## **Congregation Of The Daughters Of The Cross International** ## **Annual Report and Financial Statements** 31 December 2024 Company Limited by Guarantee Registration Number 07565399 (England and Wales) Charity Registration Number 1142490 ## **Contents** ## **Reports** |Reference and administrative details|| |---|---| |of the charity, its trustees and advisers|1| |Trustees’ report|2| |_Charitable objectives and activities_|_2_| |_Achievements and performance_|5| |_Financial review_|8| |_Plans for future periods_|10| |_Structure, Governance and Management_|10| |_Statement of Trustees’ responsibilities_|11| |Independent auditor’s report|13| |**Financial statements**|| |Statement of financial activities|18| |Balance sheet|20| |Statement of cash flows|21| |Principal accounting policies|22| |Notes to the financial statements|25| Congregation Of The Daughters Of The Cross International ## **Reference and administrative information** |**Trustees**|Sister Pushpa Purathur (Superior General)| |---|---| ||Sister Mary McLaughlin| ||Sister Maureen O’Brien| ||Sister Valerie Miranda| ||Peter Cousins FCA| |**Bursar General of the Congregation**|Sister Josephine Rozario| |**Registered office**|C/O Buzzacott LLP| ||130 Wood Street| ||London| ||EC2V 6DL| |**Company registration number**|07565399 (England and Wales)| |**Charity registration number**|1142490| |**Auditor**|Buzzacott Audit LLP| ||130 Wood Street| ||London| ||EC2V 6DL| |**Bankers**|NatWest Bank plc| ||38 Strand| ||London| ||WC2H 5JB| |**Solicitors**|Stone King LLP| ||Broad Quay House| ||Bristol| ||BS1 4DJ| Congregation Of The Daughters Of The Cross International **1** **Trustees’ report** 31 December 2024 The trustees present their statutory report (which also constitutes a directors’ report for the purposes of company law) together with the financial statements of the Congregation Of The Daughters Of The Cross International (the “Charity”) for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 22 to 24 of the attached financial statements and comply with the Charity’s Memorandum and Articles of Association, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). ## **Charitable objectives and activities** The Congregation of the Daughters of the Cross of Liege (“the Congregation”), is a Roman Catholic Religious Congregation founded in 1833 in Liege, Belgium. The Congregation’s principal objectives set out in its Constitution are to advance religion and other charitable work, in particular the relief of poverty and the support of those on the margins of society. Within the Congregation worldwide there are five Provinces, four Regions and two Communities (Germany and Rome) under the Generalate, which is the central government of the organisation based in Rome, Italy. The Generalate comprises the Superior General and her Council, and the Superior General and one member of the Council are trustees of the Charity. As at 31 December 2024 there were 665 Sisters (2023: 668) within the Congregation living and working around the world. The Superior General is responsible to the Holy See in Rome, Italy. The Charity was originally established to be the legal entity which embraced all the activities of a Central Government for a world-wide Congregation and when the Generalate moved to Rome, Italy, the Charity became a grant-making charity. Its objects remain unchanged - to advance religion for the benefit of the public, in particular but not limited to, by supporting the charitable works carried out or supported around the world by members of the Congregation and by the formation and training of the members of the Congregation. The Charity makes grants in the following ways: - By financing the Generalate and its support Community in Rome. - By funding the work, and the projects which enhance it, of the Sisters and their activities in providing for their beneficiaries. - By relieving poverty, distress and suffering among the world’s deprived and needy people by way of grant funding, either through the Sisters’ work or directly. In order to describe the benefits that the grants generate, it is necessary to describe the work of the Generalate and the Sisters and this is done below. Congregation Of The Daughters Of The Cross International **2** **Trustees’ report** 31 December 2024 ## **Charitable objectives and activities** (continued) The Congregation is deeply rooted in the Paschal mystery of the Passion, Death and Resurrection of Jesus Christ and built on its tradition of care, support and compassion for those who are weakest and most vulnerable in our world, the Congregation continues to work in countries where people are living in poverty and on the margins of society. The founder of the Congregation, Blessed Marie Therese and co-founder, Canon Habets, established social care, nursing and education as priorities in the Congregation but “excluded no work of mercy” and the Sisters and their co-workers continue to be committed to the work of general and special education, the care of the sick, social and pastoral work, the relief of poverty and suffering, and the empowerment of women and girls, especially in countries where they experience oppression. The Generalate, and the Sisters in leadership positions, continue to explore ways of fulfilling their objects in the face of the continuing challenges of their increasing age profile and the decline in the number of Sisters, especially in the Western Provinces. The principal activities of the Generalate cover the following: -  support of the work of the Sisters themselves; -  support of the worldwide Congregation; and -  support of co-workers, volunteers and associates of the Congregation. In authorising grants, the trustees follow the guidance of the Charity Commission on the provision of public benefit and they consider how they will contribute to meeting the Charity’s objects. In considering potential grants, the trustees are aware that the Congregation focuses on services which deliver the greatest impact to the most vulnerable children and adults in the countries where they are established, whether by way of direct expenditure or by grants and donations. In mission areas (these are generally in developing countries or in remote areas of established countries) the Sisters set up training programmes which enable the people they are involved with to become as self-sufficient as possible. The Sisters strive always to offer assistance by investing in projects that give people the support and skills they need to turn their life around. In India, Nepal and Pakistan, the Sisters have also set up centres of excellence in the field of education, medical and nurse training facilities, as well as care centres offering social-work support and a caring supportive environment for the disadvantaged and marginalized in society. The Congregation upholds the common commitment to safeguarding as an integral part of the life and ministry of all its members and this is reflected in its commitment to the safeguarding of children, young people and adults who may be at risk. The Congregation’s policies and procedures are reviewed and updated as necessary. In all the countries where the Congregation is established the Sisters, their staff, and volunteers adhere to the guidelines of the Catholic Church and to the national guidelines in those countries. Congregation Of The Daughters Of The Cross International **3** **Trustees’ report** 31 December 2024 ## **Charitable objectives and activities** (continued) In the different Provinces, Regions and Communities under the Generalate of the Congregation, those in leadership positions aim to ensure that all policies and procedures are in place to enable the safe management of its operations and the safety of all to whom the Congregation is offering a service. As well as supporting the current works, the Generalate also has a responsibility to ensure that Sisters have the necessary care as they age and retire from mainstream activity. These Sisters have contributed to the activities of the Congregation for most of their adult lives but, as they take a vow of poverty, the Generalate has a responsibility to ensure that they are provided for within their own Communities. Although not working in the mainstream, these Sisters have a vast experience of the work, and they continue to help, advise and support the younger Sisters in their activities as far as each one is able. The Congregation’s longer-term objectives are set at each General Chapter which takes place every six years. One of the Charity’s objectives is to continue to support the Congregation, and to support the Generalate in its work to fulfil the objectives set at the General Chapter in May 2024. The next General Chapter will take place in 2030. ## _**Generalate Visits and Meetings**_ The Generalate team support the worldwide Congregation by: canonical visitations; monitoring projects and activities throughout the year; organising National and International meetings, conferences and workshops which bring many of the Congregation’s members together several times a year; facilitating and promoting communication and dialogue at all levels throughout the Congregation. Spiritual input plays an important part in these meetings. Sisters and their co-workers keep up to date in their professional practice ensuring that a culture of “best practice” is maintained in all of their establishments. This is verified by the excellent reports received from social services, health and educational authorities. During their six-year term of office, the Superior General and her Council carry out a programme of pastoral and canonical visitations of the Provinces and Regions. These visits give them the opportunity to assess and monitor the work of the Congregation in that particular region, which is subsequently reported to the trustees. In developing countries, there is sometimes the need to expand the work or establish new missions or, occasionally, to hand over to a local charity which has the necessary skills to carry on the work without the support of the Sisters. In the developing countries where the Congregation is attracting new vocations, the visits of the Superior General can be an important event and a time to celebrate the achievements of the new Communities and the initiation of new members into the Congregation. Congregation Of The Daughters Of The Cross International **4** **Trustees’ report** 31 December 2024 ## **Charitable objectives and activities** (continued) ## _**Training**_ Trustees keep up to date in various ways – by seeking advice from their advisors, by attending courses and events, and by meeting other professionals in the areas of Safeguarding, Health and Safety and related matters. The Sister trustees also consult others in similar situations to ensure that they keep up to date with current issues. New trustees are given the opportunity to attend workshops and training to ensure that they have the relevant skills and knowledge to fulfil their role as trustees of the Charity. The Generalate and the Sisters in leadership positions in the Provinces keep updated on the changing regulations and legislation within their countries, by attending workshops and courses, especially on Safeguarding and Health and Safety. They also set up relevant Policies and Procedures as required by civil authorities in that country. ## _**Trustees’ meetings**_ The trustees meet twice a year in England in the Spring and Autumn and have one online meeting in-between. ## _**General Finance Advisory Committee**_ The General Finance Advisory Committee is an advisory committee set up by the Generalate to support and advise the Charity and the Generalate on its financial and related affairs. It meets twice a year in Spring and Autumn to coincide with the trustee meetings. Its members are the trustees, three General Councillors, the Bursar General and other lay members drawn from mainly, financial, investment and legal backgrounds. ## **Achievements and performance** ## _**Grants made**_ The Charity made grants totalling £696,879 during the year (2023: £353,387). Of this total, the Generalate received total grants amounting to £524,360 (2023: £264,000) which helped to meet the running costs of the Generalate in Rome. A grant of £93,420 (2023: £1,717) was made from the Chapter Fund as a contribution towards the costs of the 2024 Chapter. The Region of Cameroun, Africa, received a grant of £28,745 in order to construct the boundary wall and to dig a well.