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2023-12-31-accounts

THE CONGREGATION OF MARIE AUXILIATRICE CIO (Registered Charity Number: 1165097)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE CONGREGATION OF MAIUE AUXILIATRICE CIO CONTENTS PAGE Trllstees. Report Auditors, RepLIrt 10-12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Stalenient 15 Principal Accounting Policies 16-18 Notes to Financial Statements 19-26

THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

CONGREGATIONAL LEADER: TRUSTEE TRUSTEES

Nathalie Djuichou

Eileen Cartin Mary Frawley Elizabeth O’Brien Ann Swords

Mary Frawley

CANONICAL BURSAR Mary Frawley AREA BURSAR/ FINANCIAL DIRECTOR Teresa Lloyd CHARITY REGISTRATION NUMBER 1165097 OFFICE Convent of Marie Auxiliatrice 19 Trinity Road Bootle Liverpool L20 7BD

Trust deed dated 18 May 1999 and a scheme of the Charity Commissioners dated 3 November 1999 changed to Charitable Incorporated Organisation from 8 January 2016, (amended on 13 May 2020).

GOVERNING INSTRUMENT AUDITORS Walsh, O’Brien Harnett 104 Lower Baggot Street Dublin 2

ACCOUNTANT & NAMED CORRESPONDENT David Clark FCADChA 1 Floor, Church House 61 College Road Bromley BR1 3QG

SOLICITORS Stone King Upper Borough Court Upper Borough Walls Bath Avon, BA1 1RG INSURANCE BROKERS P I B Insurance Brokers Poppleton Grange Low Poppleton Lane York YO26 6GZ

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE INFORMATION

BANKERS

Royal Bank of Scotland London Threadneedle Street Branch 62-63 Threadneedle Street London EC2R 8LA

PORTFOLIO MANAGERS

Rathbones Investment Management 8 Finsbury Circus London EC2M 7AZ

Epworth Investment Management Ltd 9 Bonhill Street London EC2A 4PE

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and audited accounts for year ended 31 December 2023.

The Congregation of Marie Auxiliatrice is an international Roman Catholic Congregation of Sisters founded in France in 1854. The Sisters first came to England in 1870.

At present they minister in 9 countries worldwide namely, Ireland, England, France, Italy, Cameroon, Japan, Korea, Federal States of Micronesia and the Philippines. Most of these countries are represented in the membership of the Congregation. We have a small number of new candidates outside Europe presenting themselves to become members of our Congregation. We also have an Associate membership and a significant number of people internationally share in our spiritual heritage as part of the extended family of Marie Auxiliatrice.

By caring for individual members of the Congregation throughout their lives, the Charity aims to enable and support the Sisters to live out their vocation through a variety of religious and other charitable works.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charitable Status and Administration Information

The Charity registration No. is 1165097

The Congregation has a Constitution and its own rules and regulations. These may be revised by the General Chapter, which takes place every 6 years. The General Chapter appoints a Congregational Leader and a Leadership Team who have overall responsibility for the running of the Congregation worldwide.

The Trustees of the charity are the Congregational Leader and two members of the England Entity, which includes the Canonical Bursar and two named Sisters living in Ireland who are also Trustees for the Ireland Entity.

Appointment of Trustees

There must be at least three Charity Trustees. There are two ex-officio Trustees, the Congregation Leader for the time being and the country Treasurer for England for the time being. Other Trustees are appointed by the Congregational Leadership Team by a resolution at a properly convened meeting of the Congregational Leadership Team for such period of office as the Team shall determine.

Trustees may retire by giving notice in writing or they may also be removed by resolution of the Congregational Leadership Team.

