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2025-03-31-accounts

Mater Ecclesiae CIO

Annual Report and Accounts

31 March 2025

Charity Registration Number 1171376

Contents

DRAFT

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 14
Accounts
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Principal accounting policies 20
Notes to the accounts 26

Mater Ecclesiae CIO

Reference and Administrative InformationDRAFT

Trustees Brother James Boner Sister Clare Lennon Sister Anna O’Connor Sister Rosemary Peacock (Resigned 31 March 2025) Sister Theresa Tighe Congregational Leader Sister Clare Lennon Correspondence address Buzzacott LLP 130 Wood Street London EC2V 6DL Charity registration number 1171376 Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Investment managers Waverton Investment Management Limited 16 Babmaes Street London SW1Y 6AH Bankers Royal Bank of Scotland plc 62-63 Threadneedle Street London EC2R 8LA Solicitors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES

Mater Ecclesiae CIO 1

Trustees’ report Year to 31 March 2025

The trustees present their report and the accounts of Mater Ecclesiae CIO (the charity) for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 20 to 25 of the attached accounts and comply with the charity’s Constitution, the Charities Act 2011 and 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 Congregation of Mater Ecclesiae is a diocesan Roman Catholic religious congregation (the Congregation) known formerly as the Congregation of Mary, Mother of the Church, founded in 1982 by Sister Catherine Mulligan SMR with the purpose of enabling mature women to enter religious life. The Congregation is governed by its own Constitutions.

The accounts accompanying this report are the accounts of the Mater Ecclesiae CIO (Charity Registration Number 1171376) (“the charity” or “the CIO”), a charitable incorporated organisation (CIO) incorporated on 31 March 2017. The CIO was established to continue the activities of the Mater Ecclesiae Trust Fund, a charitable trust constituted by a trust deed dated 25 July 2007 as amended by a supplemental deed dated 30 January 2016 and registered with the Charity Commission (Charity Registration Number 1120575).

Charism and mission

“Go out to the whole world and proclaim the good news” Mk 16:15

The eloquent title of Mater Ecclesiae is an ancient title deeply engraved in the Scriptures. Modern devotion to Mary under this title begins with the proclamation by Pope Paul VI in November 1964 in his concluding address to the third session of the Second Vatican Council.

“We declare most Holy Mary, Mater Ecclesiae, that is, Mother of the whole Christian People”

Specific objectives, activities and relevant policies

The object of the charity is the advancement of the Roman Catholic Religion through the religious and other charitable work of the Congregation as the trustees shall from time to time think fit provided that if, at any time, the Congregation shall have ceased to exist, the trustees shall advance the Roman Catholic Religion in such exclusively charitable way or ways as the trustees shall from time to time think fit, in sympathy with the Congregation’s charism and the philosophy and ideology of the Congregation’s foundress Sister Catherine Mulligan SMR.

Specific objectives

The work of the charity is primarily to support and maintain the members of the Congregation of Mater Ecclesiae, a community of religious sisters, who both by intercessory prayer and practical work advance the following charitable purposes:

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Trustees’ report Year to 31 March 2025

Specific objectives, activities and relevant policies (continued)

Specific objectives (continued)

The principal work with which the sisters are involved concerns the provision of social and pastoral care in the wider community. The sisters aim to help people come to a deeper understanding of God, themselves and others and to provide a witness to others of a radical and counter-cultural way of life which celebrates the unique value of every person and recognises the need we have for one another.

By supporting and caring for the individual members throughout their lives within the Congregation, the charity aims to enable and support the sisters in living out their faith and serving other people, keeping in mind both the most urgent contemporary needs and present capacities of the sisters.

When setting the aims, planning the work of the charity and encouraging the work of individual members of the Congregation, the trustees give careful consideration to the Charity Commission’s general guidance on public benefit.

Activities

The main activities of the charity during the year were to:

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Trustees’ report Year to 31 March 2025

Specific objectives, activities and relevant policies (continued)

Activities (continued)

Caring for members of the Congregation

Sister Mary Gilmer passed away on 21 December 2024, leaving only four members of the Congregation for the remainder of the year. Of the remaining Congregation, the majority have given their working lives to the charitable activities of the Congregation, and any earnings are gifted to the charity. In common with many religious congregations in Britain, the age profile of the members of the Congregation is increasing as existing members grow older. As the age profile of the Congregation increases so too does the need to provide care for the sisters.

The Charity has both a moral and legal obligation to provide care for the members of the Congregation, none of whom have resources of their own.

Four of the five sisters throughout the majority of the year, and since December 2024 three of the four sisters remaining, are in residential care homes in locations that they have chosen in order to be near family or for personal reasons. Sister Clare Lennon supports these sisters with regular visits, calls, emails, texts and parcels. Two of the three care homes used in the year provided daily Mass and other prayer services. The other care home resident can attend Mass locally. Sister Mary was moved two weeks before her passing to a Religious run nursing home where her physical and spiritual needs were met through end of life care.

