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2021-09-30-accounts

The Congregation of the Sisters of St Mary of Namur CIO

Annual Report and Accounts

30 September 2021

Charity Registration Number 1178092

Contents

Reports
Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report 24
Accounts
Statement of financial activities 29
Balance sheet 30
Statement of cash flows 31
Principal accounting policies 32
Notes to the accounts 38

The Congregation of the Sisters of St Mary of Namur CIO

Reference and administrative information

Trustees Sister Moira Meeghan Sister Louise Swanston Sister Susan Mary McLean

Regional Leader Sister Moira Meeghan

Regional Bursar Sister Susan Mary McLean

Accountant Mrs Teresa Lloyd

Principal and administrative 25 Huyton Church Road address Liverpool L36 5SH

Telephone number 0151 489 9188

Charity registration number 1178092

Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL

Investment managers Rathbone Investment Management Limited Port of Liverpool Building Liverpool L3 1NW

Bankers Royal Bank of Scotland plc

6[th] Floor 1 Princes Street London EC2R 8BP

Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

The Congregation of the Sisters of St Mary of Namur CIO 1

Trustees’ report Year to 30 September 2021

The trustees present the report and accounts of The Congregation of the Sisters of St Mary of Namur CIO (the charity) for the year to 30 September 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 31 to 37 of the attached accounts and comply with the charity’s constitution, applicable laws 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 Sisters of St Mary of Namur (SSMN) (the Congregation) is an international Roman Catholic Apostolic Religious Congregation comprising approximately 400 sisters worldwide. The British Region of the Congregation was previously known as the British Province. However, due to the falling number of sisters it changed its status and is now known within the Congregation as a Region. The Congregation was founded in Namur, Belgium, in 1819 where the motherhouse is still located.

For administrative reasons the Congregation is divided into 3 Provinces and 5 Regions, across 10 countries.

The accounts accompanying this report are the accounts of the charity which administers the assets of the Congregation in England.

The Congregation of the Sisters of St Mary of Namur CIO 2

Trustees’ report Year to 30 September 2021

MISSION

The objects of The Congregation of the Sisters of St Mary of Namur CIO during the period, as set out in its governing document, were education, pastoral care (including asylum seekers and trafficked people), faith development and spiritual accompaniment.

By caring for the individual members throughout their lives within the Congregation, the charity aims to enable and support the sisters in living out their faith and serving other people, keeping in mind both the most urgent contemporary needs and present capacities of the sisters.

When setting the objectives, planning the work of the charity and encouraging the work of individual members of the Congregation, the trustees give careful consideration to the Charity Commission’s general guidance on public benefit.

The ministries of the sisters of the British Region during the period fell into the following categories:

The sisters of the Congregation are given the opportunity for private and communal prayer and worship. They are encouraged to continue their own faith and human development with appropriate updating sessions. The sisters pray and reflect with the wider community, including people of all faiths and none. This is realised through the ministries of welcome, hospitality, spiritual accompaniment and retreat-giving, parish liturgies and home visits. Groups meet regularly in different communities, for prayer, scripture study, faith formation, spirituality and discernment. Though these activities have been somewhat curtailed due to Covid restrictions since March 2020, we are gradually re-engaging in the ministries that have been restricted. At a time when other retreat houses are closing or are financially/logistically inaccessible to many, this offering of space, kindness and learning has become more urgent and something we are still able to provide. Interfaith and ecumenical dialogue and cooperation are encouraged, as reflected in the composition of the different groups. Our less mobile sisters have an invaluable ministry of prayer, listening and presence in a world where loneliness is one of the greatest problems.

Education is intrinsic to our various ministries. One of the sisters continues as Director of EducareM, an organisation for ongoing educational training of teachers and governors. Another works with the Irenaeus project, a spirituality focus for the Archdiocese of Liverpool, delivering programmes of lay initiation into new pastoral responsibilities. Much of the group work mentioned above also contains a strong teaching element, as several of the sisters have a background in education.

The sisters have the privilege of being involved in different branches of pastoral ministry. This includes proclaiming the Word of God, Eucharistic ministry and leading liturgies; also working in the field of catechesis and adult faith formation, giving retreat days, visiting the lonely and the dying, and being engaged in advocacy and work with refugees and trafficked people. One sister provides singing opportunities with people living with dementia and their families as part of our involvement with the Irenaeus project The sisters’ priority is to reach poor, neglected or marginalised people in society whatever their personal background, faith, gender or individual circumstances. Where visiting is not possible, emails or phone calls are a means of communication which has become more common during the pandemic. From time to time, letters are sent to Members of Parliament to encourage just law-making on behalf of the poor and marginalised.

The Congregation of the Sisters of St Mary of Namur CIO 3

Trustees’ report Year to 30 September 2021

MISSION (continued)

The three Provinces of our Congregation in the southern hemisphere have been established since 2000. Since then they have been administratively independent and thriving in terms of membership, while relying to a large extent on the financial support of the Northern Regions and other charitable organisations to help them with school maintenance, building projects, colleges, clinics and orphanages. Progress is being maintained in teaching and facilitating finance management and auto-financing projects. The British Region has continued each year to fund university studies for two sisters who are preparing either to teach or to manage self-supporting initiatives, particularly in agriculture, small farming and handicrafts. The return of some British sisters from our missions has enabled us to make even stronger links with the communities in our missionary provinces of Brazil, Rwanda and Congo.

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES

Activities and specific objectives

As stated above under “Mission”, by caring for individual members throughout their lives within the Congregation, the charity endeavours to support the sisters in the living out of their faith through a variety of religious and other charitable works: worship and prayer, education, social and pastoral ministry and overseas missionary work.

Caring for members of the Congregation

In common with many religious congregations in Great Britain, the age profile of members is increasing as existing members grow older and at present there are no new vocations. The age profile in Great Britain is shown below.

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SSMN AGE PROFILE SEPTEMBER 2021
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80-89
(3 Sisters) 60-69
(4 sisters)
70-79
(7 sisters)
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The Congregation of the Sisters of St Mary of Namur CIO 4

Trustees’ report Year to 30 September 2021

SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

Caring for members of the Congregation (continued)

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to teaching and caring ministries. As the average age of the sisters increases, so too does the need to provide specialised and increasingly expensive care for them.

At present, two sisters are living in a residential care home and we expect this number to increase over the coming years. As a consequence, the trustees are giving careful consideration to the impact of this on the lives of the sisters, property requirements and financial implications. In this regard, the objectives of the trustees of the charity over the current period are summarised below. All these objectives will continue to be applicable for the foreseeable future.

Ensuring all members of the region receive respectful comprehensive care. Our new premises built 2018–2020 will enable us to care for sisters at home and to enable them to keep their independence where possible. The house has the capacity to house 9 sisters (at present 5 sisters live there). It has a lift and two rooms with capacity to accommodate sisters with more physical needs. The house is large enough to accommodate larger groups of people to enable the older sisters to be involved in the ministry of all the sisters.

Enabling members of the region to continue with their individual ministries as long as possible, developing new ministries as appropriate, is deemed very important.

The sisters in Harrow continue their work with refugees, trafficked women and asylum seekers along with their support of schools and the spiritual needs of their children and staff. The sisters in Liverpool are exploring new opportunities in chaplaincy with the Police Force and continue to give spiritual support through spiritual accompaniment, support of refugees and asylum seekers, courses and prison ministry when Covid restrictions allow.

