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2025-12-31-accounts

Charity Registration Number 1171062

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

Report and Financial Statements

31 December 2025

Williams Chartered Accountants Jade House 67 Park Royal Road London NW10 7JJ

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

Page
Trustees' report 3
Independent Auditors' Report 10
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16

Page 2 of 20

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

Reference and administrative information

The trustees present their report and financial statements for the year ended 31 December 2025

Trustees Sister Marie McDonald
Sister Catherine Booth
Sister Daphne Alphonso
Sister Salvina Farrugia
Sister Marie Alice Terrettaz
Member Sister Angela Kapitingana
Leader in U.K. Sister Marie McDonald
Financial Administrator Mrs. Oreen Lobo
Principal office 13 Montpelier Court
Montpelier Road
Ealing
London W5 2QN
Website www.msolafrica.org
Charity number 1171062
Auditors Williams Chartered Accountants
Jade House
67 Park Royal Road
London
NW10 7JJ
Investment Custodians Fiducie Desjardins
1 Complexe Desjardins
C.P. 34, Succursale Desjardins
Montreal QC H5B1E4
Investment Managers Degroof Petercam Asset Management
SA/NV Guimardstraat 18
1040 Brussels
Belgium
Bankers Barclays Bank plc
53 The Broadway
Ealing
London W5 5JS
Solicitors 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 (also known as The White Sisters) Trustees' report

The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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 financial statements 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).

As of 31 December 2025, the Institute reported a total membership of 370 Sisters. Within the British Region, there were 8 Sisters, all based in England.

MISSION: PRINCIPAL AIMS AND OBJECTIVES

The aim of the Missionary Sisters of Our Lady of Africa CIO, also referred to as the White Sisters, is to support the religious and other charitable works undertaken by members of the Congregation. The Sisters themselves are regarded as the Charity’s most valuable asset. A central focus of the CIO’s activities is to ensure their welfare. This enables them to pursue and achieve the objectives of the organisation.

Within the United Kingdom, there are eight Sisters, each of whom has dedicated many years of service working in Africa. These Sisters return to the UK due to considerations such as advancing age, ill health, or to assume responsibility for the administration of the Charity.

The Sisters in England are engaged in several ministries, which include the following: •Providing care for elderly or unwell members of the Congregation •Supporting ongoing missionary work in Africa •Offering hospitality •Participating in social and pastoral activities

STRUCTURE, GOVERNANCE AND MANAGEMENT

For ecclesiastical purposes, the Congregation is governed at an international level by the Superior General and her Council based in Rome. These officials are elected every six years during the General Chapter, which convenes representatives from all entities of the Congregation.

Administratively, the Congregation consists of four entities: one in Europe, one in America, and two in Africa. The Sisters in England belong to the European 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 drawn from the members of the Congregation and, as such, possess thorough knowledge of the Charity’s work and structure, along with relevant experience concerning the sisters and their activities. The Canonical leaders for U.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 3 of this annual report.

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

Trustees’ training

Sr. Marie McDonald attended the RLSS Annual General Meeting on safeguarding at Highgate House, Northampton, from March 13–15, 2025. She also completed three RLSS training sessions online: Safeguarding Adults Training on April 16, 2025; Safeguarding in Spiritual Accompaniment Training on July 2, 2025; and Caring with Confidence: Communication and Supporting those with Dementia on September 5, 2025.

Sr. Catherine Booth completed RLSS Safeguarding for Trustees training on 10 April 2025, and RLSS Safeguarding Adults Training on 13 May 2025, both online.

Sr. Marie McDonald, along with Sr. Daphne Alphonso and Financial Administrator Mrs. Oreen Lobo, attended the Provincial Bursars meeting for England and Wales, which took place from September 29 to October 2, 2025.

Structure and management reporting

The trustees hold overall accountability for the CIO’s policies, operations, and assets. However, routine management of the Charity and policy execution is entrusted to the Leader, who serves as chair of the CIO. Trustees regularly convene to review updates on the Charity’s progress and make key decisions. When needed, they consult the Charity’s professional advisers for additional guidance or support.

