2022-09-30-accounts - The Congregation Of The Sisters Of St Mary Of Namur CIO

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The Congregation of the Sisters of St Mary of Namur CIO

Annual Report and Accounts

30 September 2022

Charity Registration Number 1178092

Contents

Reports
Reference and administrative information	1
Trustees’ report	2
Independent auditor’s report	25
Accounts
Statement of financial activities	29
Balance sheet	30
Statement of cash flows	31
Principal accounting policies	32
Notes to the accounts	37

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
Regional Secretary	Sister Louise Swanston
Accountant	Mrs Teresa Lloyd
Principal and administrative address	25 Huyton Church Road
	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
	6thFloor
	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 2022

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 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 32 to 36 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 1819 in Namur, Belgium, 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.

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 Congregation of the Sisters of St Mary of Namur CIO 2

Trustees’ report Year to 30 September 2022

MISSION (continued)

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

♦ Worship and prayer

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, chaplaincy, 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.

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

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.

♦ Social and pastoral work

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 and another sister is chaplain to the police. 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. 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 2022

MISSION (continued)

♦ Overseas missionary work

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. For the past two years, since the first lockdown, there has been a strong emphasis on developing communications between countries, and the sisters are supporting each other in learning the language of other regions and provinces.

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, chaplaincy, 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.

The Congregation of the Sisters of St Mary of Namur CIO 4

Trustees’ report Year to 30 September 2022

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, one sister is 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 known locally as the ‘Swanside House’ is already enabling sisters with mobility issues to remain at home and this helps them to keep their independence. The house has the capacity to house 9 sisters (at the time covered by this report 5 sisters belong to this community). 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, so enabling the older sisters to be involved in the ministry of all the sisters.

There is another house in the Liverpool area, in Huyton. This house is known as the ‘Gatehouse’. The house holds the charity’s main office and is the hub for the management of the charity as well as providing a base for the ministry of the sisters living in it (at the time covered by this report 4 sisters belong to this community).

Three sisters lived in Harrow at the

time of this report and continue their work in education, Parish work and catechesis. They also work with women in need, refugees and those seeking a welcome in their loneliness.

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

Trustees’ report Year to 30 September 2022

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

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.

♦ Worship and prayer

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

Promoting Gospel values of human dignity, respect for diverse cultures and faiths, justice and peace, care and respect for creation.
Offering prayer and retreat days, hospitality and calm for short times of prayer, Gospel reflection and study.
Outreach and engagement with parishes, groups and Diocesan initiatives.
Praying with the housebound, sick and dying.

♦ Education

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

Retreats and in-service training for Catholic School Heads and Governors.
Working in schools with children, supporting their Catholic education.
Sharing in Archdiocesan programmes of adult faith formation, catechetics and Dementia and Mental Health Awareness projects online, and face to face.
♦ Social and pastoral work

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 Congregation of the Sisters of St Mary of Namur CIO 6

Trustees’ report Year to 30 September 2022

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)

♦ Social and pastoral work (continued)
The following are examples of the social and pastoral work undertaken by individual sisters:
Working in parishes, visiting - especially the sick and housebound - helping in catechetical programmes, encouraging parishioners to develop their spiritual lives
Supporting people living with dementia and their families by providing training in dementia awareness and singing activities.
Adult faith formation and the training of catechists.
Creative work with trafficked women and refugees.
Accompanying trafficked women and refugees when they move to asylum seekers’ housing and continuing this support when the women receive a five-year licence to stay in the UK.
Accompanying families and individuals in joyful experiences of Christian baptism, marriage and other sacraments, and through difficult times of illness, loss and grief.
Spiritual accompaniment and individually-guided retreats.
Animation of music and/or liturgies in parishes.
Chaplaincy, supporting those working in the police force both emotionally and spiritually.
Multi-media presentations for education, prayer and spirituality.
Encouragement of young adults’ faith groups

The objectives of the trustees in this area are:

To enable members of the Region to carry out meaningful social and pastoral ministries, as needs emerge, and according to the personal skills, gifts and training of the sisters.
To respond as sisters to the specific human and spiritual needs around us of those neglected, lonely and forgotten, including widows, trafficked women, asylum seekers, people living alone and those who have no sense of ‘belonging’ in society.
Any financial gain (salary, stipend or offering) is donated to the charity and thereby ensures that the work of the sisters and the charity may continue into the future and develop. However, owing to the advancing age profile, this income is diminishing annually.

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

Trustees’ report Year to 30 September 2022

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)

♦ Overseas missionary work

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 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, 13 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.

