Congregatlon Of The Daughters Of The Cross Intemational Annual Roport and Flnanclal Statements 31 De¢￿ber 2022 Corwny Lthiled ty Cu¥8ntee Regl&tra￿On Number07565399 (Englwyj and W8kns} Charfty Reg15tralon Nurnbur 11424 Contents Reports Referen¢e and administrative d*ils of th& Chartty, its tru8tee8 and adv¢8ers Trustees, report Charitable obi8clwes and 8Ctlvities Achi8V8ments andperf0m￿n Financi81 rnview 10 Plans ftjrfulurn pe170ds 12 SlructuTr, Govemance and Management 13 Sl8t&ment of Tnislees. respon$its7iti&s 14 Independent audf(orfs report 16 Flnancial sts¢em•nts Slaten*nt of financial activities 21 BalarKe sheet 23 stalem9nt of cash fltyws 24 Principal ￿cOUnting policies 25 )tes to the financial statements 28 Congregation Of The Daughters Of The Cross International Reference and admlnl8tratlve Infomiation Trustees &ster Pushpa Pursthur (Supertor General) 818ter Mary McLaughlin Fjsler Maureen O'Brign Sister Vaterie Mirand8 Peter Cousin$ FCA Bursar Gengr•l Slster Josephine Rozario Registgrgd offic• CIO Buzzxott LLP 130 Wood Stregt London EC2V 6DL Company r¢gistratlon number 07565399 {England and Wales) Charlty roglstratlon number 1142490 Audltof Buzzacott LLP 130 Wood Street L￿don EC2V 6DL Banker6 NatW851 plc 38 Strand London WG2H 5J8 Solkltors Stone Kbng LLP Broad Quay House Bristol BS14DJ Congregation or The Daughters Of The Cross Intèmational 1 Trustees, report 31 Docember 2022 The trustees present their statutory ￿port (whlch also constitutes a direGtors' report for th& Pufposes of company lawl together with the finanaal stateM￿ts of the Congregation Of The Daughters Of The Cross Inlemational (the'ChariWI forthe year ended 31 December 2022. Th8 financial statements have been prepared in accordance with the ac¢ountlng polkles set out on pages 242510 2627 of the attached financial statement8 and Comp￿ with thg Ch8rW8 Memorandum and Articl8s of AsS￿latIOn, appli¢able laws and Accounting and Reporting by Ch8ritias-. Statement of Recommended Praolice appliGable to charities preparing their count$ in a¢¢ori1￿ce with the Finanaal Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102). Charltable objectivts and actlvltlgs The Congregation of the Daughters of the Cross of Liege ('thg Congregation). is a Roman Catholic Religious Congregation founded in 1833 in Liege, Belgium. The Congreg81ion's principal objectwes set out in its Constitution are to advance religion and other Gh¥itable work, in part￿￿1¥ the relief ot povety and the support ofthose on the margin8 ol scKiety. wrthin the Con9regation woddwidgthare are seven Provinces. on8 Region, one Sub.Region, and two Houses undeT the Generalatg (Gemany and Rome}. The central government ofthe organisalion is in Rome. The Generakts comprise8 thè Super¢or General and her Coun¢il. and the Superior General and three members of the Council are trustees of the Charty. The Generalale is based in Rome, Italy and a5 at 3111 December 2022 there were 682 Sistsrs {2021.. 699) within the Congregatic￿ living and working around the wortd. The &Jper*)r General 18 responsible to th8 Hoty See ￿ Rome, Itaty. The Chartty wa5 established lo bethe legal entity1th￿h ￿raCed all th8 activities of a Central Govemment ￿ a worfd-wide Congregation and the Generalate was previously based in England. Sin¢e the move ofthe Central Government to Rome in September 2021, the Charity has become a grant-making charity wrth an unchanged object lo ￿vance religion for the benefft of the publ¢ in partl¢ular but nol limlted to, by 8UPPOrting the charrtable works carried out or supported around the worfd by members of the Congregation and by the fommticn and training of the meM￿r¥ of the Congregation. Follthving the move, thg name of the Charity was changed to remove the word 'Gengralate'. and this tc*Jk effect on 12th May 2022. The Chaiity make8 grants in the follrhving ways: By financing the Goneralate and its support Communty in Romg. By funding thg work, and the projects whth enhance it, of the &sters and Iheir a¢fwthes In provtrding for their benefI.￿an@s. By relieving poverty, distre￿ and Buffering abYKJng the world's deprived and ne&ly P8ople by way of grant funding, either through the Sisters, work or directly. Congregation Of The Daughters Of The Cross International 2 Trustees, report 31 D￿mber 2(Y22 Charliable objectlvos and actlvltles (continued) The cOngregath￿ is deeply rooted in the Pa5¢hal mystwy of the Pass￿n, Death and Resurrection of Jesus Christ and bult on its traditiLM of care, support and compassion for thrjse who a￿ weakest and most vuln9rabl8 in ourworfd. the C￿9[egat￿ continu95 lowork i countries where peopb are IMng in poverty and on the margins of society. The founder of the Congregation, B1888ed Marie Therose and CO&founder. Cannon Habets, e$tabll$h8d soc181 care, nuTsing arbd eduration as prforlties in the Congwauon bul'exdude(I no work of merc and the Sisters and their CO￿Tkers continue to be ¢ommitted to work of general and ¥xcial educat￿n, the care of the sick, social and pastoral work, the relief of poverty and suffering, and the empowemient d w¢xnen girls, e4)ecialty in countries where tl experionog oppression. The Generalate, and the Sisters in leadership positions, continuo to explore w8ys of fulThlling their objests in the face of the continuing Challenges of thair increasing age profile and the d￿lne in the rojmber of Sisters, especially in the Western Province5. The prinrApal aGtivttie$ of the Generalate cover the following.. • support of the work of Sisters themselve5: • supwrt of the worldwide Congregation", and • supwt of co-workers. vdunteers and a8sociate5 of the Congregation. In authorising grants, the trustees follow the guidance of the Charty Corrniission on the prowsion of public b8nefrt and they consider how they will Gontribute to meeting the Charity's object. In considering potential grants, the trustees are aware that the Congr8galron focuses on services wh￿h delivgr the greatest impact to the most vulnerable children and adults in the ¢ounlries where they are established. whether by way of direct expendf(ure or by grants and donations. In mission areas (these are generally in developing countries or In ramole area8 of established ¢ountfi8sl the Si8ter8 8et up ITain¥ig programme$ ￿1¢h enable the peopte they are invofved wth lo b8come 88 8ew-8uff1￿ent as possible. The Si8ter8 8trive a￿aYS to offer assistance by investing in projgcls that give people the support and skilLs they need to tum thgir life around. In India and P8kis18n, the Sisters have al$0 set up cenlres of excdlence in the field of edu¢&lion. medical and nurse training facilities, as well 88 care centres offering soGial-work support and a caring supwJrtNe environm8nt for the disathantaged and marginaked in The Congregation upholds the c(Thmon commitment to safeguarding as an integral part of the lrfe and ministry of all f(5 members and this is reffected in Ils commitment to the safeguarding of children, young peoplts and aduMs who may b9 at risk. The Congregation's poiicvas and pri>Gedures a￿ reviewed and updated as necessary. In all the countries wheTe the Congregation is established the Sisters, their staff. and volunteers adhere to the guidelines of the Catholi¢ Church and to the national guidelines In those countries. CorKJregation Of The Daughters Of The Cross Internalional 3 Trustees. report 31 D8c8mber 2022 Charitable obJoGtlv8s and activibe9 {continuedl In the differènt Provinces. RegKJns and Sub Regions of the Congregat￿n, those in leadership positions aim to t￿Ure that all poli¢ie$ and pr(Kedures are in place to enable the safe manag8ment of118 OFerations and the safety of all to w1￿M the Congregation is offwing a sep11￿. As well a8 SUPPOrting the ¢urrent works, the Generalale also has a respon8lbllty to ensure that Sisters have the necessary care as they age and reli￿ from mainstsoam a¢tivlty. The8e Sisters have ¢onlribuled to the activities of the Congregation for most ￿ their adult lives b￿, •8 tske a vow of povety, they have no money crf their own, and the G&neralate has a re$ponsibiltyto ensure that they arg provided forwrthin their¢)wn Communiti88. AKhough not working in the mainstream, th8se Sisters have a vast experience of the work, and they continue to help, advise and support the younger Sisl&rs in their a¢tivili8s as far as each is able. The Gen8ralate's longer4erm objectives are Set at each General Chapter ￿lch lake plac8 every Six years. Durlng