Enabling and supporting members in a variety of religious and charitable works at home and abroad

The religious and charitable works of individual members of the Congregation can be divided into four principal areas: worship and prayer; education; social and pastoral work; and support of overseas missionary work.

During the period, the sisters were involved in a number of activities which included:

The Congregation of the Sisters of St Mary of Namur CIO 5

Trustees’ report Year to 30 September 2021

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

Enabling and supporting members in a variety of religious and charitable works at home and abroad (continued)

During the period, the sisters were involved in a number of activities, which included:

The charity enables and supports individual members of the Region in ministry and outreach – all this in the spirit of Article 18 of the Congregation’s Constitutions:

“Reaching out in love and sharing, [the sisters] become one with the people to whom they are sent”.

At our international gathering at the General Chapter during the summer of 2019 we expressed that:

‘It is together that we walk with the Risen One,

Listening to one another,

Enriched by the strength of our interculturality,

United by the Gospel-inspired insights of our founders,

Longing to open up new paths of collaboration, sharing and participation.’

The following are examples of the social and pastoral work undertaken by individual sisters:

The Congregation of the Sisters of St Mary of Namur CIO 6

Trustees’ report Year to 30 September 2021

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

Enabling and supporting members in a variety of religious and charitable works at home and abroad (continued)

All of the above were carried out by telephone, on-line or face to face when Covid restrictions allowed.

The objectives of the trustees in this area are:

Traditionally, the Congregation’s overseas missionary work has had two aspects to it:

Firstly, the provision of sisters to work in the missions and, secondly, the provision of donations and grants. The British Region for many years provided missionaries, but with the increasing average age and declining health of the sisters, the focus is now on the financial aspect. Grants, donations and other payments in support of missionary work and ministry are decided on by the trustees after consultation with other members of the Congregation. In the main, the charity supports the work of the Congregation in the Democratic Republic of Congo, Cameroon, Rwanda and Brazil. The individuals who benefit include those of all faiths and none, and the help they receive is crucial.

Investment policy

During the period, the charity’s investments were managed by Rathbone Investment Management Limited, Liverpool, and are held in a diversified portfolio subject to ethical constraints. Further details are given in note 11 to the accounts.

The investment strategy is set by the trustees for the charity, and takes into account income requirements, the risk profile and the investment managers’ views of the market prospects in the medium term.

The policy is to achieve a combination of income and capital growth within acceptable levels of risk. There are no restrictions on the charity’s powers to invest.

The Congregation of the Sisters of St Mary of Namur CIO 7

Trustees’ report Year to 30 September 2021

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

Investment policy (continued)

The performance of the investments, as well as the charity’s investment strategy, are reviewed by the trustees who meet with the investment managers at least once a year and are in regular contact and receive quarterly reports on their investments.

Voluntary hours

Throughout the year, 14 members of the Region gave their time to assist the poor, the marginalised and those in need. The majority of members receive no financial reward for this work which contributes to the overall achievement of the charity’s objectives. In addition, members were involved in administering the work of the Congregation and charity - without their contribution the charity would be unable to function effectively or fully. Much of our ministry was restricted this year due to Covid-19 but we managed to find different ways of working and offering support. Details of the areas in which members gave their time are shown in the table.

in the table.
Area No. of
volunteers		 Hours
volunteered
Care home visiting – Liverpool 3 270
Hospital and special NHS Units –pastoral care, chaplaincy 2 314
Prayer ministry, faith groups, prayer groups, rosary
group, life choices, scripture groups, spiritual
accompaniment, retreats and retreat days.		 5 112
Music ministry for parishes and prayer groups. 1 100
Pastoral help for schools 2 340
Collaborative ministry with other charities with the same
aims and objectives and offering similar services: a
sharing of gifts, training and resources		 1 20
Diocesan work, parish visiting and pastoral ministry -
(Harrow: National level adult education and formation
and adult faith formation), (Liverpool: Irenaeus
conference work and lay led funerals
training) and School Chaplaincy initiatives		 7 2,953
Promotion of Justice and Peace, letters and emails. Ministry
to trafficked women and refugees		 5 1,981
Support and on-going formation of associates and
companions in Faith and Mission - Liverpool and Harrow		 4 142
Digital Art Project - making DVDs for liturgies, parishes,
the Region and the Congregation and designing and
updatingthe website.		 1 50
Activities with children andyoungadults. Summer camp 2 575
Personal prayer and community prayer of the sisters,
associates and companions for the world		 14 9,164
Pastoral and financial administration of the Region 5 2,448

The Congregation of the Sisters of St Mary of Namur CIO 8

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Care of members of the Congregation

Throughout the year, the charity continued to assist members of the Region in their charitable and religious work.

Enabling and supporting members in a variety of religious and charitable works

Worship and prayer

The internet keeps us connected. Our work in spiritual accompaniment has continued even during the pandemic. More and more people seek one-to-one support in order to make sense of their lives and the place of their religion and God within it all. As Covid-19 struck we began to explore ways of continuing our work in supporting people. We searched out equipment and IT sites that supported what we needed to do.

Covid-19

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

As the majority of the members of the Congregation are aged over 70, we have had to adhere to government advice issued over the past year. This has meant that our normal apostolic activities have had to find new shape or cease altogether. As a result of the social distancing rules, whilst largely remaining in lockdown, we have tried to find new ways of working and supporting sisters and those with whom we work.

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

Along with many other charities we cannot at this stage imagine what the new needs will be and what position we ourselves will be in to respond to those needs. We are however beginning to open up activities once more and trying to enable people to gain confidence in restoring the life they are now facing.

The Congregation of the Sisters of St Mary of Namur CIO 9

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Covid-19 (continued)

The charity’s investment income was adversely affected because of the volatility in listed investments as stock markets reacted to the pandemic in 2020 but has recovered in 2021. In terms of our expenditure, it is anticipated that there will be a rise in living expenses due to rise in cost of living but such increases will be offset by reductions in other costs. We will continue to keep both income and expenditure under review.

Today, despite Covid-19, we find different ways of working.

Working with Women in Crisis

The Sisters of the British Region have long been involved with women in crisis. Their work covers a broad spectrum of experience in the field.

Presenting needs :

Increasingly, our Sisters here in the UK are a simple presence to women in their own neighbourhoods suffering poverty or domestic violence and needing human or spiritual support. Some women, born and bred in this country, suffer serious mental health and addiction issues. Often they are unemployed and feeling helpless and purposeless. Some are worn-out carers of four generations living under one roof.

Most often, the Sisters collaborate with established organisations. Some have helped set up local initiatives: telephone ministry to the lonely (their plight exacerbated this last year by the Covid-19 crisis), rotas for visiting, distribution of clothes and food supplies to the very needy.

Three of our Sisters have been working with homeless and destitute women living in emergency accommodation or on the streets, and with victims of arranged marriages brought to the UK and forced into prostitution. Another Sister has had close contact with detainees in holding centres suffering PTSD in the wake of gender-based violence and abuse.

Trafficked women of many nationalities who enter the UK on lorries arrive frightened, looking for support and a safe and warm environment in some of the centres where our Sisters have been working during 2020-2021: e.g. Share Knowsley, Bakhita House, Women at the Well. In collaboration with others at the above centres, Sisters have been helping to link up those in need with the organisations and professionals who can assist them: the immigration authorities, the Red Cross, ‘pro bono’ lawyers, nurses, psychologists, council workers, etc. We hear the ongoing call to listen attentively, trying to identify presenting needs and working with others to obtain status for trafficked women and asylum seekers.