(2023: £51,677 to buy land on which to build the Convent). There were small grants totalling £50,354 (2023: £35,993) which comprised: grants from the Entraide Fund of £21,101 (2023: £4,341) and Patrimony Fund of £10,943 (2023: £8,597), for the poor of the world and the poor looked after by the Congregation respectively; and a grant for Formation costs of £18,310 (2023: 22,004) (see note below). Congregation Of The Daughters Of The Cross International **5** **Trustees’ report** 31 December 2024 ## **Achievements and performance** (continued) ## _**Formation and training**_ One of the Charity’s objects is to support the formation and training of the members of the Congregation. Grants of £18,310 (2023: £22,004) were made to the Rourkela Province and Cameroun Region to meet their costs. Other Provinces, Regions and Houses do have costs of formation and training but where they have the funds to meet them, there is no need for the Charity to make grants. Ongoing religious formation for all the Sisters, regardless of age, is important in what has become a mainly secular society. Formation and training of young Sisters for full membership of the Congregation and for professional qualifications remains a high priority. Natural aptitude and ability, as well as the needs of the Mission of the Congregation, are taken into consideration when preparing the young Sisters for their future roles in the Congregation. The qualifications and specialisations are predominantly in the areas of health, welfare and education. Spirituality courses are also essential for the development of Sisters in their own religious commitment and to enable them to respond to the challenges in living it out and in forming others in the Charism of the Congregation. Professional training and qualification in all the areas that the Sisters are engaged in has become even more important as they work alongside highly qualified and competent lay colleagues. Training for leadership amongst the younger Sisters remains a priority in the Congregation and each year courses are identified which will enable them to gain qualifications and they are given relevant experience to take up senior positions within the Congregation. At the 2024 Chapter, three new Members of Council were appointed to the Generalate and one of those had previously served as the Provincial Superior (the Head) of one of the Provinces. ## _**The Generalate**_ The Generalate grant of £524,360 (2023: £264,000) helped to meet the running costs of the Generalate in Rome, which carries out the duties of the Central Government, together with grants to help make their building in Rome fit for purpose. The Generalate’s costs include travel costs and during the year the Generalate Sisters have visited Provinces in Pakistan, Bombay, Calcutta, Rourkela, and England, and the Regions of Belgium Francophone, Belgium Neerlandophone, Brazil and Cameroun, and the Community in Germany. Two of the trustees are part of the Leadership Team in the Generalate and two trustees served in that role until the 2024 Chapter. The Generalate holds overall responsibility for the life and mission of the Congregation and their role is to guide, inspire and animate the Sisters in accordance with their constitutions to encourage a spirituality that is living, faithful, and creative. Congregation Of The Daughters Of The Cross International **6** **Trustees’ report** 31 December 2024 ## **Achievements and performance** (continued) ## _**The Congregation**_ Set out below are brief reports into the types of activities carried out across the worldwide Congregation. The year 2024 was a momentous year for the Congregation as it held its 42[nd] General Chapter in May 2024 at which 36 delegates participated in the Generalate in Rome. This brought the General Council together with representatives from the 5 Provinces, 4 Regions and 2 Communities for three weeks to review the past and look into the future. One of the main calls was to oneness and solidarity in the Congregation amidst diversity, as well as to seek more effective ways in mission in a fast-changing world. Attention to and careful investments of the Charity’s funds is always a focus, as its income is the mainstay of the Generalate and of certain activities in the Congregation too. In the Pakistan Province, the main apostolate continues to be Education. The Sisters have several schools and a degree college. They also work in senior positions in the Parish schools. The education of street children is given priority in their boarding as well as in the schools. Their prestigious schools and college, offer free scholarships to the poorer children. Some Sisters are involved in working with the tribal women and children in the Provinces of Punjab and interior Sind. The Sisters are also involved in pastoral, social and health care activities. The Indian Provinces of Bombay, Calcutta and Rourkela continue to operate in the fields of education, health, social and pastoral work. At times the Sisters function independently and sometimes in collaboration with other organisations always with the charism before them. Training the Sisters and preparing them for the ministry is the constant focus. Simultaneously religious formation that is foundational is stress and this is supported by the Charity where necessary as in the Province of Rourkela. For the construction of hospitals in Bombay and Calcutta, a school in Rourkela and a hostel in Calcutta, the Provinces found resources from varied quarters from within and outside the Congregation. The Institutions are well administered, finance meticulously managed and Government Policies followed. Today the Daughters of the Cross face new challenges that come from the cry of suffering people and the cry of the earth in travail and the Charity attends to the needs of the poor in close proximity with the Congregation. In September 2024, the Cameroun Mission entered its Silver Jubilee year with eleven indigenous and nine Indian Sisters. In the North, in the Maroua diocese, education is flourishing with a new Primary school in Warbha that will be a feeder to the Marie Therese college in Mayo Ouldeme. In the Kumbo diocese the Anglo-French conflict stifles education but the primary school in Nkanchi is well attended and the health centre reopened where a Sister nurse is in attendance. Congregation Of The Daughters Of The Cross International **7** **Trustees’ report** 31 December 2024 ## **Achievements and performance** (continued) ## _**The Congregation** (continued)_ The land in Yaounde, financed by the Charity, is being developed with a boundary wall, a tube well and a regional house soon to be constructed with a primary health centre in its vicinity. This will be an asset stop-over for Sisters travelling and later for joint Congregation meetings. The registration of the land in Cameroun is in progress. Being a young region, the unit is financed largely by the Congregation, from income of the Charity, the World-Wide Fund and generous benefactors. In the West, the English Province, the Belgian Regions of Francophone and Neerlandophone and the community in Germany are diminishing in numbers. Most of the spade work of settling the property and assets has been done. The Sisters are very well cared for according to their needs. Financial help is offered where necessary as was the case Germany in recent years where funds were drawn from income of the Charity. The Rome community has Sisters supporting the Generalate directly and those engaged in household management. These Sisters are involved in assisting in Caritas and San Egidio, as well as in the Parish during the week. The Sisters in the Brazil region continue to be involved in the apostolate of formal regular and special education. A Sister is engaged full time with students needing special care. Some use their skills of creative art to engage youth with whom they have regular meetings and offer guidance and counselling. Others visit the prison, the sick and elderly, families and people in the slums. Refurbishment and development work on the Generalate building was mostly completed during the year and the 2024 Chapter was held in the building with only a small number of delegates and assistants having to be accommodated elsewhere. The Generalate building houses the Generalate Sisters, a small Community of Sisters, archives, meeting and conference rooms. ## **Financial review** ## _**Results for the year**_ ## A summary of the year’s results is given on page 18 of the financial statements. Total income for the year was £461,178 (2023: £214,559) which was mainly investment income and total expenditure was £744,517 (2023: £392,061). Grants and donations, which are explained under Achievements and Performance, amount to £696,879 (2023: £353,387) and the balance was Support costs which totalled £47,638 compared with £38,674 last year. The net expenditure for the year before investment gains (2023: gains) was therefore £283,339 (2023: net expenditure of £177,502). It is the nature of the funding required by the Generalate for the support of the worldwide Congregation, that significant expenditure is required from time to time which results in net expenditure. Congregation Of The Daughters Of The Cross International **8** **Trustees’ report** 31 December 2024 ## **Financial review** (continued) ## _**Investment policy and performance**_ Investments are with two investment managers and placed in ethical multi-asset unitised funds which have investment policies which are similar to the principles of Catholic social teaching. These investment managers are CCLA Fund Managers Limited, with investment in COIF Charities Ethical Investment Fund, and Cazenove Capital (a trading name of Schroder & Co Limited) with investment in the Sustainable Multi-Asset Fund. Cazenove Capital had been appointed in place of BlackRock Fund Managers Limited and the investment funds were transferred in April 2024 at no cost to the Charity. The Charity’s investment objectives are to achieve capital growth in the longer term, say five to ten years, whilst preserving the capital value in real terms and to generate a growing income over time. Income and gains are withdrawn to fund the