The British Region has one community of more active Sisters, which is located in Ealing, London. There are Six 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 Two other Sisters in the Region, One lives independently and One is in a Care Home. Sisters of the community assure visits to the Sister 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 sister in the Care Home.

Risk assessment

In accordance with the trustees' obligation to conduct risk assessments and report their findings annually, the trustees have evaluated the current risks facing the Congregation in England and have reviewed both existing and required measures. After assessing the principal risks affecting the Charity, the trustees are confident that monitoring reserve levels, maintaining robust controls over key financial systems, and regularly examining operational and business risks have enabled them to implement effective risk mitigation systems.

The Financial Administrator continues to work three days per week.

GDPR (General Data Protection Regulation)

The Charity adheres to all applicable Data Protection regulations and has implemented a comprehensive privacy policy.

Public Benefit

The trustees have reviewed the guidance provided by the Charity Commission for England and Wales regarding the Public Benefit requirement outlined in the Charities Act 2011. They confirm adherence to their obligations under Part 1, Section 4 of the Charities Act 2011, ensuring appropriate consideration of the 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

The Charity's activities are categorised into four primary areas, as detailed in the “Mission” section:

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

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

Given their life-long commitment to promoting both spiritual and human development among the peoples of Africa, each member of the Congregation has dedicated a substantial period to mission work in Africa.

Although the Charity has never been responsible for running Institutes in Britain, a few sisters have lived in the UK temporarily to assist with administrative duties supporting our work in Africa, or to help student Sisters improve their English for roles in English-speaking regions of Africa. The Congregational policy states that Sisters typically return from Africa when they reach about 75 years old, allowing them time to readjust to their native culture while remaining as active as possible in service.

Most members have returned to the UK. As of December 31, 2025, the age distribution in the British Region: 66–75 years: 1; 76–85 years: 3; 86–95 years: 4.

The Sisters, bound by their religious vows, do not possess personal resources and have dedicated their lives to serving the poor, needy, and supporting the development of African communities. The Congregation is required, under Canon Law, and the CIO has a corresponding moral responsibility, to ensure the ongoing welfare of its members throughout their lifetimes. Currently, there are no members residing in the British Region who are below retirement age. As the average age of the Congregation rises, the demand for daily personal care and, in some instances, specialist care for the sisters increases accordingly. At this time, one Sister is accommodated in a Care Home in Brentford operated by the Frances Taylor Foundation. The Charity does not manage its own facility for elderly and infirm Sisters due to insufficient personnel and the lack of economic viability associated with its small membership. Additionally, one Sister is living independently in West Ealing.

The rising cost of care presents ongoing financial challenges, and the trustees anticipate an increase in the number of Sisters requiring care over the coming decade. Accordingly, the trustees are committed to thoroughly evaluating the effects of ageing on individual members of the Congregation, as well as the associated financial considerations.

In this context, their objective is to ensure that every member of the Congregation receives the appropriate level of care needed.

2. Support of its missionary work in Africa (Promotional newsletter and donations to missions)

The Charity publishes a complimentary newsletter that promotes awareness of the Congregation’s activities in Africa. Distributed biannually, it reaches approximately 524 readers, with circulation extending beyond the United Kingdom, notably to Malta—the home country of some of the sisters residing in the UK. Preparation of articles and photographs for the newsletter, correspondence with readers, and acknowledgement of donations are managed by one Sister and one employee. The Charity also provides support through restricted donations to organisations such as the MEDAILLE Trust, which assists victims of human trafficking, as well as other charitable entities.

3. Hospitality Community

The Ealing community extends a warm welcome to Sisters from other Regions who arrive in the United Kingdom to study English, enhance their spoken language skills, or pursue specialised academic courses. Such educational opportunities equip the sisters to contribute more effectively to missions in English-speaking Africa and support administrative roles within the Congregation.

By upholding this tradition of hospitality, the trustees aim to ensure that every member of the Congregation is empowered to serve competently in their respective ministries for as long as possible, with particular emphasis on roles based in Africa.