At Bakhita House, London, one Sister has for several years been working with traumatised women telling their stories and expressing their pain through art: pain born of having been trafficked on the promise of employment in the UK, then abandoned by the person responsible for them and consigned to a brothel or an abusive employment situation.

The Congregation of the Sisters of St Mary of Namur CIO 10

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Challenges going forward:

We sense increasingly that one of the main roles of the religious Sister today is “being with”. The need is for an attentive, empathetic, non-judgmental presence, creating a warm, safe environment by listening and building trust. Our goal is to be a bridge between the woman we are trying to help and the organisation that might provide the key to recovering her dignity and self-respect. We act as links in a chain, aiming not so much to “be a voice for the voiceless”, as to “help the voiceless find their voice”.

At a recent Zoom meeting, open to all the Sisters of the Region, we focused on women in crisis and began to explore some concrete possibilities for the future. Not for the first time the suggestion was raised of our providing – at least from time to time – a temporary refuge for a vulnerable woman. It was agreed to keep the conversation open and revisit this proposal in the near future.

Another preoccupation at the same meeting was the alarming increase in domestic violence in the UK since the first national lockdown in March 2020. The Sisters agreed to try to identify local needs in their own areas, and to consider how, as Sisters of St Mary, we might realistically and usefully address some of them, given our reduced numbers and age profile.

Both the above proposals will be explored in more detail at a meeting in the new year, 2022, always on the understanding that in today’s world the way forward will be collaborative.

Women @ the Well

Some Sisters are involved in volunteer work with organisations supporting women. One of these is Women @ the Well which is a charity providing support for vulnerable women based on Gospel values. It aims to encourage and empower women to make positive changes to improve the quality of their lives The charity offers its services to women who are involved in street-based prostitution or are victims of trafficking and modern slavery, those who are rough sleepers or have other problems of accommodation as well as those with problems due to mental health issues, drugs, alcohol or street-based anti-social behaviour.

Over the past year the workers have provided support, advice, and advocacy to the women. The service has also catered for their basic needs, offering hot drinks, sandwiches, laundry facilities and showers, though this was suspended for a period during the Covid pandemic. Volunteers have been present when possible and have also helped with activity sessions once these were able to restart.

Sister Doreen has worked at Bakhita house for 6 years

At Caritas Bakhita House, we provide women escaping human trafficking with the safety and support to allow them to begin the recovery process.

The house has been open since 2015 and as well as a safe temporary home, we offer women a range of services including emergency support, legal and financial assistance, mentoring, and help with accessing accommodation.

The Congregation of the Sisters of St Mary of Namur CIO 11

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Sister Doreen has worked at Bakhita house for 6 years (continued) Guests of Caritas Bakhita House will benefit from our values and principles of action:

The house is named after St Josephine Bakhita, the patron saint of victims of modern slavery, who is seen as a beacon of hope for all the guests.

Sister Doreen shares her thoughts as she leaves her ministry at Bakhita house due to moving up North:

I volunteered in Caritas Bakhita House since it opened in 2015 until the end of August 2021. It has been the most amazing experience of any ministry I have ever been involved in. The dedication, commitment, warmth and care of the staff and volunteers is second to none. My main area of work was therapeutic art, support of the women and staff, and outreach work to some of the women who moved into asylum seekers’ housing and to others who received their five year licence to stay in the UK. Apart from the few months of total lockdown due to the pandemic I carried on with my work in Caritas Bakhita House, travelling regularly to London.

I very simply opened creative doors and journeyed with our guests as they rediscovered their inner beauty and discovered their dormant and hidden personal giftedness.

Each unique person is created in the image of the creator and each person brings a unique gift to the puzzle which we can call life. If only one person’s gift is missing that jigsaw will never be complete. We must always remember that every human being is called to wholeness.

The uniqueness of each person is what brings colour and hope, pain and healing, and a bundle of mysteries to everyday life. Creative activities unlock many of these mysteries as each person discovers within, a pallet of different colours reflecting their unique experiences.

Pictorial art is poetry without words revealing the heart and being of the person. Art and creativity touches a person’s

whole being and for beautiful women who were deprived of being the unique and wonderful person they were created to be, art can be challenging.

From their experience of cruel controlling enslavement I was encouraging them to make choices, helping them to build their confidence by making personal choices, but supporting them in the realisation that every choice they made had a consequence.

The Congregation of the Sisters of St Mary of Namur CIO 12

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Sister Doreen has worked at Bakhita house for 6 years (continued)

Art is all about choices, about techniques, styles, colours, forms, choice of materials, size and how much the person wishes to reveal. The results depend on the choices made.

Many of our guests said that getting 'lost' in the art helped them to forget their pain and frightening memories for a while.

Art is also fun, there is laughter and there can be tears of joy and sadness, and always there is encouragement from everyone in Bakhita House.

This letter was received as a thank you for a donation given from us, for the work of Bakhita house:

Dear Trustees of the Sisters of St.Mary of Namur,

I wish to thank you for your recent donation into Caritas Bakhita House. A massive thank you also for the ongoing support given to our guests by Sr. Doreen. Her kindness and ability to listen and guide is not only imperative in the journey of each guest but also in the journey of myself and the support workers. She has been a rock for us all throughout the growth of Bakhita House. If people did not support us, we would not be able to assist the women to change their lives and so start again, free from exploitation.

Best wishes guests and staff of Bakhita House 135 Women 11 babies 42 countries Ages 15 – 70

Without others help like yours we could not have helped these women.

Supporting our Missions Overseas

Over this past financial year, we have made donations to each of the Region’s of the Sisters of St.Mary of Namur in the Democratic Republic of Congo, Rwanda and Brazil. Most of the money has been used for educational purposes.

The Congregation of the Sisters of St Mary of Namur CIO 13

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Supporting our Missions Overseas (continued)

In Rwanda, the Sisters are highly involved in education and are responsible for three State Secondary Schools and two Primary Schools. Several sisters hold administrative and teaching posts in these and other schools in their respective neighbourhood. Other important ministries undertaken by the sisters are nursing and health care as well as National, Diocesan and Parish Catechesis. As a result of the donation received, the Sisters of the Rwandan Province were able to fund university education for Sisters which, in the future, will enable them to continue their invaluable role in the development and formation of young people in schools and parishes. Despite the Covid-19 pandemic, their two boarding schools were able to function from last November and students remained at school over Christmas. In Kiruhura, the local Primary School has nearly 1,300 children and is under the direction of one of the Sisters. Here there are many challenges especially in the Nursery and Year 1 because of overcrowding. However, the Government has stepped in to build more classrooms in order to create a safer environment for the children and better conditions for learning. In another

school maintained by the Sisters, part of the money was used to purchase and install two water tanks. The water from the roofs of the classrooms was damaging the walls and causing erosion but these problems have now been resolved and, in addition, there is water for hygiene purposes and watering the gardens.

Above are some of the students helped by the donations from the sisters. They are lending a hand to one of their classmates, who is homeless, by helping to build his house. A couple of adults are there to work with them and direct them. During the holidays the students who receive their fees support other students once a week.

