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2025-08-31-accounts

The Sisters of Christian Instruction (St. Gildas) CIO

Report and Accounts

31 August 2025

Charity Registration Number 1173344

Contents

Reports

Reports Reports
Reference and administrative details of the
charity, its trustees and advisers 1
Trustees’ report 2
Independent auditor’s report 16
Accounts
Statement of financial activities 21
Balance sheet 22
Statement of cash flows 23
Principal accounting policies 24
Notes to the accounts 29

The Sisters of Christian Instruction (St. Gildas) CIO

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

Trustees Sister Anne Hogan
Sister Odile Mahé
Sister Elizabeth McNiff
General Councillor Delegate Sister Dominique Guerin
Regional Bursar Sister Odile Mahé
Administrative address The Sisters of Christian Instruction (St Gildas)
36 Dickenson Road
Hornsey
London
N8 9ET
Charity registration number 1173344
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Principal bankers The Royal Bank of Scotland plc
49 Bishopsgate
London
EC2N 3AS
Investment managers Charles Stanley and Company Limited
55 Bishopsgate
London
EC2N 3AS
Solicitors Pothecary Witham Weld
84 Eccleston Square
London
SW1V 1PX

The Sisters of Christian Instruction (St. Gildas) CIO 1

Trustees’ report Year to 31 August 2025

The trustees present their statutory report together with the accounts of The Sisters of Christian Instruction (St. Gildas) CIO (the charity or the CIO) for the year to 31 August 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 28 of the attached accounts and comply with the charity’s constitution, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements of 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 Sisters of Christian Instruction (St Gildas) (the Congregation) is a Roman Catholic religious congregation supporting 293 sisters. It was founded in France in 1820 where its generalate is still located and it is divided into three Regions, a delegation and the Mother House.

The accounts accompanying this report are the accounts of the charity through which the activities and net assets of the Congregation in England have been administered since 1 September 2017. The charity is governed by a constitution dated 30 May 2017 and is registered under the Charities Act 2011 – Charity Registration No. 1173344.

Principal aims and mission

The general objects of the charity during the period were the advancement of the religious and other charitable work carried on by the Sisters of Christian Instruction (St Gildas). This included the maintenance and support of the sisters themselves.

By caring for individual members of the Congregation throughout their lives with the Congregation, the charity aims to enable and support the sisters to live out their faith and to put that faith into practice through a variety of religious and other charitable works.

When setting the objectives and planning the work of the charity for the period, and when encouraging the work of individual sisters, the trustees give careful consideration to the Charity Commission’s guidance on public benefit.

The ministries of the sisters during the year fell into the following main areas:

The Sisters of Christian Instruction (St. Gildas) CIO 2

Trustees’ report Year to 31 August 2025

Members of the Congregation are given the opportunity for private worship and to continue to develop their knowledge and trust in Jesus and the Church through quiet prayer, study of the Gospel and spiritual development. In addition, members of the Congregation celebrate and pray with the wider community including people of all faiths and none. They do this through the provision of spiritual guidance or by just being available to listen in times of need, through the celebration of the Liturgy, prayer groups and church services.

Some members of the Congregation are involved in a diverse range of social and pastoral work, including care of the elderly and people with special needs, family support and hospital visiting. The sisters aim to help, in particular, the poor and marginalised in society regardless of their personal background, faith, gender or individual circumstances.

Activities, specific objectives and relevant policies

As stated under principal aims and mission above, the aims of the charity during the period were to care for individual members of the Congregation throughout their lives with the Congregation and so enable and support them to live out their faith and to put that faith in to practice through a variety of religious and other charitable works.

