CONGREGATION OF NOTrE DAME DE SION UMITED ANNUAL REPORT AND AUDITED FINANaAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONGREGATION OF NOTRE DAME DE SION LIMITED LEGAL AND ADMINISTrATIVE INFORMATION Trustees Sr P M Conroy Sr A M Murillo Arévalo Sr G M Nabuurs Sr M O Bablc I￿518ned 14 Febwuary 20231 Sr l Neculai (appointed 14 February 20231 Sr O (Yshea {appDinted 14 February 20231 Secretary L&P Trustee Service5 Limited Charity number 1178995 Company number 10851948 Reglstered address 34 Chepstow Villas London Wll 2QZ Auditors Sanders l Bickenhall Mansions Bickenhall Street London WIU 68P Investment Manager Cantor Fltzgerald Ireland 23 St Stephens Green Dublin 2 Bankers Lloyds Bank 25 Gresharn Street London EC2V 7HN Allied Irish Banks 3rd Floor l Adelaide Road Dublin 2 Lawyers 8DB Pitmans LLP One Bartholomew Close, London ECIA 7BL CONGREGATION OF NOTRE DAME DE SION LIMITED CONTENTS Trustee< Report i-ii Independent Audftof s Report 12-15 Statement of Flnanclal Artlvltles 16 Statement of Flnanaal Position 17 Statement of Cash Ilows Notes to the Flnancial Ststements 19-28 CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial Statements for the year ended 31 December 2023. The finandal ststements have been prepared in accordan￿ with the accountlng policies set out in note I to the financlal statements and comply wFth the Charitvs Memorandum and Articles of Association, the Companies Act 2006 and 'AccountlnB and Reportlng by Charities: Statement of Recommended Prdctice applicable to charities preparing their accounts In atcordance with the Financlal Reportin8 Stsndard appllcable in the UK and Republic of Ireland (FRS 1021" (effective l January 20191. Trustees of the C￿lity The Trustees, who are also the dirertors for the purpose of company law, who have serrfed during the year and since the year end were as follows: Sr P M Conroy Sr A M Murillo Arévalo Sr G M Nabuurs Sr M O Babic {resigned 14 February 20231 Sr l Neculai {appointed 14 February 20231 Sr O O'shea (appointed 14 February 20231 ObJertive5 and Actlvltles The Charity's main object Is to advan￿ the Chrlstlan religion through the social and charitable work carrled on by the Congregation of Our Lady of Sion 1.the Congregation") throughout the world in accordance wlth the mission and charism of its founder Father Theodore Ratisbonne and to provide for the members of the Cong￿gatIon during their Ilves. The Trustee5 have paid due regard to guidance issued by the Charlty Commission in decldlng what artivities 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 Intemational charitable work, minlstrles oreducation and trainlng. will advan religion. The Charity will achieve this through the pn)vi5ion of financial support, which will enable programmes and projects to be carried out and achieved. The activities through whlch the Chèrity will achieve its charltable objective are as follows.. Pastoral. educational. reli8ious formatlon and 50clal ministries: Jewishre wiecis EnergYfor3tsjD￿ FK)uses FerannL Awxdsernis5k)ns of4WX4)OTffirEsof C02 perannum I,(KX),OCI) Mwh ofrenvwalJeFyYè￿1 Feramurn Stslar In¢orne Fund Fund hO￿Ing3Pp1oX.4o 5dar Flanisin Euio Energy for150,IxX) htrjses per￿TruM Avoid5emi55icnsof162,OWtonrEs ofCO2 per annurn O Mwh 0frenÈyrdb￿ tx)4¥er wannum The benefrt of generating renewable power can be measured by how much fossil fuel ￿Wer land resultin8 C02 emlsstonsl It replaces. In 2023. the Portfolio avolded the release of almost 4.731 tonnes of C02e. This 15 equivalent to: Removing 1.022 cars from the roads everyyear 10,881 ba￿e15 of oll saved 3,941 acres of pine fO￿$t absorbing C02 for one year 520 round trlps around the world by one typScal passenger car {travelling at the equator). In terms of renewable ener8y produ￿d, the Portfolio prodU￿d 13.449 Mwh in 2023. enough energy to tthver approx. 3.669 homes. Environmentsl protection is a critical aspect of sustalnability addressed by the Portfolio. The forestry investments withln the Portfollo have a mandate to: CONGREGATION OF NOTRE DAME DE SION LIMrrED TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 {continued) Produce sustainable timber: Sequester carbon from the atmosphere; Protect natural resour￿$ and blodiversity of the area. in orderto minimise the effert on the biodiversity and general environmentsl welfare. Social Impact Job Creatlon Providing employment is one of the best methods of reducing poverty. and therefore it has a number of positive beneficial effects across the SDGS, from poverty reduction (SDGI) to providing Decent Work and Economic Growth {SDG81. As the majority of the job5 created by the impact investments are in the developing world. and tend to favour women as much {if not morel than men. then job creation in these areas improves Gender Equality {5DG51 and Reduces Inequalities ISDGIOI, both between sexes and between the developed and developin8 regions of the world. The Portfolio has a number of funds which provide