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2025-12-31-accounts

CONGREGATION OF NOTRE DAME DE SION LIMITED

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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 17 Chepstow Villas
London
W11 3DZ
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 2 - 10
Independent Auditor’s Report 11 - 14
Statement of Financial Activities 15
Statement of Financial Position 16
Statement of Cash flows 17
Notes to the Financial Statements 18 – 32

1

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees present their report and financial statements for the year ended 31 December 2025.

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:

2

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (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 €1,059,042
Congregation de Notre Dame de Sion - Mediterranean €200,000
Notre Dame de Sion Congregation Account,Jerusalem €625,000
Notre Dame de Sion,France,Europe €428,188
Notre Dame de Sion Inc.,Philippines €47,330
Congregation of Our Ladyof Sion(COLOS UK) €586,475
Congregacao das Religiosas n Senhora Sion,Brazil €895,000
Congregation Centre for Biblical Formation,Jerusalem €97,734
Total €3,938,769

In addition, the Charity also supported the schools in Brazil with donations of €966,810 and loans of €863,752 as part of a restructuring program. The Charity further supported the schools by continuing to instruct Visagio Consulting to undertake out a comprehensive audit and to develop an implementation plan of the three schools, costing €435,715.

The Charity also supported a range of causes with donations to charities, as follows: -

Charity Charity Amount
The Congregational Teams for Christology,
Schools, Jewish-Christian Relations and Sophie
Stouhlen Formation (Ratisbonne grants) in
support of their work		 €30,779
Total €30,779

3

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

In addition, a commitment for donations of €8.3m approved in the Charity’s Budget for 2026 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		 € 989,899
Asociación Cultural Educativa
Colegio de Sion		 To support the living expenses and
formation for the sisters		 € 68,176
Congregation de Notre Dame de
Sion - Mediterranean		 To support the living expenses and
formation for the sisters		 € 251,059
Notre Dame de Sion
Congregation Account,Jerusalem		 To support the living expenses and
formation for the sisters		 € 1,321,139
Notre Dame de Sion, France,
Europe		 To support the living expenses and
formation for the sisters		 € 521,978
Notre Dame de Sion Inc.,
Philippines		 To support the living expenses and
formation for the sisters		 € 53,253
Congregation of Our Lady of Sion
(COLOS UK)		 To support the living expenses and
formation for the sisters		 € 733,022
Congregacao das Religiosas n
Senhora Sion,Brazil		 To support the living expenses and
formation for the sisters		 € 1,608,809
Congregation Centre for Biblical
Formation,Jerusalem		 In support of biblical formation and
successionplanning		 € 133,692
Notre Dame de Sion
Congregation Account,Rome		 To support the living expenses and
formation for the sisters		 € 840,245
Notre Dame de Sion,Kenya For a house and to support the living
expenses and formation for the sisters		 € 457,000
Notre Dame de Sion,Egypt Renovation Works € 40,000
Visagio Consulting, Brazil Audit support for the three schools in
Brazil		 € 433,564
GrandbourgCemetery Renovation Works € 159,463
Congregational International
Meetings		 The Congregation Plenary meeting in
Australia and Formation meeting in
Jerusalem		 € 30,000
Notre Dame de Sion
Congregation Account,Jerusalem		 Renovation Works € 523,969
Asociacion Cultural Educativa
Ratisbona,Central America		 Renovation Works € 125,407
Total € 8,290,675

4

CONGREGATION OF NOTRE DAME DE SION LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

Financial Review & Reserve Policy

The Charity may utilise drawdowns from investment portfolios to support charitable donations, provided this remains consistent with approved financial planning and reserve policies. . In 2025 the Charity received unrestricted donations of €503,546 (2024: €41,617,828). The donations received included a donation of the Oikocredit investment from Rome (€244,680), regional donations (€256,781), and third-party payments for CBF course bookings (€2,085). The Charitable expenditure totalled €7,017,727 (2024: €8,122,001). At 31 December 2025 the Charity had total funds of € 80,945,667 (2024: €85,685,954), of which €64,806,373 (2024: €69,606,134) is represented by investments. Of the total funds, €58,905,169 were unrestricted. The remaining €22,040,498 was held in three designated funds: €21,640,498 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.

