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2024-09-30-accounts

The Congregation of the Sisters of St Mary of Namur CIO

Annual Report and Accounts

30 September 2024

Charity Registration Number 1178092

Contents

Reports

Reports
Reference and administrative information 2
Trustees’ report 3
Independent auditor’s report 28
Accounts
Statement of financial activities 33
Balance sheet 34
Statement of cash flows 35
Principal accounting policies 36
Notes to the accounts 49

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 (resigned 1 October 2023)
Sister Doreen Bradley (appointed 1 October 2023)
Sister Bridget Folkard (appointed 1 October 2023)
Regional Leader Sister Moira Meeghan
Regional Bursar Sister Susan Mary McLean (resigned 1 October 2023)
Sister Doreen Bradley (appointed 1 October 2023)
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 Audit 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

Reference and administrative information

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

Trustees’ report Year to 30 September 2024

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 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 36 to 43 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 currently comprising 325 sisters worldwide, including 13 novices. Previously the sisters in Britain were referred to as the British Province. However, due to the falling number of sisters, the former Province changed its status and became known within the Congregation as the British Region.

The Congregation was founded in 1819 in Namur, Belgium, where the motherhouse is still located. For administrative reasons the Congregation is now divided into 3 Provinces and 5 Regions, across 9 countries.

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

MISSION

The objectives 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 working with asylum seekers and trafficked people), faith development and spiritual accompaniment.

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Trustees’ report Year to 30 September 2024

MISSION (continued)

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

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

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

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 retreatgiving, 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 for 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.

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Trustees’ report Year to 30 September 2024

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 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, Tanzania, the Democratic Republic of Congo and Cameroon. Since the pandemic, 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. A group of our older sisters has made strong links with the younger sisters of Cameroon. They share their life experiences and how Religious life was lived in the past.

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 in Great Britain and our age profile in is shown below:

----- Start of picture text -----
SSMN age profile September 2024Se-
ries1
80- 60-
89 69
(2 (1
Sis- sis-
ters) ter)
70-
79
(10
sis-
ters)
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Trustees’ report Year to 30 September 2024

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.

It is important to ensure that 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 which helps them to keep their independence. The house has the capacity to house nine sisters (at the time covered by this report six 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).

Two sisters live 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.

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Trustees’ report Year to 30 September 2024

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; support of overseas missionary work

During the period 1 October 2023 to 30 September 2024, the sisters were involved in a number of activities which included:

The objectives of the trustees in this area are to:

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

The objectives of the Trustees in this are to:

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Trustees’ report Year to 30 September 2024

SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

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

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 most recent General Chapter, during the summer of 2019, we expressed that:

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

Listening to one another,

Enriched by the strength of our interculturality,

United by the Gospel-inspired insights of our founders,

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

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

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Trustees’ report Year to 30 September 2024

SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

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

The objectives of the trustees in this area are:

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.

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 and supporting the sisters from our home countries. 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, Tanzania 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

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Trustees’ report Year to 30 September 2024

in the medium term.

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Activities and specific objectives (continued)

Investment policy (continued)

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 with whom the trustees are in regular contact and receive quarterly investment reports.

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.

Area No. of
volunteers		 Hours
volunteered
Care home visiting, Liverpool, and care home gardening 4 795
Hospital and special NHS Units – pastoral care, hospital chaplaincy and
police chaplaincy		 5 570
Prayer ministry, faith groups, prayer groups, rosary group, life choices,
scripture groups, spiritual accompaniment, retreats and retreat days.		 8 3,163
Music ministry for parishes and prayer groups. 1 120
Pastoral help for schools 3 80
Collaborative ministry with other charities with the same aims and
objectives and offering similar services: Food banks, a sharing of gifts,
training and resources		 6 2,660
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 1,596
Promotion of Justice and Peace, letters and emails. Ministry to trafficked
women and refugees, ecology and climate		 8 1,050
Support and on-going formation of ‘Friends of St.Mary’ and companions
in Faith and Mission - Liverpool and Harrow		 12 250
Digital Art Project - making DVDs for liturgies, parishes, the Region and
the Congregation and designing and updating the Face book page.		 1 365
Personal prayer and community prayer of the sisters, associates and
companions for the world		 13 8,192
Pastoral and financial administration of the Region 4 920

