**The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO** 

**Annual Report and Accounts** 

31 December 2025 

Charity Registration Number 1165125 



## **Contents** 

## **Reports** 

|**Reports**|**Reports**|
|---|---|
|Reference and administrative details of the||
|charity, its Trustees and advisers|1|
|Report of the Trustees|2|
|Independent examiner’s report|10|
|**Accounts**||
|Statement of financial activities|11|
|Balance sheet|12|
|Statement of cash flows|13|
|Principal accounting policies|14|
|Notes to the accounts|18|



The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO 



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

|**Trustees**|Sister Pauline van der Walt|
|---|---|
||Sister Eileen Airey|
||Mrs Barbara Peckham|
|**Registered Office**|C/O Daughters of Charity of St Vincent de Paul|
||Provincial House|
||The Ridgeway|
||Mill Hill|
||London|
||NW7 1RE|
|**Congregational Prioress**|Sister Pauline van der Walt|
|**Telephone**|020 8959 2257|
|**e-mail**|paula-mary@oakfordop.com|
|**Charity Registration Number**|1165125|
|**Independent examiner**|Peter Mackereth|
||Buzzacott Audit LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|HSBC Bank plc|
||99 High Street|
||Chelmsford|
||Essex|
||CM1 1EQ|
|**Solicitors**|Stone King LLP|
||91 Charterhouse Street|
||London|
||EC1M 6HR|
|**Investment managers**|Sarasin & Partners|
||Juxon House|
||100 St Paul’s Churchyard|
||London|
||EC4M 8BU|



The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **1** 



**Report of the Trustees** Year to 31 December 2025 

The Annual Report of the Trustees to 31 December 2025 is presented together with the accounts of The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO (the Charity or the CIO) for the year 31 December 2025. These accounts have been prepared in accordance with the accounting policies set out on pages 14 to 17 in compliance with applicable laws, required Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). 

## Introduction 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission and governed by a constitution dated 11 January 2016. 

## Principal activities, objectives and aims 

The Charity’s objective is stated as follows: 

_“advancement of the Roman Catholic religion through the religious and other charitable work of the Congregation, as the Trustees with the approval of the Congregational Prioress shall from time-to-time think fit”._ 

The Charity aims to support the Sisters and charitable services carried out by the Sisters of the Congregation, and to continue to care for those members belonging to the Congregation throughout their lives, particularly those remaining in England. 

Most of our Sisters are now retired and many are in Care Facilities in the countries where they resided.  However, in each of the countries where our Sisters are (England, Germany, South Africa and the US) they still engage with ministries which their health, abilities and capacity allow.   Therefore, much of their and our outreach currently is focussed on the elderly in Care Homes. 

The majority of our Members are retired from paid ministry, and those from UK donate their stipends and pensions to the charity under Gift Aid or Deed of Covenant.   Our retired Sisters in South Africa are supported by the Congregation and still involve themselves in ministries according to their health, abilities and capacity.  The same is true of our Sisters in US and Germany. 

## Trustees and service of the CIO 

Sisters Paula-Mary van der Walt, and Eileen Airey, together with Mrs Barbara Peckham continued to serve as Trustees of the CIO throughout the year.   Confirming that they have complied with the statutory duty to have due regard to the public benefit guidance published by the Charity Commission, in determining the funding of activities undertaken by the charity. In particular, the Trustees consider how planned activities will contribute to the aims and objectives determined for the work of the CIO. 

The Trustees avail themselves of workshops, webinars, and online sessions pertinent to the role and responsibilities of Trustees of Charities in the UK.   This is most beneficial to our own ongoing education, whenever possible.   We are grateful for these opportunities, provided by the Charity Commission, Stone King solicitors and the Conference of Religious. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **2** 



**Report of the Trustees** Year to 31 December 2025 

## **Review of the year, activities and performance** 

The Charity serves **everyone** seeking support, regardless of faith, creed, or colour.   The Sisters encourage and invite all people to grow in their faith, and they are always welcome to participate in religious services provided by the Pastors of different faith traditions in the Care Facilities, Hospice or Step-down facility.   The Sisters’ Roman Catholic services too are open for anyone who wishes to join. 

