## **Daughters of Mary and Joseph Congregation Fund CIO** ## **Annual Report and Accounts** 31 December 2024 Charity Registration Number 1163470 ## **Contents** ## **Reports** |**Reports**|| |---|---| |Reference and administrative details of|| |the charity, its trustees and advisers|1| |Trustees’ report|3| |Independent auditor’s report|20| |**Accounts**|| |Statement of financial activities|25| |Balance sheet|26| |Statement of cash flows|27| |Principal accounting policies|28| |Notes to the accounts|32| Daughters of Mary and Joseph Congregation Fund CIO ## **Reference and administrative details of the charity, its trustees and advisers** |**Trustees**|Sister Helen Lane (Chair until 30 September 2024)| |---|---| ||Mr Ronald Huggett| ||Mr Phillip Jukes| ||Sister Annette Lawrence| ||Sister Marie Claire Nakayiza (Chair from 30 September| ||2024)| ||Sister Paula Spark| ||Sister Anastazia Asiimwe (appointed 30 September 2024)| ||Sister Pascazia Kinkuhaire (appointed 30 September 2024)| ||Sister Helen Patricia Pearson (appointed 30 September| ||2024)| |**Superior General**|Sister Helen Lane (Until 30 September 2024)| ||Sister Marie Claire Nakayiza (From 30 September 2024)| |**General Bursar**|Sister Louise Kwizera (Until 1 December 2024)| ||Sister Olivia Darkoa Bucknor (From 1 December 2024)| |**Administrative address**|The Regional House| ||Daughters of Mary and Joseph| ||Layhams Road| ||West Wickham| ||BR4 9QJ| |**Telephone**|07790 382386| |**Website**|www.daughtersofmaryandjoseph.org| |**Facebook**|Daughters of Mary and Joseph| |**Charity registration**|1163470| |**number**|| |**Auditor**|Buzzacott Audit LLP| ||130 Wood Street| ||London| ||EC2V 6DL| |**Principal bankers**|The Royal Bank of Scotland plc| ||PO Box 412| ||62/63 Threadneedle Street| ||London| ||EC2R 8LA| Daughters of Mary and Joseph Congregation Fund CIO **1** ## **Reference and administrative details of the charity, its trustees and advisers** **Solicitors** Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR **Investment managers** CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Epworth Investment Management Limited Methodist Church House 25 Tavistock Place London WC1H 9SF Daughters of Mary and Joseph Congregation Fund CIO **2** **Trustees’ report** 31 December 2024 The trustees present their annual report together with the accounts of the Daughters of Mary and Joseph Congregation Fund CIO (the charity) for the year ended 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 28 to 31 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** The Daughters of Mary and Joseph (“the Congregation”) (“DMJ”) is a Roman Catholic Religious Congregation founded in Aalst, Belgium in 1817 by Canon Constant William van Crombrugghe. There are currently 168 sisters organised in five Regions (Africa, Belgium, California, England and Ireland). The Congregational Leadership Team (CLT) is the Central Government of the Congregation elected by the sisters. While originally founded for the education of the poor and of middle-class girls, the Congregation has adapted over time and now expresses the Charism of being “instruments of mercy” in many and diverse ministries. The Daughters of Mary and Joseph Congregation Fund CIO administers the international common fund of the Congregation as well as funds held and raised specifically for the support of the sisters and their ministries in Africa. It is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission with Charity Registration Number 1163470 and governed by its constitution dated 8 September 2015. ## **Charitable objects** The object of the charity, as set out in its constitution, is the advancement of the Roman Catholic religion through the religious and other charitable work of the Congregation as the trustees with the approval of the Superior General shall from time to time think fit. The principal aims and activities of the charity cover the following: - ♦ the support of the CLT in the leadership of the Congregation; - ♦ the support of the international Congregation through international meetings and activities; - ♦ the support of the sisters in Africa and their ministries; and - ♦ the support, through grants, of the formation, projects and retirement needs of the Regions where they are not able to be funded by the Regions themselves. When setting the aims of the charity, the trustees have complied with their duty under section 17 of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit. The trustees believe they have demonstrated in detail throughout this report the ways in which the charity has been faithful to this guidance. Daughters of Mary and Joseph Congregation Fund CIO **3** **Trustees’ report** 31 December 2024 ## **Activities and achievements** ## _**CLT visits and ministry**_ The Congregational Leadership Team (CLT) was made up of three team members who lived in Ireland, England and Belgium until 30 September 2024 when a new team of five members took over. The new team members live in Belgium, England, California and Uganda and they are very much part of the lives of these Regions. ## _General Chapter_ The General Chapter took place in Ballyvaloo, Ireland from 9 to 25 June 2024 with the theme: _Valuing the past, inviting the future... “I am going to do a new thing, now it springs forth”. Is 43:19_ During this chapter, Sr. Marie Claire Nakayiza was elected Congregational Leader alongside Srs. Paula Spark, Anastazia Asiimwe, Pascazia Kinkuhaire and Patricia Pearson as team members. According to the Chapter document, it was marked by a spirit of deep listening, mutual respect and openness to what is new. The delegates explored the different aspects of our life as Daughters of Mary and Joseph and made the following recommendations: _Centre Piece of the meeting room_ 1. The CLT initiate a process of communal discernment in relation to: - ♦ our future presence in the older regions, with awareness of our roots in Belgium; - ♦ our presence across five countries in Africa and operating systems in Africa which would facilitate cohesion and unity; and - ♦ the implications of missioning Sisters from Africa to other Regions. 2. In the light of emerging social needs, we are urged to evaluate our present ministries and undertake new ones as appropriate 3. We put in place processes which will support us to deepen our knowledge of the origin, history, spirituality and tradition of our Congregation. 4. We explore the richness of our different cultural values and endeavour to grow in understanding and respect. 5. We commit ourselves to live with an ecological consciousness, using our resources sustainably, aware of the cry of the earth and the cry of the poor. Daughters of Mary and Joseph Congregation Fund CIO **4** **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) ## _**CLT visits and ministry** (continued)_ ## _General Chapter (continued)_ 6. We ensure that our formation programme at all levels has an adequate number of welltrained and well-resourced formators. We identify specific ways in which all of us can contribute to the work of forma on. 7. We enter the process of synodality and endeavour to grow in a spirit of deep listening and inclusivity. 8. Where possible, we plan congregational gatherings, pilgrimages, regional and international in person and Zoom meetings. 9. We update ourselves as far as possible on emerging forms of communication technology and their implications. _Chapter delegates with Facilitators_ ## _**CLT Handover**_ From 27 September to 13 October[,] CLT members were in England for meetings and handover. The meetings began on the 27 September with a sharing from the outgoing CLT. They shared with the new team their experience of the past five years as the congregation leadership. On the 30[th] they had a handover ritual and some of our sisters in the English Region joined them and blessed the new team in the name of the whole congregation. Daughters of Mary and Joseph Congregation Fund CIO **5** **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) **----- Start of picture text -----**
CLT Handover (continued)
