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← Missionary Sisters Of Our Lady Of Africa CIO

2023-12-31-accounts

Charity registration number 1171062

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters)

Report and Accounts

31 December 2023

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Report and accounts Contents

Page
Trustees' report 1
Statement of trustees' responsibilities 6
Independent Auditor's Report 7
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the accounts 13

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Trustees report

Reference and administrative information

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

Trustees
Member
Leader in U.K.
Financial Administrator
Principal office
Website
Charity number
Accountants
Investment managers
Bankers
Solicitors		 Sister Marie McDonald
Sister Catherine Booth
Sister Daphne Alphonso
Sister Salvina Farrugia
Sister Marie-Alice Terrettaz
Sister Angela Kapitingana
Sister Marie McDonald
Mrs. Oreen Lobo
13 Montpelier Court
Montpelier Road
Ealing
London W5 2QN
www.msolafrica.org
1171062
Borucki & Co
42 Radnor Road
Harrow
Middlesex, HA1 1RZ
Fiducie Desjardins
1 Complexe Desjardins
C.P. 34, Succursale Desjardins
Montreal QC H5B1E4
Barclays Bank plc
53 The Broadway
Ealing
London W5 5JS
Vernor Miles & Noble
Hunters Solicitors
9 New Square
Lincoln’s Inn
London WC2A 3QN

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Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Trustees' report

DESCRIPTION

The Congregation of the Missionary Sisters of Our Lady of Africa CIO (the White Sisters) is an international Institute of Roman Catholic Religious Sisters. It was founded by Cardinal Charles Lavigerie in Algeria in 1869 and now has its international headquarters in Rome. The U.K. Region of the Institute, with which these accounts deal, is governed by the Institute’s own Constitutions and by the Constitution of the Charitable Incorporated Organisation Act of 2011. The CIO is registered with Charity Commission for England and Wales (No. 1171062).

On December 31st 2023, the total membership of the Institute was 412 Sisters. The British Region numbered 9 Sisters, of whom 8 were resident in England and 1 in Canada.

MISSION: PRINCIPAL AIMS AND OBJECTIVES

The aim of the Missionary Sisters of Our Lady of Africa CIO (also known as the White Sisters) is to support the religious and other charitable works carried on by the members of the Congregation. Since the Sisters themselves are the major asset of the Charity, one of the principal activities of the CIO is to provide for the Sisters’ welfare, so allowing them to work towards fulfilling its objectives.

The 8 Sisters resident in the U.K. have all previously worked for many years in Africa. The member of the U.K. Region who is presently in Canada is undertaking a course in Financial Management. The Sisters return to the U.K. because of age, ill health or to be responsible for the administration of the Charity.

The ministries of the Sisters of the Congregation in England are:

STRUCTURE, GOVERNANCE AND MANAGEMENT

For ecclesiastical purposes, the Congregation is governed at an international level by the Superior General and her Council in Rome. They are elected every 6 years at a meeting of representatives of all the provinces of the Congregation, known as a General Chapter.

Administratively, the Congregation is divided into 4 Entities; 1 in Europe, 1 in America and 2 in Africa. The Sisters in England are a unit which is part of the Europe Entity.

For legal purposes, the Charity in the U.K. is governed by the Institute’s own Constitutions and by the Constitution of the Charitable Incorporated Organisation Act of 2011 (CIO Registration No. 1171062).

The trustees of the CIO are members of the Congregation and therefore, as well as having a detailed knowledge of the work of the Charity and of its structure, they have an understanding and experience of the Sisters and their work. The Canonical leaders forU.K. nominate the trustees, in accordance with the Rules and Constitutions, together with any further directives that are made at the time of the General Chapter.

The names of the trustees who served during the year are set out as part of the reference and administrative details on page 1 of this annual report.

Trustees’ training

Sr. Marie McDonald, accompanied by the Financial Administrator, Mrs. Oreen Lobo, attended the meeting of the Provincial Bursars of England and Wales from 2nd – 4th October 2023.