grants and support costs. The investment managers’ results and performance are reviewed twice a year at the Charity’s General Finance Advisory Committee meetings and representatives of the investment managers attend one or other of these meetings. Stock Markets continued to do well in 2024, although not to the same extent as in 2023. Investment gains were £563,957 compared with £1,237,381. The market value of investments at 31 December 2024 were £17,394,877 (2023 £17,057,641). Of this amount £1, 303,447 (2023 £1,119,925) relates to funds held for one Province and one Region in the worldwide Congregation, which is paid over to them as and when they require it. Details of the movement in investments are given in note 8 to these financial statements. Since the year end, there has been turmoil in Stock Markets as the USA has imposed tariffs on most countries’ imports and investment values have fallen. Some tariffs have then been reduced or withdrawn and the markets are still reacting to the new order. This volatility in markets is likely to continue for some months to come ## _**Reserves policy and financial position**_ The Charity has an Endowment Fund and one Restricted Fund, the Patrimony Fund. The trustee’s policy beyond these two funds is to designate amounts for specific purposes where there is an obvious or potential need, whilst maintaining adequate free reserves. These free reserves are the General Fund which represents the working capital requirements of the Charity. Designated funds comprise a Solidarity fund, a Chapter fund and an Entraide fund. The Entraide Fund is for making grants to the “poor of the world”. The Chapter Fund was effectively “emptied” this year with the grant towards the costs of the 2024 Chapter and a new allocation to it was made for 2024, in order to build the fund to help pay for the next Chapter in 2030. The Solidarity Fund has been designated to provide funds for running costs and grants and situations arising within the worldwide Congregation where financial resources may be needed, whether these situations are routine or emergency in nature. Congregation Of The Daughters Of The Cross International **9** **Trustees’ report** 31 December 2024 ## **Financial review** (continued) ## _**Reserves policy and financial position** (continued)_ The trustees review the funds from time to time to ensure funds are available to meet the Charity's objects without compromising ongoing budget commitments. All designated funds are invested or held in cash at the balance sheet date. Free reserves at 31 December 2024 amount to £25,000 (2023: £25,000) which the trustees consider to be in line with the reserves policy. ## **Plans for future periods** The Charity will continue to support the Congregation and the Generalate in its work to fulfil the objectives set at the General Chapter in May 2024. ## **Principal risks and uncertainties** The trustees have assessed the major risks to which the Charity is exposed and they have put procedures in place to mitigate them as far as possible. The principal risk is volatility and/or radical change within global financial markets, which could result in investment values and income being insufficient to meet the requests of the Congregation’s projects which the trustees would wish to support. Risks are mitigated by using two investment managers, by investing in multi-asset unitised funds, by meeting the investment managers every year and by considering the Charity’s investments twice a year at the General Finance Advisory Committee meetings. ## **Fundraising** The Charity does not solicit donations from the general public and therefore does not work with any commercial or professional fundraisers. ## **Structure, governance and management** ## _**Constitution**_ The Congregation of The Daughters of The Cross International Generalate was incorporated as a company limited by guarantee on 15 March 2011 (Registration Number 07565399) and registered as a charity on 20 June 2011 (Charity Registration Number 1142490). The charitable company is governed by its Articles of Association. Congregation Of The Daughters Of The Cross International **10** **Trustees’ report** 31 December 2024 ## **Structure, governance and management** (continued) ## _**Trustees**_ The trustees constitute directors of the company for the purposes of company law and trustees of the Charity for the purposes of charity legislation. The following trustees were in office as at 31 December 2024 and served throughout the year: **Trustee** Sister Pushpa Purathur (Superior General) Sister Mary McLaughlin Sister Maureen O’Brien Sister Valerie Miranda Peter Cousins ## _**Key management personnel**_ The management of the Charity throughout the year, in charge of directing, controlling and running the Charity on a day-to-day basis comprised the General Council and the Bursar General of the Congregation, who the trustees consider were the key management personnel. During 2024, the Sister trustees and the Bursar General were members of the Congregation and their expenses for attending trustee and GFAC meetings are borne by the Charity. ## **Related Parties** ## _**Worldwide Congregation**_ The Generalate and the Sisters are part of the worldwide Congregation of the Daughters of the Cross of Liege. Grants are made by the Charity to Provinces and to other Sisters of the Congregation around the world from time to time. ## **Statement of trustees’ responsibilities** The trustees are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to: -  select suitable accounting policies and then apply them consistently; -  observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities’ SORP); Congregation Of The Daughters Of The Cross International **11** Trustees, report 31 Decemter 2024 Statsment of tru5tees' respDn8lbllitigs {GonliMedl • make judgements and estimatss that are reaBona￿e and pnxtent., + state whether appllcable Unlted Klngdom Accountlng Standards FHve been followed, su￿.e¢l to any material departures disclosed and exFAained In the Ilnandal statements- and prepare the ffinanclal statements on the going ¢oncem basis unle88 it IB inapprO￿ale to presume that the ¢harttable company wll ¢onlrwJe In opwation. The trustees are respC￿s1￿1e for kee￿ng proper acCo￿ttlng re¢ords that dlsdo8e wth reasonab￿ accuraoy at any timE the ffinancial position ofthe ¢harrtat48 company and enable them to en8ure that the flnanoial statements comply with the Companle$ Act 2￿. They are also reswnsible lor safeguarding the assets of the charttaile company and hen¢e for tsking rea80nable 8teF6 for the prevention and dete￿On of fraud aThY other l1regular￿eg. Each ofthe tntstees that.. + so fara$ thetru5tee is aware, there b no relevant audit information of whlth thè charitable company's auditor is unaware- and • the trustee ha5 taken all the steps that they Dughl to have taken a8 a tru8tee in order to make themselves aware of any relevant audit information and to establish that the antable company'8 audrtor is awaTe oflhat infomiation. This confirnialion ￿ given and shouid be interpreted in a¢￿ancew*tti the provisions ofs418 of the Companies Act 2006. AFproved by Ihfr trustees aThJ on the* be￿lf by.. Trustee.. Approved on Congregation Of The Daugmers Of The Cross Intemational 12 **Independent auditor’s report** 31 December 2024 ## **Independent auditor’s report to the members of the Congregation of The Daughters of The Cross International** ## **Opinion** We have audited the financial statements of the Congregation of The Daughters of The Cross International for the year ended 31 December 2024 which comprise the statement of financial activities, the comparative statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the related notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland. In our opinion the financial statements: -  give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its 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 with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’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 responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Congregation Of The Daughters Of The Cross International **13** **Independent auditor’s report** 31 December 2024 ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matter prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: -  the information given in the trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and -  the trustees’ report, which is also the directors’ report for the purposes of company law, has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have identified no material misstatements in the trustees’ report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: -  adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or -  the financial statements are not in agreement with the accounting records and returns; or -  certain disclosures of trustees’ remuneration specified by law are not made; or -  we have not received all the information and explanations we require for our audit; or -  the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report. Congregation Of The Daughters Of The Cross International **14** **Independent auditor’s report** 31 December 2024 ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and - we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Companies Act 2006 and the Charities Act 2011). Congregation Of The Daughters Of The Cross International **15** **Independent auditor’s report** 31 December 2024 ## **Auditor’s responsibilities for the audit of the financial statements** (continued) We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - carried out substantive testing of expenditure including the authorisation thereof; - reviewed journal entries to identify unusual transactions and substantiated these where appropriate; and - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - review of the minutes of meetings of those charged with governance; and - enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Congregation Of The Daughters Of The Cross International **16** ## **Independent auditor’s report** 31 December 2024 ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 15 July 2025 Edward Finch, Senior Statutory Auditor for and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Congregation Of The Daughters Of The Cross International **17** ## **Statement of financial activities (incorporating an income and expenditure account)** Year to 31 December 2024 |Notes|
Unrestricted
funds
£|Restricted
funds
£|Endowment
fund
£|**Total**
**funds**
**2024**
**£**| |---|---|---|---|---| |**Income and expenditure**
**Income from:**
Investments
1
**Total income**
**Expenditure on charitable activities:**
Funding Generalate
Supporting other Congregation Works
Formation and training of members
External grants and donations
Total Grants and donations
2
Support costs
3
**Total expenditure**
**Net (expenditure) before net investment**
**gains**
Net gains on the revaluation and disposal
of listed investments
7
**Net surplus**
4
**Reconciliation of funds**
Total funds brought forward
at 1 January 2024
Total funds carried forward
at 31 December 2024|
313,414|11,434|136,330|**461,178**| ||313,414|11,434|136,330|**461,178**| ||361,251
122,165
18,310
21,101|—
10,943
—
—|163,109
—
—
—|**524,360**
**133,108**
**18,310**
**21,101**| ||
522,827