## **Leadership Training** 


This is an ongoing process for the Sisters in active ministry – younger and older.   Some Sisters join in-person ‘Team Training’ with Facilitators, using what they learn with the Sisters who in turn utilise the skills and processes learned, with 

the people in their ministries and beyond.   Some of the Sisters have joined Leadership training programmes in-person courses in their local contexts. Others joined internationally presented programmes online to assist with training in aspects of management, consulting, conflict resolution etc. 

## **Gathering of the Oakford Dominican Sisters:** _**Identity and Mission**_ 

The Trustees endorsed the Congregation's upcoming ‘Gathering’ focused on evaluating _Identity and Mission_ in the current time. The initiative was designed to analyse how the internal systems and structures in the Congregation had developed over time and needed to adapt. It provided valuable perspectives on the enduring Gospel values that shape responses to contemporary needs within the community and society. 

Participants discuss how changing circumstances affect their work and society and consider practical ways to manage these transitions. Then to explore ways to adapt structures for ongoing relevance and efficiency.   The Sisters were to consider possible support from others. 

## **Care of Seniors Sisters** 

The pastoral care provided to both the religious Sisters and lay residents in our care facilities is designed to foster mutual engagement and support among all residents. Many individuals residing in these facilities experience health challenges, including dementia, and may suffer from loneliness, particularly when family members have moved abroad. There is a significant need for meaning, purpose, and companionship among seniors in care homes. 

Our Sisters in care themselves contribute to various capacities based on their individual skills, preferences, and capacities and the interests of the residents. Their involvement includes activities such as music and singing, physical exercise, seasonal arts and crafts, games, social events, and opportunities to build friendships. Additionally, they facilitate religious activities and rituals, the sharing of life stories, promote attitudes of appreciation and gratitude for long lives, and engage in meaningful conversations about mortality and the afterlife, all tailored to meet the diverse needs of those in care. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **3** 



**Report of the Trustees** Year to 31 December 2025 

## **Education and Human Development** 


There is ongoing commitment to education and human development as is reflected in our own two schools and beyond, into realities where little formal education is available in the poorest areas of our people in South Africa. 


Then there is the support provided to learners at the Maths, Science and 

Leadership Academy (MSLA). This support focuses particularly on the human and spiritual formation of young people particularly from disadvantaged backgrounds. Efforts are made to secure external scholarships for some learners, enabling those with academic talent to pursue tertiary education. Additionally, there is a serious effort to encourage business companies to provide these young people with opportunities for learnerships and ongoing training. Such initiatives not only enhance their skills but also increase their chances of future employment. 

## **Faith and Parish Involvement** 

The Sisters remain dedicated to supporting parishioners across various parishes in South Africa, the USA, and Germany. Their commitment is demonstrated through a consistent presence in these communities, where they listen attentively and provide meaningful support during both everyday challenges and significant seasons in life's journey. 

The Sisters’ ministry also includes serving as Chaplains to the elderly and the sick, offering spiritual guidance and comfort to those in need.   Additionally, they play a vital role as Retreat Directors, facilitating opportunities for reflection and renewal. Their faith-driven service is a deeply appreciated, as they respond compassionately to the diverse needs of those they accompany on their spiritual paths. 

## **Compassionate Care in the Highlands of KwaZulu-Natal** 

In the highlands of KwaZulu-Natal, a community of our Sisters provides essential accompaniment and support to individuals during their recovery from surgery, debilitating and terminal illnesses.  The Sisters extend their care to those nearing the end of life, offering comfort by sitting with the dying, calming their fears, praying with and alongside them during in the patient’s final hours of life. 

## _**Social Work and Family Support**_ 

Our Sister social worker plays a vital role in supporting individuals who are un-documented and families experiencing financial hardship. She guides them through the process of accessing social grants, empowering them to obtain much-needed assistance. Additionally, her outreach within the local community focuses on educating families about the importance of compassionate acceptance and the shared responsibility to care for their loved ones who are in need, especially those bearing social stigmas of different conditions. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **4** 



**Report of the Trustees** Year to 31 December 2025 

## **Thank you all** 

We extend our sincere appreciation to everyone who has contributed to the Charity. The dedication of our Trustees, the continued support of our Friends, and the commitment shown by the Daughters of Charity have all played an essential role in enabling us to assist a significant number of individuals in need. 

## **Financial review for the year** 

## _**Results for the year**_ 

The total income for the year was £129,425 (2024 - £135,483), reflecting a 4.5% decline compared with the previous year. The main reason for this decrease is in investment income which fell by £7,121 on 2024. 