Trustees

Sister Nathalie Djuichou

Sister Eileen Cartin

Sister Mary Frawley

Sister Elizabeth O’Brien

Sister Ann Swords

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees’ Responsibilities and Training

The Trustees are ultimately responsible for the policies, activities and assets of the Charity. The Trustees meet on a regular basis during the year to review developments with regard to the Charity and its objectives and make decisions as and when necessary. When required the Trustees seek advice and support from the Charity’s professional advisers, including property consultants, investment managers, solicitors and accountants. Trustees have attended regular training days throughout the year. In addition to the Trustees training the Area Bursar attends regular training events many of which are held virtually, with the exception of the Provincial Bursars annual meeting.

Risk Management

In line with the requirement for Trustees to undertake an annual risk assessment review and report on it annually, the Trustees have looked at the risks currently facing the Congregation in England and have reviewed the measures already in place, and those needing to be put in place to mitigate identified risks.

The key risks for the Charity, as identified by the Trustees are described below together with the principal ways in which they are addressed. All our Policies, including Data Retention and GDPR are reviewed at the first Trustee meeting of each year.

Safeguarding

The Safeguarding Lead for the Congregation is the link between the Religious Life Safeguarding Service (RLSS) in England and the National Board for Safeguarding in Ireland.

Sisters who are in active ministry must obtain clearance from the Disclosure and Barring Service. All employees are also required to have clearance.

The Congregation’s Safeguarding Policy is reviewed annually, updated as required by the Catholic Safeguarding Standards Agency and circulated to all Communities for the information of the Sisters. The trustees are committed to implementing all policies and procedures of The Catholic Safeguarding Standards Agency (CSSA.

No safeguarding incidents have been reported.

Insurance

Insurance policies for known risks are in place and are reviewed annually. The Trustees are satisfied that systems are adequate to mitigate our exposure to major risks.

Financial

There is an established budget system for each Sister and each Community, which is agreed by the Trustees. Accounts are submitted each month from the Communities. Cheque books and Debit/Credit cards are kept in safe places. For cheques, there is a ceiling on the amount for one signatory.

There is regular contact with each of the Investment Managers.

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom has resources of her own and all of whom have devoted a significant part of their lives to the work of the Charity. The Sisters are all committed by vow to the practice of poverty and therefore providing them with support is considered to be an important element of the Charity’s work. Care is provided for all our Sisters within communities and care settings. The incidence of such care needs is impossible to predict and the Trustees therefore believe that it is incumbent upon them to maintain reserves at an appropriate level to ensure that the Charity is able to meet this obligation – see Reserves Policy below.

Key Management is the responsibility of the Trustees, in particular the Canonical Bursar and the Area Bursar, to whom much of the administration of the day-to-day running operations devolves. As religious sisters, with a vow of poverty, the Trustees do not receive remuneration.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

AIMS, OBJECTIVES AND ACTIVITIES

Mission Statement

The following quotations from the Constitutions outline the aims and objectives of the Congregation.

Article 140 Our mission takes on different forms but through them all, we pursue a
single aim; to help bring about the human and spiritual growth of those
to whom we are sent.
Article 142 Our apostolic work is directed primarily towards awakening,
developing and supporting the life of faith.
Article 144 According to our earliest tradition, preference is given to young people
and to the poor.
Article 145 The different activities, chosen from the beginning, change as time
goes on .... but they remain always within the common apostolic
perspectives of the Congregation.

to communicate the word of God by catechesis or by other means

to foster openness to the Word in prayer and retreats

to help in the development of human potential by our presence to those who are
most in need, young people, the sick and the poor.

As an expression of these objectives today we aim:

To do this we need to be in ever-closer solidarity:

The Acts of the Chapter state that we are called “to move towards a simpler lifestyle, being satisfied with what is necessary.” We are also called to “solidarity with today’s poor and underprivileged, and to really share our resources (time, talents, knowledge, and material assets). This solidarity urges us to join our efforts to the struggle of all those who work for the protection of the planet. The poor are the first victims of the reckless exploitation of the Earth’s resources and unbridled consumerism.

We share the concern of the Churches and humanitarian organisations everywhere for the plight of the huge numbers of refugees seeking a safe asylum in Europe, as well as those who fall victim to human trafficking.