job creation through thelr economic artivity. The equity funds provide capital to companies that employ anywhere between hundreds to hundreds of thousands, and therefore additional capital from investors should enable these companies to create jobs, albeit that the job ¢￿atIOn impact from additional investment in these typicalty large, established businesses is low. io CONGREGATION OF NOTRE DAME DE SION LIMrrED TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) However, other funds that operate in the developin8 worfd tend to produce far higher job creation and comprise the majority of the additional jobs produced for the portfolio as a whole. The new jobs created by an unscreened portfolio of the same size as the Portfolio would only create 43 new jobs. whlle the Portfolio helped create around 74 direct jobs in 2023. Statement of Trustee< ftesponslbillttes The Trustees are responsible for preparln8 the Trustees, Report and the financial ststements in accordance wlth appli(able law and regulations. The Trustees. who are also the Dirertors of Congregation of Notre Ihme De Sion Limited for purpose of company law, are responsible for preparing the Trustee< Annual Report and the financial Statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accountin8 Practice). Company law requiresthe Trustees to prepare financial statements for each financial year. which give a true and fair view of the state of affalrs 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 2023. In preparing these financial Statements. the Trustees are required to: select suitable accounting pollcles and then apply them con5i5tentlv: obseNe method5 and principles in the Charitles SORP: make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. 5ubjert to any materlal departures disdosed and explained in the financial statements; prepare the financial statements on the going con￿rn basi5 unle55 it Ss inapproprfate to presume that the Charity will continue in operation. The Trustee5 are responsible for keeping adequote accounting records that discbse with reasonable accuracy at any tlme the flnancial position of the charitable compony and enable them to ensure that the financial statements comply wlth the Companles Act 21￿. They are also responsible for safeguardin8 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 awa￿". there is no relevant audit information of which the tharitable company's auditors is unaware; and the Trustee5 have tsken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establlsh that the audltors are aware of that informatlon. The Trustee￿ ￿pOrt, Including the strategic report and dirertorf reF￿rt was approved by the Board of Trustees. Philomena Conro Date aq" , Trustee golq Gertruda Nabu Date Iq. rs, Trustee li CONGREGATION OF NOTRE DAME DE SION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED Oplnlort We have audited the financial statements of Congregation of Notre Dame de Sion Limited (the 'charitable compan￿) for the year ended 31 December 2023 which comprise the statement of financial artivltie& the Statement of financial position. the ststement of cash flows and the note5 to the financial statements. Including a summary of signrficant accounting policies. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standard5. includin8 Financlal 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 financlal ststements: glve a true and fair view of the state of the charitable company's affalrs as at 31 December 2023 and of Its incoming resources and application of resources, including Its income and expenditu￿, for the year then ended: have been Properly prepared in accordance with United Kln8dorn Generallv Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 21x16. Basi$ for Oplnlon We conducted ouraudit in accordan￿ with International Standards on Auditing {UK} IISAS IUKI) and applicable law. Our responsibillties under those standard5 are further described in the auditor responsibilitie5 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, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these ￿qUIrementS. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu51ons relatingto 80ing cpncem In auditing the financial statements, we have concluded that the trustee￿ use of the going con￿rn basls of accounting in the preparation of the financial statements is appropriate. Based on the work V￿ have perf0M￿d. we have not identlfled any material uncertainties relatin8 to events or conditions that, individually or collectively. may cast significant doubt on the charltable company'5 abllty to continue as a 80ing concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbllltles and the responsibilities of the trustees with respett to going concern are described in the ￿levant sections of this report. 