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Trustees’ report Year to 30 September 2024

International communication and support for mission around the world 5 420
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 continues to expand, 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. Our spiritual accompaniment of people is carried out in different ways:

SOCIAL AND PASTORAL WORK

Supporting and helping asylum seekers

SHARe Knowsley is a small grassroots charity that wants to help improve the lives of those living in our community who have left their homes and everything they know, to escape the horrors of persecution, violence, war and oppression.

Not only is the word SHARe an

acronym for S upporting and H elping A sylum seekers and R efugees, but it also sums up our philosophy in wanting to share our lives with whoever we meet, irrespective of where they come from, their story, language, colour, race, faith and gender.

We treat everyone we meet with dignity, love, care and respect. Offering friendship is at the heart of everything we do.

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Trustees’ report Year to 30 September 2024

SOCIAL AND PASTORAL WORK (continued)

Supporting and helping asylum seekers (continued)

We work hard to create a support network for asylum seekers and refugees, giving them the assistance they need to live with dignity, so that they can rebuild their lives. (This Introduction to SHARe is taken from documents and from the website)

We, the staff and volunteers found 2024 a full and busy year. We had to deal with the changes in immigration legislation and an increase in hate crime in the aftermath of the riots outside the Suites Hotel. Being an outreach befriender I was very conscious of this and kept in regular contact with those I was befriending.

As a befriender I found myself on a fast-track learning curve especially in the areas of housing and social care. The work I do encompasses care of the adults and the children.

Psychological support is important for the adult, and sometimes this means having to find professional support. Support with so many things we take for granted is essential: finding dentists and doctors, introducing them to the cheaper shops, accompanying them to school meetings and supporting them through our education system, form-filling, applying for visas and each time we meet, a new question is raised. For those who have status and have been successful bidding on a house I work with the adult on getting the best energy deals.

As part of this role, I have enjoyed attending the social events in St. Vincent's School for those with sight deficit where one of our teenagers attends, she is an amazing person. The most important area of befriending is being a sensitive and patient listener.

Sr. Doreen Bradley

LANGUAGE SUPPORT FOR REFUGEES AND ASYLUM SEEKERS.

Many of those granted permission to remain in Britain then have the daunting task of learning to speak English. Sr.Mary Susan, who is a trained teacher, recently gained a qualification in teaching English as a second Language and now supports a variety of groups.

There is a group of mothers that struggle to learn English because they are at home looking after their children. Sr.Mary Susan meets with them each week, They are able to bring their babies to the class and it enables them to gain support from others in the same situation. A second group that Sr.Mary Susan helps are those refugees and asylum seekers that are from French speaking countries. They gather at a Church and she is able to help them learn English which in turn enables them to get a job and start work.

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Trustees’ report Year to 30 September 2024

WELL BEING

Renew Wellbeing is a national organisation in Nottingham by a lady called Ruth Rice.

The premise of Renew Wellbeing is to over safe space where its ok not to be ok. We started our Renew Café in spring 2022 as we felt it would meet the needs of people who had been isolated due to the pandemic. We are open every Wednesday 10am to 2pm.

We welcome people of all faiths and none. We have various activities including crafts, jigsaw, crosswords as well as providing a safe place for people to sit and chat. We also offer a buffet lunch. Our numbers have grown considerably in the two years since we started. In the winter we also double as a warm space. (As written by Brenda a founding member of local group)

This is a group organised by the local

Baptist Church where people are welcome to drop in for a hot drink and refreshments, and there is always a listening ear. For those who wish, they can join in a short prayer at the beginning and end of each session. The many activities give people the opportunity to work with others and to learn something new. Some of the group knit for the nearby neo natal unit while others help with form filling and giving information about benefits, where to find centres distributing food from zero waste and the list goes on. People from all walks of life come together and within this sense of community support each other

Residents from the care home opposite the church join the group most weeks for a few hours.