Caring for members of the Congregation

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to education. In common with many religious congregations, as the age profile of the members increases so too does the need to provide for the care of the sisters in the future. The age profile of the sisters who were in England during the year is shown graphically overleaf:

The Sisters of Christian Instruction (St. Gildas) CIO 3

Trustees’ report Year to 31 August 2025

Age Profile 2024-2025

----- Start of picture text -----
6
5
4
3
2
1
0
50-59 60-69 70-79 80-89 90+
Age
Number of Sisters
----- End of picture text -----

At present, most ageing or ailing members live as members of various communities, receiving the care they need from the sisters of the community, making use of local facilities. As a consequence, the trustees of the charity have given careful consideration to the impact of this on the work of individual members of the Congregation and the financial implications. Therefore, the objectives of the trustees of the charity include:

Enabling and supporting members in a variety of religious and charitable works

The religious and charitable works of individual members of the Congregation can be divided into three principal areas: worship and prayer, the social and pastoral work of the sisters and support of overseas missionary work. Each of these is considered in turn.

Worship and prayer

The sisters are involved in a number of activities which include:

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Trustees’ report Year to 31 August 2025

Social and pastoral work

The charity enables and supports individual members of the Congregation in ministry and outreach work, thereby furthering the message set out in the Gospel to help one another and love one’s neighbour.

The following are examples of the social and pastoral work undertaken by individual sisters:

The objectives of the trustees of the charity included the following in respect to social and pastoral work:

Overseas missionary work

The Congregation’s missions in West Africa are now jointly financed by the English Delegation and the Congregation in France. The financial support of the charity has been used to meet the personal and living expenses of the sisters and their work: literacy, primary evangelisation, religious education, health care (primary health care) and the formation of young African girls aspiring to religious life. Following the disposal of the Birmingham property the charity sent a one off donation via the Generalate to Tamale Ghana. This money will be used to help the construction of an infant school.

The support enables the sisters to continue to care for some of the poorest and most marginalised in society – an objective which is consistent with the values set out in the Gospel. The individuals who benefit include those of all faiths and none and the help they receive can often mean the difference between life and death for them and their dependents.

The Sisters of Christian Instruction (St. Gildas) CIO 5

Trustees’ report Year to 31 August 2025

Review of activities

The following paragraphs outline the main achievements during the period in each of the charity’s principal activities.

Care of members of the Congregation

During the year the charity assisted members of the Congregation in their charitable and religious work, enabling them to work and volunteer in their chosen ministry. The Barnet community cared for Sister Joan until her admission to Barnet Grange Care home. The sisters continue to visit Sister Joan on a regular basis.

Worship and prayer

The sisters were given the possibility to join in a zoom meeting organised at congregation level and it was with great joy that contact was made with communities in France and Africa.

At the end of May Sister Odile, Sister Anne Hogan and Sister Ann O’Sullivan accompanied Sister Teresa to the Mother House in France to join in the celebration of her platinum Jubilee. of religious life. It was a celebration of life, of thanksgiving for all the years of faithful service.

The Sisters of Christian Instruction (St. Gildas) CIO 6

Trustees’ report Year to 31 August 2025

St Gildas School London

St Gildas School - A journey through time

Sunday, July 6th, 2025, marked a historical day in the history of the Sisters of St Gildas in the parish of St Peter-in-Chains, north London.

People across the generations came together as School, Community, parish, Church gathered to celebrate the 110th anniversary of the opening of St Gildas Convent school.

The day began with Mass in the parish church, concelebrated with the Rt.Rev. Bishop Michael Campbell and Fr. David Barrow, parish priest. It was a very joyful celebration marked with some moving tributes recalling the Sisters contribution to education in the area.

Following the Mass, parishioners, past pupils, teachers, other former members of the school community, were welcomed back to the School for refreshments. It offered a wonderful occasion to meet and share experiences of many who passed through the school throughout the years.

Memories were shared while visiting the wonderful displays showing the school’s past.

Sadly, the school closed in July, but I would like to end this account by quoting a former Governor of the school:

“History moves on. We continue to adapt. Today is a day to remember, to be grateful, to continue to announce the Gospel...remembering the past with gratitude, thankfulness and appreciation.”

The Sisters of Christian Instruction (St. Gildas) CIO

7

Trustees’ report Year to 31 August 2025

Sister Dominique, representing our Mother General came over from France to join us in the celebration.

The community of Dickenson Road welcomes a small group of “St Gildas Family” friends to share and pray together, about once every six weeks.

