OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-12-31-accounts

Daughters of Mary and Joseph Congregation Fund CIO

Annual Report and Accounts

31 December 2025

Charity Registration Number 1163470

Contents

Reports

Reference and administrative details of
the charity, its trustees and advisers 1
Trustees’ report 3
Independent auditor’s report 15
Accounts
Statement of financial activities 20
Balance sheet 21
Statement of cash flows 22
Principal accounting policies 23
Notes to the accounts 27

Daughters of Mary and Joseph Congregation Fund CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees
Superior General
General Bursar
Administrative address
Telephone
Website
Facebook
Charity registration
number
Auditor
Principal bankers
Solicitors		 Sister Marie Claire Nakayiza
Mr Ronald Huggett
Mr Phillip Jukes
Sister Annette Lawrence
Sister Paula Spark
Sister Anastazia Asiimwe
Sister Pascazia Kinkuhaire
Sister Helen Patricia Pearson
Sister Marie Claire Nakayiza
Sister Olivia Darkoa Bucknor
The Regional House
Daughters of Mary and Joseph
Layhams Road
West Wickham
BR4 9QJ
07790 382386
www.daughtersofmaryandjoseph.org
Daughters of Mary and Joseph
1163470
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
The Royal Bank of Scotland plc
PO Box 412
62/63 Threadneedle Street
London
EC2R 8LA
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR

Daughters of Mary and Joseph Congregation Fund CIO 1

Reference and administrative details of the charity, its trustees and advisers

Investment managers CCLA One Angel Lane London EC4R 3AB 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 2025

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 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 23 to 26 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:

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 2025

Activities and achievements

CLT visits and ministry

The Congregation Leadership Team (CLT) made up of five members living in different countries continues to coordinate and oversee the general activities of the congregation. The team meets regularly on zoom and in-person about three times a year. In 2025 the inperson meetings were held in Uganda, England and Belgium. This is also a way of meeting with the sisters in these countries and sharing their life and ministry.

Figure 1 CLT at a Round Table Meeting

The team met in Uganda in February 2025. These meetings are for planning, evaluation and decision making concerning the overall activities of the congregation.

The CLT also met with the Africa Leadership team to reflect about the life and ministries of the Africa Region and had a weekend of prayer and reflection with all the sisters in Uganda.

Figure 2 CLT with Sisters in Uganda

In England, the team also met the sisters in the English Region and celebrated the jubilees of some of the sisters.

Daughters of Mary and Joseph Congregation Fund CIO 4

Trustees’ report 31 December 2025

Figure 3 CLT with some of the sisters in the English Region

The CLT met in Belgium in October 2025. During this time, they also visited the sisters living in Belgium and had meetings with them.

Figure 4 CLT with the sisters in Belgium

Life and ministry in Africa

The Daughters of Mary and Joseph continue their ministries of education, health care, women empowerment, parish work, agriculture, psychosocial training and many other social engagements activities in five countries in Africa namely Burundi, Cameroon, Ghana, Kenya and Uganda where the sisters live and work.

Daughters of Mary and Joseph Congregation Fund CIO 5

Trustees’ report 31 December 2025

Education Ministry

In the vision of providing holistic education with special emphasis on vulnerable children, the Daughters of Mary and Joseph provides a serene and inclusive environment where pupils, students and staff have the avenues to express themselves and discover their talents. This is fulfilling the mission of educating the whole human person.

Coloma primary school in Uganda has a student population of four hundred and sports ninety-eight with twenty teachers and thirty-two support staff working in different roles and activities.

Figure 1 Coloma Pupils celebrating their success in sports

Figure 6 The Nursery and Primary Schools in Burundi

In Burundi, the sisters carry this same spirit in Colette de Brandt nursery and primary schools. The nursery has an enrollment of three hundred and ninetyfour while the primary school has a population of four hundred and seventy pupils.

These schools in both countries keep growing steadily with many success stories.

