2024-03-31-accounts

The Congregation of the Sisters of Nazareth Generalate Annual Report and Accounts 31 March 2024 Charity Registration Number 1138876 (England and Wales)

Contents Reports Reference and administrative details of the charity, Fts trustees and advisers Trustees, report Independent auditor's report 23 Accounts statement of financial activities 26 Balance sheet 27 statement of cash flows 28 Principal accounting policies 29 Notes to the accounts 34 The Congregation of the Sisters of Nazareth Generalate

Reference and administrative details of the charity, its trustees and advisers Trustees Sister Brenda Mccall (Chair), AKA Sister Mary Brenda Mccall Sister Valma Beatri￿ Cooper, AKA Sister Dominica of the Cross Cooper Sister Hannah Marie Dwyer (resigned (2410112024), AKA Sister Hannah Maria Dwyer Sister Mary Veronica Kealey, AKA Sister Veronica Anne Kealey Sister Anne Bemadette Walsh. AKA Sister St Teresa Walsh Superior General Sister Mary Brenda Mccall Treasurer General Sister St Teresa Walsh Secretary General Sister Veronica Anne Kealey Chief Executive Kevin Bames Principal office st Michael's Nazarelh House 16￿175 Hammersmiih Road London W6 8DB Email [e-mail] Website wbvw.sistersofnazareth.com Charity registration number 1138876 (England and Wales) Auditor Crowe U.K. LLP 55 Ludgate Hill, London EC4M 7JW Investment manager CCLA One Angel Late. London EC4R 3AB Principal banker Barclays Bank 22-24 Upper Marfborough Road, St Albans, Hertfordshire AL1 3AL Principal solicitor Stone King LLP Upper Borough Court, Upper Borough Walls, Bath BA11RG The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 OVERVIEW During the financial year, the frfih full year for the current trustees, the Charity has continued to work towards delivering the Mission, Vision and Aim of the Congregation, and living by its values. These are set out in full on page 5 and are similar forthe Charity and the Congregation. The main achievements of the Charity during the 2023124 year include: Supporting the five regions. especially the United Kingdoffl, including providing them with financial support where needed. 2. Completing the sale of Nazareth House Southend and supporting the purchaser with a planning approval. on behalf of the UK Region. 3. Commencing the refurt)ishment of Nazareth House Hammersmith. the original house established by Victoire Larmenier. and home of the Charity. 4. Preparing forthe General Chapter of the Congregation in June 2024. 5. Continuing to develop the Heiitage Centre, which includes an exhibition of the life and times of the Congregation's Foundress. Victoire Lamenier, and her legacy of the Congregation of the Sisters of Nazareth, along with the Congregation's archive. The collection continued to be added to during the year. Proceedings inlo Ihe historic abuse of children formally in the Congregation's care continue. In May 2019. a report was issued by the Scottish Child Abuse Inquiry following the testimony in 2018 of the suNivors of abuse in four residential children's homes in Scotland operated by the Congregalion. The Congregation formally apolTrJised for any mistreatment of those in its care and deeply regrets any hami or shortcomings in the care provided. A fonnal apolcoy has also been issued in Northem Ireland forthe mistreatment of those in its care in its children's homes. The Congregation has and continues to cooperate with the Scottish Inquiry, Northern Ireland Inquiry and the Inquiries held in England and Wales. Australia and New Zealand, each at diffe￿nt stages, and wilh those governments as they set up their redress schemes. All residential children's homes in each of these countries have been closed for many years. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 STRUCTURE The Congregation of the Sisters of Nazareth Generalate ('the Charity) supports the members of the Congregation of the Sisters of Nazareth (Ihe Congregation,) and its educational, care of the elderly and other charitable works across the world. The Charity is the facilitating entity for carrying out the civil law actions on behalf of the Congregation. The Charity is based in the United Kingdom and holds the central reserves of the Congregation. The trustees of the Charity are also the elected leaders of the Congregation, that is. the Superioi General and her General Councillors. This report uses 'the Charity, to refer to the work of the Congregation of the Sisters of Nazareth Generalate to whom this report relates. and Yhe Congregation. to refer to the work of the Congregation of the Sisters of Nazareth. the religious body that the Charity is a part of. The Congregation is an unincory)orated intemational body of ￿ligIouS women the Sisters of Nazareth ('Ihe SISte￿)- founded by Victoire Larmenier and recognised by the Holy See in 1864. As of 31 March 2024. there were 184 Sisters (2023: 188) and three novices (2023: five). The Congregational Structure Most of the Congregation's ministries, or services, are provided within Nazareth Houses, which are mainly care homes for older people. As of 31 March 2024. the Congregation operated 34 Nazareth Houses, 9 retirement villages, 2 education services and 2 children's services in 37 different locations. They are organised into four regions and one area: Africa, America. Australasia, Ireland and Ihe United Kingdom. For this report only, the four regions and one area are all referred to as regions. Each region consists of both a regional branch of the Congregation and an operating entity, which are charitable or not-for-profrt organisations. In most cases, the regional branch of the Congregation owns the properties - the Nazareth Houses - and looks after the mission of the Congregation and the welfare of the Sislers in the region. The operating entities function under the name Nazareth Care (Nazareth House in America) and the services are delivered on behalf of the Congregation. They manage the care homes and other services, receive the income and employ the staff. This structure ensures that the Sisters retain control overthe assets and mission of the Congregation while lay staff manage the servI￿S and provide the care. Each Nazareth Care is a separate legal entity with fts own governing document and board of trustees. consisting of a majority of Sisters and supplemented with lay trustees. Each board is chaired by the Regional Superior. who is a Sisterand a memberofthe Congregation. Each region has a similar legal stnjciure, although each is necessarily tailored to the legal jurisdiciion in which it operates. The Congregation. through the Superior General and the General Councillors. retains the principal decision making powers over each of the regions. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 Connected entities of the Charity The Charity has no related parties or subsidiaries. There are several entities connected to the Charrty, being other components of the Congregation. Those components in the United Kingdom are detailed in Note 19 to the accounts and consist of The Congregation of the Sisters of Nazareth Charitable Trust (chaiity registration number 228906 (England and Wales) and SC040507 (Scotland)) and Nazareth Care Charitable Trust (charty registration number 1113666 (England and Wales) and SC042374 (Scotland)) and a company limited by guarantee (Company Registration No 5518564 (England and Wales)) and its subsidiaries. The Congregation of the Sisters of Nazareth Generalale