Overseas missionary work

During this period, the charity continued to support the work and the personal and living costs of the sisters working in West Africa. This was done via the annual contribution to the Generalate.

Volunteers

The members of the Congregation continued some of their activities assisting the poor and marginalised and those in need. The majority of members receive no financial reward for this work which contributes to the overall achievement of the CIO’s objectives. In addition, members are involved in administering the work of the Congregation and the CIO. Without their contribution neither would be able to function effectively.

Details of the areas in which members gave their time during the year are shown in the table below:

elow:
Area Number of sisters
Parish work
Hospital visiting
Housebound visiting
Working with other groups/organisations
Administration
Education		 2
1
1
2
2
1

Some sisters carry out voluntary work in more than one area as part of their mission and apostolate. Some activities had to stop or change because of health/age.

Protection of Children and Vulnerable Adults

Along with all other organisations which serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. Where required under the terms of their ministries, sisters obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of The Catholic Safeguarding Standards Agency (CSSA). The trustees have been kept in touch by the new Religious Life Safeguarding Service to which they are members.

Donations and support of missionary work and ministry

Donations in support of the Congregation’s work overseas are decided on by the trustees in consultation with the Generalate of the Congregation. In the main, the charity has supported the work of the Congregation in overseas countries. Broadly, the policy is to give to the most needy areas.

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Trustees’ report Year to 31 August 2025

During the period, the trustees continued to give financial support to charities approved by the trustees and whose work is consistent with the objects of the charity.

Financial report for the period

Results for the period

A summary of the year’s results can be found on page 21 of the attached accounts. During the year to 31 August 2025, income amounted to £328,983 (2024 – £1,028,247). Income for the year includes donations (including pensions receivable from members of the Congregation under Gift Aid or Deed of Covenant) of £159,714 (2024 –£166,513) and investment income and interest receivable of £169,269 (2024 – £119,917).

Expenditure totalled £316,403 (2024 – £428,439). Expenditure on maintaining the sisters and enabling them to carry out their work during the year amounted to £238,390 (2024 – £361,377). Charitable donations amounted to £56,437 (2024 - £46,544). The total donations given to the Generalate were £52,533 (2024 - £43,664).

Net income for the year before investment losses was £12,580 (2024 – £599,808). Net investment losses for the year totalled £48,571 (2024 – net investment gains of £208,971). Therefore, the net movement on funds and net expenditure was £35,991 (2024 – net income of £808,779)

Reserves policy and financial position

The trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work, the level of free reserves should be approximately equal to eighteen to twenty-four months’ ongoing expenditure. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flows, adequate working capital to cover core costs, and will allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.

The balance sheet shows total reserves of £6,102,872 (2024 – £6,138,863). Of this, £1,682,737 (2024 – £1,716,579) represents the tangible fixed assets used to support the work of the sisters.

The retirement reserve of £4,000,000 (2024 – £4,000,000) consists of funds that the trustees have designated to provide for the sisters in their retirement. Though calculated using actuarial principles, the fund itself is limited to the resources available.

At the balance sheet date, free reserves amounted to £420,135 (2024 – £422,284). These free reserves are in line with the target range required by the reserves policy above.

The Sisters of Christian Instruction (St. Gildas) CIO 9

Trustees’ report Year to 31 August 2025

Investment policy and performance

The charity had a portfolio of listed investments with a market value at the end of the period of £3,239,286 (2024 – £2,885,421). The portfolio achieved an income yield of 6.1% (2024 – 4.1%) and a capital loss of 3.3% (2024 – a capital loss of 7.63%). At 31 August 2025, the investment managers were also holding cash awaiting investment of £108,815 (2024 – £248,680). The investments are managed by Charles Stanley and Company Limited, who operate within guidelines that are set and regularly reviewed by the trustees, who believe their investment policy remains appropriate.

The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk.

There are no restrictions on the charity’s power to invest.

The performance of the portfolio and the investment strategy are reviewed by the trustees who meet with the investment manager at least once a year. The trustees are content that their policy will be achieved in the medium to long term.