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_CLT Handover_ Following the handover the new team took some time exploring how they would function as a team. This led them to look at the CLT links to different regions in line with the Governance Structure stipulated in the General Chapter Document 2024. Conscious that each Region’s needs are different and the support they require varies the following was agreed upon. - ♦ Africa – Marie Claire Nakayiza - ♦ Belgium – Patricia Pearson - ♦ California – Pascazia Kinkuhaire - ♦ England – Paula Spark - ♦ Ireland – Paula Spark - ♦ Formation Team – Anastazia Asiimwe - ♦ Projects – Patricia Pearson ## _**Life and ministry in Africa**_ Much of the funding held by the CIO is used to support the life and ministry of the sisters in Africa. This includes providing for the living costs of the sisters where they are doing voluntary work or earn only small salaries. It also means preparing sisters for future ministry through formation and education. There are currently 82 sisters spread across Burundi, Cameroon, Uganda, Ghana, and Kenya. The year began with the perpetual profession of Sr. Juliette Zabibu M’pute on 11 February 2024 in Bukavu, Democratic Republic of Congo where she comes from. Some Sisters from Uganda and Burundi travelled to Bukavu for this celebration. They were well received by the Archbishop of Bukavu and the Family of Sister Juliette. Sister Juliette is the first DMJ from Congo to make perpetual vows. Daughters of Mary and Joseph Congregation Fund CIO **6** **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) **----- Start of picture text -----**
Life and ministry in Africa (continued)
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_Sister Juliette and other DMJs at the Profession in Congo_ ## _**Burundi**_ A New community (Holy Family Community) in Ngozi was in March 2024 officially opened and blessed together with the Primary school. The Sisters who work in the primary school reside in the community. Both the Nursery and Primary schools are growing rapidly. The nursery school has enrolment of 381 pupils and 11 teachers while the Primary School has 400 pupils and 17 staff including 5 DMJs. Daughters of Mary and Joseph Congregation Fund CIO **7** ## **Trustees’ report** 31 December 2024 **Activities and achievements** (continued) ## _**Burundi** (continued)_ _École Fondamentale Colette de Bandt_ ## _**Uganda**_ ## _Bisheshe Project_ The DMJ farm in Bisheshe is a multi-faceted project serving many different needs. It incorporates a dairy farm, a banana plantation and vegetable gardens. Its vision extends beyond progressive farming to supporting and empowering the local population. _Cows Grazing Banana Plantation_ The sisters offer counselling and guidance services to our co-workers, Functional Adult Literacy group, school dropouts, couples, children and young adults. Sister Theresa Bateta is spearheading this ministry after qualifying from St Francis counselling Institute as a professional counsellor. Daughters of Mary and Joseph Congregation Fund CIO **8** **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) ## _**Uganda** (continued)_ **----- Start of picture text -----**
Bisheshe Project
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The adult Literacy programme also continues to provide hands on skills to women and men in the area who did not receive formal education. Over the years, this programme has changed the livelihoods of many especially women and empowered them to take responsibilities in the local church and in their villages. Many of them feel proud of themselves about the skills they have achieved being part of the group. _The group showcasing some of their craft_ ## _**St Francis Family Helper Project**_ St Francis Counsellor Training Institute continues to build a legacy of fostering exceptional mental health professionals, equipping counsellors with the skills needed to make a lasting impact on communities, training psychosocial facilitators to use participatory methods in their work with communities. This year 2024, the project has celebrated several significant events that demonstrate commitment to excellence in counselling, trauma recovery, and mental health awareness. These events include the graduation at Uganda Martyrs University, advanced development resource training by international experts from the Netherlands, staff mental health awareness initiatives, and the annual children's camp—a transformative experience for young minds. _Children at the annual Camp_ ## _**Maryhill High School**_ With the DMJs being the founders of Maryhill High School, it has since been long associated with us. Several sisters are past pupils and/or teachers. The school has a population of about 1,500 students from different parts of Uganda and neighbouring countries. There are 4 DMJ involved in the running of the school: Sister Sarah Tumuhimbise the Headmistress, Sister Catherine Nyamata, Teacher of English literature, Sister Diana Kyaringabira Teacher of Maths and Computer studies and the School Counsellor Sister Rosette Kyogabirwe. Daughters of Mary and Joseph Congregation Fund CIO **9** **Trustees’ report** 31 December 2024 **Activities and achievements** (continued) _**Maryhill High School** (continued)_ _The Sisters and some Students at the school_ ## _**Coloma Primary School**_ Coloma Primary School in Uganda continues to grow as the years go by. In 2024 the number of children increased to 440 for the first time. This included a double stream in the top class of 77 children. This was the first time for a double stream in P7. While being happy to have an extra class it created its own logistical challenges of needing double of everything and teachers were kept on their toes. In January, the PLE results of the previous year’s exams were received. They were very good and Coloma was happy to be second best school in Mbarara city, there are 110 primary schools in the city. Coloma aims at offering holistic education to the children, a lot of different activities are done alongside academic work. Daughters of Mary and Joseph Congregation Fund CIO **10** ## **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) **----- Start of picture text -----**
Coloma Primary School (continued)
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Extracurricular activities play a significant role in the school for enjoyment, for exercise and for competition. This year the children participated in maths, sports, music, drama and dance competitions. They performed very well - one girl has reached the East African finals in Maths to be held in Nairobi while another reached the National finals in Netball. Added to these activities two new indoor activities were availed of this year – Scrabble and Debating. These were well appreciated and considered good learning activities for the children. _Children at Break_ As part of passing on the Catholic faith, some children received the sacrament of Holy Eucharist and Confirmation. The Archbishop of Mbarara was at the school for this celebration. _The Archbishop and some Priests with the Children_ Daughters of Mary and Joseph Congregation Fund CIO **11** **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) **----- Start of picture text -----**
Coloma Primary School (continued)