As all the members of the Congregation, except one, are now requiring some form of care, the trustees continue to give careful consideration to the impact of this on the work of individual members of the Congregation, the charity’s property requirements and the financial implications.

Continue the Charism of the Congregation - Hospitality and sharing the Congregation’s Environment

Sister Clare continued to provide hospitality and accommodation to visitors throughout the year, including family of Sr Mary who came over from Ireland for her funeral and other Religious.

Participate in outreach activities, especially to the lonely, the housebound and those in care homes, and contribute to charities caring for those in need

The impact of the Congregation’s work reaches beyond the convent especially now as the sisters, all bar one, are in residential or nursing care homes.

The Sisters are increasing in age with all bar one now in their 80s and 90s and, as such their activities are now very limited due to an increase in their frailty and instances of poor health and a marked decrease in mobility. Sister Clare now pays extra visits to the Sisters visits the other sisters who are in residential care homes across the country, as they grow older and frailer. As a result, they require, appreciate and benefit from increased visits from Sr Clare. They enjoy talking about their lives in the convent and events from their past.

Frequent prayer requests are received in person from people throughout the world and from all walks of life. All requests are answered promptly and passed to Sister Clare to be included in the sisters’ prayers.

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Trustees’ report Year to 31 March 2025

Specific objectives, activities and relevant policies (continued)

Activities (continued)

Ministry

Sister Clare continued to live independently in a retirement flat owned by the charity and continues the charism of the Congregation through her work and prayer life at the Catholic Shrine and at the local Catholic Church.

Sister Clare continued as a Eucharist Minister at Walsingham Shrine and as a reader at Mass. Since moving from Walsingham, she continues to visit the area and provide support to her former neighbours.

Sister also keeps in touch with the sisters by telephone, letters, sending parcels, video calls and ensures they are provided with everything they require, as well as providing spiritual support and accompanying sisters to hospital appointments.

Sister Clare keeps in regular touch with Mater Ecclesiae Associates, providing spiritual accompaniment and support. She ensures that Masses and prayers are offered for the intentions of everyone connected to the Congregation monthly. Sister Clare also visits Associates who have become unwell.

Sister continues to be a member of the support team for Rachel’s Vineyard, Birmingham; an organisation offering help and support to anyone traumatised by abortion and also supports the team for the Rachel’s Vineyard Retreat held in Walsingham each year.

Spiritual Life

Sister Clare continues to make a Retreat each year and continues her participation in Alpha Courses provided by Rachel’s Vineyard

In addition, Sister takes part in a weekly Zoom Lectio Divina group, hosted by a former Associate of Mater Ecclesiae in the West Midlands and also participates in a bi-weekly Bible Study group organised by the Rachel’s Vineyard Birmingham team.

Donations to charities and those in need

In accordance with the Congregation’s Constitutions (item 16 “the relief of material and spiritual needs to those to whom we minister”), and the spirit of our Foundress (“to emulate Mary by our maternal attitude of care and concern for anyone who requires our help”) the Congregation makes donations to charities within these criteria and in line with the budgeted allowance.

Throughout the year, payments were made to charities including but not limited to Rachel’s Vineyard, St Mary’s Educational and Charitable Trust, COLW Sisters, Daughters of Charity for Gaza, Coventry Foodbank, Nuneaton Foodbank, Trussell Trust, Homes4U Cardiff, Prolife March, St Paul’s Convent, Church in Need, St Mungo’s. Smiletrain, The Louise Project, WaterAid, British Red Cross, Samaritans, Crisis, Cardinal Hume Centre, Marys Meals, Action Aid, Million Minutes, Jericho Society, SPUC, Medaille Trust, Alzheimers Society, Missionaries of Faith, Shelterbox.

In addition, regular donations have been made to Walsingham Shrine and the Parish Church of St Mary and All Saints for the upkeep of the cemetery where the sisters have been laid to rest and where we have plots for the future burials of remaining sisters.

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Trustees’ report Year to 31 March 2025

Specific objectives, activities and relevant policies (continued)

Activities (continued)

Donations to charities and those in need (continued)

Rachel’s Vineyard UK was supported with a donation of £20,000 in the year to March 2025 to support the rising costs of their retreats. The Trustees committed, at a meeting in March 2025 to provide further financial assistance of £20,000 in the year 25/26.

The trustees also made a commitment to further fund the scholarship at Durham University, set up and funded in July 2021 to specifically support students in a named scholarship for our foundress Sister Catherine Mulligan. Total donations of £15,000 were paid in the financial year to March 2025. The Trustees further committed, at a meeting in March 2025 to a payment of £15,000 in the year 25/26.