During the year, the charity incurred expenditure of £126,127 (2024 - £124,108). This represents a slight increase of 1.6%. The majority of expenditure relates to the costs of providing care for the elderly Sister in the UK, which rose to £88,878 (2024- £84,710), indicating a further increase in care-related cost. In addition, funding continued to be transferred this year to support the CIO’s workshop activities in South Africa. 

Over the years, the number of Sisters in the English Area has significantly declined, leaving only one Sister remaining. The charity no longer operates any institutions and there is very little earned income. The Sisters volunteering in South Africa also donate their pensions to the charity to support those dependent on the charity in the UK. 

Net income for the year was £3,298 (2024 - £11,375) after investment gains of £48,025 (2024 - £250,078) resulting in a net increase to funds for the year of £51,323 (2024 - £261,453). This result indicates lower gains recorded in the current period than in previous years. 

## _**Investment policy and performance**_ 

The Charity’s investments are managed by Sarasin & Partners LLP. The trustees meet annually with the firm to confirm that the portfolio continues to be managed in line with the ethical and religious principles of the Congregation. The aim of the portfolio is to enhance the capital value over the longer-term whilst generating sufficient income to support the ongoing activities of the Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO. 

The trustees have invested in the Sarasin Climate Active Endowment CAI fund. The policy of this fund will avoid investments in tobacco, and restrict investments in arms, gambling, alcohol, pornography, thermal coal and tar sands. 

At the end of the year 31 December 2025 the charity had investments valued at £2.97 million (2024 - £2.92 million). These investments generated an income return of 2.28% (2024 – 2.66%). The investment increased in value and the capital yield for the year was 1.65% (2024 - 9.37%). The trustees can take assurance from the fact that, despite the weaker market returns, the revised investment strategy has strengthened the portfolio’s resilience and positioned it for more stable long-term growth. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **5** 



**Report of the Trustees** Year to 31 December 2025 

## _**Reserves policy and financial position**_ 

At the end of 2025, the total assets of the charity were £4.1 million (2024 – £4.0 million). Funds of £1.0 million (2024 - £1.0 million) have been designated to provide support for the older members of the Area. The Oakford Sharing fund stood at £487,395 (2024 - £505,352) and is held primarily to finance Sisters from outside of the UK during visits to England for such matters as formation and sabbaticals. The remaining designated funds comprise £2.37 million (2024 - £2.30 million) to support the Congregation’s overseas missions. 

The general funds of the charity stood at £238,234 at 31 December 2025 (2024 – £243,954). This level remains significantly above the trustees’ policy of holding free reserves equivalent to approximately one year of recurring expenditure. It is anticipated that deficits will arise over the coming years due to the increasing costs associated with supporting elderly Sisters, and a reassessment of financial requirements is underway. This review may result in further withdrawals from designated funds to meet future needs.” 

Details of the funds and their composition are set out in the notes to the accounts. 

## **Governance, structure and management** 

## _**Governance**_ 

According to Church Law, the Congregation is governed at an international level by the Congregational Prioress and her Congregational Leadership Team of three Councillors with the Generalate / Headquarters in Johannesburg, South Africa. The leadership team is elected every six years at the General/Congregational Chapter by representatives of the four geographic Areas of the Congregation. One of the Councillors is responsible for the Sister in England; the other three Councillors each have responsibility for the Sisters in Germany, South Africa and the USA respectively. 

Sister Paula-Mary recruits Trustees by approaching those who she thinks would suit the role and asks them to join a meeting with the current Trustees. If all Trustees are happy with the candidate, they will be invited to join the Trustee body. 


_**Trustees** of the CIO of the Dominican Congregation of St Catherine of Siena Oakford, Natal. (L to R) Sr Paula-Mary van der Walt OP, Mrs B. Peckham & Sr Eileen Airey OP._ 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **6** 



**Report of the Trustees** Year to 31 December 2025 

## _**Trustees’ responsibilities statement**_ 

The Trustees are responsible for preparing the report of the Trustees and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the Trustees are required to: 

- ♦ select suitable accounting policies and then apply them consistently; 

- ♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); 

- ♦ make judgements and estimates that are reasonable and prudent; 

- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and 

- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## _**Structure and management reporting**_ 

The Trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments in connection with the charity and its activities and make important decisions. They seek the advice of the charity’s professional advisers, including investment managers, accountants, and solicitors. 

