2023-12-31-accounts

Reports
Referenceandadministrativeinformation	1
Trustees'report	3
Independentauditor'sreport	17
Financialstatements
Statementoffinancialactivities	21
Balancesheet	22
Statementofcashflows	23
Principalaccountingpolicies	24
Notestothefinancialstatements	28

Trustees	SisterAileenKennedy
	SisterJoanGeoghegan
	SisterMaryMcCloskey
SuperiorDelegate	SisterMaryMcCloskey
Delegationbursar	SisterAileenKennedy
Administrativeoffice	24LongdownLaneNorth
	Ewell
	Epsom
	Surrey
	KT173JQ
Registeredoffice	c/oBuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Charityregistrationnumber	1133012
Companyregistrationnumber	07003646(EnglandandWales)
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Solicitors	StoneKingLLP
	UpperBoroughCourt
	3UpperBoroughWalls
	Bath
	BA11RG
Investmentmanagers	RathboneUnitTrustManagementLimited
	8FinsburyCircus
	London
	EC2M7AZ

Bankers	HSBCBankplc
	54HighStreet
	Epsom
	Surrey
	KT198DS

==> picture [132 x 30] intentionally omitted <==

Date: 26 June 2024

		Un-		2023	Un-		2022
		restricted	Restricted	Total	restricted	Restricted	Total
		funds	funds	funds	funds	funds	funds
	Notes	£	£	£	£	£	£
Incomefrom:
Investmentsandinterestreceivable	1	253,605	38,006	291,611	231,298	34,803	266,101
Totalincome		253,605	38,006	291,611	231,298	34,803	266,101
Expenditureon:
Raisingfunds
.Investmentmanagementfees		14,634	2,242	16,876	14,724	2,255	16,979
Charitableactivities
.Supportofmembersofthe
Congregationandtheirministry
togetherwiththereliefofpovertyand
theadvancementofeducationor
religionconnectedwiththeRoman
Catholicfaith	2	200,451		200,451	193,004		193,004
Totalexpenditure		215,085	2,242	217,327	207,728	2,255	209,983
Netincomebeforenetinvestment
gains(losses)	4	38,520	35,764	74,284	23,570	32,548	56,118
Netgains(losses)onlistedinvestments	6	271,421	41,576	312,997	(879,948)	(132,079)	(1,012,027)
Netincome(expenditure)andnet
movementinfunds		309,941	77,340	387,281	(856,378)	(99,531)	(955,909)
Reconciliationoffunds:
Totalfundsbroughtforwardat1
January2023		7,384,029	1,143,338	8,527,367	8,240,407	1,242,869	9,483,276
Totalfundscarriedforwardat31
December2023		7,693,970	1,220,678	8,914,648	7,384,029	1,143,338	8,527,367

		2023	2023	2022	2022
	Notes	£	£	£	£
Fixedassets
Listedinvestments	6		8,640,564		8,327,567
Currentassets
Debtors	7	217		135
Shorttermdeposits		100,000		100,000
Cashatbankandinhand		186,086		110,257
		286,303		210,392
Liabilities
Creditors:amountsfallingdue
withinoneyear	8	(12,219)		(10,592)
Netcurrentassets			274,084		199,800
Totalnetassets			8,914,648		8,527,367
Thefundsofthecharity:
Restrictedfunds	9		1,220,678		1,143,338
Unrestrictedfunds
.Generalfund			793,970		484,029
.Designatedfunds	10		6,900,000		6,900,000
			8,914,648		8,527,367

==> picture [53 x 16] intentionally omitted <==

		2023	2022
	Notes	£	£
Cashflowsfromoperatingactivities:
Netcashusedinoperatingactivities	A	(215,700)	(211,185)
Cashflowsfrominvestingactivities:
Investmentincomeandinterestreceived		291,528	265,967
Purchaseofinvestments		-	(50,001)
Netcashprovidedbyinvestingactivities		291,528	215,966
Changeincashandcashequivalentsintheyear		75,828	4,781
Cashandcashequivalentsat1January2023	B	110,258	105,477
Cashandcashequivalentsat31December2023	B	186,086	110,258
Notestothestatementofcashflowsfortheyearto	31December2023.

Reconciliationofnetmovementinfundstonetcashusedinoperating	activities
	2023	2022
	£	£
Netmovementinfunds(asperthestatementoffinancialactivities)	387,281	(955,909)
Adjustmentsfor:
(Gains)lossesonlistedinvestments	(312,997)	1,012,027
Investmentincomeandinterestreceivable	(291,611)	(266,101)
Increase(decrease)increditors	1,627	(1,202)
Netcashusedinoperatingactivities	(215,700)	(211,185)

Analysisofcashandcashequivalents
	At1		At31
	January		December
	2023	Cashflows	2023
	£	£	£
Cashatbankandinhand	110,257	75,829	186,086
Cashheldbyinvestmentmanagers	1	(1)	-
Totalcashandcashequivalents	110,258	75,828	186,086

