# **CONGREGATION OF NOTRE DAME DE SION LIMITED** **ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** **Charity Number: 1178995 Company Number: 10851948** ## **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 I Neculai| ||Sr O O’Shea| |Secretary|L&P Trustee Services Limited| |Charity number|1178995| |Company number|10851948| |Registered address|34 Chepstow Villas| ||London| ||W11 2QZ| |Auditors|Forvis Mazars LLP| ||5thFloor, 3 Wellington Place,| ||Leeds| ||LS1 4AP| |Investment Managers|Cantor Fitzgerald Ireland| ||23 St Stephens Green| ||Dublin 2| ||Cazenove Capital| ||Schroder and Co. Ltd| ||1 London Wall Place| ||London EC2Y 5AU| |Bankers|Lloyds Bank| ||25 Gresham Street| ||London| ||EC2V 7HN| ||Allied Irish Banks| ||3rd Floor| ||1 Adelaide Road| ||Dublin 2| Lawyers Broadfield Law UK LLP One Bartholomew Close, London EC1A 7BL ## **CONGREGATION OF NOTRE DAME DE SION LIMITED CONTENTS** ||**Page**| |---|---| |Trustees’ Report|1 - 10| |Independent Auditor’s Report|11 - 15| |Statement of Financial Activities|16| |Statement of Financial Position|17| |Statement of Cash flows|18| |Notes to the Financial Statements|19 – 33| 1 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements for the year ended 31 December 2024. 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 A M Murillo Arévalo Sr G M Nabuurs Sr I Neculai Sr O O’Shea ## **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") 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: - Pastoral, educational, religious formation and social ministries. - Jewish-Christian Relations. - Interfaith dialogue. - Assistance of the poor and needy through the relief of poverty and ecological consequences in areas of the Congregation's ministries. - Religious training and spiritual well-being of the members of the Congregation; and - Support of the Members in carrying out their ministries and charitable activities 2 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) ## **Public Benefit** The Trustees consider that the activities and achievements of the Charity illustrate that the aims of the Charity are carried out for the public benefit. The Trustees confirm that they have considered the best practice guidance on public benefit when deciding what activities, the Charity undertakes. ## **Achievements and Performance** The Charity supported several Regions of the Congregation with the care and formation of the sisters and the promotion of their ministries. |
sisters and the promotion of their ministries.|| |---|---| |**Region**|**Amount**| |Asociacion Cultural Educativa Ratisbona,Central America|€801,887| |Asociación Cultural Educativa Colegio de Sion,Costa Rica|€241,278| |Congregation de Notre Dame de Sion - Mediterranean|€200,000| |Notre Dame de Sion Congregation Account,Jerusalem|€700,000| |Notre Dame de Sion,France,Europe|€400,000| |Notre Dame de Sion Inc.,Philippines|€18,882| |Congregation of Our Ladyof Sion(COLOS UK)|€27,500| |Congregacao das Religiosas n Senhora Sion,Brazil|€980,000| |Congregation Centre for Biblical Formation,Jerusalem|€12,212| |Notre Dame de Sion Congregation Account,Rome|€1,092,455| ||| |**Total**|**€4,474,214**| In addition, the Charity supported the sisters in Costa Rica with a donation of €398,449 for a property for the ministry of the Centre for Judeo-Christian Relations (CERJUC) and the administrative offices of the Ratisbonne Cultural Educational Association. It also supported the congregation in Rome with donations of €443,188 for the renovations to the property at Via Garibaldi. The charity also supported the schools in Brazil by instructing Visagio Consulting to carry out a detailed audit of the three schools in Brazil, costing €169,479. The Charity also supported a range of causes with donations to charities, as follows: - |**Charity**|**Amount**| |---|---| |Latin PatriarchyJerusalem|€30,811| |Rabbis for Human Rights Jerusalem|€15,098| |Hand in Hand Schools,Jerusalem|€15,098| |Westminster Caritas London,UK|€60,390| |The Congregational Teams for Christology,
Schools, Migrating the Charism, Jewish-Christian
Relations and Sophie Stouhlen Formation in
support of their work|€6,315| |**Total**|**€127,712**| ||| 3 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) The donation to the Latin Patriarchy was made in response to the general appeal of November 2023 for emergency aid to support those suffering extreme hardship due to the war. The donation to Rabbis for Human Rights was given to support their mission, which includes coexistence of the people and fostering interfaith relations. Hand in Hand has established a network of bilingual schools for Jewish and Arab children in Israel, with the aim of promoting peace and understanding of each other in an educational environment. Westminster Caritas, a Catholic organisation in the UK, works to support those in need, addressing issues such as poverty, disability, isolation, and exploitation. In addition, a commitment for donations of €7.9 m approved in the Charity’s Budget for 2025 was made in the accounts to support the regions of The Congregation and to third parties, as follows: - |**Region**|**Reason for Donation**|**Amount**| |---|---|---| |Asociacion Cultural
Educativa Ratisbona,
Central America|To support the living expenses and
formation for the sisters|€705,259| |Asociación Cultural
Educativa Colegio de Sion|To support the living expenses and
formation for the sisters|€57,754| |Congregation de Notre