## _**Key management personnel**_ 

The Trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. 

No Trustee who served during the year received any remuneration or reimbursement of expenses in connection with their duties as Trustees or their work as key management. 

## _**Public benefit**_ 

The Trustees have had regard to the guidance on public benefit issued by the Charity Commission. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **7** 



**Report of the Trustees** Year to 31 December 2025 

## _**Risk management**_ 

The Trustees undertake an annual review of the principal risks and uncertainties that the charity faces, categorising the risks between those affecting the governance and management of the charity, operational risks, financial risks, reputational risks and those which occur because of circumstances outside of the charity's control such as changes in government policy, laws and regulations. They regularly review the measures already in place, or needing to be put in place, to establish policies, systems and procedures to mitigate those risks identified in the annual review and ensure that action is taken to implement changes to those policies, systems and procedures should they be needed to minimise or manage any potential impact on the charity should those risks materialise. 

The Trustees have identified five main areas where risks may occur: governance and management; operational; financial; reputational; and regulatory. 

**Governance and Management** looks at the risk of the Congregation, and hence the charity, suffering from a lack of membership and capacity in the area of skills and training, a lack of direction, and good creative use of its resources. 

**Operational** looks at the risks inherent in the charity’s activities including, for example, the members of the Congregation engaging in inappropriate activities, shortcomings in the services provided, and poor health and safety. 

**Financial** risks include those arising as a result of global markets falling, poor budgetary control, inappropriate spending, poor accounting and inappropriate investment policies. 

**Reputational** looks at possible damage to the Congregation’s, and hence the charity’s, reputation. 

**Regulatory** looks at the effects of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment. 

Having assessed the major risks to which the charity is exposed, the Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational risks faced by the charity, they have established effective systems to mitigate those risks. 

The key risk for the charity is described below, along with the principal ways in which it is mitigated: 

- ♦ The charity's principal asset comprises listed investments, the value of which is dependent on movements in the global stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the Trustees. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs – both now and in the future. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **8** 



## **Report of the Trustees** Year to 31 December 2025 

## _**Fundraising policy**_ 

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its 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 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.  The charity received no concerns regarding its fundraising activities in either 2025 or 2024. 

Barbara Peckham 


15 June 2026 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **9** 



## **Independent examiner’s report** Year to 31 December 2025 

## **Independent examiner’s report to the Trustees of The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO** 

I report to the Trustees on my examination of the accounts of The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO (the charity) for the year ended 31 December 2025. 

## **Responsibilities and basis of report** 

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner’s statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- ♦ accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

- ♦ the accounts do not accord with those records; or 

- ♦ the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

Peter Mackereth, Chartered Accountant Buzzacott Audit LLP Chartered Accountants 130 Wood Street London EC2V 6DL 

Date: 16 June 2026 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **10** 



**Statement of financial activities** Year to 31 December 2025 

|Notes|**2025**<br>**Total**<br>**funds**<br>**£**|2024<br>Total<br>funds<br>£|
|---|---|---|
|**Income:**<br>Donations<br>1<br>Investment income and interest receivable<br>2<br>**Total income**<br>**Expenditure:**<br>Charitable activities<br>Support of members of the Congregation and their ministry<br>3<br>**Total expenditure**<br>**Net income for the year before net investment gains**<br>5<br>Net investment gains<br>7<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward at 1 January<br>Total funds carried forward at 31 December|<br>**43,129**<br> <br>**86,296**|42,066<br>93,417|
||**129,425**|135,483|
||<br>**126,127**|124,108|
||**126,127**|124,108|
||<br>**3,298**<br>**48,025**|11,375<br>250,078|
||**51,323**<br>**4,049,306**|261,453<br>3,787,853|
||**4,100,629**|4,049,306|



All recognised gains and losses are included in the above statement of financial activities. 

All income and expenditure for the above two financial periods was unrestricted. 