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

4. Social and pastoral work (Upkeep of communities)

Although many members of the Congregation living in the U.K. are older and may have delicate health, they frequently participate in social or pastoral activities. This voluntary work often involves collaborating with organizations like OXFAM, the Emmaus Centre for the homeless, and the Chaplaincy at Ealing Hospital. Their efforts include visiting housebound sick and elderly people, raising awareness about missions in Africa, and providing pastoral outreach.

The following are examples of the social and pastoral work which was undertaken by our sisters in 2025:

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 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 83 years. For this reason, the trustees appointed a Financial Administrator, who is responsible for the financial administration of the CIO.

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

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 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.

3. Hospitality:

The Sister from the Residential Care Home and the one in independent living are unable to visit due to their poor health. The community welcomed three visitors: one sister from Canada stayed for a month; another from Rome visited for two weeks; and a third sister, from Poland, arrived to attend an English language course and will remain in the community for six months.

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 £235,611 showed a decrease on the previous year, as donations and legacies went down by £79,754 and other activities went down by £1,419. However, the investment income went up by £12,358.

Total expenditure at £300,017 showed a decrease on the previous year. The expenditure on Care of Aged Members went down by £47,229 as one sister died in December 2024.

Although the expenditure exceeded income by only £64,406 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.

Reserves 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 their staff and the individual members of the Congregation. Their dedication and positive approach are very much appreciated.

Signed on behalf of the Trustees:

Sister Marie McDonald Trustee 9th June 2026 Approved by the Trustees on_

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Missionary Sisters of Our Lady of Africa CIO (also 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 financial statements are prepared by them under section 132(1) of the Charities Act 2011, those financial statements 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.

Signed on behalf of the Trustees:

Sister Marie McDonald Trustee Approved by the Trustees on 9th June 2026

Page 9 of 20

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

Independent Auditors' Report

Independent auditors' report to the Trustees of the Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters)

We have audited the financial statements of Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters)(the 'charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

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 opinion:-

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

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:

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

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

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

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 financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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.

Denver Dias (Senior Statutory Auditor)

For and on behalf of Williams

Chartered Accountants Statutory Auditors Jade House 67 Park Royal Road London NW10 7JJ

Dated: 9th June 2026

Williams Chartered Accountants is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006

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Missionary Sisters of Our Lady of Africa CIO

(also known as The White Sisters)

Statement of financial activities (incorporating an income and expenditure account) for the year ended 31 December 2025

Notes
Income
Donations and legacies
2
Pensions and care assistance
3
Investment income
4
Other Income
Total income
Expenditure
Raising funds
Investment managers fees
Charitable Activities
Pastoral activities
Promotional magazine costs
Upkeep of Communities
5
Care of aged members
5
Donations and missions
Administration
6
Total expenditure
Total income less expenditure
Net gains (losses) on investments
Net income (expenditure) before transfers
Transfers between funds
Net movement in funds
Balances brought forward 1 January
Balances carried forward 31 December		 General
Designated
Restricted
fund
fund
fund
2025
£
£
£
£
55,770
-
12,980
68,750
72,563
-
-
72,563
94,260
-
-
94,260
38
-
-
38
222,631
-
12,980
235,611
8,925
-
-
8,925
3,617
-
-
3,617
194,021
-
-
194,021
73,520
-
-
73,520
2,295
-
6,322
8,617
11,317
-
-
11,317
293,695
-
6,322
300,017
(71,064)
-
6,658
(64,406)
86,742
-
-
86,742
15,678
-
6,658
22,336
26,976
(26,976)
-
-
42,654
(26,976)
6,658
22,336
4,829,160
656,832
10,126
5,496,118
4,871,814
629,856
16,784
5,518,454
Unrestricted funds		 General
Designated
Restricted
2024
fund
fund
fund
£
£
£
£
148,504
140,589
-
7,915
73,982
73,982
-
-
81,902
81,902
-
-
-
-
-
-
304,388
296,473
-
7,915
8,720
8,720
-
-
3,392
3,392
-
-
177,775
177,775
-
-
120,749
120,749
-
-
10,718
1,744
-
8,974
10,407
10,407
-
-
331,761
322,787
-
8,974
(27,373)
(26,314)
-
(1,059)
52,949
52,949
-
-
25,576
26,635
-
(1,059)
-
26,976
(26,976)
-
25,576
53,611
(26,976)
(1,059)
5,470,542
4,775,549
683,808
11,185
5,496,118
4,829,160
656,832
10,126
Unrestricted funds