Trustees, report 31 March 2024 THE CONGREGATION'S AIM MISSION. VISION, AND VALUES The Charity supports the work of the Congregation throughout the world. Ils Aim, Mission, Vision and Core Values are those of the Congregation. Aim The Constitutions of the Congregation of the Sisters of Nazareth set out its aim. 'To glorify Almighty God by followng Christ as our SUKYeme rule of lrfe. We do this by personal sanctificalion. by dedicating ourselves to the building up of God's kingdom, and by engaging in the particular ministries entrusted to us by the Church.. care of the eldety, woth with children. educational, pastoral and social W0￿S, and other ministries in accordance with the needs of time and pla￿." (Constitution 1.3) Mission The mission of the Congregation of the Sisters of Nazareth is: °We, the Sisters of Nazareth, aim to share the love of God thmugh our ministries of care and education and our openness to respond to the needs of the times.. "Whatsoever you do to the least of my people you do to me". Words of Jesus Christ (Matt.25:40) Vision The Congregation of Ihe Sisters of Nazareth is a Catholic Congregation devoted to the care, dignity and protection of human lrfe; it strives to maintain and improve the quality of life of those entrusted to ts care. Core values The Aim, Mission and Vision are supported by six Gospel-based Core Values. All who are associated wilh the work of the Congregalion are expected to defflonstrate a commitment to the Core Values: Love - Unselfish concern for Ihe good of others shown through patience, kindness. trust, hope, endurance. truth and a strong affeciion. Compassion - Being open and attentive to the whole person, spiritually. physically and emotionally, showing empathy for the suffering of others and trying to relieve that suffering. Respect - Hokling the unique dbJnity of each person in hvJh esteem and with special consideration. showing thoughtfulness. courtesy and care. Justice- Upholding what is fair. decent and right, appreciating each person. respecting their rKJhts in a b81anced and fair manner. Hospitality - Welcoming and ￿CeIVIng all into a warm, friendly and open atmosphere. Patience - Persevering calmly and with unde￿landing and endurance. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 The Charity created and supports the programme. Vidoire's Legacy, which has been delivered to the regions and conlinues to be rolled out throughout the Congregation. It covers the legacy of the Foundress, Ihe Mission of the Congregation, Core Values. safeguarding. interculturality and the principles of Servant Leadership. The programme provides training io staff and volunteets in the meaning and application of the Core Values and how to put them into practice in the workplace, ensuring the Core Values and Mission make each Nazareth House and service a distinctive place of care. The continuing and visible presence of siste￿ in the majority of services is a reminder to restdents. relatives, staff and volunteers of the Congregation's origin and ils ongoing commitment to providing spiritual and compassionate care to the elderly and others who benefft from these services. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 REVIEW OF THE YEAR The trustees present the report and accounts of the Congregation of the Sisters of Nazarelh Generalate for the year ended 31 March 2024. During the yearthe Charity has supported the mission and services of the Congregation provided in the regions. These include providing guidance, advi￿, financing and ongoing monitoring and support to buikling works, changes to governing documents and any other significant developtnents. The Congregation holds a General Chapter every six years at which the Congregational Plan for the next six-year period is agreed. The General Chapter that covers the 2023-24 financial year was held in June 2018 in Hammersmith, London and developed the 2018-2024 Congregational Plan. The Plan includes one Mandate and four Recommendations and the key elements are to.. 1. Acknowledge the gift of interculturality in all aspects of the Congregation. 2. Review the impact of the changing strengths and availability of Sisters, to maintain the viability of the Congregation. 3. Embrace, study, promote and implement the principles of Catholic Social Teaching and Pope Francis, social encyclical on the environment. Laudato Si,, concerning ecological and social issues affecting the life and mission of the Congregation. 4. Safeguard the partnership between the Congregation and Nazareth Care. 5. Promote vocations and the initial and ongoing fomation of the Sisters. The full delivery of the Mandate and Recommendations takes time. Actions towards their delivery by the Congregation, and where necessary supported by the Charity, include.. Developing and delivering a new programme of induction and training for all Sisters and staff, imparting Victoire's legacy, mission, partnership, safeguarding, core values and intercufturality. Applying the formation programme lo support the training and ongoing formation of Sisters,. Encouraging the implementation of ecological and social justice policies furthering a growing consciousness and practice in these areas: The ongoing consideration of ways to ensure the viability ofthe Congregation with regard to the changing availability of Sisters., Ensuring the role of Sisters in Ihe governance of the Congregation. Strengthening the partnership between Ihe Congregation and Nazareth Care,. Organising a meeting of the Chief Executives in each region to considerthe future needs of Nazareth Care and how they support the work of the Congregation. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 These and other actions are contained in the Global Congregational Plan and the Nazareth Care Global Plan, which are then cascaded down lo the region, house 2nd community plans. Plannin The Global Congregational Plan and the Nazareth Care Global Plan fomi the top layer of a planning system that requires each region, service and community of Sisters to produce their own plans. The intention is for a 'golden thread, lo flow from the General Chaplerthrough all the plans. ensuring that all activities are focused on Ihe Mandate and Recommendations. The plans identify the many elements common to both plans that require the same actions by Sister5 and lay staff. Pro Building work continues in all regions. The Charity is fvnding the majority of the refurbishment woths of Nazareth House Hammersmith, including the construction costs and professional fees to completely refurbish the home. The year started with the Superior General providing consent to proceed with the refurbishment and appointing a main contractor, having already completed a competitive tender process. Work has commenced on site and will continue for at least four years while part of the home is kept operational. The Charity has continued to work with the regions to progress the sale of sites in Southend in the UK and San Rafael in America, which have both been sold subject to achieving planning consent. The sale of Southend was completed during the year and the proceeds were received by the Congregation of the Sisters of Nazareth Charitable Trust who donated the proceeds to the Charity in line with Congregational requirements. San Rafael continues to work on the planning requirements with the purchaser. Following the closure of a site in Elsies River. a suburb of Cape Town in South Africa, the land was gifted to the local Diocese to continue to benefit the local community. The final Deed of Donation was signed during the year. Works previously approved have continued, including remodelling part of Nazareth House Los Angeles in America, converting space to more resident accommodation in Cape Town in South Africa, and installing new kitchens in Geraldton and Camberwell in Australia and San Diego in Arnerica. More minor works are occurring elsewhere and plans are also being developed for upgrades and improvements to several other Nazareth Houses across all regions. In uiries We continue our practice of cooperating with all Inquiries and providing ongoing sUPPOrt. An ag￿ement by the Charity, acting on behalf of the Congregation, has been reached wf(h the Scottish Government to contribute to the payments made by Redress Scotland to fonner children in our care regarding claims of abuse. The Charity is also in discussions with The Executive Office in Northem Ireland about contributions to their redress scheme. No agreement has been reached at this time. We are also working with other Inquiries, as necessary. We continue to cooperate with govemments, redress boards and survivor organisations to support claimants and potential claimants with access to their records and to provide individual apologies when requested. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 Consent Consenl was given in the year to close Ihe children's home in Johannesburg, South Africa due to funding from the govemment being stopped. The region worked with local agencies and families to safely rehome all the children, which was completed at the end of 2023. Staff were offered redeployment to other services on site. Options for altemative servi￿5 to operate from the buikJings are being considered. Finance Each region consists of one or more independent chaiiiies. Therefore, consolidated accounts are only produced at a regional level and are not consolidated globally. Region accounts are prepared and audited according to their local standards and are available on request from each region. Each region provides a quarterfy report on its operational financial performance. covering the activities of Nazareth Care induding each Nazareth House. Unaudited accounts for each region show that the total tumoverfor 2023124 was £133 million (2023.. £110m). The change in the total income reflects an increase in occupancy in the regions, higher inflation and exchange rate increases when local currencies are converted to Sterling. The greatest pressure in most regions is expenditure increases due mainly to a lack of available trained staff, wage inflation and the increase in the cost of energy and food al a faster rate than income. Collectively, the five regions sti51 managed to generate a surplus, to be used for reinvestment in capital projects but not every region was able to do so individually. Nazareth Care Charitable Trust. the operating entity in the UK Region started its recovery from a very difficuli previous financial year. Occupancy, fee rntes and recovery of debts all improved. along with using fewer agency staff and more pemianent employees. To support the region, the Charity extended its granl and more funds were provided in 2023124. Improvements are continuing in many areas. A strategic review of two houses in the United Kingdom was Commissioned and funded by the Charity. The reports have been received and the region is considering their implementation. The Chaiiiy has received the fitst repayment of the loan provided to the Irish Region. The Congregation of the Sisters of Nazareth Generalate

Trustees, report 31 March 2024 other aciivities Other activities by the Chaiity during the year on behalf of the Congregation included: monitoring the financial and operational performance of the ￿giOns. assisting the UK Region with the recruitment of a Chief Executive Officer. moniioring the Siste￿, fvnds and Nazareth Care funds in the regions. reviewing the govemance in regions; consKJering applications by regions for consents of various types, in particular relating to major building works and constitutional requirements" allocating funds to consented projects by way of grants and loans; monitoring investment performance and the investment rnanagers used: keeping in touch with the regions and houses. The focus of the communications and visits by the Superior General and her General Councillors is their pastoral care of each Sister's welfare and providing opportunities to observe the operations Within houses, monitor the governance within regions and houses, encourage a strong partnership between the Congregation and Nazareth Care and update their knowledge of issues in each region and house. The Congregation of the Sisters of Nazareth Generalate 10

Trustees, report 31 March 2024 FINANCIAL REPORT FOR THE PERIOD The accounts have been prepared in accordance with the accounting policies set out on pages 29 to 33 of the attached accounts and comply with the Charity's trust deed, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standarf applicable in the United Kingdom and Republic of Ireland (FRS 102). Income and expenditure The income and expenditure of the Charity are detailed in the Statement of Financial Activities, on page 26 of the accounts. Unrestricted income forthe Charity increased by £7,483k in the year. to £9.658k. The majority of the increase is due to receiving a donation from the UK Region of £7,091 k following the sale of a property in Southend. The receipt by the Charity is in line with the Congregational requirements. Donations and legacies from other sources also increased due to an increase in legacy receipts (+£297k), pensions of individual Sisters {+£60k) and a hb3her donation from the American Area (+£70k). The in¢￿ase5 in these other areas reverse a reduction in income in the previous financial year. A new income source, interest from the Charities DeFX)Sit Fund (£202k), was received this year for the firsl time following a move of cash from short-tenn cash deposits to a cash fund. There was no gain on foreign exchange rates during the year (2023: £241k) and instead, a loss of £311k was incurred. The foreign exchange rate movement relates to Ihe loans provided for works at Nazareth Houses in Christchurch, New Zealand,. Dublin, Ireland; Mallow, Ireland; Belfast, Northem Ireland, along with Sterling loans for works in the UK. in Glasgow and Birkenhead. There was no restricted income in 2024 (2023.. none). Total expenditure increased by £3,356k to £7,146k (2023: £3,790k). The increase is mostly for grants and donations in support of the Congregation's work which tolalled £5,589k (2023: £2,723k). A grant of £2,750k (2023: £2,OOOk) was paid to The Congregation of the Sisters of Nazareth Charitable Trust (registered Charity nutnber 228906) to support the work of Nazareth Care Charitable Trust (registered Charity number 1113666) to continue to support them in their turnaround plan. £2,024k (2023: £348k) was spent from restricted fijnds for the refurbishment of Nazareth House HaMMe￿mIth and is expected to continue over the nexi four yea￿. £514k (2023: nil) was paid from unrestricted funds to the Australasian Region to support them with increased expenditure. other grants by the Charity to the regions to fund activities in Ireland and Southend in preparation for the sale. Full details are provided in Note 4 of the accounts. Incotne minus expenditure resulted in net income for the year of £2,512k (2023: loss of £1.616k). Funds After investment gains of £2.093k (2023: loss of £817k) the net movement in unrestricted funds for the year was an increase of £6.629k (2023: decrease of £2,085k). Including expenditure from restricted funds, the increase in funds was £4,605k (2023: £2,433k). The Congregation of the Sisters of Nazareth Generalate 11