We make regular donations to support the victims of people trafficking through the work of an organisation in Liverpool, London and nationally.

To enable us to respond actively to global issues, the Acts of the Chapter 2022 has strongly encouraged the participation of all the Sisters in AVAAZ, which is a global organisation campaigning for human rights, social justice, and in particular for the protection of the poor and the protection of the planet.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

ACTIVITIES

ENGLAND

Sisters continue to be involved in a variety of activities.

Their work includes:

OVERSEAS

We support our missionary work abroad and particularly in Cameroon with the income from the M.O.P fund, enabling the Sisters to receive professional training and development to prepare for their missions.

Bafoussam

In Bafoussam the Sisters are engaged in Catechesis, education in the faith, spiritual direction and retreat ministry. They also carry out visitation of families, the poor, sick and lonely. It is also the House where young women who present themselves are prepared for religious life.

Douala

In Douala the Sisters run a centre of formation for young women who have dropped out of school at an early age. They receive vocational training, for example: computer skills and hairdressing, to enable them to earn their living and find their place in society. The Sisters have recently added crèche facilities providing opportunities for the students to develop skills in child care. This service also enables young mothers to go out to work.

Following an in-depth review of the mission and purposes of the centre and widespread consultation of parents, staff, students and experts in education, a decision was taken to provide extra attendance hours for students and some additions to the curriculum. Computer studies and hairdressing were chosen as the means of opening up better opportunities for the students to find work. These changes necessitated the provision of extra classrooms. The building work was completed in time for the beginning of the 2018 school year. The cost of building the extension was covered by the Congregation from its central funds.

The sisters are also engaged in nursing, catechetical work and education in the faith.

Yaounde

This is principally a house of studies for Sisters pursuing spiritual, pastoral and professional formation, all of which are costly. The Community is therefore very dependent on the grants we provide.

Note 5 of the financial statements sets our details of grants paid during the year.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

GRANT MAKING POLICY

Grants are made to help fund the work of the Congregation overseas. At present this concerns mainly our mission in Cameroon.

Funds are then made available from the English Entity twice yearly. The regulations of the Charity Commission are followed to ensure a full audit trail of monies sent and received is available.

PUBLIC BENEFIT

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on Public Benefit when reviewing the Charity’s aim and objectives and in planning future activities.

Sisters support the R C I A (Rite of Christian Initiation) programme in their ongoing formation in Christian life, ALPHA; preparation for the Sacraments of Baptism; Eucharist and Confirmation.

They bring Holy Communion and pray with the people and provide emotional and spiritual support by phone. These ministries offer opportunities of support, reassurance and bereavement support to many.

Congregation continues to support its ageing members who have given their lives to the objectives of the Charity and now need to be cared for themselves. However, the Sisters continue to carry out charitable work, long past the normal retirement age as described in the activities section of this report.

FINANCIAL REVIEW

The Missionary Overseas Projects Fund, continues to generate interest and this money is used to finance our missionary work in Cameroon and for the training of our new members there.

Total income for the year was lower at £309.5k (2022: £428.0k). The previous year included the receipt of two legacies amounting to £107.3k. Donations from sisters were lower at £93.9k (2022: £115.7k), a downward trend which is expected to continue with an aging group of sisters. Investment income at £212.6k (2022: £192.1k) continued to recover from the lows seen during the COVID pandemic.

Expenditure again decreased; falling to £286.9k from £295.0k. There was thus net surplus, before investment gains/losses, of £22.6k (2022: £133.0k).

Investments saw a reversal of the losses in the previous year with gains amounting to £617.3k (2022: Losses - £790.5k). The overall result was a net increase in funds of £639.9k (2022: Decrease - £657.5k).

Investment Performance and Investment Policy

With income added to the gains referred to above, the total return for the year was approximately +9.6% (2022: -6.4%). The returns for the two years are broadly in line with the averages quoted for the charity sector as a whole.