Several asylum seekers and refugees drop into the group and have found it helpful to make friends. These people struggle with English so we are very grateful to have translation apps so that we can help them in many different ways.

I have worked with people struggling to fill in forms to people coping with medical issues on their own.

Paper flowers made by the craft group

This led to meeting people outside the group to support them with varying life issues and to accompany them to Citizens Advice. What

we do find is that everyone who drops into the group appreciates that they will be respected and listened to.

Sr. Doreen Bradley

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Trustees’ report Year to 30 September 2024

SISTERS WORKING IN EDUCATION

Educating through the years!

From the very beginnings, when the Sisters arrived in Great Britain, we have been involved in the establishment of schools, teaching and being involved in education in many different ways.

There are schools in existence today that were founded by the Sisters of St.Mary of Namur as early as 1896.

St Mary’s, Bishop’s Stortford, founded 1896

St Joseph’s Catholic Primary School, Bishop’s Stortford, which opened in 1909.

St Mary’s Primary School, Lowestoft, opened in 1967

This financial year, Sr Margaret Baxter and Sr.Moira Meeghan were able to visit St. Columba’s school that was founded in Cupar, Scotland, in August 1964. We were invited to the celebration of their 60[th] anniversary.

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SISTERS WORKING IN EDUCATION (continued)

Educating through the years! (continued)

One of our Sisters, now living in America, was present on the opening day of the school in 1964, and remembered it well:

‘ Beautiful blue skies blessed us that August morning as sixty young children, dressed in cherry red cardigans and sweaters with the Royal Stewart tartan skirts and trousers joyfully gathered with their parents for this momentous occasion. A good number of the parents had had a hand in reconstructing the prefabricated WW11 school building brought over from Dundee to serve as classrooms for the beautiful children. The school desks had been transferred from our former boarding school in Rhyl, N. Wales, and repainted by parishioners of St. Columba’s. Many of the text books were very generously donated by teacher friends of Fr Malaney in Dundee.

She also remembers that one of the Sisters drove the minibus each day to collect the children.

… the school minibus bus bore the colour blue, a bus often driven by Sister Elizabeth some 75 miles a day through beautiful countryside to collect our precious Scottish children for a day’s adventure in learning … I recall Sister Jane Frances remarking in awe, “Oh, the landscape of Cupar reminds me of a toy village enfolded in the hills …”

Everyone present during our recent visit was grateful for the risks taken by our early Sisters in 1964. Among many other ministries, they enabled the town to have a Catholic primary school today. At the celebration we met some of the first pupils that joined the school that day, and one of the first parishioners to welcome the Sisters when they first arrived in the town.

The Sisters of St. Mary continue to be involved in education. Sr.Judith Russi works with Staff and children in schools across the country as part of her work with EducareM.

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SISTERS WORKING IN EDUCATION (continued)

Educating through the years! (continued)

Sr Bridget and Sr Doreen have written about their experiences in the Catholic Primary schools in Huyton.

Ten years ago, I was invited to be a presence in a primary school in Huyton, and more recently in a second school in the area.

Over the years, I have seen the children grow and seen the courage of teachers, staff and parents. Many families have two or three children in the school at once.

I have been privileged to witness the efforts towards ‘care of the earth,’ supporting CAFOD programmes for struggling countries, seeing the older children take on roles as ‘prefects’ and providing peer support for smaller children. This year I was able also to assist at a retreat day organised in Formby for top juniors. Each year I have led the Ash Wednesday school liturgy. A third school needed temporary support when a member of staff died and I was happy to step into the breach.

Sr.Bridget

Two years ago, the parish priest of Sts Agnes and Aidan, Liverpool, asked me if I would be a presence in one of our three primary schools. Sr Bridget Folkard already visited in the other two primary schools.