Some sisters also work in Maryhill High School in Uganda, a girls’ secondary school that has a student population of about a thousand and eight hundred. Maryhill is a school of excellence and good moral values.

Daughters of Mary and Joseph Congregation Fund CIO 6

Trustees’ report 31 December 2025

Figure 7 Students of Maryhill High School

Over the years, the sisters have educated many young people who are now very involved in their communities and giving back to society in different ways.

Social work and Livelihood Projects

The Daughters of Mary and Joseph are also involved in sustainable agriculture, youth and adult literacy programs providing skills and employment to the youth, young adults and women who did not get the opportunity of receiving formal education.

This initiative in Bisheshe, Uganda, has improved the livelihoods of many who have participated in the different programs.

Figure 8 Farming and Livelihood projects in Uganda

Daughters of Mary and Joseph Congregation Fund CIO 7

Trustees’ report 31 December 2025

The mission of the Daughters of Mary and Joseph in the north of Cameroon continues to focus on empowerment of women, formation of girls who drop out of school due to different reasons, community agriculture and parish work.

The formation program aims at helping to prevent girls having to enter into child marriages. Giving them skills in sewing, craft making, cooking and being responsible adults in their society.

Giving the harsh weather conditions in the north of Cameroon with only one planting season in a year, the sisters embarked on an irrigation project to help the community grow vegetables during the dry season to provide food and generate some income.

Figure 2 Cameroon Projects

Counseling and Vocational Training

St. Francis Family Helper Program works with vulnerable children, families and communities across Uganda through social, educational, psychological and livelihood support. The program also has two educational institutions; a counseling training institute and a vocational training school.

Figure 10 St. Francis Project

Daughters of Mary and Joseph Congregation Fund CIO 8

Trustees’ report 31 December 2025

The counselling training institute in Mbarara, Uganda offers professional training in counselling psychology and organizes short courses especially for teachers to gain some knowledge in child development and be able to accompany their students and pupils. It also provides safeguarding training for different institutions.

The institute also organises a number workshops each year for individuals and couples and are involved in different outreach activities across the country.

Formation

The formation houses of the Daughters of Mary and Joseph are located in Uganda and

Kenya. The young women who wish to join the congregation begin their formation at the postulancy in Uganda and later move to the novitiate in Nairobi, Kenya. It is a four-year program between these two stages and includes placements in ministry and ordinary communities.

In 2025, five young women were received into postulancy and nine into novitiate, nine others completed the novitiate program and made their temporary vows during a beautiful celebration in Kenya.

Grants

This year, the CIO partly funded a multipurpose hall in Bisheshe, Uganda. A facility that will provide space for the activities of the sisters particularly the youth and adult literacy programs when completed.

It also funded a formation course in Ireland for Sister Immaculate from Uganda.

Figure 11 Ongoing Multipurpose Hall in Bisheshe Uganda

Daughters of Mary and Joseph Congregation Fund CIO 9

Trustees’ report 31 December 2025

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 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.

In awarding grants, the trustees apply the following principles:

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:

Daughters of Mary and Joseph Congregation Fund CIO 10

Trustees’ report 31 December 2025

This strategic plan along with the Chapter vision and mandate will be our guide over the coming four years.

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 20 of the accounts.

Total income for the year amounted to £245,302 (2024 – £434,179). Included within this total are donations totalling £61,544 (2024 – £242,783) and investment income totalling £183,758 (2024 – £191,396).

Expenditure in the year totalled £423,991 (2024 – £530,359). Expenditure includes costs in respect to the support of the Congregational Leadership Team and international meetings/administration of £83,259 (2024 – £85,788) and charitable grants, donations and support of missionary work and ministry of £340,732 (2024 – £444,571). 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 losses, therefore, was £178,689 (2024 – net expenditure before investment gains was £96,180). Investment losses amounted to £55,755 (2024 – gains of £244,868). Hence, there was a net decrease in funds for the year of £234,444 (2024 – increase in funds of £148,688).