The Area Treasurer and one of the Trustees are in regular contact with the fund managers and meet with them annually to ensure that the funds are managed in accordance with the Christian and ethical principles of the Congregation. Returns are furnished by both fund managers on a 6 monthly basis to the Trustees. They are also forwarded to the General Treasurer.

The target set for the fund managers is to achieve a certain return of both income and capital growth with no more than a moderate level of risk. The trustees consider the year’s returns to have been satisfactory.

Reserves Policy

At the end of the year to 31 December 2023 the total reserves of the Charity were just under £9.97m.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Of this £9.13m has been designated, including £486.9k which is not liquid as it is represented by tangible fixed assets required for the ongoing work of the charity. A further £2.74m is held in a Missionary Overseas Projects Fund and £5.9m designated to a Retirement Fund in respect of the commitment of the charity to provide for the care of members in illness and old age. The designation to the Retirement Fund is based upon the recommended amount needed in reserve for each Sister of in the region of at least £300,000, increasing to £550,000 if residential or nursing care is required. Currently, there are 10 Sisters living in, or attached to England, which indicates that a capital fund of between £3.6m and £5.5m is required.

The level of the Fund is dependent, to a large extent, on investment values which are generally volatile. As was seen in 2023, investment gains resulted in a rise in the overall value of the fund. Also, the need for funds will be significantly affected by Government policy on provision of care for the elderly. The Trustees will continue to monitor this and the potential demands on the fund and adjust their estimates accordingly.

Free reserves amounted to £840.0k at the year-end. The Trustees’ target range is the holding of approximately one to two years’ expenditure in the General Fund. The level of this Fund is marginally above the upper end of this target. However, with investment values remaining volatile, the Trustees feel that it is prudent to hold an above-average level of reserve.

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.

FUTURE PLANS

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements 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 of the charity to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements, 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 to enable them to ensure that the financial statements comply with the Charities Act 2011, and the Charity (Accounts and reports) Regulations 2008. 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.

Approved by the Trustees on 8[th] August 2024 and signed on their behalf by:

Mary Frawley Eileen Cartin Trustee (Canonical Bursar) Trustee

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CONGREGATION OF MARIE AUXILIATRICE CIO

YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of The Congregation of Marie Auxiliatrice CIO for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. 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 financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CONGREGATION OF MARIE AUXILIATRICE CIO (continued)

YEAR ENDED 31 DECEMBER 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the 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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements by compliance with which may be fundamental to the charity’s ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

Our procedures to respond to risks identified included the following:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE CONGREGATION OF MARIE AUXILIATRICE CIO (continued)

YEAR ENDED 31 DECEMBER 2023

We also communicated identified laws and regulations and potential fraud risks to all trustees of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations in our audit, there is risk that not all irregularities, including a material misstatement in financial statement or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Walsh O’Brien Harnett Statutory Auditors 104 Lower Baggot Street Dublin DO2 Y940 Ireland

Date: 8[th] August 2024

Walsh O’Brien Harnett is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Funds
2023 2022
Notes Total Total
£ £
INCOME from
Donations and legacies 1 95,435 235,889
Investments 2 212,583 192,113
Other income
Gain on sale of fixed assets 1,500 -
---------------------- ----------------------
Total income 309,518 428,002
---------------------- ----------------------
EXPENDITURE on
Raising funds
- Investment management fees 62,883 47,794
Charitable activities 3 223,999 247,219
---------------------- ----------------------
Total expenditure 286,882 295,013
---------------------- ----------------------
Net expenditure before gains/losses on investments 22,636 132,989
Net gains/(losses) on quoted investments 617,252 (790,536)
---------------------- ----------------------
Net movement of funds 639,888 (657,547)
Total funds brought forward 9,325,762 9,983,309
----------------------- -----------------------
Total funds carried forward £9,965,650 £9,325,762
=========== ===========

All amounts relate to continuing activities.