Dame de Sion -
Mediterranean|To support the living expenses and
formation for the sisters|€253,454| |Notre Dame de Sion
Congregation Account,
Jerusalem|To support the living expenses and
formation for the sisters|€697,886| |Notre Dame de Sion,
France,Europe|To support the living expenses and
formation for the sisters|€977,500| |Notre Dame de Sion Inc.,
Philippines|To support the living expenses and
formation for the sisters|€47,330| |Congregation of Our Lady
of Sion(COLOS UK)|To support the living expenses and
formation for the sisters|€709,143| |Congregacao das
Religiosas n Senhora Sion,
Brazil|To support the living expenses and
formation for the sisters|€1,148,128| |Congregation Centre for
Biblical Formation,
Jerusalem|In support of biblical formation and
succession planning|€228,505| |Notre Dame de Sion
Congregation Account,
Rome|In support of the congregation and
for work in Kenya|€813,830| |Higienopolis, Vila Maria
and Rio de Janeiro
Schools,Brazil|In support of education purposes|€1,258,000| |Visagio Consulting, Brazil|Audit support for the three schools
in Brazil|€472,097| 4 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) |GrandbourgCemetery|Renovation Works|€400,000| |---|---|---| |Congregation Christology
Symposium|In support of its work|€144,500| |**Total**||**€7,913,386**| ## **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 over the longer term. This approach is intended to ensure that the level of reserves is maintained, but on occasion the Trustees will approve donations above the annual income generated. In 2024 the Charity received unrestricted donations of €41,617,828 (2023: €218,892). The donations received included donations of properties from the Grandbourg Trust (€41,250,878) and fixtures and fittings (€56,243), regional donations (€235,232), a legacy donation (€74,988), and third-party payments for CBF course bookings (€487). On 1 January 2024, the Charity received a donation of properties comprising six non-investment properties, two investment properties, and one school, classified as a social investment. All noninvestment properties are residential dwellings that support communities across the UK and Ireland. During the year, one of the non-investment properties was sold, and the proceeds were used to establish a new investment portfolio with Cazenove Capital. Additionally, one of the investment properties underwent a change of use. Renovation work began in October 2024 and will continue into 2025. Upon completion, the property will be repurposed as a residential dwelling serving the community in London. The Charitable expenditure totalled €8,122,001 (2023: €4,757,842). At 31 December 2024 the Charity had total funds of € 85,685,954 (2023: €40,390,781), of which €69,606,134 (2023: €46,280,231) is represented by investments. Of the total funds, €63,495,795 were unrestricted. The remaining €22,190,159 was held in three designated funds: €21,790,159 was designated to cover the net cost of tangible fixed assets and social investments; €150,000 was allocated for humanitarian aid and crisis relief; and €250,000 was set aside to support education facilities worldwide. The level of reserves at year end are sufficient to meet Charity’s continued obligations. The Charity maintains a conservative level of liquid funds in bank accounts to cover general expenses. To fulfil larger donation commitments, it makes drawdowns from investments as needed. This approach maximizes investment returns while minimizing the time funds remain in low-yield bank accounts. ## **Plans for the Future Periods** The Charity plans to continue to advance the Christian religion through the social and charitable work carried on by the Congregation of Our Lady of Sion 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. 5 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) ## **Recruitment and Training of Trustees** The Trustees are chosen based on 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. ## **Organisational Structure** The Trustees are responsible for the policies, activities and the safeguarding of the 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. The Trustees are not remunerated for the work that they do. ## **Related Parties** The Charity has received donations from various Regions of the Congregation of Notre Dame of Sion and supports the life and work of members of the Congregation in areas of need. See Note 20 for further details on the related parties. ## **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 requirements and the returns earned on the Charity’s investment portfolios. 6 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) IT/Data Security: The Trustees reviewed the Charity’s IT and document security systems and implanted a more robust and secure system. 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 two long term investment portfolios, managed by Cantor Fitzgerald Ireland Ltd and Cazenove Capital respectively. The fund managed by Cazenove Capital was set up in July 2024 with funds from a property sale. The purpose of the investments 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 for both portfolios. 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. 