## **Little Company of Mary Congregation CIO**
**Annual Report and Accounts**
31 December 2021
Charity Registration Number 1161450
**Contents**
## **Reports**
|Reference and administrative details of||
|---|---|
|the charity, its trustees, and advisers|1|
|Trustees’ report|2|
|Independent auditor’s report|27|
|**Accounts**||
|Statement of financial activities|32|
|Balance sheet|33|
|Statement of cash flows|34|
|Principal accounting policies|35|
|Notes to the accounts|39|
Little Company of Mary Congregation CIO
## **Reference and administrative details of the charity, its trustees, and advisers**
|**Trustees**|Sister Bernadette Fitzgerald|
|---|---|
||Sister Susanna Mi Young Park|
||Sister Patricia Mary Bell|
||Sister Elizabeth Gilroy|
|**Congregational Leader**|Sister Bernadette Fitzgerald|
|**Administrative address**|Little Company of Mary Congregation CIO|
||28 Trinity Crescent|
||Tooting Bec|
||London|
||SW17 7AE|
|**Telephone**|020 8682 0928|
|**Charity registration number**|1161450|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Principal bankers**|The Royal Bank of Scotland plc|
||1st Floor, Houblon House|
||62-63 Threadneedle Street|
||London|
||EC2R 8HP|
|**Solicitors**|Stone King LLP|
||13 Queen Square|
||Bath|
||BA1 2HJ|
Little Company of Mary Congregation CIO **1**
**Trustees’ report** Year to 31 December 2021
The trustees present their report together with the accounts of the Little Company of Mary Congregation CIO for the year to 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out on pages 37 to 40 of the attached accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
## **Introduction and mission**
Little Company of Mary Congregation CIO is the administrative centre of the worldwide Congregation of the Little Company of Mary (the “Congregation”) (LCM), a Roman Catholic religious congregation which is divided into six Regions/Province and ministers in eleven countries. The principal mission of the Congregation is to pray and care for the sick, the suffering and the dying.
The ministries of the Congregation are expressed in the provision of health, aged care, and welfare facilities/services, in the countries of Australia, Ireland, Italy, New Zealand, Philippines, South Korea, South Africa, Tonga, United Kingdom, the United States of America and Zimbabwe. Each Region/Province has a high degree of autonomy and is responsible for its own financial needs. Little Company of Mary Congregation CIO (the “charity”) acts as co-ordinator of the Congregation’s worldwide activities and provides assistance in an advisory capacity to the Regions/Province in their work of providing health care within the ethos of the Roman Catholic religion. The charity’s expenditure is financed principally by an assessment or annual contribution from each of the Regions/Province.
## **Charitable objects**
The object of the charity is the advancement of the Roman Catholic religion through the religious and other charitable work for the time being carried on anywhere in the world by or under the directions of the Congregation as the trustees with the approval of the Congregational Leader shall think fit.
## **Activities and achievements**
The charity has continued to provide leadership and assistance to the Congregation in implementing the Vision and Acts of the Congregational Chapter 2017. The Regions/Province have been supported in their mission and overall responsibility for health care services, hospices, aged care facilities and extensive outreach programmes, as well as the diverse ministries of prison ministry, pastoral ministry in hospitals, hospices, homes and parishes, bereavement ministry, health education ministry, counselling, spiritual direction, and refugee ministry.
Little Company of Mary Congregation CIO **2**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
Since the 18[th] Congregational Chapter in March 2017, the Congregational Leadership (trustees) have developed an implementation plan for the Vision and Acts of the Chapter. All processes are in place to support the activities required to address every aspect of the Vision and Acts entrusted to the Congregational Leadership on election at that Chapter.
Three Extended Council Meetings via Zoom were held in April, May, and September 2021. The agendas explored:
- Focus Question: _What is God inviting the Congregation to do now?_ It provided a template that might be used to invite the broader Congregation into Listening for the Call of God as we begin the Chapter Journey.
- Chapter Pilgrimage;
- Chapter Letter of Convocation and process for choosing Delegates;
- Postdoctoral Research Fellow for the Congregational Archive;
- Coordinator for Constitution and Directives Review Forum; and
- Stewardship for Mission Project.
The use of digital meeting processes was affirmed in review by participants.
Significant achievements towards achieving the above goals are summarised below.
## _**Interculturality**_
The approach to interculturality in 2021 has been shaped by the reality of Covid-19 which has touched all but one country where sisters minister. These times of crisis - natural, economic, political, and societal - have enhanced the awareness of sisters as one Congregation. This has been supported by various Congregational calls to prayer and regular dissemination of news relevant to the countries in which LCM is situated. Ongoing education through webinar and resource sharing is offered throughout the Congregation on interculturality and intercultural living. UISG Interculturality Webinars for the Congregation and follow up with Zoom discussion/sharing meetings have been initiated.
Interculturality meeting September 2021
Little Company of Mary Congregation CIO **3**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Spirituality**_
The relevance of the LCM spirit and charism has never been clearer, given the reality of the Covid-19 pandemic. To continue to promote the LCM spirit and charism as a global expression of compassion through prayer and presence, the following actions have been taken:
- Reflections written by sisters and Associates are shared monthly through the website.
- Twice yearly Newsletter includes relevant reflections for the times.
- As part of the Universal Church, reflections on the writings of Pope Francis are shared monthly.
- A culture of care for creation is promoted through reflection and sponsorship of an upcoming Eco Spiritualty conference in 2022. The LCM became a major sponsor in 2021 for the International Ignatian Ecospiritual Conference to be held online in April 2022.
- Prayer requests are received through the Congregational and various Regions/Province websites. These intentions are held in the prayer of the sisters.
- When requested, and only in accord with the requirements of GDPR, Novena prayers for the needs of individual sick and dying persons are said throughout the Congregation with the person’s request and consent.
- Continuing our cherished tradition of the annual Motto.
## _**Care for our Common Home**_
The Interest Group has developed a statement and plan for consideration as part of shaping the future Vision through the Congregational Chapter process, using the resources of the Laudato Si Action Platform. A facilitator was engaged to assist with this project.
## _**Increased promotion of the spirituality, mission, and ministry, including the prayer**_
## _**ministry globally through the use of electronic means**_
The Congregational website is regularly updated with monthly reflections, thoughts for the month and news and events. New social media pages have been developed by some Regions and the Province who are responsible to moderate content in keeping with relevant privacy laws.
## _**Promotion of the LCM spirit, through the vowed life**_
At the Extended Council Meeting, the issue of promotion of the vowed life was explored and it was recognised that no one approach can be mandated. Each Region/Province must explore this in ways suitable and effective in the local culture, if possible. The importance of sharing resources across the Congregation was emphasised. Congregational Leadership supports the various approaches of the Regions/Province. In 2021, Leadership Formation programs were run by the Congregational Leadership for emerging leaders.
Little Company of Mary Congregation CIO **4**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Promotion of the LCM spirit through global development of Affiliate and Associate**_
## _**programmes**_
The Congregational Leadership continues to facilitate the development of the Associate programs across the Congregation. Responsibility for this rests in the local Regions/Province Leadership. Throughout 2021, many of the groups were unable to meet. However, they responded with the use of new digital technologies to ensure ongoing development. Creative ways of maintaining connection with groups across the Congregation have been sustained.
With the suspension of the LCM Heritage Centre in Nottingham, England due to health and welfare priorities and government restrictions, the Congregational Leadership wase not required to support Associate pilgrimages. New approaches and encouragement to use the digital Heritage Pilgrimage resource are in place.
Affiliate and Associate Coordinators meeting August 2021
## _**Sustainability of the LCM Heritage Centre, Nottingham**_
Whilst action had been completed in 2020 to honour the Chapter mandate and ensure future sustainability of the LCM Heritage Centre, the suspension of the Centre activity due to the Covid-19 pandemic led to one redundancy and one staff member being placed on furlough. This changed significantly the situation of sustainability. The future of the Centre will be a focus of the Congregational Leadership with the Region of the Maternal Heart, England once the pandemic situation abates.
