The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO Annual Report and Accounts 31 December 2023 Charty Regi¥tration NumtrRr 1165125
Contents Reports Referenee and administrative details of the charity, ils Tiuslees and advisers Report of the Trusteés Independent examinarfs r&port Accounts Statement of fInarla1 actNities 12 Balance Sheet 13 Statement of cash flows 14 Principal &counlin9 poli¢ie$ 15 Notes lo the accounts 19 The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO
Reference and administratlve detail$ of the charity, its trustees and advisers Trustees Sister Pauline van der Walt Sister Eileen Airey Mrs Barbara Peckham lappoinled 15 February 20231 Sister Margaret Muldeon (resigned 26 May 20231 Roglstered Office CIO Daughter5 of Charty of Sl Vincent de Paul Provincial House The Ridgeway London NW71RE CongregatSonal Prioress Sister Pauline van der Wa Telephone 020 8959 2257 e-mall la-ma oakfordo Charity Reglstratlon Number 1165125 Independent examiner Peter Mackereth Buzzacott LLP 130 Wood Street London EC2V6DL Banko HSBC Bank plc 99 High Street Chelmsford Essex CM1 1EQ Solicitors Stone King LLP 91 Charterhouse Street London ECIM 6HR Investment managers Sarasin & Partners Juxon House 100 Sl Paul's Churchyard London EC4M 8BU The Dominlcan Congregation of Saint Cathwine of Siena of Oakford, Natal CIO 1
Report of the Trustees Year to 31 December 2023 The Annual Report of the Trustees lo 31 December 2023 is presented together with the ounts of The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO (the Charity or the CIOI for the year 31 December2023. These accounts have been prepared in a¢cordance with the accounting policies set QLrt on pages 15 to 18 and Comply with applicable laws, required kcounting and Reporting by Charities.. Statement Of Recommended Pracliee applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102}. Introductlon The Dominican Congregatn of Saint Catherine of Siena of Oaklord, Natal CIO 15 Charitable Incorporated Organisation ICIOI registered with the Ch8rity Commission and govemed by a constitution dated 11 January 2016. Prlnclpal activities. aim$ and objectives The CIO was sel up to continue the work of The Dominican Sisters of the Congregation tsf Saint Catherine of Siena of Oakford. English Area, and the charity's Constitution states rts objective lo be the "advanc8menl of the Roman cathol relADn through Ihe religious and other charilable wort( of the CongregafKKP 8S tha Twslees with Ihe spproval of Ihg Congregation81 Pri0SS shall from lin7e-l&tsme thAKtk fil.. The charity aims lo support the Sisters and chariiable services Carried out by the Sisterslmembers of the Congregation and lo continue lo care for those nEmbers belonging lo the Congregation thfoughoul their lives, and particularly those remaining in England. The Trustees confimi that they have complied with the statutory duty lo have due regard to the public benefit guidance published by the Charty Commission in delemiining the activities unéertaken by the charity. In partUlar, the Trustees consider how planned actwilies will ¢onlribute lothe aims and objetlives detemiined for the work of the CIO. All our Sisters from the UK have now retired from paid ministry, but their stipends and pensions are donaed to the charity under Grfi Aid or Deed of Covenant. Tru5toes and service of the CIO The CIO no longer owns propety of its own. so it became important lo find a centfal spar where the Trustees could gather for rreetings. Thanks to th8 generosty of Fr VirKent Brady of the Sl Luke's Parish in Pinner where our Sisters had INed and worked, we have found a Spa to meet. We extend our grali(ude lo Fr Brady for welcoming us. Review of the year. actlvities and perfomanca In accordance with the Charty's objective. advancement of the Roman Catholic religion through the religious and other charitable Yrfork of the Congregation the Trustees focused on three aspects." Supporting the care of our Sister in retirement in England and Si51er5 in South Africa., promoting the Roman Catholic faith.. and the charf(able works of the Sisters in South Africa. Our remaining Oakford Sister in England fin¢Js it almost impossible to grasp that she is the 18St member of the Congregation in this country. She lived in MMUrbty and ministered for over 30 years in Pinner She often asks the Sisters in Leadership what prevents her from being Ifansferred to another wunlry where there are more Oakford Sisters. How8ver, she quKkly answers her own question. .1 guess l am too old at 9110 go anywheTr no. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 2