Future plans

The trustees do not anticipate any significant change to the charity or its activities over the next two to five years. It is their intention to continue to meet the following objectives:

Governance, structure and management

Governing document

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution agreed by the trustees on 30 May 2017 and registered with the Charity Commission on 9 June 2017.

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.

The Sisters of Christian Instruction (St. Gildas) CIO 10

Trustees’ report Year to 31 August 2025

Governance

In terms of Canon law, the Congregation is governed at an international level by the Superior General and her General Council in Nantes, France. They are elected every six years at a General Chapter or meeting of delegates of all the regions of the Congregation.

Since the 2017 General Chapter, England and Ireland are now a delegation with a General Councillor having overall responsibility, assisted by a Delegate living in England who works in close collaboration with the General Councillor. After consultation with the sisters of the delegation, the Superior General names the Delegate with the consent of her council.

The Assistant Delegate communicates with the General Councillor responsible for the Delegation. Once or twice a year she meets with the Superior General and her Council to give an account of the progress and development of the ministries in which the sisters are engaged.

In terms of Civil Law, the charity is governed by a constitution dated 30 May 2017 and is registered under the Charities Act 2011 – Charity Registration No. 1173344. The trustees are appointed by the Superior General in her capacity as sole member of the CIO. As members of the Congregation, the trustees are aware of the work of the charity and of its structure. With the help of professional advisers, and through attendance at seminars, conferences etc, they update their knowledge of charity law and its requirements.

Trustees

The names of the trustees are set out within the reference and administrative details on page 1 of this report and accounts and brief biographical details on each of the trustees in office at 31 August 2025 are given below.

Sister Anne Hogan

Sister Anne joined the Congregation in 1962. She is a qualified teacher but her main involvements have been in the areas of formation and administration. She has been responsible for novices both here in the UK and also in Burkina Faso, West Africa. She served as Regional Superior for twelve years and then as General Councillor for six years. As Regional Superior she was a trustee of the charity. Presently, Sister Anne is Assistant Delegate for England and Ireland.

Sister Elizabeth McNiff

Sister Elizabeth joined the Congregation 57 years ago. After training in child care she worked in the Social Services departments for Haringey, Solihull and Birmingham (1971-1996), caring for disadvantaged young people, mainly adolescents in the residential setting. She has been bursar in the Birmingham Community and is now bursar of the Barnet Community and continues to be actively involved in Parish life supporting people in need as well as looking to the welfare of the Barnet community.

The Sisters of Christian Instruction (St. Gildas) CIO 11

Trustees’ report Year to 31 August 2025

Sister Odile Mahé

Sister Odile is the Bursar for the Delegation with overall responsibility for the finances of the charity. She joined the Congregation 63 years ago and, after graduating and qualifying as a teacher, spent 20 years of her religious life in education. She was also Bursar of her community. Before taking up the post of Regional Bursar she did some further training in IT.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and regulations.

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. Under that law, the trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

In preparing these accounts, the trustees are required to:

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

Key management personnel

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

All the 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 in connection with their duties as trustees or key management personnel.

The Sisters of Christian Instruction (St. Gildas) CIO 12

Trustees’ report Year to 31 August 2025

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet when necessary to review the activities, possible developments, make important decisions and to seek advice and support from professional advisers including solicitors, investment managers, accountants and property consultants. They delegate the day-to-day management of the activities, and the implementation of policies, to members of the Congregation.

At the end of August 2025, the Delegation of England comprised 10 sisters, The sisters live in two communities in London. The community houses are located in areas and parishes where their proximity to the people among whom they dwell, enables the sisters to respond most effectively to needs, either working alone, or in partnership with other organisations. As stated above, each community has a Leader appointed by the General Councillor Delegate.

St Gildas Schools in Yeovil and London, formerly the property of the Sisters of Christian Instruction (St Gildas), are administered by the Dioceses of Clifton and Westminster respectively. The sisters continue to maintain an interest in the life of the schools and support their work.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the period, the charity received no complaints about its fundraising activities.

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 currently faces and have reviewed the measures already in place to deal with them.

