**Sisters of the Sacred Heart of Saint Jacut** ## **Annual Report and Accounts** 31 December 2025 Charity Registration Number 1175076 ## **Contents** ## **Reports** |**Reports**|| |---|---| |Reference and administrative details|| |of the charity, its trustees and advisers|1| |Trustees’ report|2| |Independent auditor’s report|14| |**Accounts**|| |Statement of financial activities|18| |Balance sheet|19| |Statement of cash flows|20| |Principal accounting policies|21| |Notes to the accounts|25| Sisters of the Sacred Heart of Saint Jacut ## **Reference and administrative details of the charity, its trustees and advisers** |**Trustees**|Sister Yvonne Pilarski| |---|---| ||Sister Edith Cochard| ||Brother James Boner| ||Father Lijo Jose Payikkattu| |**District Leader for the District of Great**|Sister Yvonne Pilarski| |**Britain**|| |**District Bursar**|Sister Yvonne Pilarski| |**Principal address**|Flat 4, Alisa Lodge| ||4 Oakleigh Park South| ||Whetstone| ||London| ||N20 9JU| |**Charity registration number**|1175076| |**Auditor**|Buzzacott Audit LLP| ||130 Wood Street| ||London| ||EC2V 6DL| |**Principal bankers**|National Westminster Bank plc| ||Argyll House| ||250 Regent Street| ||London| ||W1B 3BN| |**Investment managers**|Rathbones Investment Management Limited| ||30 Gresham Street| ||London| ||EC2V 7QN| ||CCLA Investment Management Limited| ||1 Angel Lane| ||London| ||EC4R 3AB| |**Solicitors**|Stone King LLP| ||Boundary House| ||91 Charterhouse Street| ||Barbican| ||London| ||EC1M 6HR| Sisters of the Sacred Heart of Saint Jacut CIO **1** **Trustees’ report** 31 December 2025 The trustees present their report and the accounts of the Sisters of the Sacred Heart of Saint Jacut (the charity or the CIO) for the year ended 31 December 2025. The accounts have been prepared in accordance with the accounting policies set out on pages 21 to 24 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). ## **Introduction** The Order of the Sisters of the Sacred Heart of St. Jacut (the Congregation) is an international Roman Catholic Religious Congregation comprising 331 sisters worldwide. It is divided into seven Apostolic Zones: France, the USA, Canada, Great Britain, Cameroon, Madagascar, and Papua New Guinea. The Congregation is governed by the Superior General and her Council, who reside in Paris. The accounts accompanying this report are the accounts of the charity through which the activities and net assets of the Congregation in England are administered. _**The Mother House of the Sisters of the Sacred Heart, in Saint Jacut les Pins,**_ The primary goal of the CIO is to promote the Roman Catholic faith through the religious and charitable activities of the Congregation. Sisters of the Sacred Heart of Saint Jacut CIO **2** **Trustees’ report** 31 December 2025 ## **The mission of the Congregation** The mission of the Congregation is clearly stated in the Constitution: _“To make known to all, particularly the poor, the tenderness and merciful love of the Father revealed in Jesus.” (Const.No.4)_ Since its foundation in France in 1816, the Congregation has carried out this mission through education, social outreach, and pastoral care, with particular attention to the most disadvantaged. This same commitment has guided its ministry in England since 1903. Over time, the establishment of schools and a strong dedication to education at all levels became the primary expression of this missionary spirit, supported by pastoral work in both religious and secular contexts. Although no longer under the direct stewardship of the Sisters of the Sacred Heart, and now led by lay leadership and governed by lay trustees, two of these schools continue to flourish. They remain firmly rooted in the Congregation’s core values - devotion to the Sacred Heart and a deep love for all people - principles that have shaped their identity and continue to sustain their enduring success. ## **Activities and objectives – the present situation** ## _**Care of the members**_ Age profile – 31 December 2025: **----- Start of picture text -----**
Age Group Age Group Age Group
<70 71 – 80 Over 80
0 1 4
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Like many religious congregations in England today, the number of members in the group has significantly declined. Currently, the District comprises five members, with an average age of 83. Until June 2025, one member served on the General Council of the Congregation, dividing her time between Paris and London. In London, she provided support and assistance to the Sisters as required, while in Paris she served as a member of the Congregation’s leadership team, contributing to daily operations and participating in major decision-making processes. She also played a significant role in translating key documents from the Superior General, ensuring that the Sisters in England had full and equal access to important information and spiritual resources within the Congregation. Sisters of the Sacred Heart of Saint Jacut CIO **3** **Trustees’ report** 31 December 2025 In June 2025, she suffered a stroke. She subsequently returned permanently to England, where she has assumed the role of District Leader. While she remains somewhat fragile, she continues her recovery while undertaking this responsibility. ## _**St Martin’s, Nazareth House, Finchley**_ Three Sisters reside in a dedicated wing at Nazareth House Care Home in Finchley. Although they live independently, they benefit from the security and support of the care home. Midday meals are provided, while they prepare their own breakfast and supper. They participate actively in the spiritual life of Nazareth House, including daily Mass, the Rosary, the Stations of the Cross during Lent, and Adoration of the Blessed Sacrament. During 2025, one Sister experienced significant health challenges, which had improved by the end of the year. Despite advancing age and ongoing health concerns, all three Sisters remain committed to their vocation as Sisters of the Sacred Heart of Jesus, in the spirit of the Constitutions: “Whether we exercise an activity or whether we live the limitations of age or sickness, the gift of our life expresses the same ever-present concern” (Const. No. 58). They are deeply committed to visiting residents of Nazareth House, particularly those who are lonely and isolated and have little or no family contact. They offer their time and companionship through attentive listening