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.

5

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

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 21 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.

IT/Data Security: The Trustees reviewed the Charity’s IT and document security systems and have 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. In addition, an investment in Oikocredit from Notre Dame de Sion in Rome was transferred to the Charity in February 2025, with a value of €244,680. In the same month, the Charity contributed a further €200,000 to Oikocredit, bringing the total balance to €444,680 at year end.

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.

6

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

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:

At 31 December 2025, the investment funds were as follows:

Fund Manager 31st December 2025 31st December 2024
Cantor Fitzgerald Ireland Ltd €36,373,436 €43,563,409
Cazenove Capital €27,988,257 €25,292,513
Oikocredit €444,680 -
Total €64,806,373 €68,855,922

The long-term deposit funds managed by Cantor Fitzgerald Ireland Ltd (2024: €750,218) were closed in September 2025 and the proceeds were used to finance donation payments.

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.

7

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

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. Since his election in 2025, Pope Leo XIV has reaffirmed the Church’s call for urgent action on climate justice and integral ecology, continuing Pope Francis’ emphasis on caring for creation and the poor as essential to global solidarity and sustainable development.

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:

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8

CONGREGATION OF NOTRE DAME DE SION LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

Cazenove Capital provide two metrics to assess the investments compared to an appropriate benchmark: -

Portfolio is 335 tonnes of CO2 compared to the benchmark of 890 tonnes

Portfolio is at 3.2% p.a compared to the benchmark of 0.7% p.a

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 2025. 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

9

CONGREGATION OF NOTRE DAME DE SION LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)

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 and directors’ report was approved by the Board of Trustees.

philomena Conroy (Jun 17, 2026 11:51:44 GMT+3) ~~philomena Conroy~~

Ana Margarita Murillo Arevalo (Jun 17, 2026 19:47:56 MDT)

Philomena Conroy, Trustee Ana Margarita Murillo , Trustee Date Date17/06/2026 17/06/2026

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 December 2025 which comprise the Statement of Financial Activities, Statement of Financial Position, Statement of Cash Flows 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:

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.

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.

11

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 annual report, other than the financial statements and our auditor’s report thereon. The trustees 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 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:

12

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 trustees’ responsibilities statement set out on page 9, the trustees (who are also directors of the charity for the purposes 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 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 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.

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 sector, 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, 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:

13

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 Charities Act 2011 and 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, income recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

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 19, 2026 14:04:26 GMT+1) Michael Speight Senior Statutory Auditor For and on behalf of Forvis Mazars LLP Chartered Accounts and Statutory Auditor 19/06/2026

14

CONGREGATION OF NOTRE DAME DE SION LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Income from:
Donations
3
Investment income
4
Rental Income
5
Sundry income
Loan Interest receivable
14
Total Income
Expenditure on:
Charitable activities
6
Raising funds
7
Total Expenditure
Net (expenditure)/income for the year
Net gain on fixed assets investments
9
Impairment of Property Investments
10
(Loss)/gain on disposal of Property
11
Net movement in funds
Fund Balance brought forward
Fund Balance carried forward		 Unrestricted Funds General
2025
2024
€
€
503,546
41,617,828
1,061,087
865,598
191,420
481,390
3,813
-
2,768
-
1,762,634
42,964,816
6,606,128
8,122,001
356,648
315,782
6,962,776
8,437,783
(5,200,142)
34,527,033
1,268,017
3,353,416
(250,146) (1,586,113)
(144,969)
9,000,837
872,902
10,768,140
(4,327,240)
45,295,173
85,685,954
40,390,781
81,358,714
85,685,954		 Unrestricted Funds General
2025
2024
€
€
503,546
41,617,828
1,061,087
865,598
191,420
481,390
3,813
-
2,768
-
1,762,634
42,964,816
6,606,128
8,122,001
356,648
315,782
6,962,776
8,437,783
(5,200,142)
34,527,033
1,268,017
3,353,416
(250,146) (1,586,113)
(144,969)
9,000,837
872,902
10,768,140
(4,327,240)
45,295,173
85,685,954
40,390,781
81,358,714
85,685,954
42,964,816
8,122,001
315,782
8,437,783
34,527,033
3,353,416
(1,586,113)
9,000,837
10,768,140
45,295,173
40,390,781
85,685,954

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.