## _**Effective models of governance at Congregational and Regions/Province level through flexible design and ongoing evolution of models to support life and mission**_
As Regions/Province take the decision to explore new ways of governance appropriate to reality and the future, the Congregational Leadership Team facilitates this through committees and roles to achieve the transition whilst being guided by the integral principles of inclusivity and relationship. The previous Provinces of the Southern Cross (Australia, New Zealand, and Tonga) and the Immaculate Conception (United States of America) were assisted by the Congregational Leader to transition to Region in 2018. The previous Province of the Maternal Heart (UK) was assisted by the Congregational Leader to transition to a Region in January 2020. The previous Province of the Sacred Heart (Ireland and Italy) has been assisted by the Congregational Leader to transition to a Region in December 2021.
Little Company of Mary Congregation CIO **5**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Effective models of governance at Congregational and Regions/Province level through flexible design and ongoing evolution of models to support life and mission** (continued)_
The Congregational Leadership Team has developed and enhanced means of electronic communication and meetings with the introduction of Zooms software, providing flexibility and efficiency in the meeting process.
The CIO has policies in place to fulfil the requirements of the General Data Protection Regulation (GDPR). These are reviewed regularly and were all reviewed in 2021.
Key to the success of any governance is maintaining and adapting processes of governance and management in light of civil requirements and to meet the evolving needs of the times. Enhanced technological capacity as a means of communication was essential to function both at Tooting Bec and in the new flexible governance approach or working remotely. The introduction of digital banking has proved of great help throughout 2021. Monitoring of expenditure weekly by Leadership members occurs through the use of the Clear Spend Banking App.
The Covid-19 pandemic led to governments issuing advice to their citizens to return home. Congregational Leadership members returned to their home countries in March / April 2020. Our one staff member worked from home as she chose or, when allowed by government regulation, at the CIO office. All equipment and internet connection has been provided by the LCM CIO. A Covid-19 Safe Policy and procedures were developed in 2020 and reviewed in 2021.
The ability to work remotely as the Congregational Leadership was supported by ongoing conversation with Region/Province Leaders and the development of a policy on Roles and Boundaries in Flexible Design Governance Approach, approved by them prior to implementation. As Leadership, we had the opportunity to build a foundation for relationship at Tooting Bec during the first two years and, with each of us now living in their own country separated by distance and time zones, maintaining and building this relationship is of great importance to us. The Congregational Leadership is committed to:
-
- Meet every Monday for a Leadership catch up by Zoom.
- Meet every Tuesday Morning for Exposition Contemplative prayer streamed from the Chapel of a Korean community.
- Following that, a social chat and cup of tea/coffee weekly by Zoom.
- Celebrate major feasts together with prayer and some form of festive sharing by Zoom.
Little Company of Mary Congregation CIO **6**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Effective models of governance at Congregational and Regions/Province level through flexible design and ongoing evolution of models to support life and mission** (continued)_
Congregational Leadership is a pastoral relationship and we have endeavoured throughout our term to be in frequent contact with, and offer support for, our Region/Province Leaders, with regular visits to the various countries of the Congregation. The pandemic has changed that, but we have made the decision to commit energy to ways of engaging through calls, videoconference, letters, and emails. Our belief in the importance of relationship remains.
## _**Mission**_
As noted above, the charity provides leadership and guidance to each of the Regions/Province in facilitating their work.
- _**Region of the Southern Cross - Australia/Aotearoa - New Zealand/Tonga**_
Over the last year, the sisters of the Region have developed their model of governance further due to unexpected changes to Leadership. This approach was explored further in an Assembly via Microsoft Teams in February 2021.
A Formal Pastoral Visit was made by the Congregational Leader in January – May 2021. In light of the pandemic, it was acceptable in Canon law for interviews to be done by phone or videoconference.
After a nomination process, the Region of the Southern Cross has a new Region Leadership. The term of office will be from 4 November 2021 for three years.
The Missioning of the new Region Leadership was held on 4 November 2021 via Video / Zoom with the sisters of the Region and the Congregational Leadership.
## _Australia_
The sisters, across all age ranges, continue to carry out volunteer ministries, including assisting the frail aged, sick and the underprivileged in both residential/hospice and community care, wherever the sisters are present.
Refugees Candlelight Vigil
Little Company of Mary Congregation CIO **7**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Mission** (continued)_
- _**Region of the Southern Cross - Australia/Aotearoa - New Zealand/Tonga** (continued)_
## _Australia (continued)_
Calvary Ministries, a Pontifical Juridical Person, has the responsibility for the Little Company of Mary Health and Aged Care. The members of Calvary Ministries took up their appointment on 1 January 2011. On a regular basis, the Chairs of the Members Council and the Board of Members of Calvary Ministries meet in Rome with representatives of the Holy See.
## _Tonga_
Sisters are involved in ministry in jails, schools, hospitals and disability services as well as parish support and catechetical work.
Climate change affecting the South Pacific
## _New Zealand_
In New Zealand, the sisters continue to focus their financial and personnel resources on subsidised housing for the aged and on community support through volunteering.
Mary Potter Courts, Christchurch
## _The Region of the Southern Cross funds_
- A Palliative Care programme in partnership with the Sisters of St Paul de Chartres, Timor Leste.
- A Counsellor Training Certificate programme in Tonga to enhance prevention of, and intervention in, domestic violence and social problems.
Little Company of Mary Congregation CIO **8**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Mission** (continued)_
## _**Region of the Maternal Heart - UK**_
The English Region continues to provide a safe, loving environment for our sisters who have spent their lives in ministry to the sick, the suffering and the dying. Many of these sisters are beyond the statutory retirement age but are contributing invaluable volunteer ministry.
The Heritage Centre is the focal point of ministry for the Region. Due to the pandemic, it was decided that there would be no pilgrimages in 2020 and 2021 during the interim closure of the Heritage Centre and no plans have been made for 2022 until further discussions are held with the Region on the way forward for the Centre. The Region decided to close the Heritage Centre during the pandemic to comply with UK legislation. The future opening and use are under review.
The Region continues to support the clinic activities in Albania financially and with administrative/evaluative visits each year. No visit was possible during 2021 due to the pandemic.
The Mary Potter Centre Hospice
##
## _**Region of the Sacred Heart – Ireland and Italy**_
The Little Company of Mary retains a significant involvement in the ongoing governance of the Milford Care Centre, Limerick – Hospice and Aged Care Services, as well as Community Palliative Care.
Infinity Woodland Pathway in Milford
Little Company of Mary Congregation CIO **9**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
## _**Mission** (continued)_
- _**Region of the Sacred Heart – Ireland and Italy** (continued)_ The sisters explored partnership with another organisation to provide a property for provision of services to women at risk in Killarney.
The sisters continue to minister to the ageing in group housing and community and day care services, care for the aged or frail and sick sisters and bereavement counselling.
**----- Start of picture text -----**
Prayer group, LCM sisters Ireland LCM Sister and
carer, Milford Convent
**----- End of picture text -----**
The Region continues to welcome home our Irish sisters who have spent their lives in South Africa and/or Zimbabwe.
The Sisters of the Province of the Sacred Heart have chosen a model of governance with a Region Leader and two Region Councillors. The establishment of the Region of the Sacred Heart took effect on 8 December 2021. A letter and greeting were sent to the Region from the Congregational Leadership as the use of Zoom was not possible for the sisters of the Region for the ritual of transition to the Region of the Sacred Heart.
After a nomination process, the Region of the Sacred Heart has a new Region Leadership. Their term of office will be from 8 December 2021 for three years.
Due to the pandemic, the Missioning of the Region Leadership will be held at a date to be confirmed.
- _**Province of the Assumption – South Korea and the Philippines**_
Hospice and aged care continue to be the main ministries of the sisters. In each aged care and hospice centre, sisters are actively involved in hospice education for health care professionals.
The care of Palliative Care patients in the Hospice in Pocheon following discernment was changed to the care of the aged.
Little Company of Mary Congregation CIO **10**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
_**Mission** (continued)_
- _**Province of the Assumption – South Korea and the Philippines** (continued)_ Sisters are working as chaplains in three general hospitals to extend the Little Company of Mary charism and spirituality of healing ministry.