and a comforting presence. Despite their own age and health limitations, they continue to provide support whenever possible, and their personal experience of ageing and illness enhances their understanding and empathy for the residents. One Sister continues to serve as sacristan, a role that is essential to the Care Home community. Due to health issues, she is unable to carry out this responsibility daily and therefore shares the role with the Sisters of Nazareth House. She carefully maintains the altar vessels and linens, ensuring that everything is clean and properly prepared for daily Mass, including the appropriate readings and liturgical colours. The Superior of the Nazareth House Community has repeatedly expressed appreciation for her valuable contribution. As their health limitations increase, the Sisters also engage in a ministry of prayer, with particular intentions for the residents of Nazareth House and for global concerns, especially those affected by war and suffering. They maintain links with their former parish in Whetstone and respond to numerous requests for prayers and support. Another Sister resides in a non-denominational nursing home in St Albans. Despite the challenges of dementia, she continues to visit some residents to talk and share moments of joy with them. She remains aware of global issues and continues to live her mission through prayer, offering support in the ways available to her. Her presence at the monthly communion services is a source of comfort to other residents. The Sisters also carry out a deeply valued ministry of mutual care and support, attending to one another’s needs with compassion and dedication. This includes offering a listening ear for worries and concerns, performing small but meaningful acts of service—such as collecting prescriptions or running errands—and fostering a strong sense of community. The Sisters of the Sacred Heart of Saint Jacut CIO **4** **Trustees’ report** 31 December 2025 three Sisters residing in Nazareth House maintain close contact with their fellow Sister in St Albans, calling her regularly and making every effort to visit her at least once a month. ## _**Working with other organisations**_ In addition to the above, the members of the District continue their association with and their support for: - ♦ The Roman Catholic Diocese of Westminster - ♦ The Conference of Religious and other religious congregations - ♦ CAFOD - ♦ Aid to the Church in Need ## _**Overseas Mission Support**_ The charity remains fully committed to supporting the mission of the Congregation by providing financial assistance to a range of projects across the Southern Entities, with particular focus on Cameroon and Madagascar. It is also committed to support the Mother House, which serves as the heart of the Congregation and currently provides care for elderly and infirm French Sisters. Following changes within the leadership team in July 2025, no new projects are being undertaken at present. The Apostolic Zones have been asked to defer requests while the new leadership establishes itself and gains a clearer understanding of local priorities. The Superior General and her Council remain aware of the charity’s commitment to the Congregation’s mission and anticipate that new projects will be identified during 2026–2027. ## _**Associates**_ Regrettably, the Sisters have faced a gradual decline in health and aging, which has inevitably impacted their ability to maintain direct contact with the Associates. Despite these challenges, their commitment to this cherished connection remains steadfast. One Sister, residing in Nazareth House, continues to foster communication through heartfelt letters and phone calls, particularly during the sacred seasons of Christmas and Easter. Some Associates still make the journey to visit the Sisters at Nazareth House, cherishing these moments of companionship and spiritual support. Many others maintain contact by telephone, often sharing their concerns and seeking reassurance. They deeply value the prayers of the Sisters, drawing strength and comfort from their unwavering spiritual presence. Though physical interactions may have lessened, the bond between the Sisters and the Associates endures, sustained by faith, prayer, and mutual support. ## **Financial review for the year** ## _**Results for the year**_ A summary of the year’s results is set out on page 18 of the attached accounts. Sisters of the Sacred Heart of Saint Jacut CIO **5** **Trustees’ report** 31 December 2025 During the year to 31 December 2025, income was £238,497 (2024 – £214,586). The principal components of income were donations (including pensions receivable from members of the Congregation under Gift Aid compliant Deeds of Covenant) and investment income and interest receivable. During the year the charity incurred expenditure of £193,047 (2024 – £396,328). Expenditure on maintaining the members of the Congregation and enabling them to carry out their charitable work was £148,474 (2024 – £396,328). Donations paid during the year amounted to £19,140 (2024 – £207,167). Expenditure was higher than average in the prior year due to a 2020 property sale, where 10% of the proceeds were earmarked for the Generalate fund, as required by their constitution. This was released from the fund in 2024, when a suitable project was proposed and approved by the trustees. Investment management fees for the period were £15,433 (2024 – £15,225). Net income for the year before investment gains was £45,450 (2024 – net expenditure £181,742). Net investment gains for the year totalled £303,504 (2024 – £189,986) and resulted in a net movement of funds of £348,954 (2024 – £8,244). ## _**Financial position and reserves policy**_ The balance sheet shows total funds of £6,050,669 at 31 December 2025 (2024 – £5,701,716). Of this £803,606 (2024 – £807,870) represents the net book value of the charity’s tangible fixed assets and an equivalent amount has been designated as a tangible fixed assets fund in recognition of the fact that the assets are required for the charity’s operations and are not available as a reserve to fund activities or meet future contingencies. Amounts totalling £3,729,373 (2024 – £3,729,373) are designated for the purposes explained in note 14 to the accounts. 