Continuing operations

None of the charity's activities were acquired or discontinued during the above two financial years.

Statement of total recognised gains and losses

The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

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

Balance Sheet as at 31 December 2025

Notes
10
11
12
13
Fixed assets
Tangible assets
Investments at market value
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due
within one year
Net current (liabilities)/assets
Total assets less current
liabilities
Represented by:
Funds and reserves
General funds
Designated funds
Restricted funds		 2025
£
629,856
4,905,951
5,535,807
21,493
53,881
75,374
(92,727)
(17,353)
5,518,454
5,518,454
4,871,814
629,856
5,501,670
16,784
5,518,454		 2024
£
656,832
4,825,183
5,482,015
20,551
91,241
111,792
(97,689)
14,103
5,496,118
5,496,118
4,829,160
656,832
5,485,992
10,126
5,496,118

Signed on behalf of the Trustees:

Sister Marie McDonald Trustee Approved by the Trustees on 9th June 2026

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Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters) Statement of Cash Flows for the year ended 31 December 2025

Note
Cash generated in operating activities
A
Cash flows from investing activities
Investment income
Proceeds of investment sales
Purchases of investments
Cash provided (used) in investing activities
Increase in cash and cash equivalents in year
Movement in year
(Decrease) increase in cash at bank and in hand
A.
Net income (expenditure)
Deduct investment income
Add depreciation
Add/(deduct) net movement on investments - including Accrued Interest
Increase (decrease) in creditors
(Increase) decrease in debtors
(Decrease) increase in deposits and cash held by investment managers for re-
investment
Reconciliation of net movement in funds to net cash flow from operating		 2025
£
46,902
(94,260)
951,522
(952,356)
(95,094)
(48,192)
(37,360)
(10,832)
(48,192)
2025
£
22,336
94,260
26,976
(90,766)
(4,962)
(942)
46,902		 2024
£
90,066
(81,902)
1,326,363
(1,722,507)
(478,046)
(387,980)
(60,732)
(327,248)
(387,980)
2024
£
25,576
81,902
26,976
(58,025)
4,552
9,085
90,066

Page 15 of 20

Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters) Notes to the Financial Statements for the year ended 31 December 2025

1 Accounting Policies

Basis of preparation and assessment of going concern

The financial statements 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 financial statements. 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.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements 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 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Financial Statements and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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.

Page 16 of 20

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 fifty years (2023- over twenty-five or fifty years) Motor vehicles - over four years

Plant, equipment, fixtures and fittings - over five years

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

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 statement of financial activities.

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.

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Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters) Notes to the Financial Statements for the year ended 31 December 2025

