**Order of the Company of Mary Our Lady CIO** 

## **Annual Report and Accounts** 

31 December 2020 

Charity Registration Number 1173559 



## **Contents** 

## **Reports** 

|Reference and administrative details||
|---|---|
|of the charity, its trustees and advisers|1|
|Trustees’ report|2|
|Independent auditor’s report|11|
|**Accounts**||
|Statement of financial activities|16|
|Balance sheet|17|
|Statement of cash flows|18|
|Principal accounting policies|19|
|Notes to the accounts|24|



Order of the Company of Mary Our Lady CIO 



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

|**Trustees**|Sister Ernestine Velarde ODN|
|---|---|
||Sister Anne Gill ODN|
||Sister Anne Bayley ODN|
||Sister Patricia Grady ODN|
||Sister Maria Nieves Escalada Gallego ODN|
|**Territorial Delegate**|Sister Patricia Grady ODN|
|**Principal address**|Lestonnac|
||27-29 Between Streets|
||Cobham|
||Surrey|
||KT11 1AA|
|**Charity registration number**|1173559|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Principal bankers**|Barclays UK plc|
||8-12 Church Street|
||Walton on Thames|
||Surrey|
||KT12 2QX|
|**Solicitors**|Stone King LLP|
||13 Queen Square|
||Bath|
||BA1 2HJ|



Order of the Company of Mary Our Lady CIO **1** 



**Trustees' report** 31 December 2020 

The trustees present their report and the accounts of the Order of the Company of Mary Our Lady CIO (the charity) for the year ended 31 December 2020. 

The accounts have been prepared in accordance with the accounting policies set out on pages 19 to 23 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) (effective 1 January 2019). 

## **Introduction** 

The Sisters of the Company of Mary Our Lady (the Order) are the members of an international Roman Catholic religious order founded by Jeanne de Lestonnac (1556-1640) in France in 1607. The Order's mission is education, focused on the person in all their uniqueness. 

The Order is divided into a number of separate Provinces and Delegations. The Delegation of England is administered by the Territorial Delegate together with a Council consisting of two other members. The Territorial Delegate and Council are appointed by the Superior General, after consultation with the sisters of the Delegation of England, for a term of three years, renewable for up to nine years. 

The accounts accompanying this report are the accounts of the charitable incorporated organisation (CIO) which administers the assets of the Order in England. The CIO is governed by a Constitution dated 20 June 2017 and is registered with the Charity Commission (Charity Registration Number 1173559). 

## **Mission** 

The principal objective of the charity, as set out in its Constitution, is to advance the religious and other charitable work undertaken by the Order and its members (the sisters) in England. 

The principal work with which the sisters are involved concerns the provision of education together with social and pastoral care in the wider community. 

By supporting and caring for the individual members throughout their lives within the Order, 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 Order, the trustees give careful consideration to the Charity Commission’s general guidance on public benefit. 

Order of the Company of Mary Our Lady CIO **2** 



**Trustees' report** 31 December 2020 

## **Activities, specific objectives and relevant policies** 

## _**Caring for members of the Order**_ 

The Delegation in England has seven members, the majority of whom have given their working lives to the charitable activities of the Order, and any earnings are covenanted to the charity. In common with many religious congregations in Britain, the age profile of the members of the Delegation is increasing as existing members grow older and the number of new vocations decreases. At present the average age is 81. 

The Delegation 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 the work of education. As the age profile of the Delegation increases so too does the need to provide care for the sisters. 

Over the next decade, the trustees expect the number of sisters requiring care to increase. As a consequence, the trustees are giving careful consideration to the impact of this on the work of individual members of the Delegation, the property requirements of the Delegation and the financial implications. 

## _**Education**_ 

In 2002, the education assets of the charity were transferred to the related charity, Notre Dame School, Cobham (Charity Registration Number 1081875). This charity continues to operate Notre Dame School, Cobham, a school providing education and consisting of a Preparatory and Senior School. 

Through the sisters who are members of the Board of Governors of Notre Dame School, Cobham, the Order continues to ensure that its ethos and educational philosophy is maintained in the school in a manner consistent with the original aims and spirit of the school when run by the Order. There is a Sister from the USA and a Sister from Spain on the Board of Governors, who will be replaced when the occasion arises with other sisters from overseas, to ensure the continued support of the Order for the School. 

The trustees of the charity continue to be actively involved with the school as Governors, members of committees and serve also in an advisory capacity. 

To promote the ethos of the school and raise awareness of the Order’s spiritual, educational and cultural heritage, the sisters lead an annual pilgrimage of a group of governors and staff to Bordeaux. This is where the Order was founded in 1607 by St Jeanne de Lestonnac, the niece of the French essayist Michel de Montaigne, for the education of girls. 