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 £1,517,690 (2024 – £1,164,473). It is the trustees’ aim to ensure that sufficient funds are generated to be able to provide a proper level of care for sisters of all ages as they need it. The charity is reliant on investment income necessary to meet both current and future requirements. To this end, regular meetings are held to ensure that sufficient funds are generated from the investment portfolio and changes are made to the portfolio as appropriate. The trustees consider that, given the nature of the charity’s work, the level of free reserves should be sufficient to generate enough income to cover approximately three years’ ongoing expenditure and to provide for contingencies, unevenness in future income and volatility in the value of investments. At the date of the balance sheet, the actual free reserves are consistent with the charity’s reserves policy set out above, although they currently represent a higher level than the three ‑ year target. The trustees consider this appropriate in the present financial climate, as ongoing macroeconomic uncertainty, volatility in investment markets and rising cost Sisters of the Sacred Heart of Saint Jacut CIO **6** **Trustees’ report** 31 December 2025 pressures make it prudent to maintain a stronger reserves position. Holding higher reserves at this time provides additional protection against fluctuations in future income and investment values, ensuring the charity can continue to meet the long ‑ term care needs of the sisters. ## _**Investment policy and performance**_ The charity’s investments are managed by Rathbones Investment Management Limited and CCLA Investment Management Limited. There are no restrictions on the charity’s power to invest. The investment strategy set by the trustees takes into account income requirements, the risk profile and the investment manager’s view of the market prospects in the medium term. The sisters take particular note of the prudent advice of the charity’s investment managers. The policy adopted by the charity is to maximise total return through a diversified portfolio whilst providing a level of income advised from time to time by the trustees. There is also an Ethical Policy precluding investment in any company which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objectives of the Catholic Church. The investment policy is generally risk averse with the objective of producing total return through growth in capital and income. The risk profile of the investments will be low/medium and, in order to satisfy the requirements, investments normally comprise of leading UK Government securities, UK leading companies, unit and investment trusts (including those investing in major international markets), and in fixed interest securities which merit an international rating of single A or better. The performance of the portfolio and the charity’s investment strategy have been reviewed by the trustees who have met regularly with the investment managers. The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk. The trustees of the charity continue to take a long term view and believe the investment policy continues to be appropriate. During 2020 the charity invested £230,000 in the COIF Charities Deposit Fund- in order to fund special projects of the Congregation. The deposit fund is held as a short-term investment included within current assets in the balance sheet. £50,000 of these funds were used in 2021 to support a project in Madagascar. The fund has a remaining balance of £4,491 (2024 – £4,308), following a withdrawal to support the charity’s annual contribution to its generalate. These funds will be replenished following the sale of one of the charity’s properties. The charity’s two portfolios of investments had a market value at 31 December 2025 of £5,154,986 (2024 – £4,842,598) including cash available for reinvestment of £13,976 (2024 – £22,088). Excluding the cash available for reinvestment, £4,059,886 was managed by Rathbone Investment Management Limited and £1,081,245 was invested in the COIF Charities Ethical Investment Fund managed by CCLA Investment Management Limited. Sisters of the Sacred Heart of Saint Jacut CIO **7** ## **Trustees’ report** 31 December 2025 During the year, the charity’s investments achieved an income yield of 2.55% and a capital yield of 6.30%. The performance of the portfolio reflected investment markets generally throughout the period. The investment managers continued to invest in accordance with the trustees’ investment policy set out above. Further details of the investment portfolio are detailed in note 10 to the attached accounts. ## **Future plans** The objectives of the trustees of the charity now include: - ♦ Ensuring all members of the Congregation receive the high level of care they require to provide them with the quality of life they have a right to expect, having devoted all their lives to the mission of the Congregation. - ♦ Enabling all the members of the Congregation to live their mission to the end of their days, as far as they are able, given the limitations of age and health. - ♦ Providing gentle support and companionship to the sisters as they near the end of their lives is of utmost importance. - ♦ Appointing at least one more trustee. - ♦ Paying due heed to any fluctuations in the financial markets arising from the current macroeconomic and geopolitical environment. - ♦ Ensuring sufficient funds are available in case any of the sisters require nursing home care as a priority. - ♦ Keeping the charity’s investment arrangements under review, including those with CCLA, in order to ensure that they continue to meet the charity’s objectives and deliver an appropriate level of return. The trustees will, where appropriate, explore alternative investment managers to optimise performance. ## **Governance, structure and management** ## _**Governance**_ In terms of Canon law, the Congregation is governed at an international level by the Superior General and her Council in Paris. These officials are elected every six years at a General Chapter, the most recent of which was in July 2025. The Superior General visits each area of the Congregation, including the district of Great Britain, at least once in her six-year mandate. The District of Great Britain comprised five sisters (including Sister Yvonne) as at 31 December 2025. Sister Yvonne was the General Councillor Delegate and a member of the Generalate community in Paris up until June 2025. She spent her time between Paris and London in