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: - Damage to the environment - Infringement of human rights - Manufacture of armaments and supplies to the military - Manufacture of anti-life products - Irresponsible marketing of milk substitutes to nursing mothers in third world countries - Stem cell research - Cosmetics testing on animals - Gambling - Pornography - Tobacco At 31 December 2024, the investment funds were as follows: |**Fund Manager**|**31st December 2024**|**31st December 2023**| |---|---|---| |Cantor Fitzgerald Ireland Ltd|€43,563,409|€46,280,231| |Cazenove Capital|€25,292,513|€0| |**Total**|**€68,855,922**|**€46,280,231**| In addition, there are funds of €750,218 (€0 in 2023) on long term deposit, managed by Cantor Fitzgerald Ireland Ltd, which was set up in July 2024 with funds from a property sale. 7 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) ## **Positive Impact Investing** The Charity views its investment portfolio as an extension of its Mission. Alongside its active Ministries, it seeks to bring about positive change through impact investing. The portfolios are carefully structured to avoid investments in industries deemed harmful, such as fossil fuels and armaments, ensuring that the Charity’s resources do not contribute to activities misaligned with its values. However, the Charity believes that avoiding harm is only part of the equation. More importantly, it seeks to actively invest in initiatives that create meaningful, positive change— enhancing individual well-being and promoting environmental sustainability. ## **The Portfolios and the Sustainable Development Goals (SDGs)** All the investments contribute towards the achievement of the Sustainable Development Goals (SDGs). The SDGs were developed and adopted by all member states of the United Nations to help achieve “a more sustainable future for all”. They represent a call to end poverty, protect the planet and promote prosperity and people’s wellbeing by 2030. They integrate and balance the three dimensions of sustainable development: economic, social and environmental. Achieving the SDGs on a global basis requires collaboration between governments, the private sector, civil society and citizens alike. The portfolios play a role in achieving these goals. Additionally, the Sustainable Development Goals (SDGs) are closely aligned with the charitable objectives of religious organisations. Since the publication of Laudato Si, Pope Francis has made a strong commitment to sustainable development. His appeal to “…every person living on this planet for an inclusive dialogue about how we are shaping the future of our planet”, provides a firm ethical foundation for actions that need to be taken urgently at all levels. Pope Francis’ speech ahead of the United Nations General Assembly’s formal adoption of the 17 SDGs gave further support to the ambitious and transformational vision of the goals. Cantor Fitzgerald Ireland Ltd assesses these positive impacts across several key areas, which they consider are essential indicators of how the investments contribute to meaningful change in the world. Below are some of the positive impacts achieved by the investment portfolio: 8 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) **----- Start of picture text -----**
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**JOBS HELP FOR THE CREATED GLOBAL POOR** Your Portfolio 1.8 times more will directly jobs created impact and help than an average 1,172 people in charity the Global portfolio, South, via predominantly access to in developing financial credit world and renewable electricity. Cazenove Capital provide two metrics to assess the investments compared to an appropriate benchmark: - ## • **Planet** **Carbon footprint:** an aggregate of the annual scope 1 and 2 carbon emissions (in tonnes) that can be attributed to the companies within the portfolio. For comparison an average home emits 8 tonnes of CO2 a year and a flight from London to San Francisco is equivalent to 1 tonne ofCO2 emissions per passenger. **Portfolio is 455 tonnes of CO2 compared to the benchmark of 1,1216 tonnes** ## • **People** **Social Dividend:** an estimate of the social contribution of companies within the investment portfolio, expressed as a percentage of sales. For example, a score of +2% means that the portfolio adds an estimated €2 of benefits for society for every €100 sales. The social contribution of a business that is valued as part of this score includes salaries, tax, medicine provision and access to water. **Portfolio is at 1.7% p.a compared to the benchmark of -0.2% p.a** 9 **CONGREGATION OF NOTRE DAME DE SION LIMITED** TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (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 situation 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 2024. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently. - observe methods and principles in the Charities SORP. - make judgments and estimates that are reasonable and prudent. - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. 