A donation of £100,000 was made at the start of the year to St Mary’s Educational and Charitable Trust (SMECT), in keeping with Pope Francis’s admonition that the Catholic Church was to be a missionary church and to continue the vision of the deceased sisters who had wished to make a foundation overseas. The remaining sisters decided to support the work of SMECT which has now constructed a medical facility on the same site as the preexisting school/orphanage in India to provide for the health needs of the locals who otherwise would have no access to basic healthcare. The clinic is now fully open and provides medicines and care for approximately 20 villages. A further donation of £40,000 was made in the year 24/25 to enable SMECT to purchase adjoining land to create a safe car park and waiting area and £50,000 agreed for the year 25/26 at a Trustee meeting in March 2025. This has enables SMECT to purchase an X-Ray machine and to furnish the operating suite.

Ongoing formation and training

The sisters recognise the importance of ongoing formation and training to increase their knowledge, acquire new skills and develop their personal spirituality. Sister Clare continued to attend online RLSS certificated safeguarding courses throughout the year and she and the Safeguarding Lead are looking at the CSSA online courses.

Grants and donations policy

Whilst the trustees agree to support organisations whose work is within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

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 pressure on supporters. The charity does not actively fundraise. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

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Trustees’ report Year to 31 March 2025

Specific objectives, activities and relevant policies (continued)

Protection of children and vulnerable adults

The trustees recognise the importance of ensuring the protection and safety of all those whom the charity serves. All the sisters have previously obtained enhanced clearance from the Disclosure and Barring Service when actively involved in ministry, but with increasing age and infirmity all bar Sr Clare are no longer providing ministry and are care home residents. Their own safeguarding has taken high priority with Sr Clare and the Business Manager. The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS). The Business Manager has been appointed as Safeguarding Lead and attended the RLSS conference and appropriate online RLSS courses. The risk management matrix has been updated accordingly with relevant safeguarding matters.

Investment policy

The charity’s investments are managed by Waverton Investment Management Limited under a discretionary investment management agreement.

The investment strategy takes into account income requirements, the risk profile and the investment managers’ view of the market prospects in the medium term.

The policy is to maximise total return through a diversified portfolio whilst providing a level of income advised from time to time. There is also an Ethical Policy precluding investment in any company which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objectives of the Roman Catholic Church.

The trustees receive a report and valuation every three months and meet at least once a year with the investment managers. They ensure that the portfolio is managed in accordance with their written guidelines and with the religious and ethical principles of the charity. Investment advisors PRS are also invited to attend these review meetings to add topical and current investment advice and ensure good governance of the investment.

Financial review for the year

Results for the year

A summary of the year’s results is set out on page 18 of the attached accounts.

During the year to 31 March 2025, income amounted to £353,565 (2024: £238,310). Of this, £154,139 (2024: £97,760) represented donations, the significant part of which comprised pensions receivable by members of the Congregation and donated to the charity under Gift Aid compliant Deeds of Covenant. Investment income from the charity’s listed investments, bank deposits, and investment property totalled £157,716 (2024: £140,550).

During the year, the charity incurred expenditure of £739,378 (2024: £470,133). Cost of raising funds included investment management fees of £49,496 (2024 - £43,689). Expenditure on maintaining the members of the Congregation and enabling them to carry out their charitable work amounted to £377,732 (2024: £342,638). Donations payable during the year totalled £312,150 (2024: £78,746) - further details are given in note 5 to the attached accounts.

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Trustees’ report Year to 31 March 2025

Financial review for the year (continued)

Results for the year (continued)

The overall net expenditure for the year before losses and gains on investments amounted to £358,813 (2024: net expenditure of £231,823). Net investment gains totalled £177,519 (2024: net gains of £889,180). After accounting for the net investment gains, the net decrease in funds for the year amounted to £208,294 (2024: after accounting for net investment gains, the net increase in funds amounted to £667,357).

Financial position and reserves policy

The balance sheet shows total funds at 31 March 2025 of £7,466,354 (2024: £7,674,648).

£259,803 (2024: £627,230) represents the net book value of the charity’s tangible fixed assets, after deducting the liability under a finance agreement. An equivalent amount has been designated as a tangible fixed assets fund in recognition of the fact that the assets are required for the charity’s operations and are not available as a reserve to fund activities or meet future contingencies.

The trustees have set aside £3,300,000 (2024: £3,300,000) to provide for the sisters’ care in the future. The value of the fund has been calculated using actuarial principles to provide for the Congregation’s sisters but is not meant to guarantee sufficient resources. It is merely an estimate designed to recognise, and make provision for, the financial undertaking implicit in the relationship between a religious congregation and its members.

The trustees have set aside £2,000,000 (2024: £2,000,000) as a financing and congregational fund with the broad intention to use the fund to finance grants and donations. The trustees are yet to formalise their plans for the future and need to do further work on deciding exactly how these funds are to be applied.

Funds which are available, therefore, to support the work of the sisters in the future are those shown on the balance sheet as general funds or “free reserves” and amount to £1,906,552 (2024: £1,255,064).

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be sufficient to cover approximately twenty-four month’s on-going expenditure and to provide for contingencies, unevenness in future income and volatility in the value of investments.

At the date of the balance sheet, the trustees consider that the level of free reserves were adequate but not excessive given the inherent volatility in world stock markets at the current time as a result of prevailing macroeconomic and geopolitical climate.