The Order also provides opportunities for staff and Governors of the school to participate in its own international education conferences and meetings which are run by the Order every three to five years. Sisters from the Delegation of England assist with translation services, both written and simultaneous, for these meetings. The meetings help to integrate Notre Dame School, Cobham into the Order’s international network of schools and educational centres. 

Order of the Company of Mary Our Lady CIO **3** 



**Trustees' report** 31 December 2020 

## **Activities, specific objectives and relevant policies** (continued) 

## _**Education** (continued)_ 

Three of the trustees are involved with a connected charity, ODNs COBHAM OUTREACH CIO (Charity Registration Number 1174655), to make known the work of the international Order and raise awareness in the school and the local parish of the needs of women and children in poorer parts of the world. Moreover, this provides an opportunity for the pupils of Notre Dame School to stretch out a helping hand in accordance with the School’s ethos, as well as channelling some of their charity fundraising. 

The sisters also organise other opportunities for language exchanges and voluntary work for pupils on an individual basis. One sister provides aftercare for pupils of Notre Dame School at the end of the school day. 

Another sister is on the staff of the Royal English College in Valladolid, Spain, where students for the priesthood go for their propaedeutic year prior to studying at the major seminaries. She is Pastoral Director and assists with student assessments, teaches pastoral studies and accompanies the students when they are on their pastoral placement. 

## _**Social and pastoral care**_ 

The members of the Order also continue to be active in parish activities. The sisters undertake work in the local community giving religious and material assistance to those in need (both Roman Catholic and from the wider public). Their work involves pastoral activities and organising religious instruction for children, young people and also adults; as well as home and hospital visits. 

## _**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 pressures 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. 

## _**COVID-19**_ 

The Covid-19 pandemic continues to shape the nature of the world. It has impacted not only the basic nature of social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control. 

As most of the members of the Order are aged over 70, they have had to adhere to the stringent government advice issued on 23 March 2020. This has meant that their normal apostolic activities have had to find new shape or cease altogether. As a result of the social distancing rules, whilst largely remaining in lockdown, the sisters have tried to find new ways of working and supporting each other and those with whom they work. 

Order of the Company of Mary Our Lady CIO 

**4** 



**Trustees' report** 31 December 2020 

## **Activities, specific objectives and relevant policies** (continued) 

## _**COVID-19** (continued)_ 

The sisters throughout the Order support each other in prayer and through electronic communication. 

Along with many other charities, the trustees continue to respond to the needs of the sisters and their ministry in the current evolving phases of the pandemic. 

## **Financial review for the year** 

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

A summary of the year’s results is set out on page 16 of the attached accounts. 

During the year to 31 December 2020, income amounted to £291,989. Of this, £148,349 (2019: £167,071) comprised donations including £118,032 (2019: £118,389) being the pensions receivable by members of the Order and donated to the charity under Gift Aid compliant Deeds of Covenant and £26,667 (2019: £40,000) being a donation from Notre Dame School, Cobham. Rents receivable in respect to property leased to Notre Dame School, Cobham amounted to £143,334 (2019: £120,000). 

During the year, the charity incurred expenditure of £201,559 (2019: £208,187). Expenditure for maintaining the members of the Order and enabling them to carry out their charitable work amounted to £149,269 (2019: £176,715). Donations paid during the year totalled £49,110 (2019: £24,710). Further details of donations are given in note 5 to the attached accounts. 

The overall net income for the year amounted to £90,430 (2019: £79,847). 

## _**Financial position and reserves policy**_ 

The balance sheet shows total funds of £3,661,777 at 31 December 2020. Of this, £738,992 (2019: £743,508) is represented by the net book value of properties and other tangible fixed assets essential for the support and work of the sisters whilst £1,313,290 (2019 - £1,313,290) comprises funds represented by a property classified as programme related investment. 

The trustees designated an amount of £1,100,000 in 2019 to establish a Sisters’ retirement fund and in the current year have designated a further £100,000. In the context of the total sum that will be needed in future years to provide for the sisters as they grow older, this amount is small. However, it is hoped that further sums can be designated in future years as they become available. Since the end of the year, the trustees have invested £1 million, being funds representing part of the designated fund, with Rathbone Investment Management Limited. 

Funds which are available as free reserves i.e. those unrestricted funds not designated for specific purposes or otherwise committed, are shown on the balance sheet as general funds and amount to £409,495. It is the trustees’ aim to ensure that sufficient funds are generated to be able to provide a proper level of care for sisters of all ages as they need it. 