47,638|10,943
—|163,109
—|**696,879**
**47,638**| ||570,465|10,943|163,109|**744,517**| ||(257,051)

383,405|491
13,819|(26,779)
166,733|**(283,339)**
**563,957**| ||
126,354
10,971,260|14,310
385,216|139,954
4,660,255|**280,618**
**16,016,731**| ||11,097,614|399,526|4,800,209|**16,297,349**| All recognised gains and losses are included in the above statement of financial activities. All of the Charity’s activities derived from continuing operations during the above financial period. Congregation Of The Daughters Of The Cross International **18** ## **Comparative statement of financial activities** Year to 31 December 2023 |_Notes _|
_Unrestricted_
_funds_
_£_|_Restricted_
_funds_
_£_|_Endowment_
_fund_
_£_|_Total_
_funds_
_2023_
_£_| |---|---|---|---|---| |_Income and expenditure_
_Income from:_
_Investments_
_1 _
_Total income_
_Expenditure on charitable activities:_
_Funding Generalate_
_Supporting other Congregation Works_
_Formation and training of members_
_External grants and donations_
_Total Grants and donations_
_2 _
_Support costs_
_3 _
_Total expenditure_
_Net (expenditure) before net investment_
_gains_
_Net gains on the revaluation and disposal of_
_listed investments_
_8 _
_Net surplus_
_4 _
_Reconciliation of funds_
_Total funds brought forward_
_at 1 January 2023_
_Total funds carried forward_
_at 31 December 2023_|
_147,376_|_5,153_|_62,030_|_214,559_| ||_147,376_|_5,153_|_62,030_|_214,559_| ||_110,364_
_54,445_
_22,004_
_4,341_|_—_
_8,597_
_—_
_—_|_153,636_
_—_
_—_
_—_|_264,000_
_63,042_
_22,004_
_4,341_| ||
_191,154_