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Trustees’ report Year to 31 March 2025

Financial review for the year (continued)

Investment policy and performance – listed investments

The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk. The trustees of the charity continue to take a long-term view and believe the investment policy continues to be appropriate.

The charity had a portfolio of listed investments, which at 31 March 2025 had a market value of £6,684,462 (2024: £6,540,597) including cash available for reinvestment of £357,136 (2024: £18,856).

During the year, the charity’s investments achieved an income yield of 2.4% (2024: 2.1%) and a capital yield of 2.8% (2024: 13.5%). The performance of the portfolio reflected the recovery of markets generally following the decline at the end of the previous year as a result of the macroeconomic and geopolitical climate. The investment managers continued to invest in accordance with the trustees’ investment policy set out above.

Further details of the investment portfolio are detailed in note 11 to the attached accounts.

Future Plans

The Congregation comprises, in the main, elderly sisters whose needs have increased such that all bar one are living in residential care homes.

The trustees continue to review income and expenditure. Having undertaken a review of Investment Managers and the investments themselves previously, the plan is to have ongoing annual reviews of performance with the Investment Managers and a consultant to monitor the ethics and the performance of the investments.

With the sisters living longer than originally expected and the increase in care costs and investment income decreasing, a review of the long-term forecast, commissioned three years ago, was sought and reviewed. The ongoing needs of the sisters and the associated costs in line with income projections are constantly reviewed and discussed.

The trustees are united in their concern for the overall health and wellbeing of each of the members of the Congregation. They are equally concerned that the members be supported and encouraged to live to the full the Mission of the Congregation to which each one has professed.

Structure, governance and management

Governing document

In terms of Canon law the charity is governed by the Congregation’s own constitutions.

In terms of Civil law, the charity was incorporated as a Charitable Incorporated Organisation (CIO) on 31 March 2017 and is governed by a constitution, as amended on 25 October 2018.

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Trustees’ report Year to 31 March 2025

Structure, governance and management (continued)

Trustees

The charity is the responsibility of its trustees which include Sister Clare Lennon who is currently the Congregational Leader (referred to as the Mother General in the charity’s Constitution). The Congregational Leader, by virtue of holding that office, is also the sole member of the CIO.

The charity’s constitution requires that there must be at least three trustees. If the number falls below this minimum, the remaining trustees request the Congregational Leader to appoint a new trustee. The maximum number of trustees that may be appointed to the CIO is five and for such time as it remains reasonably practical, the majority of those holding office as trustee at any time shall also be members of the Congregation. Sr Rosemary Peacock resigned as a Trustee in March 2025 due to her increasing age and failing health. The current number of Trustees is therefore maintained at 4 as at year end.

The Congregational Leader is a trustee ex-officio for as long as she holds that office.

The trustees appoint further trustees, including people from outside the Congregation, having regard to the skills, knowledge and experience needed for the effective administration of the charity. In addition to the Congregational Leader, throughout the year there was one other trustee who is a member of the Congregation and three trustees are members of other religious congregations,.

The trustees are responsible for making all decisions regarding the charity’s activities, properties and funds. There is no policy of delegation to other members. For advice concerning financial and legal matters, the charity calls on the expertise of suitably qualified professionals.

Organisational structure

At the beginning of the financial year there were five finally professed sisters with four in residential care. Sister Clare Lennon ensures that she visits all the sisters in residential care on a regular basis and maintains telephone or electronic contact with them in order to ensure that they are supported and their needs are met in every aspect of their lives.

The Congregational Leader liaises with the trustees and with the charity’s Business Administrator to ensure that the day-to-day activities of the charity run smoothly.

Key management personnel

The trustees consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. The trustees are responsible for making all decision regarding the charity’s properties and funds. There is no policy of delegation to other members. For advice concerning financial and legal matters the charity calls on the expertise of professionals.

Two trustees are members of the Congregation and whilst their living and personal expenses are borne by the charity they receive no remuneration or reimbursement of expenses. The trustees who are not members of the Congregation do not receive any remuneration but are reimbursed any expenses that they claim in relation to travel and similar costs associated with their role as trustees.

Mater Ecclesiae CIO 10

Trustees’ report Year to 31 March 2025

Structure, governance and management (continued)

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report 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 the accounts the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of 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.

Liability of the member

If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation (and hence the CIO) currently faces and have reviewed the measures already in place, or needing to be put in place, to deal with them.

The trustees recognise their responsibility for the management of risks faced by the charity and the sisters.

The trustees have identified the following areas for particular attention within the charity’s risk management strategy:

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Trustees’ report Year to 31 March 2025

Structure, governance and management (continued)

Risk management (continued)

Governance and management: looks at the risk of the Congregation, and hence the CIO, suffering from a lack of direction, at the skills and training of its members, and the good use of its resources.

An analysis of the age profile of the sisters shows that the average age at 31 March 2024 was 84.5 years. The trustees are aware that there is both a moral and legal obligation to care for the sisters. None of the sisters have resources of their own as all earnings, pensions and any other income have been donated to the CIO under a Gift Aid compliant Deed of Covenant.