Order of the Company of Mary Our Lady CIO **5** 



**Trustees' report** 31 December 2020 

## **Financial review for the year** (continued) 

## _**Financial position and reserves policy** (continued)_ 

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be sufficient to cover approximately two year’s on-going expenditure and to provide for contingencies and unevenness in future income. In particular, at the current time, the reserves need to be sufficient to enable the charity to operate in the exceptional circumstances created by the Covid-19 pandemic. 

At the date of the balance sheet, the trustees consider that the level of free reserves were adequate but not excessive. In particular, the level of reserves is deemed sufficient when considered in the light of the uncertainties arising due to the Covid-19 pandemic. 

## **Future plans** 

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

- Ensuring all members of the Order receive the high level of care they require to provide them with the quality of life they have a right to expect; 

- Enabling all members of the Order to continue with their individual ministries, as far as they are able, given their limitations of age and health; 

- Selling the charity’s property currently used as a community house once the property becomes surplus to requirements; and 

- Paying due heed to the impact of the Covid-19 pandemic and its consequences, both socially and economically. 

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

## **Governance, structure and management** 

## _**Governance**_ 

In terms of Canon law, the Order is governed at an international level by the Superior General and her team in Rome. The Superior General is elected every six years by the members of the Order at the General Chapter and she appoints the General Team from the names put forward by the General Chapter. 

During the year, the charity had five trustees including the Territorial Delegate. The power of appointing new trustees rests with the Territorial Delegate, with the approval of the Superior General. 

In terms of Civil law, the charity is governed by a Constitution dated 20 June 2017 and is registered with the Charity Commission (Charity Registration Number: 1173559). 

Order of the Company of Mary Our Lady CIO **6** 



**Trustees' report** 31 December 2020 

## **Governance, structure and management** (continued) 

## _**Governance** (continued)_ 

As all trustees are members of the Order, they have a detailed knowledge of the work of the charity and of its structures. On being appointed, new trustees are required to spend some time with those leaving office, to receive a briefing on their responsibilities and the current position of the charity. They also meet with the Order's legal and accounting advisers during the course of a day to obtain a full briefing of their responsibilities and the charity's position. On-going in-service training takes place during the mandate. 

## _**Trustees**_ 

The charity’s Constitution states that there must be at least three charity trustees and no more than nine trustees. 

In selecting new individuals for appointment as trustees, the Territorial Delegate has regard to the skills, knowledge and experience needed for the effective administration of the charity. 

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

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

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review all aspects regarding the charity and its activities, to plan and make relevant decisions for the future. When necessary, the trustees seek advice and support from the charity’s professional advisers, including solicitors and accountants. The day to day management of the charity’s activities and the implementation of policies are delegated to the appropriate members of the Order. 

## _**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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles 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); 

- make judgments and estimates that are reasonable and prudent; 

Order of the Company of Mary Our Lady CIO **7** 



**Trustees' report** 31 December 2020 

## **Governance, structure and management** (continued) 

## _**Statement of trustees’ responsibilities** (continued)_ 

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

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

The trustees are responsible for keeping 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 applicable Charity (Accounts and Reports) Regulations and the provisions of the 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. 

Three of the trustees are members of the Delegation of England and their living and personal expenses are borne by the charity. The trustees receive neither remuneration nor reimbursement of expenses in connection with their duties as trustees or key management personnel. 

## _**Liability of the member**_ 

The Territorial Delegate 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. 

## _**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 Order and the charity currently face and have reviewed the measures already in place to deal with them. 

The outbreak of the Covid-19 pandemic has clearly presented challenges and potential threats to the well-being of the charity and its activities which could not have been foreseen. The trustees recognise their responsibility for the management of risks faced by the charity and the sisters. 

Order of the Company of Mary Our Lady CIO **8** 



**Trustees' report** 31 December 2020 

## **Governance, structure and management** (continued) 

## _**Risk management** (continued)_ 

We note above the financial and operational effects of Covid-19. Over and above these, the areas identified for particular attention within our risk management strategy are: 

- Governance and management 

- Operational 

- Financial 

- Reputational 

- Laws 

Governance and management: looks at the risk of the Order, and hence the charity, of 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 December 2019 was 81 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. 

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 -identifying those who need extra care and help. 

Another major risk associated with the decline in the number of vocations of the Order and increasing average age of the membership, is that the charity would not be able to continue to be involved directly with the school in ensuring that the Charism of the school is maintained. In order to mitigate the major risk, the Order has been strengthened by including sisters, with educational experience, from the International Order to ensure that the Order is able to continue to fulfil its mission in the United Kingdom in the future. 