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: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Trustees’ report, including the strategic report and directors’ report was approved by the Board of Trustees. philomena Conroy (Jun 18, 2025 13:10 GMT+2) Ana Margarita Murillo Arevalo (Jun 18, 2025 13:28 GMT+2) Philomena Conroy, Trustee Ana Margarita Murillo , Trustee Date Date 18/06/2025 18/06/2025 10 ## **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 ‘charity’) for the year ended 31[st] December 2024 which comprise of Statement of Financial Activities, Statement of Financial Position, Statement of Cashflows and 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 FRS 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: - give a true and fair view of the state of the charity’s affairs as at 31[st] December 2024 and of its result for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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 charity 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** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 11 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## INDEPENDENT AUDITOR’S REPORT (continued) ## TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED 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 financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the Trustee’s Report other than the financial statements and our auditor’s report thereon. The trustee’s are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the strategic report and the trustee’s report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ report has been prepared in accordance with applicable legal requirements. 12 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## INDEPENDENT AUDITOR’S REPORT (continued) TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED ## **Matters on which we are required to report by exception** In 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 strategic report or 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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the 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 the financial statements. 13 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## INDEPENDENT AUDITOR’S REPORT (continued) ## TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 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. Based on our understanding of the charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: - Inquiring of management and, where appropriate, those charged with governance, as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; - Inspecting correspondence, if any, with relevant licensing or regulatory authorities; - Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and - Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to cut-off) and significant one-off or unusual transactions. 14 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## INDEPENDENT AUDITOR’S REPORT (continued) ## TO THE MEMBERS OF CONGREGATION OF NOTRE DAME DE SION LIMITED Our audit procedures in relation to fraud included but were not limited to: - Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud; - Gaining an understanding of the internal controls established to mitigate risks related to fraud; - Discussing amongst the engagement team the risks of fraud; and - Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements 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 the audit report** This report is made solely to the charity’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 charity’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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed. Michael Speight Michael Speight (Jun 18, 2025 13:41 GMT+1) Michael Speight (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 5[th] Floor 3 Wellington Place Leeds LS1 4AP Date: 18/06/2025 15 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 |**Notes**
**Income from:**
Donations
**3**
Investment income
**4**
Rental Income
**5**
Sundry income
**Total Income**
**Expenditure on:**
Charitable activities
**6**
Raising funds
**7**
**Total Expenditure**
**Net income/(expenditure) for the year**
Net gain / (losses) on fixed assets
investments
**9**
Impairment of Social Investments
**10**
Gain on disposal of Property
**11**
**Net movement in funds**
Fund Balance brought forward
**Fund Balance carried forward**|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
41,617,828
218,892
865,598
750,810
481,390
-
-
4,607
**42,964,816**
**974,309**
8,122,001
4,757,842
315,782
235,364
**8,437,783**
**4,993,206**
34,527,033 (4,018,897)
3,353,416
(695,790)
(1,586,113)
-
9,000,837
-
**10,768,140**
**(695,790)**
45,295,173 (4,714,687)
40,390,781
45,105,468
**85,685,954**
**40,390,781**|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
41,617,828
218,892
865,598
750,810
481,390
-
-
4,607
**42,964,816**
**974,309**
8,122,001
4,757,842
315,782
235,364
**8,437,783**
**4,993,206**
34,527,033 (4,018,897)
3,353,416
(695,790)
(1,586,113)
-
9,000,837
-
**10,768,140**
**(695,790)**
45,295,173 (4,714,687)
40,390,781
45,105,468
**85,685,954**
**40,390,781**| |---|---|---| |||**974,309**| |||4,757,842
235,364| |||**4,993,206**| |||(4,018,897)
(695,790)
-
-| |||**(695,790)**| |||(4,714,687)
45,105,468| |||**40,390,781**| 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. 16 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 |**Notes**
**Fixed assets**
Investments
**12**
Investment Property
**13**
Social Investments
**13**
Tangible Fixed Assets
**13**
**Current assets**
Debtors
**14**
Cash at bank and in hand
**17**
**Creditors: amounts falling due within one**
**year**
**15**
**Net current liabilities**
**Total assets less liabilities**
**Income funds**
Unrestricted funds
**18,19**
Designated fund for tangible fixed assets and
social investments
Designated fund to support education facilities
worldwide