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

Trustees’ report Year to 30 September 2022

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

Voluntary hours (continued)

*Voluntary hours*(continued)
Area	No. of volunteers	Hours volunteered
Care home visiting – Liverpool	3	422
Hospital and special NHS Units – pastoral care, hospital chaplaincy and police chaplaincy	3	423
Prayer ministry, faith groups, prayer groups, rosary group, life choices, scripture groups, spiritual accompaniment, retreats and retreat days.	6	1,206
Music ministry for parishes and prayer groups.	1	110
Pastoral help for schools	3	102
Collaborative ministry with other charities with the same aims and objectives and offering similar services: a sharing of gifts, training and resources	2	110
Diocesan work, parish visiting and pastoral ministry - Harrow: National level adult education and formation and adult faith formation and the Welcome Centre in Harrow. Liverpool: Irenaeus Centre conference work and training for Eucharistic ministry and a variety of spiritual events.	6	1,467
Promotion of Justice and Peace, letters and emails. Ministry to trafficked women and refugees	8	658
Support and on-going formation of associates and companions in Faith and Mission - Liverpool and Harrow	5	175
Digital Art Project - making DVDs for liturgies, parishes, the Region and the Congregation and designing and updating the website.	1	30
Personal prayer and community prayer of the sisters, associates and companions for the world	13	8,410
Pastoral and financial administration of the Region	4	1,922
International communication and support for mission around the world	3	150

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

Trustees’ report Year to 30 September 2022

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.

Worship and prayer

The work of the sisters has expanded through the use of Zoom, experienced 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.

♦ Spiritual accompaniment for some has resumed on a face-to-face basis but also continues using Zoom, Skype and telephone, depending on the needs of each person. People have relaxed into this new way of working and in fact some, for example those who live further away, have found this a better way, enabling them to speak more often.
♦ Scripture mornings that we support at the Irenaeus Centre are being run, with people joining us from all over the country and internationally, distance imposes no limits. Our work is expanding in many different ways.
♦ Retreat ministry is provided in face-to-face situations and some people are able to spend time in retreat in the comfort of their own home through the use of the internet.

Covid-19

Covid 19 presented us with some challenges and continues to threaten some of our work with some people still being reluctant to join larger groups. It has also enabled us to expand in different ways, using a variety of forms of media, for which we are grateful.

Presenting needs: Accompanying people on their life journey.

As outlined, the sisters support and accompany people in many and varied ways, as can be seen in these accounts of the sisters’ ministries.

The Welcome Centre, Harrow

The Welcome Centre, Harrow is an open-door drop-in providing free hospitality, social and listening support in central Harrow on Wednesday and Saturday afternoons. It is run as a collaboration between the Roman Catholic parish of Our Lady and St Thomas of Canterbury and the Anglican parish of St John the Baptist where the drop-in takes place, due to its central location.

Two sisters in Harrow are involved in the project, both on the organisational side and as volunteers in the twice weekly sessions. Our different guests come from a variety of ethnic and social backgrounds and this year we have met several people from Hong Kong who like to come to the Centre and meet people from the area, learn more about our culture and practise and improve their English. Some of our guests come because of loneliness and isolation, others have mental or physical ill-health issues and there are also those who are or have been homeless as well as immigrants and refugees.

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

Trustees’ report Year to 30 September 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

The Welcome Centre, Harrow (continued)

We respect the needs of our guests, whether they want some company, a safe space, something to eat or drink or to be left alone. As the need arises, we signpost our beneficiaries towards receiving additional support, for example, food aid, financial advice, help to find shelter etc. Not only do our volunteers provide hospitality but our regular guests find an active role in supporting each other and making donations of biscuits. One guest who was formerly homeless often helps our elderly visitors with their phones and they in turn helped make his 50[th] birthday a wonderful celebration at the Centre.

Sister Mary Susan with one of the Volunteers

Ministry as a police chaplain

Working in today’s police service is increasingly challenging, but now there is a greater awareness of the effects of prolonged exposure to stressful situations. It is recognised that, more than ever, individuals may need some help to keep things in perspective. It is recognised, too, that everybody is a complete person: body, mind and spirit. Police work can affect one’s physical, mental and spiritual well-being.

Police Chaplaincy UK

Sister Margaret is a volunteer chaplain for Merseyside Police working in Custody and Police Headquarters.

As part of this holistic care, chaplains work in collaboration with additional supporting agencies operating within the force structures.

The role of the chaplain is to care: to care for the individuals within the force and to care for the organisation itself. Chaplains are in a unique position because they are not part of the structure, nor are they required to report in detail what they do. Their work is totally confidential.