**Operational:** looks at the risks inherent in the activities of the charity. 

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

The activities of the charity involves working with children and with adults who may need help at particularly vulnerable moments in life. 

Order of the Company of Mary Our Lady CIO **9** 



**Trustees' report** 31 December 2020 

## **Governance, structure and management** (continued) 

## _**Risk management** (continued)_ 

**Financial:** looks at risks including those arising as a result of poor budgetary control, poor accounting and poor financial controls. 

**Reputational:** looks at possible damage to the Order’s and hence the charity’s reputation. 

**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 Order'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. 

## **Members of the Order** 

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

Signed on behalf of the trustees: 

Patricia Grady ODN 

Approved by the trustees on:  3 June 2021 

Order of the Company of Mary Our Lady CIO **10** 



**Independent auditor’s report** 31 December 2020 

## **Independent auditor’s report to the trustees of the Order of the Company of Mary Our Lady CIO** 

## **Opinion** 

We have audited the accounts of the Order of the Company of Mary Our Lady CIO (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and 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: 

-  give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended; 

-  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

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

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

In auditing the 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. 

Order of the Company of Mary Our Lady CIO **11** 



**Independent auditor’s report** 31 December 2020 

## **Other information** 

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

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

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

-  the information given in the trustees’ report is inconsistent in any material respect with the accounts; or 

-  sufficient accounting records have not been kept; or 

-  the accounts are not in agreement with the accounting records and returns; or 

-  we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees’ responsibilities statement, 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. 

Order of the Company of Mary Our Lady CIO **12** 



**Independent auditor’s report** 31 December 2020 

## **Auditor’s responsibilities for the audit of the accounts** 

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

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

## _**How the audit was considered capable of detecting irregularities including fraud**_ 

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

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

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

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

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

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

- making enquiries of representatives from the trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

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

Order of the Company of Mary Our Lady CIO **13** 



**Independent auditor’s report** 31 December 2020 

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

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

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

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested and reviewed journal entries to identify unusual transactions; 

- tested the authorisation of expenditure; 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

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 representatives from the trustees 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 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. 

Order of the Company of Mary Our Lady CIO **14** 



**Independent auditor’s report** 31 December 2020 

## **Use of our report** 

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Buzzacott LLP 7 June 2021 Statutory Auditor 130 Wood Street London EC2V 6DL 

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

Order of the Company of Mary Our Lady CIO **15** 



**Statement of financial activities** Year to 31 December 2020 

|Notes|**2020**<br>**£**|2019<br>£|
|---|---|---|
|**Income from:**<br>Donations and legacies<br>1<br>Investments and interest receivable<br>2<br>Other income<br>. Surplus on disposal of tangible fixed assets<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>. Support of members of the<br>Order and their ministry<br>3<br>. Programme related investments<br>4<br>. Grants and donations<br>5<br>**Total expenditure**<br>**Net income and net movement in funds**<br>7<br>**Reconciliation of funds:**<br>Funds brought forward at 1 January 2020<br>Funds carried forward at 31 December 2020|**148,349**<br>**143,360**<br>**280**|167,071<br>120,083<br>880|
||**291,989**|288,034|
||**149,269**<br> <br>**3,180**<br>**49,110**|176,715<br>6,762<br>24,710|
||**201,559**|208,187|
||**90,430**<br>**3,571,347**|79,847<br>3,491,500|
||**3,661,777**|3,571,347|



The charity has no recognised gains or losses other than those dealt with in the statement of financial activities. 

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

Included within donations and legacies income for 2020 is a donation of £200 received and utilised fully for specific purposes during that year.  All other income and expenditure in 2020 and 2019 relate to unrestricted funds. 

Order of the Company of Mary Our Lady CIO **16** 



## **Balance sheet** 31 December 2020 

|Notes|**2020**<br>**£**|**2020**<br>**£**|2019<br>£|2019<br>£|
|---|---|---|---|---|
|**Fixed assets**<br>Tangible assets<br>9<br>Investments<br>10<br>**Current assets**<br>Debtors<br>11<br>Cash at bank and in hand<br>**Creditors**: amounts falling due<br>within one year<br>12<br>**Net current assets**<br>**Total net assets**<br>**The funds of the charity:**<br>Unrestricted funds<br>. Tangible fixed assets fund<br>13<br>. Programme related investment fund<br>14<br>. Designated fund<br>15<br>. General funds|**3,001**<br>**1,630,921**|**738,992**<br>**1,313,290**|<br>4,382<br>1,554,639|743,508<br>1,313,290|
|||**2,052,282**<br>**1,609,495**||2,056,798<br>1,514,549|
||**1,633,922**<br>**(24,427)**||1,559,021<br>(44,472)||
||||||
|||**3,661,777**||3,571,347|
|||**738,992**<br>**1,313,290**<br>**1,200,000**<br>**409,495**||743,508<br>1,313,290<br>1,100,000<br>414,549|
|||**3,661,777**||3,571,347|