order to offer care and support for the group of elderly Sisters in London. These sisters are from different countries, which give the district an element of internationality. From July 2025, Sr Yvonne is no longer a member of the General Council. Sisters of the Sacred Heart of Saint Jacut CIO **8** **Trustees’ report** 31 December 2025 She has assumed the role of District Leader and now resides permanently in London, living in one of the flats in Whetstone. She supports the Sisters by accompanying them to hospital appointments and remains available to them at all times. In terms of civil law, the charity is governed by the Constitution adopted on 8 September 2022 and is registered as a Charitable Incorporated Organisation (Charity Registration Number 1175076). The trustees currently comprise the District Leader, the General Bursar, and two religious priests from different congregations. As all trustees are either members of the Congregation or have a longstanding association with it, they possess a detailed understanding of the charity’s work and governance structures. On appointment, new trustees spend time with those retiring from office in order to receive a comprehensive handover, including a briefing on their responsibilities and the current position of the charity. They also meet, as appropriate, with the Congregation’s legal, accounting, investment, and property advisers to ensure a full understanding of their duties and of the charity’s affairs. Ongoing training and development continue throughout each trustee’s term of office. ## _**Trustees**_ The charity’s constitution states that there must be at least three trustees. There is no maximum number of trustees. Trustees are appointed for a term of six years by a resolution passed by the charity trustees. In selecting new individuals for appointment as trustees, the existing charity trustees have 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. Brief biographical details of the trustees are as follows: ## _Sister Yvonne Pilarski_ A qualified teacher with a degree in French and German, Sister Yvonne worked in education for 20 years, holding various posts of responsibility including School Chaplain and Head of Department of Religious Studies until her retirement in 2013. In January 2018 Sister Yvonne was asked to take over the leadership of the District of Great Britain and she was also asked to be District Bursar from January 2019. In August 2019 Sister Yvonne was elected as a General Councillor for the Congregation and in September 2019 was named as General Councillor Delegate for the District of Great Britain. In September 2025 she returned to London and is now the District leader. ## _Sister Edith Cochard_ Sisters of the Sacred Heart of Saint Jacut CIO **9** **Trustees’ report** 31 December 2025 Sister Edith worked in France for many years as a primary school teacher. In 1995 she was asked to go to Papua New Guinea as a formation director. In 2014 she was named General Bursar for the Congregation and now resides in Paris. ## _Brother James Boner_ Brother James is a Capuchin Friar. For many years he was chairman of the Association of Provincial Bursars and the General Secretary of the Conference of Religious in England and Wales. He holds a number of positions as a trustee and ethics advisor. At present he is Provincial Minister for the Capuchin Franciscans in Great Britain and a special envoy for the Capuchin's General Minister in Rome. ## _Father Lijo Jose Payikkattu_ Father Lijo Jose is from Kerala in southern India and a member of the Congregation of the Missionaries of St Francis de Sales. After his ordination, he was engaged in different kinds of pastoral ministry in India and also taught in schools belonging to his Congregation. In 2017 Father Lijo Jose was sent to work in the English Province of the Missionaries of St Francis de Sales. He was assistant priest in the St Barnabas Cluster of Parishes in Milton Keynes, in the Diocese of Northampton, for two years and since 2019 he has been parish priest of St Teresa’s, Princes Risborough, also in the diocese of Northampton. ## _**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 property consultants, investment managers, 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 Congregation. The District is governed by the District leader, working closely with the Superior General. Sr Yvonne visits the sisters regularly and keeps in touch with them by means of phone calls. She frequently consults the sisters of the District on all aspects of their lives, especially the problems and difficulties due to aging and failing health and discusses with them different aspects of their mission. ## _**Statement of trustees’ responsibilities**_ The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the accounts the trustees are required to: Sisters of the Sacred Heart of Saint Jacut CIO **10** **Trustees’ report** 31 December 2025 - ♦ select suitable accounting policies and then apply them consistently; - ♦ observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102); - ♦ make judgments and estimates that are reasonable and prudent; - ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; - ♦ prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in operation. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## _**Key management personnel**_ The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. Two of the trustees are members of the Congregation, but only one is a member of the District. Her 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 members**_ If the charity is wound up, the members of the charity, who are also the trustees of the charity, have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. ## _**Policy on receipt of donations and legacies**_ The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It protects donors’ data and never sells data, it never swaps data and ensures that communication preference can be changed at any time. The charity does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its approach to those who give it money and to learn from them. During the year, the charity received no such complaints. ## _**Risk management**_ In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation Sisters of the Sacred Heart of Saint Jacut CIO **11** **Trustees’ report** 31 December 2025 and the charity currently face and have reviewed the measures already in place to deal with them. The