The way ahead with Zoom

As the pandemic struck in March 2020 we searched for new ways of meeting and ministering. We soon got used to holding meetings on Zoom. With the work of the Irenaeus project and our one-to-one spiritual accompaniment we were able to meet and support people in a very different way. We all began to mute and unmute, to zoom in to meetings and to begin a journey of evangelisation using the media.

The Congregation of the Sisters of St Mary of Namur CIO 14

Trustees’ report Year to 30 September 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

The way ahead with Zoom (continued)

There have been Scripture mornings, day retreats and one-to-one sessions which have been attended by people from all over the world – a new experience for us all. We have had participants from New Zealand, Canada, Germany and the USA. It has challenged us to find ways to continue this ministry as well as open up our premises again.

Zoom has enabled the Sisters of St Mary from the Northern hemisphere and beyond to hold meetings in which we have shared our ministries and are following a programme of supporting each other in learning another language. It is hoped that this will help us to share our ministries more and more across the world.

FINANCIAL REVIEW

Results for the period

A summary of the year’s results is set out on page 29 of the attached accounts.

During the year to 30 September 2021, income amounted to £389,087 (2020: £404,604). Income comprised donations (including pensions receivable from members of the Congregation under Gift Aid or Deed of Covenant) and investment income and interest receivable.

During the year the charity incurred expenditure of £439,528 (2020: £584,056). Expenditure on maintaining the members of the Congregation and enabling them to carry out their charitable work was £305,770 (2020: £298,592) including governance costs of £13,828 (2020: £23,932). Expenditure includes an impairment provision of £46,212 in the year to 30 September 2021 (2020: £203,926) to reduce the value of the charity’s new build convent situated at Swanside, Liverpool to it estimated rebuild valuation. Further details are provided in note 10 to the accounts.

Donations paid during the year were £49,618 (2020: £51,876). Further details of donations are given in note 3 to the attached accounts. Investment management fees for the period were £37,928 (2020: £29,662).

Net expenditure before investment gains was £50,441 (2020: net expenditure, after accounting for the transfer from the Charitable Trust was £179,452). Net investment gains for the year totalled £971,718 (2020: £182,352).

The Congregation of the Sisters of St Mary of Namur CIO 15

Trustees’ report Year to 30 September 2021

FINANCIAL REVIEW (continued)

Investment performance

The charity’s investments are managed by Rathbone Investment Management Limited. At 30 September 2021, the investments had a total market value of £6,989,528 (2020: £5,873,247) including cash awaiting investment of £294,922 (2020: £390,310).

The investment managers continued to invest in accordance with the trustees’ investment policy set out earlier in this report. During the year, the charity’s listed investments achieved an income yield of 2.60% and a capital yield of 17.7%. Further details of the investment portfolio are included in note 11 to the attached accounts.

The trustees believe their investment policy continues to be appropriate.

Financial position and reserves policy

The balance sheet shows total reserves of £9,118,190 (2020: £8,196,913). Of this £1,897,224 (2020: £1,931,025) is represented by tangible fixed assets used to support the work of the sisters and, therefore, cannot be easily realised if needed to meet future contingencies.

A further £5,100,000 (2020: £5,200,000) represents a retirement reserve designated to provide an income to maintain the sisters as they grow older. A further £1,100,000 has been designated as a new Financing and Congregational fund.

During the year to 30 September 2021, the charity donated the balance of the restricted funds brought forward at 1 October 2020 of £18,640.

Therefore, reserves which are available to support the sisters and their work in the future are shown on the balance sheet as general funds and amount to £1,020,966 (2020: £1,043,804).

Reserves policy

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be at least twenty four months’ unrestricted funds expenditure to ensure sufficient investment income is generated and also to provide for contingencies and unevenness in future income. In particular, at the current time, the reserves need to be sufficient to enable the charity to operate in the exceptional circumstances created by the Covid-19 pandemic.

At the date of the balance sheet, the trustees consider that the level of free reserves were adequate but not excessive given the inherent volatility on world stock markets at the current time. In particular, the level of reserves is deemed sufficient when considered in the light of the uncertainties arising due to the Covid-19 pandemic.

PLANS FOR FUTURE PERIODS

It has become apparent that the sisters can use IT and social media in a variety of ways to support and communicate with people around them both locally and internationally.

We plan to develop our links with the people around us through associate members etc.

We will continue to consider the use of our new building and how we can be a place of hospitality enabling the sisters to carry out their various ministries at home especially the more elderly sisters.

The Congregation of the Sisters of St Mary of Namur CIO 16

Trustees’ report Year to 30 September 2021

PLANS FOR FUTURE PERIODS- (continued)

The re-organisation of our Congregation enables us to explore new ways of working, particularly with our communities in other countries. As we get older and our numbers dwindle in the Northern hemisphere, we need to find ways of communicating and sharing resources.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution agreed by the trustees on 25 April 2018 and registered with the Charity Commission on 25 April 2018.

Governance

In terms of Canon Law, the Congregation is governed at an international level by the Superior General and her Council in Namur, Belgium. They are elected every six years at a General Chapter. The British Region is governed by the Regional Leader and two Regional Councillors. Names are suggested by the sisters of the Region and nominations made by the General Council for a three year mandate. The Regional Leader and her Council are chosen for their personal qualities and their understanding of the life and work of the sisters.

After a Region-wide consultation under the previous leadership team, it was agreed that, owing to the very small numbers in community, each community would function without a local coordinator. The Regional Leader visits each community regularly, and officially once a year. Throughout the year there is a system of accountability within the Region, so that the Regional leader and her Councillors remain abreast of developments in the ministries carried out in the Region. A visit by the Superior General must be made to the British Region once every three years. She is readily available for consultation and advice.

In terms of Civil law, the charity is governed by a constitution registered with the Charity Commission on 25 April 2018 and is a Charitable Incorporated Organisation - Charity Registration Number 1178092. The trustees of the charity are the three members of the Regional Council and the Regional Bursar if she is not a member of the Council. As all trustees are members of the Congregation, they have a detailed knowledge of the work of the charity and of its structures. On being appointed, new trustees are required to spend some time with those leaving office, to receive a briefing on their responsibilities and the current position of the charity. Three new trustees were appointed on 15 August 2020. To ensure a smooth handover both sets of trustees worked together throughout August and September. On-going in-service training takes place during the mandate.

The Congregation of the Sisters of St Mary of Namur CIO 17

Trustees’ report Year to 30 September 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees

Sister Moira Meeghan (Regional Superior)

Sister Moira has been a member of the Congregation for 37 years. Her ministry has mainly been in education, teaching in the challenging areas of Notting Hill, Watford and Liverpool. The final years of her teaching career were 10 years as Headteacher of a joint Catholic/Church of England Primary school, in one of the poorest areas of the city of Liverpool. Her other ministries have involved music ministry in parishes, catechetics and youth work. Sister Moira is now employed on a part time basis by the Archdiocese of Liverpool to create opportunities for spiritual development and outreach, as part of the Irenaeus Project. Moira has previously been a member of the Provincial Council.

Sister Susan Mary McLean (Trustee and Regional Bursar)

Sister Susan Mary has been a sister of St Mary of Namur for 51 years of which 38 were spent in Rwanda. Her ministry within the Congregation has involved serving as a teacher and faith formation in the UK and on the missions. Her leadership responsibilities have included Provincial Councillor and Bursar and Regional Superior. Throughout her religious life her service has been amongst those in the greatest need.