LCM sisters
A new convent was built in Pocheon to accommodate ten sisters and a guest room in 2021. Blessing and opening of the building was held in November 2021.
Pocheon new convent opened November 2021
The Province of the Assumption Assembly was cancelled due to Covid-19 requirements. However, a series of discussion meetings by Zoom enabled discussion and consultation.
The Formal Pastoral Visit was made in May 2021 by the Assistant Congregational Leader. In light of the pandemic, it was acceptable in Canon law for interviews to be done by phone or videoconference.
After a nomination process, the Province of the Assumption has a new Province Leadership. Their term of office will be from 15 August 2021 for five years.
The missioning of the incoming Province Leadership was held in August on Zoom in a meaningful ceremony attended by the Congregational Leadership.
A meeting was held via Zoom in December 2021 with the Province Leadership and Congregational Leader for support and mentoring of our emerging Leaders. These meetings will occur quarterly at least.
Formation of new members will continue in Korea, when required.
Little Company of Mary Congregation CIO **11**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
_**Mission** (continued)_
- _**Province of the Assumption – South Korea and the Philippines** (continued)_ A new community in the Baguio Diocese, Philippines was established, and the blessing of the convent took place in August 2020 by the Bishop of Baguio. There will be a ministry of pastoral support and chaplaincy to the local National Hospital once the pandemic allows this involvement. The sisters are supporting the local community with prayer gatherings and volunteering in a local Covid-19 clinic.
.
- _**Region of the Queen of Peace – South Africa and Zimbabwe**_ The sisters manage Murambinda Mission Hospital – a generalist health care service in Buhera District, one of the poorest districts of Zimbabwe.
The sisters continue to provide pastoral care and home visiting in a number of hospitals and local communities where they reside.
Missionvale, founded by an LCM Sister, is effectively managed, and used by the people in the township. Included in its activities are a feeding programme, clothing bank, rural health clinic, and a kindergarten to grade 8 with plans to take it up to grade 12.
Inpatient facilities for HIV/AIDS ministry continue in Mashambanzou Waterfalls, Harare and Murambinda in Zimbabwe. These provide essential medical and social services for the local people in impoverished communities.
**----- Start of picture text -----**
LCM sisters
**----- End of picture text -----**
The trustees approved the request from the Region Leadership to partner and provide services through the re-opening of St Anne’s’ Hospital in Harare, Zimbabwe in 2020 to care for those affected by Covid-19. Throughout 2021 the main focus has been for those suffering from Covid-19.
Little Company of Mary Congregation CIO **12**
**Trustees’ report** Year to 31 December 2021
## **Activities and achievements** (continued)
_**Mission** (continued)_
- _**Region of the Queen of Peace – South Africa and Zimbabwe** (continued)_ TheCongregational Leadership supported this through the provision of funds and the coordination of financial support from across the Congregation.
The Region of the Queen Peace Gathering was held from 23-28 February 2021. A Congregational Councillor presented a Congregational overview on behalf of the Congregational Leader at this through a digital presentation.
After a nomination process, the Region of the Queen of Peace has a new Region Leadership. Their term of office will be from 1 November 2021 for three years.
The Missioning of the new Region Leadership was held on 1 November 2021 via Video / Zoom with the sisters of the Region and Congregational Leadership.
The Congregational Leader delivered the UISG _Leadership of consecrated life for a world in gestation_ by Zoom in August/September 2021 _,_ a five week program to the incoming Region Leadership.
A meeting was held via Zoom in December 2021 with the Region Leadership and Congregational Leader for support and mentoring of our emerging Leaders. These meetings will occur quarterly at least.
- _**Region of the Immaculate Conception - United States of America**_
The Congregational Leadership continues to support the Region to develop a future governance plan for the one remaining sponsored ministry, the Memorial Hospital and Health Care Center in Jasper, Indiana.
After a simple process of nomination, the Region of the Immaculate Conception reappointed their current Region Leadership. Their term of office will from 1 October 2021 for three years.
Little Company of Mary Congregation CIO **13**
**Trustees’ report** Year to 31 December 2021
## **Donations policy**
When planning their budget at the beginning of the year, the trustees agree to set aside a certain amount for the organisations whose work is consistent with the objects of the charity. These organisations are usually known to the sisters and include the missions of the International Regions and Province of the Little Company of Mary. The donations are decided upon by the trustees and applications from other organisations are considered on an individual basis.
The donations policy was reviewed and amended in 2019 to increase the amount to be directed to donations with a particular focus on support for refugees and eradication of Human Trafficking.
The Little Company of Mary Congregation CIO established an Emergency Charitable Fund of £50,000 within the Congregational budget to support those affected by natural world disasters on behalf of the Congregation. The funds are sourced at the time of the annual assessment from the Regions / Province with available funds. These monies are extra to the annual assessment and are recorded and managed as a separate cost centre. The annual limit is £50,000 and funds are sought annually to replace what has been dispensed and top up the fund. The Congregational Leader with consent of Council will authorise the use of this fund. The funds will be allocated through reputable Charities / Foundations / Appeals. Receipts are required and expenditure is reported to the Congregation at the time of the donation and in more detail to the Region / Province Leadership in the annual assessment process when top up funds are sought.
Donations from the Congregation coordinated by the CIO trustees include:
1. Region of Queen of Peace, South Africa, and Zimbabwe - support for those affected by Covid-19 and the Region during pandemic - £10,000.
2. Caritas Australia - support for India during the pandemic - £10,000.
3. Hagar Australia - gender-based violence and human trafficking, Afghanistan - £5,000.
4. Caritas Australia - earthquake disaster relief for Haiti - £5,000.
5. Solidarity with Sudan - supporting programmes being implemented and especially as the country suffers from the pandemic - £10,000.
6. UISG CovSolidarity - support for Congregations affected by Covid-19 - £10,000.
_“Approximately 15,400 vulnerable people in Afghanistan have benefitted from Hagar’s Emergency Response so far. Hagar has been one of the very few NGOs on the ground that have been permitted to provide humanitarian support at this time.” Extract from Hagar newsletter._
_“In spite of the COVID-19 pandemic, the Sustainable Agriculture-Remediation project has been operational. It was still possible to support many families. The project was favoured by the fact that it took place for the most part in rural areas where population density is lower and outdoor activities are carried out, which exposes people to a lower risk of infection”. Extract from Solidarity with Sudan newsletter_
Little Company of Mary Congregation CIO **14**
**Trustees’ report** Year to 31 December 2021
## **Fundraising policy**
The charity’s fundraising activity is negligible. However, it aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communication and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react and to investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.
## **Covid-19**
The pandemic has had an impact on the trustees. A flexible design has been fully implemented as a new governance model and all trustees have been following their own Governments’ advice, returning to their own countries to live and operate remotely. Trustees will return to the UK for shorter periods of time when it is safe to travel. Trustees are fully utilising social media to remain in contact with sisters throughout the world. Significant meetings and pastoral visits have been postponed until it is safe to travel. Trustees meet weekly via Zoom for prayer, support, sharing of information and decision making. Our one employed staff member is working from home in accordance with government advice and all aspects of health and safety have been addressed.
CIO income from pensions received has decreased with these pensions being retained in Australia to support the living costs of trustees now living in Australia. Expenditure has been reduced with all travel ceased until safe to do so. The trustees will continue to keep both income and expenditure under review. Whilst there will undoubtedly be challenges ahead, the trustees do not expect material concerns to arise over the charity’s financial position.
A Covid-19 Secure Risk Assessment and Control Plan for the CIO Office at Tooting Bec was developed in September 2020 and reviewed in 2021.
## **Financial review**
## _**Results for the period**_
A summary of the year’s results can be found on page 32 of the attached accounts.
Total income for the year amounted to £231,143 (2020 - £257,296). This includes assessments from the individual Regions and Province of the Congregation totalling £177,613 (2020 - £197,613), and additional contributions from Regions and Province of £49,988 (2020 - £57,176). Bank interest amounted to £483 (2020 - £2,507) and the surplus on the disposal of a motor vehicle amounted to £3,059 (2020 - £nil).