th8 year, one of the Charity's objectives was to conllnue lo support the Congregation. and to support the Genefalate in its work to fu￿11 the obj¢ctNe3 set at the General Ghapler in May 2018. The next General Chapter will take place in 2024. Gen4ralate lfjslts andmeetlngs The Generalale team support th& wortdwide Congregation by.. ¢anrffjirAI visitatiorss: monitoring projects and activthes throughout the yeaT', organisin9 National and Intemaltonal meetings. ConfW￿￿ and WDrk8hops which bmg many of the CongregatK)n'5 nwmbors together several limes a year,. facilitating and prC￿lot1ng communication and dialogue at all levels throughout the Congregation. Spiritual input plays an important part in these meetings. Sisters and Ihair co-worfrtunty to attend workshops and training to ensure that thgy have the relevant skills and knchvledg8 to fuffil thew role as truste85 of Charity. The Generalate and the Slslers in leadership position$ Wi the Pn)vinces keep updatad on the ¢hanging regulations and 18gislat￿n within their countries, by attending worf(ghops and courses, &spe¢ially on Safeguarding and Health and Safety. Thèy alsoset up relevant Pdlcles and Procedures as required by cwil authorities in that country. The trustw meet ￿le8 a year in EnglarKI in the Spring and ALthimn arvj have one online me81ing in-be￿e9n. Genernl HnanceAdvtspry Committee The General Finance Advisory Committee is an advisory committee set up by the Generalatg to support and advise the Charity and the Generalale on its financial related affairs. It meets hYic& a year in Spring and Autumn to coincmlewilh the trustee meetings. Its members are the trustees. a Generalale Sister and other lay members drawn from mainly, fin￿cIal, iivestment and legal backgrounds. Achl•v•monts and porformanco Grants made The Charty made grant5 totalfing £1,290,009 during the year12021'. £9,378). thè maS0rity of wh￿h were spenl supporting the Daughters of the Cro88 around the worfd. Of Ihk8 total. the Generalate T￿81ved total grants amounting to £242.421 {2021 - £118,173 Generalate costs In totall whtch helped to m9et the Nnning coslg of the Generalate in R¢Jme", this indudes £23,810 from the Archive Fund, as a contribution to settmig up the archives of the CongregatKin in Rom8, and £5.611 which refiects init￿1 costs of thè 2024 Chapter from the Chepter Fund. The Region of Cameroun. Africa, recgNed a grant of £121.251 12021- £nit) to buy land on wINch to buikl a Convent and School. Congregation Of Thè Daughters Of The Cross Iniemational Trustee5' report 31 December 2022 Achlov¢ments •NI perfomiance (continu*J} Grants mad• (conlinued) Thefomier GeTman ProvinGe, now a Hou8e und8rthgGeneralate, 1$ a diminishing Community which is having to ratsonalise rts property portlolio lo accommodate eldety. sick and frall Sisters. A grant of £882,627 (2021 £nil) was made to help them find aKerr)ative accommodation, lo h8lp with moving cost8. deal wth cemetery issues around moving, and contribute lothe initial Care Home fees. There were other small grants totalling £20.15012021- £26,578) which included grants from the Entraide and Patrwnony Funds (for the kW)or of the world and the wr loJked after by the CorwJregatiDn). One of the Charity's objects is to support the formation and training of the membgr¥ of the Congregation. Grants of £23,560 were made to the Rourkela Provin¢e and the Cameroun Region lo meet theireosls. Oth9r Provinces, Regions and Houses do have cos18 offormation and training but where they have the funds to meet thom, there is no need forlhe Charty lo makegrants. Fommtion hlnlng Ongoing religious formation for all the Sisters. regardle88 of age, is important in what has tecome a mainly ￿ular society. F0M￿tIon andtraining ofyoung Sisters forfijll memb9rship of the Congregation and for professional qualfficattons remains a high prk)rity. Naural aptitude and ability. as well as the needs of the Mis$w of the Congregalion, are tak9n into consKleration when preparing the young S￿er8 for their futtKe roles in th8 CongregalKJn. Spirituality courses are also essential for the development of SsSters in their religmjus commitment and lo enable them lo respond lo the chall8nggs in liwng LNrt their t%vn ommitmant and in fomiing others in th8 Charism of the Congregation. Professional training and qualrfication in all the ergas that the Sisters are engaged in {predominatety health and education), has become even more irrwrtanl as they work alongside highly qualrfied and competent lay colleagues. Troining for leadership 8mongsl the younger Sisters remalns a prforfty In the Congregation and each year courses a￿ identified which will enable them lo gain quaIrf￿atiOns and they are given ￿levant experience to take up senior positions within the Conwalion. Congregation OfTh8 Daughters Of The Cross International 6 Trustees, report 31 December 2022 Achievements and p•rformance {continued) Th• Generalat• The Generalate grant of £242,421 P021- £116,173 Generalale costs in totall helped lo meet the running costs ofthe General8le in R¢)me, whKh not only caTrigs oth the duties of 8 Central Government, but also inGludes supporting the smalkr entitles wf(hin the Congreg*ion which are not yet large enough to have their own gov8Tnment le.g. Cameroun), or which have redl￿ed In svze and capabilty {e.g. Gemianyl. The GeneTalate'8 costs have included travel costs and during the year the Generakte Si8ters have visited Provinces in Pakistan, Bombay. C*utta and th& Houses in Cam8roun. Brazil, BelgiLwn Francophone and Gemany. These visits had to be postponed becausè of the Covtd pandemic bul they are very important a5 they dgmonstrate the support and interest from the Generdkts in all the activities b8in9 Ca￿led out by the Sisters, wherever they are living and working. The &siers in the Leadershlp role n the Generalate form the majority of the trustee m8mbership and hold overall ￿SponsIbl1ty for thg fif8 and mission ofthe Congregation. Their Tole is lo guide, inspire and animate lh& Sisters and in accordance with their constitutions to courag8 a spirilualty that is INing faithful and creatrve. Setout belw aro brielreports of the activit￿ carried out byth8Generalate and thewoddwide Congregation. In the three Indi￿ Provinces, Bombay, Calcutta and Rourkelè, educalh)n is largely the focus and a significarrt numborof Ststers are qualfied for this ministry. Most of the well4stablished instiluknons are 5¢hooL*. Some being over a century old. T¢xlay Sisters are also Invow in schoo15 mnaged by the Di¢xe$e and other Relighjus Congregations. Non-formal educatton takes drf[e￿nt fonns in the Prwnces. Some rural and semi-wral ccrfnmunities are engaged in women'5 empowemient. and $upport Study cl8sses, Iggal aid and Primary heahh care. Others conduct short lemi skill training for various he81th worker r￿8. hospitality and tailoring. with the aim of ¢ulmlnating in job plaGement with dignity. In the city, accc¥mpanying migrants and visitin9 Pri80ners are more r￿nt 8ctivAle8. Boardings and hostels are many and 8evèral Sisters a￿ involved in the pastoral ministry. A 100-bed fully equipped Bombay cty hospital celebrated Its centenary and now moves for a radical upgrade, for which funds have been oblalned l¢xalty. A 150.bed hospital in a very PCLir region is urKler constrLth, and is soon lo have a Nursing School and Hostel attachgd. Di8pen8aries are attached lo many communlle8 and mot41e WViGes made available. F0M￿tIOn of the young is taken seriously, both religb)us and prcle5sional. Much invested in this area as most enier the Congregalion with the minimum pre•unNersity qualfficalion. The Indian provinces are well administered fin￿CIal￿ stabl• and are guided by erianced and reliable lay advisors. Congregatv)n Of The Daughters Of Th8 Cross International 7 Trustees. rèport 31 Decembgr 2022 A¢hlevem8nts and performanco {continuedl The Genwalato (conlinu8dJ In the Pakistan Province, the maln Ap￿tolate has 8￿My8 been education and th• Sisters run number of 8choo15 and also work. usually in senior posiiions in parish 8chools. The educatlctn of street children remairbs an important prole¢t for the Sisters in Pakistsn, wf(h the aim of the progrgmm9 to bring these young pwple into mainstream edLKation or onto vocat￿nal training programmes. Some Sisters are irwolved in missionary aclNlies whtch take them into many of the poorest areas of the Punjab Province. The Sisters work closely wf(h missionary