As stated above, the trustees meet regularly to monitor the life, mission and ministry of the sisters. A Business Administrator is employed and meets regularly with the trustees.

The trustees are regularly assessing current social needs and seeking ways of offering assistance.

Operational: looks at the risks inherent in the activities of the charity, particularly care of the sisters and social and pastoral care.

Procedures are in place for staff and health and safety issues. Comprehensive insurance policies cover health and safety, equal opportunities, media safeguarding, dignity at work and termination of employment. There are disciplinary and grievance procedures in place.

Financial: looks at risks including those arising as a result of poor budgetary control, poor accounting and poor management of the investment portfolio.

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by a reputable investment manager who adheres 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. Given the current macroeconomic and geopolitical environment, the trustees will continue to communicate with their investment managers and, whilst there are concerns over the volatility in world stock markets, they acknowledge also that the charity is a long term investor. As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief.

Reputational: looks at possible damage to the Congregation’s and hence the reputation of the charity.

Laws, regulations, external and environment: looks at the effect of government policies and the consequences of non-compliance with laws and regulations insofar as they are applicable to the Congregation’s activities. When laws are applicable, care and consideration are given in implementing them. These include: health and safety, equality, data protection, human rights and safeguarding. The trustees attend workshops and conferences to keep up to date with their responsibilities.

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Trustees’ report Year to 31 March 2025

Structure, governance and management (continued)

Risk management (continued)

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 and business risks faced by the charity, they have established effective systems to mitigate those risks.

Members and associates of the Congregation

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

Signed on behalf of the Board of Trustees:

(…………………………..)

Trustee

Date: 24 October 2025

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Independent auditor’s report Year to 31 March 2025

Independent auditor’s report to the trustees of Mater Ecclesiae CIO

Opinion

We have audited the accounts of Mater Ecclesiae CIO (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, principal accounting policies and the notes to the accounts. 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 accounts:

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 accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

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

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

Other information

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

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Independent auditor’s report Year to 31 March 2025

Other information (continued)

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 course of 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 accounts 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 11, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of 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.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 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 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.

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Independent auditor’s report Year to 31 March 2025

Auditor’s responsibilities for the audit of the accounts (continued)

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 non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts 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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Independent auditor’s report Year to 31 March 2025

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

investigated the rationale behind significant or unusual transactions, if any.

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

agreeing accounts disclosures to underlying supporting documentation;

reading the minutes of meetings of trustees; and

enquiring of relevant representatives from within the charity as to actual and potential litigation and claims.

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.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 29 October 2025

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Mater Ecclesiae CIO 17

Statement of financial activities Year to 31 March 2025

Notes Unrestricted funds Unrestricted funds

2025
£
2024
£
Income from:
Donations
1
Investments and interest receivable
2
Other income – surplus on disposal of tangible fixed assets
Miscellaneous sources
Total income
Expenditure on:
Cost of raising funds
. Listed investments – investment manager’s fees
. Investment property – legal, professional and miscellaneous costs
Charitable activities
. Support of members of the Congregation and their ministry
3
. Charitable donations
5
Total expenditure
Net expenditure for the year before investment gains (losses)
6
Net gains on the revaluation of investment property
11
Net gains (losses) on the revaluation and disposal of listed investments
11
Exchange losses - investment cash
Net income (expenditure) and net movement in funds
Reconciliation of funds:
Funds brought forward at 1 April 2024

Funds carried forward at 31 March 2025
154,139

157,716
41,710
—
97,760

140,550

—
—
353,565
238,310
49,496
—

377,732

312,150
43,689
5,060

342,638

78,746
739,378
470,133

(385,813)

—

180,603
(3,084)
(231,823)
116,229

782,951
—
(208,294)
7,674,648
667,357
7,007,291
7,466,354
7,674,648

The statement of financial activities includes all recognised gains and losses for the above two financial periods.

All activities of the charity derived from continuing operations during the above two financial periods. All income, expenditure and fund balances brought and carried forward were in respect of unrestricted in the above two financial periods.

Mater Ecclesiae CIO 18

Balance sheet 31 March 2025

2025 2025 2024 2024
Notes £ £ £ £
Fixed assets
Tangible assets 10 271,882 641,632
Investments 11 6,684,462 7,032,951
6,956,344 7,674,583
Current assets
Debtors 12 34,544 35,080
Short term deposits 365,951 4,385
Cash at bank and in hand 269,922 158,525
670,417 197,990
Creditors: amounts falling due
within one year 13 (150,685) (185,880)
Net current assets 519,732 12,110
Total assets less current liabilities 7,476,076 7,686,693
Creditors: amounts due after more
than one year 14 (9,722) (12,045)
Total net assets 7,466,354 7,674,648
The funds of the charity
Unrestricted funds
. General funds 1,906,551 1,255,064
. Tangible fixed assets fund 15 259,803 627,230
. Designated funds
.. Investment property fund 16 — 492,354
.. Financing and congregational fund 17 2,000,000 2,000,000
.. Sisters’ care fund 18 3,300,000 3,300,000
7,466,354 7,674,648

==> picture [265 x 56] intentionally omitted <==

----- Start of picture text -----
Approved by and signed on behalf of the Board of Trustees by:
(…………………)
Trustee
----- End of picture text -----

Date: 24 October 2025

Mater Ecclesiae CIO 19

Principal accounting policies Year to 31 March 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 ended 31 March 2025 with comparative information provided in respect to the year to 31 March 2024.