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In response to the needs of our planet earth and the commitment of our Congregation to caring for the environment, a big effort has been made in relation to the disposal of plastic bags and plastic containers. The school has set up a collection system whereby all plastics are gathered together and later sent to a recycling depot in Mbarara town. Also, the primary 6 class undertook the construction of a rainwater harvesting tank using empty plastic soda bottles. These were cemented together forming the walls of the water tank. Presently it is in use for collecting rain water. _Water Tank built with Empty bottles_ ## _**Mémé, North Cameroon**_ Here, the sisters work in the parish and run a course for young women during the postharvest season when they are relieved of farm work at home. The course is for three months each year. In 2024, 53 young women attended the course which aims to help them develop literacy skills, crafts and general life skills with a focus on income generation and independence. These courses keep the young women out of early marriages. Apart from the girl’s apostolate, the sisters are involved in a small way with people living with HIV/AIDs. At the moment, there are four sisters in Cameroon. The sisters are part of the apostolic team of the Parish and each assumes responsibility for different aspects of the Parish life. _Sewing Class with Sr. Jeanette_ As part of their ministry, Sister Jeanette works in the local clinic as a nurse while Sister Anne Marie teaches at the Secondary School in Mémé. Daughters of Mary and Joseph Congregation Fund CIO **12** ## **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) **----- Start of picture text -----**
Mémé, North Cameroon (continued)
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_Some of the craft made by the girls/women_ ## _**Formation**_ ## _Postulancy, Ibanda- Uganda_ The young women that join the Congregation begin their formation journey in the Postulancy. _The Postulants after performing a dance_ In 2024, nine young women were received in Sylvia House, Ibanda. Five from Burundi, two from Uganda, one from Ghana and one from Cameroon. It was a good mix of different cultures. While in Ibanda, they attend courses at the Catechetical Training Centre nearby and receive inputs from different sisters. They also engage in other activities such as home visitation, gardening, cooking and needle work. Sisters Eleonore and Immaculate are in charge of this formation house. Daughters of Mary and Joseph Congregation Fund CIO **13** **Trustees’ report** 31 December 2024 ## **Activities and achievements** (continued) ## _**Nairobi, Kenya**_ _The Novices in Nairobi_ The DMJ international novitiate in Nairobi is where the young sisters receive their basic formation and make their first vows. We had no First Profession in 2024. Ten young sisters completed their spiritual year in September. Nine were sent to different communities for pastoral work and the tenth left the congregation. Five novices are currently in Nairobi for their spiritual year with their formators: Sisters Beatrice, Jacqueline and Pascalia who is also a nurse at a hospital in Nairobi. ## **Grant making policy** The trustees apply the funds of the charity at their discretion and in accordance with the charitable purposes and objectives of the charity. The amount of work or number of projects that can be supported by the trustees is necessarily limited to the amount of funds that are available for distribution each year. The trustees have determined that the current priorities for funding are: - ♦ The advancement of the Catholic faith and the support of the ministries of the Daughters of Mary and Joseph across the world; and - ♦ Formation, capacity building and support of initiatives which will lead to self-reliance in the Africa Region. The priorities for support will be reviewed by the trustees annually and may be changed depending upon circumstances and the perceived effectiveness of the application of funds. Any change to these priorities must still fulfil the charitable purpose and objectives of the charity. Daughters of Mary and Joseph Congregation Fund CIO **14** **Trustees’ report** 31 December 2024 ## **Grant making policy** (continued) In awarding grants, the trustees apply the following principles: - ♦ The trustees will consider any requests or known situations that are eligible for consideration: - from any Region of the DMJ; and - from any individual DMJ or DMJ Project approved by their local Region leader. - ♦ The trustees carry out sufficient due diligence to ensure that the request or situation meets both the charitable purposes, and the priorities for support set out in this policy. ## **Future plans** In the future, the charity aims to achieve its objects by providing funds to support the Congregation’s projects in Africa; assisting with the funding of the sisters’ living and personal expenses, formation, and ministry in Africa; and providing finance for Congregational meetings, Chapters, and other expenses at a Congregational level. The Vision Statement of the General Chapter of 2024 said: We live in a world characterised by wars, climate change, natural disasters, political and social instability with millions of people on the move. The cry of the earth and the cry of the excluded and the poor impels us anew to ‘fan into flame’ our charism of mercy. Seen within this global scenario, our mission to be ‘instruments of mercy in the hands of God’ calls for a fresh vitality. Our Strategic Plan still stands as a way for us to move forward. It is based on the 5 pillars: - ♦ Provision of Care and Quality of Life - ♦ DMJ Mission and Ministry - ♦ Formation - ♦ Legacy - ♦ Creative response to our current reality This strategic plan along with the Chapter vision and mandate will be our guide over the coming 5 years. Daughters of Mary and Joseph Congregation Fund CIO **15** **Trustees’ report** 31 December 2024 ## **Fundraising policy** The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells 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 to and 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. ## **Financial review** ## _**Results for the period**_ A summary of the period’s results can be found on page 25 of the accounts. Total income for the year amounted to £434,179 (2023 – £356,631). Included within this total are donations totalling £242,783 (2023 – £175,190) and investment income totalling £191,396 (2023 – £181,441). Expenditure in the year totalled £530,359 (2023 – £467,946). Expenditure includes costs in respect to the support of the Congregational Leadership Team and international meetings/administration of £85,788 (2023 – £64,512) and charitable grants, donations and support of missionary work and ministry of £444,571 (2023 – £403,434). Details of charitable grants, donations and support of missionary work and ministry are included in note 4 to the accounts. Net expenditure for the year before investment gains, therefore, was £96,180 (2023 – £111,315). Investment gains amounted to £244,868 (2023 – £494,128). Hence, there was a net increase in funds for the year of £148,688 (2023 –£382,813). ## _**Investment policy**_ The charity had two investment managers during the year. The investment managers work within specific guidelines that are set out and regularly reviewed by the trustees. The investment objectives are to maximise total return through a diversified portfolio and within levels of risk acceptable to the trustees whilst providing a regular level of income advised by the trustees from time to time. The investment managers provide regular reports to the General Treasurer at least bi-annually. These reports confirm also that the ethical requirements stipulated by the trustees have been complied with. The ethical policy may be summarised as a requirement that funds shall only be invested in companies whose products, services and corporate practices are considered to promote the sanctity and dignity of human life and are not contrary to the Church’s teaching. Daughters of Mary and Joseph Congregation Fund CIO **16** **Trustees’ report** 31 December 2024 ## **Financial