Expenditure amounted to £270,688 (2020 - £288,194). Such expenditure includes the cost of co-ordinating and advising the Regions and Province of the Congregation as well as donations payable. Details of donations payable are included in note 4 to the accounts.
Therefore, the net expenditure and the net decrease in funds for the year to 31 December was £39,545 (2020 - £30,898). At 31 December 2021, the net assets of the charity amounted to £875,997 (2020 - £915,542).
Little Company of Mary Congregation CIO **15**
**Trustees’ report** Year to 31 December 2021
## **Financial review** _(continued)_
## _**Investment policy**_
The trustees have considered the cash requirements for the various projects they are involved in and have adopted a policy of keeping available funds in special interest-bearing deposit accounts and a treasury deposit account. These provided an average return of less than 1% during the period but, given the level of risk the trustees are willing to undertake and the current economic environment especially in the wake of Covid-19, the returns are deemed satisfactory. An Ethical Investment Policy has been adopted by the charity.
## _**Reserves policy**_
The trustees aim to maintain between two and three years of regular operating expenditure in free reserves (reserves not designated or invested in fixed assets). The trustees consider this level of free reserves to be appropriate given the charity’s responsibility as co-ordinator of the Congregation’s worldwide activities, where in the event of an urgent need in any Region/Province, immediate financial assistance can be provided. The trustees will continue to keep this policy under review.
## _**Financial position**_
The balance sheet shows total reserves of £875,997 (2020 - £915,542). The tangible fixed assets fund totals £176,538 (2020 - £198,633) and is represented by tangible fixed assets used to support the work of the charity.
Funds available to co-ordinate and provide advice on the Congregation’s worldwide activities in the future are shown as general funds on the balance sheet and amount to £699,459 (2020 - £716,909). The trustees are of the opinion that the free reserves are adequate but not excessive. The continuing worldwide economic uncertainties mean that the trustees must have the flexibility to react quickly should the Regions or Province have urgent need of financial resources. As such, the trustees believe it prudent to retain these reserves at the current time. This level of reserves is deemed appropriate, and the trustees are content that the charity is a going concern.
## **Future plans**
The future plans of the charity are as follows:
- An Extended Council meeting via Zoom is planned for February 2022. This will assist in shaping the work of Congregational Leadership currently and towards Chapter 2023.
- The Formal Pastoral Visit to the Region of the Queen of Peace, will be made in February 2022 by Congregational Leader via Zoom.
- Trustees continue to attend appropriate educational meetings and webinars that will inform them of recent changes in the charity law that relates to the charity.
- L&P Cantor Fitzgerald of Dublin, Ireland have been engaged to conduct a Congregational Resource Assessment during 2021 in preparation for the 2023 Congregational Chapter. The assessment is called Stewardship for Mission Project. The final report is due by 8 April 2022.
Little Company of Mary Congregation CIO **16**
**Trustees’ report** Year to 31 December 2021
**Future plans** _(continued)_
- An LCM Postdoctoral Research Fellow Project will be explored and consulted on with the Extended Council. The project will focus on the growth, and in particular the first sixty years of the Congregation’s existence, up to its entry into modern day Zimbabwe. It will consider the early leaders of these international foundations and the stories of the sisters who pioneered these initiatives.
- Exploration and planning to address the future of the Congregation will continue.
- Discussions with St Egidio community Florence regarding financial support in 2022 for their Refugee and Humanitarian Project.
- The Chapter Pilgrimage has commenced with the engagement of the sisters throughout the Congregation. The 19[th] Congregational Chapter will be held in Seoul, Republic of South Korea from 16-30 April 2023.
## **Governance, structure, and management**
## _**Governing document and background**_
Little Company of Mary Congregation CIO is an incorporated charitable organisation, currently governed by a constitution dated 5 March 2018. It is a registered charity, Charity Registration Number: 1161450. The original constitution dated 28 April 2015 was amended by a Resolution dated 5 March 2018.
The charity was registered with the Charity Commission on 28 April 2015. The charity’s activities commenced on 1 July 2015 following the transfer of activities, assets and liabilities from a charitable trust called the Generalate Community of the Little Company of Mary. From the date of the transfer, the charitable trust became dormant and has since been removed from the Central Register of Charities.
## _**Membership of the CIO**_
The Congregational Leader for the time being shall automatically, by virtue of holding that office, be ex-officio the sole member of the CIO. If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
## _**Trustees**_
The charity has four trustees: the Congregational Leader and three Congregational Councillors. The trustees are elected for a term of six years at the Congregational Chapter by the elected delegates of the Congregation’s membership. The current trustees were elected in March 2017 at the Eighteenth Congregational Chapter held in Newry, Northern Ireland, and began their term of office on 2 July 2017 as trustees of the incorporated charitable organisation.
The names of the trustees who served during the period are set out as part of the reference and administrative details on page 1 of this annual report and accounts and brief biographical details of each of the trustees in office at the year-end is given below.
Little Company of Mary Congregation CIO **17**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustees** (continued)_
- _Sister Bernadette Fitzgerald_ – Congregational Leader Sister Bernadette Fitzgerald has spent over forty years in health, aged and community care clinical at management and governance levels. She entered the Congregation in 1983. Her initial professional background was in General and Midwifery Nursing. To prepare for a position as a Director of Nursing, she completed a Bachelor of Health Science and a Graduate Diploma in Health Services Management. After completing this role and in order to transition to a different role within the Little Company of Mary health care services, Sister Bernadette completed a Master of Theology (Distinction), a Certificate IV in Training and Assessment and a Graduate Certificate in Applied Ethics. Each qualification was undertaken to ensure that she was able to fulfil the roles of Director of Mission and National Director of Mission for LCM Health Care Services. Her background in governance included Director positions on the Boards of Governance of Calvary Health Care Bethlehem, Calvary Health Care Adelaide, as a trustee on the Board of Catholic Health Care Services New South Wales and Australian Capital Territory and a Member on the Members Council of Calvary Ministries Limited Australia (all Catholic Australian health and aged care organisations). She was a member of the Executive of Catholic Leaders of Religious Institutes (New South Wales). Sister Bernadette served as the Province Leader of the Province of the Holy Spirit (Australia) from 2011 to 2015 and of the newly formed Province of the Southern Cross (Australia, New Zealand, and Tonga) from 2015 until her election in 2017 as the Congregational Leader, Little Company of Mary at the LCM Congregational Chapter in Northern Ireland for a period of 6 years and consequently is serving as a trustee of the charity.
- _Sister Susanna Mi Young Park –_ Congregational Councillor Sister Susanna Park entered the Congregation in 1986 in Korea. Before joining the Little Company of Mary, she qualified as a pharmacist in 1982 in Korea and completed a master’s degree of pharmacology from Daegu Catholic University in 1984. She worked at Calvary Clinic in GangNeung from 1989 to 1993, at Morhyun Home Care Hospice in Seoul from 1994 to 1996 and at the Catholic University of Korea UijeongBu St Mary’s Hospital from 1996 to 1998 as a pharmacist. She served as the Province Leader of the Assumption Province and as a trustee of the Little Company of Mary Sisters South Korea from 1999 to 2005 and again from 2011 to 2016. She obtained a postgraduate diploma of Mariology at Lampeter University in the UK in 2008. She was a member of a community of the Heritage Centre of the Little Company of Mary in Nottingham from 2009 to 2011. In March 2017, at the LCM Congregational Chapter in Northern Ireland, she was elected as a Congregational Councillor for a period of 6 years and consequently is serving as a trustee of the charity.