Trustees, report 31 March 2024 The closing fund balances were £34,440k (2023.. £27,812k) in unrestricted funds and £7,141 k (2023= £9.165k) in restricted funds. Loans No new loans were approved during Ihe year and no fijrther advances are anticipated for any loans that have already been approved. The Charity's debtor balance as at 31 March 2024 is £16,967k (2023.. £17,682k). Notes 12 and 19 to the accounts provide further details of the outstanding balances and the funding arrangements. Cash flow and investment performance The value of investments as at 31 March 2024 was £17,812k {2023: £17,469k) which includes investment properties. The balance includes unrealised gains in the value of the investments of £2,093k less wtihdrawals of £1,750k to fund grant expenditure in the year. The investment properties are valued at valued at £204k (2023: £204k). A summary of movements on investments can be found in Note 11 to the accounts. Funds and reserves policy The Charity's reserves of £41 ,582k (2023.. £36,977k) are divided between four unrestricted funds and a restricted fund. A. Unrestricted funds.. Desi nated funds.. • The Sisters, Support Fund.. £7,OOOk (2023: £7,OOOk) is retained to provide Sisters in the Congregation who need support, including nursing or residential care in a Nazareth House, with the means to purchase it where public funds are not available and for other needs such as medical costs, training or emergencies. The amount is calculated based on the estimated future costs of providing care for Sisters, the number of Sisters, their ages, life expectancy, anticipated length of care and the cost of providing care. The level of the fund was reviewed in 2021 when the Charity confirmed that £7 million remained the appropriate level of the fund. • The Property Fund.. £24,500k (2023.. £17,500k) was increased by £7,OOOk during the year following the sale of Nazareth House Southend. The fund will be used to provide loans or grants to regions requiring support for building, restructuring, developments, or other similar projects. Building projeds and regional support are expected to be the primary focus of the utilisation of the Charity's funds forsome Yea￿ as many properties require upgrading and retnodelling to comply with current standards and expectations. The Charity has already invested a proportion of the fund. demonstrated through the existing loan balances. Further loans can be made as the existing loans are repaid. They anticipate using more of the fund over the next ten years to continue the process of upgrading properties, subject to retaining sufficient funds to respond to emergencies. This is expected to include additional costs to refurbish Nazareth House Hammersmith, as well as other sites in the UK and overseas. The Congregation of the Sisters of Nazareth Generalale 12

Trustees, report 31 March 2024 Other funds: + The Tangible Fixed Assets Fund represents the net book value of the tangible fixed assets owned by the Charity. The fund has decreased from £1,907k to £1,659k during the year as existing assets have been depreciated. + The General Fund of £1,281 k (2023: £1.405k) is retained to coverthe running costs of the Charity in the event of a temporary loss of income. together with some capacity to support the regions and houses experiencing unforeseen costs that cannot immediately be funded from otherSour￿s. The General Fund representsthe only unrestricted and non-designated funds of the Charity, that can be spent as the trustees decide. The General Fund is in line with the Charity trustees. expectations and represents around 10 (2023: 12) months of budgeted unrestricted expenditure, excluding depreciation. The trustees wish to retain between 6 and 12 months of operating expenditure in the General Fund to avoid any interruption to its activities in the case of a loss of income or the need for increased support to a region. B. Restricied Fund: • The Restricted Fund of £7.141k (2023: £9.165k) is accounted for separately. £7.OOOk (2023: £7.OOOk) is held in CCLA'S Catholic Investment Fund and the remainder is held in cash deposits to fund shorter-tenn cashflows. During the year, £2,024k (2023: £348k) had been spent from Ihe fund on professional fees and starting the construction wor Going concern The trustees have assessed the Charity's ability to continue as a going concern. The trustees have considered several facto￿ when forming Iheir conclusion as to whether the use of the going concem basis is appropriate when preparing these financial statements including a review of updated forecasts to 31 March 2025 covering income, expenditu￿. cash and reserves, the long- temi cashflow forecast to 31 March 2029 and a consideration of key risks, including economic uncertainty and income streams that could negatively affect the Charity. The Charity is funded primarily by donations from the Regions within the Congregation together with other donations including legacies. There is a risk in each of Ihe regions that reductions in income caused by fewer residents, the effects of the pandemic, shortage of staff and rising cost inflation will reduce the amount that is paid to the Chaiity. Admissions have increased in all locations, occupancy is increasing and any new admission embargo is much shorter and more targeted than previously. During the last year. most houses and regions have remained resilient to the challenges and have continued to operate successfully. The UK Region has struggled with multiple challenges in the last year. detailed in their accounts. Consequently, the Charity has not received donations from the UK in the last year and the Charity has also provided financial support to the region. as detailed in thi5 report. Debtor balances have been reviewed and assessed and, as all loans are within the Congregation, they are considered to be repayable in full. The budget and forecasts forthe forthcoming year are considered to be deliverable and the cashflow forecast shows that there are sufficient cash and IKiuid resources and forecast inflows for the period of review. wtih the support of the unrestricted reserves if required. The Congregation of the Sisters of Nazareth Generalate 13

Trustees, report 31 March 2024 The Trustees therefore have a reasonable expectation that Ihe Charity has sufficient resources to continue in operational exlstence for the foreseeable future and so should continue to adopt the going con￿rn basis in preparing the annual report and financial statements. The Congregation of the Sisters of Nazareth Generalate 14

Trustees, report 31 March 2024 FUTURE PLANS The focus over the next year will be to continue implementing the Mandate and Recommendations from Ihe General Chapter in 2018. The next General cha￿er was held in June 2024 and the Mandate and Recommendations from that General Chapter will also be developed into a new Congregational Plan forthe following six- year period. In addition, the Charity will continue to support the regions, particularly with their property developments and upgrades to ensure the best environment for delivering high quality care to residents. The Congregation of the Sisters of Nazareth Generalate 15

Trustees, report 31 March 2024 GOVERNANCE The members of the Congregation are led by the Superior General, who is supported by her General Councillors. These Sisters are elected every six years at the General Chapter, which is attended by representatives of the whole Congregation. The General Chapler, while in session, is the highest authority in the Congregation. Before each Chapter there is considerable consultation with all Sisters through a series of Regional Chapters, other region-based meetings and papers distributed for discussion. The Regional Chapters elect siste￿ to attend the General Chapter on behalf of all Sisters. The June 2018 General Chapter was attended by 32 ex-offi￿O and elected Sisters froffl the Congregation. This consuliative approach provides the elected representatives with infortnation and views from all Sisters across the Congregation on the issues to be discussed. The Superior General and General Councillors oversee the mission and ministries of the Congregation and are accountable to the General Chapter for their stewardship of the Congregation's mission, ministries and assels between each General Chapter. The trustees of the Charity comprise the Superior General and the General Councillors ex officio. At the end of the year. the following trustees held office.. Sister Brenda Mccall {'Sister Mary Brenda.) Sister Brenda was elected Superior General in 2018, having been a General Councillor since 2012. Before joining the Council. Sister Brenda had been the UK Regional Superior since 2009, where she oversaw the combining of the North and South Regions and implemented new constitutional and staffing structures. Prior to this, she had ministered in various Houses within the UK, Ireland and South Africa. She is trained in the Residential Care of Children and Young People and is a Registered General Nurse. Sister Valma Beatrice Cooper ('Sister Dominica of the Cross.) Before her election to the General Council as Vicaress General in 2018, Sister Dominica worked in the Australasian Region. Being a Registered Nurse, Sister Dominica worked in aged care for many years before being appointed to leadership positions as a Superior and Regional Superior, a position she held for seven years. During this time, Sister Dominica was involved in the organisational restructure and setting up of a new business entity as well as renovation and redevelopment programmes in the Region. Sister Anne Bernadette Walsh ('Sister St Teresa,) Sister Teresa seNed as Superior in the two Northern Ireland Houses for the nine Yea￿ before her election as a General Councillor in 2012. Sister Teresa originally trained as a teacher and worked in education for thirty-five years. Her focus was on the primary school sector and she became principal of a nursery school. At the end of her teaching career, Sister Teresa was awarded an MBE for her contribution to early years education in Northern Ireland. She was elected for a second term as a General Councillor in 2018. In 2022 Sister Teresa took on the position of Treasurer General. Sister Mary Veronica Kealey ('Sister Veronica Anne,) Sister Veronica trained as a teacher and worked in the primary school sector for fifteen years. She served as Superior in Dublin before going to Canada to study for a License in Canon Law. Sister Veronica worked with the Scottish Catholic Inter-Diocesan Tribunal for eight years working The Congregation of the Sisters of Nazareth Generalate 16

Trustees, report 31 March 2024 principally on marriage nullity cases before being elected to the General Council in 2018 and appointed as Secretary General. During the year, Sister Hannah Dwyer resbJned due to ill health. Her responsibilities have since been covered by the remaining Councillors. The Superior General and General Councillors live and work on the Nazareth House site in Hammersrnith, which was the first to be established by the Congregation's Foundress. Victoire Lartnenier, in 1857 and which remains the 'Mother House, of the Congregation. The trustees form a Part Vl l Inco￿orated trustee body- 'The Trustees of the Congregation of the Sisters of Nazareth Generalate,. The Charity Comrnission granted a Certificate of Incorporation on 23 March 2011. The Charity is governed by a Trust Deed dated 1 October 2010. Its objects are to 8pply the Charity's property and income ..for such chaiitable purposes as shall advan￿ the religious, educational, Gare and other charitable woth of the Congregation. for the public benefit, as the Trustees with the appmval of the Superior General shall from time to time think fit... . Trustees, powers include but are not limited to: supporting and maintaining all who are or have been engaged in the Gharit8ble works of the Congregation including ... Trus¥ees of the Trust.. making '..grants and loans whether out of income or capital and upon such terms and conditions (if 8ny) as to interest, repayment, security or othew.se and to guarantee money or to use the assets of the Trust as security for the performance of GontraGts entered into by any person. association. Gompany, local authority, administrative or govemmental agency or public body as may be thought frf or towards charitable purposes in any way connected ￿th or calculated to further the objects of the Trust,. • establishing . such separate charity orchanties as they think fit... to carry on such ch&7table w0￿S as are within the ambit ... of this Deed, and trading companies to assist, or act as agents for, the Trust,. The SuperiorGeneral and General council10￿ of the Congregation are thetnjstees of the Charity. Together with the Congregational Chief Executive, they meet fonnally four times during the year to discuss the business aspeds of the Congregation's activities. Following the tnjstees, meetings. the Superior General and General Councillors meet as a General Council to approve. give consent or further deliberate on the matters arising from these meetings. These meetings are minuted separately. Elections of the Superior General and General Councillors take place at the General Ch8Pter. The General Chapter hekl in June 2024 re-elected the Superior General and elected four new General Councillors who will take up their positions in October 2024. New trustees are inducted by the existing trustees and staff and training is provided. The Congregation of the Sisters of Nazareth Generalate 17