After an initial visit with the headteacher and a member of staff it was agreed that I would take a group of eight children, of mixed abilities, for religious education through art. Following the curriculum we studied the story of Noah and his ark and recreated the ark in various materials while unpacking the meaning of the story.

The children, using their very creative ark, retold the story to a younger age group during their assembly.

Moving onto another aspect of the curriculum, I am now taking six Year 2 children who are struggling with their reading. The one-to-one tuition is helping each child to move slowly through the reading program and to begin to read with meaning. Reading is essential to the majority of subjects, and as we know, for life in general.

This photograph is of the children on World Book Day

Sr. Doreen Bradley

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WORK OVERSEAS

Supporting the development of the use of I.T. in the province of Congo-Cameroon

At the SSMN General Assembly in Belgium in autumn 2023, it was decided that – in the interests of promoting the internationality of the Congregation - the Province of CongoCameroon needed help with communications. Often in the past, their efforts to stay in touch and contribute to international conversations and initiatives have been hampered by a lack of I.T. equipment.

Within the financial year 2023-2024, the British Region contributed £10,000 to this ‘Communications Project’. The Sisters of Congo-Cameroon sent the following report on expenditure to date:

Purchase of equipment

As seen here computers and the necessary accessories were bought for the sisters’ use.

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Trustees’ report Year to 30 September 2024

WORK OVERSEAS (continued)

Supporting the development of the use of I.T. in the province of Congo-Cameroon (continued)

Solar panels and accessories for installing them

Solar panels were needed to supply the communities with electricity. The purchases included:

TRAINING IN COMMUNICATIONS

In order to make good use of this equipment, some Sisters from the Provinces of the southern hemisphere undertook a training course in communication. This was organised in Jambes, Belgium, by two young women from Liège (Céline Lallemand and her colleague, Emilie). The three Sisters who were unable to obtain visas for Belgium followed the course on Zoom from their respective countries: Rwanda, Congo and Cameroon.

FINANCIAL REVIEW

Results for the period

A summary of the year’s results is set out on page 33 of the attached accounts.

During the year to 30 September 2024, income amounted to £457,263 (2023: £422,284). Income comprised donations (including pensions receivable from members of the Congregation under Gift Aid or Deed of Covenant) and investment income and interest receivable.

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Trustees’ report Year to 30 September 2024

During the year the charity incurred expenditure of £397,228 (2023: £399,865). Expenditure on maintaining the members of the Congregation and enabling them to carry out their charitable work was £297,396 (2023: £330,151) including governance costs of £16,484 (2023: £14,304).

Donations paid during the year were £60,991 (2023: £32,761). Further details of donations are given in note 3 to the attached accounts. Investment management fees for the year were £38,841 (2023: £36,953).

Net income before investment gains and losses was £60,035 (2023: £22,419). After net investment gains for the year totalling £537,082 (2023: net gains of £102,209), the net income/net movement in funds was £597,117 (2023: net expenditure/net movement in funds was £124,638).

Investment performance

The charity’s investments are managed by Rathbone Investment Management Limited. At 30 September 2024, the investments had a total market value of £6,663,745 (2023: £6,111,199) including cash awaiting investment of £111,477 (2023: £43,780).

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 2.6% and a capital yield of 1.7%. Further details of the investment portfolio are included in note 11 to the attached accounts. The trustees believe their investment policy continues to be appropriate.

Financial position and reserves policy

The balance sheet shows total reserves of £8,981,210 (2023: £8,384,093). Of this £1,878,307 (2023: £1,873,910) is represented by tangible fixed assets used to support the work of the sisters and, therefore, cannot be easily realised if needed to meet future contingencies.

A further £5,000,000 (2023: £4,830,000) represents a retirement reserve designated to provide an income to maintain the sisters as they grow older. A further £911,000 (2023: £1,081,000) has been designated as a Financing and Congregational fund.

The balance on the restricted funds was £405 (2023: £155). Therefore, reserves which are available to support the sisters and their work in the future are shown on the balance sheet as general funds and amount to £1,191,499 (2023: £599,028).