_38,674_|_8,597_
_—_|_153,636_
_—_|_353,387_
_38,674_| ||_229,828_|_8,597_|_153,636_|_392,061_| ||_(82,452)_

_845,019_|_(3,444)_
_30,149_|_(91,606)_
_362,213_|_(177,502)_
_1,237,381_| ||
_762,567_
_10,208,693_|_26,705_
_358,511_|_270,607_
_4,389,648_|_1,059,879_
_14,956,852_| ||_10,971,260_|_385,216_|_4,660,255_|_16,016,731_| All recognised gains and losses are included in the above statement of financial activities. All of the Charity’s activities derived from continuing operations during the above financial period. Congregation Of The Daughters Of The Cross International **19** Balance sheot 31 December 2W24 2024 2024 Nobs Flx•d *s$•ts Inv•stments 17.394M77 17,057.641 Current agsets Debtors Cash at bgnk ond In hand 149.233 235.63 384M71 84.733 441.1 S25.923 Cr•dltorn &mowts falling dwj wihin one year N¢¢ tyJrrentas$•ts 95 214.240 189,643 311,883 Total assets l•ss turnt IEabllltl•s 17,584,J20 17,389,324 Cr•dltors: amountsfalling du? after rTrJrg than one yew 10 V387.171) 11A52.5931 Total n•tas9•ts 18.297 349 16.016,731 The funds of the Charlty Restr4¢tsd fvnds Endowrn*ntfvn Unreslricted fijnds . Designated lund$ . Chapter fund . Entraid8 ffijnd . Solidarity fund . Now De￿10pment FuThJ 309&26 4800,209 38S.*8 4,8￿.255 12 13 4B,679 423,276 9.6110,769 1.frDOJJOD 417.037 10,404,223 11,072.614 10,946,260 . G8rrfJr•l fvnds 25.OOD 16.297 349 25,Q)D 18,016,731 Approved by the trl￿tee6 ofthè Congregation Of Tf* Daughters Of The Cro88 Irrternational Generalate, Company Regth*lon Number 07565399 [E￿land and Wales), and sKJned on thÈlr behaw by.. Trustee: Approved on.. 03. o 7. a•Xa- Congrngation Of The Daughters Of The Cross Intemational 20 ## **Statement of Cash flows** 31 December 2024 |Notes|
**2024**
**£**|2023
£| |---|---|---| |**Cash (outflow) from operating activities:**
Net cash used by operating activities
A
**Cash inflow from investing activities:**
Dividends and interest from investments
Net disposal of investments
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 January 2024**
B
**Change in cash and cash equivalents due to exchange rate**
**movements**
**Cash and cash equivalents at 31 December 2024**|
**(940,176) **|(242,972)| ||