All of the charity’s activities derived from continuing operations during the above two financial periods. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **11** 



**Balance sheet** 31 December 2025 

|Notes|**2025**<br>**£**|**2025**<br>**£**|2024<br>£|2024<br>£|
|---|---|---|---|---|
|**Fixed assets**<br>Investments<br>7<br>**Current assets**<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due<br>within one year<br>8<br>**Net current assets**<br>**Total net assets**<br>**Represented by:**<br>**The funds of the charity**<br>Unrestricted funds<br>. General funds<br>. Designated funds<br>9|**1,160,980**|**2,966,368**<br>**1,134,261**|1,157,359|2,918,348<br> <br>1,130,958|
||**(26,719)**||(26,401)||
||||||
|||**4,100,629**||4,049,306|
|||**238,234**<br>**3,862,395**||243,954<br>3,805,352|
|||**4,100,629**||4,049,306|



The financial statements on pages 11 to 22 were approved by the Trustees and signed on their behalf by: 

Barbara Peckham 

15 June 2026 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **12** 



## **Statement of cash flows** Year to 31 December 2025 

|Notes|<br>**2025**<br>**£**|2024<br>£|
|---|---|---|
|**Cash flows from operating activities:**<br>Net cash (used in) operating activities<br>A<br>**Cash flows from investing activities:**<br>Investment income received<br>Interest received<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the period**<br>**Cash and cash equivalents at 1 January 2025**<br>**Cash and cash equivalents at 31 December 2025**<br>B|<br>**(82,680)**|(82,522)|
||**66,390**<br>**19,906**|<br>70,876<br> <br>22,541|
||**86,296**|<br>93,417|
||**3,616**<br>**1,157,380**|<br>10,895<br> <br>1,146,485|
||<br>**1,160,996**|<br>1,157,380|



**Notes to the statement of cash flows for the year to 31 December 2025** 

## **A Reconciliation of net movement in funds to net cash used in operating activities** 

||**2025**<br>**£**|2024<br>£|
|---|---|---|
|**Net movement in funds (as per the statement of financial activities)**<br>**Adjustments for:**<br>(Gains) on listed investments<br>Investment income receivable<br>Interest receivable<br>Increase/(decrease) in creditors<br>**Net cash(used in) operating activities**|**51,323**<br>**(48,025)**<br>**(66,390)**<br>**(19,906)**<br>**318**|<br>261,453<br> <br>(250,078)<br> <br>(70,781)<br> <br>(22,636)<br>(480)|
||**(82,680)**|<br>(82,522)|



## **B Analysis of cash and cash equivalents** 

|**Analysis of cash and cash equivalents**|||
|---|---|---|
||**2025**<br>**£**|2024<br>£|
|Cash at bank and in hand <br>Cash held by investment managers<br>**Total cash and cash equivalents:**|**1,160,980**<br>**16**|1,157,359<br>21|
||**1,160,996**|1,157,380|



No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **13** 



**Principal accounting policies** 31 December 2025 

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. 

## **Basis of preparation** 

These accounts have been prepared for the year to 31 December 2025 with comparative information given in respect to the year to 31 December 2024. 

The charity was incorporated on 11 January 2016 in England and Wales. The address of the administrative office of The Dominican Sisters of the Congregation of Saint Catherine of Siena of Oakford is Provincial House, The Ridgeway, Mill Hill, London, NW7 1RE. 

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts are presented in sterling and are rounded to the nearest pound. 

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The charity constitutes a public benefit entity as defined by FRS 102. 

## **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 acknowledge and recognise the effect of the current macroeconomic and geopolitical environment on society including the charity. Whilst they recognise that there may be some negative consequences such as fluctuations in the value of the investment portfolio and reductions in related income, the Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.  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. 

With regard to the year ending 31 December 2026, the most significant areas that may affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (please see the investment policy and the risk management sections of the report of the Trustees for more information). 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **14** 



**Principal accounting policies** 31 December 2025 

## **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: 

- ♦ estimating the size of the retirement reserve created in order to provide for the continuing care of the members in their retirement and determining other designations; and 

- ♦ assessing future income and expenditure flows for the purpose of confirming that the charity is a going concern. 

The Trustees have assessed the current macroeconomic and geopolitical environment on the charity’s future income and expenditure flows and on its financial position especially in the light of the performance of investments values (see assessment of going concern above). 

## **Income recognition** 

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. 

Income comprises donations and investment income. 

Donations, including pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. 

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. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **15** 



**Principal accounting policies** 31 December 2025 

## **Expenditure recognition** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. 

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include costs in respect to the support of members of the Congregation and enabling their ministry, including governance costs. 