Report of the Trustees Year to 31 December 2023 Revlew of the year, activltlos and performance Iconlinuedl Even though Sister receives regular letters, le18phone calls and SitS from friends and fom)trr parishioners she still longs for contact with her religious community. The three retired Sisters from England continue to seNe as volunteers in South Africa Two of them assist people seeking spiritual accompaniment and ongoing faith formation on their lrfe's journey. Sisters Carol Mouat and Prudence Cc¥)per brought valuable training, experience and expertise from life and ministry in England. They share this wrth the folks at St Dominic's Retreat Centre in Durban, seeking Spa and time with God. Our Sisters are available online for 'listening' and l or spiritual accompaniment as some in¢jivualS find il hugely beneficial, not having lo come in person to St Dominic's. (L to R) 'Lucy' ond Sr Carol slk7ring. listenlng and in dlalogue, about the Splrft's prnsence In lilg. Sr Prudence was once again invrted to the MSLA institution Imalhs, len, & Leadership Academy) in Kimberley, this year, where Young Adults improve their grades and hcpe lo be invited into an estsblished business. possibly to continue studying and be employed by the company. Sr Prudence Cooperand Lèarnérs at MSLA The Domini¢an Congregation of Saint Catherine of Siena of Oakford, Natal CIO 3
Report of the Trustees Year to 31 December 2023 Review of the year. a¢tiviti&s and perfomiance Icontinuedl Sister Pru's brf is to engage the young peop in discerning their grft$ and God's specific call lo them in seNing the people of South Africa. especially in their l¢¢al communities if al all possible. Lighting the Candle as a symbol of the knghl of God's Spirit alivo in each one on the journey of their lives. Our third retiree from the UK, Sister Bemadette Hudey, has more recently been in serviGe in our Retirement end Care Home in South Afri&i as a volunteer companion and assistant to our senior Sisters. Due lo new Administration of the Home, and related changes, Sister Bernie is being asked lo take her home-lèave earfy this year and specifically to spend lime with Sister Sarah while visrting her family, The Gatherlng of the Sisters In SA After the Congregational Chapter of 2022, the Sisters in the South African Area had IhoirArea Assembly and a1139 Sisters of the A3 mel in the Retirement & Care Home. They revwed the dectsions ol the Chapter and future-next-sleps in the Congregation, considering the diminishing numbers and capacity. Everyone was present in the same space and was ab lo engage with the topic5 of "Partneh1PS. and 'G0veman" as an Area Communty, all together. There was great joy in 'Gathering' as Oakford Sisters in the Retirement & Care Homo. Dominlcan Spirituality Programme A Dominican Spirituality weekend was organized by the Sisters, grappling with and tying to understand the Dominican charism of Compassion, Dignity and Respect ol eh Petson in the current South African context in particular. The Dominican motto of Tmth is gre811y needed in our country & global context at this time. Ongoing fommtion for Leadership The Trustees have approved the continued funding for ongoing development for Leadership. The Sisters shared wha they've learned in the communities, and like a ripple effect the Sisters in turn shared the same in their places of living and ministry. safGuardIng training onlinè & in petson The Trustees have attended training online, joining certain programmes prowded by Stone King & Religious Life Safeguarding Services The Dominican Congregation of Saint Catherine ol Siena of Oakford, Natal CIO 4
Report of the Trustees Year to 31 December 2023 Revlgw of the year, actlvltlo$ and performance {conlinuedl rrustees met with Consultants Financial matters and auditing proceedings ofthe Charity were discussed with experts lo hdp the Congregation remain compliant with wles and regulations, and to try to Work. the investments we have. Time was taken to review the invesbnenl policy and do a risk assessment with knowledgeable professn818. Fundlng for SolarPanels. Inverters and Batt•nf•s The Trustees recognized the challenges experienced by the Sisters in South Africa, with thr not being able to rely on the Stale-owned power supply for daity needs and ministry outreach. They were unanimous in their decision lo purchase equipment to provide allernalive solarand battery power. What a dIffenCe this has madè lo the Iwes of OUT Sistersl Future plans The Trustees will continue lo promote and work with the Objects and Aims ofthe CIO in caring for the aging members, the 8dvan¢ement of the Roman Catholic religion and other charitable work of the Congregation Iconslilulions of the CIO 1165125 no 3 page 21. The diminishing numbers and age profile ofthe members oflhe Congregation. suggest that larger projects are not likely to be attempted. Each member will continue lo give herself and live the Gospel Values in ways which invite and encourage others lo do the Same. The resources will be monitored lo ensure that the assets, materkgl and spirrtual will be forthe benefrt of those being eared for in their senior years. The Trustees acknowledge with deep gr81iludg to the Provincial Leadership of the Daughters of Charity of St Vincent de Paul, of the 8rf(ish Province for providing support and guidance from their own experience and expertise. The financi81 expertise and administrative support of their personnel has been invaluable lo the CIO and it5 Trustees. We thank the Congregation of the Bushey Dominican Con9regation ftx the serVe Sister Eileen graciousty provides as a Trustee. Our first non 'Religious Sister,, has accepted and been appointed as a Trustee. and is committed lo the Charity. Our $pe¢ial 'Friends of the Charity, are alwayswilling lo support the tiny rèmnant of our Oakford Sisters in the Stvincent's Nursing Home, in England and those who visit her regularly are super amazingl Thank you lo each of you. Wrthout all the above-named persons, and so many others, we would not have been able lo care for our Sislerls as w8 have done. We thank you and promise you, our prayerful support. The DominieAn Congregation of Saint Catherine of SEna of Oakford, Naal CIO 5