Sr. Marie McDonald attended 1 zoom and 1 in person workshops on safeguarding during the year

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the CIO, while the day-to-day management of the Charity’s activities and the implementation of policies are delegated to the Leader who is the chair of the CIO. The trustees meet on a regular basis, to review developments with regard to the Charity and its activities and to make any important decisions. When necessary, the trustees seek advice and support from the Charity’s professional advisers. The British Region has one community of more active Sisters, which is located in Ealing, London. There are 5 Sisters in this community; the local leader is responsible for the needs and the care of the Sisters and she is one of the trustees. Of the 3 other Sisters in the Region, 1 lives independently and 2 are in a Care Home. Sisters of the community assure visits to the Sisters in the Care Home and the one who lives independently and report to the trustees on a regular basis, in order to detail matters relating to our members and to discuss any issues that may arise. The sisters also employ a lady who visits our sisters in the Care Home weekly and the sister living alone fortnightly.

2

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Trustees' report

Risk assessment

In line with the requirement for trustees to undertake a risk assessment exercise and report on this in their annual report, the trustees have looked at the risks that the Congregation currently faces in England and have reviewed the measures already in place, or which need to be put in place. Having assessed the major risks to which the Charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls over key financial systems, and by examining the operational and business risks faced by the Charity, they have established effective systems to mitigate those risks.

The Financial Administrator still works for three days a week, working from home one day a week, mostly on Tuesdays since January 2023.

GDPR (General Data Protection Regulation)

The Charity is in compliance with the regulations concerning Data Protection and a privacy policy is in place.

PUBLIC BENEFIT

The trustees have consulted the guidance made available by the Charity Commission for England and Wales on the Public Benefit requirement of the Charities Act 2011.

The trustees are confident that they have complied with their duty under Part 1, Section 4 of the Charities Act 2011, in that they have had due regard to public benefit guidance published by the Commission.

In furtherance of the CIO’s charitable purposes for the public benefit, the trustees give details of their activities in the following paragraphs.

OBJECTIVES AND ACTIVITIES

As stated above, under the heading “Mission”, the activities of the Charity can be divided into 4 principal areas:

1. Care of the elderly or sick members of the Congregation (Care of aged members)

Since all members of the Congregation have a life commitment to work for the spiritual and human development of the peoples of Africa, every Sister has spent a significant number of years on mission in Africa.

The Charity has never been responsible for running Institutes in Britain, but there has always been a small number of Sisters who were resident in the U.K. for a period of service in the administration which supports our works in Africa, or to help our student Sisters with studies in English, to prepare them to work in English-speaking areas of Africa. The policy of the Congregation is that Sisters return from Africa around the time that they are 75 years of age, so that they might re-adjust to their own culture and still be able to be of service as far as possible. Most of our members have now returned to the U.K. The age profile of the Sisters of the British Region on December 31st, 2023 is as follows:

61 – 65 years = 1(who is following studies in Canada); 76 - 85 years = 6; 86 - 95 years = 2

Through their religious vows, none of the Sisters have resources of their own and all of them have devoted their whole lives to the care of the poor and needy and to the development of African people. The Congregation has an obligation under Canon Law, and the CIO has a moral obligation, to provide for the welfare of their members throughout their lives.

There are presently no members under the age of retirement resident in the British Region, and as the age profile of the Congregation increases, so too does the need to provide daily personal care for the Sisters, and in some cases, specialist care. At present, 2 Sisters are in a Care Home in Brentford, run by Sisters of another Roman Catholic Religious Institute. The Charity does not run its own Home for elderly and sick Sisters, as it does not have the personnel to run it and it would not be economically viable to do so given its small number. 1 Sister is living independently in West Ealing.

The cost of care is becoming increasingly expensive, and over the next decade, the trustees expect the number of Sisters requiring care to increase. As a consequence, the trustees continue to give careful consideration to the impact of ageing on the work of individual members of the Congregation and also to the ensuing financial implications.

In this area, the aim of the trustees is to ensure that all members of the Congregation receive the level of care they require.

2. Support of our missionary work in Africa (Promotional magazine and donation to missions)

The Charity’s free newsletter helps to make known the work of the Congregation in Africa. It is produced twice a year and has a readership of approximately 586, which extends beyond the U.K. mainly to Malta, the home country of some of our Sisters who live in the U.K. One Sister and one employee are involved in the preparation of articles and photographs for the newsletter, answering letters from readers and acknowledging donations.