Little Company of Mary Congregation CIO **18**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustees** (continued)_
- _Sister Patricia Mary Bell_ – Congregational Councillor Sister Patricia Mary Bell has been a sister of the Little Company of Mary since 1976 and has a wide range of experience in health care in Australia. Having graduated from Nursing at Lewisham, Sydney, she later undertook her midwifery at St Margaret’s Hospital, Darlinghurst, Sydney, and Oncology at the College of Nursing. She has had wide experience in nursing in medical, surgical, midwifery and especially in palliative care, her “great love”. Previously, Sister Patricia Mary has held Charge Sister positions at Lewisham, Wagga Wagga, Hobart, Canberra and Coordinator of Hospice Home Care at Bethlehem, Melbourne and was Director of Mission in Hobart from 1996 until 2005. She has Grief Line and Life Line Counselling Certificates. She was elected as Province Councillor for Australia in 2004, a role she held until her election as Congregational Councillor/trustee in 2005. Returning to Australia in 2011 she ministered as a Volunteer in the Community Palliative Care Team at Kogarah, was involved with ACRATH (Australian Catholic Religious Against Human Trafficking), provided support to refugees and asylum seekers in detention and was the Province Coordinator for the Affiliates and Associates for the Little Company of Mary. In March 2017, at the LCM Congregational Chapter in Northern Ireland, she was elected as a Congregational Councillor for a period of 6 years and consequently is serving as a trustee of the charity and as Congregational Treasurer.
- _Sister Elizabeth Gilroy_ – Congregational Councillor Sister Elizabeth Gilroy has a professional background in General and Midwifery Nursing, with over 30 years’ experience in specialist areas of Operating Theatre, Accident and Emergency and Labour Ward nursing. She also has had several years as Health and Safety Registered Nurse at Qantas Airways. She has had further experience at Governance Levels of the Province Leadership Team and a Director of the Corporation of the Little Company of Mary Holy Spirit Province, Australia. She has experience in formation and ongoing education with further studies in theology, attained a Master of Arts with a Major in Pastoral Counselling and Pastoral Ministry, Boston USA and a Certificate in Effective Group Leadership Skill Training with a Diploma in Spiritual Direction and Counselling. Her professional experience also includes Spiritual Companion for Calvary Ministries, (Health Care), Australia; Consultant for National Office for LCM Health Care assisting in formulating LCM National Leadership Development Programmes; and Pastoral Counsellor at Franciscan Counselling Service, Boston USA. In March 2017, at the LCM Congregational Chapter in Northern Ireland, she was elected as a Congregational Councillor for a period of 6 years and consequently is serving as a trustee of the charity.
## _**Trustee Formation**_
Representatives of the Congregational Leadership attended the following meetings and conferences during the period:
- 17 January 2020: Webinar: Sustainability in the Spirit of the Integral Ecology of Laudato Si – Sister Susanna Park;
- 14 January 2021: Association of Provincial Bursars Open Forum – Sister Bernadette Fitzgerald;
Little Company of Mary Congregation CIO **19**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustee formation** (continued)_
- 24 January 2021: Webinar: Realizing the Vision of Laudato Si run by UISG – Sister Susanna Park.
- 28 January 2021: Religious Formation Conference: Naming the Present Moment. Father Ron Rolheiser – Sister Elizabeth Gilroy.
- 12 February 2021: Charity Commission for England and Wales: Holding, Moving, and Receiving Funds Safely when Working Internationally – Sister Elizabeth Gilroy.
- 13 February 2021: CICLSAL Safeguarding Webinar 1 – Sister Bernadette Fitzgerald.
- 13 February 2021: Multimedia International: Creating an Ever More Beautiful Precious World presentation by Sister Anne Marie Sanders IHM – Sister Bernadette Fitzgerald.
- 15 February 2021: Catch up view – Catholic Religious Australia Emerging Futures Collaborative 9 November 2020. CRA Interculturality Video #1 – Exploring Interculturality, Father Tim Norton SVD. CRA Interculturality Video #2 – Interculturality and Community Living, Sister Geraldine Kearney SGS - Sister Bernadette Fitzgerald.
- 16 February 2021: Catch up view - CRA Interculturality Video #3 - Interculturality and Leadership. CRA Interculturality Video #4 – Interculturality Beyond Borders 2019, Sister Theresia Tina RSM - Sister Bernadette Fitzgerald.
- 24 February 2021: Stone King Virtual Charity Training: The Essential Trustee and Governance in Practice – Sister Bernadette Fitzgerald and Sister Elizabeth Gilroy.
- 17 March 2021: Charity Commission for England and Wales Webinar: Charities and Safeguarding in an International Context - Sister Susanna Park.
- 20 March 2021: UISG Safeguarding and Canonical Provisions - Sister Bernadette Fitzgerald.
- 22 March 2021: USG-UISG Joint Assembly meetings 2021. Becoming Brothers, Becoming Sisters for a Wounded World - Sister Bernadette Fitzgerald.
- 22 March 2021: UISG Sisters Empowering Sisters - Sister Bernadette Fitzgerald.
- 31 March 2021: Stone King Webinar: Safeguarding; a Governance Perspective, by Sarah Clune - Sister Susanna Park.
- 2 April 2021: Centre Christian Studies, Durham Webinar on Recovering the Importance of the Archives of Religious Congregations – Hanna Thomas, John Mc Cafferty, Liam Temple, Scholastic Jacob – Sister Patricia Mary Bell.
- 6 April 2021: Stone King Webinar: Safeguarding a Governance perspective, by Sarah Clune – Sister Patricia Mary Bell.
- 6 April 2021: Threshold of Hope Video, Ireland, Deirdre Ni Chinneide – Sister Patricia Mary Bell, Sister Bernadette Fitzgerald.
- 10-11 April 2021: Webinar: Hidden Histories Part I /2 by Durham University Centre for Catholic Studies – Sister Susanna Park.
Little Company of Mary Congregation CIO **20**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustee formation** (continued)_
- 12 April 2021: UISG Webinar: Safe Environments in Initial and Ongoing Formation to Religious Life - Sister Bernadette Fitzgerald.
- 12 April 2021: UISG Webinar: Becoming Intercultural: Perspectives on Mission - Sister Bernadette Fitzgerald.
- 17 April 2021: UISG Webinar: Communicating for Advocacy - Sister Susanna Park.
- 22 April 2021: Ethical and responsible investment namely: climate change and sanctity of life issues. Richard Maitland and Alexander True, Sarasin & Partners, Amanda Francis, Buzzacott and Alexandra Steffensen, Stone King - Sister Patricia Mary Bell.
- 30 April 2021: Becoming Sisters, Becoming Brothers UISG / USG Plenary Assembly Sister Bernadette Fitzgerald.
- 30 April 2021: APB Webinar: Safeguarding, Implementation, and Recommendations of Elliott Report with Father David Smolira SJ - Sister Patricia Mary Bell.
- 2 May 2021: The Future of Catholicism in Australia: Sister Joan Chittister OSB. The Eight Spiritual Mountains of the Church - Sister Elizabeth Gilroy.
- 3 May 2021: Future Church: Women Erased, Women Religious by Sandra Schneider IHM - Sister Patricia Mary Bell, Sister Bernadette Fitzgerald.
- 4 May 2021: Future Church: Women Erased, Women Religious by Sandra Schneider IHM - Sister Elizabeth Gilroy.
- 4 May 2021: Becoming Intercultural: Perspectives on Mission: Father Steve Bevens SVD - Sister Elizabeth Gilroy.
- 6 May 2021: Buzzacott’s Charity Accounts for Non-accountants, Planning and Reflection, Amanda Francis and Gumayel Miah – Sister Elizabeth Gilroy.
- 6 May 2021: Buzzacott’s Charity Accounts for Non-accountants, Planning and Reflection, Amanda Francis – Sister Patricia Mary Bell.
- 12 May 2021: UISG Webinar: Safe Environments and Formation - Sister Bernadette Fitzgerald.
- 16 May 2021: Leading in Times of Crisis - Sister Miriam Altenhoffen SSpS Parts 1-5 – Sister Bernadette Fitzgerald.
- 16 May 2021: Centre for Catholic Studies Durham Hidden Histories Parts 1-2 - Sister Bernadette Fitzgerald.
- 17 May 2021: The Future of Catholicism in Australia, Sister Joan Chittister - Sister Patricia Mary Bell, Sister Bernadette Fitzgerald.
- 26-28 May 2021: UISG & USG online Meeting - Becoming Sisters, Becoming Brothers, Consecrated Life at the Service of Fraternity in a Wounded World - Sister Bernadette Fitzgerald.
Little Company of Mary Congregation CIO **21**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustee formation** (continued)_
- 26 May 2021: Webinar from UISG - Intercultural Sensitivity, Tim Norton – Sister Patricia Mary Bell.