2 Donations and legacies General Restricted General Restricted
fund fund 2025 2024 fund fund
£ £ £ £ £ £
Donations
Legacies		 45,082
10,688		 12,795
185		 57,877
10,873		 56,638
91,866		 48,723
91,866		 7,915
-
55,770 12,980 68,750 148,504 140,589 7,915
3 Pensions and care assistance
Pensions
Care assistance		 72,563
-		 -
-		 72,563
-		 73,982
-		 73,982
-		 -
-
72,563 - 72,563 73,982 73,982 -
4 The pensions and care assistance are the income
Investment income
General
fund
£		 of the Sisters
Restricted
fund
£		 donated under gift-aid declarations to the Trust.
2025
2024
£
£		 General
fund
£		 Restricted
fund
£
Dividends and interest from
investments
Bank and other interest		 94,260
-		 -
-		 94,260
-		 81,902
-		 81,902
-		 -
-
94,260 - 94,260 81,902 81,902 -
5 Pastoral activities General
fund
£		 Restricted
fund
£		 2025
£		 2024
£		 General
fund
£		 Restricted
fund
£
Upkeep of communities
Staff Costs
Premises
Community and personal		 68,285
47,896
77,840		 -
-
-		 68,285
47,896
77,840		 65,271
32,445
80,059		 65,271
32,445
80,059		 -
-
-
194,021 - 194,021 177,775 177,775 -
Care home fees and
personal expenses		 73,520 - 73,520 120,749 120,749 -
Care of aged Sisters 73,520 - 73,520 120,749 120,749 -
6 Administration General
fund
£		 Restricted
fund
£		 2025
£		 2024
£		 General
fund
£		 Restricted
fund
£
Upkeep of communities
Office expenses
Audit Fees
Accountancy fees
Solicitors fees
Other expenses		 -
6,000
4,800
481
36		 -
-
-
-
-		 -
6,000
4,800
481
36		 -
6,000
4,260
40
107		 -
6,000
4,260
40
107		 -
-
-
-
-
11,317 - 11,317 10,407 10,407 -
7 Net incoming (outgoing) resources before transfers
General
Restricted
fund
fund
£
£		 2025
£		 2024
£		 General
fund
£		 Restricted
fund
£
This is stated after charging
(crediting)
Staff Costs (Note 8) 68,285 - 68,285 65,271 65,271 -
Auditors remuneration 6,000 - 6,000 6,000 6,000 -
Accounting fees 4,800 - 4,800 4,260 4,260 -
Depreciation and amortisation 26,976 - 26,976 26,976 26,976 -

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Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters) Notes to the Financial Statements for the year ended 31 December 2025

Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension contributions		 2025
2024
£
£
66,096
63,517
733
386
1,456
1,368
68,285
65,271

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: 2025 2024 Secretarial and domestic 2 2

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.

Tangible fixed assets
Cost
At 1 January 2025
Additions
Disposals
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
On disposals
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024		 Long
leasehold
Total
£
£
1,348,785
1,348,785
-
-
-
-
1,348,785
1,348,785
691,953
691,953
26,976
26,976
-
-
718,929
718,929
629,856
629,856
656,832
656,832

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
Disposal proceeds
Gain/(loss) in year
Market value at 31 December
Accrued interest
Cash held by investment managers for re-investment
Cost of listed investments at 31 December
12
Debtors
Prepayments and accrued income
Tax refunds due		 2025
2024
£
£
4,782,482
4,333,389
952,356
1,722,507
(951,522)
(1,326,363)
86,742
52,949
4,870,058
4,782,482
24,796
20,772
11,097
21,929
4,905,951
4,825,183
3,983,181
3,959,959
2025
2024
£
£
16,110
16,060
5,383
4,491
21,493
20,551

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Missionary Sisters of Our Lady of Africa CIO (also known as The White Sisters) Notes to the Financial Statements for the year ended 31 December 2025

13
Creditors: amounts falling due within one year
Patrimony and dowry
Expense creditors and accruals		 2025
2024
£
£
75,472
75,472
17,255
22,217
92,727
97,689

14 General and designated funds

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 amortisation of the long leasehold properties.

15 Restricted funds

The income fund of the Charity includes 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
2025
Transfers
Incoming
resources
Utilised/
realised
At 31
December
2025
£
£
£
£
£
10,126
-
12,980
(6,322)
16,784
10,126
-
12,980
(6,322)
16,784

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
Fixed Assets
Current assets
Creditors: amounts falling
due within one year		 General
Designated
Restricted
fund
funds
funds
2025
£
£
£
£
4,905,951
629,856
-
5,535,807
58,590
-
16,784
75,374
(92,727)
-
-
(92,727)
4,871,814
629,856
16,784
5,518,454

17 Comparatives

Some of the comparatives have been reclassified to conform to current year’s presentation.

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