priests who accompany thgm on their joumey$ as it can be very risky for the Sisters travelling into the88 areas atone. The Sisters work mostty with the woman and girls. In some a￿a5 the Sisters are involved in th9 provtsion of health care and sockgl work support for the peopk who walk many miles for basic medicings and medical treatment 81 their health care centres. The mission ￿ the Sisters in Cameroun very actwe and there are many vocation8 to Tho Daughters of the Cro$$. Atthough several otheT Religious Congregations have left the area because of thg danggrs and problems associated wf(h the militant groups and the poltiical instability in the country, the Daughters of the Cr05s have opted to remain due to their commitment to Ihe people and to the number of projects they have start￿. The bishcp$ and priests in the mission areas are w appre¢Mtwe of their commitment and dedKatK*n to the P80pIe. The country of Cameroun has low lrfe-expectancy. and high matemal mortalty. Poverty is on the rise, particularfy in rural a￿a$. Theworld¥wde Congregation sees th8 Cam6roun misS￿n as on& ol the most vibrant in the dgveloping world and are commblted to 8UPPOrting projects that empwr and enable people to improve their situations in lffe and those that will facililale u¢alion and health care. Thg Sisters run a bilingual college in the North of Ihe Gounty where illiteracy is high. The college 1$ now wdl established in the area and attracts many students. The local people are very proud of thi$ ¢dlege and there 18 always a waiting ltst of young people looking for adrnis5ion.The work the Sister8 do with the women and gir15 in the villages help8 loensure that Ih9se young women are better equipped to man&3e their budyets and bam home makirvj skills. Several of Ihe I￿1 young Y￿en who hav8 joined the Congregalion are now undertaking professiond training courses in teaching, so¢bl work and nur8lng as well as continuing their formation training in religicws life and in leadership. Congregation OfThe Daughters Of The Cross International 8 Trugt•89' report 31 De(￿nber 2022 Achlevemonts and perfomianGg l¢ontlnuedl The Goneralate fconbnuedj Like the majority of ReligK*us Congregations in mainland Europe and England th8 Daugmers of the Cr088 have begn gxperiencirvj diminishing numbers of voc*iong for many years in th8 We$lern Provinces. Bel9ium, Gemiany and England. Howgver, due lo excellent forward planning. the Iran8fer of their works lo lay management has gone smoothly and the Sisters who are able lo, still Serve on the new trust boards and advisory bodies. Their expertisg and years of managing lawe operations Such as schods, ho8pbtals and care homgs means that they have a wea￿h of knowledge and experience that the new govwning bodies really appreciate and valu9. In some parts of England and in Europe a small number of Si8ter8 are Still actively involved in parish ministy, visiting th8 sick. socAal and pastoral eare, hospital and hospice chaplaincy work and he81ing miiistry, coun8ellwig and supportiNJ the varfou$ groups ofA39ttiates Dfthe D3ughtsr¥ of the Cro￿. In the English Province a large amount of time has been spent by the Provincial and her Council planning forthe fuiure. Various building work is in progress, although there have bggn delays due to the difficuly of obtaining materials. Time has been spent on the sale of propety no longer needed. bul unfortunately th18 has been hampergd by the worl&wKd8 econom tU8tion. The Gernan Sisters, who have a￿y$ been great missTonari88 and over the years. having helped to establish new foundations in Eurow, England, India and Pakistan. have now come to the decs$ion that they can no longer manage to live in their very largè propèrty in Aspel ngar Rees, which has been the home for countless communities of Daughtsrs of the Cross. Thay are now in the process of tying lo sell the property. The relocation of the Sisters started in February 2022 and was cethpleted in May 2023. They have all moved totheir new location in Aachen region of Germany, where many of the Slslers will havè both care and nursing facilities. In the Belgium Flemish INgerlandophong1 Prownce, due to age and health i5sue8 most ofthe Slsters are now not able Io WOTk. The Provincial and her council are recewing help in settling propety and financial matters for the future. Their propèrty is to be sold to an organisalion which owns several care homes and the Skstsrs wil romain in their own home and bo well taken care of. Theirfuture 18 8ecure. In the Belgium Francophone Province, older Sisters IN& in a care home owned by the Province in Liege. Younger Sisters are vgry active in ministy. Their wentty established Foundat¢on has ensured that their financial future b5 secure. The Sislers support each other a5 they grow older and experience various medical problems and know that God will not let them down. Congregation OfThe Daughters Of The Cr05s Intemational Trustees, report 31 De¢￿ber 2022 Achlovoments and perfomiance {cYJntinugdl Th• Generalate (continued) The rel¢)¢ation of thè Generalate to Rome look pla¢8 on the 9th Septembgr 2021. Th8 Rome Convent bullding had been a care howe which the Rome community of Daughtets of thg Cro88 had run for many years. Ethnsive renovation8 were required to provide the netss facilities for th9 Ggneralate community lo tske over the property. Some of the extemal work is still ongoing. The ne%￿Y rgnoval8d building provides office accommodation. ¢onferen¢e and meeting rooms, library, statistics room and archives, as well as the ne¢essary Iwing Spaces. It 18 planned to hold the General Chapter in 2024 in the Generalale building in Rome and al80 other intematicmal gaherings ofts Daughters d the Cross. The small ¢ommunty of Sisters in Brazil Continue to have an active involvement in a numb8r of WOTks including general and special needs education, craft and other creative work wlh young people with Special needs. nur8in9 and s(Kial WOTk amDngsl the slums and prison visiting. Flnanclal revl Results forth8 yoar A summary of the yearfs resuts is gwen on page 21 of the financial statements. Total n)come for the year was £121,648 {2021 - £172,883) which was mainly Nive8tmenl income and total expendtturg was £1,321,680 (2021 £130,130). Support Costs were £31,671 cOMpa￿d with £41,343 tast year, and th8 balance of £1.290,009 {2021 - £9.3781 were grants and donat¥)ns whi¢h are explalned underAchievements Perfoman¢e. Thg net expendlure for the year before investmont10s5es was therefore £1,200,03212021- net income of £42,753). It is the naturg ol the funding required by the G8neralale for th6 8UPPOrt of the woddwide Congregation. that signrficanl expenditure 1$ required from lime to time and this ye8r there was a consider8bl8 need lo support th8 Sisters in Gemany. Investmenlpollcy andperfom Investsnents are wrth two investment managers and placed in ethical mutti4ssel unitised fvnds which take into account Catholic social le*hing. These investment managers are CCLA Fund Managers Limited, wilh investment in COIF Charities Ethical Invfjstment Fund, and BlaCkRC￿ Fund Managers Limited. ￿th investment in BlackRod( Catholic Charities GTOWth & Income Fund. Congregation Of Thè Oaughters Of The Cross Intemational 10 Tru9tees' report 31 December 2022 Flnancial vevltrw (continued) Investmentpoli¢yandperfomiance (continued) The Charity's investment objeGtrves are to achieve capital growth tn the longer term, say fve toten years, whilst preseNing the capital value in real lem$ and to generate a growing income over time. I￿oMe and gains are wrthdrawn to fvnd the grants and support Costs. The investment managers, resuts and p8rfomw)ce are reviewed ￿lee ea¢h year al the Charity's Gengral Fiiance Adwsory Committee meetings. RepresentatNo5 ofthe investment managers ara ￿1vited lo attend one of these m88tings each year. After a numb8r of years of strong growth, Sto¢k Markets thi8 year have had a major Correction resutting in investsn8nl10sses of £1.831,211 (2021- gains of £2,209.346). The market value investments at 31 DecembgT 2022 wa5 £18,079,52612921- £18,765,051), reflecLing the 1088es and amounts withdrawn to pay grants. Olthis amount, £984,166 {2021- £1,092.5861 relates to funds held for tsvo12021- two) Provinces in the wortdw￿e CongregaI￿Jn, which is paid over to them as they rwuire it. Details of the movements a￿ given in note 9 to these financial statements.The way in whith Inc￿me on investments