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← Order Of The Company Of Mary Our Lady CIO

2024-12-31-accounts

Order of the Company of Mary Our Lady ClO

Annual Report and Accounts

31 December 2024

Charity Registration Number 1173559

Contents

Reports

Reference and administrative details
ofthe charity, its trustees and advisers 1
Trustees’ report 2
Independentauditor’sreport 11

Accounts

Statement offinancial activities 15
Balance sheet 16
Statement ofcash flows 17
Principal accounting policies 18
Notestotheaccounts 23

Order of the Company of Mary Our Lady ClO

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

Trustees SisterAnne BayleyODN (resigned 8 February 2024)
Sister Maria Nieves Escalada Gallego ODN
Sister Anne Gill ODN
Sister Patricia GradyODN
Sister Maria Rita Calvo Sanz ODN
Territorial Delegate Sister Patricia GradyODN
Principal address Lestonnac
27-29 Between Streets
Cobham
Surrey
KT111AA
Charity registration number 1173559
Auditor Buzzacott AuditLLP
130Wood Street
London
EC2V 6DL
Principal bankers Barclays UK ple
8-12 Church Street
Walton on Thames
Surrey
KT12 2QX
Solicitors Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA1 1RG
Investment managers Rathbones InvestmentManagement Limited
8 FinsburyCircus
London
EC2M7AZ

Order of the Company of Mary Our Lady ClO 1

Trustees’ report 31 December 2024

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 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 18 to 22 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 sacial 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 ClO 2

Trustees’ report 31 December 2024

Activities, specific objectives and relevant policies

Caring for members of the Order

The Delegation in England has five 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 83.

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. The meetings help to integrate Notre Dame School, Cobham into the Order’s international network of schools and educational centres.

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3

Trustees’ report 31 December 2024

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.

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 thase 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.

Investment policy

There are no restrictions on the charity’s power to invest. However, the trustees have requested that the investment managers do not invest in any company whose primary business is concerned with the manufacture of armaments, tobacco, alcohol or any products which would be used in connection with contraception or abortion or whose primary business entails labour exploitation. The trustees have delegated discretionary powers of management to Rathbone Invesiment Management Limited. The portfolio is managed with a view to producing a balance between income and capital returns.

Order of the Company of Mary OurLady ClO 4

Trustees’ report 31 December 2024

Activities, specific objectives and relevant policies (continued)

Financial review for the year

Results for the year

Asummary of the year’s results is set out on page 15 of the attached accounts.

During the year to 31 December 2024, income amounted to £410,341 (2023: £973,585). Of this, £136,480 (2023: £130,159) comprised donations including £133,280 (2023: £126,934) being the pensions receivable by members of the Order and donated to the charity under Gift Aid compliant Deeds of Covenant. The charity received investment income of £45,695 (2023: £44,797) and had rents receivable in respect to property leased to Notre Dame School, Cobham of £189,120 (2023: £181,519). During the prior year, the sale of tangible fixed assets, including a property, gave rise to a surplus of £616,738. Excluding this surplus, income for the year amounted to £410,341 in comparison to £356,847 in 2023.

During the year, the charity incurred expenditure of £190,726 (2023: £192,971). Expenditure for maintaining the members of the Order and enabling them to carry out their charitable work amounted to £148,518 (2023: £130,900). Donations paid during the year totalled £24,848 (2023: £25,357). Further details of donations are given in note 5 to the attached accounts. Costs of raising funds represents investment management fees and amounted to £17,360 (2023: £15,423).

The overall net income before investment gains for the year amounted to £219,615 (2023: £780,614). Investment gains were £121,549 (2023: £71,364) resulting in net movement in funds of £341,164 (2023: £851,978).

Investment performance

The charity has a portfolio of investments with a market value at 31 December 2024 of £2,076,923 (2023 £1,925,774) including cash awaiting investment of £55,065 (2023 £111,140).

The performance of the portfolio reflected the positive condition of the markets generally throughout the period. The investment managers invested in accordance with the trustees’ investment policy set out earlier in this report and in compliance with the ethical guidelines given to them. Further details of the investment portfolio are included in note 11 to the attached accounts.

