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2025-06-30-accounts

Society of the Sacred Heart CIO

Annual Report and Accounts

30 June 2025

Charity Registration Number 1179288

Contents

Reports

Reports
Reference and administrative details
of the charity, its trustees and advisers 1
Report of the trustees 2
Independent auditor’s report 26
Accounts
Statement of financial activities 30
Balance sheet 31
Statement of cash flows 32
Principal accounting policies 33
Notes to the accounts 39

Society of the Sacred Heart Charitable Trust

Reference and administrative details of the charity its trustees and advisers

Trustees Sister Christine Edwards RSCJ
Sister Catherine Lloyd RSCJ (Chair until 26 June
2025)
Sister Sheila McNamara RSCJ
Sister Bernadette Porter RSCJ
Sister Lorraine Pratt RSCJ
Sister Stephanie Romaine RSCJ
Sister Marianne Tavares RSCJ
Sister Margaret Wilson RSCJ (Chair from 27 June
2025)
Provincial Superior Sister Catherine Lloyd RSCJ (until 26 June 2025)
Sister Margaret Wilson RSCJ (from 27 June 2025)
Administrative Address 3 Bute Gardens
Hammersmith
London
W6 7DR
Telephone 020 8741 4688
Charity Registration Number 1179288
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
53-55 Uxbridge Road
London
W5 5SA
Solicitors Pothecary Witham Weld
84 Eccleston Square
Pimlico
London
SW1V 1PX
Investment managers CCLA Investment Management Limited
1 Angel Lane
London
EC4R 3AB

Society of the Sacred Heart CIO 1

Report of the trustees Year to 30 June 2025

The trustees present their annual report together with the accounts of the Society of the Sacred Heart CIO (the ‘charity’) for the year to 30 June 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 33 to 38 of the attached accounts and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The principles set out in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) have been followed in the preparation of this report and accounts.

Introduction

The Society of the Sacred Heart is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission and governed by a constitution dated 23 July 2018.

The CIO was set up to continue the work of the Society of the Sacred Heart Charitable Trust (the predecessor charity), an unincorporated charity (Charity Registration Number 227848). The unincorporated charity remains a separate entity which the Society is acting to remove from the register.

The Society of the Sacred Heart (the ‘Society’) is an international Roman Catholic religious order of women (RSCJ). It is governed by its own Constitution.

The Society established its first community in England in December 1842. Members mostly live in small communities. Central to the lives of members is a rhythm of prayer and reflection, in solitude and together. This pattern of prayer and reflection, coupled with the desire to live as simply as possible and to meet the needs of our world – locally, nationally and globally - supports us and challenges us to live gospel values and to keep alive a vision of a world where justice and peace may flourish, and God’s love be made known to all.

Our apostolic priorities as an international congregation are education, spirituality, formation and justice, peace and integrity of creation.

Objectives

Our objectives are drawn from these apostolic priorities and include:

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Report of the trustees Year to 30 June 2025

Leadership in the Society

The Society is present on all continents and in forty one countries. It is divided into Provinces by country or region. The central government of the Society - the General Council and the Treasurer General – is based in Rome.

In 2021 the Society began the work of restructuring its governance with a proposed reduction from twenty seven provinces or areas to eight.

The Society of the Sacred Heart holds a General Chapter every eight years, and the priorities set by this inform the direction and priorities of the members worldwide in the ensuing eight-year period.

The Society’s General Chapter met in August 2024 and formally ratified the creation of eight provinces including our new province of Central Europe and the Islands comprising Ireland and Scotland, Austria, Germany, Hungary, England and Wales and Malta.

In December 2024, Sr Margaret Wilson was named as Provincial (Canonical Leader) for this new Province.

Our new province of Central Europe and the Islands began on June 27[th] 2025 with Sr Margaret Wilson assuming the role of Provincial and Chair of Trustees of our charity.

Our civil governance and structures in England and Wales are unchanged by these changes to our canonical governance.

Sr Cath Lloyd hands over to Sr Margaret Wilson

This report will describe work carried out in the area of England and Wales and our plans for future work.