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.

Daughters of Mary and Joseph Congregation Fund CIO 11

Trustees’ report 31 December 2025

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.

The performance of the portfolio reflected the condition of the markets generally throughout the period. The net investment losses for the year to 31 December 2025 totalled £55,755 (2024 – gains of £244,868). 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 £6,277,930 at 31 December 2025 (2024 – £6,512,374). Amounts totalling £5,960,885 (2024 – £6,168,685) 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 £317,045 (2024 – £343,689) at 31 December 2025 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 12

Trustees’ report 31 December 2025

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:

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 13

Trnst•e•' r•port 31 Decenknr 2025 The ITUStees w6idor that v￿Y atone c4Jmprise the key managamenl ofthe charity in charg8 cl directiNJ and controllww, ruming, arK1 operatirw the Lknrity on a day-l(￿￿Y basis. They raceiva no romunoralicffj ￿ reimbJTs8m8nt crf 8xpgnso8 In ryjnneclion wth their duty98 as tru8te•8. From tlmo tothm. the charity (xwte8 svJnificant over8ea$ In Support oftho w6dor Congr•g8tlon and ￿ 0ryanl8allc￿s. The vaBI majority of the don8tbon8 Sant Ovorsoas aro lo fund kyojects admln16tered dlrecily by M￿bar8 of tho Congregallon. The trustees 8trways ensure that they are fulty bnefad al)oul and arè famlliar wlth th8 WOFk of a polentLql radplent of fund$ aThJ that thoy Cary out appropriats due d111ger￿8 bgfore decidiTra to trwrffer monle8. Ihot proof of recelpt 18 obtaln8d and. wh8revor [￿910, a fvll wrltton rw on tho use (rf th? funds IB rocelvod. The ¢hadty'8 ￿l￿SpoI 886rt ¢Thnry1680 Ib8tod knV08kn￿ts. tho value of whl¢h 18 dependent on rTh>vemnts in th8 UK and workl stod( markets. The Inveslm8nts are managed by r6puttAe Invèslmènt managers adh8re to a pollty agre8d by the tru81008. Th• tnloe8 m90t tha knvoStm6nt monager8 arrfl the m8nao8r8' p0rfcffiiar￿0 and Ihat of tho pcrfolos ar8 nN)rdtwd. The tru$lo08 alm to assess th Inve$tment ¥tr8togy rogularly to ￿Ur0 il rtynains opwwiato to tho ¢hadty'8 naod8- th and In the firture. Govemance rlsk - there Is a rlsk that th• Irust••$. bokng part ol tho CongregatSong1 Leadership team, may h•¥• #mll•J kno￿98 of Er4Jlish charity Lqw arKI regulalSon8. This is mltigaled by the appolntrmnt ol two experlen¢ad Lqy trustees and the u50 of 8dv180r5. The In￿1088 akn atterKI trokn1ry4 mr1r￿ ty In per8M where pos81ble. The trustees undertocth a fml roviwaf d rks In Odob8r2025 and updated the riskregist•r accrKdingty. This ¢ontinu8s to bè revltr8d annually. oned b8haW of the tru8te88: Sister Marie Claire Nakayiza Trusloe Approv8d by the tru8t888 on: 810612026 Dwghlers of Mary and Joseph c￿regatIOn Fund CIO 14

Independent auditor’s report 31 December 2025

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 2025 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:

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 15

Independent auditor’s report 31 December 2025

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 13, 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 16

Independent auditor’s report 31 December 2025

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 145 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:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Daughters of Mary and Joseph Congregation Fund CIO 17

Independent auditor’s report 31 December 2025

How the audit was considered capable of detecting irregularities including fraud

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 18

Independent auditor’s report 31 December 2025

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 Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 11 June 2026