- 2 June 2021: Catholic Religious Australia webinar: The Risen Life, Timothy Radcliffe OP - Sister Bernadette Fitzgerald.
- 2 June 2021: Webinar from UISG – Terminology and Definition, Roger Schroder SVD - Sister Patricia Mary Bell.
- 2 June 2021: Webinar from CRA – The Risen Life, Timothy Ratcliffe OP - Sister Patricia Mary Bell.
- 3 June 2021: Webinar from UISG – The Value of Interculturality in Religious Life, Tim Norton, and Pat Murray - Sister Patricia Mary Bell.
- 5-13 June 2021: UISG Online Course on Interculturality and Religious Life – Sister Susanna Park
- 7 June 2021: Webinar from UISG – Personality and Culture, Atenhofen - Sister Patricia Mary Bell.
- 7 June 2021: Webinar from UISG – Interculturality and Spirituality, Personal and Local Levels, Roger Schroder SVD - Sister Patricia Mary Bell.
- 8 June 2021: Webinar from UISG – Intercultural Journey of Jesus, Adriana Milmanda SSPS - Sister Patricia Mary Bell.
- 9 June 2021: Webinar from UISG – Sociocentric and Individual-centric Cultures, Power and Distance, Roger Schroder SVD and Maria Nguyen OSB - Sister Patricia Mary Bell.
- 9 June 2021: Webinar from UISG – Interculturality and Leadership in Consecrated Life, Pernia - Sister Patricia Mary Bell.
- 12 June 2021: Archival Resources for Catholic Collection: Legal issues in Archives Practice - Sister Bernadette Fitzgerald.
- 12 June 2021: UISG Safeguarding Final Session - Sister Bernadette Fitzgerald.
- 13 June 2021: UISG How to Organize a Meeting or a Course with ZOOM: Technical and Facilitation Tools (previous presentation on YouTube) - Sister Bernadette Fitzgerald.
- 8-9 July 2021: USG Assembly Webinars 26, 27, 28 May 2021 – Sister Patricia Mary Bell.
- 5 August 2021: Webinar: Arise - Supporting work of Sisters against Slavery – Greg Burke, Luke de Pulford, and Sister Catherine Espenila - Sister Patricia Mary Bell.
- 13 August 2021: Webinar: Missioning Emerging Futures Collaborative – CRA - Sister Patricia Mary Bell.
- 21 August 2021: UISG Webinar: Sisters Empowering Women - Sister Susanna Park.
Little Company of Mary Congregation CIO **22**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustee formation** (continued)_
- 22 August 2021: Ongoing Formation: Elizabeth Johnson CSJ Talk on Laudato Si. "Enfolded With Affection”. Imagining 'Us in Creation Theology' Most Important Encyclical Written in the History of Encyclicals, CTU Chicago – Sister Elizabeth Gilroy.
- 15 September 2021: Webinar: Aberdeen Standard Capital - Charity Commission Development Affecting Investments and Companies in Transition to Lower Carbon Future – Julie Hutchison and Ben Turner - Sister Patricia Mary Bell.
- 23 September 2021: Charity Commission Webinar: Charities and safeguarding in an international context - Sister Bernadette Fitzgerald.
- 25 September 2021: UISG - Intercultural Sensitivity, Tim Norton UISG – Terminology and Definition, Roger Schroder SVD UISG – The Value of Interculturality in Religious Life, Tim Norton, and Pat Murray - Sister Bernadette Fitzgerald.
- 27 September 2021: UISG - Interculturality and Religious Life – Adriana Milmanda UISG – Personality and Culture, Miriam Atenhofen UISG – Interculturality and Gender Miriam Atenhofen. - Sister Bernadette Fitzgerald.
- 27 September 2021: Formation Webinar: Hildegard of Bingen, Matthew Fox - Sister Bernadette Fitzgerald.
- 29 September 2021: Virtual Charity Training: The Essential Trustee and Governance in Practice - Sister Bernadette Fitzgerald.
- 29 September 2021: Charity Commission: Holding, Moving, and Receiving Funds Safely when working Internationally – Sister Patricia Mary Bell.
- 5 October 2021: UISG – Interculturality and Spirituality, Personal and Local Levels, Roger Schroder UISG – Interculturality and Spirituality Charism and Heritage II – Adriana Milmanda UISG – Intercultural Journey of Jesus, Adriana Milmanda SSPS UISG –Intercultural Journey of the Early Church, Roger Schroder / Tim Norton - Sister Bernadette Fitzgerald.
- 5 October 2021: UISG Webinar: Sisters Empowering Women: Nurturing Peace: Social Friendship and Dialogue - Sister Susanna Park.
- 6 October 2021: UISG Interculturality and the Digital Age - Peter Nahr UISG – Sociocentric and Individual-centric Cultures, Power and Distance, Roger Schroder, and Maria Nguyen UISG – Interculturality and Leadership in Consecrated Life, Antonio Pernia UISG – Christian Leadership in Intercultural Communities, Pat Murray / Tim Norton - Sister Bernadette Fitzgerald.
- 26 October 2021: UISG Safeguarding - Changes in Penal Canon Law – Sister Bernadette Fitzgerald.
- 29 October 2021: London Jesuit Centre webinar: Towards a Safer Church, A Conversation with Hans Zollner SJ - Sister Susanna Park.
- 8 November 2021: Emerging Futures Collaborative - Sharing on Shaping the Future - Sister Bernadette Fitzgerald.
- 8 November 2021: COREW Father Hans Zollner SJ Safeguarding - Towards a Safer Church - Sister Bernadette Fitzgerald.
Little Company of Mary Congregation CIO **23**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Trustee formation** (continued)_
- 10 November 2021: Towards a Safer Church, London Jesuit Centre, Father Hans Zolliner SJ - Sister Patricia Mary Bell.
- 11 November 2021: APB Conference October 2021 - Sister Patricia Mary Bell.
- Investing for the Kingdom and the Bursar’s Mission in the 21[st] Century – Catherine Cowley.
- Guardians of Creation Project.
- Immigration Considerations for Religious - Stone King – Julie Moktadir.
- 17 November 2021: Broken Bay Institute, Sydney Australia: Governance and the Catholic Church - Father Brian Lucas – Sister Bernadette Fitzgerald.
- 23-24 Nov 2021: Catholic Religious Australia Interculturality and Prophetic Leadership – Sister Bernadette Fitzgerald.
- 23-25 Nov 2021: CRA Conference via ZOOM – Embracing Mission- Interculturality and Prophetic Leadership – Teresa Maya CCVI and Kevin O’Neill SSC – Sister Patricia Mary Bell.
- 26 November 2021: UISG Informed Consent and Advanced Declarations of Treatment - Sister Bernadette Fitzgerald
- 26 November 2021: Faith and Climate Change – Dr Carmody Grey, Leeds, UK - Sister Patricia Mary Bell.
## _**Statement of trustees’ responsibilities**_
The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the accounts the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of 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);
- make judgements and estimates that are reasonable and prudent;
Little Company of Mary Congregation CIO **24**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Statement of trustees’ responsibilities** (continued)_
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## _**Structure and management reporting**_
The trustees are ultimately responsible for the policies, activities, and assets of the charity. As a result of the international scope of their work and travel, they meet regularly to review developments with regard to the charity or its activities and make any important decisions. The trustees use electronic means to be informed and kept up to date with developments within the Congregation and the charity. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, solicitors, and accountants. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Congregation or senior staff.
## _**Key management**_
The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. All of the trustees are members of the Little Company of Mary (“the Congregation”). Whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees.
## _**Risk management**_
The trustees undertake an annual review of the principal risks and uncertainties that the charity faces categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks, and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws, and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems, and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise.
In November 2019, the trustees commenced using the Bankline service of the Royal Bank of Scotland (RBS) for payments by electronic transfer. This process minimises risk and ensures effective safeguards are in place. A policy for digital banking has been developed.