Designated fund for humanitarian aid and
crisis relief
Total funds|**2024**
**€**
69,606,134
1,855,638
1,208,870
20,581,289
**93,251,931**
23,211
536,259
559,470
(8,125,447)
**(7,565,977)**
**85,685,954**
63,495,795
21,790,159
250,000
150,000
**85,685,954**|**2023**
**€**
46,280,231
-
-
-| |---|---|---| |||**46,280,231**| |||14,775
589,920| |||604,695
(6,494,145)| |||**(5,889,450)**| |||**40,390,781**| |||40,390,781
-
-
-| |||**40,390,781**| The financial statements were approved and authorised for issue by the Board on 3[rd] June 2025. Signed on behalf of the Board of Trustees philomena Conroy (Jun 18, 2025 13:10 GMT+2) Ana Margarita Murillo Arevalo (Jun 18, 2025 13:28 GMT+2) Philomena Conroy, Trustee Ana Margarita Murillo, Trustee Date 18/06/2025 Date 18/06/2025 The notes on the pages 19 to 33 form part of these financial statements. **Company registration number: 10851948** 17 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 |**Cashflow from Operating Activities**
**Net cash provided /(used) by operating activities**
**16**
**Cashflow from investing activities**
Charitable activities
Purchases of investments
Withdrawals of funds from investment
Interest received
Rental income received
**Net cash (used)/generated 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 17**|**2024**
**€**
18,757,733
18,757,733
-
(24,753,674)
5,460,265
625
481,390
(18,811,394)
(53,661)
589,920
536,259|**2023**
**€**
(2,358,762)
(2,358,762)
-
-
1,500,000
362
1,500,362
(858,400)
1,448,320
589,920| |---|---|---| 18 NOTES TO THE FINANCIAL STATEMENTS ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** FOR THE YEAR ENDED 31 DECEMBER 2024 ## **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 Chepstow Villas, London, England, W11 2QZ. ## **1.1 ACCOUNTING CONVENTION** 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 Euros which is the functional currency of the Charity. 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 investments at fair value. The principal accounting policies adopted are set out below. ## **1** . **2 GOING CONCERN** The financial statements show that there are liabilities of around €8m. and net assets exceed €85 million. The Charity will fund these liabilities with proceeds from the sale of some investments from the portfolio. The Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. There are no material uncertainties in respect of the charity’s status as a going concern. ## **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. 19 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **1. ACCOUNTING POLICIES** ## **1.4 INCOMING RESOURCES (Continued)** - Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity’s right to receive payment is established. - **1.5 RESOURCES EXPENDED** - Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. The trustees are aware of the obligations to other areas of the congregation under a prior agreement before the notification of payment and therefore recognises them as a year-end liability. 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. Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include governance costs. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **1.6 DEPRECIATION OF TANGIBLE FIXED ASSETS** Tangible fixed assets donated to the Charity are recognised at fair value on the date of donation. The properties are depreciated at 2% of cost and Fixtures and Fittings are depreciated at 10% of cost per annum. 20 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## **1. ACCOUNTING POLICIES (CONTINUED)** - **1.7 VALUATION OF INVESTMENT PROPERTIES** Investment properties are valued at fair value each year in compliance with the Charities Statement of Recommended Practice (SORP). In the absence of formal professional valuations, the Charity may rely on publicly available online valuation tools (such as Zoopla) and guidance from local estate agents to estimate fair value. These valuations will be reviewed annually, or sooner if a material change in value is expected. ## **1.8 VALUATION OF SOCIAL INVESTMENTS** Social investments are held for the charity’s objectives in compliance with the Charities Statement of Recommended Practice (SORP). The valuation is reviewed annually. ## **1.9 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. ## **1.10 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 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. 21 **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 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. ## **1.11 TAXATION** The company is a registered Charity and is not subject to corporation tax or income tax on its charitable activities. ## **1.12 INVESTMENTS** Investments are recognised initially at cost 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. ## **1.13 FOREIGN CURRENCY** Assets and liabilities in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros 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. Upon their transfer on 1 January 2024, investment properties were valued using online valuation sources to reflect their estimated fair value at that date. These fair values were subsequently reviewed as at 31 December 2024, and any changes in value were recognised in the financial statements. All fair value estimates are subject to review and approval by the trustees. The Sion School in Worthing is classified as a social investment due to the provision of education and the lower value method. 