Report of the Trustees Year to 31 December 2023 Flnancial revlew for the year Results for the year The lolal income for the year was £128.042 {2022 £110.9121, resuf(ing in an increase of 15.4°h year on year. During the year, the charty incurred expendrture of £102,579 (2022 £130.986}. This represents a drease of 21.7Vv. The majority of the expenditure relates lo the costs of providing care for the elderly Sisters in the UK which amounted lo £78.19612022 - £71,914}. The number of Sisters in the English Area has diminished drastically and during the yeartherè was only one Sister remaining. The charty no longer operates any instfculions and there is very lrttle earned income. The Sisters volunteering in South Africa also donate their pensions to the charity 10 sUPPOrt those dependent on the charty in the UK. Net Income for the year was £25,463 {2022 Nel expendrtUTe £20,074) after inveslm8nt gains of £132,026, resulting in the nel movemenl in hjnds for the year lo £157,48912022 negative £407,041). This result indicates that the perfomance mved from prior year losses to current year gains. Invèstmentpollcy ondperfomwnce The investments of the Charity are managed by Sarasin & Partners LLP. The trustees meet annual wrth Sara5in & Partners lo ensure the funds are managed in accordance wilh the ethical and religious principles of Ihe Congregation. The aim of the portlolio is to enhan the Capital value over the longer-lerm whilst gen¢raling sufficient income lo support the ongoing activities of the Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO. The Iruslees have invested in the Sarasin Climate Active Endowment CAI fund. The policy of this fvnd will avoid inv8Stments in tobacco, and restrict investments in ams. gambling, alcohol, pornography, thermal coal and tar sands. Al the end of the year 31 December 2023 the chsrity had inv8Stmenls lolalling £2.67 million 12022- £2.54 millionl. These investments generated an income reluin of 2.790k 12022 2.429/01. The investment increased in value and the capiial yield for Ihe yearwas 5.21Yo12022- decrease 13.24%). The Iruslees are satisfied that the investment managers were able to Successful slabilised the portfolio, by adjusting the strategies to one of fulty global equty allocation. This provided portfolio access lo a widei and more diversified investment universally, which has enhanced Teturn and redu¢8 associated volalilily. Resp$ pollcy and financlal posftion At the end of 2023, the lolal assets of the charty weTe £3.7 million 12022 - £3.6 million) Funds of £1 million12022 - £1 million) have been designated lo provide support for Ihe okler members of the Area. The Oakford sharing fund stood at £527,167 (2022 - £537.3721 and is held primarily to finance Sisters from outside of the UK during visf(s lo England for such matters as formation and sabbaticals. The remaining designated funds comprise £2 milliu) 12022 - £1.8 million) lo support the Congregabon's overseas mrssions. The Dominic8n Congregation of Saint Catherine of Siena of oakfd, Natal CIO 6
Report of the Trustees Year to 31 December 2023 Financial roview for the year Icontinuedl R45erves pollcy and )Inancial posttlon (continued) The general lunds of the charty stood at £260,686 at 31 December 202312022- £292,992). This is signrficanlly higher than the trustees, policy which is lo hold around the equivalent of one year of recurring expenditure as free reserves. 11 Is 8nticipaled that deficits will occur in the next few years due to the in¢reased c08ts of maintaining elderty Sisters and a re- assessment of financial needs is being undertaken which msy resul in additional amounts being withdrawn from Ilesignated funds. Details of the funds and their composition are set out in the notes to the accounts. Governance, structure and management Gov•manee According to Church Law, the Congregation is governed at an intemalional level by the congregatal Prioress and her Congregational Leadership Te8m of four Councillors with the Generalate l Headquarters in Johannesburg. South Africa. The leadership team is elected every six years at the Generavcongregalional Chapter by repre5enlatNes of the four geographic AaS of the Congregation. One of the Couneillors is responsible for the Sister in England; the other three Councillors each h8ve responsibilty for the Sisters in Germany, South Africa and the USA respgclivgly. Sister Paul&Mary recruits Trustees by approaching those who she thinks would suf( the role and asks them to join a meeting wrth the current Trustees. If all Trustees are happy with the candidate. they wll be invited lo join th8 Trustee body. Al the beginning of 2023, Sr Margaret Muldoon, one ofourTruslees resned. Her experience and service had been invaluable, and we a grateful for her wisdom 8nd generosrty for the pa51 six years. After seeking another candidate lo serve as a Trustee, and discussing the matter with the other Tnjstee, it was agreed lo appoint Mrs B. Peckham as a new Trustee. We appreciate her availability lo serve on and Gommf( to the Charity. In Ihe fi1 half of the year, the Twstee$ were unable to travel overseas due to certain limrtalions and other r8sponsibililies. meelings were held on Zoom and the Trustees were then able to meet in person in Septembei. The Trustees maintained a record of full attendance al every meeting throughout the year. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 7