Through our Restrictive donations we support the MEDAILLE trust in its care for the victims of Human Trafficking and other Charities.

In this regard, the aims of the trustees include:

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Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Trustees' report

3. Hospitality Community

The community in Ealing welcomes Sisters from other Regions who come to the U.K. to learn English or to improve their spoken English, or Sisters who are following specialised courses. These studies enable the Sisters to be more effective for the mission in English-speaking Africa or in the English-speaking administration of the Congregation.

In maintaining this hospitality, the aim of the trustees is to enable all members of the Congregation to be effective in their individual ministries for as long as possible, especially in Africa.

4. Social and pastoral work (Upkeep of communities)

Despite their advancing age and often fragile health, many of the members of the Congregation who are now resident in the U.K. are usually involved in various forms of social or pastoral work. This work is done on a voluntary basis, often networking with other groups, such as OXFAM, Emmaus Centre for the homeless and the Chaplaincy in Ealing Hospital. It also included visits to housebound sick and elderly people, promotion of mission awareness for Africa and pastoral outreach.

The following are examples of the social and pastoral work which would otherwise be undertaken by our Sisters in 2023:-

*•Justice, Peace and Integrity of Creation activities with other Congregations and in the parish group: All those who, according to their abilities, can take part in lobbying, etc. - 4 Sisters

*Mission awareness: Newsletter: editing of articles - 1 Sister

TRUSTEES' INVESTMENT AND OTHER POWERS

The trustees have the power to invest any money forming part of the CIO fund and to apply income and capital for the charitable purposes of the CIO in England and elsewhere. They may purchase property, sell land and property, pay for the upkeep of land and property held by the CIO. They may also borrow money for any of the foregoing purposes and accept donations.

POLICIES RELEVANT TO OUR ACTIVITIES Protection of Children and Vulnerable Adults:

Along with other Catholic organisations which serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the Charity serves. All Sisters who are in contact with the vulnerable in England have obtained clearance from the Disclosure and Barring Service. The trustees are committed to implementing all the policies and procedures of the Catholic Safeguarding Standards Agency (CSSA) and Religious Life Safeguarding Service (RLSS), of which the Charity is a member.

INVESTMENT POLICY

The investment portfolio of Missionary Sisters of Our Lady of Africa CIO is overseen by the Fiducie Desjardins, which has its office in Montreal, Canada. This enterprise is the Global Custodian of all the investment portfolios of the Missionary Sisters of Our Lady of Africa.

The aim is to carefully follow the evolution of the rather volatile Stock Exchange in the present economic situation, ensuring that the different asset managers comply with the Investment policy of the Congregation, and have a clear quarterly reporting of the performances and risks. The trustees are assured that Desjardins operates within the specific guidelines and ethical criteria set by the trustees, and these are reviewed periodically.

ACHIEVEMENTS AND PERFORMANCE

The main achievements during the year in each of the Charity's principal activities are as follows:-

1. Care of the elderly or sick members of the Congregation:

Over the past years, the trustees have built up reserves in order to provide for this.

The administration of the Region is a responsibility that demands time and energy from the Sisters of the active community and the Sisters render this service willingly, but the trustees have been aware for many years that they cannot rely indefinitely on the health and energy of the sisters in the region. The average age of the sisters in the region is 82.3 years. For this reason, the trustees appointed a Financial Administrator, who is responsible for the financial administration of the CIO.

2. Support of Our Missionary Work in Africa :

The MSOLA newsletter, produced in May and November each year and distributed free of charge, remains a way of keeping in touch with those who have taken a keen interest in the Catholic mission for many years and also of reaching out to others to inform them of our works in Africa. The response of the readers has remained positive, though in general the readership continues to decrease, as the readers are mostly of an older generation.

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Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Trustees' report

3. Hospitality:

The Sisters from the Residential Care Home and the one in independent living are unable to visit due to their poor health. The community was able to welcome only a few visitors.

Two sisters came from Spain to improve their English language and stayed in the community for 20 and 38 days respectively. Another sister came from Rome on a sabbatical for 63 days.