**461,178**
**273,446**|214,559
345,000| ||**734,624**|559,559| ||
**(205,552)**


**441,190**

**— **
|316,587
127,310
(2,707)| ||**235,638**|441,190| ## **Notes to the statement of cash flows for the year to 31 December 2024.** ## **A Reconciliation of net income to net cash provided by operating activities** ||**2024**
**£**|2023
£| |---|---|---| |**Net income (deficit) (as per the statement of financial activities)**
**Adjustments for:**
(Gains) on investments
Dividends and interest from investments
Foreign exchange loss (gain)
(Increase) in debtors
(Decrease) Increase in creditors
**Net cash used by operating activities**|**280,618**
**(610,683)**
**(461,178)**
**—**
**(64,500)**
**(84,433)**|1,059,879
(1,323,115)
(214,559)
2,707
(40,603)
272,719| ||**(940,176)**|(242,972)| ## **B Analysis of cash and cash equivalents** |**Analysis of cash and cash equivalents**||| |---|---|---| ||**2024**
**£**|2023
£| |Cash at bank and in hand
Cash held by investment managers
**Total cash and cash equivalents**|**198,400**
**37,238**|441,190
—| ||**235,638**|441,190| No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the above cash and cash equivalent. Congregation Of The Daughters Of The Cross International **21** **Principal Accounting Policies** 31 December 2024 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below. ## **Basis of preparation** These financial statements have been prepared for the year to 31 December 2024 with comparative information in respect to the year ended 31 December 2023. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 accounts where these judgements and estimates have been made include: -  the allocation of amounts held on behalf of parts of the worldwide Congregation of the Daughters of the Cross of Liege between short and long term creditors; and -  the assumptions adopted in determining the value of any designations required from the Charity’s general unrestricted funds. ## **Assessment of going concern** The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts and have made this assessment in respect of a period of one year from the date of approval of these accounts. The trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. Congregation Of The Daughters Of The Cross International **22** **Principal Accounting Policies** 31 December 2024 ## **Assessment of going concern** (continued) With regard to the next accounting period, the year ending 31 December 2025, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information). ## **Income** Income is recognised in the period in which the Charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income comprises income from investments (2023: income from investments). In accordance with the Charities SORP FRS 102 volunteer time is not recognised. For the purposes of these accounts, no value has been placed on administrative and other services provided by members of the Congregation. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing 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 and all expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible. The classification between activities is as follows: -  Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the Charity through the provision of its charitable activities. All expenditure is by way of grants and related support costs. Governance costs comprise the costs involving the public accountability of the Charity (including audit costs) and costs in respect of its compliance with regulation and good practice. All expenditure is stated inclusive of irrecoverable VAT. ## **Investments** Listed investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Charity only holds units in quoted unitised funds. Congregation Of The Daughters Of The Cross International **23** **Principal Accounting Policies** 31 December 2024 ## **Investments** (continued) Realised 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. ## **Debtors** Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. ## **Cash at bank and in hand** Cash at bank and in hand represents such accounts that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year are disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. ## **Creditors and provisions** Creditors and provisions are recognised 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 benefit will be required in settlement, and the amount of the settlement can be estimated reliably. ## **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 sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. ## **Fund structure** General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the Charity’s charitable objects. Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. Restricted funds represent donations received for which the donor has prescribed how these donations may be used, and these monies are only used for those specified charitable purposes. Endowment funds comprise monies which must be invested and held as capital. A proportion of the fund is credited to other funds of the Charity and applied for purposes set out under the terms of the endowment. Congregation Of The Daughters Of The Cross International **24** ## **Notes to the financial statements** 31 December 2024 ## **1 Income from investments** ||**Un-**
**restricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Endow-**
**ment**
**fund**
**£**
**2024**
**Total**
**£**
Un-
restricted
funds
£
Restricted
funds
£
Endow-
ment
fund
£
2023
Total
£
**308,418**
**11,434**
**136,330**
**456,182**
144,600
5,153
62,030
211,783
**4,996**
**—**
**—**
**4,996**
2,776
—
—
2,776
**313,414**
**11,434**
**136,330**
**461,178**
147,376
5,153
62,030
214,559| |---|---| |Income from listed
investments
. UK equities
Bank interest
**Total funds**|| ## **2 Grants and donations** |**Grants and donations**||||| |---|---|---|---|---| ||Unrestricted
funds
£|
Restricted
funds
£|
Endowment
£|**2024**
**Total**
**£**| |Funding Generalate:
. Solidarity Fund
. Endowment Fund
Supporting other Congregation Works:
. Solidarity Fund
. Patrimony
. Chapter Fund
Formation and training of members:
. Solidarity Fund
External grants and donations:
. Entraide Fund
**Total donations**|361,251
—|
—

—|

—

163,109|**361,251**
**163,109**| ||361,251|
—|
163,109|**524,360**| ||28,745
—
93,420|
—

10,943

—|


—

—

—|**28,745**
**10,943**
**93,420**| ||122,165|
10,943|
—|**133,108**| ||18,310|
—|


—|**18,310**| ||21,101|
—|


—|**21,101**| ||21,101|
—|
—
|**21,101**| ||522,827|
10,943|
163,109|**696,879**| Congregation Of The Daughters Of The Cross International **25** ## **Notes to the financial statements** 31 December 2024 ## **2 Grants and donations** (continued) |**Grants and donations**(continued)||||| |---|---|---|---|---| ||_Unrestricted_
_funds_
_£_|
_Restricted_
_funds_
_£_|
_Endowment_
_£_|
_2023_
_Total_
_£_| |_Funding Generalate:_
_. Solidarity Fund_
_. Endowment Fund_
_Supporting other Congregation Works:_
_. Solidarity Fund_
_. Patrimony_
_. Chapter Fund_
_Formation and training of members:_
_. Solidarity Fund_
_External grants and donations:_
_. Entraide Fund_
_Total donations_|_110,364_
_—_|
_—_