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 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) (effective 1 January 2019) and the Charities Act 2011.

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

The accounts are presented in sterling and are rounded to the nearest pound.

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 such judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

Mater Ecclesiae CIO 20

Principal accounting policies Year to 31 March 2025

Assessment of going concern (continued)

Given the current macroeconomic and geopolitical environment, the trustees continue to communicate with their investment managers and, whilst there are concerns over fluctuations in world stock markets, they acknowledge also that the charity is a long-term investor. As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief.

Undoubtedly there will be challenges ahead but the trustees do not expect material concerns to arise over the charity’s financial position or going concern. The trustees have concluded that the charity will have sufficient resources to meet its liabilities as they fall due.

With regard to the next accounting period, the year ending 31 March 2026, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets.

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 legacies, investment income and interest receivable surplus on disposal of tangible fixed assets.

Donations, including salaries and 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.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

Mater Ecclesiae CIO 21

Principal accounting policies Year to 31 March 2025

Income recognition (continued)

Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Investment income is recognised once a dividend has been declared and notification has been received of the amount 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.

Income from the operation of the charity’s retreat centre is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable excluding any relevant discounts.

A surplus on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. The surplus is recognised at the time when legal completion of the sale takes place.

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. The classification between activities is as follows:

Mater Ecclesiae CIO 22

Principal accounting policies Year to 31 March 2025

Expenditure recognition (continued)

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect chartable expenditure of the charity. 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 (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are allocated directly to support of members of the Congregation and their ministry.

Tangible fixed assets

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

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Specialised buildings comprised the Congregation’s large residential convent and retreat centre. They were stated at cost net of impairment. An impairment review was carried out if events, or changes in circumstances, indicated that the carrying amount of these properties may not be recoverable. The freehold specialised buildings were sold during the year to 31 March 2023.

Non-specialised buildings i.e. those designed as, and used wholly or mainly for, private residential accommodation are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Mater Ecclesiae CIO 23

Principal accounting policies Year to 31 March 2025

Tangible fixed assets (continued)

Fixtures and fittings 25% per annum Motor vehicles 25% per annum

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.

As noted above, 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.

Properties held for investment purposes are included in these accounts at open market value subject to any restrictions on the rental income receivable and/or the occupation of these properties. The valuation has been determined by the trustees, with professional assistance.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is 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 period 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 period in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. They have been discounted to the present value of the future cash receipt where material.

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. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Mater Ecclesiae CIO 24

Principal accounting policies Year to 31 March 2025

Creditors and provisions

Creditors and provisions 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.

Finance arrangements

Assets held under finance arrangements are capitalised and depreciated over their useful lives. The corresponding finance obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the statement of financial activities over the period of the arrangement in proportion of the outstanding balance of capital repayments.

Fund structure

Restricted funds are monies raised for, and their used restricted to, a specific purpose, or donations subject to donor imposed conditions.

The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.

The investment property fund comprises the net book value of charity’s investment property. As the property is occupied by a tenant with a life tenancy interest paying a controlled rent, the charity would have difficulty disposing of this property and the value represented by this asset should not be regarded as realisable with ease.

Other designated funds are monies set aside of unrestricted general funds and designated for specific purposes by the trustees.

General funds represent those monies that are freely available for application towards achieving any charitable purpose that fall within the charity's charitable objects.

Pensions

The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.

Mater Ecclesiae CIO 25

Notes to the accounts Year to 31 March 2025

1 Income from: Donations

2025
£		 2024
£
Salaries and pensions of individual religious received under deed of
covenant and gift aid
General donations		 141,452
12,687		 96,650

1,110
154,139
97,760

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
2025
£
2024
£
Investment Income
UK listed investments
Equities
Bonds
Alternatives
Overseas listed investments
Equities
Bonds
Alternatives
Interest receivable
Cash held by investment managers
Bank interest
Income from investment property		 3,373
12,693
27,781
64,781
22,133
—
9,277

7,070

32,972

55,840

19,979
2,217
130,761
127,355
9,533
17,422
5,363

6,082
26,955
11,445
— 1,750
157,716
140,550

3 Expenditure on: Support of the members of the Congregation and their ministry

2025
£		 2024
£
Staff costs
Premises costs
Sisters' living and personal expenses
Nursing care and medical costs
Education, training and spiritual renewal
Motor and travel
Exhumation, funeral and memorial stone costs
Support costs (note 4)		 33,589
16,563
48,386
214,383
3,510
17,112
6,457
37,732		 28,356
23,367
21,351
222,032
3,640
18,397
—
25,495
377,732 342,638