15

CONGREGATION OF NOTRE DAME DE SION LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025

Notes
Fixed assets
Investments
12
Investment Property
13
Social Investments
13
Tangible Fixed Assets
13
Concessionary Loan
14
Current assets
Debtors
15
Cash at bank and in hand
18
Creditors: amounts falling due within one
year
16
Net current liabilities
Total assets less liabilities
Income funds
Unrestricted funds
19,20
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		 2025
€
64,806,373
1,605,492
1
21,764,895
863,752
89,040,513
29,589
934,023
963,612
(8,645,411)
(7,681,799)
81,358,714
59,443,818
21,764,896
0
150,000
81,358,714
 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

The financial statements were approved and authorised for issue by the Board on 9th June 2026.

Signed on behalf of the Board of Trustees philomena Conroy (Jun 17, 2026 11:51:44 GMT+3) Ana Margarita Murillo Arevalo (Jun 17, 2026 19:47:56 MDT) Philomena Conroy, Trustee Ana Margarita Murillo, Trustee ~~philomena Conroy~~ Date 17/06/2026 Date 17/06/2026

The notes on the pages 18 to 32 form part of these financial statements.

Company registration number: 10851948

16

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

CONGREGATION OF NOTRE DAME DE SION LIMITED

Cashflow from Operating Activities
Net cash (used)/provided by operating activities
17
Cashflow from investing activities
Purchases of investments
Withdrawals of funds from investment
Interest received
Rental income received
Net cash generated/(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 17		 2025
€
(6,509,255)
(6,509,255)
(1,509,262)
8,224,252
609
191,420
6,907,019
397,764
536,259
934,023		 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

17

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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 17 Chepstow Villas, London, England, W11 3DZ.

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 €6m. 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.

18

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

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.

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.

19

CONGREGATION OF NOTRE DAME DE SION LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

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 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.

1.9 CONCESSIONARY LOANS

During the year, the Charity has made concessionary loans to support the operation of 3 schools run by the Congregation in Brazil. These loans were made to further the Charities objectives as their primary purpose, and not to generate a financial return. The loans attract 2% interest and are repayable over a five-year period from 2030. Loan repayments and interest are to be made in accordance with the agreed repayment schedules ending in 2035. The loans are paid and are repayable in the original currency (Brazilian Real BRL). The loan balances are translated in Euros at the applicable year end exchange rate.

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.

20

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

1 ACCOUNTING POLICIES (CONTINUED)

1.10 FINANCIAL INSTRUMENTS (CONTINUED)

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.

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

21

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS CONTINUED

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.

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.

The charity has reviewed the recoverability of the concessionary loans noted in note 14 and assess these to be recoverable based on financial forecasts prepared by the schools.

3 DONATION INCOME

Donations and gifts Unrestricted Funds General
2025
2024
€
€
503,546
41,617,828

Included in the above are donations of €501,461 (2024: €41,542,353) received from related parties. See Note 21 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
2025
2024
€
€
1,060,478
864,973
609
625
1,061,087
865,598
Unrestricted Funds General
2025
2024
€
€

191,420
481,390
191,420
481,390

22

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

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
2025
2024
€
€
5,749,362
7,205,311
750,923
850,770
30,140
41,952
67,564
76,300
8,139
(52,332)
6,606,128
8,122,001
8,122,001

Included in the above are donations to connected charities. The amount paid to the connected charities in 2025 was €3,938,769 and the amount paid to charities was €30,779. See Note 21 for further information on the material donations to the connected charities.

The amount for donations includes an accrual for future donations, see Note 21 for further information.

7. RAISING FUNDS

RAISING FUNDS

Investment Management fees		 Unrestricted Funds General
2025
2024
€
€
356,648
315,782
356,648
315,782
315,782

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

During the year, the Charity had two employees (2024: 2). The Charity’s key management personnel are its Trustees who received no remuneration during the year. During the year, travel expenses amounting to €5,124 (2024: €3,297) were paid in total to 3 trustees.