areas identified for particular attention within our risk management strategy are: - ♦ Governance and management - ♦ Operational - ♦ Financial - ♦ Reputational - ♦ Laws, regulations, external and environment **Governance and management:** looks at the risk of the Congregation, 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 2025 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. **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) and the Religious Life Safeguarding Service (RLSS). The activities of the charity do not involve work with children but they do involve work with adults who may need help at particularly vulnerable moments in life. **Financial:** looks at risks including those arising as a result of poor budgetary control, poor accounting and poor management of the investment portfolio. Sisters of the Sacred Heart of Saint Jacut CIO **12** ## **Trustees’ report** 31 December 2025 The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet with the investment managers regularly and the manager's performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs both now and in the future. Given the current macroeconomic and geopolitical environment, the trustees continue to communicate with the charity’s 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. **Reputational:** looks at possible damage to the Congregation’s and hence the reputation of the charity. **Laws, regulations, external and environment:** looks at the effect of government policies and the consequences of non-compliance with laws and regulations in so far as they are applicable to the Congregation’s activities. Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced, they have established effective systems to mitigate those risks. The trustees are united in their concern for the overall health and wellbeing of each of the members of the District. They are equally concerned that the members be supported and encouraged to live, as far as they are able, to the full the Mission of the Congregation to which each one has professed. ## _**Members of the Congregation**_ The members of the Congregation continue to give unsparing service and dedication to all the Congregation’s works and the trustees wish to record their appreciation. Signed on behalf of the trustees: Approved by the trustees on: Date: 15 June 2026 Sisters of the Sacred Heart of Saint Jacut CIO **13** **Independent auditor’s report** 31 December 2025 ## **Independent auditor’s report to the trustees of the Sisters of the Sacred Heart of Saint Jacut** ## **Opinion** We have audited the accounts of the Sisters of the Sacred Heart of Saint Jacut (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the accounts: - ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended; - ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - ♦ have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **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. Sisters of the Sacred Heart of Saint Jacut CIO **14** **Independent auditor’s report** 31 December 2025 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: - ♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or - ♦ sufficient accounting records have not been kept; or - ♦ the accounts are not in agreement with the accounting records; or - ♦ we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 11 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. Misstatements can arise from fraud or error and are considered material if, individually or in Sisters of the Sacred Heart of Saint Jacut CIO **15** ## **Independent auditor’s report** 31 December 2025 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: _**How the audit was considered capable of detecting irregularities including fraud**_ Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - ♦ the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - ♦ we identified the laws and regulations applicable to the Charity through discussions with the trustees, and from our knowledge and experience of the charity sector; - ♦ we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); and - ♦ we assessed the extent of compliance with the laws and regulations identified above through making enquiries of those charged with governance and reviewed minutes of trustees’ meetings. We assessed the susceptibility of the Charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by: - ♦ making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - ♦ considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - ♦ performed analytical procedures to identify any unusual or unexpected relationships; - ♦ tested and reviewed journal entries to identify unusual transactions; - ♦ carried our substantive testing of expenditure including the authorisation thereof; Sisters of the Sacred Heart of Saint Jacut CIO **16** **Independent auditor’s report** 31 December 2025 - ♦ assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - ♦ investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - ♦ agreeing accounts disclosures to underlying supporting documentation; - ♦ reading the minutes of meetings of trustees; - ♦ enquiring of the trustees as to actual and potential litigation and claims; - ♦ reviewing the legal expenses nominal code. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL ## Date: 15 June 2026 Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Sisters of the Sacred Heart of Saint Jacut CIO **17** **Statement of financial activities** Year to 31 December 2025 |Notes|**2025**
**£**|2024
£| |---|---|---| |**Income from:**
Donations
1
Investments and interest receivable
2
Other sources
. Miscellaneous Income
**Total income**
**Expenditure on:**
Raising funds
. Investment management fees
Charitable activities
. Support of members of the Congregation and their ministry
3
. Charitable donations
4
**Total expenditure**
**Net income (expenditure) for the year before net investment**
**gains**
6
**Net investment gains**
10
**Net movement in funds**
**Reconciliation of funds:**
Funds brought forward at 1 January 2025
Funds carried forward at 31 December 2025|
**114,963**

**123,333**
**200**|111,645
102,941
—| ||**238,496**|214,586| ||**15,433**

**158,474**

**19,140**|15,225
173,936
207,167| ||**193,047**|396,328| ||
**45,449**

**303,504**|(181,742)
189,986| ||**348,953**