review** (continued) ## _**Investment policy** (continued)_ The performance of the portfolio reflected the condition of the markets generally throughout the period. The net investment gains for the year to 31 December 2024 totalled £244,868 (2023 – £494,128). The trustees remain satisfied that the portfolio is being managed appropriately relative to the investment objectives and they will continue to monitor movements within the portfolio, to ensure their overall policy is being achieved. ## _**Reserves policy**_ The trustees are content for the charity to hold several years of anticipated unrestricted fund expenditure as free reserves. The trustees consider this level of free reserves to be acceptable given the charity’s responsibilities, where in the event of an urgent need in any region, immediate financial assistance may need to be provided. The trustees will review this policy as time passes as and when the level and pattern of expenditure alters. ## _**Financial position**_ The balance sheet shows total funds of £6,512,374 at 31 December 2024 (2023 – £6,363,686). Amounts totalling £6,168,685 (2023 – £6,029,594) are restricted for the purposes explained in note 12 to the accounts. Funds which are available to support any of the work of the charity in the future (i.e. free reserves) are those shown on the balance sheet as unrestricted funds. These amounted to £343,689 (2023 – £334,092) at 31 December 2023 and represent more than two year’s expenditure on unrestricted funds. This level of reserves is deemed appropriate, and the trustees are content that the charity is a going concern. ## **Governance, structure and management** ## _**Governing document**_ Daughters of Mary and Joseph Congregation Fund CIO is an incorporated charitable organisation governed by a constitution dated 8 September 2015. It is a registered charity, Charity Registration Number: 1163470. ## _**Member of the CIO**_ The Superior General is automatically, by virtue of holding that office, ex officio the sole member of the CIO. ## _**Trustees**_ The charity has eight trustees – the Superior General, the former General Treasurer, four Congregational Councillors and two lay trustees. The Superior General and Congregational Councillors shall automatically, ex officio, be trustees for as long as they hold their respective offices. The Superior General may appoint additional trustees by a written resolution with such trustees being appointed for such period of office as the Superior General shall determine. The Regional Superior of the Africa Region may nominate to the Superior General either one individual to be appointed as a trustee or one of the existing trustees to represent the interests of the Africa Region. Daughters of Mary and Joseph Congregation Fund CIO **17** **Trustees’ report** 31 December 2024 ## **Governance, structure and management** (continued) ## _**Trustees** (continued)_ 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 report and accounts. ## _**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; - ♦ 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, they meet formally as often as necessary 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 investment managers, 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. Daughters of Mary and Joseph Congregation Fund CIO **18** Trnst••s' report 31 Dec￿ 2024 Gmrnanc•, structure and managemont Icy)ntinuedl Key maii•gwii• The trustees cLwiderlhat they ah)ne{￿prI5e th8 key management ofthe charity in charge of directing and controlling. running. and operating the o*arity on a day-tt>day basis. Th8y receive M remuneration or mim￿r5e￿￿t of 8XFonse5 in cC￿nection with their duties as I￿ste88. Rlsk m•n•gement The tnjstees believe the 8ignificprt rths faciry the th8rity to b8: Fr￿ time to time. the charity donatss $KJnificanl sums overseas In support ofthe widar Congregatlon and other organisations. The vast maj¢xlty of the donauons s6nt ¢y4erneas ar6 to lund rKoiocts administerod directy by members of the Congrogation. The trustees aPways enoure that Ihey ara fully briafed about and ara famlllar with th8 work of a potential r￿1plent of funds that they carry tyjt approprfal8 due dlligenc8 before d8ciding to transfer monies. that pr￿1 of r8ceipl 15 obtained and, wherever possible, a full written report on Ihg use of the funds is reraved. The chartty'8 prlrKlpal •88et ¢orry1868 Ibt•J Inve8knents. the v8lu• of which 18 dependent w ￿Vern￿nts in Ihe UK world stock markets. The Investments are managed by reputs￿e investrnent mar￿er8 adhere lo a Folicy agreed by th$ uslees. The tw$1￿ meat wllh the Investment managers and the manag8rs' perfomiance arKI thal of the portloli08 arn monrtor•J. Tho trustees aim to 8S$6S8 th6 investment 5tr8te9y regularty to ensure it rem8in8 approwlate to the chadty's ne8d8- l)Olh ncAv and tn the future. Govemanc8 risk - there b a ftsk that the trustees. being part of Congregatronal Leadership toam, may have Umllad kn* of English chartty law and r8gul8tionB. This Is mrtlgatgd by the appointment of I¥￿ experfencecl lay truslaes and the UBO of advi80rs. The tru5tsos also attend training c￿1n9 or in person where possible. The trustees undertook 8 formal rewew of rtsks in May 2024 and updated the rfsk regi$t8r accordith. Thls conllnues to be reviewed annually. Slgnad on behalf of th8 trustees.. Trustee - Sister Marie Claire Nakayiza proved by Ihe trustees cfft: 19 06 2025 DaL¥Jhters of Mary and Joseph c0ngreg8t1c￿ Funtl CIO 19 **Independent auditor’s report** 31 December 2024 ## **Independent auditor’s report to the trustees of Daughters of Mary and Joseph Congregation Fund CIO** ## **Opinion** We have audited the accounts of Daughters of Mary and Joseph Congregation Fund CIO (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statements of cash flows, 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 2024 and of its incoming resources and application of resources 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. Daughters of Mary and Joseph Congregation Fund CIO **20** **Independent auditor’s report** 31 December 2024 ## **Other information** The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the accounts themselves. 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** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 18, 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. Daughters of Mary and Joseph Congregation Fund CIO **21** **Independent auditor’s report** 31 December 2024 ## **Auditor’s responsibilities for the audit of the accounts** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 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); 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 financial statements 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 Daughters of Mary and Joseph Congregation Fund CIO **22** ## **Independent auditor’s report** 31 December 2024 _**How the audit was considered capable of detecting irregularities including fraud** (continued)_ - ♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - ♦ Performed analytical procedures to identify any unusual or unexpected relationships; - ♦ Tested and reviewed journal entries to identify unusual transactions; - ♦ Carried out substantive testing of expenditure including the authorisation thereof; - ♦ 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. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Daughters of Mary and Joseph Congregation Fund CIO **23** **Independent auditor’s report** 31 December 2024 ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Audit LLP Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date : 30 June 2025 Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Daughters of Mary and Joseph Congregation Fund CIO **24** ## **Statement of financial activities** Year to 31 December 2024 |Notes|**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|