Trustees. report 31 March 2024 Charity Governance Code The Charity has assessed its compliance with the principles of the Charity Govemance Code. undertaking a detailed review in June 2020. It considers that it fully meets 54 of the 76 items of recommended practice in the Code and is working towards another nine items. Two items are not met and 11 that it considers are not relevant to the charity. The two unmet areas are benchmarking with similar organisations and considering information from other similar organisations and reporting on how the charity evaluates the board effectiveness in this report. Fo￿nallY assessing board effectiveness is one of the areas that it is working towards. The non-relevant areas fflostly concern the recnjitment of trustees. as the Constitutions require trustee appointments to be made from within the Congregation. which limits the advertising. diversity and breadth of board skills. This is compensated for by having trustees with wide-ranging experiences in care and education and who are wholly committed to the Congregation and the Charity without outside distractions" the use of extemal advisors and outside expertise on committees provide greater diversity and breadth of skills. Key management personnel The trustees consmjer that they. with the assistance of the Congregational Chief Executive, comprise the key management of the Charity in charge of d1￿ctIng and controlling, running and operating the Charity on a day to day basis. Decisions are made by the trustees unless they have been delegated to the Congregational Chief Executive as part of the approved general delegation or as ag￿ed when making a specific decision. All trustees are members of the Congregation and. whilst their living and personal expenses are bome by Ihe Charity, they receive no remuneration or reimbursement of expenses in connection with Iheir duties as trustees. Additionally. they donate all of their income to the Charity. The perfonnance and pay of the Congregational Chief Executive is ￿vieWed annually. To deliver the charitable aims and to complement the skills of the Sisters, the Charity employs a small number of paid staff. The committnent to staff is to pay them a fair and appropriate salary Ihat is affordable. This is to attracl and relain people with the right skills and who, therefore, will have the greatest impad in delivering the Charity's objectives. In accordance with the Statement of Recommended Practice we.. + disclose all payments to trustees (no Irnstees are paid) and expenses reimbursed (no trustees received expenses). • disclose the number of staff in receipt of £60,000 and above (in bands of £10,000) (Note 7 to the accounts). • disclose pensions and other benefrts (Note 7 to the accounts). Staff reffluneration does not include any share options or long-terrn in￿ntiVe schemes as there are none. The Congregation of Ihe Sisters of Nazareth Generalate 18

Trustees, report 31 March 2024 The period of notice for temiination of contracts of employmenl is three months for any staff earning over £60,000. Grant-making policy The Charity makes funds available as granls to individual houses and ￿giOnS, which are to separately registered charities, to support ils ministries. The grants are accounted for as expenditure in the year in which they are approved. During the year. a few small external grants were made by the trustees in response to Mjentified needs. These were generally to suptK)rt individuals or smaller not-for-profit organisalions. Grants made by the Charity during the year are detailed in Note 4 to the accounts. Investment policy The Charity's constitution does not restrict the trustees, powers of investment. The choice of investments is heavily influenced by the ethical investtnent policy. which is designed to avoid. as far as is reasonably possible. any significant investment in organisations that produce goods or services at odds with the teachings of the Catholic Church, particularly regarding the sanctity of human life. The trustees lake a total retum approach to their invesiments, investing in funds that adhere to the ethical investment policy. The main inveslment portfolio is within CCLA'S Catholic Investmenl Fund which holds a diversified portfolio conlaining equities. altemative assets and cash and near cash, managed within an acceptable level of risk. The fund's investment objective is to achieve a gross total ￿turn before fees of 50/0 per annum above the Consumer Price Index. over a five year pericKI, whilst adhering to its ethical investment F()licy. It has not been achieving this recently due to the high level of the Consumer Price Index. Cash and cash equivalent funds were transferred during the year to cash deposits, from Royal London's Cash Deposit Fund. The Charity's practice is to re-invest income arising from the investment portfolio. The trustees considerthe level of IM]uidity that is required to support grant and operational commitments in the short and medium temi. The Charity uses the expertise of its investment managers to help with the management of its investment funds and will purchase additional advi￿ where necessary as well as draw upon the knowledge ofthe Advisory Finan￿ Committee Membe￿ and the key management personnel. Public benefit The trustees confimi that they have given due consideration to the Chaiity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011 when conSKJering the Charity's objectives and ac*ivities. All activities relate to the general objectives of the Chariiy through supporting Sisters and delivering care to the elderfy and children. delivered through overseeing and supporting the regions, providing financial contributions, advice and guidance within which the regions operate. In these ways, the Charity is delivering a public benefft. The Congregation of the Sisters of NaZ8￿h Generalate 19

Trustees. report 31 March 2024 Risk management The Charity reviews its risk management framework and agreed that there are five primary categories of risk facing the Chartty and the Congregation: Mission, Spirit and Values., Governance,. Safeguarding., Financial; Organisational and Extemal Environment risks. In each category, it has agreed how willing it is to lake risks to achieve its objectives and how tt would endeavour to reduce risks where they are unacceptable to the organisation, bts purpose or values. Wrthin each category, several specific risks and controls were identified that either are in place or could be put in place to reduce those risks. The major risks faced and how they are managed are consvjered lo be: A loss of spirit or mission. The risk increases as the number of Sisters in the Congregation decreases and the role of paid staff in management positions increases. There are several programmes available in regions to ensure the mission is well understood and communicated, such as Victoire's Legacy, and the Core Values of the organisation. Sisters remain intrinsic to each house and are visible throughout the majority of houses. Mass is held each day in most houses. Visits occur from the Superior General, General Councillors and the Congregational Chief Executive to each region and the houses. Alternative arrangements have been introduced in two regions to explore models that can operate with fewer Sisters including some sites operating as satellites with visiting Sisters. These are evaluated on an ongoing basis. Governance shortcomings. Governance arrangements ensure that the Charity's Board of Trustees is made up entirely of Sisters who are supported by lay staff and advisors as necessary. In the regions, all boards consist of up lo nine trustees, a majority of whom are Sisters. There is a strong set of Constitutions, Directives. Governance Handbook and reporting mechanisms covering all aspects of govemance to ensure that the regions administer their operations according to the standards expected by the Congregation. Safeguarding incidents either now or in the past. Current safeguarding risks are well managed through comprehensive training and procedures and are more likely to occur in one of the regions, where they directly interact with vulnerable individuals. The impact on the Charity is by association and the consequential impact on its reputation. Historical incidents WTthin the Congregalion's past are predominantly addressed nowadays by the Charity including reviewing practices and continuing lo cooperate fully with all public Inquiries and with individuals making their own enquiries or civil proceedings. Many safeguarding risks may be covered by insurance. Financial failure through a region orthe Charity not being able to meet its commitments, such as the repayment of a loan or a building projeci not being delivered to budget. The shared brand and support mechanisms ensure that if one part of the Congregation struggles, others may step in to support tt. Due diligence is undertaken before commitments are made and insurance is taken out where it is appropriate to do so. There is a process of continual oversight of the financial performance of each region and cashflow forecasting forthe Charity to ensure there are sufficient, liquid funds to meet all reasonable eventualities. The Congregation of the Sisters of Nazareth Generalate 20

Trustees, report 31 March 2024 Organisational risks at the Charity include the reputational damage associated with the failure of a service either now or in the past, an over-reliance on key individuals, or the impact of investment or foreign exchange fluctuations. There is an awareness of these risks and contingency plans built in wherever possible to minimise their impacl, for example, through the recruitment of skilled individuab, the sharing of information and the use of professional advisors where appropriate to do so. All Se￿iceS in the regions are exiernally regulated to ensure standards are continually met andlor improved. Extemal environment changes have the potential to materially impact the worf( of the Charity and the Congregation in the UK or overseas through, for example, major changes to funding or legislation concerning the care of the ekjerfy at the end of their lives. the public pe￿ptiOn of the Catholic Church. re￿sSIon or a global health crisis. such as the Covid-19 pandemic. Fundraising policy Traditionally the Charity has not proactively fundraised or solicited donations towards its work. li has therefore not signed up to the Fundraising Regulator. During the financi81 year several approaches were made to grant makers to seek funding towards the refurbishment of Nazareth House Hammersmith. The Charity engaged a freelance fundraiser to assist with making grant applications on its behalf. en fundraising income is received, the Charity aims to achieve best practice in the way it communicates with donors and other supporterys. It takes care wilh both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters, data and never sells or swaps data and ensures that communication preferences can be changed at any time. The Charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from Ihem and improve its servi￿. During 2023124 the Charity received no complaints about its fundraising activities (2022123: none). Trustees, responsibilities in relation to the financial statements The trustees are responsible for preparing the trustees, report and the accounts in accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year in acCO￿lance wilh United Kingdom Generally AC￿pted Accounting Practi￿ (United Kingdom Accounting Standards and applicable law). Under Charity law. the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incomingloutgoing resources for that period. In preparing these accounts, the trustees are required to.. seleci suitable accounting policies and then apply them consistently. observe the rnethods and principles in Accounting and Reporting by Chaiities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102)., The Congregation of Ihe Sisters of Nazareth Generalate 21