The statement of financial activities includes all gains and losses recognised in the year’

The accompanying notes form part of these financial statements.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed Assets
Tangible fixed assets 10 486,904 505,155
Investments 11 9,282,874 8,679,770
----------------------- -----------------------
9,769,778 9,184,925
Current Assets
Debtors - -
Cash at bank and in hand 231,712 166,238
-------------------- --------------------
231,712 166,238
Creditors:
Amounts falling due within one year 12 (35,840) (25,401)
-------------------- --------------------
Net Current Assets 195,872 140,837
----------------------- -----------------------
Net Assets £9,965,650 £9,325,762
=========== ===========
Funds
Unrestricted Funds
- General 840,045 787,419
- Designated 13 9,125,605 8,538,343
----------------------- -----------------------
14 £9,965,650 £9,325,762
=========== ===========

Approved by the Trustees on 8[th] August 2024 and signed on their behalf by:

Mary Frawley Eileen Cartin Trustee (Canonical Bursar) Trustee

The accompanying notes form part of these financial statements.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023
2023 2022
£ £
Cash flows from Operating Activities
Net cash (used in) operating activities (162,757) (97,394)
---------------------- ----------------------
Cash flows from investing activities
Dividends and interest from investments 212,583 192,113
Receipts from sale of fixed assets 1,500 -
Payments to acquire investments (3,712,782) (1,223,398)
Receipts from sales of investments 3,726,930 1,117,556
----------------------- -----------------------
Net cash provided by investing activities 228,231 86,271
=========== ===========
Change in cash and cash equivalents in year 65,474 (11,123)
Cash and cash equivalents at start of year 166,238 177,361
----------------------- -----------------------
Cash and cash equivalents at end of year £231,712 £166,238
=========== ===========
Notes to the Cash Flow Statement
A. Reconciliation of net movement in funds to net cash flow from operating activities
2023 2022
£ £
Net movement in funds (as per the Statement of Financial Activities) 639,888 (657,547)
Adjustments for
(Gains)/losses on investments (617,252) 790,536
Dividends and interest from investments (212,583) (192,113)
Depreciation 18,251 18,540
(Surplus)/Deficit on disposal of fixed assets (1,500) -
Increase/(Decrease) in creditors 10,439 (56,810)
----------------------- -----------------------
Net cash (used in) operating activities £(162,757) £(97,394)
=========== ===========
B. Analysis of cash and cash equivalents
Cash at bank and in hand £231,712 £166,238
=========== ===========
C. Analysis of changes in net cash funds
At 1 January At 31 December
2023 Cashflows 2023
£ £ £
166,238 65,474 231,712
----------------------- ----------------------- -----------------------
£166,238 £65,474 £231,712
=========== =========== ===========

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the the Statement of Recommended Practice for Charities (SORP 2019) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the Trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include:

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.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern for the foreseeable future. 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. With regard to the next accounting period, the year ending 31 December 2024 and following years, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ Report for more information). The Trustees consider that the charity has a strong enough balance sheet, with large investment and cash balances, to allow it to cope with the financial effects of the pandemic.

General Information

The Charity is a Charitable Incorporated Organisation (CIO) registered in England and Wales (charity no: 1165097). The Charity’s principal office address is 19 Trinity Road, Bootle, Liverpool, L20 7BD.

Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

In accordance with the Charities SORP FRS102, volunteer time is not recognised.

Dividends are recognised once the dividend has been declared and notification has been received of the 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.