Little Company of Mary Congregation CIO **25**
**Trustees’ report** Year to 31 December 2021
## **Governance, structure, and management** (continued)
## _**Risk management** (continued)_
With the exception of the challenges faced because of the Covid-19 pandemic (see above), this work has identified two key risks for the charity which are described below together with the principal ways in which they are mitigated:
- Operationally the charity works with children and vulnerable adults including older people. The trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that sisters engaged in any ministry in Great Britain and all those who work or volunteer for the charity and work with children or vulnerable adults must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed fully to implementing the policies of the Catholic Safeguarding Standards Agency (CSSA).
- From time to time, the charity donates significant sums in support of the wider Congregation and other organisations. The vast majority of donations sent overseas are to fund projects administered directly by members of the Congregation. Whether or not the funds are used here in Great Britain or overseas, the trustees always ensure that they are fully briefed about and familiar with the work of a potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained and that, wherever possible (and always in the case of monies sent overseas), a full written report is obtained.
Signed on behalf of the trustees:
Patricia Mary Bell
Trustee
Date: 6/7/22
Little Company of Mary Congregation CIO **26**
**Independent auditor’s report** Year to 31 December 2021
**Independent auditor’s report to the trustees of Little Company of Mary Congregation CIO**
## **Opinion**
We have audited the accounts of Little Company of Mary Congregation CIO (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies, and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021 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 Charities Act 2011.
## **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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.
Little Company of Mary Congregation CIO **27**
**Independent auditor’s report** Year to 31 December 2021
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts, 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 accounts 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
- sufficient accounting records have not been kept; or
- the accounts are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
Little Company of Mary Congregation CIO **28**
**Independent auditor’s report** Year to 31 December 2021
## **Auditor’s responsibilities for the audit of the accounts**
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
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.
_How the audit was considered capable of detecting irregularities including fraud_
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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the charity through discussions with one of the trustees and from our knowledge and experience of the charity sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, 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) (effective 1 January 2019); and
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of those charged with governance as to where they considered there was susceptibility to fraud, 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.
Little Company of Mary Congregation CIO **29**
**Independent auditor’s report** Year to 31 December 2021
## **Auditor’s responsibilities for the audit of the accounts** (continued)
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested and reviewed journal entries to identify unusual transactions;
- Carried out substantive testng of expenditure;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of trustees; and
- Enquiring of 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.
We did not identify any irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Little Company of Mary Congregation CIO **30**
**Independent auditor’s report** Year to 31 December 2021
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL
23 August 2022
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Little Company of Mary Congregation CIO **31**
## **Statement of financial activities** Year to 31 December 2021
|Notes|Unrestricted funds|Unrestricted funds|
|---|---|---|
||
**2021**
**£**|2020
£|
|**Income from:**
Donations
1
Bank interest
Other income
. Surplus on disposal of motor vehicles
**Total income**
**Expenditure on:**
Charitable activities
. Co-ordination and direction of, and the provision of
advice to, the Regions and Province of the Congregation
2
. Donations
4
**Total expenditure**
**Net expenditure and net movement in funds**
5
Balances brought forward at 1 January 2021
**Balances carried forward at 31 December 2021**|
**227,601**
**483**
**3,059**|254,789
2,507
—|
||**231,143**|257,296|
||
**182,549**
**88,139**|212,384
75,810|
||**270,688**|288,194|
||
**(39,545)**
**915,542**|(30,898)
946,440|
||**875,997**|915,542|
All recognised gains and losses are included in the statement of financial activities.
There is no difference between the net movement in funds stated above and the historical cost equivalent.
All activities of the charity derived from continuing operations during the above two financial years.
Little Company of Mary Congregation CIO **32**
## **Balance sheet** 31 December 2021
|Notes|**2021**
**£**|**2021**
**£**|2020
£|2020
£|
|---|---|---|---|---|
|**Fixed assets**
Tangible assets
8
**Current assets**
Debtors
9
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due
within one year
10
**Net current assets**
**Total net assets**
**Represented by:**
**The funds of the charity**
Unrestricted income funds
. General fund
. Tangible fixed assets fund
12|
**6,440**
**712,061**|**176,538**
**699,459**|8,703
724,176|198,633
716,909|
||**718,501**
**(19,042)**||732,879
(15,970)||
||||||
|||**875,997**||915,542|
|||**699,459**
**176,538**||716,909
198,633|
|||**875,997**||915,542|
Approved by the trustees and signed on their behalf by:
Patricia Mary Bell
Trustee
Approved by the trustees on: 6/7/22
Little Company of Mary Congregation CIO **33**
## **Statement of cash flows** Year to 31 December 2021
|**A**
**B**|Notes|
**2021**
**£**|2020
£|
|---|---|---|---|
||**Cash flows from operating activities**
Net cash used in operating activities
A
**Cash flows from investing activities**
Purchase of tangible fixed assets
Proceeds from sale of tangible fixed asset
Interest receivable
Net cash provided by investing activities
B
**Change in cash and cash equivalents in the period**
**Cash and cash equivalents at 1 January 2021**
B
**Cash and cash equivalents at 31 December 2021**
B|
**(22,848) **|(6,005)|
|||
**—**
**10,250**
**483**|(1,567)
—
2,507|
|||
**10,733**|940|
|||
**(12,115)**
**724,176**
|(5,065)
729,241|
|||
**712,061**|724,176|
||**Net expenditure and net movement in funds (as per the statement**
**of financial activities)**
**Adjustments:**
Depreciation charge
Interest receivable
Surplus on the disposal of tangible fixed assets
Decrease in debtors
Increase in creditors
**Net cash used in operating activities**|**(39,545)**
**14,906**
**(483)**
**(3,061)**
**2,263**
**3,072**|(30,898)
19,621
(2,507)
—
5,677
2,102|
|||**(22,848)**|(6,005)|
||**Analysis of cash and cash equivalents**|**2021**
**£**|2020
£
724,176|
||Cashat bankandin hand|**712,061**||
No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).
Little Company of Mary Congregation CIO **34**
**Principal accounting policies** Year to 31 December 2021
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## **Basis of preparation**
The accounts have been prepared for the year to 31 December 2021 with comparative figures given for the year to 31 December 2020.
The accounts 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 (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts 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 charity constitutes a public benefit entity as defined by Financial Reporting Standard 102 (FRS 102).
The accounts are presented in sterling and are rounded to the nearest pound.
## **Critical accounting estimates and areas of judgement**
The most significant areas of adjustment and key assumptions that affect items in these accounts are the estimation of the useful life of tangible fixed assets for the purpose of determining the depreciation charge and estimating future income and expenditure flows for the purpose of assessing going concern.
## **Assessment of going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
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.
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.
## **Income recognition**
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 donations and interest receivable.
Little Company of Mary Congregation CIO **35**
**Principal accounting policies** Year to 31 December 2021
## **Income recognition** (continued)
Donations, including assessments and additional contributions receivable from individual Regions and Province, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
The surplus on the disposal of tangible fixed assets is calculated as the difference between disposal proceeds and the net book value of the asset immediately prior to disposal.
## **Expenditure recognition and the basis of apportioning costs**
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. Expenditure comprises direct costs and support costs. All expenses, including governance costs, are allocated or apportioned to the applicable expenditure headings. 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. Such costs include costs specifically relating to the co-ordination and direction of advice to Regions and Province of the Congregation, donations payable and governance costs.
- The making of grants and donations is not a central part of the charity’s activities. Donations are made only in cases where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.
All expenditure is stated inclusive of irrecoverable VAT.
## **Governance costs**
Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
Little Company of Mary Congregation CIO **36**
**Principal accounting policies** Year to 31 December 2021
## **Tangible fixed assets**
All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised and valued at historical cost.
- a. Freehold land and buildings
Freehold land and buildings comprising functional properties used for the direct charitable work of the charity are included in these accounts at their historic cost at their date of acquisition together with the cost of additions and improvements to date.
Functional freehold properties are depreciated at a rate of 2% per annum on a straightline basis in order to write the buildings off over their estimated useful economic life to the charity.
- b. Other tangible fixed assets Other tangible fixed assets are capitalised at cost and depreciated at the following annual rates in order to write them off over their estimated useful lives:
- Furniture, fittings, and equipment 20% per annum based on cost Motor vehicles 25% per annum based on cost
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **Short term deposits and cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits i.e. current asset investments. 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## **Leased assets**
Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.