Trustees, report 31 March 2024 make judgments and estimates that are reasonable and prudent. state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concem basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping accounting records that are sufficient to show and explain the charity's transactions and disdose with reasonable accuracy at any time the financial position of the ChaiTiy and enable them to ensure that the accounts comply wilh the Chartiies Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the ChaiTty and hen￿ for taking reasonable steps for the p￿ventIOn and detedion of fraud and other irregularities. Approved by the trustees and signed on their behalf by.. Superior General and Trustee Date of approval: j q sErt 20 The Congregation of the Sisters of Nazareth Generalate 22

Independent auditor's report 31 March 2024 Independent Auditorfs Report to the Trustees of The Congregation of the Sisters of Nazareth Generalate Opinion We have audited the financial statements of The Congregation of Ihe Sisters of Nazareth Generalale (Ihe charity? for the year ended 31 March 2024 which comprise the Statement of Financial Activities. Balance Sheet, Statement of Cash Flows and 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 slate of the charity's affairs as at 31 March 2024 and of its income and expenditure. for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance wilh the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in a￿OrdanCe with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities underthose standards are further described in the Auditor's responsibilities for the audit of the financial slatements seciion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial slatements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other elhical 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 opinlon. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financial stalements 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 authorised for issue. Our responsibilities and the reS￿)nsibIlitieS of the tnjstees with respect to going concern are described in the relevant sections of this report. Other infonnation The trustees are responsible for the other information contained within the annual report. The other information comprises the infonnation included in the annual report, otherthan the financial statements and our auditorfs resx)rt thereon. Our opinion on the financial statements does not cover the other infonnation and, except to the exient otheNiise explicitly stated in our report. we do not express any form of assurance conclusion thereon. 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 detennine whether this gives rise to a materia5 misslatement in the financial slatemenls themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. The Congregation of the Sisters of Nazareth Generalale 23

Independent auditor's report 31 March 2024 We have nothing to report in this regard. 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 Chaiities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the informalion given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient and proper accounting records have not been kept by the charity. or the 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 As explained more fully in the trustees. responsibilities statement set out on pages 21-22, 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 intemal 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 concem. 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 to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as whole a￿ free from material misstatement, whelher 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 delect a malerial 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 Ihe economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities. including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.o .u￿auditorSres onsibililies. This description fortns part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregulartties. including fraud. are instances of non-cofflpliance with laws and regulations. We identified and assessed the risks of maierial misstalement of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then designed and perfoNned audit prO￿dureS responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates. focusing on those laws and regulalions that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but cornpliance with which might be fundamental to the The Congregation of the Sisters of Nazareth Generalate 24

Independent auditor's report 31 March 2024 charity's ability to operate orto avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this contexl for the UK operations were employment legislation. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financial statetnents from irregularities, including fraud, to be within the timing of recognition of income and the override of conlrois by management. Our audit procedures to respond to these risks included enquiries of management. and the Advisory Finance Commiitee about their own identification and assessment of the risks of irregularities, sample testing on the posting of joumals, reviewing accounting estimales for biases. reviewing regulatory Co￿espOndence with the Charity Commission and reading minutes of meetings of those charged with governan￿. Owing lo the inherent limitalions of an audit, there is an unavoidable risk that we may not have delecled some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with audtiing standards. For example. the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial stalements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audit, there mained a higher risk of non-detection of irregularities, as these may involve collusion, forgery. intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to delect non-compliance with all laws and regulations. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reporls) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's Irustees 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 accepl or assume responsibility to anyone other than the charity and the charity's trustees as a t((Jy, for our audit work, for this report, or for the opinions we have formed. LL.K. LkP Crowe U.K. LLP Stalutory Auditor London Date.. 10 October 2024 Crowe U.K LLP is eligible for appointment as aLvJitor of the charity by virtue of ils eligibilty for appointment as auditor of company under section 1212 of the Companies Act 2006. The Congregation of the Sisters of Nazareth Generalale 25

statement of financial activities Yearto 31 March 2024 Notes 2024 2024 Unrestricted Restricted funds funds 2024 2023 2023 Total Unrestricted Restricted funds funds funds 2023 Total funds Income: Donations and legacies Investment income and interest receivable Foreign exchange gains other Income 8,927,186 8.927,186 1,332.822 1,332,822 730,351 730,351 561,731 561,731 241,402 38,290 2,174,245 241,402 38,290 2,174,245 Total income 9.657.537 9,657.537 Expenditure: Cost of raising funds Investment managers. fees Charitable activities Supporting the regions of the Congregation Grants and donations in support of the Congregation's work Total expendlture 4,241 4,241 10,791 10,791 1,553,186 1,553,186 1,056,051 1,056,051 3,564,877 2,023,685 5,588,562 2,375,662 347,860 2,723,522 5,122,304 2,023.685 7,145,989 3,442,504 347,860 3,790,364 Net incomel(expenditure) before investment gainsl{losses) 4,535,233 (2,023.685) 2,511,548 (1,268,259) 1347,860) (1,616,119) Net investment gainsl{lossesl 11 2,093,354 2,093,354 1816,5881 1816,5881 Net (expenditure) and net movement in funds for the year 6,628,587 {2,023,685) 4.604,902 12,084,847) 1347,860) (2,432,707) Reconciliation of funds: Fund balan￿5 brought fomard at 1 April 2023 27.811.855 9,164,975 36.976,830 29,896,702 9,512,835 3g,409,537 Fund balances carried forward at 31 March 2024 34,440,442 7.141,290 41,581,732 27,811,855 9,164.975 36,976,830 All the Charty's operation5 are derived from continuing activrties during each of the tX40 financial years. The Congregation of the Sisters of Nazareth Generalate 26

Balance sheet 31 March 2024 2024 2024 2023 2023 Notes Fixed assets: Tangible assets Listed investments Investment properties Total fixed assets 10 1,659,107 17,607,977 204,000 19.471.084 1,906,579 17,264,621 204,000 19,375,200 Current assets: Debtors - Amounts due wrthin one year - Amounts due after one year Cash at bank and in hand Total current assets 12 12 3.134.380 13.832,533 10.960,915 27,927.828 3,402,262 14,279,736 6.286,760 23,968,758 Liabilities: Creditors.. amounts falling due within one year Provisions 13 13 11.268.031) 11,682,559) 11,180.964) 11,838,367) Net current assets Total assets less current liabllltles 24,977,238 44,448,322 20,949,427 40,324,627 Non Current Liabilities Credltor- amounts falling due after more than one year 13 (2,866,59) (3,347,797) Total net assets 41,581.732 36,976,830 The funds of the charity Unrestricted funds: Designated funds Tangible Fixed Assets Fund - General Fund Total unrestricted funds 15 15 15 31.500.000 1,659.107 1.281,335 34,440,442 24,500.000 1,906.579 1,405,276 27,811,855 Restricted funds-. Development Fund 15 7.141,290 9,164,975 Total charity funds 41,581.732 36,976,830 Approved bythe trustees on and signed on their behalf by.. SuperiorGeneral and Trustee Date of approval.. l 2oN, The Congregation of the Sisiers of Nazareth Generalate 27

Statement of cash flows Year to 31 March 2024 2024 2023 Notes Cash flows from operating activities: Net cash used in operating activities 2,193,804 13,313.652) Cash flows from investing activities: Investment income and interest received Proceeds from the disposal of investments Net cash used in investing activities 730.351 1.750.000 2,480,351 561,731 3,536,917 4,098.648 Change in cash and cash equivalents in the year 4.674155 784,996 Cash and cash equivalents at 1 April 2023 6.286,760 5,501,764 Cash and cash equivalents at 31 March 2024 10.960,915 6,286,760 Notes to the statement of cash flows for the year to 31 March 2024 Reconcilialion of net movement in funds to net cash provided by operatlng activities 2024 2023 Net movement in funds (as per the statement of financlal actlvlties) Adjustments for: Investment income and interest receivable Investment losses I Igainsl Depreciation of tangible r￿ed assets Decrease l (Increase) in debtors (Decrease) / incréase in creditors Net cash used in operating activities 4,604,902 12,432,707) {730.351) {561,731 } (2,093,354) 816.588 247,472 247,072 715,084 (939,261) 1549.949) 1443,613) 2,193.804 (3,313,652) Analysis of cash and cash equivalents 2024 2023 Total cash and cash equivalents: Cash at bank and in hand 10,960,915 6,286,760 The Congregation of the Sisters of Nazareth Generalate 28

Principal accounting policies 31 March 2024 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. Charity infomiation The Congregation of the Sisters of Nazareth Generalate ('the Charity) is registered with the Charity Commission for England and Wales. registration number 1138876. It is incorporated in the United Kingdom and has its registered address at 169-175 Hammersmith Road. London VltE 8DB. Basis of preparation These accounts have been prepared for the year to 31 March 2024 wtth comparative infonnation given in respect to the yearto 31 March 2023. The accounts have been prepared under the hislorical cost convention with items recognised at cost ortransaction value unless othe￿ise stated in the relevant accounting policies below or the notes to these accounts. The accounts (financial statements) have been prepa￿d to give a Yrue and fairf view and have departed froffl the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view.. This departure has involved following the Stalement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charities which was effeciive from 1 April 2005 but which has since been withdrawn. The charity constitutes a public benefrt entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: estirnating the useful economic life of tangible r￿ed assets for the pu￿SeS of determining a depreciation charge- assessing the timing of the receipt of loan repayments for the purposes of classifying debtors as amounts due within one year and recoverable Ihereafter and assessing the recoverability of outstanding amounts. + determining the value of designated funds needed at the year end. in particular in respect to the assumptions made in determining the values of the Sisters. Support Fund and the Property Fund: • assessing the probability of the receipt of legacy income, where a notification of entitlement has been received., The Congregation of the Sisters of Nazareth Generalate 29