Wages and Salaries
Pension costs
Social welfare costs		 2025
€
76,128
1,387
9,139
86,654		 2024
€
61,421
3,640
23,143
88,204

23

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

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.


2025
Number
€70,000 - €80,000
1
9.
NET GAINS ON INVESTMENTS
Unrestricted

2025
€
Realised gains
1,268,017
1,268,017
10. NET (LOSSES) ON PROPERTY VALUATIONS
Unrestricted

2025
€
Realised & Unrealised (losses)
(250,146)
(250,146)
The loss on property valuation in 2025 relates to the investment property in
Worthing. Please see note 13 for further information.
11. PROFIT ON DISPOSAL OF PROPERTY
Unrestricted

2025
€
Realised (loss)/profit
(144,969)
(144,969)		 2024
Number
1
Funds General
2024
€
3,353.416
3,353,416
Funds General
2024
€
(1,586,113)
(1,585,113)
Farncombe Road,
Funds General
2024
€
9,000,837
9,000,837

24

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

The leasehold on Sion School, Worthing was sold in September 2025. It was sold for €1,063,899 and the loss on the sale was €144,969. The loss on the sale related to concessions on rent payments for 2025, as part of the agreement.

12. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Market Value 1 January
Additions during the year
Sold during the year
Investment income
Donations paid in investments
Funds withdrawn
Cost of generating funds paid
Unrealised gains
Market Value 31 December
Investments at fair value comprises
Equities
Securities
Bonds
Alternatives
Cash within investment portfolio		 2025
€
69,606,134
37,125,535
(35,860,953)
70,870,716
1,060,478
244,680
(8,224,252)
(413,266)
1,268,017
64,806,373
2025
€
37,232,735
13,102,305
6,358,489
3,699,796
4,413,048
64,806,373		 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

The following investments made up more than 5% of the portfolio at year end: -

Investment Amount % of Portfolio
Fisher Investments Global ESG €6,439,187 9.94%
Values Fund
Setanta Ethical Global Equity Fund €5,892,381 9.09%

In February 2025, the Congregation of Notre Dame de Sion in Rome donated its investment of €244,680 in Oikocredit to the Charity. The Charity transferred €200,000 to Oikocredit in the same month and the year end balance of the investment was €444,680.

25

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

13. FIXED ASSETS PROPERTY

Cost
At 1 January 2025
Additions
Sales/Disposals
At 31 December 2025
Depreciation
At 1 January 2025
Depreciation
charged in the year
Impairment in the
year
At 31 December 2025
Net Book Value
At 31 December 2025
At 31 December 2024		 Freehold
Property
Leasehold
Property
Fixtures
and
Fittings
Total
Tangible
Assets
Social
Investments
Investment
Properties
19,249,282
1,346,597
359,865
20,955,744
2,794,983
1,855,638
1,619,117
-
-
1,619,117
-
-
-
-
-
-
(2,794,982)
-
20,868,399
1,346,597
359,865
22,574,861
1
1,855,638
36,582
26,932
310,941
374,455
1,586,113
-
401,259
26,932
7,319
435,510
-
-
-
-
-
-
(1,586,113)
250,146
437,842
53,864
318,260
809,966
-
250,146
20,430,557
1,292,733
41,605
21,764,895
1
1,605,492
19,212,700
1,319,665
48,924
20,581,289
1,208,870
1,855,638

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.

In September 2025, the Charity disposed of the leasehold interest in the Sion School property in Worthing property for €1.1 million, resulting in a loss on disposal of €150,000 recognised in the profit and loss account. The Company retains ownership of the freehold and, in recognition of this together with the associated peppercorn rent arrangement, the asset is reflected in the accounts at a nominal value of €1.

Investment property comprises a freehold property consisting of ten residential apartments held for investment purposes. The property was revalued at 31 December 2025 based on an independent surveyor valuation, reflecting current market conditions and a sale of the property as a whole. As a result, the valuation decreased from €1.86 million in 2024 to €1.61 million in 2025. Consequently, an impairment loss of €250,000 has been recognised in the financial statements for the year ended 31 December 2025.