_—_|
_—_

_153,636_|
_110,364_

_153,636_| ||_110,364_|
_—_|
_153,636_|
_264,000_| ||_52,728_
_—_
_1,717_|
_—_

_8,597_

_—_|
_—_

_—_

_—_|
_52,728_

_8,597_

_1,717_| ||_54,445_|
_8,597_|
_—_|
_63,042_| ||_22,004_|
_—_|
_—_|
_22,004_| ||_4,341_|
_—_|
_—_|
_4,341_| |||||| ||_191,154_|
_8,597_|
_153,636_|
_353,387_| ## **3 Support Costs** |**Support Costs**||||||| |---|---|---|---|---|---|---| ||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|
**2024**
**Total**
**£**|Unrestricted
funds
£|Restricted
funds
£|2023
Total
£| |Administration
Governance costs
**Total funds**|**2,715**
**44,923**|**—**
**—**|**2,715**
**44,923**|10,885
27,789|—
—|10,885
27,789| ||**47,638**|**—**|**47,638**|38,674|—|38,674| Governance costs are made up as follows: ||**2024**
**£**|2023
£| |---|---|---| |Legal and professional fees
Auditor’s remuneration
Trustee Insurance
Meeting costs|**24,473**
**14,268**
**1,121**
**5,061**|6,850
11,160
1,120
8,659| ||**44,923**|27,789| Congregation Of The Daughters Of The Cross International **26** ## **Notes to the financial statements** 31 December 2024 ## **4 Net surplus and net movement in funds** This is stated after charging: ||**2024**
**£**|2023
£| |---|---|---| |Auditor’s remuneration
Statutory audit services
. Current year
. Prioryears|**10,800**
**3,468**|9,000
2,160| Fees paid to the Charity’s auditors for other services, which all relate to accounts preparation, are included in Support Costs and totalled £4,200 (2023: £ nil). The total amount payable to the auditors for Statutory audit services was £14,268 (2023: £11,160). ## **5 Key management personnel** The key management personnel of the Charity throughout the year in charge of directing, controlling, and running the Charity on a day to day basis comprise the Generalate Sisters and the Bursar General of the Congregation. During 2024, the Sister trustees and Bursar General were all members of the Congregation and their living and personal expenses are borne by the Charity as part of the grant to the Generalate. No trustee received any remuneration in connection with their duties to the Charity (2023: £nil). One trustee was reimbursed £224 (2023: £360 to one trustee) for expenses in attending meetings. ## **6 Taxation** The Congregation Of The Daughters Of The Cross International is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. ## **7 Investments** |**Investments**||| |---|---|---| |Listed investments|**2024**
**£**|2023
£| |Market value at 1 January 2023
Net additions at cost
Disposal in year
Unrealised investment gains
Market value at 31 December 2023
Cost of listed investments at 31 December 2024|**17,057,641**
**7,520,288**
**(7,793,735)**
**610,683**|16,079,526
—
(345,000)
1,323,115| ||**17,394,877**|17,057,641| ||**10,945,120**|9,055,418| Of the investments held at 31 December 2024 of £17,394,877 (2023: £17,057,641) £1,303,447 (2023: £1,119,925) relates to funds held for two (2023: two) Provinces of the worldwide Congregation of the Daughters of the Cross of Liege. Congregation Of The Daughters Of The Cross International **27** ## **Notes to the financial statements** 31 December 2024 - **7 Investments** (continued) At 31 December 2024, the investments were held as follows: |Listed investments|**2024**
**£**|2023
£| |---|---|---| |COIF Charities Ethical Investment Fund
BlackRock Catholic Charities Growth & Income Fund
Cazenove Charity Sustainable Multi-Asset Fund|**9,564,361**
**—**
**7,830,516**|9,534,605
7,523,036
—| ||**17,394,877**|17,057,641| Net investment gains dealt with in the SOFA are made up as follows: ||**2024**
**£**|2023
£| |---|---|---| |Net investment gains on listed investments – as above
Less: Other investment gains (see below)
Gains on investments assetsper SOFA|**610,683**
**(46,726)**|1,323,115
(85,734)| ||**563,957**|1,237,381| During the year to 31 December 2023, the trustees carried out a review of its investment managers, with the help of the General Finance Advisory Committee. The result was to retain CCLA Fund Managers Limited and to appoint Cazenove Capital in place of BlackRock Fund Managers Limited. The transfer took place in April 2024, with the funds being sold for the value of £7,573,735. Investments have been placed in unitised funds with two investments managers. These investment managers are CCLA Fund Managers Limited, with investment in COIF Charities Ethical Investment Fund, and Cazenove Capital, with investment in the Cazenove Charity Sustainable Multi-asset funds. Other investment gains of £46,726 (2023: gains of £85,734) represent gains in respect of investments held on behalf of parts of the worldwide Congregation of the Daughters of the Cross of Liege, hence they are not attributable to the Charity’s Statement of Financial Activities for the year, and the amounts included in creditors as held on behalf of those parts are adjusted accordingly. ## **8 Debtors** |**Debtors**||| |---|---|---| ||**2024**
**£**|2023
£| |Prepayments and accrued income|**149,233**|84,733| ||**149,233**|84,733| ## **9 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2024**
**£**|2023
£| |Accruals and deferred income
Amounts held on behalf of parts of the Congregation of the Daughters of
the Cross of Liege|**20,485**

**174,743**|39,602
174,638| ||**195,228**|214,240| Congregation Of The Daughters Of The Cross International **28** **Notes to the financial statements** 31 December 2024 ## **10 Creditors: amounts falling due after more than one year** |**Creditors: amounts falling due after more than one year**||| |---|---|---| ||**2024**
**£**|2023
£| |Amounts held on behalf of parts of the worldwide Congregation of the
Daughters of the Cross of Liege|
**1,287,171**|1,352,593| ## **11 Restricted funds** The funds of the Charity include the following restricted funds which have been dealt with in accordance with restrictions applied by the donors of the funds: ||At
1 January
2024
£|
Income
£|
Expenditure
£|
Gains
on
investments
£|
**At 31**
**December**
**2024**
**£**| |---|---|---|---|---|---| |PatrimonyFund|385,216|
11,434|
(10,943)|
13,819|**399,526**| ||_At_
_1 January_
_2023_
_£_|
_Income_
_£_|
_Expenditure_
_£_|
_Gains_
_on_
_investments_
_£_|
_At 31_
_December_
_2023_
_£_| |_Patrimony Fund_|_358,511_|
_5,153_|
_(8,597)_|_30,149_|
_385,216_| The **Patrimony Fund** represents a patrimony donated to the Charity, with the restriction that any monies donated from that fund must be spent on the day-to-day welfare of the poor cared for by the worldwide Congregation of the Daughters of the Cross of Liege. ## **12 Endowment fund** The Endowment fund represents a £3m donation, received in 2014, the terms of which required the donation to be invested and held as an Endowment fund. A proportion of the fund, being up to 3.5% of the value of the fund at the beginning of the financial year, may be used to support the running of the Generalate and/or to expand and enhance the mission of the worldwide Congregation of the Daughters of the Cross of Liege. Movement on the Endowment fund during the year ended 31 December 2024 was as follows: ||**2024**
**£**|2023
£| |---|---|---| |Balance brought forward at 1 January 2024
Add: Investment Income
Add: unrealised gains
Less: Withdrawals from the fund
Balance carried forward at 31 December 2024|**4,660,255**
**136,330**
**166,733**
**(163,109)**|4,389,648
62,030
362,213
(153,636)| ||**4,800,209**|4,660,255| Congregation Of The Daughters Of The Cross International **29** ## **Notes to the financial statements** 31 December 2024 ## **13 Designated funds** The funds of the Charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |Chapter Fund
Entraide Fund
Solidarity Fund
Development Fund|At
1 January
2024
£|Transfers
and Net
designations
£|Grants
£|**At 31**
**December**
**2024**
**£**| |---|---|---|---|---| ||125,000
417,037
10,404,223
—|16,999
27,340
(395,159)
1,000,000|(93,420)

