Charlty reglstration number 1174679 S15ters of Christ UK Development Fund Charity CIO Report and Financlal Statements 31 December 2024 Williams Chartered Accountants Jade House 67 Park Royal Road London NWIO 7JJ Pagclofl
Slsters of Christ UK Development Fund Charity CIO Report and Financial Statements Contents Page Legal and administrative information Trustees, report Independent examiners, report Statement of financlal activitie5 Balance sheet io Notes to the financial statements li Page 2 0113
Sisters of Christ UK Development Fund Charity cio Legal and Administratlve Information Trustees Sister Ramoravelo {known as Sr Emerentlennel Sisterjoyce Ann Bone Sister Pa5cale Bouliou Sister Catherine Morton Sister Rogeline Rahenimanantsoa Superfor General Sister Emerentienne Ramoravelo Bursar Sister Joyce Bone Prlntlpal office Norlands 2b Mayfield Road London SW19 3NF Charlty number 1174679 Independent Examlner Williams Chartered Accountants Jade House 67 Park Royal Road London NWIO 7JJ Investment managers Investec Wealth and Investment Ltd 2 Gresham Street London EC2V 7PG RBC Brewin Dolphln 12 Smithfield street London ECIA 9LA Bankers Royal Bank of Scotland plc l Hardman Boulevard Manchester M3 3AQ Solicitors Pothecary Witham Weld 84 Eccleston Square London SWI IPX Pagc a of la
Sisters of Chrlst UK Development Fund Charity cio Trustees report The Trustees present their report and accounts for the year ended 31 December 2024 INTRODUCTION The Con8re8ation of the Sisters of Christ is an International RellÉlous Congregatlon. Founded Sn 1976 from the unlon of seven existin8 congregatSons, it has a history datln8 back to 1625. The Sisters of Christ are governed by their own Constltution5 and the communities are divided into a number of Dele8ation5 and a Prov[n. The Generalate is in France. PRINCIPAL AIMS AND OBJECTIVES The accounts accompanying this report are the accounts of the CIO with assets for assistin8 the m1s51on of the slster5. Its foctss is on development in its various forms. The mlnistrles of the sisters of the congregation benefit numerous mernbers of the general public, throughout the world. The sisters try to be alongside others and work with them "in all that promotes the true meanin8 of and the value of the human person. in particular in the fields of education, pastoral ministry. health care and soclal works" Iconstitutions no 111. The Development Fund was created to asslst them in these endeavours. GOVERNANCE, STRUCWRE AND MANAGEMENT In terms of Canon Law. the congregation is govemed at an International level by a Superlor General and General Councll in Parls. They are elected every slx years at a General Chapter meeting (meetin8 of delegates of all the delegations and province of the Congregatlonl. During 2018 the congregation was restrurtured and Éurope became a Delegation. Decislons are reached at the appropriate level of administration, In accordance with the Constitutions of the congregation. The chan8e in structure was experimental and was reviewed at the General Chapter of the Congregation In 2022 whlch declded to continue the experiment until the nemt General Chapter in 2028. These changes in structure have no impact on the organisation and work of the Charitsble Incorporated Organisation. In terms of Civil Law. the charity is govemed by a constitution accepted by the Charity Commission when it received its re8iStration on 18th September 2017 - Charitable Incorporated Organisation No 1174379. The trustees of the Charitv are named by the Superlor General. After their appolntment, Ihe role and responsiblllties of a trustee are discussed and explained in detall. The name5 of the trustees who Served durin8 the year are set out as part of the reference and dministrative detslls pa8e of thls annual report and accounts. 8rlef blo8rdphi¢al detalls on each trustee are 8iven below. Slster RaMorave1 Superlor General Slster Ramoravelo Iknown as Sr Emerentlenne In rellglonl was rfrelected at the General Chapter of the CongreBatlon in August 2022. Prevlou51y she was on the General Councll. has been the Provincial Superior in Mada8ascar and has worked in the formatlon of young slsters. Her wide experlence also Includes teachlng In schools and lecturlng Phllosophy In a seminary. Slsterjoyce 8one Sr Joyce is General Bursar of the Con8gatIOn and is also responsible for the financial administration of the cornmunities in England. She was eletted to the Congregation's General Council in August 2022 after fuifillSng this role once before in 2009-2015. In the past she has worked as a teather In middle and secondary schools, served as a school governor and has varied pastoral experience. Page4 Of 13