Approved by the trustees and signed on their behalf by: 

Anne Gill 

Trustee 

Approved by the trustees on: 3 June 2021 

Order of the Company of Mary Our Lady CIO **17** 



**Statement of cash flows** Year to 31 December 2020 

|Notes|<br>**2020**<br>**£**|2019<br>£|
|---|---|---|
|**Cash flows from operating activities:**<br>Net cash used in operating activities<br>A<br>**Cash flows from investing activities:**<br>Investment income and interest received<br>Purchase of tangible fixed assets<br>Proceeds from the disposal of tangible fixed assets<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and cash equivalents at 1 January 2020**<br>B<br>**Cash and cash equivalents at 31 December 2020**<br>B|<br>**(67,358)**|(13,531)|
||**143,360**<br>**—**<br>**280**|<br>120,083<br> <br>(11,900)<br> <br>880|
||**143,640**|<br>109,063|
||**76,282**<br> <br>**1,554,639**|<br>95,532<br> <br>1,459,107|
||<br>**1,630,921**|<br>1,554,639|
|**Notes to the statement of cash flows for the year to 31 December 2020.**|||



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

|**B**||**2020**<br>**£**|2019<br>£|
|---|---|---|---|
||**Net movement in funds (as per the statement of financial activities)**<br>**Adjustments for:**<br>Depreciation charge<br>Investment income and interest receivable<br>Decrease (increase) in debtors<br>(Decrease) increase in creditors<br>Surplus on disposal of tangible fixed assets<br>Donation received in kind – motor vehicle<br>**Net cash used in operating activities**|**90,430**<br>**4,516**<br>**(143,360)**<br>**1,381**<br>**(20,045)**<br>**(280)**<br>**—**|79,847<br>5,548<br>(120,083)<br>(34)<br>23,071<br>(880)<br>(1,000)|
|||**(67,358)**|(13,531)|
||**Analysis of changes in net debt**|||



|**Analysis of changes in net debt**||||
|---|---|---|---|
||As at 31<br>December<br>2019<br>£|Cash flows<br>£|**As at 31**<br>**December**<br>**2020**<br>**£**|
|**Total cash and cash equivalents:**<br>Cash at bank and in hand|1,554,639|76,282|**1,630,921**|



Order of the Company of Mary Our Lady CIO **18** 



**Principal accounting policies** 31 December 2020 

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

## **Basis of preparation** 

These accounts have been prepared for the year to 31 December 2020, with comparative information given in respect to the year to 31 December 2019. 

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: 

- estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge; 

- determining the value of designated funds including the determination of the assumptions made in determining the value of the retirement fund; and 

- estimating the future income and expenditure flows of the charity for the purpose of assessing going concern (see below). 

## **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 Covid-19 pandemic continues to change the shape and nature of the world.  It has impacted not only the basic nature of the social interactions but has also had a significant economic impact at every level in ways which have been outside of the trustees’ control. 

Order of the Company of Mary Our Lady CIO **19** 



**Principal accounting policies** 31 December 2020 

## **Assessment of going concern** (continued) 

The full impact of the pandemic on the charity’s income and expenditure and financial position following the emergence of the global Covid-19 pandemic is still not fully known. As the charity derives its income from pensions donated by the members of the Order and rental from its programme related investment, the impact on the charity’s income is currently not expected to be material. In terms of expenditure, it is anticipated that there will be an impact on living expenses due to savings in travel and meeting costs during the crisis.  The trustees will continue to keep both income and expenditure under review. 

With regard to the next accounting period, the year ending 31 December 2021, there are no significant areas that affect the carrying value of the assets held by the charity and the trustees are therefore content that the charity is, and will remain, a going concern. 

## **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, income from the charity’s programme related investment, bank interest receivable, the surplus on disposal of tangible fixed assets and other income. 

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. 

Donated goods provided to the charity as gifts in kind are recognised in the period when it is probable that the economic benefits will flow to the charity, provided they can be measured reliably. This is normally when the goods are provided to the charity. An equivalent amount is included as expenditure or capitalised if the goods represent a tangible fixed asset. Donated goods are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the goods of equivalent economic benefit on the open market. 

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

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 programme related investments comprises rental income from a property used by another registered charity for purposes consistent with the objects of the Order, and is recognised when due under the lease arrangements with the entity. Income is accounted for only when the receipt of such income is probable and the amount can be measured reliably. 