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

Trustees’ report Year to 30 September 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Participation in the ‘SHARe Knowsley’ Project

Sister Doreen Bradley

During the early months of 2016 many refugees, immigrants, asylum seekers and trafficked people were moved to Liverpool, and a substantial number were housed in hotels in Kirby and Huyton. Being aware of this the Parish Priest of St Agnes and St Aidan,Huyton, asked his parishioners how they could address the current situation by supporting the incomers.

It was decided to organise a few coffee mornings to raise funds as a means of support for those who had arrived with nothing. Margaret Roche, a parishioner was missioned with this task but soon discovered that the situation was very serious and so beyond the scope of a few coffee mornings.

Margaret looked at other organisations working with refugees and asylum seekers and decided to find training for herself and a few volunteers.

In May 2016 SHARe Huyton came to birth, but very quickly the name expanded to SHARe Knowsley. In 2018 SHARe Knowsley received charity status.

There are now four drop-in centres, three of them offering fresh fruit and salads and something hot to eat and drink. Many who attend the drop-in centres are housed in hotels where they cannot cook; others come for support and to top up their food at a minimal cost. English conversation is also part of these sessions. New and nearly new second hand clothing can be bought for a nominal cost. Each person in the hotel receives £8 weekly. The fourth dropin centre is for English lessons and other educational developments. During the past year over eighty clients accessed the English classes to improve their English language and their understanding of life in the UK, and to develop their digital skills. Fifteen laptops were acquired for their use. For educational needs, bespoke syllabuses are developed.

There are wellbeing classes available, ukulele classes, ‘walk and talk’ which is a form of inculturation. Gym equipment is provided, along with opportunities for fitness and football training, gardening and of course parties and celebrations highlighting the different cultures present. Bicycles have been distributed, also phone SIM cards and mobile phones, and - when possible - furniture.

This project developed through the work of volunteers as there was no money for salaries. Since then, successful bids have been made and there are regular donors.

Several of the Christian churches in this area support the project by donation, as do individual benefactors. Through the donation from another religious Congregation it became possible to pay a few salaries.

At present there are fifteen active volunteers who continue to run the drop-in centres and also to support the workers by doing outreach/befriending work.

The main aim of all the workers and volunteers is to empower the people to make informed choices as they begin their lives here in the UK.

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

Trustees’ report Year to 30 September 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Participation in the ‘SHARe Knowsley’ Project (continued)

The outreach/befrienders are exactly that, it may be accompanying someone to a hospital appointment, or supporting someone to register with a doctor and a dentist who will accept new patients. It may be helping to find school places, supporting with homework and attending school meetings with the mother. If the mother is a single parent, it is important to encourage her to find something for her own wellbeing.

The nearby Baptist church runs a wellbeing group once a week and they have very warmly welcomed a lovely refugee from Iraq who is a lone mother with three children. She says she loves going to the group, where she gets involved with the crafts and is able to have an adult conversation.

The VISION of SHARe Knowsley is:

To support asylum seekers and refugees living in Knowsley so that they feel welcome, safe and valued and are able to positively build their lives in a community where everyone’s rights are recognised and respected.

We want them to thrive, not just survive, and become valued members of our community where diversity is celebrated.

English Lessons

The VALUES of SHARe Knowsley are:

Dignity, Inclusion, Compassion, Empowerment, Collaboration. Integrity, Flexibility.

My contribution to this wonderful project is as an outreach/befriender.

Dementia Awareness

Sister Moira Meeghan

In 2017 I trained as a leader of Dementia Awareness sessions with the Alzheimer’s Society. Since then, my ministry has developed greatly.

I have led Dementia Awareness sessions throughout the Liverpool area, both with adults and with young children in primary and secondary schools. It never ceases to amaze me how aware young people are of the disease and how they recognise the needs of their family members who live with dementia. One of the key aspects of the Alzheimer’s Society is to enable people to realise that with support it is possible to live well with dementia and dementia isn’t the only aspect of a person’s life.

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

Trustees’ report Year to 30 September 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Dementia Awareness (continued)

The highlight of my ministry is on a Wednesday afternoon, when we run a fortnightly dementia friendly singalong called ‘Songs we Remember’. We enjoy two hours of singing and dancing; It is wonderful to see people who seem to be totally closed in on themselves gradually lift their heads and become alive, they sing, they smile and they dance. One carer said that during the singalong her husband recognised her and said her name for the first time in eighteen months.

Singing and music can reach some of the deepest parts of our brain and research suggests that listening to or singing songs can provide emotional and behavioural benefits for people with Alzheimer's disease and other types of dementia. It is thought that musical memories are often preserved in Alzheimer's disease because key brain areas linked to musical memory are relatively undamaged by the disease.

Spiritual accompaniment

Sister Louise Swanston

For 30 years, I have been involved in the ministry of spiritual accompaniment, traditionally known as spiritual direction. Since reaching the official age of retirement, I have been privileged to undertake even more of this ministry than before.