**Total**
**funds**
**2024**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
funds
2023
£| |---|---|---|---|---|---|---| |**Income from:**
Donations and legacies
1
Investments and interest receivable
2
**Total income**
**Expenditure on:**
Charitable activities
. Support of the Congregational
Leadership Team and international
meetings/administration
3
. Grants, donations and support of
missionary work and ministry
4
**Total expenditure**
**Net (expenditure) income for the year**
6
**Other recognised gains**
Net gains on investments
**Net income**
Transfers between funds
12
**Net movement in funds**
Balances brought forward at
1 January 2024
**Balances carried forward at**
**31 December 2024**|**15,480**
**87,138**|**227,303**
**104,258**|**242,783**
**191,396**|12,069
82,606|163,121
98,835|175,190
181,441| ||**102,618**|
**331,561**|
**434,179**|94,675|261,956|356,631| ||**85,788**
**—**|**—**

**444,571**|**85,788**

**444,571**|64,512
8,430|—
395,004|64,512
403,434| ||**85,788**|
**444,571**|
**530,359**|72,942|395,004|467,946| ||**16,830**
**11,411**|**(113,010)**
**233,457**|**(96,180)**
**244,868**|21,733
21,373|(133,048)
472,755|(111,315)
494,128| ||**28,241**
**(18,644)**|**120,447**
**18,644**|**148,688**

**—**|43,106
3,000|339,707
(3,000)|382,813
—| ||**9,597**
**334,092**|**139,091**
**6,029,594**|**148,688**
**6,363,686**|46,106
287,986|336,707
5,692,887|382,813
5,980,873| ||**343,689**|
**6,168,685**|
**6,512,374**|334,092|6,029,594|6,363,686| All of the charity’s activities are derived from continuing operations during the above two periods. All recognised gains and losses for both periods are included in the statement of financial activities. Daughters of Mary and Joseph Congregation Fund CIO **25** Sister Annette Lawrence 19/06/2025 Charity number: 1163470 ## **Statement of cash flows** Year to 31 December 2024 |Notes|
**2024**
**£**|
2023
£| |---|---|---| |**Cash flows from operating activities**
Net cash used in operating activities
A
**Cash flows from investing activities**
Investment income and interest received
Payments to acquire investments
Receipts from disposals of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the period**
Cash and cash equivalents at 31 December 2024
B
**Change in cash and cash equivalents due to exchange rate**
**movements**
**Cash and cash equivalents at 31 December 2024**
B|