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Trustees’ report Year to 30 September 2024

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. At the date of the balance sheet, the trustees consider that the level of free reserves were adequate.

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.

As a region, we believe that we are called to accompany others in their journey of hope.

We believe:

It is therefore our plan to support others in this way forward.

We note:

And so, our desire for the future is that we are like a ‘lighthouse’, offering a sense of security and a light to help show the way. We believe that, even as we get older, we can focus on our various ministries, taking the risk to reach out to others and to walk with them on their journey, whatever that may be.

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Trustees’ report Year to 30 September 2024

PLANS FOR FUTURE PERIODS (continued)

In order to do this, we plan to support the following.

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.

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Trustees’ report Year to 30 September 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Governance (continued)

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. The present trustees were elected in August 2023, and appointed on 1 October 2023. On-going in-service training takes place during the mandate.

Trustees

The names of the trustees who served during the financial year ended 30 September 2024, are set out as part of the reference and administrative details on page 1 of this annual report and accounts.

Brief biographical details on each of the trustees who served during the year to 30 September 2024 are given below:

Sister Moira Meeghan (Regional Superior)

Sister Moira has been a member of the Congregation for 40 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.

Sister Louise Swanston (Trustee and Regional Secretary)

Sister Louise has been a member of the Congregation for 39 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.

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Trustees (continued)

Sister Bridget Folkard (Trustee)

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Trustees’ report Year to 30 September 2024

Sister Bridget Folkard has been a member of the Congregation for 58 years, most of which she has worked as a nurse in Congo and Rwanda, with medical and administrative responsibilities for large health centres. She returned to the UK in 2008. She studied for a year for her Masters in Humanities, then worked as a voluntary Pastoral Team member in NHS mental health and addiction services. Sr.Bridget supports the local primary schools in their spiritual life, she also liaises with sisters, the ‘Friends of St.Mary’ and coordinates spirituality and life discerning groups.

Sister Doreen Bradley (Trustee and Provincial Bursar)

Sister Doreen has been a member of the Congregation for 59 years. She is a qualified teacher. Her background is in secondary and adult education, adult faith formation and pastoral ministry. This ministry was realised in Africa, Scotland and England. Sixteen years of ministry were in London, in the Archdiocese of Westminster and the Archdiocese of Southwark. Sr. Doreen also works with refugees and Asylum seekers. She has held many roles of responsibility through her various ministries and within the British Region.

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.

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Trustees’ report Year to 30 September 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Liability of the member (continued)

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

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Trustees’ report Year to 30 September 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Structure and management reporting

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

The British Region currently comprises 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.

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 updated 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, regulations, external and environment.

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 2024 was 76 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,

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Trustees’ report Year to 30 September 2024

pensions and any other income have been donated to the charity under a Gift Aid compliant Deed of Covenant.

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

As stated above, the trustees meet regularly to monitor the life, mission and ministry of the sisters. A lay accountant is employed and meets regularly with the trustees. A lay ‘Community Support Worker’ is also employed to support the less mobile and elderly sisters. Both lay workers attend in-service training. Age UK cleaners are employed for the Liverpool communities and a cook is employed through an agency for one of the Liverpool houses. One cleaner is employed through an agency for the Harrow community.

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

Operational: looks at the risks inherent in the activities of the charity, particularly pastoral care. The house in Swanside Road, Liverpool was built to cater for the needs of the older sisters as we move into the future. It was designed to enable the sisters to invite people in for courses and activities which in turn enables them to continue their 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, the trustees continue to communicate with the charity’s investment managers and, whilst there are concerns over the volatility in world stock markets, it is acknowledged also that the charity is a long term investor. As such, the charity will be able to wait for markets to stabilise over time whilst the trustees keep a watching brief.

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Trustees’ report Year to 30 September 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk management (continued)

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

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

Protection of children and vulnerable adults: Along with all other organisations who serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the sisters serve. This means that all sisters who are in any kind of ministry in Great Britain must 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 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, AND FRIENDS OF THE SISTERS OF ST. MARY OF NAMUR.