22 **CONGREGATION OF NOTRE DAME DE SION LIMITED** NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations to related parties included in the accounts are based on approved budgets submitted by the related parties and formally approved by the trustees. The trustees review the availability of funds for distribution on a quarterly basis and work with the related parties to assess the ongoing need for financial support. As a result, the actual amounts paid out may be lower than the amounts accrued, depending on the outcomes of these periodic reviews and the level of demonstrated need. ## **3 DONATION INCOME** |**DONATION INCOME**||| |---|---|---| ||**Unrestricted**|**Funds General**| ||**2024**|**2023**| ||**€**|**€**| |Donations and gifts|€41,617,828|218,892| Included in the above are donations of €41,542,353 (2023: €219,775) received from related parties. See Note 20 for further information on the material donations from those parties. ## **4 INCOME FROM INVESTMENTS** |Income from listed investments
Interest receivable
**5 INCOME FROM PROPERTIES**
Rental Income from Investment Properties|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
864,973
750,448
625
362
865,598
750,810
**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**

481,390
-
481,390
-|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
864,973
750,448
625
362
865,598
750,810
**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**

481,390
-
481,390
-| |---|---|---| |||-| 23 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **6. CHARITABLE ACTIVITY EXPENDITURE** |**CHARITABLE ACTIVITY EXPENDITURE**||| |---|---|---| |
Donations
Support costs
Governance costs - auditor’s remuneration for
audit services
Governance costs – accountancy fees for other
services
Other currency exchange movements|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
7,205,311
4,529,742
850,770
154,640
41,952
27,961
76,300
40,784
(52,332)
4,715
8,122,001
4,757,842|| |||4,757,842| The auditor’s renumeration includes €8,587 for the 2023 audit due to an under accrual in the 2023 accounts. Included in the above are donations to connected charities. See Note 19 for further information on the material donations to those charities. The amount for donations includes an accrual for future donations, see Note 19 for further information. ## **7. RAISING FUNDS** |**RAISING FUNDS**||| |---|---|---| |
Investment Management fees|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
315,782
235,364
315,782
235,364|| |||235,364| ## **8. STAFF, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES** During the year, the Charity had two employees (2023: 1). The Charity’s key management personnel are its Trustees who received no remuneration during the year. During the year, travel expenses amounting to €3,297 (2023: €2,079) were paid in total to 4 trustees. |Wages and Salaries
Pension costs
Social welfare costs|**2024**
**€**
61,421
3,640
23,143
88,204|**2023**
**€**
46,435
3,245
18,875| |---|---|---| |||68,555| 24 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **8. STAFF, TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES (CONTINUED)** There was one employee whose employee benefits (excluding employer pension costs) exceeded €70,000. |
€70,000 - €80,000
**9.**
**NET GAINS/(LOSSES) ON INVESTMENTS**


Realised & Unrealised gains/(losses)
**10. NET GAINS/(LOSSES) ON PROPERTY VALUATIONS**


Realised & Unrealised (losses)/gains|
€70,000 - €80,000
**9.**
**NET GAINS/(LOSSES) ON INVESTMENTS**


Realised & Unrealised gains/(losses)
**10. NET GAINS/(LOSSES) ON PROPERTY VALUATIONS**


Realised & Unrealised (losses)/gains|**2024**
**Number**
1
**Unrestricted**
**2024**
**€**
3,353.416
3,353,416

**Unrestricted**
**2024**
**€**
(1,586,113)
(1,586,113)|**2023**
**Number**| |---|---|---|---| ||||-| ||||**Funds General**
**2023**
**€**
(695,790)| ||||(695,790)| ||||**Funds General**
**2023**
**€**
-
-| ||||| The loss on property valuation relates to the Sion School, Worthing. Please see note 13 for further information. ## **11. PROFIT ON DISPOSAL OF PROPERTY** |

Realised profit|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
9,000,837
-
9,000,837
-|**Unrestricted Funds General**
**2024**
**2023**
**€**
**€**
9,000,837
-
9,000,837
-| |---|---|---| |||-| The property, 34 Chepstow Villas, was sold in July 2024. The valuation of the property on 1[st] January 2024 when it was donated was €16,135,980. It was sold in July 2024 for €25,136,817 and the profit on the sale was €9,000,837. 25 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## **12. FIXED ASSET INVESTMENTS** |Market Value 1 January
Additions during the year
Sold during the year
Investment income
Charitable activities paid out of investments
Donations paid in investments
Funds withdrawn
Cost of generating funds paid
Unrealised gains/ (losses)
Market Value 31 December
Investments at fair value comprises
Equities
Securities
Bonds
Alternatives
Cash within investment portfolio|**2024**
**€**
46,280,231
34,496,186
(9,742,512)
71,033,905
864,973
-
119,113
(5,460,265)
(305,008)
3,353,416
69,606,134
**2024**
**€**
40,604,761
19,270,609
6,874,313
1,422,645
1,433,806
69,606,134|**2023**
**€**
47,827,705
4,858,384
(4,866,039)| |---|---|---| |||47,820,050
750,448
-
99,625
(1,500,000)
(194,102)
(695,790)| |||46,280,231| |||**2023**
**€**

20,483,076
21,881,917
3,507,201
-
408,037