All expenditure is stated inclusive of irrecoverable VAT. 

## **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. 

Governance costs comprise the costs involving the public accountability of the charity and costs in respect to its compliance with regulation and good practice. 

All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Congregation 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 at their fair value as at the balance sheet date using the closing quoted market price. 

The charity does not acquire put options, derivatives or other complex financial instruments. 

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **16** 



**Principal accounting policies** 31 December 2025 

## **Debtors** 

Debtors are recognised at their settlement amount, 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 maturity of less than three months from the date of acquisition. 

## **Creditors** 

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. 

## **Fund accounting** 

The funds of the charity comprise unrestricted funds available for use in furtherance of the charity’s objectives at the discretion of the Trustees.  Within the total unrestricted funds are three designated funds – the retirement fund, the Oakford sharing fund and the overseas missions fund.  Details of these funds are provided in note 9. 

## **Services provided by members** 

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

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **17** 



**Notes to the accounts** 31 December 2025 

## **1 Donations** 

|**Donations**|||
|---|---|---|
||**2025**<br>**Total**<br>**funds**<br>**£**<br>**43,129**|2024<br>Total<br>funds<br>£|
|Pensions of individual religious received under deed of covenant and<br>gift aid||42,066|



## **2 Investment income and interest receivable** 

|**Investment income and interest receivable**|||
|---|---|---|
||**2025**<br>**Total**<br>**funds**<br>**£**|2024<br>Total<br>funds<br>£|
|**Income from listed investments**<br>. Multi asset funds<br>**Interest received**<br>. Investment Interest<br>. Bank interest|**66,315**<br>**75**<br>**19,906**|70,781<br>95<br>22,541|
||**86,296**|93,417|



## **3 Support of members of the Congregation and their ministry** 

|**Support of members of the Congregation and their ministry**|||
|---|---|---|
||**2025**<br>**Total**<br>**funds**<br>**£**|2024<br>Total<br>funds<br>£|
|Sisters' living and personal expenses<br>Nursing care and medical costs<br>Education, training and spiritual renewal<br>Support costs<br>Governance costs (note 4)|**7,702**<br>**88,878**<br>**16,310**<br>**10,075**<br>**3,162**|7,270<br>84,710<br>20,920<br>9,078<br>2,130|
||**126,127**|124,108|



## **4 Governance costs** 

|**Governance costs**|||
|---|---|---|
||**2025**<br>**Total**<br>**funds**<br>**£**|2024<br>Total<br>funds<br>£|
|Professional fees|**3,162**|2,130|



The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **18** 



**Notes to the accounts** 31 December 2025 

## **5 Net income for the year before net investment gains** 

This is stated after charging: 

||**2025**<br>**Total**<br>**funds**<br>**£**|2024<br>Total<br>funds<br>£<br>—<br>2,640<br>(510)<br>2,130|
|---|---|---|
|Independent examiner’s remuneration<br>. Independent examination -      2025<br>-<br>2024<br>-<br>2023|**2,958**<br>**204**<br>**—**||
||**3,162**||



## **6 Taxation** 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO is a registered charity and, therefore, is not liable to income tax or capital gains tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **7 Investments** 

|**Investments**|||
|---|---|---|
||**2025**<br>**£**|2024<br>£|
|**Listed investments**<br>Fair (market) value at 1 January<br>Net unrealised investment gains<br>Fair (market) value at 31 December<br>Cash held by investment managers<br>Cost of listed investments at 31 December|**2,918,327**<br>**48,025**|2,668,249<br>250,078|
||**2,966,352**<br>**16**|2,918,327<br>21|
||**2,966,368**|2,918,348|
||**2,664,860**|2,669,858|



Listed investments comprised the following: 

||**2025**<br>**£**|2024<br>£|
|---|---|---|
|Sarasin Climate Active Endowment Fund|**2,966,352**|2,918,327|



## **8 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2025**<br>**£**|2024<br>£|
|Accruals<br>Amount administered on behalf of a member of the Congregation|**2,958**<br>**23,761**|2,640<br>23,761|
||**26,719**|26,401|



The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **19** 



**Notes to the accounts** 31 December 2025 

## **9 Designated funds** 

The income funds of the charity include the following funds which comprise monies set aside by Trustees for a particular purpose. 