			2023			2022
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds	funds	funds	funds	funds
	£	£	£	£	£	£
Investmentincome
.UKlistedinvestments	248,119	38,006	286,125	230,168	34,803	264,971
Bankinterest	5,486	-	5,486	1,130	-	1,130
	253,605	38,006	291,611	231,298	34,803	266,101

withtheRomanCatholicfaith
	UnrestrictedfundsI
	Totalfunds
	2023	2022
	£	£
Provisionofgrantsanddonations(seebelow)	179,779	174,612
Supportandgovernancecosts(note3)	20,672	18,392
	200,451	193,004

Grantsanddonationsduringtheyearcomprised:
	UnrestrictedfundsI
	Totalfunds
	2023	2022
	£	£
Amountspaidtoinstitutions
SupportofmissionsandprojectsoftheCongregationoverseas
.EducationalsupportinKinshasa,DemocraticRepublicofCongo		34,791
.AssistancetothecommunityinthePhilippines	78,973	26,813
.AssistancetothecommunityinBrazil	8,791
Supportofsistersandtheprovisionofcareforthesickandolder
membersoftheCongregationinIreland	40,000	35,000
ContributiontotheCongregation'sGeneralatetosupportthework
oftheCongregationgenerally
.Annualdonation	13,165	61,755
MissionFunddonations:tosupportcharitableworkinUkraine
.MedecinsSansFrontieres	5,000
.IrishRedCross	5,000
.BritishRedCross	5,000
.Trocaire	5,000
.MissionaryOblatesofMaryImmaculate		7,500
.CongregationoftheMostHolyRedeemer—TheRedemptorists		7,500
AymerFoundation	18,850	1,253
	179,779	174,612

3	Supportandgovernancecosts
		UnrestrictedfundsI
		Totalfunds
		2023	2022
		£	£
	Legalandprofessionalfees	7,008	7,468
	Governancecosts	8,820	5,400
	Trustees'meetingexpenses	1,253	3,195
	Otherexpenses	3,591	2,329
		20,672	18,392
4	Netincome(expenditure)beforenetinvestmentgains(losses)
	Thisisstatedaftercharging:
		2023	2022
		£	£
	Auditor'sremuneration(includingVAT)
	.Statutoryauditservices:Currentyear	6,330	5,400
	Previousyear	930
	.Otherservices:Currentyear	1,560

Investments
	2023	2022
	£	£
Listedinvestments
Fair(market)valueat1January2023	8,327,567	9,289,592
Additionsatcost		50,001
Netunrealisedinvestmentgains(losses)	312,997	(1,012,027)
Fair(market)valueat31December2023	8,640,564	8,327,566
Cashheldbyinvestmentmanagersforre-investment		1
	8,640,564	8,327,567
Costoflistedinvestmentsat31December2023	6,448,396	6,448,396

7	Debtors
		2023	2022
		£	£
	Interestreceivable	217	135
8	Creditors:amountsfallingduewithinoneyear
		2023	2022
		£	£
	Othercreditorsandaccruals	12,219	10,592
9	Restrictedfunds—TheGeneralatefund
		2023	2022
		£	£
	At1January2023	1,143,338	1,242,869
	Netmovementsinyear	77,340	(99,531)
	At31December2023	1,220,678	1,143,338

specificpurposes:
	At1		Released/	At31
	January	Designated	utilised	December
	2023	intheyear	intheyear	2023
	£	£	£	£
Missionfund	1,000,000	20,000	(20,000)	1,000,000
Retirementreserve	5,900,000			5,900,000
	6,900,000			6,900,000
	At1		Released/	At31
	January	Designated	utilised	December
	2022	intheyear	intheyear	2022
	£	£	£	£
Missionfund	1,000,000	15,000	(15,000)	1,000,000
Retirementreserve	5,900,000			5,900,000
	6,900,000	15,000	(15,000)	6,900,000

Analysisofnetassetsbetweenfunds
	General	Designated		Restricted	Total
	funds		funds	funds	2023
	£		£	£	£
Fundbalancesat31December2023
arerepresentedby:
Investments	592,856	6,900,000		1,147,708	8,640,564
Netcurrentassets	201,114			72,970	274,084
Totalnetassets	793,970	6,900,000		1,220,678	8,914,648
	General	Designated		Restricted	Total
	funds		funds	funds	2022
	£		£	£	£
Fundbalancesat31December2022
arerepresentedby:
Investments	321,435	6,900,000		1,106,132	8,327,567
Netcurrentassets	162,594			37,206	199,800
Totalnetassets	484,029	6,900,000		1,143,338	8,527,367
Thetotalunrealisedgainsat31December	2023and	2022	include	netgainson	revaluation
oflistedinvestments.
				2023	2022
				£	£
Totalunrealisedgainsonlistedinvestments	at31December2023			2,192,168	1,879,170
Reconciliationofmovementsinunrealisedgains
Unrealisedgainsat1January2023				1,879,171	2,891,198
Less:Gainsrealisedondisposaloflistedinvestments
Net(losses)gainsarisingonrevaluationoflistedinvestments				312,997	(1,012,027)
Totalunrealisedgainsat31December2023				2,192,168	1,879,171