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
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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 Con8￿gatIOn 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.
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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.
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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
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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 e￿ent 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 24ttrLQG￿2o2S
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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.
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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
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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. I￿ecoVerable
VAT is included in the items of expenditure to which it relates.
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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.
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Sisters of Christ UK Development Fund Charity CIO
Note5 to the Flnancial Statements
for the year ended 31-De￿Mber-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
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