It is an honour to be entrusted with someone’s life story and faith journey: their hopes and fears, their joys and disappointments, their desire to do God’s will in their lives and ministries and to deepen their prayer in function of that.

At present there are 22 individuals who see me about once every 6 weeks. They are from a range of backgrounds, but without exception they work for the Churches or for other charities and feel the need of some spiritual support in their ministries. Examples include:

♦ Religious Sisters, both RC and Anglican – from the UK, Germany and India
♦ RC and Anglican lay professionals, men and women, mostly working in Church circles
♦ Priests and pastors of different denominations: RC, Anglican and Lutheran

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

Trustees’ report Year to 30 September 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Spiritual accompaniment (continued)

♦ Charity workers
♦ A lay hospital chaplain
♦ Retired professionals now volunteering in their churches
♦ Former missionaries reintegrating into European society
♦ Individuals at the crossroads, needing to make a significant discernment in their lives

I see my work as ancillary, supportive, largely unseen but providing “leaven in the dough”. My desire is to gently underpin the work of others whose ministries, in Gospel terms, are more frontline than my own. I provide a welcome, a safe space, a listening ear and in the background three decades of experience and ongoing formation in this field. But every individual is different and deserves the best attention the accompanier can offer. This work is for me a constant learning curve, a two-way process of offering and receiving, of sharing and learning. I count myself blessed and privileged to journey alongside people, for as long as they feel the need of my accompaniment.

The Covid pandemic brought one unexpected bonus: the use of Zoom. Reluctant at first to embrace it in this particularly sensitive work, I took the plunge and have not been disappointed. It has opened up my ministry in ways I would never have imagined, so that there is now no obstacle to accompanying people from every corner of the UK and from overseas. In the case of a few of my present group, I met them for the first time online during lockdown and have never seen them face to face; yet our encounters are in no sense lacking in commitment, depth or intensity. As attested by other religious and lay colleagues working in spirituality, the Holy Spirit seems to be making very creative use of modern technology!

Overseas

Over this past financial year, we have made donations supporting the work 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.

This work with our sisters in Rwanda shows one aspect of our work overseas.

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

Trustees’ report Year to 30 September 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Overseas (continued)

Rwanda

This year our donations to Rwanda were used to provide medical care for one of the sisters and to support educational needs. The sisters run two health centres and are responsible for the direction of four day and boarding schools as well as providing teachers for the primary and secondary schools. The sisters are training their younger members to take on more responsibility in these services where it is paramount to have a degree. Two of the sisters are studying for a Nursing degree, one is doing Accountancy and the others are preparing for Teaching degrees. Most have diplomas and experience of working in the different fields but there is now a need for more highly qualified staff, particularly in Nursing.

In our health centres, the sisters have a maternity ward and nutritional centre. They have several wards for those needing hospitalisation and they provide medical care for ambulant patients. They provide preventive care with a vaccination

programme which takes them into the local villages.

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

Trustees’ report Year to 30 September 2022

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 2022, income amounted to £414,787 (2021: £389,087). 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 £361,784 (2021: £439,528). Expenditure on maintaining the members of the Congregation and enabling them to carry out their charitable work was £289,689 (2021: £305,770) including governance costs of £14,320 (2021: £13,828). Expenditure in 2021 included an impairment provision of £46,212 to reduce the value of the charity’s 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 £31,334 (2021: £49,618). Further details of donations are given in note 3 to the attached accounts. Investment management fees for the period were £40,761 (2021: £37,928).

Net income before investment gains was £53,003 (2021: net expenditure, before investment gains was £50,441). Net investment losses for the year totalled £911,738 (2021: £971,718).

Investment performance

The charity’s investments are managed by Rathbone Investment Management Limited. At 30 September 2022, the investments had a total market value of £6,136,598 (2021: £6,989,528) including cash awaiting investment of £173,252 (2021: £294,922).

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 2,2% and a capital yield of minus 13.6%. 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 £8,259,455 (2021: £9,118,190). Of this £1,890,174 (2021: £1,897,224) 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 £4,750,000 (2021: £5,100,000) represents a retirement reserve designated to provide an income to maintain the sisters as they grow older. A further £1,091,000 (2021: £1,100,000) has been designated as a Financing and Congregational fund.

The balance on the restricted funds was £250.

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 £528,031 (2021: £1,020,966).