The trustees wish to record their recognition of the professionalism and commitment of the ‘Friends of St Mary’, who have supported us in many different ways, and continue to do so. As we develop our ways of working, we recognise the importance of the ever-growing number of individuals and groups that work and pray alongside us. We continue to reflect on how best to collaborate 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: 26[th] March 2025

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Independent auditor’s report Year to 30 September 2024

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 2024, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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Independent auditor’s report Year to 30 September 2024

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.

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 themselves. If, based on the work we have performed,

we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities contained within the trustees’ report, 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.

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Independent auditor’s report Year to 30 September 2024

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

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

How the audit was considered capable of detecting irregularities including fraud

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

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

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Independent auditor’s report Year to 30 September 2024

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

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:

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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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Independent auditor’s report Year to 30 September 2024

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott Audit 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 32

Statement of financial activities Year to 30 September 2024

Notes Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
£
257,764
164,520
—
422,284
36,953
32,761
330,151
399,865
22,419
102,219
124,638
8,259,455
8,384,093
Income from:
Donations and legacies
1
Investments and interest receivable
2
Other sources
. Surplus on disposal of tangible fixed
assets
Total income
Expenditure on:
Raising funds
. Investment management fees
Charitable activities
. Donations
3
. Support of the members of the
Congregation and their ministry
4
Total expenditure
Net income (expenditure) for the
year before investment gains
(losses)
6
Net investment gains
Net income (expenditure) and net
movement in funds
Balances brought forward at
1 October 2023
Balances carried forward at
30 September 2024		 269,979
182,934
3,700		 650
—
—		 270,629
182,934
3,700		 256,264
164,520
—		 1,500
—
—
456,613 650 457,263 420,784 1,500
38,841
60,591
297,396		 —
400
—		 38,841
60,991
297,396		 36,953
31,166
330,151		 —
1,595
—
396,828 400 397,228 398,270 1,595
59,785
537,082		 250
—		 60,035
537,082		 22,514
102,219		 (95)
—
596,867
8,383,938		 250
155		 (95)
250
8,980,805 405 8,981,210 8,383,938 155

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

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

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

Balance sheet 30 September 2024

Notes 2024
£		 2024
£		 2023
£		 2023
£
1
6
7
398
8
155
599
1
5
8
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		 24,179
743,355		 1,878,307
6,663,745		 18,728
655,679
8,542,052
439,158
767,534
(328,376)		 726,814
(275,423)
8,981,210
405
1,191,498
1,878,307
5,911,000
8,981,210

Approved by the trustees and signed on their behalf by:

Trustee

Date: 26[th] March 2025

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

Statement of cash flows Year to 30 September 2024

Notes 2024
£
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 provided by investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at 1 October 2023
B
Cash and cash equivalents at 30 September 2024
B
854,832

Notes to the statement of cash flows for the year to 30 September 2024

A Reconciliation of net income to net cash flows from operating activities

Net income (as per the statement of financial activities)
Adjustments for:
Depreciation charge (note 10)
Gains on investments
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Decrease in debtors
increase in creditors
Net cash used in operating activities		 2024
£

B Analysis of changes in cash and cash equivalents

At 1
October
2023
£		 Cash flows
£		 At 30
September
2024
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 655,679
47,380		 87,676
64,097		 743,355
111,477
703,059 151,773 854,832

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 35

Principal accounting policies Year to 30 September 2024

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 2024 with comparative information given in respect for the year to September 2023.

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:

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.

With regard to the next accounting period, the year ending 30 September 2024, 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.

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Principal accounting policies Year to 30 September 2024

The trustees consider that the charity will be able to meet its liabilities as they fall due and that it is a going concern.

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

Principal accounting policies Year to 30 September 2024

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.

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.

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

Principal accounting policies Year to 30 September 2024

Miscellaneous income is measured at fair value and accounted for on an accruals basis.