and the investment gains and losses have been p￿sented has been changed lo refiect a more accurate way of dete￿inIng the movements in thg unil value movement8 and dislribuknons. FLbrther infomiatsn has been provided in note 18 to the accounts. Since the y8ar4nd. global markets have shown signs of a sllght recovery. Reserves policyand flnencialposltlon The Charity has an Endowment Fund and there is one remalnlng Re8trKted Fund (the Patrimony Fund). Another restricted fund, theArchNes Fund. was expended during the year. The tru8tee'8 poliry beyond these two funds is to thvJnale amounts for specffic purposes Whe￿ there 1$ an cl)wous or potential need, whilst maintaining adequate free ￿serVeS. Thgse free re3eT¥es Ore the General Fund which rgpresenl$ thé working capital fequirements of the Charty. Designated fund8 COM￿8• a Solidarity fund. a Ch4)1or fund and an Enlravjé fund. The Entraide Fund is for making grants to the 'pwr of the world.. Th8 Chapter Fund represents sums $9t aside for the Congregation's Gerwal Chapter. which is a worfd-w¢de meeting held every six years, with the next one taking place in Rome in 2024. The Solidarity Fund has begn deBign8led to Fffovidfr funds for Situations arising within the w(￿dW￿Je Congregation where financi81 resources may be needed, whether these situations are routinè or emergenGy in nature. The trustees all￿te funds from lime to lime and remew them regulady to ensure designated funds are avaitable lo meet the charitys objects without compromising ongoing budget commilments. The timing cl such spending is drfficult to pred¢t. Congregation Of The Daugmers Of The Cross Intemational 11 Trustee5' report 310acomber 2022 Flnancial revlew (continued) Re8eN•s pollcy and financlal posltlon {continugd} The trustees have rationalisej and simpllfied the funds this year. refiecting the fact that the Charty 18 n(hV 8olety grant-making. The Generalale Fund is no longer required and so has bg8n m8rged with the Emerging Needs fund and tho Solidarfty Fund asthe purposes of these funds is now broadly the same. The one fund 1$ now named the Solidarty fur)d and the I￿*890r13ati0n took place al 3111 December 2022. All designated funds are invested or held in cash at the balance Sheet dale. Fre8 reserves al 31 D￿ernber 2022 amount to £25.000 {2021- £25,000) whtch the tNslees con8iderto be in line wth the resetves policy. Plans forfuture perfods The Charity will continue to help fund the Generalate and do what It can lo support the Generalate in conlinuing vith the 04"e¢lives set out at its General Chapter in May 2018. A number of Canonical v48italions by thg Superior General and th8 G￿erat Coun(xllors. supported by the Charity, have been Ca￿l&d out this yoar as the dffi¢ullres ansing from the Coronavirus outbreak have diminished, and in a similar way thèy are now attending to tt Provincial ChapleTS being held in preparation for the May 2024 Chapter. Next year grants are likety lo be made from the Solidarity Fund to 8UPPOrt the developing mission in Cameroun, and for the Generalate lo help adapt 118 tr•vn property (premously Care Hol￿) to meet its own n8eds. Prfnclpal rlsks and unc¢rtalntle5 The trustees have assessed the major risks to wh￿h the Charity is exposed and they have put prcredures in place to mit(gate them a$ far as po$$ible. The principal risk 18 volatility andlor radical charfje within global financial markets, which could result in investment values and incomg being in8Lrfficient to meet the requests of the Congregation's proAeots which the truste8$ would wk8h to Support. Risks are mitigated by using tsvo inveslmenl managgr5, by investing in mu￿1-S83et un*i8ed funds. by meeting the inve8lmenl managers every year and by considering the Charity's investments ￿l¢e a year al the Generai Finance Advisory Committee meetings. Fundrdislng The Charity does not solicit donations fr(xn the g8n8ral public and therefore doe5 not work wtth any commer¢ial c* profess￿al fundralsers. Congregation Of The Daughters Of The Cross Intemational 12 Trustees, report 310ecember 2022 Structure, governance and managgment Th8 Congregalh)n of The Daughters of The Cross Intemational Generalate was incorporaled as a wmpany limited by guarantee on 15 March 2011 {Registralion Number 07565399) and reg181eTed as a charity on 20 June 2011 {Charty Regislrallon Number 11424901. The harilable company is govemed by Arbcles of Association which was subject to minor changes in 2021 and 2022. The name of the Charty wa8 changed on 12 May 2022 and its registrat￿n nun*)ers retained. Structure. governance and managwnent (continued) Tnvtstees The trustees constitute directors of the wmpany for the purposes of company law and trustees of the Charty for the pu￿ose8 of charity legislation. The following trustee5 were in office as at 31 December 2022 and served throughout the year as shown.. TN•t•• Sistsr Pushpa Purathur ISup8rKir Generall Sister Mary M¢Laughlin Sl$kr Maureen O'Brien Slster Valerie Miranda Peter Cousins Congregation Of The Daughters Of The Cross International 13 Trustees, report 31 Decembpr 2022 Slatemenl of trustees, respon$lbllltl8s The trustees are Tesponsible for preparing the trusle85' re[￿ and fin￿claI statements in aocordanGg w*h applicable law and United Kingdom A¢￿￿ting Standard5 (United lQngdom Generalty Accepted AG¢ounting Practice). Compary law requir05 Ihe trustee$ to prepare flnancial statements for aach financl81 year which a true and fair view of the slate of affairs of the chariable company and of the income 8nd gxpendituie ol the charitable corryny for that perKJd. In preparing these financial $talemenls. the trustees are required to: • select Sultsb￿ accounting policies and then apply them consistendy" • observe Ihg methods and principles in Accounting and Rgporting by Charities.. Statemènt of Recommended Practice applicable to charitie8 preparing their accounts in accordance th the Financial Reporting Standard 8pplicable lo the United Kingdom and Republic of Iroland IFRS 1021., the Slalement of Recommonded pr￿tiCe (AC￿Unting and Reportlng by Chafitiesl (the Charities, SORP); • make judgements and e8tim8le8 tPAt arg reasonable and pwdenl.. • Stale whether applicable United Kingdom Accounting Stand¥ds have been followed, subject to any matwBI departws disck)sed and explained in the financial statement and • prepare the fwwi¢ial statements on the going conwi basis unless it is inappropriate to presum8 that the charitable company will contirTrue In operth'on. The trustees are Tesponsible for keeping proper accounting records that disclos9 Wlth re￿Onable accuracy at any time the financial position of the charitable G¢)mpany and enable them to ensure that the financial statements comply wf(h the Companies Act 20C6. They are a180 responsiblg for safeguarding the assets ofthe charit8bl8 ¢omp8ny and hence for taking reasonable Steps for the prevention and deledton of fraud and other irrggularilies. E￿h ofthe Iru5tee$ COnfim￿ that: • 80 far 88 th8tru8lee is aware, there no relevant audit info￿natIon ofwhKh the ¢haritable company's auditor is unaware" and • the trustee has taken all the steps that thgy ought to have tsken as a trustee in OTd8r to make themselves aware of any relevanl gudkt information and lo establish that the charbtsble companl$ auditor is aware of th81 information. This confirmation 18 gl¥en and should be inlerpT¢ted in acGoTd8nce with thg provisions of $418 of the Companies Act 2006. Congragatlon Of The Daughters OfThe Cross Intemational 14 Trustee5' report 31 December 2022 Koy management personnel The management of thg Charty throughoul the year. in charge of directlng, controlling and running the Charty on a daY-l(￿daY basis ￿mprised Ihe Sister tfU5te88 and the Bursar General of the CoTharegation. whothe trustees considerwerè the key management personnel. During 2022, the Sister trustees and the Bursar General were membets ofthe Congregation d their ewenses for attending trustee and GFAC meetings are borne by the Chariiy. R•lat•d Partbes Wortdwlde Congregatlon The Generalate and the Sisters are part of the worldwde Congregation of the Daughtèrs of the Cr05s of Liege. Grants are made by the Charty lo PTovinces and lo other Sister5 of the Congregation around the worfd from time to time. Approved by the trustees and signed on their behalf by- Trustea: Approved on: Congregation Of The Daughters Of The Cross Int8rnational 15 Inde￿ndent audltor's report 31 December 