportions and managed by Quilter Cheviot Limited and Epworth Investment Management Limited.

Our investment choices seek to be a practical implementation of the social consequences of the Gospel. We do this through our ethical investment policy and by positive choices, as well as negative exclusions, in our asset allocation. The investment managers are instructed to approve the return on the investments over the medium term within these parameters.

• 5 -

MARIA ASSUMPTA TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Risk management

Investments: One of the principal risks faced by the charity lies in the performance of investments and therefore the capacity of the charity to make grants. The trustees consider the variability of investment returns on the expendable endowment to constitute the charity’s major financial risk. This is mitigated by retaining two expert investment managers to manage the investment portfolio.

Donations oversight: The charity primarily makes donations to overseas Provinces of the Assumption further to their grant making policy. The trustees accept that although it is not possible for charities to protect themselves completely from all risk of fraud and financial abuse, they can implement strong safeguards in the charity to reduce vulnerability and lessen the likelihood of an occurrence.

Charities working Internationally face an increased risk of financial abuse from fraud or theft because of the complexity of working overseas as local conditions may make it harder to enforce controls.

The trustees rely upon a variety of methods to address these particular challenges, for example:

• ensuring there is a clear audit trail established when transmitting funds overseas

• carrying out banking due diligence

• involvement of the general bursar on projects as necessary

• obtaining photographs and other evidence of charitable work undertaken overseas

• working with partners overseas to ensure the proper monitoring and verification of the end use of funds

• visiting the projects to ensure the existence of the works along with emails and debriefs provided on the status of the charitable expenditure

Plans for the future

The financial markets are continuing to suffer a lot of turbulence. The trustees are monitoring the situation carefully and conclude that despite changes in income, they can safely honour the commitments in funding they have already made for 2026 and continue accepting new applications.

Structure, governance and management

The charity was established by a charitable trust deed on 28 October 2008.

The charity can have a maximum of six trustees and the initial trustees were appointed by the trust deed. New trustees can be appointed by resolution of the existing trustees. The current trustees are part of the Congregation of the Religious of the Assumption, an international Roman Catholic Order. They have detailed knowledge of the charity’s activities and were appointed for their experience in the affairs of the order.

The trustees who served during the year were: Sr Catherine Cowley r.a (Chair) Sr Maureen Connor r.a (Secretary) Sr Catherine Jones r.a

Sr Veronica Ann Rowley r.a Sr Cecile Franquin r.a Sr Isabelle Roux r.a (Resigned 11 March 2025) Sr Lerma Montana Pangantihon r.a (Appointed 11 March 2025)

The charity employs no staff, but enjoys the part-time services of Ms Celine Gagnon, who is employed by the Religious of the Assumption, as Fund Administrator.

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MARIA ASSUMPTA TRUST

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

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

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the trustees:

Sr Catherine Jones

Trustee

Dated:

• 4 -

MARIA ASSUMPTA TRUST

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF MARIA ASSUMPTA TRUST

Opinion

We have audited the financial statements of Maria Assumpta Trust (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, statement of financial position, the statement of cash flows and the notes to the financial statements, Including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of the charity’s net movement in funds for the year then ended;

• have been properly prepared in accordance with United -Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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MARIA ASSUMPTA TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF MARIA ASSUMPTA TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• adequate accounting records have not been kept by the charity; or

• sufficient accounting records have not been kept; or

• the charity financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Charity law, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities SORP.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the approval of grants. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Evaluating management’s controls designed to prevent and detect irregularities;

• Identifying and testing journals; and

• Challenging assumptions and judgements made by management in their critical accounting estimates

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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MARIA ASSUMPTA TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF MARIA ASSUMPTA TRUST

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date:

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

.- 7 -

MARIA ASSUMPTA TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Funds 2025 £000 Notes Income from: Investments 2 703	Unrestricted Funds 2025 £000 Notes Income from: Investments 2 703	Endowment Funds 2025 £000 -	Total Funds 2025 £000 703	Unrestricted funds 2024 £000 738	Endowment Funds 2024 £000 -
Expenditure on: Investment management costs 3 Grant funding 4	- 387	74 -	74 387	- 771	74 -
Total expenditure Net gains on investments 9 Net movement in funds Fund balances at 1 January 2025 Fund balances at 31 December 2025	387 - 316 532 848	74 1,288 1,214 22,055 23,269	461 1,288 1,530 22,587 24,117	771 - (33) 565 532	74 777 703 21,352 22,055

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 8 -

MARIA ASSUMPTA TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

Notes Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Current liabilities 12 Net current assets Net assets Capital Funds Endowment funds - general 13 Income funds Unrestricted funds	2025 £000 95 787 882 (47) = =	2024 £000 £000 23,282 83 691 774 (242) 835 24,117 ======== = 23,269 848 24,117 ======== =	£000 22,055 532 22,587 ======== 22,055 532 22,587 ========

The financial statements were approved by the Trustees on …………………………………………….