26

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

14. CONCESSIONARY LOANS

In November 2025, the Charity agreed to loan three Sion Schools in Brazil the sum of R$ 5,561,000 BRL. The loans carry interest at 2% per annum and are repayable over the period 2030 to 2035. The loans were made to support capital expenditure and marketing costs as part of a restructuring programme.

At 31 December 2025, the loans were retranslated into Euros at the year-end exchange rate. The carrying amounts and accrued interest receivable were:

Vila Maria School
Higienopolis School
Rio de Janeiro School		 Revalued
Amount
€
221,957
295,425
346,370
863,752		 Interest
Receivable
€
711
947
1,110
2,768

The Charity has agreed to advance further concessionary loans in 2026 at 2% per annum. The amounts are to be confirmed.

As the loans are provided at below-market rates of interest, and were made primarily to further the charities objectives, they are classified as concessionary loans in accordance with Section 34 of FRS 102.

15. DEBTORS

2025 2024
€ €
Prepayments
 29,589 23,211
16. CREDITORS: AMOUNTS FALLING WITHIN ONE YEAR
2025 2024
€ €
Other Creditors
 8,645,411 8,125,447

Included in Other Creditors are accruals of €8,290,675 of which €7,067,648 are amounts payable to connected charities. See related party note 21 for further information.

27

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

17. RECONCLILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

18. 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
Sale of 34 Chepstow Villa
Sale of Sion School leasehold
Depreciation
Renovations on property
Concessionary Loans
Interest Income
(Increase) in debtors
Increase in creditors
(Gains) in investments
Losses in property valuations
Profit/loss on sale of property
Fees paid other than by cash
Donations received other than by cash
Net cash provided by operating activities		 2025
€
934,023
934,023
2025
€
(4,327,240)
(1,060,478)
(191,420)
-

-
1,063,899
435,511
(1,619,117)
(863,752)
(609)
(6,377)
519,964
(1,268,017)
250,146
144,969
413,266
-
(6,509,255)		 2024
€
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
536,259

28

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

19. FUNDS RECONCILIATION

At 31 December 2024
Income
Expenditure
Transfers
between
funds
Gain/Loss
on Fixed
Assets
At 31 December
2025
€
€
€
€
€
€
Unrestricted
General
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
Total Unrestricted funds
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
Designated
Tangible fixed assets and social investments
21,790,159
(25,263)
-
-
21,764,896
Humanitarian aid and crisis relief
150,000
-
-
-
150,000
Worldwide education facilities
250,000
-
-
(250,000)
-
0
Total designated funds
22,190,159
(25,263)
-
-
-
21,914,896
Total Funds
85,685,954
1,762,634
(6,962,776)
-
872,902
81,358,714		 At 31 December 2024
Income
Expenditure
Transfers
between
funds
Gain/Loss
on Fixed
Assets
At 31 December
2025
€
€
€
€
€
€
Unrestricted
General
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
Total Unrestricted funds
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
Designated
Tangible fixed assets and social investments
21,790,159
(25,263)
-
-
21,764,896
Humanitarian aid and crisis relief
150,000
-
-
-
150,000
Worldwide education facilities
250,000
-
-
(250,000)
-
0
Total designated funds
22,190,159
(25,263)
-
-
-
21,914,896
Total Funds
85,685,954
1,762,634
(6,962,776)
-
872,902
81,358,714		 At 31 December 2024
Income
Expenditure
Transfers
between
funds
Gain/Loss
on Fixed
Assets
At 31 December
2025
€
€
€
€
€
€
Unrestricted
General
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
Total Unrestricted funds
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
Designated
Tangible fixed assets and social investments
21,790,159
(25,263)
-
-
21,764,896
Humanitarian aid and crisis relief
150,000
-
-
-
150,000
Worldwide education facilities
250,000
-
-
(250,000)
-
0
Total designated funds
22,190,159
(25,263)
-
-
-
21,914,896
Total Funds
85,685,954
1,762,634
(6,962,776)
-
872,902
81,358,714
63,495,795
1,787,897
(6,962,776)
250,000
872,902
59,443,818
21,790,159
(25,263)
-
-
21,764,896
150,000
-
-
-
150,000
250,000
-
-
(250,000)
-
0
22,190,159
(25,263)
-
-
-
21,914,896
85,685,954
1,762,634
(6,962,776)
-
872,902
81,358,714