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

Trustees’ report Year to 30 September 2022

FINANCIAL REVIEW (continued)

Financial position and reserves policy (continued)

Reserves policy

The trustees consider that, given the nature of the charity’s work, the level of free reserves should be up to twenty-four months’ unrestricted funds expenditure to ensure sufficient investment income is generated and also to provide for contingencies and unevenness in future income. The sisters are also aware of the importance to the charity of the investment assets and the income generated therefrom. Given the continuing economic uncertainty, and the potentially continuing challenges of Covid, there is a real need to retain monies to enable the long term financial stability of the charity.

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 aftermath of the Covid-19 pandemic, the war in Ukraine and subsequent rising cost of living.

PLANS FOR FUTURE PERIODS-

As we move into the future it is important that we use our resources as best we can and that we make the most of each sister’s resources to live out her life in ministry at whatever level is possible.

♦ The pandemic enabled us to become more aware of the possibilities of using media to develop our ministry. It has become apparent that the sisters can use the media in a variety of ways to support and communicate with people around us both locally and internationally. An example of this is the development of the learning of other languages. Sisters from all of the countries that we live and work in have language lessons using Zoom.
♦ To re-consider and develop our links with the people around us, through those who have been recognised in the past as Associates and Companions, to expand this work to include all the friends of the sisters and those who support us in many different ways.
♦ To continue to use our new building as a place of hospitality, enabling the sisters to carry out their various ministries at home, especially the more elderly sisters and to enable others to meet in a secure, warm, welcoming place.
♦ 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, how can we find ways of communicating and sharing resources and working with sisters from the southern hemisphere?

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

Trustees’ report Year to 30 September 2022

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.

Trustees

Sister Moira Meeghan (Regional Superior)

Sister Moira has been a member of the Congregation for 38 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. She has previously been a member of the Provincial Council.

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

Trustees’ report Year to 30 September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees (continued)

Sister Susan Mary McLean (Trustee and Regional Bursar)

Sister Susan Mary has been a sister of St Mary of Namur for 52 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 37 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 17 years in leadership roles within the Congregation, six as Provincial Superior, six as General Councillor/General Secretary and five 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.

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 Congregation of the Sisters of St Mary of Namur CIO 20

Trustees’ report Year to 30 September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Statement of trustees’ responsibilities (continued)

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

♦ select suitable accounting policies and then apply them consistently;
♦ observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
♦ make judgements and estimates that are reasonable and prudent;
♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
♦ prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.

The trustees are responsible for keeping 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.

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 thirteen sisters, twelve of whom live as part of three communities. One Sister is 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.

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

Trustees’ report Year to 30 September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the 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 areas identified for particular attention within our risk management strategy are:

♦ Governance and management
♦ Operational
♦ Financial
♦ Laws

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 2022 was 74 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.

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

Trustees’ report Year to 30 September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

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 still 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.

Maintenance and safety of other Regional 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 global economic uncertainty, 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.

The Congregation of the Sisters of St Mary of Namur CIO 23

Trustees’ report Year to 30 September 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

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 Standards Agency (CSSA): a new professional standards body with regulatory powers. The region is aligned to the dedicated entity regarding safeguarding for Religious Life Groups, the Religious Life Safeguarding Service (RLSS) covering religious orders and congregations for all safeguarding issues and the region has a named Safeguarding Officer.

MEMBERS, ASSOCIATES AND COMPANIONS IN THE CONGREGATION

The trustees wish to record their recognition of the professionalism and commitment of those previously recognised as individual members, Associates and Companions of the Congregation. As we develop our ways of working we recognise the importance of all of those that work and pray alongside us and we continue to reflect on how best to work with others to carry out our mission. The dedication, enthusiasm, and positive approach of all those supporting us are very much appreciated.

Signed on behalf of the trustees:

Trustee

Approved on:

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

Independent auditor’s report Year to 30 September 2022

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 2022, 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:

♦ give a true and fair view of the state of the charity’s affairs as at 30 September 2022 and of its income and expenditure for the period then ended;
♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
♦ have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The 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.

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

Independent auditor’s report Year to 30 September 2022

Other information (continued)

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:

♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
♦ sufficient accounting records have not been kept; or
♦ the accounts are not in agreement with the accounting records and returns; or
♦ we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the accounts

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.

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

Independent auditor’s report Year to 30 September 2022

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

How the audit was considered capable of detecting irregularities including fraud

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

♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
♦ We identified the laws and regulations applicable to the charity through discussions with management and trustees and from our knowledge and experience of the charity sector;
♦ We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011; Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and
♦ We assessed the extent of compliance with the laws and regulations identified above through making enquiries of the trustees and the review of minutes of meetings of the trustees.

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

♦ Making enquiries of the trustees as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and
♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

♦ Performed analytical procedures to identify any unusual or unexpected relationships;
♦ Tested and reviewed journal entries to identify unusual transactions;
♦ Carried out substantive testing of expenditure including the authorisation thereof;
♦ Gained an understanding of the processes in place for the management of the charity’s investments and confirmed the validity of investment movements; and
♦ Investigated the rationale behind significant or unusual transactions.