2022 Independent auditsrfs roport to tho mm)bgrs of the Congrggatk>n of The Daughtern of The Cross Internatlonal Oplnlon We have auditgj thefinan¢ial statsments dthe Congregatlon ofThe Daughters ofThe Cros8 Inlematlonal forlhe year ended 31 Oe¢gmb8r2022 whiGh comprise the stalemgnt offinan¢lal activit￿$. the comparative statement of financial acknvities. the bglance sheet, the slalement of cosh fl(pNs, the principal accounting poliw and the related notes to the financial statemgn15. The finat)¢tal reporting framework that has been applied in their preparation 18 applicabb law and United Kingdom A¢counling Standard$ (Uniw Kingdom General Accepted A¢countin9 Practice), including FRS102, thg Finanryal RwtiNJ Standard applicabie in the United Kingdom and Republic of Ireland. In our opinion the financial statements.. glvea true and fair￿eW of the state ofthe charitabl8Gompany's affairs as at 31 December 2022 and of its incom8 and expenditure forthe yearthen ended,. • have been property preparod in a¢¢ordan¢e with United K￿gdoM Generalty Accepted Accounting Practice., and • have been prepared in accordance wilh the requirements of the Comp￿10$ Ad 2006. Basig for oplnlon We conducted tsur audr( in xcordarKe with Inlemation81 Standard5 on Auditing (UK) (ISAB IUK}l and applicable law. Our ￿SpOnsibl11t1es under those standards are further desGrrbed in the auditorfs responsibilities for Ihe audrt of the financial statements section of our report. We are independent of the charitabk ¢omp8ny in accordance with the ethical requirern&nts that are rglevant to our audit of the financial stat￿￿entS in the UK, irKludirwJ the FRC'5 Eih¢cal standard, and we have fulfilled our other fjthical responsibilities in accordan¢e wth the8e requirernenls. We believe that the audit evidence we have obtsined is sufficient and approprkgtg to provide a basi8 for our opinion. Conclu$lons r¢latlng to golng concwn In auditing the financial stslements, we havo conGluded that the trustees, use of the going ¢on¢em basis of accounts'rsg in the prepar81ion of thg financial State￿nts is ￿prOprIate. Base11 on the work we have performgj, we have not identified any materid uncertainties relating to events or condition5 that. individually or collectwety. may cast signifjcanl doubl on the charitable ¢ompany's ability to continue as a going con￿rn for a perioj of at least iwefv8 months from when the finan¢Tral statements ar& authorised for issue. Our responsibiliti8s and the responsiblllile5 of tho trustee8 wlth respect to going concem are described in the rèlevant sections of this report. Congregation OfThe Daughtsrs Of The Cross Intemational 16 Independent audltor'3 rnport 31 Decwnbér 2022 Other Inf0M￿tIon The tntsle8s are responsible lor the oth8r informathjn. The other inf0m￿l￿n comprises the infcwmation included in the annual repjrt and financial statgmènts, other than the financial statements and ouraudilor's report thereon. Ouropinion on thefinancial statements does not cover the olher infomation and, e￿ept to the extent othe￿15¢ eypli¢f(ly stated in our report. we do not express any fomi of assLrni¢e con¢luslon themn. In Connection ¥￿th our audit of the f￿ancIal statements, OLW responsibility is lo read th& other information and, in doing so, con8Kler whgthgr the other informatton is materialty inconsistent with the financial statemen15 or our knowledge obtained in the audit cf otheThvise appears to be materially missta18d. If w8 identfy such material inconsi8ten¢ies or apparent material mtsststemants. we are requir￿1 lo dete￿Ing whether there is a materkql misstatemenl in the fina￿la1 statements or a malerFal misstatement ofthe other infom)ation. If, baged on the work we have perfOrn￿d, we condudg that there is a materk4 mis81atement of this other inf0M￿tiOn, we are required to report that fact. We have nothing to rep)rt in this regard. Oplnlon on olhèr matter prescrlbed by tho Companies Act 2006 In our opinion, based on the work undertaken in the course of Ihg audit.. • the infcrtion gNen in the trustees, report, which 1$ also the directors, report for the purposes of company law, for the financial year for wh￿h thts financial ststoments are prepared is con5151enl with the financial statements., and the truslees. report, which is also the directors. report for the purp)ses of ¢ompany law, has been prepared in accordance with applicabla lagal requirements. Matters on whlch wo are requlr•d to roport by ￿ceptIon In the light of the knowledge and understanding of the charity and it8 environment obtained in the course of the audit, we have identffied no material misstatements in the Iru$tegs' report. We have nothing to Tgport in respact of thè folljwing matters where the Companies A¢t 2C requires us lo report lo you rf, in our opinion.. • adequale a￿ntIng records have not l)een kept or relums adequate for our audil have not been received from branches not visited by us.. or • the flnanclal statements are not in agreement with the acc(￿ntIng records and returns; or • certain di5closur85 of tru5t&s' remuneration specified by law are not made.. or • we have not receNed aAI thg infomlation and explanations we require for our audit: c * the trustees were nol entitled to pware the financial sta19mgnts in accordance ¥￿th the small companies regime and lake advantage of the small Gompanies exemption in p￿paring t￿t￿￿te88, report and take advantage of the 8mall companies 9xemption from th& requirement lo prepare a Strategic report. Congr8gaiion Of The Daughters Of The Cross International 17 Independent audltor's report 31 DKen*er 2022 Rgsponslbilities of In￿lee$ As explained more fijlty in the trustees, responsibililigs 51atemenl. the trustees {wtho are also the direGknts of the charitable company for the purp05e8 of cornpany law} *è responsible for the preparat￿￿ of Ihgfinancial statements and for being sa115fied that they gNe a truè and fair vi￿, and for 8uch intemal ¢onlrol as lh8 trustees determine is ne¢es$ary lo enabte the prepaTation of financial statements that are free from material mi88talemnt, whgthèr due to fraud or error. In pryring thefinan¢lal ststement5, the trustees are respon8ibl8 forasse8sing Ihecharitable coryany's abilty to continue a$ a going ¢oncern. db8ck)sing, as appliGable, matters related to going concem and using the going concem basis of accounting unless the tr￿te¢S e￿her intend to liquidate th& charitable c(wnpany or to cease operations. or have no realrstic aEtemative but to do so. Audltovs reSPDnslblllti98 for the audlt of the Ilnancial statsmfjnts Our objectives are to obtain reasonable assurance about whether the f￿ancial statements as a whole are free from material misstalem8nt. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonabl& assurance 1$ a high level ofassuranco. but is not a guarantee that an audit Conducted in accordance with ISAS (UK) ￿11 always detect material misstatement when it exists. Misslatgmènts Can ari$e from fraud or error and are consid8red malerial if, indTh1idual￿ or in the aggregate. they could reasonably be expected to inftuence the economi¢ de¢i$ions of ￿er$ taken on the basis of these financial statements. Irregularities. including fraud. are Instsnces of non?n. A further descriptK)n of our responsibilf(ies is available on the Financial Reporting Council's website al YMw.frc.org.ukJaudttorsrespon$ibilities. This description fomis part of our auditorfs report, Congregation Of The Daughters Of The Cross Intamatlonal 19 Independent auditols report 31 December 2022 Use of our report This Teport 1$ made solely to the ch*itabte company's members. as a body, in aGcordarKe th Chapter 3 of Part 18 of the Compan￿6 Act 2006. Our audit work ha8 bean undertaken 80 that we might State to the charitable compart￿8 members those matters we are required to slalelothem in an auditorfs report and for no (Xher purpose. To the fulkst extent P8miitted by law, we do not acGept or a88ume responsibilty to anyone other than the charitabla company and the ¢harltable company's members as 8 body. for our aui*twork, for this report, OT for Ihg opifkions we have fomied. E(Iw¥d Finch, Senior SlatLrtory Audttor for and on behaw of Bu22acott LLP, Statutory Audi(or 130 Wood Street London EC2V 6DL 14 September 2023 Congregation Of The Daughters Of The Cross International 20 Statsmettt of flnanelal actfvitles (In¢0￿oratIng an Income and expenditurn aceount) Year to 31 December 2022 Tofal knd 2022 Incornoand •xp¢nd1￿rn westrnant8 Other Tolal 109,$00 9,641 119.141 2.5Q7 112.007 9.141 121.e48 2.507 Expondltur• on ¢haT#4bl••¢llvM¢•'. Fundhw Genera18te Granls and donauons Tolgl Grants ar*J S￿porte0sts Totèi •xp•ndlWrn 213.