Slsters of Christ UK Development Fund Charity cio Trustees rep(Yt Slster Pascale Boullou Sr Pascale is General Secretary ot the congregation and continues to be part time chaplain in a Paris hospital. She wa5 elected to the Con8re8ation'5 General Council in Au8USt 2022. Her varied experience includes thirteen year5 in Cameroon where she worked in teaching and in the formation of young sisters. She did a year on the Pastoral Formation Minlstry Program in Loreto, Dublin and a year In Lumen Witae Intemational Centre Brusse15. In the past she worked as a chaplaln In mlddle and secondary school5. Slstei Catherlne Morton Sr Catherine was head teacher of a Comprehensive School before becoming Provinclal and later bursar of the slsters in England. She was sent to Cameroon where she worked in the formation of youn8 slsters and was Regional Superlor for three years. Sr Catherlne returned to England In 2011 where she Is now responslble for the communlty of slck and elderly slsters. She brings a rich and varled experience to the work of the trustees. Slster Roièllne Rahenlmanantsoa Sr Rogellne arrived In France In 2012 after a formatlon In financlal admlnlstratlon In Madagascar, Her fomation contlnued in ihe Unlverslty of Lyon with studie5 in Canon Law concernln8 Religlous Llfe and Civil Law. From 2017 untll 2020, she was responslble for a Spiritual Centre belonging to the Con8re8ation. At present, She works alongslde the bursar of the delegation Europe and with the General Bursar of the Congregation in Paris. TRUSTEES, RESPONSIBiufiES WITh REGARD TO THE ACCOUNTS Under ¢harlty law, the trustees are responslble for preparln8 the Trustees, Annual Report and the flnanclal statements for each flnanclal year whlch show a true and faSr vlew of the stste of affalrs of the charity. In preparing these financial statements. generally accepted accounting proctice entails the tru5tee5'. -select suitable accountlng policie5 and then apply them con55stentlv,' -make Judgements and estimates that are reasonable and prudent; -state whether the recommendations of the Statement of Recommended Practlce have been followed, subject to any materlal departures disclosed and explained Sn the finantial statements,. -state whether the statements comply with the trust deed. subject to any material departures dlsclosed and explained In the flnanclal statements,. -prepare flnancial statements on the 8olng concern basls unless it is Inappropriate to presume the charity will contlnue its activities. The trustees are requlred t¢ act In accordance with the Constltution of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at ony time, wlth reasonable accuracy, the financial position of thè Charity at that time, and to enable the tTU5tees to ensure that, where any Statements of accounts afe prepared by them under sertion 132111 of the Charities Act 2011, those statement5 of accounts comply with the requirements of re8ulations under that provision. They have general responsibility for tsklng such steps a5 are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other Irregularitie5. STRucfuRE AND MANAGÉMÉNT REPORTING The trustees are responsible for the policies. activitie5 and assets of the charity. They meet at least once a year to review developments with regard to the charity or its artivities and make any important decisions. Communication between trustees continues during rhe year and other meetings are arranged. as needed. When needed the trustees seek advice and support from the charitys professional advisers including investment managers, solicitors and accountant. The day-to-day management of the charity5 activities and the implementation of policie5 15 delegated to the appropriate members of the congregation. Page 5 of 13
Sisters of Chrlst UK Development Fund Charity CIO Trustees report RISK ASSESSMENT The malor rlsks for this Charlty are fraud and risk with our investments. Risk cannot be avoided in Investln8 money and the trustees are consclous of this fact. They wish to keep this risk to a minimum. The three-monthly reports from the Investment managers are an invaluable means of managlng this financial rlsk. The UK Development Fund ha5 two portfolios with different Investment managers and diversificatlon within each portfolio 15 deemed essential. The Charity has no staff or building5 and so. therefore, it is simple to manage. Two trustees are required to sign all cheques. TRUSTEES, INVESTMENT AND OTHER POWERS According to the Constitution. the tnJ5tees have the power to invest any money formlng part of the Trust Fund and to apply income and capital for the charity purposes of the Charity. They may purchase property, sell land and property. pay for the upkeep of land and property held on trust. They may also borrow money for any of the foregoing purposes and accept donations. PUBLIC BENEFIT The trustees have consulted the guidance and requirements of Charity Commission. They are confident that they have complled wlth their duty under the Charities Act 2011 and the guidance published by the Commlssion In 2014. In furtherance of the Charivs charitable purposes for public benefit. the trustees give details of their activities In the following paragraphs. REVIEW OF 2024 In 2024, £20,fyJO was sent to Madagascar to help wlth fomatlon and everyday expenses of the slsters who work wlth and for others in schools, hospitals. clinics and parishes. The arrlval of this re8ular sum is very much appreciated. Everyday Ilfe contlnues to be difficult wlth poverty a growSn8 problem In the country. The congre8alion has bought land in Nkolnkoumou on the outsklrts of Yaoundé and has Started to build a bl-lingual school IEnglish and French). The area is Erowing and since many English-speakin8 famllies havè taken refuge in Yaoundé because of the troubles elsewhere in Cameroon. there is a growing need for bilingual Schools. The nur5erylpre-school section should be completed first. This sthool will need to be equipped with appropriète furniture, educational and play eqvipment. The trustees agreed ask for a written estimate and then to contribute up to £20.