**5,701,716**|8,244
5,693,472| ||**6,050,669**|5,701,716| All income and expenditure of the charity for the year to 31 December 2025 is in respect of unrestricted funds. All of the charity’s activities during the above financial periods derived from continuing operations. All recognised gains and losses are included in the statement of financial activities. Sisters of the Sacred Heart of Saint Jacut CIO **18** **Balance sheet** 31 December 2025 |Notes|**2025**
**£**|**2025**
**£**|2024
£|2024
£| |---|---|---|---|---| |**Fixed assets**
Tangible assets
9
Investments
10
**Current assets**
Debtors
11
Current asset investments
Short term deposits
Cash at bank and in hand
**Creditors**: amounts falling due
within one year
12
**Net current assets**
**Total net assets**
**The funds of the charity**
Unrestricted funds
. General funds
. Tangible fixed assets fund
13
. Designated fund
.. Retirement reserve fund
14
.. Financing and Congregational fund
14|**11,942**
**4,491**
**38,309**
**106,436**|**803,606**
**5,154,986**|12,866
4,308
37,886
60,624|807,870
4,842,598| |||**5,958,592**
**92,077**||5,650,468
51,247| ||**161,178**
**(69,101)**||115,684
(64,437)|| |||||| |||**6,050,669**||5,701,716| |||**1,517,690**
**803,606**
**2,700,000**
**1,029,373**||1,164,473
807,870
2,700,000
1,029,373| |||**6,050,669**||5,701,716| Approved by the trustees and signed on their behalf by: Y. Pilarski Trustee Approved by the trustees on: Date: 15 June 2026 Sisters of the Sacred Heart of Saint Jacut CIO **19** ## **Statement of cash flows** Year to 31 December 2025 |Notes|
**2025**
**£**|2024
£| |---|---|---| |**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Investment income and interest received
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Additions to current asset investments
Investment in short term deposits
Purchase of fixed asset investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 January 2025**
B
**Cash and cash equivalents at 31 December 2025**
B|**(63,456)**|(277,259)| ||**122,922**
**(4,164)**
**759,630**
**(183)**
**(423)**
**(776,726)**|106,796
—
726,485
165,455
(542)
(696,249)| ||**101,057**|301,945| ||**37,602**
**82,712**|24,686
58,026| ||**120,312**|82,712| ## **Notes to the statement of cash flows for the year to 31 December 2025.** ## **A Reconciliation of net movement in funds to net cash used in operating activities** ||**2025**
**£**|2024
£| |---|---|---| |**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation charge
Gains on investments
Investment income and interest receivable
Decrease (increase) in debtors
Increase in creditors
**Net cash used in operating activities**|**348,953**
**8,428**
**(303,504)**
**(123,333)**
**1,336**
**4,664**|8,244
7,595
(189,986)
(102,941)
(981)
810| ||**(63,456)**|(277,259)| ## **B Cash and cash equivalents** |**Cash and cash equivalents**|||| |---|---|---|---| ||As at 31
December
2024
£|Cash flows
£|**As at 31**
**December**
**2025**
**£**| |Cash at bank and in hand
Cash held by investment managers
**Total cash and cash equivalents**|60,624
22,088|45,812
(8,212)|**106,436**
**13,876**| ||82,712|37,601|**120,312**| 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). Sisters of the Sacred Heart of Saint Jacut CIO **20** **Principal accounting policies** 31 December 2025 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. ## **Basis of preparation** These accounts have been prepared for the year ended 31 December 2025 with comparative information given in respect to the year to 31 December 2024. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), 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: - ♦ estimating the useful economic life or residual value of tangible fixed assets for the purpose of calculating the depreciation charge; - ♦ assessing the probability of the receipt of legacy income; and - ♦ determining the value of designated funds including the determination of the assumptions made in determining the value of the retirement fund. ## **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. Sisters of the Sacred Heart of Saint Jacut CIO **21** **Principal accounting policies** 31 December 2025 ## **Income recognition** Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received. Income comprises donations, investment income, bank interest receivable, the surplus on disposal of tangible fixed assets and other income. Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. In accordance with the Charities SORP FRS 102 volunteer time is not recognised. Investment income is recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. The surplus on the disposal of tangible fixed assets is calculated as the difference between disposal proceeds and the net book value of the asset immediately prior to disposal. The disposal is accounted for at the date of legal completion. 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. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows: - ♦ Expenditure on raising funds includes all expenditure associated with raising funds for the charity. This comprises investment management fees. - ♦ 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 grants and donations and costs in respect to the support of members of the Congregation and enabling their ministry, including governance costs. Sisters of the Sacred Heart of Saint Jacut CIO **22** **Principal accounting policies** 31 December 2025 Charitable donations are made where the trustees consider there is real need following a review of the details of each particular case. Donations are included in the statement of financial activities when approved for payment. Provision is made for donations approved but unpaid at the period end. All expenditure is stated inclusive of irrecoverable VAT. ## **Allocation of support and governance costs** Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide suitable office services and equipment for Sister Yvonne, in her role as District Leader and District Bursar, and to obtain support for financial and compliance procedures. 