Mater Ecclesiae CIO 26

Notes to the accounts Year to 31 March 2025

4 Support costs

2025
£		 2024
£
Accountancy and bookkeeping fees
Governance costs:
. Audit fee
. Legal and professional
Communication and IT
Office and miscellaneous costs		 10,751
12,810
8,676
1,290
4,205
1,560

16,110

—

1,545

6,280
37,732
25,495

5 Expenditure on: Charitable donations

2025
£		 2024
£
Donations to institutions:
. Rachel’s Vineyard
. Durham University
. St Marys Education
. Gaza - Daughters of Charity
. CAFOD
. RLSF
. Just Giving
. Community of Our Lady of Walsingham (COLW)
. Little Walsingham Maintenance
. Trussel Trust
. Youth Charity Donation
. March for Life UK
. Nuneaton Food Bank
. Homes4U Cardiff
. Other donations
Donations to individuals:		 21,000
15,000
90,500
—
100
—
100
100,000
1,000
6,000
5,000
10,000
6,000
3,000
44,450
10,000
20,000

—

20,000
30,000

500
1,000

—

1,000

1,000

250

—

—

—

—

4,996

—
312,150
78,746

Donations to individuals includes a donation to one individual, that is the daughter of a friend of a trustee, for their religious education.

Mater Ecclesiae CIO 27

Notes to the accounts Year to 31 March 2025

6 Net expenditure for the year before investment gains (losses) This is stated after charging:

2025
£
2024
£
Staff costs (note 7)
Auditor’s remuneration
. Statutory audit services
.. Current year
.. Previous year
. Accountancy services
Depreciation		 33,589
12,950
—
3,860
14,704
28,356

9,720
2,940
3,450

5,750

7 Staff costs and remuneration of key management personnel

2025
£		 2024
£
Wages and salaries
Employer contributions to pension plans		 32,500
1,089		 27,267
1,089
33,589 28,356

The average number of part-time employees during the period was 1 (2024: 1).

No employee earned more than £60,000 during the period (2024: none)

All staff are employed to support members of the Congregation and their ministry.

The trustees consider that they alone comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day to day basis. Trustees are not remunerated for their services to the charity (2024: no remuneration). See also note 8 below.

8 Trustees’ remuneration and expenses and related party transactions

Two trustees are members of the Congregation. As members of the Congregation, their living expenses during the period were borne by the charity but they received no remuneration or reimbursement of expenses in connection with their duties as trustees or key management during the period.

In addition, as members of the Congregation, these trustees do not have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the period, the total amount donated by the trustees to the charity was £155,091 (2024: £17,838).

Mater Ecclesiae CIO 28

Notes to the accounts Year to 31 March 2025

There were no other related party transactions (2024: no other related party transactions).

9 Taxation

Mater Ecclesiae CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

10 Tangible fixed assets

Tangible fixed assets
Freehold
land and
buildings
£
Furniture
and
equipment
£
Motor
vehicles
£
Total
£
Cost
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book values
At 31 March 2025
At 31 March 2024		 591,680
—
(358,773)
37,764

3,727
—
25,433

—

—
654,877

3,727

(358,773)
232,907
41,491
25,433
299,831
—
—
12,185

8,346
1,060

6,358
13,245

14,704
—
20,531
7,418
27,949
232,907
20,960
18,015
271,882
591,680
25,579
24,373
641,632

Mater Ecclesiae CIO 29

Notes to the accounts Year to 31 March 2025

11 Investments

Investment
properties
£
Listed
investments
£		 2025
£		 Investment
properties
£
Listed
investments
£
2024
£
6,132,067

995,688
(1,036,815)

923,155
7,014,095

18,856
7,032,951
5,697,102
Fair (market) value at 1 April 2024
Additions at cost
Disposals at book value (see
below)
Net unrealised gains (losses)
Fair (market) value at 31 March
2025
Cash held by investment
managers for re-investment
Cost of investments* at 31 March
2025
492,354
—
(492,354)
—		 6,521,741
511,629

(850,912)
144,868		 7,014,095
511,629

(1,343,266)
144,868		 376,125
—
—
116,229
5,755,942

995,688
(1,036,815)

806,926
—
—		 6,327,326
357,136		 6,327,326
357,136		 492,354
—
6,521,741

18,856
— 6,684,462 6,684,462 492,354
6,540,597
— 5,603,626 5,603,626 91,974
5,605,128

*The original cost of the investment property has not been readily available. The cost at 31 March 2024 represented the cost of additions since 1 April 2021.