**(269,270)**|(335,163)| ||**191,634**
**—**
**400,000**|182,031
(3,616,634)
3,701,634| ||**591,634**|267,031| ||**322,364**

**214,673**
**(3,615)**|(68,132)
283,398
(593)| ||
**533,422**|214,673| ## **Notes to the statement of cash flows for the year to 31 December 2024** ## **A Reconciliation of net movement in funds to net cash used in operating activities** ||**2024**
**£**|2023
£| |---|---|---| |**Net movement in funds (as per the statement of financial activities)**
**Adjustments:**
Gains on investments
Exchange rate movements
. On cash
Investment income and interest receivable
Increase in debtors
Increase (decrease) in creditors
**Net cash used in operating activities**|**148,688**
**(244,868)**
**3,615**
**(191,396)**
**10,612**
**4,079**|382,813
(494,128)
593
(181,441)
(10,612)
(32,388)| ||**(269,270)**|(335,163)| ## **B Analysis of cash and cash equivalents** |**Analysis of cash and cash equivalents**||| |---|---|---| ||**2024**|2023| ||**£**|£| |**Total cash and cash equivalents:**cash at bank and in hand|**533,422**|214,673| 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). Daughters of Mary and Joseph Congregation Fund CIO **27** **Principal accounting policies** Year to 31 December 2024 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** These accounts have been prepared for the year to 31 December 2024 with comparative information provided in respect to the year to 31 December 2023. 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), 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 FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. ## **Critical accounting estimates and areas of judgement** Preparation of the accounts requires the trustees to make significant judgements and estimates. The key judgement required in preparing these accounts has been the estimation of the income and expenditure flows of the charity and on its short to medium term financial stability in assessing going concern. There are no other items in the accounts where key judgements and estimates have been made. ## **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 one year from the date of approval of these accounts. With regard to the next accounting period, the year ending 31 December 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment market. 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. ## **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. Daughters of Mary and Joseph Congregation Fund CIO **28** **Principal accounting policies** Year to 31 December 2024 ## **Income recognition** (continued) The principal sources of income are donations, grants, legacies, investment income from listed investments and interest receivable. Donations and grants, including contributions receivable from the Regions and pensions received from individual members of the Congregation, receivable in cash or investments, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and/or grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant 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. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Income from listed investments is recognised once the dividend has been declared and notification has been received of dividend due. 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. Other income includes exchange gains on currency conversion. The accounting policy for foreign currencies is set out below. ## **Expenditure recognition** 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. The classification between activities is as follows: - ♦ Expenditure on raising funds comprises investment management fees. For the current and prior year there are no investment management fees included within expenditure as, due to the nature of holdings in unitised funds, these are deducted directly at source from the fund value. - ♦ Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity. Such costs include grants made in accordance with the charity’s objects and costs incurred in support of the Congregational Leadership Team and international meetings/administration. Daughters of Mary and Joseph Congregation Fund CIO **29** **Principal accounting policies** Year to 31 December 2024 ## **Expenditure recognition** (continued) Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial period are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the accounts. All expenditure is stated inclusive of irrecoverable VAT. ## **Allocation of support and governance costs** Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support including in the form of financial procedures. 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. Support and governance costs are allocated to the support of the Congregational Leadership Team and international meetings/administration. ## **Fixed asset investments** Listed investments are a form of basic financial instrument and are initially recognised as their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised gains (or losses) in investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the period in which they arise. ## **Debtors** Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. ## **Cash at bank and in hand** Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Daughters of Mary and Joseph Congregation Fund CIO **30** **Principal accounting policies** Year to 31 December 2024 ## **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. ## **Fund structure** Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor-imposed conditions. Unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net movement in funds. ## **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 Daughters of Mary and Joseph i.e. the Congregation. Daughters of Mary and Joseph Congregation Fund CIO **31** **Notes to the accounts** Year to 31 December 2024 ## **1 Income from: Donations and legacies** ||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**funds**
**2024**
**£**|Unrestricted
funds
£|Restricted
funds
£|


Total
funds
2023
£| |---|---|---|---|---|---|---| |Congregational contributions for
Congregation Leadership Team and
international meetings/administration
Other gifts and donations
Legacies
Grants
Sisters’ pensions donated to the
charity
**Total funds**|**15,480**
**—**
**—**
**—**
**—**|
**—**

**202,843**

**8,285**

**—**

**16,175**|**15,480**
**202,843**
**8,285**
**—**
**16,175**|12,069
—
—
—
—|—
122,826
10,000
13,422
16,873|
12,069
122,826

