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2020-12-31-accounts

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CONGREGATION OF NOTRE DAME DE SION LIMITED

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

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CONGREGATION OF NOTRE DAME DE SION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sr P M Conroy
Sr M O Babic
Sr A M Murillo Arevalo
Sr G M Nabuurs
Secretary L&P Trustee Services Limited
Charity number 1178995
Company number 10851948
Registered address 34 Chepstow Villas
London
W11 2QZ
Auditors Sanders
1 Bickenhall Mansions
Bickenhall Street
London
W1U 6BP
Investment Manager Cantor Fitzgerald Ireland
75 St Stephens Green
Dublin 2
Bankers Lloyds Bank
25 Gresham Street
London
EC2V 7HN
Allied Irish Banks
3rd Floor
1 Adelaide Road
Dublin 2

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CONGREGATION OF NOTRE DAME DE SION LIMITED CONTENTS

Page
Trustees’ Report 1 - 5
Independent Auditor’s Report 6 - 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash flows 12
Notes to the Financial Statements 13 – 20

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CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and financial statements for the year ended 31 December 2020.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Trustees of the Charity

The Trustees, who are also the directors for the purpose of company law, who have served during the year and since the year end were as follows:

Sr P M Conroy Sr M O Babic Sr A M Murillo Arevalo Sr G M Nabuurs

Objectives and Activities

The Charity's main object is to advance the Christian religion through the social and charitable work carried on by the Congregation of Our Lady of Sion ("the Congregation") in England and throughout the world in accordance with the mission and charism of its founder Father Theodore Ratisbonne and to provide for the members of the Congregation during their lives.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The Charity does not raise funds from the public.

The Congregation is present in many countries. The Charity, through all its activities, whether its national or international charitable work, ministries or education and training, will advance religion. The Charity will achieve this through the provision of financial support, which will enable programmes and projects to be carried out and achieved. The activities through which the Charity will achieve its charitable objective are as follows:

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CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Achievements and Performance

The Charity supported the following beneficiaries during 2020. £434,040 was donated to Congregation of Our Lady of Sion (UK) to support their educational purposes; £9,085 was donated to the Centre of Biblical Formation (CBF Jerusalem) for biblical formation; £164,689 was donated to the Our Lady of Sion School, Moravia, Costa Rica for the furtherance of their education; £264,238 was donated to Asociación Cultural Educativa Ratisbona, Our Lady of Sion Central America region, for the care of the sisters and ministries.

Financial Review & Reserve Policy

The Charity’s financial reserves aim to generate a level of income to match its target for donations and cost of raising funds. This approach is intended to ensure that the level of reserves is maintained. In 2020 Charity received unrestricted donations of £1,370,449 (2019: £17,925,398) and the Charitable expenditure totalled £904,681 (2019: £68,048). At 31 December 2020 the Charity had total funds all of which are unrestricted of £18,760,030 (2019: £17,697,465), of which £18,003,741 (2019: £17,372,723) is represented by investments.

As the Charity evolves the Trustees will consider which other KPIs are appropriate for it. During the transition period, accurate assessment of specific KPIs are not possible. The level of reserves at year end are sufficient to meet Charity’s continued obligations. The Charity’s cumulative investment return was 2.3% for the year ended 2020.

COVID-19 (Coronavirus)

In early 2020, the World Health Organization (WHO) declared COVID-19 a pandemic. While this is a constantly changing situation, the Trustees are monitoring and following the advice from the Government and the Health Service. The Trustees have considered the potential financial impact and believe that there would be minimal to no effect on the Charity’s ability to continue as a going concern. The Trustees and our professional advisors continue to monitor the situation.

Plans for the Future Periods

The Charity plans to advance the Christian religion through the social and charitable work carried on by the Congregation of Our Lady of Sion in England and throughout the world in accordance with the mission and charism of its founder Father Theodore Ratisbonne and to provide for the members of the Congregation during their lives.

Structure, Governance and Management

The Charity is a company limited by guarantee and governed by Memorandum & Articles of Association as amended by special resolution dated 10 August 2018. The Charity is a registered Charity with the UK Charity Commissioner under charitable number 1178995.