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 19

Statement of financial activities Year to 31 December 2025

Notes Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
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 (losses) gains on investments
Net (expenditure) income
Transfers between funds
12
Net movement in funds
Balances brought forward at
1 January 2025
Balances carried forward at
31 December 2025		 15,864
82,729		 45,680
101,029		 61,544
183,758		 15,480
87,138		 227,303
104,258		 242,783
191,396
98,593 146,709 245,302 102,618
331,561
434,179
83,259
39,380		 —
301,352		 83,259
340,732		 85,788
—		 —

444,571		 85,788

444,571
122,639 301,352 423,991 85,788
444,571
530,359
(24,046)
(2,598)		 (154,643)
(53,157)		 (178,689)
(55,755)		 16,830
11,411		 (113,010)
233,457		 (96,180)
244,868
(26,644)
—		 (207,800)
—		 (234,444)
—		 28,241
(18,644)		 120,447

18,644		 148,688

—
(26,644)
343,689		 (207,800)

6,168,685		 (234,444)

6,512,374		 9,597
334,092		 139,091
6,029,594		 148,688
6,363,686
317,045 5,960,885 6,277,930 343,689
6,168,685
6,512,374

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 20

Balance sheet 31 December 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
11
Net current assets
Total net assets
Represented by:
The funds of the charity
Unrestricted funds
Restricted funds
13		 29,325
354,322		 5,914,868
363,062		 27,179
533,422		 5,970,623
541,751
383,647
(20,585)		 560,601
(18,850)
6,277,930 6,512,374
317,045
5,960,885		 343,689
6,168,685
6,277,930 6,512,374

Approved by the trustees and signed on their behalf by:

A Lawrence

Trustee

Approved by the trustees on: 08/06/2026

Daughters of Mary and Joseph Congregation Fund CIO 21

Statement of cash flows Year to 31 December 2025

----- Start of picture text -----
2025 2024
Notes £ £
Cash flows from operating activities
Net cash used in operating activities A (361,366) (269,270)
Cash flows from investing activities
Investment income and interest received 181,612 191,634
Receipts from disposals of investments — 400,000
Net cash provided by investing activities 181,612 591,634
Change in cash and cash equivalents in the period (179,754) 322,364
Cash and cash equivalents at 31 December 2024 B 533,422 214,673
Change in cash and cash equivalents due to exchange rate
movements 654 (3,615)
Cash and cash equivalents at 31 December 2025 B 354,322 533,422
Notes to the statement of cash flows for the year to 31 December 2025
A Reconciliation of net movement in funds to net cash used in operating activities
2025 2024
£ £
Net movement in funds (as per the statement of financial activities) (234,444) 148,688
Adjustments:
Losses (gains) on investments 55,755 (244,868)
Exchange rate movements
. On cash (654) 3,615
Investment income and interest receivable (183,758) (191,396)
Decrease in debtors — 10,612
Increase in creditors 1,735 4,079
Net cash used in operating activities (361,366) (269,270)
B Analysis of cash and cash equivalents
2025 2024
£ £
Total cash and cash equivalents: cash at bank and in hand 354,322 533,422
----- End of picture text -----

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 22

Principal accounting policies Year to 31 December 2025

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 2025 with comparative information provided in respect to the year to 31 December 2024.

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 2026, 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

Daughters of Mary and Joseph Congregation Fund CIO 23

Principal accounting policies Year to 31 December 2025

received. 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:

Daughters of Mary and Joseph Congregation Fund CIO 24

Principal accounting policies Year to 31 December 2025

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 25

Principal accounting policies Year to 31 December 2025

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 26

Notes to the accounts Year to 31 December 2025

1 Income from: Donations and legacies

----- Start of picture text -----
Total Total
Unrestricted Restricted funds Unrestricted Restricted funds
funds funds 2025 funds funds 2024
£ £ £ £ £ £
Congregational contributions for
Congregation Leadership Team and
international meetings/administration 15,564 — 15,564 15,480 — 15,480
Other gifts and donations 300 29,322 29,622 — 202,843 202,843
Legacies — — — — 8,285 8,285
Sisters’ pensions donated to the
charity — 16,358 16,358 — 16,175 16,175
Total funds 15,864 45,680 61,544 15,480 227,303 242,783
Income from: Investments and interest receivable
Total Total
Unrestricted Restricted funds Unrestricted Restricted funds
funds funds 2025 funds funds 2024
£ £ £ £ £ £
Income from listed investments 81,287 85,061 166,348 73,916 88,438 162,354
Interest receivable 1,442 15,968 17,410 13,222 15,820 29,042
Total funds 82,729 101,029 183,758 87,138 104,258 191,396
----- End of picture text -----

2 Income from: Investments and interest receivable

3 Expenditure on: Support of the Congregational Leadership Team and international meetings/administration

Expenditure on: Support of the Congregational Leadership
meetings/administration		 Team and international Team and international
Unrestricted funds
Total
funds
2025
£		 Total
funds
2024
£
Congregational Leadership Team expenditure
Meetings (including facilitation)
Office and administrative costs
Website
Archives
Support of a sister
Formation
Subscriptions and fees
Travel and visitation
Medical
Foreign exchange (gain) loss
Support and governance costs (note 5)
Total funds		 20,502
—
265
234
6,213
2,942
19,555
1,872
531
14,602
(746)
17,289
83,259		 6,995
38,131
1,246
247
3,775
2,909
4,623
1,841
3,530
—
3,615
18,876
85,788

Daughters of Mary and Joseph Congregation Fund CIO 27

Notes to the accounts Year to 31 December 2025

4 Expenditure on: Grants, donation and support of missionary work and ministry

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
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		 39,380
—
—
—
—
—

—
—
39,380		 105,000
60,540
4,451
20,165
14,949
11,681
78,467
6,099
301,352		 144,380
60,540
4,451
20,165
14,949
11,681
78,467
6,099
340,732		 —
—
—
—
—
—
—
—
—		 163,000
75,059
50,000
60,700
—
—
78,618
17,194
444,571		 163,000
75,059
50,000
60,700
—
—
78,618
17,914
444,571

No grants or donations were made to individuals during either period.

5 Support and governance costs

Unrestricted funds Unrestricted funds Unrestricted funds
2025
£		 2024
£
Governance costs – Auditor’s remuneration
Bank charges
Net (expenditure) income for the year.
This is stated after charging:		 17,160
129
17,289
Total
funds
2025
£
14,280
2,880
(145)		 16,440
2,436
18,876
Total
funds
2024
£
13,680
2,760
3,615
Auditor’s remuneration (including VAT)
. Statutory audit fees
. Other services
Losses on currency conversion		 14,280
2,880
(145)

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 (2024 – 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 (2024 – none).

Six trustees of the charity (2024 – six) 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 28

Notes to the accounts Year to 31 December 2025

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
2025
£		 Total
funds
2024
£
Listed investments
Market value at 1 January 2025
Disposals at book value (see below)
Unrealised (losses) gains on revaluation
Market value at 31 December 2025
Cost of listed investments at 31 December 2025		 5,970,623
—
(55,755)		 6,125,755
(409,160)
254,028
5,914,868 5,970,623
5,301,051 5,301,051

Disposals at book value included above are made up of the following:

2025
£		 2024
£
Proceeds
Realised losses
Disposals at book value (see above)		 —
—
—		 400,000
9,160
409,160

At 31 December 2025, 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		 18.09
20.34
61.57		 1,069,750
1,203,070
3,642,049

Listed investments held at 31 December 2025 and 31 December 2024 comprised UK unitised funds only.