The trustees recognise their responsibility for the management of risks faced by the charity and the sisters. The areas identified for particular attention within the charity’s risk management strategy are:

Governance and management: looks at the risk of the Congregation, and hence the charity, 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 August 2025 was 85 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 charity under a Gift Aid compliant Deed of Covenant.

The Sisters of Christian Instruction (St. Gildas) CIO 13

Trustees’ report Year to 31 August 2025

As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: a) ensuring that the charity has the available financial resources to finance this care both now and in the future by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and b) ensuring that processes are in place to review the ministries and needs of individual sisters encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.

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

The trustees recognise the absolute necessity of ensuring the protection and safety of all whom the charity serves. This means that all sisters who are in any kind of ministry have obtained clearance from the Disclosure and Barring Service. The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Standards Agency (CSSA).

The charity does not work with children, but it does work with adults who may need help at particularly vulnerable moments in life.

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

The principal asset of the charity comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and the manager’s performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity’s needs both now and in the future.

Reputational: looks at possible damage to the Congregation 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 in so far as they are applicable to the Congregation’s activities.

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, they have established effective systems to mitigate those risks.

The Sisters of Christian Instruction (St. Gildas) CIO 14

Trustees’ report Year to 31 August 2025

Working with other organisations

The charity has worked closely with other charities and public bodies in the fields of social and pastoral care and education, including working with the vulnerable and the marginalised. One sister receives a salary, while the others work on a voluntary basis. In all cases, working together enables the sisters to be more effective and avoid duplication of effort in providing services to the people they serve. Examples of the organisations for which members have worked and with which the charity has co-operated during the period are as follows:

Employees, volunteers and members of the Congregation

The members of the Congregation continue to give unsparing service and dedication to all the Congregation’s works and the trustees wish to record their appreciation.

Signed on behalf of the trustees:

Odile Mahé Trustee

Approved by the trustees on: 8 June 2026

The Sisters of Christian Instruction (St. Gildas) CIO 15

Independent auditor’s report 31 August 2025

Independent auditor’s report to the members of The Sisters of Christian Instruction (St. Gildas) Charitable Incorporated Organisation (CIO)

Opinion

We have audited the accounts of The Sisters of Christian Instruction (St. Gildas) CIO (the ‘charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the 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.

The Sisters of Christian Instruction (St. Gildas) CIO 16

Independent auditor’s report 31 August 2025

Other information

The other information comprises the information included in the annual report, 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. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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 trustees’ responsibilities statement set out on page 12, 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.

The Sisters of Christian Instruction (St. Gildas) CIO 17

Independent auditor’s report 31 August 2025

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.

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 financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Sisters of Christian Instruction (St. Gildas) CIO 18

Independent auditor’s report 31 August 2025

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

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

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

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

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

The Sisters of Christian Instruction (St. Gildas) CIO 19

Independent auditor’s report 31 August 2025

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: 15 June 2026

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

The Sisters of Christian Instruction (St. Gildas) CIO

20

Statement of financial activities Year to 31 August 2025

Notes
2025
£		 2024
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources:
. Gains on disposal of tangible fixed assets
Total income
Expenditure on:
Raising funds
. Investment management costs
Charitable activities
. Support of members of the Congregation and their ministry
3
. Charitable donations
4
Total expenditure
Net income (expenditure) for the year before investment gains
(losses)
Net investment gains (losses)
Net income (expenditure) and net movement in funds
Reconciliation of funds:
Balances brought forward at 1 September 2024
Balances carried forward at 31 August 2025
159,714

169,269
—		 589,437
119,917
318,893
328,983 1,028,247
21,576

238,390

56,437		 20,518
361,377
46,544
316,403 428,439
12,580
**(48,571) **		 599,808
208,971
(35,991)
6,138,863		 808,779
5,330,084
6,102,872 6,138,863

The statement of financial activities includes all recognised gains and losses recognised in the year.

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

All of the charity’s funds were unrestricted in the above two financial periods.