46,280,231| The following investments made up more than 5% of the portfolio at year end: - |**Investment**|||**Amount**|**% of Portfolio**| |---|---|---|---|---| |Setanta Ethical|Global Equity Fund||€10,269,736|14.75%| |iShares
MSCI|
World|Socially|€10,292,267|14.79%| |Responsible Equity Fund||||| 26 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## **13. FIXED ASSETS PROPERTY** At the board meeting on 12[th] October 2023, it was confirmed that the Congregation of Our Lady of Sion (COLOS UK) would transfer its beneficial interest in the Grandbourg Trustee Company to the Charity (CNDS Ltd) on 1[st] January 2024. Properties were donated and were valued at €41,250,878. |**Cost**
At 1 January 2024
Donation on
01/01/2024
Additions
Transfers between
classes
Sales/Disposals
At 31 December 2024
**Depreciation**
At 1 January 2024
Accumulated
depreciation on
donation
Depreciation charged
in the year
Impairment in the year
At 31 December 2024
**Net Book Value**
At 31 December 2024
At 31 December 2023|**Freehold**
**Property**
**Leasehold**
**Property**
**Fixtures**
**and**
**Fittings**
**Total**
**Tangible**
**Assets**
**Social**
**Investments**
**Investment**
**Properties**
-
-
-
**-**
**-**
**-**
1,829,130
1,346,597
359,865
**3,535,592**
**-**
**38,075,151**
131,602
-
-
**131,602**
**-**
**-**
17,288,550
-
-
**17,288,550**
**2,794,983**
**(20,083,533)**
-
-
-
**-**
**-**
**(16,135,980)**| |---|---| ||**19,249,282**
**1,346,597**
**359,865**
**20,955,744**
**2,794,983**
**1,855,638**| ||-
-
-
**-**
**-**
**-**
-
-
303,622
**303,622**
**-**
**-**
36,582
26,932
7,319
**70,833**
**-**
**-**
-
-
-
**-**
**1,586,113**
**-**| ||**36,582**
**26,932**
**310,941**
**374,455**
**1,586,113**
**-**| ||**19,212,700**
**1,319,665**
**48,924**
**20,581,289**
**1,208,870**
**1,855,638**| ||-
-
-
**-**
**-**
**-**| The sale of an investment property was completed in July 2024 for €25.1 million. Please see note 11 for a breakdown of the gain on the sale of the property. The non-investment properties are used by the Sisters in the Congregation for their own occupation and these buildings are depreciated in line with our accounting policies. Investment properties comprise freehold properties. All properties were transferred at fair value on 1st January 2024, when the properties were donated. The values of the investment properties were reviewed again on 31st December 2024. The fair value of the properties is determined by assessing the market value of comparable properties in relevant locations, with guidance from estate agents and professional valuers. 27 **CONGREGATION OF NOTRE DAME DE SION LIMITED** NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **13. FIXED ASSETS PROPERTY (CONTINUED)** The Sion School property in Worthing was donated on 1 January 2024 and valued at €2.8 million, based on an independent professional valuation obtained at the time of the donation. The Charity is currently in negotiations to sell the property to the leaseholder at a significantly lower price. As a result, a decision was made in 2024 to impair the property’s value to reflect the best estimate of net sale proceeds after deducting costs to sell. This has led to the recognition of an impairment loss of €1.6 million and a valuation of €1.2 million as at 31[st] December 2024. The proposed sale has been approved by the Charity Commission and aligns with the Charity’s objectives in order to provide the leaseholder with the sustainability and security of a longer lease. ## **14. DEBTORS** ||**2024**|**2023**| |---|---|---| ||€|€| |Prepayments
|23,211|14,775| |**CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR**||| ||**2024**|**2023**| ||**€**|**€**| |Other Creditors
|8,125,447|6,494,145| ## **15. CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR** Included in Other Creditors are amounts payable to connected charities, see related party note 19 for further information. 28 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **16. RECONCLILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**17. ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**Total cash and cash equivalents**
Net movement in funds
Investment Income
Rental Income
Donations of properties and fixtures and fittings
Proceeds of sale of fixed assets
Depreciation
Renovations on property
Interest Income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
(Gains)/losses in investments
(Gains)/losses in property valuations
Profit on sale of property
Fees paid other than by cash
Donations received other than by cash
**Net cash provided by operating activities**||**2024**
**€**
536,259
**536,259**
**2024**
**€**
45,295,173
(864,973)
(481,390)
(41,307,121)
25,136,817
70,833
(131,602)
(625)
(8,436)
1,631,302
(3,353,416)
1,586,113
(9,000,837)
305,008
(119,113)
**18,757,733**|**2023**
**€**
589,920
**2023**
**€**
(4,714,687)
(750,448)
-
-
-
-
-
(362)
(14,775)
2,323,588
695,790
-
-
201,757
(99,625)
**(2,358,762)**| |---|---|---|---| ||||**589,920**| 29 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** ## NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **18. FUNDS RECONCILIATION** |**Unrestricted**
General
Total
Unrestricted
Funds
**Designated**
Tangible
fixed assets
and social
investments
Humanitarian
aid and crisis
relief
Worldwide
education
facilities
Total
designated
funds
**Total Funds**|**At 31**
**December**
**2023**
**Income**
**Expenditure**
**Gain/Loss**
**on Fixed**
**Assets**
**Transfers**
**At 31 December 2024**
€