Recruitment and Training of Trustees

The Trustees are chosen on the basis of their willingness to serve, ability, governance, experience and support of the ethos, mission and philosophy of the Charity. The Trustees are well informed about the mission, governing document and history of the Charity. The Trustees are encouraged to attend appropriate external training courses and events to facilitate the undertaking of their role.

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CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Organisational Structure

The Trustees are responsible for the policies, activities and assets of the Charity. The affairs of the Charity are managed by the Board of Trustees who are accountable to the Members. The Board of Trustees meet regularly to review all aspects of the Charity’s activities. When necessary, they seek advice from the Charity’s professional advisors who provide administrative duties and investment advice.

Related Parties

The Charity has received donations from various Regions of the Congregation of Notre Dame and supports the life and work of members of the Congregation in areas of need.

Risk Management

The Trustees have considered the risks that are material to the Charity and have ensured that there are suitable procedures in place to mitigate these.

The Trustees believe that by monitoring reserve levels, by ensuring the existence of controls over key financial systems, by taking regular professional advice, they have established routinely effective systems and procedures to mitigate those risks. The principal risks affecting the Charity and the procedures in place to mitigate these risks are:

Governance and management which considers the efficiency of the Trustee body. Risks considered include lack of planning, a Trustee body which lacked sufficient skills or appropriate decision-making procedures. Such risks could include a lack of training / induction or poor stewardship of resources – human, financial and property. The Trustees have addressed these risks by operating both annual and longer term plans, holding regular Trustee meetings which include the monitoring of actual performance against these plans, having meaningful induction / handover for incoming Trustees, attending Trustee training days, seeking third party advice as required, etc.

Financial: The Trustees consider the financial capacity of the Charity and ensuring it has the available financial resources to continue to carry out its activities both now and in the years ahead. This incorporates the management of the operating (day-to-day) position, capital or building requirements and the returns earned on the Charity’s investment portfolios. These risks are mitigated in a variety of ways, including budgeting, the setting of an investment strategy / investment objectives that consider diversity, prudence and liquidity criteria, regular financial and investment reporting against budget, cash-flow planning, and the appointment of Stewardship advisors where necessary.

Investment Policy

The Charity’s financial reserves have been placed in long term investments, the purpose of which is to provide investment income to promote the charitable objectives of the Charity and to provide capital growth over the long term. A conservative investment strategy has been adopted. Investment income and gains will be used in future to fund donations to further the charitable objectives of the Charity. These funds have an ethical investment screen: they exclude companies that contravene certain ethical criteria and in most cases favour stocks that provide positive benefits to the community.

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CONGREGATION OF NOTRE DAME DE SION LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Investment Policy (continued)

These funds are likely to hold investments that are compatible with the Charity’s ethos. In this regard, the investment portfolio avoids certain areas of the equity market that derive revenues from unethical sources such as the following:

At 31 December 2020, £18,003,741 (2019: £17,372,723) was held in investment funds. These funds are managed by Cantor Fitzgerald Ireland Ltd. In addition, funds totalling £1,063,009 (2019: £329,927) were held on investment deposit.

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CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

The Trustees, who are also the Directors of Congregation of Notre Dame De Sion Limited for purpose of company law, are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year 2020. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees’ report, including the strategic report, was approved by the Board of Trustees.

Gertrude Nabuurs, Trustee Philomena Conroy, Trustee Date Date

6/22/2021 | 12:43 PM EDT

6/23/2021 | 8:44 AM EDT

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CONGREGATION OF NOTRE DAME DE SION LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED

Opinion

We have audited the financial statements of Congregation of Notre Dame de Sion Limited (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. 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 financial statements:

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 financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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CONGREGATION OF NOTRE DAME DE SION LIMITED

INDEPENDENT AUDITOR’S REPORT (continued)

TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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CONGREGATION OF NOTRE DAME DE SION LIMITED

INDEPENDENT AUDITOR’S REPORT (continued)

TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, set out on page 5, the Trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

•We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

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•We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102, the Companies Act 2006 and the Charities Act 2011) •We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

•We considered the procedures and controls that the charitable company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls .

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error .