10,000

13,422

16,873| ||**15,480**|
**227,303**|**242,783**|12,069|163,121|175,190| ## **2 Income from: Investments and interest receivable** ||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**funds**
**2024**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
funds
2023
£| |---|---|---|---|---|---|---| |Income from listed investments
Interest receivable
**Total funds**|
**73,916**
**13,222**|**88,438**
**15,820**|**162,354**
**29,042**|79,373
3,233|94,967
3,868|174,340
7,101| ||**87,138**|**104,258**|**191,396**|82,606|98,835|181,441| ## **3 Expenditure on: Support of the Congregational Leadership Team and international meetings/administration** ||Unrestricted funds|Unrestricted funds| |---|---|---| ||**Total**
**funds**
**2024**
**£**|Total
funds
2023
£| |Congregational Leadership Team expenditure
Meetings (including facilitation)
Office and administrative costs
Website
Archives
Support of a sister
Formation
Subscriptions and fees
Travel and visitation
Foreign exchange losses
Support and governance costs (note 5)
**Total funds**|**6,995**
**38,131**
**1,246**
**247**
**3,775**
**2,909**
**4,623**
**1,841**
**3,530**
**3,615**
**18,876**|15,360
20,738
1,845
338
—
3,034
7,265
1,920
395
593
13,024| ||**85,788**|64,512| Daughters of Mary and Joseph Congregation Fund CIO **32** ## **Notes to the accounts** Year to 31 December 2024 ## **4 Expenditure on: Grants, donations and support of missionary work and ministry** ||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|


**Total**
**funds**
**2024**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
funds
2023
£| |---|---|---|---|---|---|---| |Support of missionary work and
ministry of the Congregation in:
. Uganda
. Burundi
. Kenya
. Ghana
. Cameroon
. Ireland (for Africa)
. Africa Region (including sisters’
subsistence)
. Friends of Ahoto (PPRC) CIO
**Total funds**|**—**
**—**
**—**
**—**
**—**
**—**

**—**
**—**|**163,000**
**75,059**
**50,000**
**60,700**
**—**
**—**
**78,618**
**17,194**|
**163,000**

**75,059**

**50,000**

**60,700**

**—**

**—**

**78,618**

**17,914**|
—

—

—

—

8,430

—
—

—|114,369
58,118
67,340
79,000
27,806
5,202
43,169
—|114,369

58,118

67,340

79,000

36,236

5,202

43,169

—| ||**—**|**444,571**|
**444,571**|
8,430|395,004|403,434| No grants or donations were made to individuals during either period. ## **5 Support and governance costs** |||Unrestricted funds|Unrestricted funds|Unrestricted funds| |---|---|---|---|---| |||**2024**
**£**||2023
£| |Governance costs – Auditor’s remuneration
Bank charges||**16,440**
**2,436**||12,460
564| |||**18,876**||13,024| |**Net (expenditure) income for the year.**
This is stated after charging:||**Total**
**funds**
**2024**
**£**||Total
funds
2023
£
9,600
2,640
593| |Auditor’s remuneration (including VAT)
. Statutory audit fees
. Other services
Losses on currencyconversion||**13,680**
**2,760**
**3,615**||| ## **6 Net (expenditure) income for the year.** This is stated after charging: ## **7 Staff costs and remuneration of key management personnel** The charity did not employ any staff during the year (2023 – none). 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. They received no remuneration or reimbursement of expenses in connection with their duties as trustees (2023 – none). Six trustees of the charity (2023 – four) are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The charity may provide for the living and personal needs of such members of the Congregation. Daughters of Mary and Joseph Congregation Fund CIO **33** **Notes to the accounts** Year to 31 December 2024 ## **8 Taxation** Daughters of Mary and Joseph Congregation Fund 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. ## **9 Investments** |**Investments**||| |---|---|---| ||**Total**
**funds**
**2024**
**£**|Total
funds
2023
£
5,716,627
3,616,634

(5,388,283)
2,180,777
6,125,755
5,684,992| |**Listed investments**
Market value at 1 January 2024
Additions at cost
Disposals at book value (see below)
Unrealised gains on revaluation
Market value at 31 December 2024
**Cost of listed investments at 31 December 2024**|**6,125,755**
**—**
**(409,160)**
**254,028**|| ||**5,970,623**|| ||**5,301,051**|| Disposals at book value included above are made up of the following: ||**2024**
**£**
**400,000**
**9,160**
**409,160**|2023
£| |---|---|---| |Proceeds
Realised losses
Disposals at book value(see above)||3,701,634
1,686,649| |||5,388,283| At 31 December 2024, the charity’s investment portfolio included the following holdings which represented a material proportion of the total value of the fixed asset investment portfolio at that date: |**Investment**|**Percentage**
**of portfolio**
**%**|**Market**
**value**
**£**| |---|---|---| |Epworth Global Equity Income
Epworth UK Equity Income
Catholic Investment Fund Inc - Class 1|**17.37%**
**18.14%**
**64.49%**|**1,037,091**
**1,083,108**
**3,850,425**| Listed investments held at 31 December 2024 and 31 December 2023 comprised UK unitised funds only. ## **10 Debtors** ||**2024**
**£**
**27,179**
**—**
**27,179**|2023
£| |---|---|---| |Accrued investment income
Other accrued income||27,417
10,612| |||38,029| Daughters of Mary and Joseph Congregation Fund CIO **34** ## **Notes to the accounts** Year to 31 December 2024 ## **11 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2024**
**£**|2023
£| |Accruals|**18,850**|14,771| ||**18,850**|14,771| ## **12 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances held on trusts to be applied for specific purposes: ||**At 1**
**January**
**2024**
**£**|**Income**
**£**|**Expenditure**
**£**|

**Investment**
**gains**
**£**|


**Transfers**
**£**|**At 31**
**December**
**2024**
**£**| |---|---|---|---|---|---|---| |**Africa Fund**
**Congregation Fund**|**3,517,701**
**2,511,893**|**331,561**
**—**|
**(444,571)**

**—**|
**125,573**

**107,884**|
**7,888**

**10,756**|**3,538,152**
**2,630,533**| ||**6,029,594**|**331,561**|
**(444,571)**|
**233,457**|
**18,644**|**6,168,685**| ||_At 1_
_January_
_2023_
_£_|_Income_
_£_|_Expenditure_
_£_|