4. Social and pastoral work :

Throughout the year, the Charity has continued to assist members of the Congregation in their charitable and pastoral work. This work enables the Charity to reach out to those in need within society and benefits a significant number of people.

FINANCIAL REVIEW

Total income at £378,137 showed an increase on the previous year as donations and legacies went up by £155,921 although the pensions and care assistance went down by £1,934. We received a contribution of £15,134 from the Generalate towards our Apostolate work. The investment income went down by £8,295.

Total expenditure at £368,086 showed an increase on the previous year as the Investment management fees were up by £2,.578. The cost from upkeep of communities was up by £3,056. Although two sisters living in a care home died – one in April and another in June, the fees of the Care Home came down by only £1,703 because the care fees were increased by 13.8% in April. The donations and missions were up by £2,805. Administration costs rose by £1,601.

Although the income exceeded expenditure by only £10,051 the trustees are satisfied that the CIO can meet its obligations to the members of the Order for the foreseeable future as the investments are sufficient to keep the CIO as a going concern.

RESERVE POLICY

The Charity carries out a diverse range of activities and is responsible for the care and support of Sisters whose average age is increasing and whose needs are changing. The Trustees therefore consider that reserves and investments must be maintained at a level that will allow them to fulfil their obligations.

EMPLOYEES AND MEMBERS OF THE CONGREGATION

The trustees wish to record their recognition of the professionalism and commitment of all their staff and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.

Signed on behalf of the Trustees:

Trustee Marie J McDonald

Approved by the trustees on ..18th March 2024

5

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) STATEMENT OF TRUSTEE'S RESPONSIBILITIES IN RESPECT OF THE TRUSTEES' REPORT AND FINANCIAL STATEMENTS

Under charity law, the trustees are responsible for preparing the Trustees' Annual Report and the financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the excess of income over expenditure for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustees:

The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

6

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Independent Auditor's Report

Independent auditors' report to the Trustees of the Missionary Sisters of Our Lady Africa

We have audited the financial statements of the Missionary Sisters of Our Lady Africa for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of cash flows and the related notes.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:

have been properly prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

In auditing the 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.

Other information

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

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the 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 accounts 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.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 6, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

7

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Independent Auditor's Report

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the Charity through discussions with management and trustees, and from our knowledge and experience of the charity sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and Safeguarding Regulations as they affect the direct charitable activities of the charity; and

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and those charged with governance and reviewed minutes of trustees’ meetings.

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

• making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

8

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Independent Auditor's Report

Use of 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.

Borucki & Co

Signed on 18 March 2024

Chartered Accountants and Statutory Auditors 42 Radnor Road Harrow Middlesex HA1 1RZ

Borucki & Co is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

9

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Statement of financial activities for the year ended 31 December 2023