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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 charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Iain McManus (Senior Statutory Auditor) for and on behalf of Sanders Chartered Accountants 6/23/2021 | 10:22 AM EDT Statutory Auditor 1 Bickenhall Mansions

Bickenhall Street London

W1U 6BP

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CONGREGATION OF NOTRE DAME DE SION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Income from:
Donations
3
Investment income
4
Total Income
Expenditure on:
Charitable activities
5
Raising funds
6
Total Expenditure
Net Income for the year
Net gains/ (losses) on fixed investments
8
Net movement in funds
Fund Balance brought forward
Fund Balance carried forward		 Unrestricted Funds General
2020
2019
£
£
1,370,449
17,925,398
203,703
30,583
1,574,152
17,955,981
904,681
68,048
65,076
22,303
969,757
90,351
604,395
17,865,630
458,170
(169,333)
1,062,565
17,696,297
17,697,465
1,168
18,760,030
17,697,465		 Unrestricted Funds General
2020
2019
£
£
1,370,449
17,925,398
203,703
30,583
1,574,152
17,955,981
904,681
68,048
65,076
22,303
969,757
90,351
604,395
17,865,630
458,170
(169,333)
1,062,565
17,696,297
17,697,465
1,168
18,760,030
17,697,465
17,955,981
68,048
22,303
90,351
17,865,630
(169,333)
17,696,297
1,168
17,697,465

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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CONGREGATION OF NOTRE DAME DE SION LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

Notes
Fixed assets
Investments
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less liabilities
Income funds
Unrestricted funds
15
Total funds		 2020
£
18,003,741
18,003,741
6,673
1,063,009
1,069,682
(313,393)
756,289
18,760,030
18,760,030
18,760,030		 2019
£
17,372,723
17,372,723
30,119
329,927
360,046
(35,304)
324,742
17,697,465
17,697,465
17,697,465

The financial statements were approved and authorised for issue by the Board on 21 June 2021.

Signed on behalf of the board of Trustees
Gertrude Nabuurs, Trustee Philomena Conroy, Trustee
Date Date
6/23/2021 8:44 AM EDT

The notes on the pages 13 to 20 form part of these financial statements.

Company registration number: 10851948

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CONGREGATION OF NOTRE DAME DE SION LIMITED

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Cashflow from Operating Activities
Net cash provided by operating activities 12
Cashflow from investing activities
Cost of generating funds paid out of investments
Purchases of investments
Net cash used by investing activities
Changes in cash and cash equivalent in the year
Cash and cash equivalent at 1 January
Cash and cash equivalent at 31 December 13		 2020
£
702,232
702,232
30,850
-
30,850
733,082
329,927
1,063,009		 2019
£
17,823,865
17,823,865
43,889
(17,555,413)
(17,511,524)
312,341
17,586
329,927

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CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES

Charity Information

Congregation of Notre Dame de Sion Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 34 Chestpow Villas, London, England, W11 2QZ.

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Charity’s Memorandum and Articles of associations, the Companies Act 2006 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 UK and Republic of Ireland (FRS102) (effective 1 January 2019)”.

The financial statements are prepared in sterling, which is the presentation currency. The functional currency of the Charity is euro. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain investment at fair value. The principal accounting policies adopted are set out below.

1 . 2 GOING CONCERN

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The Trustees have considered the potential financial impact of Covid-19 and believe that there would be minimal to no effect on the Charity's ability to continue as a going concern. The Trustees and our professional advisors continue to monitor the situation.

1.3 CHARITABLE FUNDS

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 INCOMING RESOURCES

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

1.4 INCOMING RESOURCES (Continued)

It is categorised under the following headings

Expenditure on charitable activities includes costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include governance costs.

1.6 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES (CONTINUED)

1.7 FINANCIAL INSTRUMENTS

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity’s balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of Financial Liabilities

Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.

1.8 TAXATION

The company is a registered Charity and is not subject to corporation tax or income tax on its charitable activities.

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CONGREGATION OF NOTRE DAME DE SION LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

1 ACCOUNTING POLICIES (CONTINUED)

1.9 INVESTMENTS

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Where held as an ongoing investment they are included as fixed assets.

1.10 FOREIGN CURRENCY

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net movement in funds.