Principal accounting policies 31 March 2024 + assessing the probability of the payment of a legal claim against the Charity and the probability of the payment being covered by insurance, where a claim has been nolified. Assessment of going concern The trustees have assessed the Charity's ability to continue as a going concern. The trustees have considered several factors when forming their conclusion as to whetherlhe use ofthe going concern basis is appropriate when preparing these financial stalements including a review of utKJate forecasts to 31 March 2025 covering income, expenditure, cash and resetves, the long- term cashflow forecast to 31 March 2029 and a consideration of key risks. including Covid-19 and economic un￿rtaInlY, that could negatively affect the Charity. The Charity is funded primarily by donations frotn the Regions wiihin the COng￿gatIon together with other donations including legacies. There is a risk in each of the regions that reductions in income caused by fewer residents. the effects of the pandemic. shortage of staff and rising cost inflation will reduce the amount that is paid to the Charity. Admissions have increased in all location5. occupancy is increasing and any new admission embargo Is much shorter and more targeted than previously. During the last year, most houses and regions have remained resilient to the challenges and have continued to operate successfully. The UK Region has struggled with multiple challenges in the last year, detailed in their accounts. Consequenlly, the Chaiity has not received donations from the UK in the last year and the Charity has also provided financial support to the region. as detailed in this report. Debtor balances have been reviewed and assessed and, as all loans are within the Congregation, they are considered to be repayable in full. The budget and forecasts for the forthcoming year are considered to be deliverable and the cashflow forecast shows that there are sufficient cash and liquid resources and forecast inflows for the period of review, with the support of the unrestricted reseNes if required. The Trustees therefore have a reasonable expectation that the Charity has sufficient resources to continue in operalional existence for the foreseeable future and so shoubj continue to adopt the going COn￿M basis in preparing the annual ￿port and financial statements. Income recognition Income is recognised in the period in which the Charity is entitled to receipt and the amount is probable. Incame is deferred only when the ChaiTty has lo fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. Income comprises donations. legacies, investment income and interesi receivable. Donations including contribuiions from the regions and salaries and pensions of individual religious received under deed of covenant, S￿ recognised when the Charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipl is considered probable. In the event that a donation is subjectto conditions that require a level of performance before the Charity is entiiled to the funds, the income is deferred and nol recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting peric(J. The Congregation of the Sisters of Nazareth Generalate 30

Principal accounting policies 31 March 2024 A small number of volunteers assist Ihe work of the Charity. for example, serving on a committee or providing Mass. Their contribution is greatly appreciated. In accordance with the Charities SORP FRS 102 volunteerlime is not recognised. Legacies are included in the statement of financial activities when the Charity is entitled to the legacy, the executors have established that there are sufficient sU￿lUS assets in the estale to pay the legacy, and any conditions attached lo the legacy are within the control of the Charity. Entitlement is taken as the earlier of the date on which either= the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity 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 only considered probable when the amount can be measured reliably. and the Charity has been notified of the executorfs intention to make a distribution. Ilthere legacies have been notified to the Charity. or the Charity is aware of the granting of probate. but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Charity. All of Ihe Charity's listed investments comprise accumulalion units and hence investment income from lisled investmenls is not credited to the statement of financial activities as it is reflected in the market value of the relevant investment holding. Interest on funds held on deposit and interest receivable on loans advanced to other entities is induded when receivable and the amount can be measured reliably by the Charity. In the case of bank interest, this is nO￿nallY upon notification of the interest paid or payable by the bank. In the case of Inte￿St on monies advanced, this will be when the Charity becomes entitled to the interest under the temis of the relevant loan agreement. Expenditure recognition and the basis of allocating govemance costs Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation Cotnmitting the Charity to make a payment to a third party-, 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. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification beiween activities is as follows= a. The costs of raising funds comprise the fees paid to investment rnanage￿ in connection with the management of the Charity's listed investments, net of rebates received. Rebates arise when the fees deducted automatically through charges for common investment funds and related transactions exceed the fees agreed between the Chaiity and its investment managers. b. The costs of charitable activities comprise expenditure on the Charity's primary pU￿oseS as described in the trustees, report and include the support of the Congregation's work in the United Kingdom and overseas. In the main such expenditure comprises the coordination and direction of. and the provision of advice to, the regions of the Congregation, Sosses on foreign The Congregation of the Sisters of Nazareth Generalate 31

Principal accounting policies 31 March 2024 exchange and the prowsion of grants and donations to projects of the Congregation. Grants payable are included in the statement of financial activities when approved by the trustees and all conditions have been fulfilled by the intended recipient. Provision is made for granls and donations approved but unpaid at the period end. Govemance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect to its compliance with regulation and good practice. All govemance costs are allocated to expenditure on coordination and direction of. and the provision of advice to, the regions of the Congregation. Tangible fixed assets All assets costing more than £5.000 and with an expected useful life exceeding one year are capitalised. Tangible fixed assets are valued at historic cost. Assets are depreciated at a rate calculated to write the value down to its estimated residual value over its expected useful life. The depreciation rates used are as follows- Freehold land not depreciated Freehold buildings 50 years on a straigm-line basis (2% per annum) Leaseholder improvements 10 years on a straight-line basis (10% per annum) for refurbishments or component-based for new assets, varying from 10 to 50 years (20h to 10Yo per annum) 4 years on a straight-line basis (250/0 per annum) Motor vehicles Fixed asset investments Listed investments are a fom of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheel date using the closing quoted market price. The Charity does not acquire put options, derivatives or olher complex financial instruments. Realtsed gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Financial instruments The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest meth<yJ. Financial assets held at amortised cost comprise cash and bank in hand, l(yJether with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. Investments are hekl at fair value at the balance sheet date, with gains and losses being recognised within incorne and expenditure. Investment properties Investment properties are stated at their fair value at the balance sheet date. The Congregation of the Sisters of Nazareth Generalate 32

Principal accounting policies 31 March 2024 Debtors Debtoffs are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. Creditors and provisions Creditors and provisions are rec(yJnised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefrt will be required in settlement. and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. Funds structure Restricted funds are monies given by a donor for specific purposes that can only be spent on the pury)ose forwhich they are given. Details of these funds are given in note 16. The designated funds are monies set aside out of general funds and desvJnated for specific purposes by the trustees. Details of these funds are given in note 16. The Tangible Fixed Assets Fund represents Ihe net book value of the tangible fixed assets used to furtherlhe Charity's objectives and work. Movemenls on Ihe fund are shown in note 15. The General Fund comprises those monies which may be used towards meeting the charitable objectives of the Charity and which may be applied at the discrelion of the trustees. Services provided by members of the Congregaiion Forthe purFK)se of these accounls, no monetary value has been placed on the administrative and other seniices provided by the members of the Congregation. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterfing at the rate of exchange Nling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Pension contributions Contributions in respect of defined contribution pension schemes and personal pension schemes are charged to the statement of financial aciivities when they are payable to the scheme. The Charity's contributions are restricted to the contributions disclosed in note 7. There were no outstanding contributions at the year end. The charity has no liability beyond making its contributions and paying across the deductions for the employees. contributions. The Congregation of the Sisters of Nazareth Generalate 33

Notes to the accounts 31 March 2024 1 Donations and legacies 2024 2023 Legacies Pensions ot indwidual Religious donated under a deed of covenant Donations - American Area U.K. Region Australasian Region Irish Region African Region - other Other voluntary income 470,906 221,714 173,424 161,448 428.969 7,091,261 371.790 291,089 10.000 7,759 33,698 8.927.186 358,530 23,000 281,604 281,573 13,000 259 39,984 1,332,822 Donations from the UK Region (CSNCT) indude the proceeds of the sale of Nazareth House, Southend. 2 Investment income and interest receivable 2024 2023 Interest réceivable Bank interest - CCLA Charrties Deposit Fund interest Rental income- investment properties Interest on loans to connected entities (note 21) 67,502 201,797 2,988 458,064 730,351 91,800 2,860 467,071 561,731 3 Supporling the regions of the Congregation 2024 2023 Staff costs (note 7) Maintenance of Sisters Travel IT and website development Professional fees.. finance and legal Novitiate Premises Governance costs (note 51 Foreign exchange losses Depreciation - Hammersmith development Other 320.844 125,242 86.118 49.109 138,270 36,728 129,518 25.928 310.915 247,472 83,042 1,553,186 294,840 125,144 65.219 46,396 49,149 31,964 49.823 26,028 247.073 120,415 1,056,051 Support costs incurred by the Charfcy are detailed in the tsble in Note 3. They comprise the governance costs and the support functions of IT expenditure and Professional fees.. finance and legal. The Congregation of the Sisters of Nazareth Generalate 34