General
Designated
Restricted
Notes
fund
fund
fund
2023
£
£
£
£
Income
Donations and legacies
2
209,054
-
790
209,844
Pensions and care assistance
3
88,006
-
-
88,006
Contribution from Generalate
-
-
15,134
15,134
Investment income
4
60,153
-
-
60,153
Other income
Surplus on sale of assets
-
-
Miscellaneous income
5,000
-
-
5,000
Total income
362,213
-
15,924
378,137
Expenditurer
Raising funds
Investment management fees
10,239
-
-
10,239
Charitable activities:
Pastoral activities
Promotional magazine costs
3,140
-
3,140
Upkeep of communities
5
188,963
-
-
188,963
Care of aged members
5
144,148
-
-
144,148
Donations and missions
2,811
-
7,308
10,119
Contribution to Generalate
-
-
-
Administration
6
11,477
-
-
11,477
350,539
-
7,308
357,847
Total expenditure
360,778
-
7,308
368,086
Net income (expenditure)
1,435
-
8,616
10,051
Net gains (losses) on investments
953,313
-
-
953,313
Net income (expenditure)
7
954,748
-
8,616
963,364
Transfers between funds
45,935
(45,935)
-
-
-
Net movement in funds
1,000,683
(45,935)
8,616
963,364
Reconciliation of funds
Total funds brought forward
3,759,170
729,743
2,569
4,491,482
-
-
-
-
Total funds carried forward
4,759,853
683,808
11,185
5,454,846
-
-
-
Unresrticted
Transferred from Missionary Sisters of
Our Lady of Africa Trust		 General
Designated
Restricted
Notes
fund
fund
fund
2023
£
£
£
£
Income
Donations and legacies
2
209,054
-
790
209,844
Pensions and care assistance
3
88,006
-
-
88,006
Contribution from Generalate
-
-
15,134
15,134
Investment income
4
60,153
-
-
60,153
Other income
Surplus on sale of assets
-
-
Miscellaneous income
5,000
-
-
5,000
Total income
362,213
-
15,924
378,137
Expenditurer
Raising funds
Investment management fees
10,239
-
-
10,239
Charitable activities:
Pastoral activities
Promotional magazine costs
3,140
-
3,140
Upkeep of communities
5
188,963
-
-
188,963
Care of aged members
5
144,148
-
-
144,148
Donations and missions
2,811
-
7,308
10,119
Contribution to Generalate
-
-
-
Administration
6
11,477
-
-
11,477
350,539
-
7,308
357,847
Total expenditure
360,778
-
7,308
368,086
Net income (expenditure)
1,435
-
8,616
10,051
Net gains (losses) on investments
953,313
-
-
953,313
Net income (expenditure)
7
954,748
-
8,616
963,364
Transfers between funds
45,935
(45,935)
-
-
-
Net movement in funds
1,000,683
(45,935)
8,616
963,364
Reconciliation of funds
Total funds brought forward
3,759,170
729,743
2,569
4,491,482
-
-
-
-
Total funds carried forward
4,759,853
683,808
11,185
5,454,846
-
-
-
Unresrticted
Transferred from Missionary Sisters of
Our Lady of Africa Trust		 General
Designated Restricted
2022
fund
fund
£
53,923
53,513
410
89,940
89,940
-
-
-
-
68,448
68,448
-
-
-
-
5,254
5,254
-
Unrestricted
362,213
-
15,924
378,137		 217,565
217,155
-
410
10,239
-
-
10,239
3,140
-
3,140
188,963
-
-
188,963
144,148
-
-
144,148
2,811
-
7,308
10,119
-
-
-
11,477
-
-
11,477		 7,661
7,661
-
2,901
2,901
-
-
185,907
185,907
-
-
145,851
145,851
-
-
7,314
1,896
-
5,418
-
-
-
-
9,876
9,876
-
-
350,539
-
7,308
357,847		 351,849
346,431
-
5,418
360,778
-
7,308
368,086		 359,510
354,092
-
5,418
1,435
-
8,616
10,051
953,313
-
-
953,313		 (141,945)
(136,937)
-
(5,008)
(652,522)
(652,522)
-
-
954,748
-
8,616
963,364
45,935
(45,935)
-
-
-		 (794,467)
(789,459)
-
(5,008)
-
45,935
(45,935)
-
1,000,683
(45,935)
8,616
963,364
3,759,170
729,743
2,569
4,491,482
-
-
-
-		 (794,467)
(743,524)
(45,935)
(5,008)
-
-
-
-
5,285,949
4,502,694
775,678
7,577
4,759,853
683,808
11,185
5,454,846		 4,491,482
3,759,170
729,743
2,569
-
-
-

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

10

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Balance Sheet as at 31 December 2023

Notes 2023 2022
£ £
Fixed assets
Tangible assets 10 683,808 729,743
Investments at market value 11 4,682,566 3,712,733
5,366,374 4,442,476
Current assets
Debtors 12 29,636 41,997
Cash at bank and in hand 151,973 96,336
181,609 138,333
Creditors: amounts falling due
within one year 13 (93,137) (89,327)
Net current assets/(liabilities) 88,472 49,006
Total assets less current liabilities 5,454,846 4,491,482
Capital and reserves
Unrestricted funds:
General funds 15 4,759,853 3,759,170
Designated funds 14 683,808 729,743
5,443,661 4,488,913
Restricted funds 15 11,185 2,569
5,454,846 4,491,482

Approved by the Trustees and signed on their behalf

Marie J McDonald Trustee Approved by the trustees on ..18th March 2024

11

Missionary Sisters of Our Lady of Africa CIO Statement of cash flows for the year ended 31 December 2023