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 Congregation as any governance costs in relation to the provision of donations and grants is considered to be negligible. ## **Tangible fixed assets** All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised. - ♦ _**Land and buildings**_ Land and buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value. Disposals and additions to land and buildings are accounted for on legal completion of the relevant transaction. - ♦ _**Building improvements**_ Expenditure in relation to major improvements to the buildings is capitalised and depreciated over a ten year period on a straight line basis. - ♦ _**Furniture, equipment and motor vehicles**_ Expenditure on the purchase of furniture, equipment and motor vehicles is capitalised and depreciated over a five and seven year period on a straight line basis. ## **Fixed asset investments** Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Sisters of the Sacred Heart of Saint Jacut CIO **23** **Principal accounting policies** 31 December 2025 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. ## **Current asset investments** Current asset investments represent such accounts and instruments that are not available on demand and are held in deposit funds administered by institutions other than those designated as banks. ## **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 and amounts which the trustees have designated for specific purposes. Details of these are provided in notes 13 and 14 respectively. ## **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 Congregation. Sisters of the Sacred Heart of Saint Jacut CIO **24** **Notes to the accounts** 31 December 2025 ## **1 Income from: donations** |**Income from: donations**||| |---|---|---| ||**2025**
**£**|2024
£| |Salaries and pensions of individual religious received under deed of
covenant and gift aid|**114,963**|111,645| ||**114,963**|111,645| ## **2 Income from: investments and interest receivable** |**Income from: investments and interest receivable**||| |---|---|---| ||**2025**
**£**|2024
£| |**Income from listed investments**
. UK fixed interest bonds
. Overseas fixed bonds
. UK equities
. Overseas equities
. Alternatives and property
**Interest received**
. Current asset investments - interest
. Bank interest
. Cash held by investment managers|**40,476**
**20,686**
**7,756**
**31,277**
**21,750**|24,699
10,730
8,697
31,907
21,866| ||**121,945**
**183**
**423**
**782**|97,899
3,748
542
752| ||**123,333**|102,941| ## **3 Expenditure on: support of members of the Congregation and their ministry** ||**2025**
**£**|2024
£| |---|---|---| |Premises
Sisters' living and personal expenses
Nursing care and medical costs
Sisters’ accommodation and related costs
Education, training and spiritual renewal
Support costs
. Legal and professional fees
. Miscellaneous support costs
. Governance costs (note 5)|**29,001**
**36,767**
**24,670**
**35,533**
**2,814**
**10,750**
**1,659**
**17,280**|29,793
38,608
25,341
38,045
1,258
20,594
3,783
16,514| ||**158,474**|173,936| Sisters of the Sacred Heart of Saint Jacut CIO **25** **Notes to the accounts** 31 December 2025 ## **4 Expenditure on: charitable donations** Donations during the year comprised: ||**2025**
**£**|2024
£| |---|---|---| |Contributions to the Congregation’s Generalate
. support of overseas missions
Other sundry donations|**19,015**
**125**|206,189
978| ||**19,140**|207,167| ## **5 Governance costs** |**Governance costs**||| |---|---|---| ||**2025**
**£**
**17,280**|2024
£| |Legal andprofessional fees||16,514| - **6 Net expenditure for the year before net investment gains** This is stated after charging: |**Net expenditure for the year before net investment gains**
This is stated after charging:||| |---|---|---| ||**2025**
**£**|2024
£| |Auditor’s remuneration
. Statutory audit services:
.. Current year
.. Previous year
. Other services
.. Current year
.. Previous year
Depreciation|**16,224**
**1,056**
**—**
**—**
**8,428**|16,224
290
—
840
7,595| ## **7 Staff costs and key management personnel** The charity did not employ staff during the year and therefore there were no employees who earned more than £60,000 during the year. The trustees consider that they comprise the key management of the charity in charge of directing, controlling, running and operating the charity on a day-to-day basis. ## **8 Taxation** The Sisters of the Sacred Heart of St Jacut 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. Sisters of the Sacred Heart of Saint Jacut CIO **26** **Notes to the accounts** 31 December 2025 ## **9 Tangible fixed assets** |**Tangible fixed assets**||||| |---|---|---|---|---| ||Land and
buildings
£|Furniture
and
equipment
£|Motor
vehicles
£|**Total**
**£**| |**Cost**
At 1 January 2025
Additions
Disposals
At 31 December 2025
**Depreciation**
At 1 January 2025
Charge for the year
Disposals
At 31 December 2025
**Net book values**
At 31 December 2025
At 31 December 2024|784,183
—
—|7,857
4,164
—|33,373
—
—|**825,413**
**4,164**
**—**| ||784,183|12,021|33,373|**829,577**| ||—
—
—|4,193
1,753
—|13,350
6,675
—|**17,543**
**8,428**
**—**| ||—|5,946|20,025|**25,971**| ||784,183|6,075|13,348|**803,606**| ||784,183|3,664|20,023|**807,870**| Land and buildings included two properties held on long leases originally of 125 years, both of which commenced on 25 March 2014. The net book value of these properties at 31 December 2025 was £784,183 (2024 - £784,183). It is likely that the open market values of the charity’s land and buildings prior to the transfer were materially greater than their book values. The amount of such differences could not be ascertained without incurring significant costs, which, in the opinion of trustees, was not justified in terms of the benefit to the users of the accounts. As permitted under Financial Reporting Standard 102, the charity continues to adopt a policy of not revaluing its tangible fixed assets. ## **10 Investments** |**Investments**||| |---|---|---| ||**2025**
**£**
**4,820,510**
**776,726**
**(810,805)**
**354,679**
**5,141,110**
**13,876**
**5,154,986**
**3,990,063**|2024
£
4,660,760
696,249
(728,552)
192,053
4,820,510
22,088
4,842,598
3,945,554| |**Listed investments**
Market value at 1 January 2025
Additions at cost
Disposals at book value (see below)
Net unrealised investment gains
Market value at 31 December 2025
**Cash held by investment managers for re-investment**
Cost of listed investments at 31 December 2025||| Sisters of the Sacred Heart of Saint Jacut CIO **27** **Notes to the accounts** 31 December 2025 Disposals at book value included above are made up of the following: ||**2025**
**£**|2024
£| |---|---|---| |Proceeds
Realised losses
Disposals at book value|**759,630**
**51,174**|726,485
2,067| ||**810,805**|728,552| Listed investments held at 31 December 2025 comprised the following: ||**2025**
**£**|2024
£| |---|---|---| |UK Common investment funds
UK fixed interest bonds
Overseas fixed bonds
UK equities
Overseas equities