Sister Louise Swanston (Trustee Regional Secretary)

Sister Louise has been a member of the Congregation for 36 years. She is trained in teaching and spiritual direction. Her ministries have included teaching, school chaplaincy, faith formation/catechesis, spiritual accompaniment, and retreat work in its many forms. She has spent 16 years in leadership roles within the Congregation, six as Provincial Superior, six as General Councillor/General Secretary and four as Provincial Councillor.

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.

All the trustees are members of the Congregation and, whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or key management personnel.

Liability of the member

If the charity is wound up, the member of the charity has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Congregation of the Sisters of St Mary of Namur CIO 18

Trustees’ report Year to 30 September 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the period, the charity received no complaints about its fundraising activities.

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:

The trustees are responsible for keeping proper 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 relevant Charity (Accounts and Reports) Regulations and the provisions of charity’s 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.

The Congregation of the Sisters of St Mary of Namur CIO 19

Trustees’ report Year to 30 September 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Structure and management reporting

The Regional Leader and her Council hold their team meetings on average every two months. Trustees’ meetings occur approximately every three months, unless a pressing concern requires immediate attention and thus an extraordinary meeting. The trustees’ responsibility is to review developments with regard to the charity and its activities and to make important decisions. These are times of assessment and forward planning. When necessary, the trustees seek advice and support from the charity's professional advisers including property consultants, investments managers, solicitors, accountants and insurance companies. The day to day management of the charity's activities, and the implementation of policies, is delegated to the appropriate members of the Congregation and senior staff.

The British Region currently comprises fourteen sisters, twelve of whom live as part of three communities. Two sisters are currently residing in a care home. Two of the community houses are situated in Liverpool and one is in Harrow, Middlesex.

The community houses are located in those areas where it is believed that the sisters can serve the poor and marginalised. All the houses are close to areas of social and spiritual deprivation where pastoral and spiritual needs are evident.

As there are no local coordinators at present, the council members/trustees are responsible for making regular contact with the communities.

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 (and hence the charity) currently faces in Britain and have reviewed the measures already in place, or needing to be put in place, to deal with them.

Each community reviews regularly its risk assessment chart, increasing safety measures and adapting house facilities as needs evolve. This enables the trustees to have an overall view of possible risks and their management across the whole Region, as well as in each individual community, facilitating policy making and prevention of accidents.

The leadership team are responsible for overseeing the risk assessment each year, focusing on internal and external risk factors. Each community is up-dated on the ongoing requirements of health and safety and the importance of a safe, healthy living environment.

Sisters have maintained collaborative ministry with lay people in diverse apostolic fields, sharing with them the charism and mission of the Congregation.

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

The Congregation of the Sisters of St Mary of Namur CIO 20

Trustees’ report Year to 30 September 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

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

The region has a covid policy in place giving clear guidance on working practice and the risks of covid within the communities. The policy is implemented by each community.

Governance and management: looks at the risk of the Congregation, and hence the charity, suffering from a lack of direction, at 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 30 September 2021 was 73 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 stated above, the trustees meet regularly to monitor the life, mission and ministry of the sisters. A lay accountant is employed and meets regularly with the trustees. A lay Community Support Worker is also employed to support the less mobile and elderly sisters. Both lay workers attend in-service training. Age UK cleaners are employed for the Liverpool communities and a cook is employed through an agency for one of the Liverpool houses. One cleaner is employed through an agency for the Harrow community.

The sisters are encouraged to attend appropriate training workshops and in-service to support their ministries. The trustees are regularly assessing current social needs and seeking ways of offering assistance.

Operational: looks at the risks inherent in the activities of the charity, particularly pastoral care.

On 11 October 2019, the sisters took possession of a new purpose-built convent but due to snagging issues and the effect of the Covid lockdown the sisters are only just settling in. The upper floor consists of eight en-suite bedrooms and there is a lift for the less mobile community members. The ground floor offers living space for the religious community and meeting rooms for prayer and scripture groups, adult formation groups and retreat days. The sisters have built up these ministries for many years. There is space for spiritual accompaniment of individual people. The building was planned to meet the needs of the sisters and also to serve the wider community by continuing the many established ministries.

The Congregation of the Sisters of St Mary of Namur CIO 21

Trustees’ report Year to 30 September 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

Maintenance and safety of other Provincial properties consistently remain a priority. Procedures are in place for staff and health and safety issues. Comprehensive insurance policies cover health and safety, equal opportunities, media safeguarding, dignity at work and termination of employment. There are disciplinary and grievance procedures in place.

Financial: looks at risks including those arising as a result of poor budgetary control, poor accounting and poor management of the investment portfolio. There is a budget system in place for each sister and each community, agreed by the trustees. Monthly accounts are sent to the accountant from each community. Cheque books and bank cards are kept in safe places but not together. For cheques, there is a ceiling on the amount for one signatory.

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. During the current Covid-19 pandemic, we continue to communicate with our investment managers and, whilst there are concerns over the volatility in world stock markets, we acknowledge also that we are long term investors. As such, the charity will be able to wait for markets to stabilise over time whilst we, as trustees, keep a watching brief.

Laws, regulations, external and environment: looks at the effect of government policies and the consequences of non-compliance with laws and regulations insofar as they are applicable to the Congregation’s activities. When laws are applicable, care and consideration are given in implementing them. These include: health and safety, equality, data protection, human rights and safeguarding. The trustees attend workshops and conferences to keep up to date with their responsibilities.

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 by the charity, they have established effective systems to mitigate those risks.

Protection of children and vulnerable adults

Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the sisters serve. This means that all sisters who are in any kind of ministry in Great Britain have to obtain clearance from the Disclosure and Barring Service. The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Advisory Service (CSAS). The Region is aligned with the Archdiocese of Liverpool for all Safeguarding issues and has a named Safeguarding Officer. This model is endorsed by the Conference of Religious (CoR), the Bishops’ Conference and the National Safeguarding Commission (NCSC). We are however in the process of joining the newly established Religious Life Safeguarding Service (RLSS). At present in-service training is available from a very supportive Archdiocesan Team.

The Congregation of the Sisters of St Mary of Namur CIO 22

Trustses, report Year lo 30 September 2021 MEMBERS, ASSOCIATES AND COMPANIONS IN THE CONGREGATION The trustees wish lo record their recognition of the professionalism and commilrnent ol the indivKlual members, Associates and Companion8 of the Congfegation. Their dedication, enlhusia8m and positive approach a￿ very much appreciated. Signed on behalf of the Irusleas.. Trustee Approved on.. The Congregation of the Sisters of Sl Mary of Namur CIO 23

Independent auditor’s report Year to 30 September 2021

Independent auditor’s report to the trustees of The Congregation of the Sisters of St Mary of Namur CIO

Opinion

We have audited the accounts of The Congregation of the Sisters of St Mary Namur CIO (the charity) for the year to 30 September 2021, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the related notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Congregation of the Sisters of St Mary of Namur CIO 24

Independent auditor’s report Year to 30 September 2021

Other information

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

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

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

The Congregation of the Sisters of St Mary of Namur CIO 25

Independent auditor’s report Year to 30 September 2021

Auditor’s responsibilities for the audit of the accounts

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

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

How the audit was considered capable of detecting irregularities including fraud

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

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

The Congregation of the Sisters of St Mary of Namur CIO 26

Independent auditor’s report Year to 30 September 2021

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

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

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

As a result of our procedures we did not identify any key audit matters relating to irregularities.