Order of the Company of Mary Our Lady CIO **20** 



**Principal accounting policies** 31 December 2020 

## **Income recognition** (continued) 

The surplus on the disposal of tangible fixed assets is calculated as the difference between the net book value of the assets immediately prior to disposal and the cost of disposal.  The surplus is recognised when the disposal becomes contractual. 

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. 

## **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. 

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

-  Expenditure on the support of members of the Order and their ministry.  Such expenditure enables the members to carry out the work of the charity in the areas of the advancement of the Roman Catholic faith, the relief of poverty and supporting the other charitable activities of members of the Order. 

-  Expenditure on programme related investments. 

-  Grants and donations to support the Order’s own work overseas and to support other charitable organisations with objectives consistent with those of the charity. 

Charitable donations are made where the trustees consider there is real need following a review of the details of each particular case. Donations are included in the statement of financial activities when approved for payment.  Provision is made for donations approved but unpaid at the period end. 

All expenditure is stated inclusive of irrecoverable VAT. 

## **Allocation of support and governance costs** 

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

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

All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Order as any governance costs in relation to the provision of donations and grants is considered to be negligible. 

Order of the Company of Mary Our Lady CIO **21** 



## **Principal accounting policies** 31 December 2020 

## **Tangible fixed assets** 

-  Freehold land and buildings 

The charity’s land and buildings represent non-specialised buildings i.e. those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, to confirm that their residual value is not materially less than their book value. When this is deemed to be the case, an impairment provision is made. 

-  Furniture and equipment 

All items of furniture and equipment or groups of such assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised and are depreciated over a ten year period on a straight line basis. 

In some circumstances, the charity will capitalise a group of assets individually costing less than £1,000 where these are interdependent components of a grouped asset with a value exceeding £1,000. 

Fully depreciated items are eliminated in the year following the year in which they are fully depreciated. 

-  Motor vehicles 

Motor vehicles are capitalised and depreciated over a four-year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life. 

## **Programme related investment** 

Programme related investment includes land and buildings owned by the charity but used by Notre Dame School, Cobham for purposes consistent with the charity’s objectives. The land and buildings are included in the accounts at cost. 

## **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. 

## **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. They have been discounted to the present value of the future cash payment where such discounting is material. 

Order of the Company of Mary Our Lady CIO **22** 



## **Principal accounting policies** 31 December 2020 

## **Fund structure** 

The funds of the charity comprise unrestricted funds available for use in furtherance of the charity’s objectives at the discretion of the trustees.  Within the total unrestricted funds are amounts representing tangible fixed assets, programme related investments and amounts which the trustees have designated for specific purposes.  Details of these are provided in the notes to the accounts. 

## **Services provided by members** 

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

Order of the Company of Mary Our Lady CIO **23** 



## **Notes to the accounts** 31 December 2020 

## **1 Income from: donations** 

||**2020**<br>**£**|2019<br>£|
|---|---|---|
|Salaries and pensions of individual religious received under Gift Aid<br>compliant deeds of covenant<br>General donations<br>Donations – Notre Dame School, Cobham|**118,032**<br>**3,650**<br>**26,667**|118,389<br>8,682<br>40,000|
||**148,349**|167,071|



Included within general donations for 2020 is a donation of £200 received and utilised fully for specific purposes during the year. 

## **2 Income from: Investments and interest receivable** 

||**2020**<br>**£**|2019<br>£|
|---|---|---|
|Bank interest<br>Income from programme related investments<br>. Rental income|**26**<br>**143,334**|83<br>120,000|
||**143,360**|120,083|



## **3 Expenditure on: support of members of the Order and their ministry** 

||**2020**<br>**£**|2019<br>£|
|---|---|---|
|Premises<br>Sisters' living and personal expenses<br>Nursing care and medical costs<br>Funeral costs<br>Formation and spiritual renovation<br>Depreciation<br>Support costs<br>. Governance costs – legal and professional fees<br>. Other costs|**42,034**<br>**33,325**<br>**42,248**<br>**6,230**<br>**2,062**<br>**4,516**<br>**11,040**<br>**7,814**|<br>27,428<br> <br>46,958<br> <br>68,245<br> <br>—<br> <br>1,207<br> <br>5,548<br> <br>8,992<br> <br>18,337|
||**149,269**|<br>176,715|



## **4 Expenditure on: Programme related investments** 

||**2020**<br>**£**<br>**3,180**|2019<br>£<br>6,762|
|---|---|---|
|Legal andprofessional fees|||