(21,101)
(408,305)
—|**48,579**
**423,276**
**9,600,759**
**1,000,000**| ||10,946,260|649,180|(522,826)|**11,072,614**| ||_At_
_1 January_
_2023_
_£_|_Net_
_designations_
_£_|_Grants_
_£_|_At 31_
_December_
_2023_
_£_| |---|---|---|---|---| |_Chapter Fund_
_Entraide Fund_
_Solidarity Fund_|_100,908_
_383,605_
_9,699,180_|_25,809_
_37,773_
_1,043,775_|_(1,717)_

_(4,341)_
_(338,732)_|_125,000_
_417,037_
_10,404,223_| ||_10,183,693_|_1,107,357_|_(344,790)_|_10,946,260_| The **Chapter Fund** comprises amounts designated to contribute to the costs of the next General Chapter of the worldwide Congregation of the Daughter of the Cross of Liege, which is due to take place in May 2030 and for which the trustees expect to grant funds. The **Entraide Fund** comprises monies designated for help for the poor around the world. This money was donated by Entraide Internationale ASBL, a charity based in Belgium, the aim of which was to help the poor and the trustees have designated this fund to carry on the work of that charity. The funds are invested and up to 3.5% of the value of the fund at the beginning of the year is set aside and is regularly, usually annually, donated to appropriate causes. The **Solidarity Fund** has been designated to provide funds for situations arising within the worldwide Congregation where financial resources may be needed. These situations may be routine or emergency in nature, issues causing concern currently, or situations where there are concerns for the future and where the Charity may be called on to consider providing assistance. In 2024, £1,000,000 was transferred into the Development Fund. The **Development Fund** has been created this year to reflect and fund the specific objectives for the Congregation over the next six years agreed at the 2024 Chapter. This will include the investigation and possible expansion of the Congregation to other countries [which may include another country in Africa and/or a country in Eastern Europe], the training of Congregational Leaders, more online and face-to-face meetings across the Congregation, the establishment of a worldwide Congregational website, funding for Sisters to stay in Rome to enhance their studies, the financing of additional accommodation in Rome to enable Congregational Meetings and Chapters to take place in Rome at reduced cost, and the funding of sustainability initiatives within the Generalate. Congregation Of The Daughters Of The Cross International **30** ## **Notes to the financial statements** 31 December 2024 ## **14 Analysis of net assets between funds** ||Unrestricted funds|Unrestricted funds|Restricted
funds
£|Endowment
funds
£|**Total**
**2024**
**£**| |---|---|---|---|---|---| ||General
fund
£|Designated
funds
£|||| |**Fund balances at 31 December 2024**
**are represented by:**
Investments
Current assets
Creditors: amounts falling due within
one year
Creditors: amounts falling due after
more than one year
**Total net assets**|1,122,528
384,871
(195,228)
(1,287,171)|11,072,614
—

—
—|
399,526
—
—
—|4,800,209
—
—
—|**17,394,877**
**384,871**
**(195,228)**
**1,287,171**| ||25,000|11,072,614|399,526|4,800,209|**16,297,349**| ||_Unrestricted funds_|_Unrestricted funds_|_Restricted_
_funds_
_£_|_Endowment_
_funds_
_£_|_Total_
_2023_
_£_| |---|---|---|---|---|---| ||_General_
_fund_
_£_|_Designated_
_funds_
_£_|||| |_Fund balances at 31 December 2023_
_are represented by:_
_Investments_
_Current assets_
_Creditors: amounts falling due within_
_one year_
_Creditors: amounts falling due after_
_more than one year_
_Total net assets_|_1,056,227_
_525,923_
_(204,557)_
_(1,352,593)_|_10,955,943_
_—_
_(9,683)_
_—_|
_385,216_

_—_
_—_
_—_|_4,660,255_
_—_
_—_
_—_|_17,057,641_
_525,923_
_(214,240)_
_(1,352,593)_| ||_25,000_|_10,946,260_|_385,216_|_4,660,255_|_16,016,731_| The total unrealised gains as at 31 December 2024 constitutes movements on revaluation of listed investments and are as follows: ||**2024**
**£**|2023
£| |---|---|---| |**Total unrealised gains included above:**
On listed investments
**Reconciliation of movements in unrealised gains**
Unrealised gains at 1 January 2024
Unrealised gains arising in year
Net realised (gains) on disposal
**Total unrealisedgains at 31 December 2024**|**6,449,747**|8,002,223| ||**8,002,223**
**610,683**
**(2,163,149)**|6,774,484
1,323,115
(95,376)| ||**6,449,747**|8,002,223| ## **15 Related party transactions** ## _**Worldwide Congregation**_ The majority of trustees are members of the worldwide Congregation of the Daughters of the Cross of Liege. Grants may be made to any part of the Congregation from time to time. Congregation Of The Daughters Of The Cross International **31** ## **Notes to the financial statements** 31 December 2024 ## **16 Post Balance Sheet Event** Since the year end the Charity has received another £5m from The Congregation of the Daughters of the Cross of Liege (the English Province of the Congregation and a related party) as an endowment. Under the terms the donation will be invested and, similar to the initial endowment, up to 3.5% of the value of the fund may be used to support the running of the Generalate and/or to enhance the mission of the worldwide Congregation. Congregation Of The Daughters Of The Cross International **32**