The Sisters of Christian Instruction (St. Gildas) CIO 21

Balance sheet 31 August 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
11
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
Unrestricted funds
. Tangible fixed assets fund
12
. Designated funds
13
. General funds		 2,466
1,139,485		 1,682,737
3,348,091		 2,599
1,355,552		 1,716,579
3,134,101
5,030,828
1,072,044		 4,850,680
1,288,183
1,141,951
(69,907)		 1,358,151
(69,968)
6,102,872 6,138,863
1,682,737
4,000,000
420,135		 1,716,579
4,000,000
422,284
6,102,872 6,138,863

Approved by and signed on behalf of the trustees:

Odile Mahé Trustee Approved by the trustees on: 8 June 2026

The Sisters of Christian Instruction (St. Gildas) CIO 22

Statement of cash flows Year to 31 August 2025

Notes 2025
£		 2024
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of investments
Purchase of investments
Purchase of tangible fixed assets
Net proceeds from the disposal of tangible fixed assets
Net cash provided by (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2024
Cash and cash equivalents at 31 August 2025
B		 **(122,909) **
167,643

169,403
130,178
(532,614)
—
**— **

119,990

190,193

(424,624)

(14,897)

344,169
**(233,033) **
214,831

(355,942)
1,604,233

382,474

1,221,759
1,248,291
1,604,233

Notes to the statement of cash flows for the year to 31 August 2025

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

Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Gains (losses) on investments
Gains on disposal of tangible fixed assets
Investment income and interest receivable
Decrease (increase) in debtors
Decrease (increase) in creditors
Net cashprovided by (used) in operating activities		 2025
£		 2024
£
(35,991)
33,842
48,571
—
(169,269)
(1)
(61)		 808,779
34,236
(208,971)
(325,392)
(119,917)
10,566
(31,658)
(122,909) 167,643

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
At 1
September
2024
£
Cash flows
£		 At 31
August
2025
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 1,355,552
248,680		 (216,067)
(139,875)		 1,139,485
108,805
1,604,232 (356,378) 1,248,290

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Sisters of Christian Instruction (St. Gildas) CIO 23

Principal accounting policies 31 August 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 to 31 August 2025 with comparative information provided in respect to the year ended 31 August 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) 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 at least one year from the date of approval of these accounts.

The trustees acknowledge and recognise potential impact of the current macroeconomic and geopolitical climate on the charity and have concluded that there may continue to be some negative consequences as investment markets remain volatile, However, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

The Sisters of Christian Instruction (St. Gildas) CIO 24

Principal accounting policies 31 August 2025

The most significant areas of judgement that affect items in the accounts are detailed above.

With regard to the next accounting period, the year ending 31 August 2026, the most significant areas that affect the carrying value of the assets held by the charity are the performance of the investment market. However, the trustees have considered the possible impact on the charity and have concluded that, although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

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, investment income, interest receivable and income from other sources including the surplus on the disposal of tangible fixed assets.

Donations, including salaries and pensions of religious individuals 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.

Investment income is recognised once the dividend or income 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.

Any surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

The Sisters of Christian Instruction (St. Gildas) CIO 25

Principal accounting policies 31 August 2025

Expenditure recognition

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

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible.

Expenditure on raising funds includes the fees paid to investment managers in connection with the management of the listed investments.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities and includes:

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.

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.

All expenditure on support and governance is allocated to the charitable activities of care of members of the Congregation and enabling their ministry as any costs in relation to provision of donations or raising funds is considered to be minimal.

The Sisters of Christian Instruction (St. Gildas) CIO 26

Principal accounting policies 31 August 2025

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

♦ Freehold buildings

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost, or, in the case of older properties where cost is not available, at a trustees’ valuation made in 1996 based on market value for existing use. As permitted by FRS 102, with effect from 1 September 2014, the value assigned to those properties valued in 1996 is now deemed to be cost. Such buildings 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.

Specialised buildings comprise a large residential convent stated at cost. Depreciation is provided at 2% per annum on a straight-line basis to write the building off over its estimated useful economic life to the Congregation.

♦ Motor vehicles

♦ Furniture, fittings and equipment

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.

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 year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

The Sisters of Christian Instruction (St. Gildas) CIO 27

Principal accounting policies 31 August 2025

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

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.

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.

Funds structure

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

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. Details of these are provided in note 13.