( 1.N4,443 1,￿7,443 31,671 1,289,114 213.000 1.077.009 1,29).009 31.671 1,321,6B0 32,566 32.566 N•tl•wndltur•l bgfw• nèt IthveBtrn¢ht los Net ros¥es on I￿alL￿1￿ 8rvJ dlsposal ofitsi8d Inve5bngnts 11.169.97¥ 130,059) frfl,032) 9 11.166,>)9) 141.4031 ￿89¥ 1.131311 K¢tddlckand n•tmovom•nt In funds (2.356,882 (71.4621 .M {4031,243> Totd frthds broughtloTward at 1 January 2022 12.585,575 429,9n 4.9¥2,547 17,988,095 Tot91 fu￿d& carrfed fomard al 31 Decamber 2022 10,208.693 358,511 4.389.648 14.gf6152 Al rwnised gains and losses are induded in the atA)ve statement of financial actwities. All of the charity's activitigs dèrived from continuing operatlons durlng the above financial Congregation Of The Daughters Of The Cross International 21 Cofflparatlve statement of financial aclivllles Year to 31 Decembor 2021 Tolal lunds R•st•t•d funds Re￿ated 42,963 125.034 1,763 169,7 InvosEment8 Oth•r Tolallrtome 127,932 1,988 172.883 225 3,123 Gener8late 116,173 116,173 R7.386) 41,343 130.130 T.318 Supportcosts 41.343 122,812 7.318 NethJc¥yvtr I￿pe￿) boforn Mt Inve*mgrtg8lns Natg81ns Dn th& rtvaluallon onddspoxlol lisleslinw6slrnents 4&948 14.196) 42,T53 1.619,235 539,fA 2,209.346 1.66&183 4¢412 &39,504 2,252,099 Tot8lfth)Lls broLW roma at IJsnu8ry2021 10.899.392 381&81 4,453.043 IA73&996 Tot￿￿NdS can1ed1o￿ard 8t31 Doc￿1&¢r202l 72,56&575 429,973 4.992,547 17,988,095 I wnised gains and losses are I￿ude￿ in the above statement of fflnanclal activities. All of the charty's a¢tfvitle8 deTiV9d from ¢ontinuing operaions during Ihe above finartial Congregation Of The Daughters Of The Cross Intèrnational 22 Balance sheet 31 December 2022 2022 2022 2021 2(r21 Notes Flxed a88ets Invèstmènts 16.079,626 18.765,051 Curr•nt asb•ts Dabttsr$ Cash at bank and In hand 10 44.130 127,310 171,440 30,815 891.183 921,798 Crodltors.. amounts falling due thin onè year N•t currentas8•ts 11 1107,8281 I377,7￿) 63.612 544,089 T¢)tsl le8¥ current IlibllSVes 16,143.138 19,309,140 Cr•dltorn." amounts falling du• after more than one ye8r 12 11,186,286) 11,321,045) Total neta8¥9ts 14,966,852 17,968,095 Th• lund• ol thg ¢harfty Rttstricted fund5 Endowfflent fvnd Unr•stn"ct8d funds . DÈsignated funLIs - Ch8Pter fund . Entraidé fund Emerging Ngods fund . Solidarity fjjnd . G8neralats fvnd 13 14 368,611 4.389,64B 429,973 4,992,547 15 11)0,gOB 79.011 437,443 9,575.531 98,5 2.350.0 9,699,180 10.183,69J 12,540,575 . G•n8ral lur 26,000 14.956,882 25,W) 17,988,095 ApprovEd by the trustees of the Congregation Of The Daughters Of The Cross International Generalate, Company Registration Number 07565399 {England and Wales), and signed on their behaw by.. Trusiee., Approved on". 16-08-loA8 Congregation Of The Daughters Of The Cross Intemational 23 Statement of Cash flows 31 D￿mber 2022 2021 2022 kn3tated Notts Cash (oulllow) from opèrdtlng •thlUos: Net rA8h used by owatin9 actlvities A {1.617,8621 593.ml Cash Infiow from In¥￿tIng a¢Uv1U￿. DIMdends and inteffj5t from investments Net disposal Ipurchasel of Investments Net ca8h u8pd In InvgBtlng actlvWe8 112,007 741,020 653,027 127,932 798,309 926,241 Chanu• In ¢a8h And ca•h •4ulvalants In thè y•ar 1784,5361 332.288 Ca¥h and ra¥h 94ulvalgnts at l January 21122 891,183 557.847 Change In cash and cash oqufvalents due to exchany rat• mov•m•nts 1.088 Cash and cgBh ulvaknnts at 31 D￿9rnb9r 2022 12Y,310 891,183 Not•B to th• stst•m•nt of Gash flows for tho year to 31 Dfjcembfjr 2022. A R•c¢n¢i1S•tlon of h•t income to net cash provldad by operatlng actlvltles 2022 2￿21 Il•t {dèfi¢lt) Ineomo (as p•rth•¥totoment of finanolal aCtMtl￿1 AdJu8tsnents for: Losses (Gains) on inNPstM￿ Dividènds and Inl¢resl from invesknents Foreign exchange Igaln) loss Ilncreasel decrease in debtor5 {Decrgasel Sncrease In creditors Not ca•h ￿•d by 0￿ra￿Tr0 aetlvltl•s {3.031,2431 2,252.099 1.944m (2.392.7CfjI 1112,0071 1127,9321 16621 11,oe81 113,5151 116.8431 404,8401 307,5231 11,617,562) {$93,973 8 Analys15 of cash and ca¥h oqylva1￿ts 2022 2021 Cash 8t b8nk and in hand TolAI cash and equlval¢nts 127.310 127,310 891.183 891,183 No sèparate reconciliaion of nd debt ha$ been prepared as there is no difference belween the net cash (debt) of the ¢harity and the ¢a$h and ¢ash equNalent Congr8uation Of The Daughters Of The Cross International 24 Princlpal Accountlng PollGles 31 December 2022 The principal accounting pdiGigs adopted, judgements and key sour¢es of eslimatic uncertainty in the preparation of the financial statements a￿ set out bebw. Basls of pr•paratlon These financial slatemenls have been prepared for the year to 31 D￿ember 2022 with comparalbve information in respect lo the year ended 31 December 2021. Thefinancial stat8m8nts have been prepared underthe hi8torical co8t¢onvention wrth iloms r9cognised al cost or transaction value unless olhwwise $taled in the relevant ac¢cwnting policies bel¢M or the notes to these accounts. Thefinancial statements have been prepared in accorilance wth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing th8ir ounts in accordance with the Financial Reporting Standard applicabk in the United lfjngdom and Rgpublic of Ireland IFRS 1021 {Charriies SORP FRS 1021 issued on 16 July 2014, the Financial Reporting Standard ¥pluble li the UK and Republ[¢ of Ireland IFRS 102) and the Charities Act 2011. Th charity Collstitules a publ￿ ben￿rt entity as defined by FRS 102. Tr financial Statements are presented in sterling and are rounded to the nearest pound. Critical accountlw estlmatss and arus of judgwn¢nt Preparation of the accounts requires the Iru8tee8 and man8gem8nl to make $ignifi¢ant judgwnents atKI e8timate5. item5 in the accounis where the8e judgekr£nt$ and estimates have been m￿e irKlude.' • the albcation of amounts held on behaw of parts of the wcddwide Congregation of the Daughters of the Cro88 of Liege belween Short and long lem creditors,. aTrJ • the a$$umptKin$ adopted in determining thevalue of any designatlon8 required from tho charity'B general unrestricted funds. A8888sment of going ¢on¢em Th8 Irusle8s have assessed whetherthe useofthe going concem a$$umplKJn 1$ appropriate li preparing these accounts and have made thbs assessment in respect of a period of one year from the date of approval olthe5e accounts. The Irusts8s of the Charity have concluded th* there a￿ no malerral uncertainligs related to evènts orcondilKJnsthal may ¢asl 5ignifKant doubl on the ability ofthe Charity lo continue as a goiru conGfjm. Th8 tntslees are of the opinion that Ihe Charity will have sufvient resources to meet ils Ikgbilities as they fall due. Th& most 5vdn￿cant areas of judgement that affect it8m5 in the accounts are detailed above. Congregation Of Th8 Daughters Of The Cross International 25 Prln¢lpal AGc(wntlng Policies 31 D¢wiber 2022 A88essment of golng concern Icontinuèj) Wth regard lo the next pLeounting Fwiod, th8 year end¥ig 31 De¢ember 2023, thg most significant are83 thal affect the carrying value of the a$$el$ hdd by the Charity are thelgvel of investment retum and the performance of the investment markets {see the investment pdlcy and the ri$k management section$ of the Iruslees, report for moTe information). Income I￿orne is recognisgd in the per￿ in which the Chwity has entitlement to the in¢omg, the amount of incorne can b& me*8urod reliabty and it is probable that the income will be Irwme mainty comprises income frcffn investmgnt512tr21'. donat￿8 received in re5peGt of ¢ontribulions receNed from the variou5 Provinces within the W0￿dWide Congregation and in¢ome from investmenlsl. In accordance with the Charities SORP FRS 102 volunteer time is not reccgnised. For the purposes of these accounts, no value has been pla¢e(l on adminr5trative and other serviG85 provided by members of the CongTegation, Expendltur& Llabilllles a￿ Rcognised as expenditure as soon as there is a Wl or constructive obligalKJn commltting the Charity to make a payment to 8 thlrd paty, it is probable that a transfer of econom￿ beneffts will be requred in settlwnent and the amount of the obligat￿n can be measured reliabty. All expendituft is accounted for on an accruals basis a￿1 all expense8 are allocated to the plicable expenditur8 headings. The majority of expendi(ure is directty attribthable