12 CONGREGATION OF NOTRE DAME DE SION LIMITED INDEPENDENT AUDITOR'S REPORT (continued) TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED Other Infom￿tiOn The other informatlon comprises the informatlon Tncluded in the tru5tees' annual report. other than the flnancial statements and our audltorfs report thereon. The trustees are responslble for the other information. Our opinion on the financial statements doe5 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. Our responsibilty is to read the other information and. in doin8 so, consider vthether the other Information is materially inconslstent with the financlal statements or our knowledge obtained in the course of the audlt or otherwise appears to be materially rnisststed. If we identify such materlal inconsistencies or apparent material misststements, we are required to determlne whether this glves rise to a material mi55tatement in the flnancial statements themselves. If. based on the work we have perfomied, we conclude that there Is a materlal misstatement of thls other information. we are required to report that fact. We have nothing to report In this regard. Oplnions on other Tnatters prescribed bythe Companie5 Art 2￿16 In our opinion. based on the work undertaken In the course of our audit: the information given in the Trustees, report. which includes the Dlrectors, report and the Strategic report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements: and the Strategic report and the Directors, report included within the Tru5tee5' report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred 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 nolhing to report in respect of the followlng matters in ￿latiOn to whrch the Companie5 Act 21)J6 require5 US to report to you if, in our opinlon: adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accountin8 records and returns: or certain dbsclosures of Trustees, ￿muneratIon specified by law are not made: or we have not received all the information and explanations we require for our audit. 13 CONGREGATION OF NOTRE DAME DE SION LIMrrED 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, respoTrsibilltle5, set out on page 11, the Trustees. who are also the direttorsof the charitable company forthe 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 detemine is ne￿$Sary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the Trustees are ￿spOnSible for assessing the charitable companls ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basls of accountin8 unless the Trustees either intend to Ilquidale the charitsble company or to cease operations. or have no realistic alternative but to do so. Auditor responslblllties forthe audit of the Flnanclal Statements Our objectives are to obtain reasonable assurance about whether the financlal statements a5 a whole are free from material misstatement, vthether due to fraud or error, and to issue an auditor's reF>Ort that includes our opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonabty be expected to influence the economlc decisions of users taken on the basls of these financial ststements. Irregularlties. includlng fraud, are Instsnces of non-compliance with laws and regulations. We deslgn procedures in line with our responsibilitie5. Outlined above, to detect rnaterial misststements in respect of ir￿guIaritie$. Including fraud. The extent to which our procedures are capable of detecting Irregularities, including fraud 15 detsiled below.. The oblertives of our audit, in respect to fraud, are: to Identify and assess the risks of material misstatement of the financial ststements due to fraud: to obtain sufficient appropriate audlt 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 durlng the audit. However, the primary responsibility for the preventlon and detection of fraud ￿$ts w5th both those Cha￿ed with governance of the entity and its management. Our approach was as folh)ws: •We Identified areas of laws and regulations that could reasonabty be experted to have a material effect on the financial statements from ourgeneral commercial and settor experlence. and through discussion with the directors and other management (as required by auditin8 standards), and discussed with the director5 and other management the policles and procedures regarding compliance with laws and regulations; •We considered the le8al and regulatory frameworks directly applicable to the financial statement5 reporting framework IFRS 102. the Companies Att 21yJ6 and the Charities Act 20111 14 •We communicated Klentified laws and regulations throughout ourteam and remained alert to any indlcations of non-compliance throughout the audiL' •We considered the protrdures and controls that the charltable company has establlshed to address ri5k5 identlfied. or that otherwlse prevent, deter, and detect fraud; and how senior management monitors those pro8rammes and control5. Based on this understsnding we designed our audit procedures to identlfy nonrgery, collusion, omisslon or mIs￿presentatIOn. We are not responsible for preventing non-complian￿ and cannot be expected to detert non