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

Principal accounting policies Year to 30 September 2024

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:

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. To carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

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

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

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

Principal accounting policies Year to 30 September 2024

Tangible fixed assets

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

  1. Freehold land and buildings

Non-specialised land and buildings comprise buildings designed as, and used for, private residential accommodation. They are stated at cost. Such buildings are not depreciated. An impairment review in respect to property assets is carried out if events, or changes in circumstances, indicate that the carrying value may not be recoverable. Otherwise, their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

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

  1. Furniture, fittings, equipment and motor vehicles

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

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above, the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the period in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is

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

Principal accounting policies Year to 30 September 2024

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

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

Principal accounting policies Year to 30 September 2024

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 43

Notes to the accounts Year to 30 September 2024

1 Income from: Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
£
Salaries and pensions of
individual religious received
under Gift Aid or Deed of
Covenant
General donation		 268,239
1,740		 —
650		 268,239
2,390		 254,014
2,250		 —
1,500		 254,014
3,750
269,979 650 270,629 256,264 1,500 257,764

2 Income from: Investments and interest receivable

Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
£
Investment Income
UK listed investments
. Equities
. Fixed interest
Overseas listed investments
. Equities
. Fixed interest
Alternative investments
Infrastructure funds
Interest receivable
Interest earned on cash held
by investment manager
Other bank interest receivable		 56,797
42,270
27,322
10,314
20,029
10,509		 —
—
—
—
—
—		 56,797
42,270
27,322
10,314
20,029
10,509		 61,146
21,443
36,370
6,805
27,607
2,800		 —
—
—
—
—
—		 61,146
21,443
36,370
6,805
27,607
2,800
167,241
7,529
8,164		 —
—		 167,241
7,529
8,164		 156,171
3,197
5,152		 —
—
—		 156,171
3,197
5,152
182,934 — 182,934 164,520 — 164,520

3 Expenditure on: Donations

Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2023
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		 20,000
39,576
1,015		 —
—
400		 20,000
39,576
1,415		 18,015
10,015
3,136		 —
1,595
—		 18,015
11,610
3,136
60,591 400 60,991 31,166 1,595 32,761

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

Notes to the accounts Year to 30 September 2024

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

5 Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
£
Staff costs (note 7)
Property
Depreciation
Sisters’ living and personal
expenses
Provisions and household
Spiritual formations, retreats
etc
Support costs
. Other expenses
. Other professional fees
. Governance costs (note 5)		 36,569
64,186
29,747
73,696
53,703
3,975
12,604
6,432
16,484		 —
—
—
—
—
—
—
—
—		 36,569
64,186
29,747
73,696
53,703
3,975
12,604
6,432
16,484		 36,861
83,042
30,617
90,171
46,959
1,308
15,737
11,152
14,304		 —
—
—
—
—
—
—
—
—		 36,861
83,042
30,617
90,171
46,959
1,308
15,737
11,152
14,304
297,396 — 297,396 330,151 — 330,151
Governance costs Unrestricted
funds
£		 Restricted
funds
£		 2024
Total
£		 Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
£
Legal andprofessional fees 16,484 — 16,484 14,304 — 14,304

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

This is stated after charging:
2024 2023
£ £
Staff costs (note 7) 36 36
Auditor's remuneration (including VAT)
. Audit services 15 14
Depreciation(note 10) 29 30

7 Staff costs and remuneration of key management personnel

2024
£
Wages and salaries
Pension costs

The average number of employees during the period was 2 (2023: 2).

No employee earned more than £60,000 during the period (2023: 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.

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

Notes to the accounts Year to 30 September 2024

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 £66,786 (2023: £53,175).

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.