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THE CONGREGATION OF MARIE AUXILIATRICE CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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 in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Tangible fixed assets

Individual fixed assets costing £2,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives as follows:

Annual rate Freehold land Nil Freehold buildings 2% - straight-line Fixtures and fittings 15% - reducing balance Motor vehicles 25% - reducing balance

17

THE CONGREGATION OF MARIE AUXILIATRICE CIO

PRINCIPAL ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Financial Instruments and investments

The charity only holds financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Quoted investments are a form of basic financial instrument and are initially recognised at cost and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Gains or losses on investments are disclosed in the statement of financial activities as a combined figure for realised gains or losses from investment sales in the year (sale proceeds less market value last year) and unrealised gains or losses arising from the increase/decrease in value during the year of investments still held.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Deposits for more than three months and up to one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Services provided by members of the Congregation

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Congregation.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of Charity. Designated funds are unrestricted funds of the Charity which the Trustees have decided at their discretion to set aside to use for a specific purpose.

18

THE CONGREGATION OF MARIE AUXILIATRICE CIO

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

1. DONATIONS AND LEGACIES
2023 2022
£ £
Sisters salaries and pensions donated 93,866 115,681
Legacies - 107,255
General donations 1,569 12,953
---------------------- ----------------------
£95,435 £235,889
========== ==========
2. INVESTMENT INCOME
2023 2022
£ £
Income from listed investments 212,415 191,963
Bank interest 168 150
---------------------- ----------------------
£212,583 £192,113
========== ==========
3. EXPENDITURE ON CHARITABLE ACTIVITIES
2023 2022
£ £
Charitable grants and donations
Grants in support of the Overseas Missions of the Congregation (note 5) 60,129 86,834
Other alms and donations 1,504 1,388
---------------------- ----------------------
61,633 88,222
---------------------- ----------------------
Support of members of the Congregation and their ministry
Sisters' expenses 75,916 86,085
Premises & equipment 38,654 25,757
Staff costs (note 7) 25,094 22,797
Other costs 6,395 10,245
Support costs 7,067 363
Governance costs (note 4) 9,240 13,750
---------------------- ----------------------
162,366 158,997
---------------------- ----------------------
£223,999 £247,219
========== ==========
4. ANALYSIS OF GOVERNANCE COSTS
2023 2022
£ £
Auditors' remuneration (including VAT)
- Audit fees 3,590 8,100
Other professional fees 5,650 5,650
---------------------- ----------------------
£9,240 £13,750
========== ==========

19

THE CONGREGATION OF MARIE AUXILIATRICE CIO

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

5. OVERSEAS WORK OF THE CONGREGATION
2023 2022
£ £
This is stated after charging:
Grants to the work of the Congregation in Cameroon
- Baffousam 17,811 38,575
- Douala 16,433 26,232
- Yaounde 13,318 9,506
- Yaounde Regional account 12,567 12,521
---------------------- ----------------------
£60,129 £86,834
========== ==========
6. NET INCOME/EXPENDITURE FOR THE YEAR
2023 2022
£ £
This is stated after charging:
Investment management fees 62,883 47,794
Depreciation 18,251 18,540
Auditors' remuneration(including VAT)
- Audit fees 3,590 8,100
========== ==========
7. STAFF COSTS
2023 2022
£ £
Salaries and wages 25,094 22,797
Social security costs - -
Pension costs - -
---------------------- ----------------------
£25,094 £22,797
========== ==========
No. No.
The average monthly head count of employees during the year was: 4 4
========== ==========

No employees earned more than £60,000 during the year or the prior year.

The Trustees consider themselves to be key management.

20

THE CONGREGATION OF MARIE AUXILIATRICE CIO NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

8. TRUSTEES' EXPENSES & REMUNERATION AND TRANSACTIONS WITH TRUSTEES

The Trustees of the Charity 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 provides for the essential needs of all members of the Congregation within the Entity. The living costs of all the Trustees are therefore borne by the Charity. Otherwise, no Trustee, or any persons connected with them, received any remuneration or other benefits from the Charity. There were no other related party transactions during the year.

As members of the Congregation, none of the trustees have resources of their own. As well as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant.

During the year, the total amount donated by the trustees to the charity was £25,729 (2022: £24,482)

9. TAXATION

The charity is exempt from tax on income and gains falling within the Corporation Taxes Act 2010 to the extent that these are applied to its charitable objects.

10. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Freehold Fixtures
Land and and Motor
Buildings Fittings Vehicles Total
£ £ £ £
COST OR VALUATION
At 1 January 2023 867,550 28,904 19,700 916,154
Additions - - - -
Disposals - - - -
------------------ ----------------- ----------------- -------------------
At 31 December 2023 867,550 28,904 19,700 916,154
------------------ ----------------- ----------------- -------------------
ACCUMULATED DEPRECIATION
At 1 January 2023 366,183 28,426 16,390 410,999
Charge for the year 17,351 72 828 18,251
Disposals - - - -
------------------- ------------------- ------------------ -----------------
At 31 December 2023 383,534 28,498 17,218 429,250
------------------- ------------------- ------------------ -----------------
NET BOOK VALUE
At 31 December 2023 £484,016 £406 £2,482 £486,904
========= ======== ======== =========
At 31 December 2022 £501,367 £478 £3,310 £505,155
========= ======== ======== =========

Apart from a small proportion used for management and administration, all fixed assets are used in direct furtherance of the Charity’s objects.

21

THE CONGREGATION OF MARIE AUXILIATRICE CIO NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2023

11. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
2023 2022
£ £ £ £
Market Value at 1 January 8,679,770 9,364,464
Additions at cost 3,712,782 1,223,398
Disposals (at opening market value)
Proceeds (3,726,930) (1,117,556)
Gains by reference to opening market value 287,137 125,878
---------------------- ----------------------
(3,439,793) (991,678)
Net revaluation gains/(losses) 330,115 (916,414)
----------------------- -----------------------
Market Value at 31 December £9,282,874 £8,679,770
========== ==========
Cost at 31 December £7,309,321 £6,957,073
========== ==========
The investment portfolio consists of:
2023 2022
£ £
Government stocks 2,281,861 2,122,003
Equities 4,778,512 4,337,174
Unit trusts 2,078,686 1,946,872
Cash 143,815 273,721
----------------------- -----------------------
£9,282,874 £8,679,770
=========== ===========

All investments (other than cash) are quoted on a recognised UK Stock Exchange or are valued by reference to investments listed on a recognised Stock Exchange.

12. CREDITORS: Amounts falling due within one year

REDITORS: Amounts falling due within one year
2023 2022
£ £
Accruals and deferred income £35,840 £25,401
=========== ===========

The Congregation is entitled to the income arising from monies held on behalf of individual Sisters.

22

THE CONGREGATION OF MARIE AUXILIATRICE CIO NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

13. DESIGNATED FUNDS

a) The Trustees have designated funds out of the unrestricted funds for specific purposes as follows:

Fixed Assets Fund

In order to fulfil its charitable objectives, the Congregation needs a number of properties. These properties, although they are unrestricted assets, cannot be realised without undermining the Congregation's work and the Trustees therefore feel that it is appropriate to reflect the investment in properties and other fixed assets by means of a designated fund. Transfers equivalent to the deprecation charge plus or minus the addition to or disposals of fixed assets, are made in each year.

Retirement Fund

A fund has been designated to provide for the Charity’s commitment to provide for the retirement and care in old age and sickness of the Congregation’s members. The Trustees estimate that a fund of at least £300,000, increasing to £500,000 if residential or nursing care is required for each Sister; that is a fund in the region of £3.6m to £6m. This fund is represented entirely by investments not held for the Missionary Overseas Project. The Trustees will continue to monitor the level of reserves and reassess as appropriate during the forthcoming year.

Missionary Overseas Project Fund

In the light of its mission statement, the Congregation has established this fund to support its missionary work. The missions are considered to be an area of growth and possible expansion in the future. This is represented by investments held in a separate “Missionary Overseas Projects Fund”. Details of grants awarded are set out in Note 5.