Services provided by members of the Congregation

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

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

The Sisters of Christian Instruction (St. Gildas) CIO 28

Notes to the accounts 31 August 2025

1 Income from: Donations and legacies

Income from: Donations and legacies
2025
£		 2024
£
Salaries and pensions of individual religious received under deed of
covenant or Gift Aid
Other donations (note 17)
159,714
—		 166,513
422,924
159,714 589,437

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
2025
£		 2024
£
Income from listed investments
Interest receivable
. Cash held by investment managers
. Bank interest		 151,487
5,182
12,600		 100,864
6,276
12,777
169,269 119,917

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

Premises (excluding depreciation)
Sisters' living and personal expenses
Nursing home fees
Education, training and spiritual renewal
Depreciation
Support costs
. Governance (professional fees)
. Other costs		 2025
£		 2024
£
65,469
76,637
21,560
15,494
33,842
16,789
8,599		 88,447
96,309
89,793
22,996
34,236
18,371
11,225
238,390 361,377

4 Expenditure on: Charitable donations

The donations payable during the year were to institutions and were for the following purposes:

purposes:
2025
£		 2024
£
Support of the Congregation’s work overseas
Support of the Congregation’s Generalate
Other donations of less than £1,000 each		 544
52,533
3,360		 904
43,664
1,976
56,437 46,544

The Sisters of Christian Instruction (St. Gildas) CIO 29

Notes to the accounts 31 August 2025

5 Net expenditure for the year before investment gains (losses)

This is stated after charging:

2025
£		 2024
£
Auditor’s remuneration, including VAT
. Statutory audit services
.. Current year
.. Previous period
Depreciation
Gain on disposal of tangible fixed assets
Operating lease payments
. Office equipment		 17,580
—
33,842
—
3,164		 17,580
791
34,236
318,893
3,176

6 Staff costs, key management personnel and Trustees' remuneration

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

The charity did not have any employees during the year (2024 – none).

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

None of the trustees have resources of their own as all earnings, pensions and other income has been donated to the charity. During the year, a total of £52,496 (2024 – £49,676) was donated by the trustees to the charity.

7 Taxation

The Sisters of the Christian Instruction (St. Gildas) 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.

The Sisters of Christian Instruction (St. Gildas) CIO 30

Notes to the accounts 31 August 2025

8 Tangible fixed assets

Freehold land and buildings Motor
vehicles
£		 Furniture,
fittings
and
equipment
£
36,254
—
—
36,254
10,645
2,266
12,911
23,343
25,609		 Total
£
Specialised
£		 Non-
specialised
£
Cost or deemed cost
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
At 31 August 2025
Net book values
At 31 August 2025
At 31 August 2024		 1,578,817
—
—		 632,342
—
—		 19,426
—
—		 2,266,839
—
—
1,578,817
520,189
31,576		 632,342
—
—		 19,426
19,426
—		 2,266,839
550,260
33,842
551,765 — 19,426 584,102
1,027,052 632,342 — 1,682,737
1,058,628 632,342 — 1,716,579

It is likely that the open market values of certain of the charity’s land and buildings are materially greater than their book values. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

9 Investments

Investments
Listed investments
Fair (market) value at 1 September 2024
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains (losses)
Fair (market) value at 31 August 2025
Cash held by investment managers for re-investment
Cost of listed investments at 31 August 2025		 2025
£		 2024
£
2,885,421
532,614
(137,682)
(41,067)		 2,442,019
424,624

(167,547)
186,325
3,239,286
108,805		 2,885,421
248,680
3,348,091 3,134,101
2,653,926 2,309,047

Disposals at book value included above one made up of the following:

Proceeds
Realised gains		 2025
£		 2024
£
130,178
7,504		 190,193

(22,646)
137,682 167,547

The Sisters of Christian Instruction (St. Gildas) CIO 31

Notes to the accounts 31 August 2025

9 Investments (continued)

Listed investments held at 31 August 2025 comprised the following:

2025
£		 2024
£
. UK Equities
. Overseas Equities
. Fixed interest
. Property
. Alternatives
. Mixed Investment		 1,210,587
838,151
516,750
78,252
487,106
108,440		 1,076,806
812,084
342,892
132,116
474,967
46,556
3,239,286 2,885,421

At 31 August 2025 there were no individual holdings deemed material when compared with the overall portfolio valuation as at that date.