||**At 1**<br>**January**<br>**2025**<br>**£**|**Transfers**<br>**£**<br>**—**<br>**(17,957)**<br>**75,000**<br>**57,043**|**At 31**<br>**December**<br>**2025**<br>**£**|
|---|---|---|---|
|Retirement fund<br>The Oakford sharing fund<br>Overseas missions fund|**1,000,000**<br>**505,352**<br>**2,300,000**||**1,000,000**<br>**487,395**<br>**2,375,000**|
||**3,805,352**||**3,862,395**|



||_At 1_<br>_January_<br>_2024_<br>_£_|_Transfers_<br>_£_<br>_—_<br>_(21,815)_<br>_300,000_<br>_278,185_|_At 31_<br>_December_<br>_2024_<br>_£_|
|---|---|---|---|
|_Retirement fund_<br>_The Oakford sharing fund_<br>_Overseas missions fund_|_1,000,000_<br>_527,167_<br>_2,000,000_||_1,000,000_<br>_505,352_<br>_2,300,000_|
||_3,527,167_||_3,805,352_|



## _**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 Oakford sharing fund**_ 

This fund is intended for: 

- ♦ Future housing needs of the Sisters of the Congregation in the UK (either within the UK or overseas) and South Africa; 

- ♦ Ongoing formation, sabbaticals and living expenses for the Oakford Dominican Sisters visiting the UK from other Areas of the Congregation; 

- ♦ Use by the Congregation’s Leadership when visiting and working with the Oakford Dominican Sisters in England. 

## _**Overseas missions fund**_ 

This fund comprises monies available to support the Congregation’s overseas missions. There is no time frame for expenditure from this fund. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **20** 



**Notes to the accounts** 31 December 2025 

## **10 Analysis of net assets between funds** 

The fund balances are represented by the following assets and liabilities: 

||**Designated**<br>**funds**<br>**£**|**General**<br>**funds**<br>**£**|**Total**<br>**net**<br>**assets**<br>**£**|
|---|---|---|---|
|**Fund balances at 31 December 2025 are represented**<br>**by:**<br>Investments<br>Current assets<br>Current liabilities<br>**Total net assets**|<br>**2,966,368**<br>**919,788**<br>**(23,761)**|**—**<br>**241,192**<br>**(2,958) **|**2,966,368**<br> **1,160,980**<br>**(26,719)**|
||**3,862,395**|**238,234**|**4,100,629**|
||_Designated_<br>_funds_<br>_£_|_General_<br>_funds_<br>_£_|_Total_<br>_net_<br>_assets_<br>_£_|
|_Fund balances at 31 December 2024 are represented_<br>_by:_<br>_Investments_<br>_Current assets_<br>_Current liabilities_<br>_Total net assets_|_2,918,348_<br>_910,765_<br>_(23,761)_|<br>_—_<br> <br>_246,594_<br> <br>_(2,640)_|_2,918,348_<br>_1,157,359_<br>_(26,401)_|
||_3,805,352_|<br>_243,954_|_4,049,306_|



The total unrealised gains as at 31 December 2025 constitute movements on revaluations and are as follows: 

|and are as follows:|||
|---|---|---|
|**Total unrealised gains  included above:**<br>On investments<br>**Reconciliation of movements in unrealised gains**<br>Unrealised gains (losses) at 1 January<br>Net gains arising on revaluation in the year<br>Unrealisedgains(losses)at 31 December|**2025**<br>**£**|2024<br>£<br>248,469<br>(1,609)<br>250,078<br>248,469|
||**296,494**||
||**248,469**<br>**48,025**||
||**296,494**||



## **11 Staff costs and remuneration of Trustees and key management personnel** 

No Trustee received any remuneration or reimbursement of expenses in connection with their duties as Trustees (2024 – none). 

During the year, the total amount donated by the Trustees to the charity was £nil (2024 – £nil). 

The Trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. 

Other than the items disclosed above, there have been no related party transactions during the period. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **21** 



**Notes to the accounts** 

## **12 Ultimate control** 

The charity, which is constituted as a CIO, was controlled throughout the period by the Dominican Congregation of Saint Catherine of Siena Oakford, Natal by virtue of the fact that the Congregational Prioress appoints the Trustees. 

The Dominican Congregation of Saint Catherine of Siena of Oakford, Natal CIO **22**