Notss to the accounts 31 March 2024 4 Grants and donations in support of the Congregation's work 2024 2023 The Congregation of the Sisters of Nazareth, Irish Region The Congregation of the Sisters of Nazareth, Australasian Region Grants to the U.K Region. General Nazareth House Southend Nazareth House Hammersmith Congregation of the Sisters of Nazareth Charitable Trust, UK Region Scottish redress provision (write back) - other donations 19.815 514,403 416,436 111,709 137.286 2,023,685 2.750.000 18,793 12,871 5.588,562 8,850 42,794 347,860 2,000,000 1118,4181 26,000 2,723,522 Claims for alleged historic abuse in the UK have been paid on behalf of the Congregation by our insurers and t¢)tslled £3,569,576 in 202412023.. £2,510,590). The expendtture has been netted off in the Statement of Financial Activities against the income from insurers of £3,569,576 in 2024 (2023.. £2,510,590). 5 Govemance 2024 2023 Legal and professional fees Audit and accountancy fees 7,400 18,528 25,928 7,500 18,528 26,028 6 Net incomel(expenditure) and net movement in funds for the year This is stated after charging.. 2024 2023 Audttor's remuneration including VAT Statutory audit (current yearl 18,528 18,528 7 Staff costs and remuneration of key management personnel 2024 2023 Wages and salaries National Insurance costs other pension costs 276,374 25,907 18,563 320,844 252,704 24,920 17,216 294,840 The number of employees earning £60,000 per annum or more (including taxable benef￿S but excluding employer pension contributions) during the year was as follows: The Congregation of the Sisters of Nazareth Generalate 35

Notes to the accounts 31 March 2024 2024 Number 2023 Number £130,001- £140,000 £140,001- £150.000 The average number of employees during the yearwas- 2023 2022 Administration Management The key management personnel of the Charity in charge Df directing and controlling, running and operating the Charity on a day to day basis comprise the trustees and the Congregational Chief Executive. The total remuneration (including taxable benefits, employer's national insurance and employerfs pension contributions) of the key management personnel forthe year was £170.419 (2023.. £158,422). Trustees. expenses and remuneration and transactions with trustees The charity's trustees are all members of the Congregation and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other mernbers ofthe Congregation, are borne bythe Charrf(y. No truste8 received any remuneration or reimbursement of expenses in connection with their duties as trustees {2023- none). As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the Chanty under a Gfft Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the Charty was £195,38612023,' £131,610). Taxation The Congregation of the Sisters of Nazareth Generalate is a registered charty and, therefore, is not liable to income tax or corporation tax on income or gains derwed from rts charitable aetivities, as they fall within the various ex6mptions available to registered chartties. 10 Tangible fixed assets Property Cemetery refurbishment Motor vehicles Total Cost At 1 April 2023 Additions At 31 March 2024 19,500 2,813,417 2,832,918 19.500 2,813,417 2.832.918 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 19,500 906,839 247,472 1,154,311 926,339 247.472 1,173,811 19,500 Net book values At 31 March 2024 At 31 March 2023 1,659,106 1,906,578 1,659,107 1,906,579 The Congregation of the Sisters of Nazareth Generalate 36

Notes to the accounts 31 March 2024 In 2014, at the time of disposing of Nazareth House Isleworth, the Charity entered into a 999-year lease in respect to the cemetery on that site at a peppercorn rent. This is disclosed on the balance sheet as a tangible fixed asset at the value of £1. There is an informal arrangement be￿een The Congregation of the Sisters of Nazareth Charitsble Trust. which ownsthe property at Nazareth House, Hammersmrth. and the Charrty, thatthe Charty may use space on the site of Nazareth House Hammersmith. The Charty has paid for the cost of refurbishing one of the buildings used. This has been funded from a restricted donation and the cost of refurbishment ha5 been shown as a tangible asset and as a restricted fund. The remainder of the restricted donation is shown as a restricted fund until it is spent. In previous years, other buildings have been refurbished or extended. These are being treated as leaseholder improvements and are king depreciated according to the depreciation policy. 11 Investments 2024 2023 Investments Market value at 1 April 2023 Additions at cost Disposals at book value Net gains l (losses) on revaluation Market value at 31 March 2024 17.468.623 21,822,128 11,750,000) 13,536,917) 2,093,354 (816.5871 17,811,977 17,468,623 Investments held at 31 March 2023 comprised the following.. 2024 2023 Property 204,000 204,000 U.K common investment funds 17,607.977 17.811.977 17,264,623 17,468,623 Cost of listed investments at 31 March 2024 15,732,562 17,427,238 The Charity owns two residential investment properties in Wellingborough, Northamptonshire that were gifted many years ago tothe Charty and another local charty. In 2019 the Charity purchased the local charty's share of the properties and now owns both properties outright. In preparation for the purchase, an independent valuation was carried out. Both properties are held in our accounts at the market value, taking into account the incumbent tenants and the fair rent clauses in their tenancies_ The intent is to revalue the properties periodically or rfthere is a material change in the condition or circumstances of the properties. The income due trom the properties is treated as income from operating leases. The leases are registered with fair rent clauses, preventing a market rate of rent from being charged. They do not have expiry dates and the arrangement will continue for as long as the tenants wish to remain in the properties. The income received in 2023124 was £2,988. It is expected that a similar amount will be received in each future year. The Congregation of the Sisters of Nazareth Generalate 37

Notes to the accounts 31 March 2024 12 Debtors 2024 2023 Loan to The Congregation of the Sisters of Nazareth Charitable Trus Loan to NRV Development (Blackburnl Limrted" Loan to NRV Development (Plymouthl Limited. Loan to Irish Region of The Congregation of the Sisters of N&areth in respect to the Dublin. Mallow and Belfast developments" Loan to Australasian Region of The Congregation ofthe Sisters of Nazareth in respect to development at Christchurch New Zealand" Legal claim5 reimbursed by insurance other debtors and prepayments 5,567,440 523,266 240,106 5,651,259 523,266 240,106 7,378.157 7,831.495 1.554.054 1,682,559 21,331 16.966.913 1.598,071 1,779,387 58,414 17.681.998 Detsils in respect to each of these loans and the contribution due are gwen in note 19. During the yearthe Irish Region loans were consolidated and a new108n agreement signed, covering Dublin, Mallow and Belfast The legal claims debtor represents the expected amount to be reimbursed by our insurers in relation to the settlement of legal claims against the Congregation, which are shown as a provision in Note 13. The above debtors are due for receipt a5 follows.. 2024 2023 Amounts falling due wf(hin one year Amounts falling due after one year 3,134,380 13,832,533 16,966,913 3,402,262 14,279,736 17,681,998 13 Creditors and provisions: 2024 2023 Amounts held on behalf of individual members of The Congregation of the Sisters of Nazareth Congregation of the Sisters of Nazareth Charitable Trust Trade Credrtors Sundry Creditors Accruals and Deferred income Social Securty Creditor Scottish Redress Scheme 150,173 240,106 3,190 17.866 347,475 9.221 3.366.590 4,134,621 165,879 240, 106 2,727 25,845 323,106 8.301 3,762,797 4,528,761 2024 2023 Amounts falling due within one year Amounts falling due after one year 1.268,031 2.866.590 4.134.621 1,180,964 3,347,797 4,528,761 The Congregation of the Sisters of Nazareth Generalate 38

Notes to the accounts 31 March 2024 Provisions 2024 2023 Legal claims 1,682,559 1,682.559 1,838.367 1,838.367 The Congregation ran children's homes across England & Wales, Scotland and Northern Ireland until they closed in the 1980s. The legal claims provision represents ongoing claims at the year end for compensation in respect of alleged historic abuse of children in the Congregation's care. These amounts are expected to be paid within the next financial year. The vast majority is expected to be covered by insurance, shown as a debtor in Note 12. Further detail is provided in the contingent liabiltties note. 14 Financial Instruments At the balance sheet date, the Charity held financial assets at an amortised cost of £27,927,828 (2023.- £23.968.7581 and Financial liabilrties at an amortised cost of £1,268.031 (2023= £1,180,964). The total income recewed in respect offinancial assets held at amortised costtotalled £269,29912023.' £91,800). The Charity held assets at fair value through income and exp8ndrture of £17,607.977 {2023'. £17,264,621). Movements in the year through the statement of financial actwities comprised gains of £2,093,354 {2023'. loss £816,588). 15 Movement in funds At Net 1 April 2023 movement in funds At 31 March 2024 At 1 April Net At 31 March 2023 movement 2023 in funds Restricted funds Development Fund- Hammersmf(h 9,164,975 (2,023.6851 7,141.290 9,512,835 1347,860} 9,164,975 Unrestrlcted funds Property Fund- Designated Sisters Support Fund- Designated Tangible Fixed Assets Fund General Fund 17,500.000 7,000,000 24,500,000 7,000,000 7,000,000 1,906,579 1247,4721 1.659.107 1,405,276 1123,9411 1,281.335 19,000,000 (1,500.0001 17,500,000 7,000,000 7.000.000 2,153.651 1247,072) 1,906,579 1,743,051 1337.775) 1,405,276 36.976.830 4,604.902 41.581.732 39.409,537 (2,432,707) 36,976,830 The net movement in the Propety Fund and the General Fund includes a transfer of £7,000,000 from the General Fund to the Property Fundto ensure the General Fund is keptwithin it'starget range of 6-12 months expenditure. The restricted funds of the Charity represent a restricted donation that is being used to refurbish an asset. The unrestricted funds of the Charrf(y include the following designated funds, which have been set aside out of unrestricted funds by the trustees for specific purposes: Property Fund The Propety Fund of £24.5m is set aside to provide loans or grants to regions requiring support for substsntial building works. The Congregation of the Sisters of Nazareth Generalate 39