Note
Cash used in operating activities
A
Cash flows from investing acivities
Investment income
Proceeds of investment sales
Purchases of investments
Cash provided (used) in investing activities
Decrease in cash and cash equivalents in year
Movement in year
(Decrease) increase in cash at bank and in hand
(Decrease) increase in cash held by investment managers for re-investment		 2023
£
12,004
60,153
1,889,243
(1,760,774)
188,622
200,626
55,637
144,989
200,626		 2022
£
(137,121)
68,448
215,720
(95,609)
188,559
51,438
(79,190)
130,628
51,438

A. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Deduct investment income
Add amortisation and depreciation
Add/(deduct) net movement on investments.
Increase (decrease) in creditors
(Increase) decrease in debtors		 2023
£
963,364
(60,153)
45,935
(953,313)
3,810
12,361
12,004		 2022
£
(794,467)
(68,448)
45,935
652,522
38,460
(11,123)
(137,121)

12

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Notes to the Accounts for the year ended 31 December 2023

1 Accounting policies

Basis of preparation and assessment of going concern

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date.

Legacies are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date.

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.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield in the investment portfolio.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The cost of generating funds includes the fees paid to investment managers in respect of the management of the charity's investment portfolios.

Expenditure on charitable activities comprises direct expenses incurred on the defined charitable purposes of the charity and includes staff costs attributable to the activity.

The contribution to the Generalate is calculated annually and represents the excess of the budgeted net expenditure for the year over the free reserve at the end of the previous year, as adjusted for the purchase or sale of land and buildings. Administration costs comprise expenditure on compliance with and advice on constitutional and statutory matters. As all expenditure can be attributed to specific categories no apportionment between heading has been necessary. Irrecoverable VAT is included in the items of expenditure to which it relates.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

Tangible fixed assets

All assets costing more than £1,000 and with an expected life of more than one year are capitalised.

Depreciation is provided to write off the cost or valuation less the residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Long leasehold properties - over 25 or 50 years Motor vehicles - over 4 years

Plant, equipment, fixtures and fittings - over 5 years

After five years plant, equipment, fixtures and fittings with a net book value of nil are written out of the accounts as in the opinion of the Trustees such assets have a negligible residual value.

13

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Notes to the Accounts for the year ended 31 December 2023

Investments

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 statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust 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.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales 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. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Fund accounting

The general fund comprises those monies, which may be used towards meeting the charitable objectives of the charity at the discretion of the Trustees.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Trustees. The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

2
Donations and legacies
Donations
Legacies		 General
Restricted
fund
fund
2023
£
£
£
124,327
790
125,117
84,727
-
84,727		 General
Restricted
2022
fund
fund
£
£
£
47,523
47,113
410
6,400
6,400
-
209,054
790
209,844		 53,923
53,513
410
3
Pensions and care assistance
Pensions
Care assistance		 General
Restricted
fund
fund
2023
£
£
£
88,006
-
88,006
-
-
-		 General
Restricted
2022
fund
fund
£
89,940
89,940
-
-
-
-
88,006
-
88,006		 89,940
89,940
-

The pensions and care assistance are the income of the Sisters donated under gift-aid declarations to the trust.

4
Investment income
Dividends and interest from investments
Bank and other interest		 General
Restricted
fund
fund
2023
£
£
£
60,153
-
60,153
-
-
-		 General
Restricted
2022
fund
fund
£
£
£
68,448
68,448
-
-
60,153
-
60,153		 68,448
68,448
-

14

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Notes to the Accounts for the year ended 31 December 2023