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

10 Debtors

Debtors
2025
£		 2024
£
Investment income receivable
Prepayments and other debtors		 987
1,479		 1,121
1,478
2,466 2,599

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025
£		 2024
£
Amounts held on behalf of individual members of the Congregation
Accruals		 52,338
17,569		 52,338
17,630
69,907 69,968

12 Tangible fixed assets fund

Tangible fixed assets fund
2025
£		 2024
£
At 1 September 2024
Net movement in the year
At 31 August 2025		 1,716,579
**(33,842) **		 1,754,693
(38,114)
1,682,737 1,716,579

The tangible fixed asset fund represents the net book value of the charity’s tangible fixed assets. It has been identified separately in recognition of the fact that the tangible fixed assets are required for the charity’s work and are not available as a reserve to fund day to day activities or meet future contingencies.

The Sisters of Christian Instruction (St. Gildas) CIO 32

Notes to the accounts 31 August 2025

13 Designated funds

The income funds of the charity include the following designated fund which had been set aside out of unrestricted funds by the trustees for specific purposes:

Retirement reserve: 2025
£		 2024
£
At 1 September
New designations
At 31 August		 4,000,000
—		 3,400,000
600,000
4,000,000 4,000,000

The retirement reserve is calculated using actuarial principles and was created in order to assist in providing for the sisters in their retirement. The amount designated is restricted to the resources available and is unlikely to be sufficient to support completely the needs of an ageing community of sisters, particularly if specialist care is required.

14 Analysis of net assets between funds

At 31 August 2025, the fund balances are represented by the following assets and liabilities:

General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Total
2025
£
Fund balances at 31 August 2025
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
—
420,135		 1,682,737
—
—		 —
3,348,091
651,909		 1,682,737
3,348,091
1,072,044
420,135 1,682,737 4,000,000 6,102,872
General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Total
2024
£
Fund balances at 31 August 2024
are represented by:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
—
422,284		 1,716,579
—
—		 —
3,134,101
865,899		 1,716,579
3,134,101
1,288,183
422,284 1,716,579 4,000,000 6,138,863

The Sisters of Christian Instruction (St. Gildas) CIO 33

Notes to the accounts 31 August 2025

The total unrealised gains at 31 August 2025 constitute revaluation of listed investments and the movements on the unrealised gains are as follows:

2025
£		 2024
£
Unrealised gains included above on listed investments
Total unrealised gains at 31 August 2025
Reconciliation of movements in unrealised gains
Total unrealised gains at 1 September 2024
In respect to disposals in the year
Net (losses) gains arising on revaluation in the year
Total unrealisedgains at 31 August 2025		 585,350 576,374
576,374
50,053
(41,067)		 384,523
5,526
186,325
585,350 576,374

15 Operating leases

At 31 August 2025, the charity had total future commitments under non-cancellable operating leases in respect to certain assets as follows:

Operating lease payments payable: Equipment Equipment Land and buildings
2025
£		 2024
£		 2025
£		 2024
£
Amounts due within one year
Amounts due between two and five years		 3,164
1,592		 3,164
4,756		 —
—		 —
—
4,756 7,920 — —

16 Ultimate control and liability of the member

The Superior General of the Congregation for the time being shall automatically, by virtue of holding that office, be ex officio the sole member of the CIO. The sole member is responsible for the appointment of the trustees.

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.

17 Related party transactions

In the prior year, the charity received a donation from the Congregational charity in Ireland of £422,924 following the sale of a property by that charity. Sister Odile Mahé and Sister Anne Hogan are both trustees of the Congregational charity in Ireland. There have been no donations for year ended 31 August 2025.

Other than the above and the donations received from trustees disclosed in note 6 to these accounts there were no related party transactions requiring disclosure.

The Sisters of Christian Instruction (St. Gildas) CIO 34