10 Debtors

----- Start of picture text -----
2025 2024
£ £
Accrued investment income 29,325 27,179
29,325 27,179
11 Creditors: amounts falling due within one year
2025 2024
£ £
Accruals 20,585 18,850
20,585 18,850
----- End of picture text -----

11 Creditors: amounts falling due within one year

Daughters of Mary and Joseph Congregation Fund CIO 29

Notes to the accounts Year to 31 December 2025

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:

Africa Fund
Congregation Fund
Africa Fund
Congregation Fund		 At 1
January
2025
£		 Income
£		 Expenditure
£		 Investment
losses
£		 Transfers
£		 At 31
December
2025
£
3,538,152
2,630,533
6,168,685
At 1
January
2024
£		 146,709
—
146,709
Income
£		 (301,352)
—
(301,352)
Expenditure
£		 (28,593)
(24,564)
(53,157)
Investment
gains
£		 —
—
—
Transfers
£		 3,354,916
2,605,969
5,960,885
At 31
December
2024
£
3,517,701
2,511,893
6,029,594		 331,561
—
_331,561 _		 (444,571)
—
(444,571)		 125,573
107,884

233,457		 7,888
10,756

18,644		 3,538,152
2,630,533
6,168,685

The restricted funds held by the charity comprise:

13 Analysis of net assets between funds

Unrestricted
funds
£		 Restricted
funds
£		 Total
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
£
Fund balances at 31 December
are represented by:
Investments
Current assets
Current liabilities
Total net assets		 275,640
58,617
(17,212)
317,045		 5,639,228
325,030
(3,373)
5,960,885		 5,914,868
383,647
(20,585)
6,277,930		 278,239
83,435
(17,985)
343,689		 5,692,384
477,166
(865)
6,168,685		 5,970,623
560,601
(18,850)
6,512,374

Daughters of Mary and Joseph Congregation Fund CIO 30

Notes to the accounts Year to 31 December 2025

14 Reconciliation of movement in unrealised gains (losses)

Reconciliation of movement in unrealised gains (losses)
2025
£		 2024
£
Unrealised gains (losses) included above
On investment assets
Reconciliation of movement in unrealised (losses) gains on
investment assets
Unrealised gains at 1 January 2025
In respect to disposals in the year
Net (losses) gains on revaluations
Unrealisedgains(losses)at 31 December 2025		 613,817 669,572
669,572
—
(55,755)		 440,764
(25,220)
254,028
613,817 669,572

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

The following related party transactions occurred in the year:

The English Region of the Daughters of Mary and Joseph CIO (Charity Registration Number 1171001)

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

£ £
Contribution received towards the CLT 4,000 4,000
Contribution received toward the DMJ in Africa 5,000 5,000
Refund received for meeting expenses — 5,626
Refund paid for expenses 85 776
Donations made — 1,750

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.

(Ireland))

----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

£ £
Contribution received towards the CLT 3,782 3,740
Grant payment made 10,000 —
Contribution paid for formation costs 19,523 —
Refund received for CLT expenses — 421
Refund received for meeting expenses — 5,927

One of the trustees of the charity was appointed to The Irish Region of the Daughters of

Daughters of Mary and Joseph Congregation Fund CIO 31

Notes to the accounts Year to 31 December 2025

Mary and Joseph CIO during the year.

ASBL Insitut des Dames de Marie

2025
£
3,782
2,094
159		 2024
£
3,740
5,405
—
Contribution received towards the CLT
Refund received for expenses
Refund paid for expenses

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.

– Daughters of Mary and Joseph Uganda

Contribution paid towards CLT visit
Contributions paid toward the upkeep of sisters		 2025
£
5,000
189,380		 2024
£
—
163,000

One of the trustees of the Daughters of Mary and Joseph Congregation Fund CIO was also a trustee of Daughters of Mary and Joseph – Uganda (Registration Number - CI No 444).

There were no other related party transactions requiring disclosure during the year to 31 December 2025 (2024 – none).

Daughters of Mary and Joseph Congregation Fund CIO 32