Report of the Trustees Year to 31 December 2023 Govèrnance, structure and management (continued) Governance (conlinugd) Trustees of the Cio of Ihe Dominican CongregaliorF of Sl Catherine of Siena Oakft)rd, Natal. ia (L to R) Sr Paula-M8ry van der Wall OP, Mrs B. Peckham & Sr Eileen Air8y OP. rru$tges' re5ponslblllties ststwnent The Trustees are spOnsible for preparing the report of the Trustees and accounts in accordance with applicable law and United Kingdom Accounting Standards Iunrted Kingdom Generally Accepted Accounting Praelicel. The law applicable to charities in England and Wales requires the Trustees to preparo accoLsnts for each financial period which give a true and fair view of the slate of affalrs of the charity and of the income and expenditure of the chafily for that period. In preparing these accounts, the Trustees are requir8d to.. • select suitable accounting polic$ and then apply them consi$tentty', observe the method$ and principles in Accounting and Reporting by Chorrtie$'. Slalemenl of R0MMended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021., make judgements and estimates that are reasonable and prudent., stale whether applicable United Kingdom Accounting Standards have been folbwed, subject lo any material departures disclosed and explained in the acGounl$-, and prepare the accounts on the going concem basis unless it is inapproprkate to presume that thè charty will continue in operation. The Dominican Congregation of Saint Catherine of Siena of Oakford, Nat81 CIO
Report of the Trustees Year to 31 December 2023 Governance, structure and management Icontinuedl Trus¢g9s' responsibilitles statement (¢onlinuedJ The Trustees are responstle for keeping proper aG¢ounling records that disclose wiéh reasonable accuracy at any lime the financial posrtion of the charity and enable them lo ensure that the accounts comply with the Charrties Act 2011. applicab Charty (Accounts and Reports) Regulations and the provisions of the charity's constitution. They are also responsible for safeguarding the assels ol the charity and hence for taking rea$onabl8 sl8PS for the Prevention and d818ction of fraud and olhei irregularrties. Structure and managementreportlng The Trustees afe ultimately responsible for the policies, activities and assets of the charity. They meet regularly to ieview developments in connection with the charty and its acltvities and make important deGisions. They seek the advice of the charity's professional advisers, including investment managers, cOuntants, property consultants and solicitors. Key managementpersonn•l The Trustees consider that Ihey comprise the key management of the Charity in charge of directing and wntrolling, running and operats.ng the charity on a day-ILHlay basis. No Trustees who served during the year received any remuneralK)n or reimbursenEnt of expenses in connection with their dub'es as Trustees or their work as key management. Publlc bgnefit The Trustees have had regard lo the guidance on public benefrt i8sued by the Charity Commissp)n. Rlsk management The Trustees undertake an annual review of the principal risks and uncertainties that the charity faces, calegorising th8 risks between those affecting the governance and rnanagemenl of the charity, operational ri$k$, finaneial risks, reputational risks 8nd those whh occur because of circumstances outside of the charty's control such as chang&s in government policy, laws and regulations. They regularty review the measures already in place, or needing to be put in place, lo establish policEs, systems and procedures to mitigate Ihose risks idenlrfied in the annual review and gnsure that action is tsken lo implem8nl hanges to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity shoukl those risks malerialise. The Trustees have identified five main aieas where risks may occur governance and management,. opwational,. financial,. reputatiDnal,' and regulatory. Governance and Management looks at the risk of the Congregation, and hence the charty, Slrffering from a lack of eership and capacity in the area of skills and tlaining, a lack of direction. and good creative use of rts resources. Opgrational looks at the risks inherent in the charTty's aclivrties includiro, for example, the members of the Congregation engaging In inappropriate activities. shortcomings in the SeeS provided, and poor health and safety. The Dominican Congregation of Saint Catherine of Siena of Oakford. Natal CIO