The income funds of the Charity include designated funds held by the Trustees for specific purposes:

29

CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

20. 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
€
€
€
- 67,125,617
(7,681,799)
59,443,818
- 67,125,617
(7,681,799)
59,443,818
21,764,896
-
-
21,764,896
-
150,000
-
150,000
-
-
-
-
21,764,896
150,000
-
21,914,896
21,764,896
67,275,617
(7,681,799)
81,358,714

21. RELATED PARTY TRANSACTIONS

During the year the Charity received donations without any restrictions, as follows: -

Region Amount for 2025 Amount for 2024
Congregation of Our Ladyof Sion(Romania) €147,101 €119,112
Congregation of Our Ladyof Sion(Australia) €109,680 €116,120
Congregation of Our Lady of Sion (COLOS UK-
Donation of Property Portfolio		 €0 €41,307,121
Notre Dame de Sion(Rome) €244,680 €0
Total €501,461 €41,542,353

In February 2025, the Congregation of Notre Dame de Sion in Rome donated its investment of €244,680 in Oikocredit to the Charity.

There were no balances owed by any of the related parties to the Charity as at 31st December 2025.

30

CONGREGATION OF NOTRE DAME DE SION LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2025

21. RELATED PARTY TRANSACTIONS (CONTINUED)

During the year, the Charity provided financial support to several Regions of the Congregation to assist with the care of the Sisters and the promotion of their ministries.

At year end, amounts totalling €450,000 have been accrued in respect of a property purchase and to support the community in Kenya, together with €40,000 accrued for renovation works to a property in Egypt.

In addition, the concessionary loans shown in note 14 are also made to related parties.

The donations paid in 2025, and the amount accrued for donations to related parties at year end are as follows: -

Region Amounts paid
for 2025		 Amounts
paid for 2024		 Amounts
accrued at
31st Dec
2025		 Amounts
accrued at
31st Dec
2024
Asociacion Cultural
Educativa Ratisbona, Central
America Region		 €1,059,042 €731,132 €1,115,306 €657,131
Asociación Cultural
Educativa Colegio de Sion		 €0 €312,033 €68,176 €105,882
Congregation de Notre
Dame de Sion,
Mediterranean Region		 €200,000 €200,000 €251,059 €253,454
Notre Dame de Sion, France,
Europe		 €438,188 €400,000 €521,978 €977,500
Congregacao das Religiosas n
Senhora Sion,Brazil		 €895,000 €980,000 €1,608,809 €1,148,128
Notre
Dame
de
Sion
Congregational
Account,
Jerusalem		 €625,000 €700,000 €1,345,108 €697,886
Notre
Dame
de
Sion
Congregational
Account,
Rome		 €0 €1,092,456 €847,245 €813,830
Congregation of Our Lady of
Sion(UK)		 €586,475 €27,500 €633,022 €709,143
Congregation
Center
for
Biblical Formation		 €87,734 €12,212 €133,692 €228,505
Notre Dame de Sion Inc.,
Philippines		 €47,330 €18,882 €53,253 €47,330
Notre Dame de Sion, Kenya €0 €0 €450,000 €0
Notre Dame de Sion,Egypt €0 €0 €40,000 €0
Total €3,938,769 €4,474,215 €7,067,648 €5,638,789

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CONGREGATION OF NOTRE DAME DE SION LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2025

22. 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 €8,290,675 (2024: €7,913,386) has been made in these accounts for the donations payable included in the budget.

Renovation work at 17 Chepstow Villas commenced in 2024 and continued throughout 2025. The costs incurred of €1.6 million in 2025 have been included in the additions to fixed assets in the 2025 accounts. The work will be completed in 2026, with a total contracted capital commitment of €423K allocated for that year.

23. OTHER

In June 2025, the board approved for the Charity to be registered as a foreign entity in Australia. The registration process is expected to commence in 2026, with completion anticipated later the same year.

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