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

Independent auditor’s report Year to 30 September 2022

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

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

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

♦ Reviewing the minutes of meetings of trustees;
♦ Enquiring of management as to actual and potential litigation and claims; and
♦ Agreeing accounts disclosures to underlying supporting documentation.

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.

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

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 2022

Notes	Unrestricted funds £	Restricted funds £	2022 Total £	Unrestricted funds £	Restricted funds £	2021 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 income (expenditure) for the year before investment (losses) gains 6 Net investment (losses) gains Net (expenditure) income and net movement in funds Balances brought forward at 1 October 2021 Balances carried forward at 30 September 2022	260,501 146,166 5,250 620	2,250 — — —	262,751 146,166 5,250 620	240,370 144,796 — 2,971	950 — — —	241,320 144,796 — 2,971
	412,537	2,250	414,787	388,137	950	389,087
	40,761 29,334 289,689 —	— 2,000 — —	40,761 31,334 289,689 —	37,928 30,028 305,770 46,212	— 19,590 — —	37,928 49,618 305,770 46,212
	359,784	2,000	361,784	419,938	19,590	439,528
	52,753 (911,738)	250 —	53,003 (911,738)	(31,801) 971,718	(18,640) —	(50,441) 971,718
	(858,985) 9,118,190	250 —	(858,735) 9,118,190	939,917 8,178,273	(18,640) 18,640	921,277 8,196,913
	8,259,205	250	8,259,455	9,118,190	—	9,118,190

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

Balance sheet 30 September 2022

Notes	2022 £	2022 £	2021 £	2021 £
Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 13 Net current assets Total net assets The funds of the charity: Funds and reserves Income funds Restricted funds 14 Unrestricted funds . General fund . Tangible fixed assets fund 15 . Designated funds 16	36,026 602,685	1,890,174 6,136,598	42,850 597,191	1,897,224 6,989,528
		8,026,772 232,683		8,886,752 231,438
	638,711 (406,028)		640,041 (408,603)

		8,259,455		9,118,190
		250 528,031 1,890,174 5,841,000		— 1,020,966 1,897,224 6,200,000
		8,259,455		9,118,190

Approved by the trustees 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 2022

Notes	2022 £	2021 £
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 2021 B Cash and cash equivalents at 30 September 2022 B	(64,604)	(112,579)
	141,850 5,250 (70,236) 1,024,271 (1,152,707)	142,589 — — 411,625 (611,618)
	(51,572)	(57,404)
	(116,176) 892,113	(169,983) 1,062,096
	775,937	892,113

Notes to the statement of cash flows for the year to 30 September 2022

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

Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge (note 10) (Losses) gains on investments Impairment of tangible fixed assets Investment income and interest receivable Surplus on disposal of tangible fixed assets Decrease in debtors (Decrease) increase in creditors Net cash used in operating activities	2022 £	2021 £
	(858,735) 27,214 911,738 — (146,166) (5,250) 11,140 (4,545)	921,277 33,801 (971,718) 46,212 (144,796) — 1,430 1,215
	(64,604)	(112,579)

B Analysis of changes in cash and cash equivalents

Analysis of changes in cash and cash equivalents
	At 1 October 2021 £	Cash flows £	At 30 September 2022 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	597,191 294,922	5,494 (121,670)	602,685 173,252
	892,113	(116,176)	775,937

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 2022

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 2022 with comparative information given in respect for the year to September 2021.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

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

Critical accounting estimates and areas of judgement

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

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

♦ estimating accrued expenditure;
♦ estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge;
♦ determining the value of designated funds including the determination of the assumptions made in determining the value of the retirement fund; and
♦ estimating future income and expenditure flows for the purpose of assessing going concern (see below).

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 residual impact of the Covid-19 pandemic and of the current macroeconomic and geopolitical climate on the charity and have acknowledged that there may continue to be some negative consequences on investment income and investment values. 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 2022

Assessment of going concern (continued)

The charity’s investment income may be adversely affected because of the volatility in listed investments. In terms of expenditure, it is anticipated that there will be a rise in living expenses due to inflationary pressures. 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 2023, 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.

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.

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.

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

Principal accounting policies Year to 30 September 2022

Income recognition (continued)

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:

♦ Expenditure on raising funds includes expenditure associated with raising funds for the charity. This comprises those investment management fees charged directly to the charity. Fees in respect to those investments which comprise pooled investment vehicles, including common investment funds, are inherent within the relevant investment holding.
♦ Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include direct and indirect expenditure in respect to the support of members of the Congregation and enabling their ministry (including governance costs) and the provision of charitable grants and donations.
♦ The provision for any impairment in respect to the charity’s tangible fixed assets.