€
€
€
€
€
40,390,781
21,174,657
(8,437,783)
10,768,140
(400,000)
63,495,795| |---|---| ||40,390,781
21,174,657
(8,437,783)
10,768,140
(400,000)
63,495,795| ||-
21,790,159
-
-
-
21,790,159
-
-
-
-
150,000
150,000
-
-
-
-
250,000
250,000| ||-
21,790,159
-
-
400,000
22,190,159| ||| ||**40,390,781**
**42,964,816**
**-**
**(8,437,783)**
**10,768,140**
**-**
**85,685,954**| The income funds of the Charity include designated funds held by the Trustees for specific purposes: - The Tangible Fixed Assets and Social Investment fund safeguards the property portfolio by protecting asset value against potential adverse impacts. - The Humanitarian Aid and Crisis Relief Fund enables the Charity to support those affected by disasters such as war or famine. The trustees will approve such donations as and when the need arises and the fund will be maintained on an ongoing basis and the trustees expect this to be used within the next five years. - The Education Facilities Fund aims to support educational institutions worldwide, with trustees approving assistance as needs arise. The fund will be maintained on an ongoing basis and the Trustees expect this to be used within the next five years. 30 ## **CONGREGATION OF NOTRE DAME DE SION LIMITED** NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **19. ANALYSIS OF NET ASSETS BETWEEN FUNDS** |**Unrestricted**
General
Total unrestricted funds
**Designated**
Tangible fixed assets and social
investments
Humanitarian aid and crisis relief
Worldwide education facilities
Total restricted funds
**Total Funds**|**Tangible**
**Fixed Assets**
**Other Fixed**
**Assets**
**Net Current**
**Liabilities**
**Total**
€
€
€
-
71,061,772
(7,565,977)
63,495,795| |---|---| ||-
71,061,772
(7,565,977)
63,495,795| ||21,790,159
-
-
21,790,159
-
150,000
-
150,000
-
250,000
-
250,000| ||21,790,159
400,000
- 22,190,159| ||| ||**21,790,159**
**71,461,772**
**(7,565,977)**
**85,685,954**| ## **20. RELATED PARTY TRANSACTIONS** Related parties are part of the wider congregation and are made up of communities around the world. During the year the Charity received donations without any restrictions, as follows: - |**Region**|**Amount for 2024**|**Amount for 2023**| |---|---|---| |Congregation of Our Ladyof Sion(Romania)|€119,112|€99,625| |Congregation of Our Ladyof Sion(Australia)|€116,120|€120,150| |Congregation of Our Lady of Sion (COLOS UK-
Donation of Property Portfolio|€41,307,121|-| |**Total**|**€41,542,353**|**€219,775**| There were no balances owed by any of the related parties to the Charity as at 31[st] December 2024. The Charity supported the sisters in Costa Rica with a donation of €398,449 for a property for the ministry of the Centre for Judeo-Christian Relations (CERJUC) and the administrative offices of the Ratisbonne Cultural Educational Association. The Charity also supported several Regions of the Congregation with the care of the sisters and the promotion of their ministries. This included donations, as follows: - 31 **CONGREGATION OF NOTRE DAME DE SION LIMITED** NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **20. RELATED PARTY TRANSACTIONS (CONTINUED)** |**Region**|**Amounts paid for**
**2024**|**Amounts paid**
**for 2023**|**Amount**
**Accrued at 31st**
**December 2024**| |---|---|---|---| |Asociacion Cultural Educativa
Ratisbona,Central America Region|€731,132|€742,608|€657,131| |Asociación Cultural Educativa
Colegio de Sion|€312,033|€320,755|€105,882| |Congregation de Notre Dame de
Sion,Mediterranean Region|€200,000|€200,000|€253,454| |Notre Dame de Sion,France,Europe|€400,000|
€400,000|
€977,500| |Congregacao
das
Religiosas
n
Senhora
Sion,Brazil|€980,000|€94,340|€1,148,128| |Notre Dame de Sion Congregational
Account,Jerusalem|€700,000|€490,591|€697,886| |Notre Dame de Sion Congregational
Account,Rome|€1,092,456|€2,155,900|€813,830| |Congregation of Our Lady of Sion
(UK)|€27,500|€27,014|€709,143| |Congregation Center for Biblical
Formation|€12,212|€153,889|€228,505| |Notre Dame de Sion Inc.,Philippines|€18,882|€18,223|€47,330| |**Total**|**€4,474,215**|**€4,603,320**|**€5,638,789**| . ## **21. PROVISIONS AND CONTINGENT LIABILITIES** The Charity has a duty to support the members of the Congregation and their ministries; this includes providing the various Regions of the Congregation with their working capital budget. This duty represents an obligation under applicable GAAP. This obligation requires a provision to be made for expenses that are known and can be measured reliably. The draft budgets for the Regions have been submitted and approved. Therefore, provision of €7,913,386 (2023: €6,321,117) has been made in these accounts for the donations payable included in the budget. The amounts relating to donations paid in Note 20 include both the amounts paid and amounts accrued. In October 2024, renovation work commenced at 17 Chepstow Villas. The costs incurred of €132K in 2024 have been included in the additions to fixed assets in the 2024 accounts. The work will continue into 2025, with a total contracted capital commitment of €1.3 million allocated for that year. 32 **CONGREGATION OF NOTRE DAME DE SION LIMITED** NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ## **22. OTHER** During 2024, the Charity began the process of transferring an investment in Oikocredit from Notre Dame de Sion in Rome. The transfer was completed on 1st February 2025, with a value of €244,680.11. 33