Grants are made to help fund the work of the Congregation overseas. At present this concerns mainly our mission in Cameroon. The Congregation’s work in Cameroon began in 1967 and is now well established, it is represented in three cities, Bafoussam, Douala and Yaounde, and there are at present three communities and a novitiate. The Sisters are involved in pastoral work, teaching, organising catechetical groups, teaching/helping young offenders in a local prison and working with the poor. Some of our young African Sisters are studying and preparing for various professional activities in the future. The Communities in Cameroon have few financial resources of their own and therefore support from other areas of the Congregation is needed, for day to day living expenses as well as furthering the ministry of the Congregation. Each year the Sisters draw up a provisional budget identifying their projected needs for living expenses and projects, these are forwarded to the General Leadership Team and Trustees for approval. Funds are then released from the M O P fund twice yearly.

23

THE CONGREGATION OF MARIE AUXILIATRICE CIO NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

13. DESIGNATED FUNDS (continued)

b) Analysis of Movements

Movements - Current Year Balance Net Income Balance at
1 January and 31 December
2023 Gains/(losses) Transfers 2023
£ £ £ £
Fixed Asset Fund 505,155 (18,251) - 486,904
Retirement Fund 5,493,960 400,759 - 5,894,719
Missionary Overseas Project Fund 2,539,228 204,754 - 2,743,982
---------------------- --------------------- ---------------------- ----------------------
£8,538,343 £587,262 £- £9,125,605
=========== =========== =========== ===========
Balance Net Income Balance at
Movements – Prior Year
1 January and 31 December
2022 Gains/(losses) Transfers 2022
£ £ £ £
Fixed Asset Fund 523,695 (18,540) - 505,155
Retirement Fund 6,000,000 (597,209) 91,169 5,493,960
Missionary Overseas Project Fund 2,734,629 (215,401) 20,000 2,539,228
---------------------- --------------------- ---------------------- ----------------------
£9,258,324 £(831,150) £111,169 £8,538,343
=========== =========== =========== ===========

24

THE CONGREGATION OF MARIE AUXILIATRICE CIO NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Designated Fund
Missionary
Fixed Overseas
General Assets Retirement Project
Fund Fund Fund Fund Total
£ £ £ £ £
Fund Balances at 31 December 2023
are represented by:
Tangible fixed assets - 486,904 - - 486,904
Investments 695,320 - 5,894,719 2,692,835 9,282,874
Current assets 175,765 - - 55,947 231,712
Current liabilities (31,040) - - (4,800) (35,840)
--------------------- --------------------- --------------------- --------------------- ---------------------
£840,045 £486,904 £5,894,719 £2,743,982 £9,965,650
========== ========== =========== =========== ============
Designated Fund
Missionary
Fixed Overseas
General Assets Retirement Project
Fund Fund Fund Fund Total
£ £ £ £ £
Fund Balances at 31 December 2022
are represented by:
Tangible fixed assets - 505,155 - - 505,155
Investments 695,319 - 5,493,960 2,490,491 8,679,770
Current assets 113,069 - - 53,169 166,238
Current liabilities (20,969) - - (4,432) (25,401)
--------------------- --------------------- --------------------- --------------------- ---------------------
£787,419 £505,155 £5,493,960 £2,539,228 £9,325,762
========== ========== =========== =========== ============

15. RELATED PARTY TRANSACTIONS

Sisters of Marie Auxiliatrice Property Holding Company Limited by Guarantee

Sr. Mary Frawley and Sr. Eileen Cartin are also directors of Sisters of Marie Auxiliatrice Property Holding Company Limited by Guarantee (Irish registered Company Reg No:- 602180).

The Congregation of Marie Auxiliatrice- Ireland

Sr. Mary Frawley Sr. Eileen Cartin, Sr. Nathalie Djuichou and Sr. Ann Swords are trustees of The Congregation of Marie Auxiliatrice- Ireland (Irish Registered Charity, RCN No- 20006785).

There were no related party transactions during 2023 (2022- Nil).

25

16. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the Trustees on 8[th] August 2024.

26