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.

The Congregation of the Sisters of St Mary of Namur CIO 27

Independent auditor’s report Year to 30 September 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

18 March 2022

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

The Congregation of the Sisters of St Mary of Namur CIO 28

Statement of financial activities Year to 30 September 2021

Notes Unrestricted
funds
£		 Restricted
funds
£		 2021
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2020
Total
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
.Surplus on disposal of tangible fixed
assets
. Miscellaneous income
Total income
Expenditure on:
Raising funds
. Investment management fees
Charitable activities
. Donations
3
. Support of the members of the
Congregation and their ministry
4
, Impairment provision on property
10
Total expenditure
Net expenditure for the year before
investment gains
6
Net investment gains
Net income (expenditure) and net
movement in funds
Balances brought forward at 1
October 2020
Balances carried forward at 30
September 2021		 240,370
144,796
—
2,971		 950
—
—
—		 241,320
144,796
—
2,971		 257,557
123,790
2,000
13,709		 7,548
—
—
—		 265,105
123,790
2,000
13,709
**388,137 ** 950 **389,087 ** 397,056 7,548 404,604
37,928
30,028
305,770
46,212		 —
19,590
—
—		 37,928
49,618
305,770
46,212		 29,662
24,346
298,592
203,926		 —
27,530
—
—		 29,662
51,876
298,592
203,926
419,938 19,590 439,528 556,526 27,530 584,056
(31,801)
971,718		 (18,640)
—		 (50,441)
971,718		 (159,470)
182,352		 (19,982)
—		 (179,452)
182,352
939,917
8,178,273		 (18,640)
18,640		 921,277
8,196,913		 22,882
8,155,391		 (19,982)
38,622		 2,900
8,194,013
9,118,190 — 9,118,190 8,178,273 18,640 8,196,913

All of the charity’s activities derived from continuing operations during the above periods.

All recognised gains and losses are included in the statement of financial activities.

The Congregation of the Sisters of St Mary of Namur CIO 29

Balanog sheet 30 September 2021 2021 2021 2020 2020 Notes Flx•d a888ts Tanglble assets Investments 10 1,897,224 6,989,528 8,886,752 1.931.025 5,873,247 7,804,272 Curr•nt assets Debtors Ca6h al bank and in hand 12 42,850 597,191 640,041 42,073 671,786 713.859 Uabllltlo8 c￿dItOrS.. amoun15 falllng due within one year 13 1408,6031 1321,2181 Net current asset8 Total net a889ts 231,438 9,118,190 392,641 8,198.913 The funds of the chartty: Funds and rwrves Incom@ funds ReslridEd lunds Unrestiicted ftmds General fund Tangible fixed a58ets fund Designated funds 14 18.840 1.020,966 1,897,224 6,200,000 9,118.190 1,043,804 1,931.025 5.203,444 8,196,913 15 16 Approved by the tru81egs and signed on their behalf by.. Trustee Date The Congregation of the Sisters of St Mary of Namur CIO 30

Statement of cash flows Year to 30 September 2021

Notes
2021
£		 2020
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income and interest received
Proceeds from the disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from the disposal of investments
Purchase of investments
Net cash (used in) provided by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at 1 October 2020
B
Cash and cash equivalents at 30 September 2021
B
(112,579)		 (66,402)
142,589
—
—
411,625
(611,618)		 118,964
2,000
(110,268)
4,827,911
(4,710,881)
(57,404) 127,726
(169,983)

1,062,096
61,324
1,000,772

892,113		 1,062,096

Notes to the statement of cash flows for the year to 30 September 2021

Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge (note 10)
Gains on investments
Impairment of tangible fixed assets
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Decrease in debtors
Increase (decrease) in creditors
Net cash used in operating activities		 2021
£		 2020
£
921,277
33,801
(971,718)
46,212
(144,796)
—
1,430
1,215
2,900

32,331

(182,352)

203,926

(123,790)

(2,000)

17,224

(14,641)
(112,579) (66,402)

Analysis of changes in cash and cash equivalents
At 1
October
2020		 Cash flows At 30
September
2021
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 671,786
390,310		 (74,595)

(95,388)		 597,191
294,922
1,062,096 (169,983) 892,113

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).

The Congregation of the Sisters of St Mary of Namur CIO 31

Principal accounting policies Year to 30 September 2021

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

Basis of preparation

These accounts have been prepared for the year to 30 September 2021 with comparative information given in respect for the year to September 2020.

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) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where such judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The trustees acknowledge and recognise the continuing impact of the Covid-19 pandemic on the charity and have concluded that there will continue to be some negative consequences such as the impact on investment income, difficulties in liquidating capital, and the physical absence of key personnel. However, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

The Congregation of the Sisters of St Mary of Namur CIO 32

Principal accounting policies Year to 30 September 2021

Assessment of going concern (continued)

The charity’s investment income may be adversely affected because of the volatility in listed investments as stock markets have reacted to the pandemic and because of the impact of the pandemic on the commercial sector in particular. In terms of expenditure, it is anticipated that there may be a rise in living expenses due to rise in cost of living but such increases will be offset by reductions in other costs. The trustees will continue to keep both income and expenditure under review but do not anticipate that the impact on the charity’ finances will be material or impact on the charity’s going concern.

With regard to the next accounting period, the year ending 30 September 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment market. This is particularly relevant at the current time given the potential for volatility in world stock markets (see the investment policy and the risk management sections of the trustees’ report for more information together with note 11 below).

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 and legacies, investment income and interest receivable and other income including the surplus on the disposal of tangible fixed assets.

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.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution.

The Congregation of the Sisters of St Mary of Namur CIO 33

Principal accounting policies Year to 30 September 2021

Income recognition (continued)

Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.

Investment income is recognised once a dividend has been declared and notification has been received of the amount 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.

A surplus on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. The surplus is recognised at the time when legal completion of the sale takes place.

Miscellaneous income 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:

The Congregation of the Sisters of St Mary of Namur CIO 34

Principal accounting policies Year to 30 September 2021

Expenditure recognition (continued)

Charitable donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. 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 chartable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

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

Support costs and governance costs are allocated directly to support of members of the Congregation and their ministry.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised. All assets are stated at cost.

  1. Freehold land and buildings

Non-specialised land and buildings comprise buildings designed as, and used for, private residential accommodation. They are stated at cost. Such buildings are not depreciated. An impairment review in respect to property assets is carried out if events, or changes in circumstances, indicate that the carrying value may not be recoverable. Otherwise, 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.

Specialised buildings comprise large residential convents. They are stated at cost net of depreciation. Depreciation is provided at 2% per annum on a straight-line basis in order to write off the buildings over their estimated useful economic life to the charity. Items of plants that are integral to the building are depreciated over their useful economic life of 15 years.

  1. Furniture, fittings, equipment and motor vehicles

  2. Expenditure on the purchase and replacement of furniture, fittings, equipment and motor vehicles is capitalised and depreciated over a five or ten year period on a straight line basis.

The Congregation of the Sisters of St Mary of Namur CIO 35

Principal accounting policies Year to 30 September 2021

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.

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 period 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 period 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. They have been discounted to the present value of the future cash receipt where 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.

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

Restricted funds are monies raised for, and their used restricted to, a specific purpose, or donations subject to donor imposed conditions.