The trustees take a long-term view regarding investment strategy and believe their policy remains appropriate.

Order of the Company of Mary Our Lady CiO 5

Trustees’ report 31 December 2024

Financial review for the year (continued)

Financial position and reserves policy

The balance sheet shows total funds of £5,084,192 at 31 December 2024. Of this, £489,589 (2023: £495,471) 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 (2023: £1,313,290) comprises funds represented by a property classified as programme related investment.

The trustees have designated an amount of £1,600,000 as a Sisters’ retirement fund (2023: £1,500,000).

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 £1,681 ,313 (2023: £1,434,267). Itis 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.

The trustees consider that, given the nature of the charity's work, the level of free reserves should be sufficient to cover approximately eight year's on-going expenditure and to provide for contingencies and unevenness in future income.

At the date of the balance sheet, the trustees consider that the level of reserves is deemed sufficient when considered in the light of the uncertainties arising due to the current macroeconomic and geopolitical environment.

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:

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.

Order of the Company of Mary Our Lady ClO 6

Trustees’ report 31 December 2024

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 fhe 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 Consiitution dated 20 June 2017 and is registered with the Charity Commission (Charity Registration Number: 1173559). As alll 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. Ongoing 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).

Order of the Company of Mary Our Lady CIO 7

Trustees’ report 31 December 2024

Governance, structure and management (continued)

Statement of trustees’ responsibilities (continued)

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the accounts the trustees are required to:

The trustees are responsible for keeping 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.

Order of the Company of Mary Our Lady CIO 8

Trustees’ report 31 December 2024

Governance, structure and management (continued)

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 charity's principal assets include listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by a reputable investment manager who adheres to a policy agreed by the trustees. The investment strategy will be assessed regularly to ensure it remains appropriate to the charity's needs — both now and in the future. Given the current macroeconomic and geopolitical environment, the trustees will continue to communicate with their investment managers and, whilst there are concerns over the volatility in world stock markets, they acknowledge also that the charity is a long-term investor. As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief.

The areas identified for particular attention within the charity’s risk management strategy are:

¢ Governance and management

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 2024 was 83 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.

Order of the Company of Mary Our Lady ClO 9

Trustees’ report 31 December 2024

Governance, structure and management (continued)

Risk management (continued)

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, sisters from the International Order, with educational experience, have become involved so that the charity 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 Standards Agency (CSSA).

The activities of the charity involve working with children and 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 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:

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Patricia Grady ODN
Approved by the trustees on:
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Order of the Company of Mary Our Lady CIO

10

Independent auditor’s report 31 December 2024

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

Opinion

We have audited the accounts of Order of the Company of Mary Our Lady CIO (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statements of cash flows, 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.

Order of the Company of Mary Our Lady ClO 11

Independent auditor’s report 31 December 2024

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 pages 7 to 8, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Order of the Company of Mary Our Lady CiO

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independent auditor’s report 31 December 2024

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

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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

How the audit was considered capable of detecting irregularities including fraud

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

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

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

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Independent auditor’s report 31 December 2024

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

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

were indicative of potential bias; and

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 noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

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

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

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BeracdtA nee L4y Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL /

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Buzzacott Audit 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 ClO

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Statement of financial activities

Year to 31 December 2024

2024 2023
Notes
Income from:
Donations and legacies 4 136,480 130,159
Investments and interest receivable 2 273,861 226,688
Other income
. Surplus on disposal oftangible fixed assets 9 —_ 616,738
Total income 410,341 973,585
Expenditure on:
Cast of raising funds - Investment manager's fees 17,360 15,423
Charitable activities 3 148,518 130,900
.Programme related investments 4 _ 21,291
.Grants and donations 5 24,848 25,357
Total expenditure 190,726 192,971
Net income before net investment gains (losses) 7 219,615 780,614
Net gains on investment assets 121,549 71,364
Net movement in funds 341,164 851,978
Reconciliation offunds:
Funds brought forward at 1 January 2024 4,743,028 3,891,050
Fundscarriedforwardat31December2024 5,084,192 4,743,028

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.