Roport of the Trustees Year to 31 Dember 2023 Governan¢•, structure and Managem Intinued) Risk m8nag•ment (continued) Flnanclal risks include those arising as a resum of global markets f8Ming. pw budgetsry contrd, inapproprial• snding, poor acclntIng arKI inapwoprlate investment policlas. R•putonI1 locs at rK)sslt4e damagg the Congrggation's. and h8nce the Char8, repul8ti0n. Rogul•tory thk8 at the effects ofgovemment pollcth, the consequences ofnon-corry)Ir8nc& Vth laws and regulations and risk ass8ssmenL Having assessed the rnaior risks to vshich the charity exposed. tho Tr[le8S believe thai by nv)nitoring reserve 19vgls. by ansun9 controls gxlst over key financial systems. and by examinlng the 0ratIOrkifr risks faced by the charty. they have eslabllshed effethve systsm5 to mitsgote those risks. The key risk for thè charity is described babw, slong Vdith the princ4pal ways ID whlth il is miÉigated'. + The charity's prinopal asset comprises listed investments, the value of whlch Is dependent on movements in UK and worfd stock markets. The inve51mgnts are managed by repulable Invesknenl managers who adheie to a poll agreed by the Trustee$. Thé investment stralegy is ass8ssed règularly lo onsvre it remains appropriate to the Charity's needs - both now and in the future. Given the current rnacroeconomic an(J ge¢)[M)Ical environm8nl. and in the aftem)ath of th8 Covid-19 pandèmic, the Trustees anlicipate that Ca11 values may flurJate in the coming years. Fundralslng pollcy The charrty aims to achieve best practice In the way in Wh it communicates with ¢JonoTS and other Supporters. It tskes eare wlh LK)Ih th8 tone of tts CommuninS and the accuracy of tts data to fflinimise the pressures on supporters. It applies best practice lo protsct supporters, data and never sells data, It rtever swaps d818 and ensures that communicati preferences can be ¢hwed al any time. The tharity do$s not employ the seN¢es of professional fundrais8rs. The charbty undertakes to 8¢t to and investigate any complaints regarding its fundraising aCtiVeS and lo leam from them and improve its service. The charity received no cornplaints al)ut its fundraisin9 activitiès in eithèr 2023 or 2072. Srgned on bBhalf of the TTUStees Trustee Barbara Peckham Approved by the Twstees on". 24 July 2024 The Dominican Congregalion of Saint Cathine of Si8na of Oakford. N8ts1 CIO 10
Indèpendent examinerfs report Year to 31 Decernber 2023 Independent examinerfs report to the Trustees ofTh¢ Domlnlcan Congregatlon of Salnt Catherine of Siena of Oakford, Natal CIO I report lo the Trustees on my examination of the accounts of The Dominican Congregalitrn of Saint calrIne of Siena of Oakfoid. Natal CIO Ilhe charity) for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the accounts in accordance wrth the requirements of the Charities Act 2011 I'lhe A¢t'l. I report in respect of my examination of the charity's accounts as carried out under section 145 of the Aci. In carying out my examination I have folbwed all the applicable Directions given by the Charity Commission under section 14515}(bl of the Act. Independent examiner's Statemont I have completed my examination. I confimi that no material matters have come lo my attention in connection wf(h the exarninalion giving me cause lo believe that in any material respectr. + accounting rordS were not kept in respect of the charty as required by seclitin 130 of the Acl: or • the accounts do not accord with those records," er the accounts do not wmply with the applicable requlremenls concerning the form and content ofaetounls set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a maller considered as part of an in(Sependent examination. I have no ConM$ and have come acfOSS no other rrollers in connection with the examination to Ihh attention should be drawn in this report in order to enable a proper understanding of the aonIS lo be reached. Peter Mackerelh. Chartered Accountant 8uzzacott LLP Chartered Aceountants 130 Wood Street London EC2V 6DL 30 July 2024 The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 11
Statement of fSnancial activities Year to 31 December 2023 2023 Total funds 2022 Total funds Notes Incom8: Donalit)ns Investment income and interest reCb Total Income 39,860 88,182 128.042 37,823 73.089 110,912 Expgndbtur•: Charitable activities Support of m8fflb&rs olthe Congregation an(1 thèir minisby Total exp*ndltur• 102,679 102,579 130,986 130,986 Net income l•xpendiiurel for the year before net investmènt 11088e$l galns 25,463 120,0741 Net invgStmÈnt galns1106se8) Net movèmènt In funds 132,026 157,489 1386,9671 1407,0411 Reconciliation of funds.. Total funds brought fotward al 1 January 2023 3.630,364 4.037,405 Total funds carried fOartY at 31 December 2023 3.787.853 3,630,364 All recognised gains and bsses are in¢luded in the abov8 slat8ment of financial aclivilies. All income and expenditure for the above two financial perh)d$ was unrestric1j. All Df the charity's actwitles derived from conlinuing operations during the above two fina[la1 periods. The Dominican Congregation of Saint Catherin? ol Siena of Oakford. Nat81 CIO 12
Balance sheèt 31 December 2023 20ZJ 2023 2022 Notes Flx•d assets Investments 2.668371 2.536237 CuN•nt •88ets Cash at bank and in 1.14W3 1.146A63 1.120.288 1.120,288 Llabllltlos Creditors: *noltsll1ng due vAiNn one yèar {2I8811 (26,181) Not curr•nt ass•ts Total n•t ao0•ts 1.119,5 3.787.8$3 1.094.127 3.830.364 RePrenI•d by. Tho fvnd8 of tho charlty Unr8strkted funds - Gènaral funds . Desigftat8d lunds 292,9¥2 3.337,372 3.630.364 3.527,167 3.787,853 Approved by the Tvustees and signed on thèir behalf by: Barbara Peckham Trustee Approved on: 24 July 2024 The Dominican Congregatton of Salnl Catherlng of Siena of (Mford, Natal CIO 13