Notes to the accounts 31 March 2024 Sisters, Support Fund The Sisters, Support Fund of £7m is retainèd to provide Sisters who need nursing, care or other suppor( with the means to purchase it should public funding not be available. It is intended that care will usually be provided within one ofthe care homes operated by the Congregation. Tangible Fixed Asset Fund The unrestricted funds also include the Tangible Fixed Assets Fund which represents the net book value of the Charity's tangible frxed assets used to furtherthe Charty's objectives and work. A decision was made to separate this fund from the General Fund in recognf(ion of the fact that the assets are used in the day to day work of the Charty, and the fund value would not be realisable easily rf needed to meet fLrture contingencies. 16 Analysis of net assets between funds Tangible Designated Fixed Assets funds Fund General Fund Restricted Fund Total 2023 Fund balances at 31 March 2024 are represented by: Tangible fixed assets Listed investments Investment propety Net current assets Total net assets 1,659,107 1,859,107 7,000,000 17.607,9T7 204,000 141,290 22,110,648 7,141,290 41.581.732 10,607,977 204,000 20,688,023 31,500,000 1,281,335 1,281,335 1,659,107 Tangible Design8ted Fixed Assets funds Fund General Fund Restricted Fund Total 2022 Fund balance$ at 31 March 2023 are represented by: Tangible fixed asséts Listed investments Investment property Net current assets Total net assets 1,gC6,579 1,9(￿,579 17,264,621 204,000 17,601,630 36,976.830 10,264,621 204,000 14,031.379 24,500,000 7,000,000 1,405,276 1,405,276 2,164,975 9,164,975 1,906,579 The total unrealised gains as at 31 March 2024 constf(ute movements on revaluation and are as follows" 2023 2023 Unrealised gains l {losses) included above: On investments Total unrealised gains l (loss) at 31 March 2024 1.919.779 1,919,779 (97,3771 (97,3771 Reconciliation of movements in unrealised gains Unrealised gains at 1 April 2023 In respect to disposals in the year Net gains I Ilossesl arising on revaluation in the year Total unrealised gain l (loss) at 31 March 2024 (97.377) 138,099) 2,055.255 1.919.779 1,018,998 (299.788) (816.587) 197,377) The Congregation of the Sisters of Nazareth Generalate 40

Notes to the accounts 31 March 2024 17 Contingent liabilities and contingent assets At 31 March 2024, the Charrty was funding legal and other costs incurred relating to statutory inquiries that have been established in Northern Ireland, Scotland and England and Wales, into the alleged historical abuse of children. The inquiries are at various stages, wf(h the Historical Institutional Abuse Inquiry in Northern Ireland having reported in January 2017, the England and Wales Independent I nquiry into Child Sexual Abuse has published its final report in October 2022, and the Scottish Child Abuse Inquiry publishing r(s report into the Sisters of Nazareth in May 2019. The Charrty expects to incur further legal costs in relation to all three inquirtes. It is not possible at the present time to provide any meaningful estimate of future costs, some of thich may be covered by insurance. It is also not possible to provide any meaningful estimate of the future costs of ongoing claims being brought against the Congregation for which there is no reliable estimate of the value or probabilrty of a claim being paid, some of which may be covered by insurance. Redress schemes have been established, in March 2020 for Northern Ireland. and in December 2021 for Scotland. England and Wales have not yet announced their intentions. An agreement has been reached to contribute to the cost of redress payments in Scotland and the cost of the agreed contributions has been included in previous accounts as expenditure. The actual payments WFII be paid according to an agreed schedule of contributions. No agreement has been reached for Northern Ireland and rt is not possible at the present time to providé any meaningful estimate of future contributions, if any. 18 Other commitments The Charty has provided a guarantee to Allied Irish Bank to support a loan tak6n OLrt by the Irish Region for building works. The Charity has provided a letter of comfort to Barclays Bank plc in respect to banking faciltties the Bank may make available to The Congregation of the Sisters of Nazareth Charttable Trust. At 31 March 2024, the Charrty did not have any future capital commf(ments12023.' nill. 19 Related parties: connected entities The Charrty is connected to The Congregation of the Sisters of Nazareth (the Congregation), an unincoiporated international religious organisation recognised by the Vatican. The Charity is also connected to two other UK registered charrties- Name Registration numbers etc. A registered charty (Charrty Registration Nos 228906 (England and Wales) and SC040507 (Scotland)) Principal activities + The support of the religious ministries and works by members ofthe Congregation (the Sisters} in the Unfced Kingdom and the care of those Sister5. The Congregation of the Sisters of Nazareth Charitable Trust {CSNCT} + Ownership of 14 homes in England. Wales, Scotland and Northern Ireland known as Nazareth Houses and which are used to provide nursing, residential and care services to older people in need, and a nursery. The Congregation of the Sisters of Nazareth Generalate 41

Notes to the accounts 31 March 2024 Nazareth Care Charrtable Trust (NCCT) A registered charty (Charity Registration Nos 1113666 {England and Wales) and SC042374 Iseotlandll and a company limtted by guarantee (Company Registration No 5518564 (England and Walesll • The provision of nursing, residential and care services to older people in need through the operation of 12 homes wrthin England, Wales and Scotland, and a nursery. + The provision of management and support services to older people at the retirement villages in Blackburn, Glasgow and Plymouth. The Superior General of the Congregation is also a trustee of the Charity. She appoints the trustees of CSNCT and isthe sole memberofNCCT and appointstheirttustees. CSNCT and NCCT havethreetrustees in common. At no point during the accounting period did any of the three chartties control one or more of the others. As a consequence, con501idated accounts are not prepared. The Charty owes CSNCT £240,106 in respect of a grant that remains owing. This sum is included in credttors (note 13). NCCT has a numberofsubsidiary companies with which itfomis the Nazareth Care Charrtable Trust Group. Consolidated accounts ofthe Nazareth Care Charrtable Trust Group are prepared and filed w￿h the Charty Commission and Companies House. The Charity has a financial relationship wrth the following NCCT subsidiaries.. Name Registration numbers et¢. Company Registration No 059(kS057 (England and Wales) Principal activities The development of a retirement village in Blackburn. NRV Development (Blackburnl Limtted NRV Development (Plymouth) Limited Company Registration No 05940933 (England and Wales) The development of a retirement village in Plymouth. During the périod there have been a number of transactions be￿een the Charf(y and its connected entfcies. The detail of grants and donations provided to connected entities is shown in Note 4. Details of the indebtedness between the Charty and its connected enttties and of comm((ments is given below. The Congregation of the Sisters of Nazareth Charitable T￿￿t The Charity made a loan to CSNCT towards the cost of development and construction of a new Nazareth House care home on the existing srte in Glasgow. The loan is repayable by 2035 with interest charged at a commercial rate. The balance at 31 March 2024 was £3.89 million {2023= £4.02 million). In 2018119 the Charity agreed a loan of up to £1.5 million towards the refurbishment of the Nazareth House care home in Birkenhead with interest charged 8t a commercial rate. The balance at 31 March 2024 was £1.68 million 12023. £1.63 million). The Charity owes CSNCT £0.24m (2023: £0.24ml in respect of a grant to fund retirement village in Plymouth that remains owing. NRVDevelopment (Blackbum) Llmited In 2012 the Charity agreed a loan to NR V Development (Blackburn) Limited for up to £4.2 million to be used to part-finance the construction of apartrnents and bungalows at the Larmenier Retirement Village, Preston New Road, Blackbum. At 31 March 2024, the loan balance Wds £0.523m12023: £0.523ml. The Congregation of the Sisters of Nazareth Generalate 42

Notes to the accounts 31 March 2024 NRV Development (Ptym¢xrthJ Limited The Charty loaned NRV Development (Plymouth) Limtted £6.1m to build a retirement village in Plymouth. The majorty of the loan has been repaid and £0.24m 12022.. £0.24m) is due from NRV Development (Plymouthl to repay the remainder. The Charty has a financial relationship wrth overseas connected charities= Irish Region Several loans have been provided to the Irish Region to finance refurbishment works at the Dublin, Mallow and Belfast Nazareth Houses. The previous loans were consolidated into a new loan agreement that was signed on 4 April 20Z2. At 31 March 2024, the balance of the loans, when converted to Sterling, amounted to £7.378 million12023- £7_831 million) and 15 dueto be repaid by 2034. Repayment ofthe loan commenced in 2023. Interest is charged at a commercial rate. The remaining external funding forthe redevelopments in Ireland comes trom a commercial bank loan taken out by the Irish Region. The Charity has provided a guarantee in respect of this loan and funding for any cost overruns. Australasian Reglon A loan of £5 million, converted into New Zealand dollars, was approved by the trustees in December 2014 to assist in financing the rebuilding of Nazareth House Christchurch. The loan will be repaid be￿een 2018 and 2028, with interest charged at a commercial rate. Repayments have commenced,. however, none were received in this financial year and the balance at 31 March 2024 was £1.55 million12023'. £1.6 million). The reduction in the value of the loan was caused by foreign exchange variations. 20 Ultimate control Thé trustees ofthe Charty arethe SuperiorGéneral and General Councillors ofthe Congregation exofficio. 21 Custodian funds As at 31 March 2024, the Congregation of the Sisters of Nazareth Generalate held funds on behalf of Nazareth House Aids Fund in Standard Bank of South Africa. This bank account acts as a holding account for money coming in and out of the Charty. These assets are not included in these financial ststements. The value ofthe funds held in the bank account at 31 March 2024 was £11.116 {2023'. £7,501). The Congregation of the Sisters of Nazareth Generalate 43