Order of the Company of Mary Our Lady CIO

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Balance sheet 31 December 2023

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible assets 9 489,589 495,471
Programme related investments 10 1,313,290 1,313,290
Listed investments 11 2,076,923 1,925,774
3,879,802 3,734,535
Current assets
Debtors 12 3,479 1,474
Cash at bank and in hand 1,242,971 1,052,456
1,246,450 4,053,930
Creditors: amounts falling due
within one year 13 (42,060) (45,437)
Net current assets 1,204,390 1,008,493
Total net assets 5,084,192 4,743,028
The funds ofthe charity:
Unrestricted funds
. Tangible fixed assets fund 14 489,589 495,471
. Programme related investment fund 15 1,313,290 1,313,290
. Designated fund 16 1,600,000 1,500,000
. General funds 1,681,313 1,434,267
5,084,192 4,743,028

Approved by the trustees and signed on their behalf by:

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Order of the Company of Mary Our Lady ClO 16

Statement of cash flows Year to 31 December 2024

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£| |Cash|flows|from|operating|activities:| |Net cash|used|in|operating|activities|(52,552)|(43,035)| |A| |Cash|flows|from|investing|activities:| |Investment|income|and|interest|received|273,861|226,403| |Purchase|of|investments|(265,913)|(981,784)| |Proceeds|from|the|disposal|of|listed|investments|180,238|85,906| |Purchase|of tangible|fixed|assets|(1,194)|(14,260)| |Proceeds|from|the|disposal|of tangible|fixed|assets|—|875,250| |Net|cash|provided|by|investing|activities|186,992|191,515| |Change|in|cash|and|cash|equivalents|in|the|year|134,440|148,480| |B| |Cash|and|cash|equivalents|at|1|January|2024|1,163,596|1,015,116| |Cash|and|cash|equivalents|at|31|December|2024|B-|1,298,036|1,163,596| |Notes|to the|statement|of cash|flows|for the|year to|31|December|2024| |Reconciliation|of|net|movement|in|funds|to|net|cash|used|in|operating|activities| |2024|2023| |EE| |Net|movement|in|funds|(as|per the|statement|of financial|activities)|341,164|851,978| |Adjustments|for:| |Depreciation|charge|7,076|6,956| |(Gains)|losses|on|listed|investments|(121,549)|(71,364)| |Investment income|and|interest|receivable|(273,861)|(226,688)| |(Increase)|decrease|in|debtors|(2,005)|8,752| |(Decrease)|increase|in|creditors|(3,377)|4,069| |Surplus|on|disposal|of tangible|fixed|assets|—|(616,738)| |Net cash|used|in|operating|activities|(52,552)|(43,035)|

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

B Analysis of cash and cash equivalents

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|||||||||| |---|---|---|---|---|---|---|---|---| |At|1|At|31| |December|December| |2023|Cash|flows|2024| |eeeEE| |Total|cash|and|cash|equivalents:| |Cash|at|bank|and|in|hand|1,052,456|190,515|1,242,971| |Cash|held|by|investment|managers|111,140|(56,075)|55,065| |Total|cash|and|cash|equivalents|1,163,596|134,440|1,298,036|

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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).

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Principal accounting policies 31 December 2024

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 2024, with comparative information given in respect to the year to 31 December 2023.

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

The trustees will continue to communicate with their investment manager, Rathbones Investment Management, and, whilst there are concerns over the volatility in world stock markets given the current macroeconomic and geopolitical environment, they acknowledge also that the charity is a long-term investor.

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Principal accounting policies 31 December 2024

Assessment of going concern (continued)

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 December 2025, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

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, investment income, 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.

Investment income is recognised once the dividend or similar distribution has been declared and notification has been received of the amount due.

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.

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Principal accounting policies 31 December 2024

Income recognition (continued)

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.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs.

The costs of raising funds include direct costs and overheads associated with managing investment property, managing listed investments, and organising small scale fundraising activities.