Designated funds are monies set aside of unrestricted general funds and designated for specific purposes by the trustees.

The Congregation of the Sisters of St Mary of Namur CIO 36

Principal accounting policies Year to 30 September 2021

Fund structure (continued)

The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets, the existence of which is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.

General funds represent those monies that are freely available for application towards achieving any charitable purpose that fall within the charity's charitable objects.

Services provided by members of the Congregation

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

The Congregation of the Sisters of St Mary of Namur CIO 37

Notes to the accounts Year to 30 September 2021

1 Income from: Donations and legacies

Income from: Donations and legacies
2021
Unrestricted
funds
£		 Restricted
funds
£		 Total
£
Salaries and pensions of individual religious received
under a Gift Aid compliant Deed of Covenant
General donations		 238,285
2,085		 —

950		 238,285

3,035
240,370
950
241,320
2020
Unrestricted
funds
£		 Restricted
funds
£		 Total
£
Salaries and pensions of individual religious received
under a Gift Aid compliant Deed of Covenant
General donations		 255,007
2,550		 —

7,548		 255,007

10,098
257,557
7,548
265,105

2 Income from: Investments and interest receivable

Unrestricted
funds
£
73,080
21,171
29,999
879
19,611
144,740
56
144,796		 2021

Restricted
funds
£		 Total
£
Investment Income
UK listed investments
. Equities
. Fixed interest
Overseas listed investments
. Equities
. Fixed interest
Alternative investments
Interest receivable
Bank interest
—

—

—

—

—		 73,080
21,171
29,999
879
19,611

—

—		 144,740
56

—		 144,796

The Congregation of the Sisters of St Mary of Namur CIO 38

Notes to the accounts Year to 30 September 2021

2 Income from: Investments and interest receivable (continued)

2020
Unrestricted Restricted
funds funds Total
£ £ £
Investment Income
UK listed investments
. Equities 38,982 — 38,982
. Fixed interest 8,871 — 8,871
. Charity authorised investment funds 43,688 — 43,688
Overseas listed investments
. Equities 16,908 — 16,908
. Fixed interest 657 — 657
Alternative investments 13,250 — 13,250
122,356 — 122,356
Interest receivable
Cash held by investment managers 461 — 461
Bank interest 973 — 973
123,790 — 123,790

3 Expenditure on: Donations

Expenditure on: Donations
2021
Unrestricted
funds
£		 Restricted
funds
£		 Total
£
Congregation’s Generalate
. Annual contribution
Congregation’s overseas mission in:
. Democratic Republic of Congo, Brazil and Rwanda
Women @ the Well
Roman Catholic Archdiocese of Westminster - Bakhita
Project
Other donations under £1,000 each to organisations with
objects that are consistent with those of the charity		 18,015
11,113
—
—
900		 —
1,517
9,014
9,014
45		 18,015
12,630
9,014
9,014
945
30,028 19,590 49,618
2020
Unrestricted
funds
£		 Restricted
funds
£		 Total
£
Congregation’s Generalate
. Annual contribution
Congregation’s overseas mission in:
. Democratic Republic of Congo
Order of the Sisters of St Joseph of the Apparition
Irenaeus
Holy Cross Abbey
Other donations under £1,000 each to organisations with
objects that are consistent with those of the charity		 15,066
—
6,200
2,000
1,000
80		 —
27,530
—
—
—
—		 15,066
27,530
6,200
2,000
1,000
80
24,346 27,530 51,876

The Congregation of the Sisters of St Mary of Namur CIO 39

Notes to the accounts Year to 30 September 2021

4 Expenditure on: Support of the members of the Congregation and their ministry

2021
Unrestricted Restricted
funds funds Total
£ £ £
Staff costs (note 7) 36,725 — 36,725
Property 65,034 — 65,034
Sisters’ living and personal expenses 135,095 — 135,095
Provisions and household 41,482 — 41,482
Spiritual formations, retreats etc 1,237 — 1,237
Support costs
. Other expenses 11,656 — 11,656
. Other professional fees 713 — 713
. Governance costs (note 5) 13,828 — 13,828
305,770 — 305,770
2020
Unrestricted Restricted
funds funds Total
£ £ £
Staff costs (note 7) 35,229 — 35,229
Property 66,720 — 66,720
Sisters’ living and personal expenses 109,825 — 109,825
Provisions and household 45,854 — 45,854
Spiritual formations, retreats etc 1,385 — 1,385
Support costs
. Other expenses 11,271 — 11,271
. Other professional fees 4,376 — 4,376
. Governance costs (note 5) 23,932 — 23,932
298,592 — 298,592

5 Governance costs

Governance costs
Legal andprofessional fees 2021
Unrestricted
funds
£		 Restricted
funds
£		 Total
£
13,828 — 13,828
2020
Unrestricted
funds
£
23,932		 Restricted
funds
£		 Total
£
Legal andprofessional fees — 23,932

The Congregation of the Sisters of St Mary of Namur CIO 40

Notes to the accounts Year to 30 September 2021

6 Net expenditure for the year before investment gains

This is stated after charging:

Net expenditure for the year before investment gains
This is stated after charging:
2021
£		 2020
£
Staff costs (note 7)
Auditor's remuneration (including VAT)
. Audit services – current year
. Audit services – prior period
. Other advisory services
Impairment provision
Depreciation		 36,725
12,960
—
532
46,212
33,801		 35,229
12,980
3,730
2,580
203,926
32,331

7 Staff costs and remuneration of key management personnel

2021
£		 2020
£
Wages and salaries
Pension costs		 36,144
581		 33,992
1,237
36,725 35,229

The average number of employees during the period was 2 (2020 – 2).

No employee earned more than £60,000 during the period (2020 – none).

All staff are employed to support members of the Congregation and their ministry.

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 Trustees’ remuneration and expenses

As members of the Congregation, the trustees’ living expenses during the period were borne by the charity but they received no remuneration or reimbursement of expenses in connection with their duties as trustees or key management during the period.

As members of the Congregation, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the period, the total amount donated by the trustees to the charity was £44,551 (2020: £52,738).

9 Taxation

The Congregation of the Sisters of St Mary of Namur CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The Congregation of the Sisters of St Mary of Namur CIO 41

Notes to the accounts Year to 30 September 2021

10 Tangible fixed assets

Freehold land and buildings

Non-
specialised
£		 Specialised
£		 Motor
vehicles
£

Furniture,
fittings
and
equipment
£

52,262

—

52,262

17,069

—

9,656

26,725

25,537

35,193		 Total
£
2,231,193
46,212
2,277,405
300,168
46,212
33,801
380,181
1,897,224
1,931,025
Cost
At 1 October 2020
Additions
At 30 September 2021
Depreciation and impairment
At 1 October 2020
Impairment
Charge for period
At 30 September 2021
Net book values
At 30 September 2021
At 30 September 2020		 1,062,099
—		 1,053,926
46,212		 62,906
—
1,062,099 1,100,138 62,906
—
—
—		 222,093
46,212
22,245		 61,006
—
1,900
— 290,550 62,906
1,062,099 809,588 —
1,062,099 831,833 1,900

The construction of the charity’s new convent at Swanside Road, Liverpool was completed in the year to September 2020. On completion, the trustees commissioned a professional valuation of the property that indicated that the replacement cost of the property would be approximately £850,000. Therefore, the trustees had recognised an impairment provision in the year to 30 September 2020 of £203,926. Further costs of £46,212 were incurred in the year, and as the replacement cost of the property is considered unchanged at £850,000, a further impairment provision of £46,212 has been recognised in these accounts.