Order of the Company of Mary Our Lady CIO **24** 



## **Notes to the accounts** 31 December 2020 

## **5 Expenditure on: charitable donations** 

Donations during the year comprised: 

||**2020**<br>**£**|2019<br>£|
|---|---|---|
|_Donations to institutions:_<br>. Generalate of the Order of the Company of Mary Our Lady –<br>contribution to support the Generalate<br>. Asociación Redes de Solidaridad, Nicaragua – to support a<br>primary school.<br>. Notre Dame School, Cobham – contribution to the Hardship<br>Fund<br>_._Other sundry donations<br>_Donations to individuals:_<br>. To fund further education of an individual<br>. Stipends|**11,500**<br>**10,035**<br>**20,000**<br>**375**<br>**6,000**<br>**1,200**|23,000<br>**—**<br>**—**<br>**610**<br>**—**<br>1,100|
||**49,110**|24,710|



## **6 Staff costs, key management personnel and trustees’ remuneration** 

The charity does not employ any staff. No employee earned £60,000 per annum or more (including taxable benefits) during the year (2019: £60,000). 

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

As members of the Order, 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 during the year (2019: £nil). 

## **7 Net income and net movement in funds** 

This is stated after charging: 

||**2020**<br>**£**|2019<br>£|
|---|---|---|
|Auditor’s remuneration<br>. Statutory audit services:<br>.. Current year<br>.. Previous year<br>. Other services<br>Depreciation|**8,040**<br>**—**<br>**(1,200)**<br>**4,516**|7,800<br>180<br>4,800<br>5,548|



## **8 Taxation** 

The Order of the Company of Mary Our Lady 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. 

Order of the Company of Mary Our Lady CIO **25** 



## **Notes to the accounts** 31 December 2020 

## **9 Tangible fixed assets** 

|**Cost**<br>At 1 January 2020<br>Disposals<br>At 31 December 2020<br>**Depreciation**<br>At 1 January 2020<br>On disposals<br>Charge for the year<br>At 31 December 2020<br>**Net book values**<br>**At 31 December 2020**<br>At 31 December 2019|Freehold<br>land and<br>buildings<br>£|Fixtures<br>and fittings<br>£|<br>Motor<br>vehicles<br>£|<br>**Total**<br>**£**|
|---|---|---|---|---|
||722,999<br>—|23,138<br>(2,710)|<br>34,846<br>(6,390)|<br>**780,983**<br>**(9,100)**|
||722,999|20,428|<br>28,456|<br>**771,883**|
||—<br>—<br>—|5,605<br>(2,710)<br>2,043|<br>31,870<br> <br>(6,390)<br> <br>2,473|<br>**37,475**<br> <br>**(9,100)**<br> <br>**4,516**|
||—|4,938|<br>27,953|<br>**32,891**|
||**722,999**|**15,490**|<br>**503**|**738,992**|
||722,999|17,533|<br>2,976|<br>**743,508**|



## **10 The programme related investment** 

The programme related investment represents the charity’s share of the land and buildings used by Notre Dame School, Cobham, and owned jointly by the charity and Notre Dame School, Cobham (Registered Charity Number 1081875 and Registered Company Number 03898262 (England and Wales)). 

The charity and the school have entered into a Declaration of Trust dated 20 August 2003 to formalise the manner in which the school property may be dealt with. 

The charity leases the land and buildings situated at Burwood House, Convent Lane, Cobham KT11 1HA, to Notre Dame School under a 999 lease term which commenced on 1 September 2002. During the year, the terms of the lease were renewed and with effect from 1 September 2020 the annual rental has been increased to £160,000 per annum (2019: £120,000). Under the terms of the lease, the school may cancel the lease at any time by giving the charity twelve months’ written notice. 

## **11 Debtors** 

|**11**|**Debtors**|||
|---|---|---|---|
|**12**||**2020**<br>**£**|2019<br>£|
||Prepayments and accrued income|**3,001**|4,382|
||**Creditors: amounts falling due within one year**|**2020**<br>**£**|2019<br>£|
||Accruals<br>Donations payable to the Generalate of the Order of the Company of<br>Mary Our Lady<br>Rental income received in advance|**12,927**<br>**11,500**<br>**—**|22,972<br>11,500<br>10,000|
|||**24,427**|44,472|



Order of the Company of Mary Our Lady CIO **26** 



## **Notes to the accounts** 31 December 2020 

## **13 Tangible fixed assets fund** 

|**Tangible fixed assets fund**|||
|---|---|---|
||**2020**|2019|
||**£**|£|
|At 1 January 2020|**743,508**|736,156|
|Net movement in year|**(4,516)**|7,352|
|At 31 December 2020|**738,992**|743,508|



The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. 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, in order to meet future contingencies. 