Statement of cash flows Year to 31 December 2023 2023 2022 Notes Cash flows from operating actlvlt1. Ngt cash used in operating aGtiviti85 161,9991 192.6431 Cash tlows from Investlng a¢tl¥ltig9- Investment income re1Ve Interest e1Ved Net cash prOvId by {us8d In) Investlng actlvlUo$ 70,846 17,334 88,182 70,781 2,308 73,089 Change in c88h and eash ewlvalents In th? period 26,183 119,5541 Cash and ¢a8h equIVaftts at 1 January 2023 1,120,302 1,139,856 Cash and cash oquivalents at 31 December 2023 B 1,146A8S 1,120,302 Not•s to the 6tstem8nt of eash flows for thg ygar to 31 Doeember 2023 A Reconclllatlon of net mov•mgnt In fund$ to not cash us•d In opgratlng a¢tivTrtie 2023 2022 Net rnovem8nt in funds las per the •tst•mttnt ol fftnan¢ial activftl} Adlustrnents for.. (Gains) losses on listed invesbnents Inve5tsnent income receivable Intèrest receivable Decrease lincreasel in deblot5 Increase in cr6ditors Net cash used in op#ratlng a¢tSvltleB 157,489 1407,0411 1132,0261 70,7811 117.4011 386,967 170,7811 12.3081 4a0 120 192,8431 720 161,9991 B Anatysis of cash and cash èquivalonts 2023 2022 Cash 8l bank and in haThY Cash held by investrnent man8gws Total $h and cash equlvalents= 1,146N63 1,120,288 14 1.120,302 1,146A85 No separate reconciliation of nel debt has been prepared as there 15 no difference between the net Cash Idebtl of the Gharily and the above cash and cash equivalenl$. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 14
Prin¢lpal accounting policies 31 Deeember 2023 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation ol the accounts are laK8 out bel. Basls of PreratIOn These accounts have been prepared for the year to 31 December 2023 with comparative information given in respect Ic the yearto 31 December 2022. The charity was incorporated on 11 January 2016 in England and Vvales. The gddress of the administrative office of The Dominican Sisters of the Congregation of Saint Catherine of Siena of Oakford English Area is Provincial House, The Ridgeway, Mill Hill, London, NW7 1RE. The accounts have been prepared under the historical cost convention with r(ems recognised al cost or transaction value unless OtheiSe stated in the relevant accounting policies below or the notes Its these accounts. The accounts are presented in sterfing and are rounded to the nearest pound. The accounts have been prepared in accordance with AuntIng and Reporting by Charities.. Statement of Recommende(I Practice applicable to charities preparing their accounts in accordance with the Finartlal Reporting Standard applicable in the United Klngdom and Republic of Ireland (Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic ot Ireland {FRS 1021 and the Charf(ies Ad 2011 The charity conslilules a public benefrt entity as defined by FRS 102. Assessment of going concem The Trustees have ass8ssed whether the use of the going concern ossumplion is appropriate in preparing these accounts. The Trustees have made this assessment in respect lo a period of one year from the dale cl approval of these accounts. The Trustees acknowledge and recogntse the effect of the current macroeconomic and geopolitical environment and also the effect of the aftermath of the Covid.19 pandemic on society including the charity. Whilst they recognise that there may be some negative consequences such as fluctuations in the value of th& investment portfolio and reductions in related income. the Trustees are of the opinion that the charity will have sufficient resources lo meet its liabilities as they fall due. The Trustees of the charity have concluded that there are no material uncertainties related to events or ¢ondilions that may cast significant doubl on the ability of the ¢harily to continue as a going concem. th regard lo the year ending 31 December 2024, the most significant areas that may affect the carrying value of the assets held by the charty are the level of investment retum and the performance of the investment markets (please see the investment policy and the risk mana9emenl sections of the report of the Trustees for more infomialionl. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 15
Prin¢lpal accountlng policies 31 December 2023 Crttical accounting estimates and areas of Judgemont Preparation of the accounts requires the Trustees to make significant judgements and estimates. The items in the accounts where Ihesejudgements and e$llmates have been made include.. estimating the svze of the retirement reserve creed in order to provide for the continuing r2re of the members in their retirement and determining other de5ignalions', and assessing future income and expendilufe flows for th8 purpose of confimiing that the charity is a going concern. The Trustees have assessed the impact of the aftemh of the Covid-19 pandemic and the current macroeconomic and geopolitical environment on the charity's fLrture income and expendrture flows and on its financial posilion especial in the light of the perfomance of investments values (see assessment of going concern above). Income recognition InGome is recognised in the peri¢xI in which the charity has enlillement to the incorne, the aTrunt of income can be measured reliably and il is probable