2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 DONATION INCOME

DONATION INCOME
Unrestricted Funds General
2020 2019
£ £
Donations and gifts 1,370,449 17,925,398

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CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

4 INCOME FROM INVESTMENTS

Income from listed investments
Interest receivable
5.
CHARITABLE ACTIVITY EXPENDITURE

Donations
Support costs
Governance costs - auditor’s remuneration for
audit services
Governance costs – auditor’s remuneration for
other services
Currency exchange movements
6.
RAISING FUNDS

Investment advisory fees
Financial management fees
Company secretarial fees		 Unrestricted Funds General
2020
2019
£
£
203,698
30,532
5
51
203,703
30,583
Unrestricted Funds General
2020
2019
£
£
872,052
43,336
17,766
1,480
18,146
10,353
15,900
2,842
(19,183)
10,037
904,681
68,048
Unrestricted Funds General
2020
2019
£
£
52,859
13,769
5,353
1,320
6,864
7,214
65,076
22,303

7. STAFF, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

During the year, no staff were employed by the Charity (2019: £Nil). The Charity’s key management personnel are its Trustees who received no remuneration during the year. During the year, travel expenses amounting to £1,919 (2019: £1,301) were paid to 4 trustees.

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DocuSign Envelope ID: F26B5BF2-996A-4F28-AE5B-26570B6A3F01

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

8.
NET (LOSSES)/ GAINS ON INVESTMENTS


Realised & Unrealised (losses)/gains
Exchange gains /(losses)
9.
FIXED ASSET INVESTMENTS
Market Value 1 January
Additions during the year
Investment income
Cost of generating funds paid
Unrealised gains/(losses)
Market Value 31 December
10. DEBTORS

Prepayments
Investments at fair value comprises
Equities
Securities
Cash within investment portfolio		 Unrestricted Funds General
2020
2019
£
£
(319,286)
381,387
777,456
(550,720)
458,170
(169,333)
2020
2019
£
£
17,372,723
-
-
17,555,413
17,372,723
17,555,413
203,698
30,532
(30,850)
(43,889)
458,170
(169,333)
18,003,741
17,372,723
2020
2019
£
£
6,673
30,119
2020
2019
£
£

8,268,443
7,977,235
7,749,313
6,012,481
1,985,985
3,383,007
18,003,741
17,372,723

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DocuSign Envelope ID: F26B5BF2-996A-4F28-AE5B-26570B6A3F01

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

11. CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR

11. CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR
2020 2019
£ £
Other creditors 313,393 35,304
12. RECONCLILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2020 2019
£ £
Net movement in funds 1,062,565 17,696,297
Investment Income (203,698) (30,532)
Decrease/ (increase) in debtors 23,446 (30,119)
Increase in creditors 278,089 18,886
(Gains)/ losses in investments (458,170) 169,333
702,232 17,823,865
Net cash provided by operating activities
13. ANALYSIS OF CASH AND CASH EQUIVALENTS
2020 2019
£ £
Cash in hand 1,063,009 329,927
Total cash and cash equivalents
 1,063,009 329,927
14. FUNDS RECONCILIATION
Unrestricted Funds
£ £
Balance as at 1 January 17,697,465 1,168
Net income 585,212 17,875,667
Unrealised investment gain/ (loss) 458,170 (169,333)
Currency exchange movement 19,183 (10,037)
Balance as at 31 December 18,760,030 17,697,465

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DocuSign Envelope ID: F26B5BF2-996A-4F28-AE5B-26570B6A3F01

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2020

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS


Fixed asset investments
Current assets
Current liabilities		 Unrestricted Funds
2020
2019
£
18,003,741
£
17,372,723
1,069,682
360,046
(313,393)
(35,304)
18,760,030
17,697,465		 Unrestricted Funds
2020
2019
£
18,003,741
£
17,372,723
1,069,682
360,046
(313,393)
(35,304)
18,760,030
17,697,465
17,697,465

16. RELATED PARTY TRANSACTIONS

During the year the Charity received donations without any restrictions from Congregation of Our Lady of Sion Rome to the sum of £1,369,556. £434,040 was donated to Congregation of Our Lady of Sion (UK) to support their educational purposes; £9,085 was donated to the Centre of Biblical Formation (CBF Jerusalem) for biblical formation; £164,689 was donated to the Our Lady of Sion School, Moravia, Costa Rica for the furtherance of their education; £264,238 was donated to Asociación Cultural Educativa Ratisbona, Our Lady of Sion Central America region, for the care of the sisters and ministries.

17. EVENTS AFTER THE REPORTING PERIOD

There were no significant events affecting the Charity since the year-end.

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