and arky portionment belwegn he￿Ing813 negllglbl8. The classrficalK)n btheen activities is a$ follows: • Expendlture on charitable aclivitles includes all costs asswated with furthering the Charitable purposes ofthe Charity through the provision of ts charitabfe actwities. Until 9 September 2021. th18 inC￿deS the c0515 of supporting the Sislers under the care of the Chaiity, expendlture on the upkeep of the propety o¢¢upi8d by the Charity and govemance ￿$t$. Afterthal date, all experKlitur8 is byway ofgrants and re181ed Support Govemance cost$ Comprise Ihfr oosts involving the publ1¢ a¢¢ountability of the Charity lincluding audit costs) aThJ costs in respect of its wmpliance with regulation ond good actl¢e. All expendf(ure is Slated inolu5Ne of irrecoverable VAT. Investments Listed investmen15 are inflialty recogntsed * their transaction value and 8ub$equent measur9d at their fair value a8 at the balance sheet date using the dosing quoted market Charity only holds unls in quoted uniti8ed funds. Congregation Of The Daughters Of The Cross International 26 Prlnclpal Accountlng Pollcles 31 Dewnber 2022 Investments {continuedl Realised gains {or bsses) on in¥a¥tmgnt assets are cakulated as the differBnGe be￿ft disposal proceeds and their opening carrying value or their purchase value if acquired subsequentto the first day of Ihefinan¢k?l year. Unrealised gain8 8nd1055es are calculated a5 the difference btheen Ihg fairvalue al the year end and theircarrying value at that date. Realised and urTralised investment gains (or bssesl are combined in the statement of financkgl actNitie5 and are credited lor debited) in the year in whi¢h they ati58. Doblors Debtors are recognise(l att￿1r settlementamunt, less any PTovision for non-recoverability. Prepayments aR valued at the 8mount prepaid. Cash at bank and In hand Cash at bank and in hand wre8ents suGh accounts that are available on dgmand or have a maturity of less than three month8 from the dale of acquisition. Depo3it8 for more than three month8 but *s than one year are dBclo*J as short terrn deposits. Cash placed on deposit for mcKe Ih4n on8 year is disclosed as a fixed as$ot investment. Crodltorn and provlslons Creditors and prowsions are recognised whBn there is an obligation al the balance sheet date as a result of a past event, it is probable that a transfer of economic ￿neffl will be reqUI￿d in settlement, and the amount of the settlement ¢8n be estimated rdkabty. Foreign curr•nclo5 Assets and liabilitigs in foreign curr8nci8s are translat￿1 into sterlng at the rates ol exchange ruling al the balance sheet dale. Transact￿n$ in fo￿l9n Currenc￿ are Iranslat&l into sleding al the rate of exchange ruling at the dale of the transaction. E￿￿ange drfleren¢es are taken into account in aTriving at the net movement In funds. Fund 8tNcture General funds ￿present those monies wh￿h are freely available for application towards achwing any charitable puw that falls within the Charity's ¢haritable Obj￿ Designated funds eompri5e nYJnigs set asKle out ol unwtricled general fund8 for sp8cffic fulure purposes or proj￿ts. Restrictsd fund5 representdon8lrons received forwhTch the donor has prescribed hcwthese donabons may be used, and these monies are only used for those specffied ¢harttable purposes. Endowment fund8 comprise moni8s which musl be inv88bY and held 88 capital. Income therefrom is cr8ditgd to general funds and applied for general purposes unk58 under the tems ofthe endowment such In¢On￿ must be used for specific puw in which case it is Credited lo restricta funds. Congregation Of The Dawhters Of Th8 Cross International 27 Note5 lo the financial statements 31 DeC￿ber 2022 1 Income from donatlon8 nr••irlEIBd Rfslrl¢tgd fundJ fvnds Totsl Cuntsi￿tiO￿ froru Pro￿1 (Xlw don8Vor Total fund8 42.713 42,713 42.*3 42,963 2 Incom• from Invostsnents Unr•strl¢t•d RO￿￿¢1•d funds Unresiri¢teO R¢$tr1cted fiJT¥J5 Restat￿ Restsbj Tot•1 Re¥lated Incr￿ne from Ilsied KNeslmErt . UK 8qLths Bank inthst Total funds 111,063 124.961 2.898 127.859 10&51)0 1507 112.007 125,034 2,898 127.932 3 Other Incom• 2022 Unmstrfcted Rbsld¢t•d T¢ lunds Procaedl on sale oflkA8d Ir￿lment wn8gerf rÈlLnJed Fown e%clwwe gai T*)t41 fund* 8*79 8079 662 9h41 1.068 9N1 1.763 4 Expendlluro on charltable actlvttlgs: Fundlng Generalate Urmtklctad Re8trlctod fund$ 2022 Unr•slrfct8d Res1￿￿8d Tolal fuTrJs runds 2021 sters. and FernJMI support 13.891 23,370 3B,764 3,3 36,764 116,173 13,891 fO.370 3B,764 3,384 38.764 118.1n AdMIn￿traI￿n Carco¥ts 8nd11o¥d Grani Tothi Fundlnl G•M•m￿• 213,1)OQ ),000 213,000 213,000 Thi8 yearfs granl repre8ents a Ithole year, whereas the 2021 grant was onty for the per from 9th September 2021 onwards, the dats that the Generalate moved to Rome. Congregation Of The Daughters Of The Cross Intsmational 28 Notes to the flnanclal statements 31 Decembgr 2Iy22 5 Grnnts and donatlons Unr•8trldod R•Btrlc* lundts 2022 Unmirf(thd Resbkled Totsi 2021 Tot81 Patrfmoryfurn1 donauor hSvefiJnd donaNon Entraldefund donaiior C￿pter￿d donatlon Emaroirw Need$ fund donatir￿S TD Rourkela Pro To Gemwn Provinc• To C@m?roun PrO￿r Ftsl Js Total mintstratlon Govem*rKecoJts Total 14952 lQ719 31.671 7.713 &3.630 41,343 7,713 33.630 41.343 14719 31,671 Govemance costs are made up as folbws: 2022 2021 Lg9al and profassional fe8s Auditofs r8mumral.on Meeting costs 28,809 4,860 1,961 33.630 6,280 1,857 16,719 Net Idoficlt} Income and net movemont In funds Thi5 is stated after ¢harging.' 2ty22 2021 Auditoffs remuneration . statu audf(8ervlces 4,￿0 Congregation Of The Daughters Of The Cross Intemational 29 Notes to the finan¢lal statwn•nts 31 D￿0￿*1@[ 21Y22 Fggs paid to the Charity's auditors for otherSerV￿S, whkh all rel* to financial adwce. are included in Support Costs and totalled £1.950 (2021.. £12,696}. The tol81 amount paid to the auditors wa8 £8.230 (2021.. £17,556). 8 Key management personnel The k8y managem8nl personnel of the Charity throughout the year in charge of directing, controlllny. 8nd wnning the Charity on a day to day basi5 comprise the Sister Iru618es th8 Bursar General of the Congregation. During 2022, the Si8ter Irustses and Burnar Ggneral were all members of the Congregation and their living and personal expense5 are effgctively partty borne by the Charity. No trustee rec&Nied any ￿MUneratIon in connection with their duties to the Charity {2021- £nil). The lay trustee wa8 reinbu￿ed £252 for expenses in attending meetings. e Taxatlon The Congregation Of The Daughters Of Tho Cross Intemalional is a wistered charty and therefore 1$ not liable lo income tax or corporation tax on income derived from 115 chariiable actwitvas. as it falls wi(hin the various exemptions available lo registered charit[￿. 9 Investments 2022 2021 Reststsd Llstsd invesbnonts Markèt valuè at 1 J￿u*Y 2022 Net additions at cost Disposal in year LIn￿all$•d invèstment Ilosse51 gains wal￿ at 31 Dec4mber2022 18.766,051 17.170.6S4 1.691 (750.OL)01 18tm).OC￿l {1.944,6061 2,392,706 16.079,528 18,765.051 Cost of listed InV￿ents at 31 Decemb8r2022 9.305.038 9.810,928 Of the investmnts held at 31 Dec¥mber 2022 of £16,079,528 12021 £18,765,051) £984,16812021- £1,092,586) Tel*es lo fiJnd5 held for h¥o12021- ￿0) Province8 of the worfdwide Congregation of the Daughlfrrs of the Cr088 of Liege. At 31 tknmber 2022. the investments were held 83 follows. 2022 2021 sted investments COIF Ch8riti95 Ethi￿1 Investrnent Fund BlackRod( Catholic Charitseg Growth & Income FuTrJ .907.070 10.330.537 7.172A56 8.434.514 16,079.628 18,765,051 Net invesknent (losses) gain5 dea￿ with in the SOFA are made up as lolknvs: 2021 Re5tabJ Net Invgstmont Ib$so51 galns on Ilsted in￿Str￿•nts- as wr 81)ove {1,944I06} 2,3W2,7C6 Congregation Of The Daughters Of The Cross International 30 Notss to the flnanclal Statsments 31 DeGeT￿er 2022 Less.. Other investment {knsses} gains (s88 b•low) {Losses1 gwns on nbEBlrn8nts assets per SOFA 183.3eL) 11031,211) 2,209.346 9 Inve8tments Iconlinuedl Investments have been placed ¥1 unitised funds with investsments manager8. The8e investrnent Mana￿r$ are CCLA Fund Manag8T8 Lim*ed. w4th invesknent in COIF Chariti95 Ethical Investment Fund. and BL￿kR0ck Fund Managers Limitgd, with investment in BlackR(xk Catholic CharfLie$ Growth & In¢ome FuTrJ. Cxher Investment losses of £113,294 12021- fftt*d gains of £183,360) represent losses in respect of investments held on behalF of parts of the worfdwide CongregatSon of the D￿ghterS of the Cross of Liege, hence they are not aitributable to the Charity's Slatgment of Financial Activities for the year. and the amounts included in craditors as held on behalf of those parts we adjusled aGGordingty. 