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.

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

Principal accounting policies Year to 30 September 2022

Allocation of support and governance costs (continued)

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.

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.

Furniture, fittings, equipment and motor vehicles 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.

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.

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

Principal accounting policies Year to 30 September 2022

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 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 36

Notes to the accounts Year to 30 September 2022

1 Income from: Donations and legacies

Income from: Donations and legacies
		2022
	Unrestricted funds £	Restricted funds £	Total £
Salaries and pensions of individual religious received under a Gift Aid compliant Deed of Covenant General donations	245,775 14,726	— 2,250	245,775 16,976
	260,501	2,250	262,751
		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

2 Income from: Investments and interest receivable

	2022
	Restricted funds £	Total £
Investment Income UK listed investments . Equities . Fixed interest Overseas listed investments . Equities . Fixed interest Alternative investments Infrastructure funds Interest receivable Bank interest	— — — — — —	60,924 19,145 36,979 2,707 23,869 1,050
	— —	144,674 1,492
	—	146,166

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

Notes to the accounts Year to 30 September 2022

2 Income from: Investments and interest receivable (continued)

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

3 Expenditure on: Donations

Expenditure on: Donations
		2022
	Unrestricted funds £	Restricted funds £	Total £
Congregation’s Generalate . Annual contribution Congregation’s overseas mission in: . Democratic Republic of Congo, Brazil and Rwanda Other donations under £1,000 each to organisations with objects that are consistent with those of the charity	18,015 9,631 1,688	— 2,000 —	18,015 11,631 1,688
	29,334	2,000	31,334

		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

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

Notes to the accounts Year to 30 September 2022

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

		2022
	Unrestricted	Restricted
	funds	funds	Total
	£	£	£
Staff costs (note 7)	34,589	—	34,589
Property	61,691	—	61,691
Depreciation	27,214	—	27,214
Sisters’ living and personal expenses	86,410	—	86,410
Provisions and household	47,564	—	47,564
Spiritual formations, retreats etc	1,846	—	1,846
Support costs
. Other expenses	11,721	—	11,721
. Other professional fees	4,334	—	4,334
. Governance costs (note 5)	14,320	—	14,320
	289,689	—	289,689

		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

5 Governance costs

		2022
	Unrestricted funds £	Restricted funds £	Total £
Legal andprofessional fees	14,320	—	14,320
		2021
	Unrestricted funds £	Restricted funds £	Total £
Legal andprofessional fees	13,828	—	13,828

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

Notes to the accounts Year to 30 September 2022

6 Net income (expenditure) for the year before investment (losses) gains This is stated after charging:

Staff costs (note 7) Auditor's remuneration (including VAT) . Audit services – current year . Audit services – prior period . Other advisory services Impairment provision Depreciation	2022 £	2021 £
	27,214 13,600 720 — — 36,295	36,725 12,960 — 532 46,212 33,801

7 Staff costs and remuneration of key management personnel

	2022 £	2021 £
Wages and salaries Pension costs	34,032 557	36,144 581
	34,589	36,725

The average number of employees during the period was 2 (2021: 2).

No employee earned more than £60,000 during the period (2021: 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 £48,169 (2021: £44,551).

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 40

Notes to the accounts Year to 30 September 2022

10 Tangible fixed assets

Tangible fixed assets
	Freehold land and buildings Non- specialised £ Specialised £ 1,062,099 1,100,138 — — — — 1,062,099 1,100,138 — 290,550 — 14,088 — — — 304,638 1,062,099 795,500 1,062,099 809,588		Motor vehicles £	Furniture, fittings and equipment £ 52,262 1,122 — 53,384 26,725 9,318 — 36,043 17,341 25,537	Total £ 2,277,405 20,164 (14,521) 2,283,048 380,181 27,214 (14,521) 392,874 1,890,174 1,897,224
Cost At 1 October 2021 Additions Disposals At 30 September 2022 Depreciation and impairment At 1 October 2021 Charge for year Disposals At 30 September 2022 Net book values At 30 September 2022 At 30 September 2021	1,062,099 — —	1,100,138 — —	62,906 19,042 (14,521)
	1,062,099	1,100,138	67,427
	— — —	290,550 14,088 —	62,906 3,808 (14,521)
	—	304,638	52,193
	1,062,099	795,500	15,234
	1,062,099	809,588	—

The construction of the charity’s 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 to 30 September 2021, and as the replacement cost of the property was considered unchanged at £850,000, a further impairment provision of £46,212 was recognised. Accumulated depreciation and impairment, therefore, includes an impairment provision of £250,138.