10 Tangible fixed assets

Freehold land and buildings Freehold land and buildings Motor
vehicles
£		 Furniture,
fittings
and
equipment
£		 Total
£
Non-
specialised
£		 Specialised
£
Cost
At 1 October 2023
Additions
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for year
Disposals
At 30 September 2024
Net book values
At 30 September 2024
At 30 September 2023		 1,062,099
—
—		 1,100,138
—
—		 67,427
—
(8,000)		 58,494
34,144
—		 2,288,158
34,144
(8,000)
1,062,099 1,100,138 59,427 92,638 2,314,302
—
—
—		 322,805
18,167
—		 56,001
3,808
(8,000)		 35,442
7,772
—		 414,248
29,747
(8,000)
— 340,972 51,809 43,214 435,995
1,062,099 759,166 7,618 49,424 1,878,307
1,062,099 777,333 11,426 23,052 1,873,910

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

Notes to the accounts Year to 30 September 2024

11 Investments

Investments
2024
£		 2023
£
Listed investments
Fair (market) value at 1 October 2023
Additions at cost
Disposals at book value:
. Proceeds
. Realised gains (losses)
Net unrealised gains
Fair (market) value at 30 September 2024
Cash held for investment
Cost of listed investments at 30 September 2024		 6,063,819
1,364,297		 5,963,346
867,547
(1,412,929)
89,658		 (869,293)
(25,382)
(1,323,271)
447,423		 (894,675)
127,601
6,552,269
111,477		 6,063,819
47,380
6,663,745 6,111,199
5,836,079 5,542,287

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

At 30 September 2024 no individual holdings were deemed material in the context of the entire portfolio.

Listed investments held at 30 September 2024 comprised the following:

2024
£
UK listed investments
. Equities
. Fixed interest
Overseas listed investments
. Equities
. Fixed interest
Alternative investments
Infrastructure funds
Actively managed strategies

12 Debtors

Debtors
2024
£
Investment income receivable
Prepayments

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

Notes to the accounts Year to 30 September 2024

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£
Money held on behalf of individual members of the Congregation
Other taxes and social security costs
Accruals

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
2023
£		 Income
£		 Expenditure
£		 At 30
September
2024
£
Mission fund
Other funds		 —
155		 —
650		 —
(400)		 —
405
155 650 (400) 405
At 1
October
2022
£		 Income
£		 Expenditure
£		 At 30
September
2023
£
Mission fund
Other funds		 —
250
250

Mission fund

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

Other funds

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

15 Tangible fixed assets fund

Tangible fixed assets fund
2024
£
At 1 October 2023
Net movements in the year
At 30 September 2024

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, to meet future contingencies.

The Congregation of the Sisters of St Mary of Namur CIO 48

Notes to the accounts Year to 30 September 2024

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:

Retirement reserve
Financing and Congregational fund		 At 1
October
2023
£		 New
designations
£		 Utilised/
released
£
—
(170,000)
(170,000)
At 1
October
2022
£		 New
designations
£		 Utilised
£
Retirement reserve
Financing and Congregational fund

The retirement reserve consists of monies which the trustees have set aside to provide for the sisters as they grow older. The calculations are based on actuarial methods to provide £23,100 per annum for sisters over 65 years of age and £75,000 per annum for sisters over 80 years of age to provide for the increasing costs of specialised care. £5 million (2023 £4.83 million) has been set aside for this purpose, whilst having regard to the resources available.

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

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 2024 (2023: 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
2024
£
1,878,307
6,663,745
439,158
8,981,210
Fund balances at
30 September 2024:
Tangible fixed assets
Investments
Net current assets
Total net assets		 —
—
405
405

The Congregation of the Sisters of St Mary of Namur CIO 49

Notes to the accounts Year to 30 September 2024

18 Analysis of net assets between funds (continued)

General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Total
2023
£
1,873,910
6,111,199
398,984
8,384,093
Fund balances at
30 September 2023:
Tangible fixed assets
Investments
Net current assets
Total net assets		 155
155

The total unrealised gains at 30 September 2024 constitute revaluation of listed investments. The movements on the unrealised gains during the period were as follows:

2024
£
Unrealised gains included above on investments
Total unrealised gains at 30 September 2024
Reconciliation of movements in unrealised gains
Unrealised gains at 1 October 2023
Less: in respect to disposals in the period
Add: net gains arising on revaluation in the period
Total unrealisedgains at 30 September 2024

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 50