_Investment_
_gains_
_£_|


_Transfers_
_£_|_At 31_
_December_
_2023_
_£_| |_Africa Fund_
_Congregation Fund_|_3,384,587_
_2,308,300_|_261,956_
_—_|
_(395,004)_

_—_|
_269,162_

_203,593_|
_(3,000)_

_—_|_3,517,701_
_2,511,893_| ||_5,692,887_|_261,956_|
_(395,004)_|
_472,755_|
_(3,000)_|_6,029,594_| The restricted funds held by the charity comprise: - ♦ Africa Fund The funds held for Africa are restricted for the use of the Africa Region. Within this fund there are certain amounts restricted to particular purposes by the wishes of the donors. The purposes include formation/education, Burundi Orphans, Coloma sponsorship, Coloma projects, Friends of Ahotokurom projects and support of sisters’ families. ## ♦ Congregation Fund The funds within the Congregation Fund comprise the capital given historically by the different areas of the Congregation and held in Europe. This capital is restricted in the original constitution of the Congregation Fund and is to be used in accordance with the decision of a General Chapter of the Congregation. At a General Finance Meeting and Extended General Council Meeting in 2016 it was agreed that the restrictions on the income from these funds should be released and the income should be used for the general purposes of the charity. Daughters of Mary and Joseph Congregation Fund CIO **35** **Notes to the accounts** Year to 31 December 2024 ## **13 Analysis of net assets between funds** ||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**2024**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
2023
£
6,125,755
252,702
(14,771)
6,363,686| |---|---|---|---|---|---|---| |**Fund balances at 31 December**
**are represented by:**
Investments
Current assets
Current liabilities
Total net assets|**278,239 **
**83,435 **
**(17,985) **|
**5,692,384 **

**477,166 **

**(865) **|**5,970,623**

**560,601**

**(18,850)**|264,959
81,518
(12,385)|5,860,796
171,184
(2,386)|| ||**343,689 **|
**6,168,685 **|**6,512,374**|334,092|6,029,594|| ## **14 Reconciliation of movement in unrealised gains (losses)** |**Reconciliation of movement in unrealised gains (losses)**||| |---|---|---| ||**2024**
**£**|2023
£| |**Unrealised gains (losses) included above**
On investment assets
**Reconciliation of movement in unrealised (losses) gains on**
**investment assets**
Unrealised gains at 1 January 2024
In respect to disposals in the year
Net gains (losses) on revaluations
Unrealised gains (losses) at 31 December 2024|**669,572**|440,764| ||**440,764**
**(25,220)**
**254,028**|(135,115)
(1,604,898)
2,180,777| ||**669,572**|440,764| ## **15 Ultimate control** The charity, which is constituted as a Charitable Incorporated Organisation (CIO), was controlled throughout the period by the Daughters of Mary and Joseph due to the Superior General, by virtue of her office, being 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. ## **16 Related party transactions** During the year to 31 December 2024, the charity received a contribution of £4,000 (2023 – £3,000) towards the CLT, a contribution of £5,000 (2023 – £5,000) towards the DMJ in Africa, and a refund for meeting expenses of £5,626 (2023 - £2,034) from The English Region of the Daughters of Mary and Joseph CIO (Charity Registration Number 1171001). The charity made donations totalling £1,750 (2023 - £nil) and other expenses of £776 (2023 - £nil) to The English Region of the Daughters of Mary and Joseph CIO (Charity Registration Number 1171001). Two of the trustees of The English Region of the Daughters of Mary and Joseph CIO are also trustees of the Daughters of Mary and Joseph Congregation Fund CIO. During the year to 31 December 2024, the charity received a contribution of €4,500 (£3,740) (2023 - £nil) towards the CLT, a refund for CLT expenses of €507 (£421) (2023 - £nil), and a refund for meeting expenses of €7,131 (£5,927) (2023 - £nil) from Daughters of Mary and Joseph - Irish Region (Charity Registration Number 20012052 (Ireland)). In the year to 31 December 2023, the charity paid €5,000 (£4,335) to) Daughters of Mary and Joseph - Irish Region (Charity Registration Number 20012052 (Ireland)). One of the trustees of the charity was appointed to The Irish Region of the Daughters of Mary and Joseph CIO during the year. Daughters of Mary and Joseph Congregation Fund CIO **36** **Notes to the accounts** Year to 31 December 2024 ## **16 Related party transactions** (continued) During the year to 31 December 2024, the charity paid £163,000 towards sister upkeep, various projects, formation and vehicle maintenance to The Daughters of Mary and Joseph - Uganda (Registration Number – CI No 444). One of the trustees of The Daughters of Mary and Joseph - Uganda (Registration Number – CI No 444) was appointed as a trustee of the Daughters of Mary and Joseph Congregation Fund CIO during the year. Due to this appointment being made during the year, no comparative disclosure has been made. During the year to 31 December 2024, the charity received a contribution of €4,500 (£3,740) (2023 - €3,500 (£3,034)) towards the CLT, a donation towards travel costs of £nil (2023 - €1,000 (£3,034)), and a refund of expenses of €6,503 (£5,405) (2023 - €3,832 (£3,034)) from the ASBL Insitut des Dames de Marie. One of the trustees of the Daughters of Mary and Joseph Congregation Fund CIO is also a trustee of the ASBL Insitut des Dames de Marie. There were no other related party transactions requiring disclosure during the year to 31 December 2024 (2023 – none). Daughters of Mary and Joseph Congregation Fund CIO **37**