11 Investments

Investments
Listed investments Fair (market) value at 1 October 2021 Additions at cost Disposals at book value: . Proceeds . Realised (losses) gains Net unrealised (losses) gains Fair (market) value at 30 September 2022 Cash held for investment Cost of listed investments at 30 September 2022	2022 £	2021 £
	6,694,606 1,204,749	5,482,937 651,576
	(1,024,271) (108,198)	(411,625) 50,455
	(1,132,469) (803,540)	(361,170) 921,263
	5,963,346 173,252	6,694,606 294,922
	6,136,598	6,989,528
	5,589,365	5,246,290

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

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

Notes to the accounts Year to 30 September 2022

11 Investments (continued)

At 30 September 2022 no individual holdings were deemed material in the context of the entire portfolio.

Listed investments held at 30 September 2022 comprised the following:

	2022 £	2021 £
UK listed investments . Equities . Fixed interest Overseas listed investments . Equities . Fixed interest Alternative investments Infrastructure funds Actively managed strategies	1,655,294 608,470 2,337,957 124,181 1,066,992 62,300 108,152	2,169,875 644,635 2,809,788 84,193 986,115 — —
	5,963,346	6,694,606

12 Debtors

Debtors
	2021 £	2021 £
Investment income receivable Sundry debtors Prepayments	11,349 15,072 9,605	7,033 30,145 5,672
	36,026	42,850

Sundry debtors include compensation and refunds receivable of £15,072 (2021: £30,145) 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.

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2022 £	2021 £
Money held on behalf of individual members of the Congregation Other taxes and social security costs Accruals Amounts payable in respect to tangible fixed asset additions Additions to listed investments	242,089 474 21,392 50,073 92,000	247,924 926 19,650 100,145 39,958
	406,028	408,603

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

Notes to the accounts Year to 30 September 2022

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.

	At 1 October 2021 £	Income £	Expenditure £	At 30 September 2022 £
Mission fund Other funds	— —	2,000 250	(2,000) —	— 250
	—	2,250	(2,000)	250
	At 1 October 2020 £	Income £	Expenditure £	At 30 September 2021 £
Mission fund Rwanda fund Human trafficking and vulnerable families fund Other funds	1,621 613 15,335 1,071	— 650 — 300	(1,621) (1,263) (15,335) (1,371)	— — — —
	18,640	950	(19,590)	—

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 represent other amounts given that are subject to donor imposed conditions.

15 Tangible fixed assets fund

Tangible fixed assets fund
	2022 £	2021 £ 1,931,025 (33,801) 1,897,224
At 1 October 2021 Net movements in the year At 30 September 2022	1,897,224 (7,050)
	1,890,174

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.

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

Notes to the accounts Year to 30 September 2022

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 October 2021 £	New designations £	Utilised/ released £	At 30 September 2022 £
Retirement reserve Financing and Congregational fund Buildings reserve	5,100,000 1,100,000 —	— — —	(350,000) (9,000) —	4,750,000 1,091,000 —
	6,200,000	—	(359,000)	5,841,000

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

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 £22,000 per annum for sisters over 65 years of age and £71,500 per annum for sisters over 80 years of age in order to provide for the increasing costs of specialised care. £4.75 m 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 44

Notes to the accounts Year to 30 September 2022

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 2022 (2021: 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 £	Designated funds £	Restricted funds £	Total 2022 £
Fund balances at 30 September 2022: Tangible fixed assets Investments Net current assets Total net assets	— 295,598 232,433	1,890,174 — —	— 5,841,000 —	— — 250	1,890,174 6,136,598 232,683
	528,031	1,890,174	5,841,000	250	8,259,455
Fund balances at 30 September 2021: Tangible fixed assets Investments Net current assets Total net assets	General fund £	Tangible fixed assets fund £	Designated funds £	Restricted funds £	Total 2021 £
	— 789,528 231,438	1,897,224 — —	— 6,200,000 —	— — —	1,897,224 6,989,528 231,438
	1,020,966	1,897,224	6,200,000	—	9,118,190

The total unrealised gains at 30 September 2022 constitute revaluation of listed investments. The movements on the unrealised gains during the period were as follows:

	2022 £	2021 £
Unrealised gains included above on investments Total unrealised gains at 30 September 2022 Reconciliation of movements in unrealised gains Unrealised gains at 1 October 2021 Less: in respect to disposals in the period Add: net gains arising on revaluation in the period Total unrealisedgains at 30 September 2022	373,981	1,448,316
	524,199 (270,795) (803,540)	524,199 2,854 921,263
	(550,136)	1,448,316

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

Notes to the accounts Year to 30 September 2022

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 46