that the income will be re¢aved. Income comprises donations and investment income, and in the prior period, the surplus on the Sa of tangib18 frxed assets. Donations, including pension8 of individual religious received under Grfi Aid or d8ed of coven8nl, are recc*Jnised when the charity has confifmation of both the amount and settlement date_ In the event of donations pledged but not received, the amovnl is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a kvel of perfomiance before the charty is enti(led lo the funds, the income is deferred al not fecognised until either those condf(ions are fulty mel, or the fuifilmènl of those conditions 18 wholty within the control of the charity and il is probable th81 those conditions will b8 fulfilled in the reporting period. DivK1ends are recognised once the dividend has been declared 8nd notification has been reiVed of the dThiiderbd due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charrty.. this is normally upon nolifulion of the interest paid or payable by the bank. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 16
Princlpal accounllng pollcies 31 December 2023 Expondituro recognitlon Liabilrties are recognised as expenditure as S¢X)n as there is a legal or constructive obligatn committing the charity lo make a payment lo a third party, it is probable that a transfer of eGonomic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. All expenditure is aceounled for on an accruals basis. Eypendilure comprises direct costs and support costs. All expenses, including suppcxl costs. ale allocated or apportioned to the applicable expenditure headings. Expenditure on charitable activities includes all costs associated wfth furthering the Charitab Pufposes of the charity through the provision of its charitable activities. Sueh costs include costs in respect to the support of members of the Congregation and enabling their ministry, includiThJ governan costs. All expenditure is slated inclusive of irrecoverable VAT. Support and governance costs Support costs represent indired charrtable expenditure. In order lo tarry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of off9 services and equipment, and suitabl8 working environment. GOvernae costs Comprise the costs involving the public aecountsbilty of the charity and costs in respect lo ils compliance with regulation and good practice. All expenditure on sUPPOrt and governance is attributed directly to the charrtable activities of supporting members of the Congfegalion and enabling their ministry. Fixed asset investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as at the balance sheet dae using the cl(Ising quoted marf(et prite. The charty does not acquire pul options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatilty in equty markets and investment markets dueto wider economic condilK)ns, the attitude of investors lo investment risk, and changes in senlimenl concerning equrties and within parb'cular 58clors or s4Jb sectors. Realised gains lor losses) on investment assets are ealculaled as the diff8rence between disposal proceeds and their opening Carry1t value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and105se5 are calculated as the difference between the fair value at the year end and their carrying value al that dale. Realised and unrealised investment gains lor losses) are combined in the statement of linanual activities and are credited lor debited) in the year in which they arise. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 17
Princlpal accounting policies 31 December 2023 Debtor5 Debtors are recognised attheir settlement amounl, less any provision for non-recoverability. 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 maluriiy of less than Ihree months from the date of acquisition. Creditors Creditors are reeognised when there is an obligation at the balance sheet date as a resu of a past event, il is probable that a transfer of econom benefit will be required in seltlemenl, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised al the amount the charity anticipates it will pay to settle the d8bt. They have been disGounled lo the present value of the future cash payment where such discountin9 is material. Fund accountlng The funds of the charity comprise unrestricted funds available for use in furtherance of the charity's objectives at the discretion of the Trustees. Wrthin the lolal unrestricted funds are the designated funds - the rdirement fund. the Oakford sharing fund and the overs8as missions fund. Details of these funds 8re provided in note 9. Services provlded by members For the purpose of these accounts, no monetsry value has been placed on administrative and other services proved by members of the Congregation. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 18
Notes to the accounts 310ecember 2023 1 Donafjons 2023 Total funds 2022 Total fvnd5 Pènsions of individu81 rÈli9ious reiVed under deed ol covenant and gift aid 39,860 37,823 2 Investment income and Interest rfjceivable 2023 Total funds 2022 Total funds Ineom• from Ited investments Multi asset funds 70.781 70.781 70.781 70.781 Intsrest reeèiv•d Investment Interest Bank Inte$t 67 17,334 88.182 18 2,290 73,089 3 Support of mgmbers of the Congregation and their ministry 2023 Totsl funds 2022 Total funds Sisters, living and petsonal expense5 Nursing care and m8dical costs Educats"on, training and spiritual renewal Support costs Governance cost5 Inots 41 6,050 78,196 7,045 8.060 3,228 102.579 18,407 71.914 30,000 7,095 3,570 130,986 4 Governanee costs 2023 Total fund8 2022 Total funds Profession81188S 3.228 3,570 The Dominican Congregation of Saint Catherine of Siena of 08kford, Natal CIO 19