## **14 Programme related investment fund** 

The programme related investment fund represents the book value of the charity’s programme related investment at 31 December 2020 and 31 December 2019. There has been no movement in the value since 1 January 2019. 

## **15 Designated fund – retirement reserve** 

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

|**Retirement fund**|**2020**<br>**£**|2019<br>£|
|---|---|---|
|At 1 January 2020<br>Designated in the year<br>At 31 December 2020|**1,100,000**<br>**100,000**|—<br>1,100,000|
||**1,200,000**|1,100,000|



The Sisters’ retirement fund has been established during the year 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. 

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

||**General**<br>**fund**<br>**£**|**Tangible**<br>**fixed**<br>**assets**<br>**fund**<br>**£**|<br>**Programme**<br>**related**<br>**investment**<br>**£**|**Sisters’**<br>**retirement**<br>**fund**<br>**£**|**Total**<br>**2020**<br>**£**|
|---|---|---|---|---|---|
|**Fund balances at**<br>**31 December 2020 are**<br>**epresented by:**<br>Tangible fixed assets<br>Programme related<br>nvestment<br>Net current assets|**—**<br>—<br>**409,495**|**738,992**<br>**—**<br>**—**|<br>**—**<br>**1,313,290**<br> <br>**—**|**—**<br>**—**<br>**1,200,000**|**738,992**<br>**1,313,290**<br>**1,609,495**|
||**409,495**|**738,992**|<br>**1,313,290**|**1,200,000**|**3,661,777**|



Order of the Company of Mary Our Lady CIO **27** 



**Notes to the accounts** 31 December 2020 

## **16 Analysis of net assets between funds** (continued) 

||General<br>fund<br>£|Tangible<br>fixed<br>assets<br>fund<br>£|Programme<br>related<br>investment<br>£|Sisters’<br>retirement<br>fund<br>£|<br>Total<br>2019<br>£|
|---|---|---|---|---|---|
|Fund balances at<br>31 December 2019 are<br>represented by:<br>Tangible fixed assets<br>Programme related<br>investment<br>Net current assets|—<br>—<br>414,549|743,508<br>—<br>—|—<br>1,313,290<br>—|—<br>—<br>1,100,000|<br>743,508<br>1,313,290<br> <br>1,514,549|
||414,549|743,508|1,313,290|1,100,000|3,571,347|



## **17 Transactions with trustees and other related party transactions** 

Several of the charity’s trustees are also trustees of Notre Dame School, Cobham (Registered Charity Number 1081875 and Registered Company Number 03898262 (England and Wales)) (the school).  The school pays rent to the charity for the use of certain of the school property. The charity received rent of £143,334 during the year (2019: £120,000). In addition the charity received a donation of £26,667 (2019: £40,000) from the school. 

The charity occupies a portion of the said school property under a sub-lease, for which it pays an annual peppercorn rent. 

During the year under review the charity made donations totaling £20,000 (2019 £nil) to Notre Dame School. These donations were made specifically to the school’s Hardship Fund to help ensure that the ethos and educational philosophy of the school is maintained during the difficult times presented by the Covid-19 pandemic. 

The charity also reimburses costs in relation to insurance and other expenses paid by the Notre Dame School on behalf of the charity. The amounts reimbursed during the year amounted to £9,325 (2019 - £3,131). 

The charity is connected to ODNs COBHAM OUTREACH (Charity Registration Number 1174655) (ODNs) by virtue of the fact that there are three trustees in common. The charity dispenses costs in relation to travel and other expenses on behalf of ODNs. These expenses are fully reimbursed by ODNs. The amounts reimbursed during the year amounted to £727 (2019 - £224). In addition, the charity made a donation of £200 (2019 - £nil) to ODNs. 

As members of the Order, none of the trustees who are members of the Delegation of England 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 year, the total amount donated by the trustees to the charity was £60,654 (2019: £57,923). 

There were no other related party transactions during the year which require disclosure (2019: none). 

Order of the Company of Mary Our Lady CIO **28** 



**Notes to the accounts** 31 December 2020 

## **18 Ultimate control and liability of the member** 

The charity is controlled by the Territorial Delegate 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 setting its debts and liabilities. 

## **19 Post balance sheet event** 

Since the year end, the trustees have invested £1 million of the charity’s cash at bank and in hand in a listed investment portfolio managed under a discretionary agreement by Rathbone Investment Management Limited to be held for the medium to long term. 

## **1.** 

Order of the Company of Mary Our Lady CIO **29**