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:

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.

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Principal accounting policies 31 December 2024

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.

Tangible fixed assets

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. .

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 programme related investment is included in the accounts at cost.

Listed 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.

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Principal accounting policies 31 December 2024

Listed investments (continued)

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.

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.

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.

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Notes to the accounts 31 December 2024

1. Income from: donations

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Salaries|and|pensions|of|individual|religious|received|under|Gift Aid| |compliant|deeds|of covenant|133,280|126.934| |General|donations|3,200|3,225| |136,480|130,159| |2|Income|from:|Investments|and|interest|receivable|

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||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Bank|interest|39,046|372| |Dividends|and|interest|from|listed|investments|45,695|44,797| |Income|from|programme|related|investments| |.|Rental|income|189,120|181,519| |273,861|226,688| |3|Expenditure|on:|support|of members|of the Order and|their ministry|

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|||||||||| |---|---|---|---|---|---|---|---|---| |2024|2023| |£|£| |Premises|16,994|20,675| |Sisters’|living|and|personal|expenses|29,285|32,193| |Nursing|care|and|medical|costs|68,853|42,885| |Funeral|costs|~|5,838| |Formation|and|spiritual|renovation|2,274|1,476| |Depreciation|7,076|6,956| |Support|costs| |.|Governance|costs —|legal|and|professional|fees|19,275|15,411| |.|Other costs|4,761|5,466| |148,518|130,900| |4|Expenditure|on:|Programme|related|investments| |2024|2023| |£|£| |Legal|and|professional|fees|—|21,291| |5|Expenditure|on:|Charitable|donations| |Donations|during|the|year|comprised:| |2024|2023| |—___f E| |Donations|to|institutions:|23,350|23,620| |Generaiate|of the|Order|of the|Company|of|Mary|Our|Lady| |.|Annual|contribution|to|support the|Generalate|650|650| |Donations|to|individuals:| |Stipends|and|other|gifts|848|1,087| |24,848|25,357|

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Notes to the accounts 31 December 2024

6 Staff costs, key management personnel and trustees’ remuneration The charity does not employ any staff (2023: none). No employee earned £60,000 per annum or more (including taxable benefits) during the year (2023: none).

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 (2023: f£nil).

This is stated after charging:

2024 2023
EE
Auditor's remuneration
. Statutory audit services:
.. Current year 12,000 9,750
.. Previous year 1,170 _
Depreciation 7,076 6,956

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.

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Notes to the accounts 31 December 2024

9 Tangible fixed assets

Freehold
land and Fixtures Motor
buildings
£		 and fittings
£		 vehicles
£		 Total
£
Cost
At 1 January 2024 464,487 36,468 33,121 534,076
Additions _ 1,194 — 1,194
At 31 December 2024 464,487 37,662 33,121 535,270
Depreciation
At 1 January2024 _ 15,417 23,188 38,605
Charge for the year —_ 3,766 3,310 7,076
At 31 December2024 — 19,183 26,498 45,681
Net book values
At 31 December2024 464,487 18,479 6,623 489,589
At 31December2023 464,487«21,051 «21,051 -s«i9,933 «495,471

10 Programme related investments

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 deait 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 2021, the terms of the lease were reviewed and with effect from 1 September 2022 the annual rental was increased from £163,360 to £177,736. There was a further increase in the annual rental with effect from 1 September 2023 to £189,120. Under the terms of the lease, the school may cancel the lease at any time by giving the charity twelve months’ written notice.