5 Pastoral activities

Upkeep of communities
Staff costs
Premises
Community and personal
Care of aged Sisters
Care home fees and personal expenses
6
Administration
Office expenses
Audit fees
Accountancy fees
Solicitors fees
Other expenses
7
Net outgoing resources before transfers
Staff costs (note 8)
Auditors remuneration
Accounting fees
Depreciation and amortisation
8
Staff costs and trustees' remuneration
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension contributions		 General
Restricted
fund
fund
2023
£
£
£
68,325
-
68,325
30,587
-
30,587
90,051
-
90,051		 General
Restricted
fund
fund
2023
£
£
£
68,325
-
68,325
30,587
-
30,587
90,051
-
90,051		 General
Restricted
2022
fund
fund
£
£
£
65,607
65,607
-
37,284
37,284
-
83,016
83,016
-
188,963
-
188,963		 185,907
185,907
-
144,148
-
144,148		 145,851
145,851
144,148
-
144,148		 145,851
145,851
-
General
Restricted
fund
fund
2023
£
£
£
5,750
-
5,750
3,574
-
3,574
2,038
-
2,038
115
-
115		 General
Restricted
2022
fund
fund
£
£
£
5,600
5,600
-
3,280
3,280
-
960
960
-
36
36
-
11,477
-
11,477		 9,876
9,876
-
General
Restricted
fund
fund
2023
£
£
£
68,325
-
68,325
5,750
-
5,750
3,574
-
3,574
45,935
-
45,935
2023
£
61,790
5,252
1,283
68,325		 General
Restricted
2022
fund
fund
£
£
£
64,377
64,377
-
5,600
5,600
-
3,280
3,280
45,935
45,935
-
2022
£
58,557
5,820
1,230
64,377
68,325

As members of the congregation the Trustees’ living expenses during the year were borne by the CIO but the trustees received no remuneration or other benefits in connection with their duties as Trustees during the year or in the previous year.

The average number of employees, analysed by function was:

Secretarial and domestic 2 2

15

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Notes to the Accounts for the year ended 31 December 2023

9 Taxation

The Missionary Sisters of Our Lady of Africa is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes

10 Tangible fixed assets

Tangible fixed assets
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Long
leasehold
£
1,348,785
-
-		 Motor
vehicles
Furniture
and
equipment
£
£
£
-
-
1,348,785
-
-
-
-
-
-
1,348,785 -
-
1,348,785
619,042
45,935
-		 -
-
619,042
-
-
45,935
-
-
-
664,977 -
-
-
683,808 -
-
683,808
729,743 -
-
729,743

The charity has an investment in Montpelier Court Homes Limited, the owner of the freehold land on which the long leaseholds are situated.

11
Investments
Listed Investments
Market value at 1 January
Additions at cost
Proceeds from disposals/transfers
Net movement in year
Market value at 31 December
Cash held by investment managers for re-investment
Cost of listed investments at 31 December
12
Debtors
Prepayments and accrued income
Tax refunds due
13
Creditors: amounts falling due within one year
Patrimony and dowry
Expense creditors and accruals		 2023
2022
£
£
3,508,545
4,281,178
1,760,774
95,609
(1,889,243)
(215,720)
953,313
(652,522)
4,333,389
3,508,545
349,177
204,188
4,682,566
3,712,733
3,584,629
3,927,516
2023
2022
£
£
16,560
41,997
13,076
-
29,636
41,997
2023
2022
£
£
75,472
75,584
17,665
13,743
93,137
89,327

14 General and designated funds

16

Missionary Sisters of Our Lady of Africa CIO (known as The White Sisters) Notes to the Accounts for the year ended 31 December 2023

The income funds of the charity include designated funds, set aside from the unrestricted funds of the trust by the trustees for specific purposes. The designated fund represents the book value of land and buildings owned by the Charity. The transfer during the year was due to the amortization of the long leasehold properties.

15 Restricted funds

The income fundof the charity include restricted funds comprising the following unexpended balances of donations and other monies held on trust to be applied for specific purposes.

Mission fund At 1
January
2023

Incoming
resources
Utilised/
realised
At 31
December
2023
£
2,569		 £
£
15,924
(7,308)
11,185
2,569 15,924
(7,308)
11,185

The specific purposes for which the funds are to be applied are as follows: The Mission fund exists to help the work of the Sisters in Africa.

16 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Current assets
Creditors: amounts falling due
within one year		 General
fund
£
4,682,566
170,424
(93,137)		 Designated Restricted
funds
funds
2023
£
£
£
683,808
-
5,366,374
-
11,185
181,609
-
-
(93,137)
4,759,853 683,808
11,185
5,454,846

17