(MX) to buy suitable equlpment for the preschool section. News of the ongoing Constructlon and photos have been received regularly since the building started. PLANS FOR 2025 The trustees, plans for 2025 are based on the expectation of recelvlng a similar Income from investments as In 2024. The General Councll of the Con8re8atlon have been asked about possible prolects within the congregation. It Wa5 decided to continue sending £20,CW to Madagascar thls year for the ordinary expenses of everyday Ilfe of the sisters and the formatlon of new members. This regular ald Is an invaluable aid in sustalnln8 their continuing mlssion for others. As noted above for action in 2024, £20,000 will be sent to equip the preschool in Nkolkoumou. The trustees leamt that the community in Arivonimamo have a serious problem with a consistent supply of water. This makes life difficult for the comrnunity and the school population. As the local water Supply is often cut off. they need to construct a water tower to store water for13ter use. Also between May and November, it 55 sometimes necessary to water the crop of aloe vera. This plant Is used by ihe community to make a Cream Vonly. Thls manufacture Is government approved and helps the sisters to be self sufficient. Voniy is appreciated by the people and doctors often prestribe it. More than 30 communities of Sisters of Christ throughout Madagascar keep a supply for those who need it. The trustees agreed to ask for an estimate for this work before deciding how much to send. Palle 6 0113
Slsters of Chrlst UK Development Fund Charity cio Trustees report RESERVES POLICY AND FINANCIAL posinoN The Trustees have the power to create reserves to provide income to fulfil the objects of the trust. The surplus for the year will provide additional amounts to be Invested to provide future income. INVESTMENT POLICY The investment portfollos are managed by Investec Wealth lat present mergin8 Wlth Rathbonesl and RBC Brewin Dolphin who consult the bursar on a regular basis and send a report for the trustees every three months. The funds are mana8ed in accordance with written guideline5 Setting out the religious and ethical principles of the congregation. The target set for the fund managers is to deliver an agreed return of both investment and capital growth with no more than a moderate level of risk MEMBERS OFTHE CONGREGATION The Trustees wish to record their thanks and gnitIon of the professlonalism and commltment of all the slsters who work with and for others. Approved by the Trustees and slgned on their beha JA8one Trustee Approved by the Trustees on Page 7 0113
Sisters of Christ UK Development Fund Charity CIO Independent Examiner'5 Report to the Trustees of the Sisters of Christ Development Fund Charity cio I report on the accounts of the Sisters of Christ Development Fund Charity for the period ended 31 December 2024 which comprise the Ststement of Financlal Attivities and the related notes. This report is made solely to the charity's trustees. as a body. in accordance with Section 145 of the Charities Art 2011. My examination has been undertaken so that I might State to the charity's trustees those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest eent pemiitted by law. I do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body. for my examination. for this report. or for the opinion5 I have formed. Respective responslbllltles of twstees and auditOTS The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year urTrder section 144121 of the Charrties Act 20111the 2011 Act} and that an independent examination is needed. It is my responsibility to- examine the accounts under section 145 of the 2011 Act: • to follow the procedures laid down in the general Direction5 given by the Charity Commission under section 14515llbl of the 2011 Act; and to state whether particular matters have come to my attention. Basis of independent examlne¢s report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual rtems or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report 15 limited to those matters set out in the statement below. Independent examiner's statement In connettion with my examination, no matter has come to my attention: 111 which gives me reasonable cause to believe that in any material respect the requiremÈnts'. - to keep accounting records in accordance wtth section 130 of the 2011 Act- and -to prepare 3ccounts which accord with the accounting CordS and comply with the accounting requirements of the 2011 Act have not been met 121 to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Denver Dias For and on behalf of Williams Chartered Accountants Jade House 67 Park Royal Road London NWIO 7JJ Date 24ttrLQG2o2S Page 8 ot 13