Little Company of Mary Congregation CIO **37**
**Principal accounting policies** Year to 31 December 2021
## **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.
The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.
## **Services provided by members of the Congregation**
For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation.
## **Pension contributions**
Contributions in respect to the charity’s defined contribution ‘stakeholder’ pension scheme are charged to the statement of financial activities when they are payable to the scheme. The charity’s contributions are restricted to the contributions disclosed in note 6. There were no outstanding contributions at the year end.
Little Company of Mary Congregation CIO **38**
**Notes to the accounts** Year to 31 December 2021
## **1 Income from: Donations**
|**Income from: Donations**|||
|---|---|---|
||**2021**
**£**|2020
£|
|Contributions from individual Regions and Province of the
Congregation|**227,601**|254,789|
- **2 Expenditure on: Co-ordination and direction of, and provision of advice to, individual Regions and Province of the Congregation**
|**3**||**2021**
**£**|2020
£|
|---|---|---|---|
||Premises costs
Sisters’ living expenses
Other direct costs
Governance costs (note 3)|**28,455**
**35,222**
**109,852**
**9,020**|41,863
46,130
115,369
9,022|
|||**182,549**|212,384|
||**Governance costs**|**2021**
**£**|2020
£|
||Auditor’s remuneration|**9,020**|9,022|
## **4 Expenditure on: Donations**
The charity makes donations to both individuals and institutions in accordance with its donations policy set out in the trustees’ report.
Donations and grants payable to institutions during the period were as follows:
||**2021**
**£**
**88,139**|2020
£
75,810|
|---|---|---|
|Donationspayable|||
Little Company of Mary Congregation CIO **39**
**Notes to the accounts** Year to 31 December 2021
## **4 Expenditure on: Donations** (continued)
Donations payable to institutions during the period comprised the following:
||**2021**
**£**|2020
£|
|---|---|---|
|American Red Cross
Aid to the Church in Need
Australian Province of the Society of Jesus
Bushfire Disaster Relief Appeal Victoria, Australia
Bushfire Disaster Relief Appeal Tasmania, Australia
CAFOD
Caritas Manila, Australia (Covid-19 - India)
Caritas Mania, Australia (Haiti Appeal)
Caritas Manila, Philippines
Hagar International (Support for Afghanistan)
International Union Superiors General (UISG) (Covid)
International Union Superiors General (UISG) (Migrants Sicily)
International Union Superiors General (UISG) (CovSolidarity)
Little Sisters of the Poor
Missionvale Care Centre Trust
NSW Rural Fire Service Bushfire Appeal
Olallo House
Our Lady of La Salette
St Anne’s Hospital, Harare
Solidarity Project
Solidarity South Sudan
South Australian Government State Emergency Bushfire Relief Fund
Spires
St Anne’s Church
St Anselm’s Church
St Barnabas Cathedral
St Vincent de Paul Society
The Medaille Trust
The Passage
The Salvation Army
Payments of less than £1,000 each|**—**
**1,000**
**2,782**
**—**
**—**
**1,000**
**10,015**
**5,023**
**—**
**5,024**
**—**
**—**
**10,015**
**1,000**
**3,015**
**—**
**1,000**
**1,000**
**20,265**
**10,000**
**5,000**
**—**
**1,000**
**1,000**
**1,000**
**1,000**
**2,000**
**1,000**
**2,000**
**2,000**
**1,000**|10,015
11,000
—
2,500
2,500
1,000
—
—
1,015
—
10,015
5,000
—
1,000
3,765
2,500
—
1,000
—
—
11,000
2,500
1,000
1,000
2,000
1,000
2,000
1,000
1,000
1,000
1,000|
||**88,139**|75,810|
During the year to 31 December 2021, no grants were paid to individuals (2020 - none).
## **5 Net expenditure and net movement in funds**
This is stated after charging:
|Staff costs (note 6)
Auditor’s remuneration (including VAT)
. Statutory audit fees
.. Current year
.. Prior year
Depreciation
Operatinglease rentals(note 11)|**2021**
**£**
**36,970**
**7,980**
**1,040**
**14,906**
**2,005**|2020
£|
|---|---|---|
|||41,406
7,600
1,422
19,621
1,794|
Little Company of Mary Congregation CIO **40**
**Notes to the accounts** Year to 31 December 2021
- **6 Staff costs and remuneration of key management personnel**
|**Staff costs and remuneration of key management personnel**|||
|---|---|---|
||**2021**
**£**
**32,148**
**4,822**
**36,970**|2020
£
36,584
4,822
41,406|
|Gross salaries
Pension costs|||
There was one employee during the year (2020 - one employee) who was involved in the co-ordination and direction of, and provision of advice to, individual Regions and Province of the Congregation.
The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running, and operating the charity on a day-to-day basis. All of the trustees are members of the Little Company of Mary i.e. the Congregation and whilst certain of their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees (2020 - none).
## **7 Taxation**
The Little Company of Mary Congregation CIO 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.
## **8 Tangible fixed assets**
|**Tangible fixed assets**|||||
|---|---|---|---|---|
||Freehold
land
and
buildings
£|Furniture,
fittings
and
equipment
£|Motor
vehicles
£|**Total**
**£**|
|**Cost**
At 1 January 2021
Disposals
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
Disposals
At 31 December 2021
**Net book values**
At 31 December 2021
At 31 December 2020|494,214
—|32,673
—|19,174
(19,174)|**546,061**
**(19,174)**|
||494,214|32,673|—|**526,887**|
||316,293
9,884
—|19,150
5,022
—|11,985
—
(11,985)|**347,428**
**14,906**
**(11,985)**|
||326,177|24,172|—|**350,349**|
||**168,037**|**8,501**|**—**|**176,538**|
||177,921|13,523|7,189|198,633|
It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values with the market value being considerably higher than the net book value at 31 December 2021.
At 31 December 2021, the charity had no capital commitments (2020 - none).
Little Company of Mary Congregation CIO **41**
## **Notes to the accounts** Year to 31 December 2021
## **9 Debtors**
||**2021**
**£**|2020
£|
|---|---|---|
|Prepayments
Sundry debtors|**6,440**
**—**|5,763
2,940|
||**6,440**|8,703|
|**Creditors: amounts falling due within one year**|**2021**
**£**|2020
£|
|Accruals and deferred income|**19,042**|15,970|
## **10 Creditors: amounts falling due within one year**
## **11 Financial commitments**
At 31 December 2021, the charity had total commitments under non-cancellable operating leases in respect to equipment as follows:
||**2021**
**£**|2020
£|
|---|---|---|
|Payable:
. Within one year
. Within one to five years|**2,005**
**7,776**|1,794
—|
||**9,781**|1,794|
## **12 Tangible fixed assets fund**
|**Tangible fixed assets fund**||
|---|---|
||**2021**
**£**|
|At 1 January 2021
Net movements in year
At 31 December 2021|**198,633**
**(22,095)**|
||**176,538**|
||2020
£|
|At 1 January 2020
Net movements in year
At 31 December 2020|216,687
(18,054)|
||198,633|
The tangible fixed assets fund represents the net book value of the charity’s freehold properties and other tangible fixed assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be available in order to meet future contingencies.
## **13 Related party transactions**
There were no related party transactions during the period (2020 – none) and no donations were received from the trustees (2020 - none).
Little Company of Mary Congregation CIO **42**
**Notes to the accounts** Year to 31 December 2021
## **14 Membership of the CIO and ultimate control**
The Congregational Leader for the time being shall automatically, by virtue of holding that office, be ex-officio the sole member of the CIO. If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. The Congregational Leader for the time being shall automatically, exofficio be a trustee for as long as she holds that office. All other trustees are appointed by a resolution in writing by the Congregational Leader.
The Congregation does not hold any assets, incur liabilities, or enter into any transactions in its own right. Assets and liabilities of the Congregation are administered in the trustees of the charity, who undertake all transactions entered into in the course of the Congregation’s charitable activities.
Little Company of Mary Congregation CIO **43**