11 Investments

Investments
Listed investments
Fair (market) value at 1 October 2020
Additions at cost
Disposals at book value:
. Proceeds
. Realised gains (losses)
Net unrealised gains
Fair (market) value at 30 September 2021
Cash held for investment
Cost of listed investments at 30 September 2021		 2021
£		 2020
£
5,482,937
651,576		 5,417,615
4,710,881
(411,625)
50,455		 (4,827,911)
(185,425)
(361,170)
921,263		 (5,013,336)
367,777
6,694,606
294,922		 5,482,937
390,310
6,989,528 5,873,247
5,246,290 4,958,738

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

The Congregation of the Sisters of St Mary of Namur CIO 42

Notes to the accounts Year to 30 September 2021

11 Investments (continued)

At 30 September 2021 no individual holdings were deemed material in the context of the entire portfolio.

Listed investments held at 30 September 2021 comprised the following:

2021
£		 2020
restated
£
UK listed investments
. Equities
. Fixed interest
Overseas listed investments
. Equities
. Fixed interest
Alternative investments		 2,169,875
644,635
2,809,788
84,193
986,115		 1,606,934
664,600
2,243,527
82,705
885,171
6,694,606 5,482,937

12 Debtors

Debtors
2021
£		 2020
£
Investment income receivable
Sundry debtors
Prepayments		 7,033
30,145
5,672		 4,826
31,668
5,579
42,850 42,073

Sundry debtors include compensation and refunds receivable of £30,145 (2020 - £30,582) due from the contractors of the new build at Swanside Road, Liverpool in relation to disruption caused by snagging issues associated with the building project. In 2020, £10,000 was included within other income in the statement of financial activities as it represented compensation. The amount for 2021 and the balance in 2020 has been included as a refund against the capitalised expenditure incurred.

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021
£		 2020
£
Money held on behalf of individual members of the Congregation
Donations payable
Other taxes and social security costs
Accruals
Amounts payable in respect to tangible fixed asset additions
Additions to listed investments		 247,924
—
926
19,650
100,145
39,958		 247,924
1,000
1,358
17,003
53,933
—
408,603 321,218

The Congregation of the Sisters of St Mary of Namur CIO 43

Notes to the accounts Year to 30 September 2021

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances held on trust to be applied for specific purposes.

Mission fund
Rwanda fund
Human trafficking and vulnerable families
fund
Other funds		 At 1
October
2020
£		 Income
£		 Expenditure
£		 At 30
September
2021
£
1,621
613
15,335
1,071		 —
650
—
300		 (1,621)
(1,263)
(15,335)
(1,371)		 —
—
—
—
18,640 950 (19,590) —
At 1
October
2019
£		 Income
£		 Expenditure
£		 At 30
September
2020
£
Mission fund
Rwanda fund
Human trafficking and vulnerable families
fund
Other funds		 21,603
613
15,335
1,071		 7,548
—
—
—		 (27,530)
—
—
—		 1,621
613
15,335
1,071
38,622 7,548 (27,530) 18,640

Mission fund

This fund existed to provide support to the Congregation’s missions in Rwanda, Democratic Republic of Congo, Brazil and the Dominican Republic.

Rwanda fund

This fund represented monies given to the charity specifically for the Rwandan Province of the Congregation - half for the mission of the sisters and half for education, healthcare and housing for the poor and vulnerable.

Human trafficking and vulnerable families fund

This fund represented monies given specifically towards the cost of work associated with abuse issues, human trafficking and vulnerable families.

Other funds

These funds represented other amounts given that were subject to donor imposed conditions.

The Congregation of the Sisters of St Mary of Namur CIO 44

Notes to the accounts Year to 30 September 2021

15 Tangible fixed assets fund

Tangible fixed assets fund
2021
£		 2020
£
At 1 October 2020
Net movements in the year
At 30 September 2021		 1,931,025
(33,801)		 2,080,090
(149,065)
1,897,224 1,931,025

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.

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1 At 30
October New September
2020 designations Utilised 2021
£ £ £ £
Retirement reserve 5,200,000 — (100,000) 5,100,000
Financing and Congregational fund — 1,100,000 — 1,100,000
Buildings reserve 3,444 — (3,444) —
5,203,444 1,100,000 (103,444) 6,200,000
At 1
October
2019
£		 New
designations
£
Utilised
£		 At 30
September
2020
£
Retirement reserve
Buildings reserve		 5,200,000
63,906		 —
—		 —
(60,462)		 5,200,000
3,444
5,263,906 — (60,462) 5,203,444

The retirement reserve consists of monies which the trustees have set aside in order to provide for the sisters as they grow older. The calculations are based on actuarial methods in order to provide £20,000 per annum for sisters over 65 years of age and £65,000 per annum for sisters over 80 years of age in order to provide for the increasing costs of specialised care. £5.1m has been set aside for this purpose, whilst having regard to the resources actually available.

The Financing and Congregational fund has been established by the sisters during the year to finance grants and donations including contributions to the Congregation’s work overseas.

The buildings reserve consisted of monies set aside to cover the construction of the new property at Swanside Road, Liverpool. This fund has been fully utilised during the year.

The Congregation of the Sisters of St Mary of Namur CIO 45

Notes to the accounts Year to 30 September 2021

17 Connected charity and related party transactions

Transactions with the trustees are disclosed in note 8.

There are no other related party transactions requiring disclosure in the year to 30 September 2021 (2020 – none).

18 Analysis of net assets between funds

The fund balances were represented by the following assets and liabilities:

General
fund
£		 Tangible
fixed
assets
fund
£
1,897,224
—
—
1,897,224		 Designated
funds
£
Restricted
funds
£		 Total
2021
£
Fund balances at
30 September 2021:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
789,528
231,438		 —
6,200,000
—		 —
—
—		 1,897,224
6,989,528
231,438
1,020,966 6,200,000 — 9,118,190
General
fund
£		 Tangible
fixed
assets
fund
£
Designated
funds
£
—
5,200,000
3,444
5,203,444
Restricted
funds
£
Total
2020
£
1,931,025
5,873,247
392,641
8,196,913
Fund balances at
30 September 2020:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
673,247
370,557		 1,931,025
—
—		 —
—
18,640
1,043,804 1,931,025 18,640

The total unrealised gains at 30 September 2021 constitute revaluation of listed investments. The movements on the unrealised gains during the period were as follows:

2021
£		 2020
£
Unrealised gains included above on investments
Total unrealised gains at 30 September 2021
Reconciliation of movements in unrealised gains
Unrealised gains at 1 October 2020
Less: in respect to disposals in the period
Add: net gains arising on revaluation in the period
Total unrealisedgains at 30 September 2021		 1,448,316 524,199
524,199
2,854
921,263		 931,808
(775,386)
367,777
1,448,316 524,199

The Congregation of the Sisters of St Mary of Namur CIO 46

Notes to the accounts Year to 30 September 2021

19 Ultimate control

The Provincial Superior of the Congregation by virtue of holding that office, is ex officio the sole member of the charity. The sole member is responsible for the appointment of the trustees.

20 Liability of the member

If the charity is wound up, the member of the charity has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Congregation of the Sisters of St Mary of Namur CIO 47