Alternatives and property|**1,081,245**
**358,832**
**564,627**
**236,606**
**1,854,309**
**1,045,491**|1,105,310
503,677
466,535
277,413
1,579,380
888,196| ||**5,141,110**|4,820,511| All listed investments were dealt in on a recognised stock exchange. Listed investments included the following holdings deemed material when compared with the overall portfolio valuation: |Holding|**2025**|**2025**|2024|2024| |---|---|---|---|---| ||**Market**
**value of**
**holding**
**£**|**Percentage**
**of**
**portfolio**
**%**|Market
value of
holding
£|Percentage
of
portfolio
%
22.93%
5.04%| |CCLA COIF Ethical Investment Fund
WISDOMTREE METAL SECS LTD Physical Gold
(USD)|**1,081,245**
**327,428**|**21.03%**
**6.37%**|
1,105,310

243,103|| ## **11 Debtors** |**11 Debtors**||| |---|---|---| ||**2025**
**£**
**420**
**10,000**
**1,522**
**11,942**|2024
£| |Investment income receivable
Prepayments
Other debtors||—
11,336
1,530| |||12,866| ## **12 Creditors: amounts falling due within one year** |**12 Creditors: amounts falling due within one year**||| |---|---|---| ||**2025**
**£**|2024
£| |Expense creditors
Amounts held on behalf of individual sisters
Accruals|**3,269**
**35,262**
**30,569**|1,371
35,262
27,804| ||**69,101**|64,437| Sisters of the Sacred Heart of Saint Jacut CIO **28** **Notes to the accounts** 31 December 2025 ## **13 Tangible fixed assets fund** |**Tangible fixed assets fund**||| |---|---|---| ||**2025**
**£**|2024
£| |At 1 January 2025
Net movements in the year
At 31 December 2025|**807,870**
**(4,264)**|815,465
(7,595)| ||**803,606**|807,870| The tangible fixed assets fund represents the net book value of the charity’s freehold properties and other tangible assets. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets were essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies. ## **14 Designated funds** The income funds of the charity include the following funds designated by the trustees: ## _**Retirement reserve fund**_ The retirement reserves fund consists of monies set aside by trustees in order to provide for the sisters in the future. The calculations of the fund are based on actuarial methods taking into account of the increasing costs of specialised care required as the sisters grow older. ||**2025**
**£**|2024
£| |---|---|---| |At 1 January 2025
(Released) designated during the year
At 31 December 2025|**2,700,000**
**—**|2,700,000
—| ||**2,700,000**|2,700,000| ## _**Financing and Congregational fund**_ The Financing and Congregational fund has been established to finance future grants and donations. The trustees are yet to formalise their plans for the future and need to carry out further work on deciding how these funds are to be applied. ||**2025**
**£**|2024
£| |---|---|---| |At 1 January 2025
Utilised during the year
Designated during the year
At 31 December 2025|**1,029,373**
**—**
**—**|1,200,000
(170,627)
—| ||**1,029,373**|1,029,373| At 31 December 2020 the charity committed to fund overseas projects of the Generalate to a value of £230,000. The £170,627 utilised in 2024 related to the donation of the remaining balance of this commitment and was released from the fund when a suitable project was proposed and approved by the trustees. No amounts were utilised or designated from the fund during 2025. Sisters of the Sacred Heart of Saint Jacut CIO **29** **Notes to the accounts** 31 December 2025 ## **15 Analysis of net assets between funds** The fund balances are represented by the following assets and liabilities. ||**General**
**fund**
**£**|**Tangible**
**fixed assets**
**fund**
**£**|**Designated**
**funds**
**£**|**2025**
**Total**
**funds**
**£**| |---|---|---|---|---| |**Fund balances at 31 December 2025**
**are represented by:**
Tangible fixed assets
Investments
Net current assets
**Total net assets**|**—**
**1,430,104**
**87,586**|**803,606**
**—**
**—**|**—**
**3,724,882**
**4,491**|**803,606**
**5,154,986**
**92,077**| ||**1,517,690**|**803,606**|**3,729,373**|**6,050,669**| ||_General_
_fund_
_£_|_Tangible_
_fixed assets_
_fund_
_£_|_Designated_
_funds_
_£_|_2024_
_Total_
_funds_
_£_| |_Fund balances at 31 December 2024_
_are represented by:_
_Tangible fixed assets_
_Investments_
_Net current assets_
_Total net assets_|_—_
_1,117,533_
_46,940_|_807,870_
_—_
_—_|_—_
_3,725,065_
_4,308_|_807,870_
_4,842,598_
_51,248_| ||_1,164,473_|_807,870_|_3,729,373_|_5,701,716_| The total unrealised gains as at 31 December 2025 constitute movements on revaluation of listed investments and were as follows: |listed investments and were as follows:||| |---|---|---| ||**2025**
**£**|2024
£| |**Total unrealised gains on investments included above:**
**Reconciliation of movements in unrealised gains**
Unrealised gains at 1 January 2025
In respect to disposals in year
Net gains arising on revaluation in the year
Unrealisedgains at 31 December 2025|**1,151,048**|874,957| ||**874,957**
**(78,587)**
**354,679**|725,861
(42,958)
192,054| ||**1,151,048**|874,957| ## **16 Transactions with trustees and other related party transactions** One of the charity’s trustees is a member of the Congregation and was a resident in England for part of the year and their living and personal expenses have been borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees (2024 – £nil). Two trustees are members of the Congregation and have no resources of their own. One of these trustees donates all earnings, pensions and other income to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustee to the charity was £34,044 (2024 – £32,614). Sisters of the Sacred Heart of Saint Jacut CIO **30** **Notes to the accounts** 31 December 2025 One of the trustees served as a General Councillor of the Congregation until June 2025. During the year, the trustees did not make any donations to the Generalate of the Congregation (2024: £17,738). The trustee who is a General Councillor had no involvement in the decision ‑ making in respect of transactions with the Generalate. There were no other related party transactions during the year which require disclosure (year to 31 December 2024 – none). ## **16 Ultimate control and liability of the member** The charity, which is constituted as a CIO, was controlled throughout the period by the Congregation of the Sisters of the Sacred Heart of St Jacut, by virtue of the fact that the relevant superior of the Congregation appoints all of the trustees. Sisters of the Sacred Heart of Saint Jacut CIO **31**