Sisters of Christ UK Development Fund Charity cio Statement of financial activities (incorporating an income and expendlture account) for the year ended 31-December-2024 Notes 2024 2023 Income resources Investment income 92,332 99,013 Total Income 92,332 99,013 Expenditure A Ralslng funds Investment mana8ers fees 8 Charltable artivities: Donations and missions Administration and support 29,083 27,315 37,765 4,990 42,755 63,000 4,744 67,744 Total expendlture 71,837 95,059 Incomin8 resources less expendlt14re 20,495 3.954 Net zaSns/(l(YJses) on Investments 321,887 204,021 Net income {expenditure) 342,382 207,975 Transfer between funds Net movement In fund$ 342,382 207,975 Reconclllatlon of funds Total fund5 brought forward Total funds carrled forward 4.725.687 4.517.712 5,068.069 4,725,687 Statement of total recognlsed galns and losses The charity has no recognised gains or losses other than those Shown above and therefore no separate statement of total gains and losses has been prepared. Pagc g of 13
Sisters of Christ UK Development Fund Charity CIO Statement of flnanclal actlvitie5 (Incorporatlng an Income and expendlture account) for the year ended 31-DÈcember-2024 Notes 2024 2023 Fixed assets Investments at market value io 4,867,445 4,867,445 4,570,216 4,570,216 Current Assets Debtors Cash at bank and in hand li 11,263 194,162 205,425 7,529 157,756 165,285 Credltors: amounts falllng due wtthln one year 12 4,800 -9,814 Net current assets 200.624 155,471 5,068,069 4,72S,687 Capltal and reserves General funds 5,068.069 5,068,069 4,725,687 4,725,687 Approved by the Trustees nd signed on their behalf JABone Trustee Approved by the Trustees on -C)Lklx) ac)2S Page 10 ot 13
Sisters of Christ UK Development Fund Charity CIO Notes to the Financial statements for the year ended 31-December-2024 l Accountin8 policies Basis of preparation and assessrnent of going concern The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charitie5 preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011. The trust constitute5 a public benefit entity a5 defined by FRS 102. The trustees consider that there are no rnaterial uncertainties about the Trust's ability to continue as a going concern. Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. Interest on fund5 held on deposlt is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared, and notification ha5 been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield in the investment portfolio. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be tnea5ured reliably. The c05t of generating fund5 includes the fees paid to investment managers in respect of the management of the Charity's investment portfolios. Expenditure on charitable activities comprises direct expenses incurred on the defined charitable purposes of the Charity and includes staff costs attributable to the activtty. Governance costs comprise of expenditure on compliance with and advice on constitutional and statutory matters. As all expenditure can be attributed to specific categorie5 no apportionment between heading has been necessary. IecoVerable VAT is included in the items of expenditure to which it relates. Page 11 of 13
Sisters of Christ UK Development Fund Charity cio Notes to the Financial statements for the year ended 31-December-2024 Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and105ses arising on revaluation and disposals throughout the year. The Trust does not acquire Put Options, Derivatives or other complex financial instruments. The main form of financial risk faced by the Charity is that of volatility in equity market5 and investment markets due to wlder economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equlties and withln particular sectors or sub sectors. All gains and losses are taken to the Statement of Financial Activitles as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are comblned in the Statement of Financlal Attivitie5. 2 Investment Income 2024 2023 Dividends and interest from investments Bank and other interest 89.768 2,564 92,332 97,344 1,668 99,013 3 Administration and support 2024 2023 Bank charges Accountancy charges 190 4,800 4,990 166 4,578 4,744 4 Tru5tees' remuneration No trustee received any remuneration or reimbursement of expen5e5 in respect of seprfices as a trustee during the year or in the previous year. 5 Taxation The CIO, as a registered charity, is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year. Page 12 ot 13
Sisters of Christ UK Development Fund Charity CIO Note5 to the Flnancial Statements for the year ended 31-DeMber-20Z4 6 Investments 2024 2023 Llsted Investments Market value at beginning of the year Additions at cost Sale proceeds from disposals and transfers Net movement in year Market value at year end Cash held by Snvestment Manager for re-investment 4,438.634 1.148.377 -1.120.885 325,588 4.791,715 75.730 4.867,445 4,256.839 1,208.792 -1,231,018 204,021 4.438,634 131.582 4.570.216 Cost of listed investments at 31 December 2024 4,247,460 4,023,174 7 Debtors 2024 2023 Charity of the Sisters of Christ Other debtors 2,358 8.905 7,529 11,263 7,529 8 Creditor5: amounts falling due within one year 2.024 2,023 Charity of the Sisters of Christ - Regional Fund Accrua15 6,214 3,600 9,814 4,800 4.800 Page 13 ot 13