Disposals at book value included above comprise the following:

Investment
properties
£		 Listed
investments
£		 2025
£
Investment
properties
£
Listed
investments
£
2024
£
Disposal proceeds
Realised (gains)/losses
Disposals at book value		 —
—		 886,647
(35,735)
886,647
(35,735)
—
—
1,012,841

23,974		 1,012,841

23,974
— 850,912
850,912
—
1,036,815		 1,036,815

Total realised and unrealised gains in the year were as follows:

Investment
properties
£


Listed
investments
£


2025
£

Investment
properties
£


Listed
investments
£
2024
£
Net unrealised gains
Net realised gains (losses)
Total		 —

—		 144,868
35,735
144,868

35,735
116,229

—
806,926

(23,974)
923,155
(23,974)
— 180,603
180,603
116,229
782,952
899,181

Mater Ecclesiae CIO 30

Notes to the accounts Year to 31 March 2025

11 Investments (continued)

Listed investments held at 31 March 2025 comprised the following:

2025
£		 2024
£
UK listed investments
. Equities
. Bonds
. Alternatives
Overseas listed investments
. Equities
. Bonds
. Alternatives		 111,540
898,814
428,485
4,426,151
241,115
221,221		 220,323
1,088,897
485,779
4,409,062
182,036
135,644
6,327,326
6,521,741

All listed investments were dealt in on a recognised stock exchange.

The investment property was sold shortly after the balance sheet date. The property has been revalued based on the amount realised from the sale of the property post-year end - see post balance sheet events note 20.

12 Debtors

Debtors
2025
£		 2024
£
Accrued investment income
Prepayments		 17,098
17,446
23,422

11,658
34,544
35,080

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025
£		 2024
£
Expense creditors
Accruals and deferred income
Donation payable
Social security and other taxes
Amounts due under a finance agreement for purchase of a motor
vehicle		 12,486
29,895
104,022
1,925
2,357
5,160

26,944

150,000

1,419
2,357
150,685
185,880

Mater Ecclesiae CIO 31

Notes to the accounts Year to 31 March 2025

14 Creditors: amounts falling due after one year

2025
£		 2024
£
Donation payable (note 5)
Amounts due under a finance agreement for purchase of a motor
vehicle		 —
9,722		 —
12,045
9,722
12,045

The amounts due under the finance agreement are payable in monthly instalments of £196 with a final instalment of £8,865 payable in September 2026.

15 Tangible fixed assets fund

2025
£		 2024
£
At 1 April 2024
Net movement in year
At 31 March 2025		 627,230
**(367,427) **		 407,764
219,466
259,803 627,230

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets less creditors in relation to relevant finance arrangements. A decision was made to separate this fund from the general fund and other designated funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, by the charity to meet future contingencies.

16 Investment property fund

2025
£		 2024
£
At 1 April 2024
Designated during the year
At 31 March 2025		 492,354
**(492,354) **		 251,625
240,729
— 492,354

The investment property fund represents the carrying value of the charity’s investment property. At the balance sheet date, the carrying value was not available to the charity to meet future contingencies and therefore was kept separate from the charity’s general unrestricted fun.

Mater Ecclesiae CIO 32

Notes to the accounts Year to 31 March 2025

17 Financing and Congregational fund

Financing and Congregational fund
2025
£		 2024
£
At 1 April 2024
Designated during the year
Utilised during the year
At 31 March 2025		 2,000,000
—
—
2,000,000
—
—
2,000,000
2,000,000

The Financing and Congregational fund has been established to finance future grants and donations. The trustees are yet to formalise their plans for the future and need to carry out further work on deciding how these funds are to be applied.

18 Sisters’ care fund

The income funds of the charity include the following designated fund which has been set aside out of unrestricted funds for a specific purpose.

2025
£		 2024
£
At 1 April 2024
(Released) designated during the year
At 31 March 2025		 3,300,000
—		 3,300,000

—
3,300,000 3,300,000

The sisters’ care fund has been established by the charity’s trustees to provide for the future costs of providing care for elderly sisters who have dedicated their working lives to the charity. The additional designation during the year is a result of increasing residential and nursing home fees,

Mater Ecclesiae CIO 33

Notes to the accounts Year to 31 March 2025

19 Analysis of net assets between funds

General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£


Total
2025
£
Fund balances at 31 March 2025 are
represented by:
Tangible fixed assets
Investments
Net current assets (liabilities)
Creditors: amounts falling due after more than
one year		 —
1,384,462
522,089
—		 271,882
—
(2,357)
(9,722)		 —
5,300,000

—
—		 271,882
6,684,462
519,732
(9,722)
1,906,551 259,803 5,300,000 7,466,354
General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£


Total
2024
£
Fund balances at 31 March 2024 are
represented by:
Tangible fixed assets
Investments
Net current assets (liabilities)
Creditors: amounts falling due after more than
one year		 —
1,240,597
14,467
—		 641,632

—

(2,357)
(12,045)
—
5,792,354

—
—		 641,632
7,032,951
12,110
(12,045)
1,255,064
627,230
5,792,354
7,674,648

20 Ultimate control and liability of the member

The charity is controlled by the Congregational Leader (referred to as the Mother General in the charity’s Constitution) who is the sole member of the CIO.

If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Mater Ecclesiae CIO 34