Notes to the accounts 310ernber 2023 5 Net (expgnditurel income for the year before net investment Ilossesl gains This is ststed after charging.. 2023 Total funds 2022 Total run(ts IrKlependent éxaminer's remunerab.on Independent examination Tax rnpliaNC seN15 3,228 2,400 1,170 3,570 3,228 6 Taxatkon The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO is a registered eharily and, therefore, 18 not liable to income lax Of capital gains lax on income derived from ils charitable actNf(ies, as it falLs wf(hin the various exemptions available to registered charities. 7 Investments 2023 2022 Ll8tgd investsnonts Fair Imarketl value at 1 January 2023 M8t unreali$gd investment gains Ilossesl Fair Imatketl value at 31 Decernbef 2023 ash held by inveslment m8nagors 1636.223 132,026 2,668,249 22 2.668.271 2,923,190 1386.71 2.536,223 14 2,536,237 Cost of listed invastments at 31 December 2023 2.669,858 2,669.858 Listed inve5tmen15 cornprised the following.. 2023 21Y22 Sarasin Climate Active Endowment Fund 2,66B,249 2.536,223 8 Creditors: amounts falling due withln one yèar 2023 2022 Accruals ArrK)unt adrninistered on behalf of a membèr of the Congregation 3,120 23,761 26,881 2.400 23.761 26,161 The Dominican Congregation of Saint Catherine of Siena of Oakford, Nal81 CIO 20
Notes to the accounts 31 De¢ember 2023 9 Dfjsignatod funds The income funds oflhe charity includethe following funds which comprise monies sel aside by Trustees for a partular purpose. At1 January 2023 Trnn8fvr8 At31 De¢embor 2023 N•t Income Retirement frrnd The Oakford sharing fund Overseas mi8sion$ furAY 1,000.000 537,372 1.800,000 3.337,372 1,000.01)O 527.167 2,000.1)fy) 3,527,167 110,2051 200.000 189,796 Tre were no transfers for ongoing formation during the year. Ati Janu8ry 2022 At31 Decembér 2022 Nel incon Transfs R8ts"r8rnènf fund The Oakford sharing lund Overseas missions fuJKI I,o(10,000 567.3T2 1,800,0 3,367,372 i.(n?,ooo 537,372 1,800.000 3,337,372 (30,OOQ) (30.OOQ) 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 Congwation's members. The Oalrford sharing fund This fund is intended for.. • Future housing needs of the Sisters of the Congregation in the UK letther within the UK or overseas) and South Africa,. Ongoing formation, sabbaticals and living expenses for the Oakford Dominican Sisters visiling the UK from other Areas of the CtsTraregalw', Use by the Congregatitin's Leadership when visiting and working with the Oakford Dominican Sisters in England. Overseas missions fund This fund comprises monies available lo support the Congregation's ¢)verseas missions. There is no time frame for expenditure from thi8 fund. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 21
Notes to the accounts 31 Dember 2023 10 Analy$ls of net assets between funds The fund balances are represented by the following assets and liabilities". Total net assets Dp$lgn#t8d funds G•neral lund8 Fund balanc•s at 31 December 2023 ropresonted by- Investmgnts Curiènt assets Current Iiabilitses Totsl not assets 2,668,271 882,657 23,7611 3,527,167 2.668,271 1,146A63 {26,8811 3,787,853 263,806 13,1201 260,686 Tolal n8t assets De8gnal8 funds Gene} runGIs Fund b818nc8S at 37 Dernber 2022 am repfftsented by.. Investments Cuffgnt assets Curtsnt li&lNh'tss Totalnetassets 2,536,231 S24.896 (23. 761) 3,337,372 2,536,237 1, 12Q.288 (26. 161) 3,630.364 295,392 (2.4(10) 292,992 The total unrealised gains {lossesl as al 31 Dember 2023 consli(u18 movements on revalu8tions and are as follows". 2023 2022 Total unTroli5•d Iloss•sTr galns included al)ove: On inygstsnents 11,6091 (133,6351 Roconciliation of movements In unrgall¥td galnG Unre8lised gains at 1 Janu8ry 2023 N8t gains Ilossesl arising cn revaluabon in the year Unrealised Ilossesl gains at 31 DeMtsr 2023 1133,63SI 253,332 132,026 {386,9671 11,6091 {133,6351 11 Staff costs and remuneratlon of Trust8es and key management personnel No Trustee received any remuneration or reimbursement of expenses in connection with their duties as Trustees12022- none). During the year, the total amount donated by the Trusle8s to the charity Was £nil12022 - £nil). During the year lo 31 December 2023 the charity employed no staff {2022 therefore incurred £nil stsff costs {2022 - £nill- none) and The Trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charty on a day lo day basis. Otherthan the iterr6 disclosed above, there have been no related paty transactions during the period. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natsl CIO 22
Notes to the accounts 31 December 2023 12 Ultimate control The charity, which is consliluted as a CIO, was controlled throughout the period by the Dominican Congregation of Saint Catherine of Siena Oakford, Natal by virtue oflhe fact that the Congregational Prioress appoints the Tfuslees. The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 23