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Notes to the accounts 31 December 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |11.|Listed|investments| |2024|2023| |a| |Listed|investments| |Fair (market)|value|at|1|January|2024|1,814,634|847|393| |Additions|at|cost|265,913|981,784| |Disposals|at book value|(174,882)|(88,714)| |Unrealised|gains|116,193|74,171| |Fair (market) value|at 31|December 2024|2,021,858|1,814,634| |Cash|held|by|investment|managers|55,065|111,140| |2,076,923|1,925,774| |Cost|of listed|investments|at 31|December 2024|4.853.521|1.769.751|

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

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|||||| |---|---|---|---|---| |2024|2023| |EE| |Proceeds|180,238|85,906| |Net|realised|(gains)/losses|(5,356)|2,808| |Disposals|at|book value|174,882|88,714|

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

Listed investments held at 31 December 2024 comprised the following:

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|||||| |---|---|---|---|---| |2024|2023| |So| |UK|fixed|interest|567,609|509,550| |UK|equities|314,520|354,603| |Overseas|fixed|interest|60,636|§2,663| |Overseas|equities|1,079,093|897,818| |2,021,858|1,814,634|

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At 31 December 2024 there were no listed investments deemed material when compared to the overall portfolio valuation as at that date.

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Notes to the accounts 31 December 2024

12. Debtors
2024 2023
EE
Investment income receivable 323 1,042
Prepayments and accrued income 3,156 432
3,479 1,474
13. Creditors: amounts falling duewithin oneyear
2024 2023
aE
Accruals 21,710 30,437
Donations payable to the Generalate ofthe Order ofthe Company of
Mary OurLady 20,35015,000
4206088487 88487
14 Tangible fixed assets fund
2024 2023
EE
At 1 January 2024 495,471 746,679
Net movement in year (5,882) (251,208)
At31December2024 489,589 495,471

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.

15 Programme related investment fund

The programme related investment fund represents the book value of the charity’s programme related investment at 31 December 2024 and 31 December 2023. There has been no movement in the value since 1 January 2020.

16 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.

2024 2023
Retirement fund £ £
At 1 January 2024 1,500,000 1,400,000
Designated in the year 100,000 100,000
At31December2024 1,600,000 1,500,000

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.

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Notes to the accounts 31 December 2024

17 Analysis of net assets between funds

General Tangible
fixed
assets		 Programme
related
investment		 Sisters’
retirement		 Total
fund
£		 fund
£		 fund
£		 fund
£		 2024
£
Fund balances at
31 December2024are
represented by:
Tangible fixed assets _ 489,589 —_ — 489,589
Listed Investments 476,623 —_ — 1,600,000 2,076,623
Programme related
investment		 — — 1,313,590 — 1,313,590
Net current assets 1,204,390 —_ —_ —_ 1,204,390
1,681,013 489,589 1,313,590 1,600,000 5,084,192
General Tangible
fixed
Assets		 Programme
related
_ investment		 Sisters’
retirement		 Total
fund
£		 Fund
£		 fund
£		 fund
£		 2023
£
Fund balances at
31 December2023 are
represented by:
Tangible fixed assets _ 495,471 —_ — 495,471
Listed Investments 425,774 — —_ 1,500,000 1,925,774
Programme related
investment		 —_ —_ 1,313,290 —_ 1,313,290
Net current assets 1,008,493 —_ — —_ 1,008,493
1,434,267 495,471 1,313,290 1,500,000 4,743,028

The funds of the charity include unrealised gains as follows:

2024 2023
EE
Total unrealised gains:
On investments 168,337 44,883
Reconciliation ofmovements in unrealised gains
Unrealised gains at
1 January2024		 44,883 (45,602)
In respectto disposals in year 7,261 16,314
Net gains arising on revaluation in theyear 116,193 74,171
Unrealisedgainsat31December2024 168,337 44,883

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Notes to the accounts 31 December 2024

  1. 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 £189,120 during the year (2023: £181,519).

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

The charity reimburses costs in relation to insurance and other expenses paid by the Notre Dame School on behalf of the charity. £5,788 was reimbursed during the year (2023: £2,865) of which Enil (2023: £2,865) remained to be paid as at 31 December 2024.

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 periodically dispenses costs in relation to travel and other expenses on behalf of ODNs. When incumed, these expenses are fully reimbursed by ODNs. The amounts incurred and reimbursed during the year amounted to £nil (2023: £14).

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 £75,326 (2023: £67,529).

There were no other related party transactions during the year which require disclosure (2023: none).

19. Ultimate control and 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 setting its debts and liabilities.

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