10 Debtors 2022 2021 PrepayTnen16 aTrJ xcrued Sncome Sundry debttsr8 44130 29.469 1.148 30.815 44,130 11 Creditorn: amounts falllng dua wllhln ong year 2022 2021 Expense creditor5 Aeerval¥ and defvrf•d ￿n￿n (Jhertxeditors Amounts held on b8half of parb ol tho C¢)TrJreg8ti1)n of the Daughter8 of the Cr058 ol Lwe 9,018 183 8.699 2,142 1687 107,828 268.888 377.709 12 Cradltobs: amounts falllng due aftor morn than one year 2022 2021 Amounts held on behatr of parts of Ihg worfdwKI? Congregation of the Daughters ofthe Cros5 of ￿ege 1.186286 1,321,045 Congregation Of The Daughters Of The Cross International 31 Note8 to the flnandal 8tstement8 31 D￿ember 2022 13 R•strictod funds The fund8 ofthe Charity inc￿de the fOlkW￿ng restrthd funds which have been dealt with in cordance with ￿$tr￿tiOnS applied by the doncKs of the funds: Lo8ge5 At31 on l)e¢ember Income E>¥endltur•inve51ments 2022 1 Jaw8ry 2022 Patrimony FuTrJ Ar¢hlvK Fur 406.183 23.810 429,973 2.507 18,756) {41.4031 23.8101 32,566} 141.4031 388.811 2.507 358,511 Gains t At l January Inmme Expendrfur Is 2021 Rèstatéd Restetod Réstote Atji 2021 PatninonyFund ArGhNes FunGI 359,751 23,810 383.561 3,123 (7.3f8J 50,607 406. 163 23.810 &1.607 429.973 3,123 fT.318) The Patrlmony Fund represents a patrimony donated to Charity, vAlh the restriction tPAt any monigs donated from th8t fund must be spwtt on the day-to-day weware of the p￿r cared f(Y by thg woddwKle Conglegal￿n o1th8 DaL￿hterS of the CroB8 of tieg8. The Archlves Fund represents a donation madè towards the ¢ost of creating a comprehensive archive of all historic documents and artefacts crf the worldwide Congregation of the Daughters of the Cross of L￿ge. During the year under review. the fvll amount of the Arthives Fund was donated to the Generalat8 for their costs in establishing th8 archives of the Congregalion in Rome. 14 Endowment fund The Endowment fund represents 8 £3m donation, recewed in 2014. the temis of which required the donation to be invested and held as an Endowment fund. The in¢ome eamed on tho8efund3 may be used to support the rnnning of the Generalate andlorto expand and enhanGe the mis8ion of the worldwide Congregation of the Daughters olthe Cross ol Liege. Following the third anniversary of the Teceipt of the donation, the trustees are also able to apply. In certain circumstances, the cumulatlve gains eamed on the investments in accordance wrth tho donor's wishes. Thg Charity has rKstyet applied any of thesecumulative gains for any purpose. CongregatK)n Of The Daughters Of The Cross International 32 Notes to the flnanclal sLknments 31 D8c8mbor 2022 14 Endowm8nt fvnd (Gonlwiuedl Movoment on the endcmment fund during the year end￿j 31 D8G8mb8r 2022 was as folbws: 2022 2021 Balanca brought fward at 1 J￿U*Y 2￿2 Add., unr¢alk¥ed IIos5esl galns Bala[￿ carrf8& fowrd * 31 December2022 {992,547 4.453,043 602,8991 539,504 4389,648 4.992,547 10 De81gnat8d funds The funds of th8 Charty include the following designated funds which IAve teen 59t asKle out of unrastricted funds ty the Iru$lees for spea'fic purposes.. At D¢¢•mbwr 1 January deskJn8llryb t￿nationS Chapter Fund Enbaidg F￿)d Ernwglw 14eed Sdldarlty Fund Goner￿al8 Fund 79.011 437,445 9,675,531 98,59 2,350,L 12,540,575 100,908 383M06 142,4MI 111,3941 18,648,093) 11,027,438) 9,6LXI.560 2.137.0￿) 1213.0001 {1.L￿9,439) 11,257N431 9.699,180 10.183.693 At Rel8as8d A13t l J8miary Ngw to DK•mber 2021 dgswatsons fund 202t ChapterFund Enlr8id& Fund Eme￿ing Needs Fund Sdidarity Fund Ggner•l8t8 Fund 39,868 391.269 8,567,641 85.614 1, 790,OCQ 10,874,392 39.143 58,833 1.076.507 12.976 560.000 1, 74T,459 79,011 (12.659) 437,443 (68,617) 9,574531 98,590 2.3￿.000 (87,276} 12,540,575 The net designations ir￿ude transfers from the Emerying Needs Fund1£7,583,719) and the Generalate Fund (£2,026,472) whioh have both been added lo the Solidarity Fund {£9.810.191). The Chapter Fund comprises anounis desvJnated to cover the ¢05ts ￿ the next Gen&ral Chapter of the worldwde Congregatton of the Daughter of the Cross of Liege, wh￿h 18 due lo tske place bn May 2024 and for wh￿h the trustees expect to 9r8nt funds. Th8 Entraide Fund comprises monies designated for help for the pcor around the world. ThTrs nw)ney was dor*led by Enlraide Internat￿n818 AS8L, a charity based in Belgium, the aim ofwhich was lo help the poor and thp trustees have designated this fvnd to carry on the work ofthat ¢harity. The funds are invested al￿ the annual income ark8ing on them will be rryularty. usually annually. donated to appropriate cau8e8. Congregation OfThe Daughters Of The Cross Intsmational 33 Notes to the financlal statements 31 D8cember 2022 15 Doslgnated funds (continued) The Solldarlty Fund has been designated to provKJe funds for situations arising within the woddwide Congregatitin where financial resources may be ne&kd. These situation5 may be routine or wneryency in nature, issues causing concern currenlty, or situations where there are concems for thg fulure and where Charty may bè called on to consider providing a8818tance. During the year under revigw, the Emerging N99ds Fund and the Generalate Fund were In¢oTporated into the Solidarity Fund. The trustees have rationalised and slmplffied thg funds and merpd these three funds, Solidarity. Emerglng NewJ5 and Generalate, as their purposes are now broadty the sam. The orvJin81 Solidarity Fund comprised money d￿ated by Prownce5 around the workl. 18 Analysls of nat assets l)etwe•n fund8 UrrtBtrfc40d GEneral Des¥nHted Resirieied EThYcrtrnenl funtt Totsl 2022 Fund bakncos at 31 D•e•mb•r2022 Mpr•wit¢d by: Inwstrm¢nts Cwr•nt aBset¥ r¢dltDrs= amO￿ts tslllng du¥ ¥Atran oneytar Credttors: amourt8falllTrJ due alter mwt Il¥n 0￿ year Tolal neix80ts 1,153.711 165.403 10,183.6g3 3S2A74 4,￿9,848 11079.52e 171A41 {107,8281 1107,8291 1.186.286) 25.0(KJ 10.188,693 358,511 4,36&B4fl I49￿832 restthdfund5 Tol81 2021 fvnd lunols R•st8leL¢ Rest81ed Restated fuFJds at31 Decemè•r2021 aRrepresentedby. Invesfrnents ¢mnlass•ts CrOth￿.. 8mountsl4lllngdu• wlh ya8r 1,092,586 631,168 12,279,Q33 261,542 400,885 29,088 4,991517 18.765.051 921,798 1377,7091 (377.709) 1,321.0451 25.000 12.540.ST5 (1,321,045) IT,9￿,095 Trtalnetassets 429.973 4.992,547 COng￿atiOrt Of The Daughters Of The Cross International 34 Note8 to the financial statements 31 December 2022 16 Analysls of net assets betW88n thnds Icontlliued) The total Un￿alIsed gains as at 31 December 2022 constitutes nK>vements Lm revauafion of listed iivestments snd ￿ as follows: 2022 2021 Re$tsted Totsl unrnall8gd galnB Includ•d Abow.. On list•J inv8stsn8nts .774A84 8,954,123 R•¢oncllloilon ol mov•m•nts In unreallsèd galn¥ Unrealised gains at 1 J8nu8ry 2022 Unrealised {10sses1 gairts arising In y•ar Net realised Igaim) on dK4prtsal 8.954.123 6.753,914 11,944AO8) 2,392,705 1238.131) {192.4961 Total unr•all8ed aln8 at 31 Do¢•mbèr2O22 6,774,484 8,954,123 17 Rglated paty transa¢tlons Wortclwlde Congregotion Th8 majority of Iruslees are members of th9 woddwide Congregation of the Daughters of the Cros8 of Liege. Grants may be made to any part of thg Congregation from time to lime. 18 Prlor ￿riod Adjusthwnt ¢t￿g￿gatIon of the Daughters of the Cross 1ntemati￿aI holds its investment portfolo ross income generating units and units wh￿h provide capital accumulation. The a¢¢ounling treatment for the accumulation unts has been analysed in the year to 31 December 2022 to better refi8Gt the substance of the underfying transactions, resuming in the ac¢umul•tion element being recc¥Jnised enti￿ty within gains and losses on th8 investjnenl portfolio, where a proportion was previously identffied as income. The figurgs to 31 December 2021 have begn restate(I lo rellsct the same treatment. restatement has decreased the 2021 investmgnl income r8Gognised to £127,859 (2021 ounls - £445,477}, decreasing the 2021 surplus before inve81ment gains to £42,753 12021 accounts £360.371). It has inwsed the gain across the unwtricted and deslgnaled funds to £1.619,235 (2021 accounts - £1,308,904) and in th8 restricted fund 10 £50,607 12021 a¢¢ounls £43,240). Thefund totals atthe 31 December 2021 and 31 December 2022 arg unaflect8d by this adjusthient. Congragation Of The Daugmers Of The Cross International 35