…………………………………….. …………………………………….. Sr Catherine Cowley r.a (Chair) Sr Catherine Jones r.a Trustee Trustee

• 9 -

MARIA ASSUMPTA TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

Notes Cash flows from operating activities Cash absorbed by operations 16 Investing activities Purchase of investments Proceeds on disposal of investments Investmentincome Net cash generated from investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2025 £000 (1,532) 1,593 703 ===	£000 (668) 764 96 691 787 ======	2024 £000 (786) 860 738	£000 (911) 812 (99) 790 691 ========
			=

• 10 -

MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity Information

Maria Assumpta Trust Is a charitable trust established by deed on 28 October 2008. The principal address is 20 Kensington Square, London W8 5HH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared on the historical cost convention, modified to include Investments at fair value. The principal accounting policies adopted are set out below.

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

The endowment fund is expendable at the discretion of the trustees.

1.3 Income

Income is recognised when the charity Is legally entitled to it and the amounts can be measured reliably, and it is probable that income will be received.

Investment income is credited to income when it is receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

1.4 Expenditure

Basic financial liabilities, including trade and other payables, are recognised at transaction price.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.

1.5 Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Changes In fair value are recognised in net income/(expenditure) for the year.

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MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial instruments' and Section 12 'Other Financial instruments issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's statement of financial position when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price Including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction Is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial I/abilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2 Investments

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
	£000	£000
Income from listed investments	703	738
	703	738
	========	========

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MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

3	Investment management costs
		Endowment	Endowment
		funds	funds
		general	general
		2025	2024
		£000	£000
	Investment management costs	74	74
		74	74
		========	========
4	Grant funding
		2025	2024
		£000	£000
	Cost of grant funding activities	39	7
	Grant funding of activities (see note 5)	332	749
	Share of governance costs (see note 7)	16	15
		387	771
		========	========
5	Grants payable
		2025	2024
		£000	£000
	Grants to institutions:
	Religious of the Assumption Cameroon	211	-
	Religious of the Assumption France	2	(3)
	Religious of the Assumption Italy	6	340
	Religious of the Assumption India	-	36
	Religious of the Assumption Madagascar	111	-
	Religious of the Assumption Nicaragua	1	-
	Religious of the Assumption Philippines	-	271
	Religious of the Assumption Tanzania	1	105
		332	749
		========	========

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year (2024: none).

7 Auditor’s remuneration

Governance costs includes the following:

Governance costs includes the following:
	2025	2024
	£000	£000
Fees payable to the auditor for the audit of the annual accounts	16	15
	========	========

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MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Employees

There were no employees during the year (2024: none).

9 Net gains on investments

9	Net gains on investments
		Endowment	Endowment
		funds	funds
		general	general
		2025	2024
		£000	£000
	Revaluation of investments	1,288	777
		========	========
10	Fixed asset investments
			Total
			Investments
			£000
	Cost or valuation
	At 1 January 2025		22,055
	Additions		1,532
	Net gains on investments		1,288
	Disposals		(1,593)
	At 31 December 2025		23,282
			========
	Carrying amount
	At 31 December 2025		23,282
			========
	At 31 December 2024		22,055
			========
	Listed investments included above:	2025	2024
		£000	£000
	Listed investments carrying amount	22,673	21,715
	Cash held within the investment portfolio	609	340
		========	========

The historic costs of the charity’s fixed assets investments as at 31 December 2025 was £18,516k (2024: £18,640k).

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MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

11	Debtors
		2025	2024
		£000	£000
	Accrued income	95	83
		-----------	-----------
		95	83
		========	========
12	Current liabilities
		2025	2024
		£000	£000
	Grants payable	-	208
	Accruals	47	34
		-----------	-----------
		47	242
		========	========

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MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

13 Endowment funds

Endowment funds represent assets which are held to generate income for the charity and utilised for the payment of grants. Income arising on the endowment funds fund.

Balance at 1 January 2024 £000 Permanent Endowments Endowments From the Religious of the Assumption 21,352 21,352 ========== ==	Movement in funds Income Expenditure Transfers Revaluations Gains and losses Balance at 1 January 2025 £000 £000 £000 £000 £000 - (74) - 777 22,055 - (74) - 777 22,055 ======== ========== ========== ========== ========== ==	Movement in funds Balance at Income Expenditure Transfers Revaluations Gains and losses 31 December 2025 £000 £000 £000 £000 £000 - (74) - 1,288 23,269 - (74) - 1,288 23,269 ======== ========== ========== ========== ==========

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MARIA ASSUMPTA TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14 Analysis of net assets between funds

Unrestricted funds Endowment funds 2025 2025 £000 £000 Fund balances at 31 December 2024 are represented by: Investments - 23,269 Net current assets 848 - 848 23,269 ========== ========== ==	Total Unrestricted funds Endowment funds Total 2025 2024 2024 2024 £000 £000 £000 £000 23,269 - 22,055 22,055 848 532 - 532 24,117 532 22,055 22,587 ======= ========== ========== =========

15 Related party transactions

Grants totaling £332,000 (2024 - £749,000) were made to related charities during the year, as shown in note 5 to the accounts. There were no other related party transactions in the current or preceding year.

16 Cash generated from operations Surplus for the year Adjustments for: Investment income recognised in statement of financial activities Gains on investments Movements in working capital: Increase in debtors Decrease in creditors Cash absorbed by operations =	2025 £000 1,530 (703) (1,288) (12) (195) (668) ========= =	2024 £000 670 (738) (777) (52) (14) (911) =========

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