Activities and performance

In setting the charity’s objectives and planning its activities, the trustees have considered the Charity Commission’s guidance on public benefit.

This report gives an overview of our work and pays particular attention to some of the ways in which we have sought to respond to and meet our objectives as a charity.

Much of our work is interwoven with our core belief in God and our membership of the Roman Catholic Church. These beliefs, along with our apostolic priorities of education, commitment to being at the service of the materially and spiritually poor and the marginalised, and our effort to meet the needs of our own members in this Province and in the wider international Society, constitute the activities of the Society.

Governance and Management

Leadership and government in the England Wales province are carried out with due regard to Canon and civil law. Our leadership structures conform to the constitution of the Society of the Sacred Heart constitution and UK charity law. Until June 26[th] 2025, our leadership team comprised the Provincial and her team of two. From June 27[th] 2025, our Canonical leadership team comprises Sr Margaret Wilson as Provincial along with a team of three.

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Report of the trustees Year to 30 June 2025

Eight sisters act as Trustees of the CIO. Table 1 sets out members of the Society involved in provincial leadership and the governance of our CIO during the report period.

The Society employs a total of 56 lay staff in England and Wales of whom 45 are employed at our care home. Other lay staff include those supporting the work of the charity in areas such as health, safeguarding, finance, administration and archive management.

Day to day management of lay staff is delegated to our Executive Director who works closely with the Provincial Team and the Board of Trustees.

Sisters Margaret Wilson, Angela Corsten, Rita Szentistvanyi and Kata Heim

Name Provincial Team Trustees of Charity Other
Governance
Structures
Sr Catherine Lloyd Provincial
(until June 26th)		 Chair until June 26th
then Trustee
Sr Margaret Wilson Provincial
(from June 27th)		 Trustee until June 26th
Chair from June 27th
Sr Angela Corsten From June 27th
Sr Rita Szentistvanyi From June 27th
Sr Kata Heim From June 27th
Sr Stephanie Romaine Trustee
Sr Chris Edwards Trustee Chair
of
Finance
Advisory Committee
Sr Lorraine Pratt Trustee
Sr Marianne Tavares Until June 26th Trustee
Sr Sheila McNamara Until June 26th Trustee
Sr Bernie Porter Trustee

Table 1

During the report period, Trustees reviewed the governance arrangements for our resources and resolved to strengthen this through the addition of lay advisors with specific expertise in investments, property and finance. This new committee comprising three community members and three lay experts will act as a Finance Sub-Committee to our Board of Trustees, offering strategic advice and assisting with future financial planning. Recruitment of suitably qualified lay experts is in progress at the time of writing.

Supporting members of the Society and their charitable ministries

The Society is obliged, legally and morally, to support its members and their charitable ministries. Because of their vow of poverty and the completion of a Deed of Covenant or Gift Aid declaration in favour of the charity, none of our members has resources of her own. Each one, however, has dedicated her life to the worship of God and the good works of the charity.

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Report of the trustees Year to 30 June 2025

We are so grateful for our neighbours; those who have brought friendship and those who have brought challenges, for the weddings we’ve attended and pain we’ve shared .

Boleyn Rd Community

Those who serve in the government and administration of the Province, Sisters and laity, do so in support of the members. The local community is the primary place where each member receives the support she needs, for herself personally and in undertaking our charitable works. By their vows, made to God and through the Society, RSCJ are also committed, at local and structural levels, to facilitate each other’s personal, spiritual and psychological growth and wellbeing.

Support of the members begins from the first stages of formation and incorporation. RSCJ are appointed by the Provincial – after consultation with the province – to accompany and support newer members through each stage, i.e. candidacy, novitiate and temporary vows, and through each discernment and transition.

Ongoing personal development of our members.

Each RSCJ is responsible for her on-going development, and the province tries to support and offer opportunities to individuals and groups for extending their personal growth at the human, spiritual, psychological, and emotional levels. Individual members of the province have followed sabbatical programmes, some in established centres, others through a programme they have designed with the approval of the Provincial Leadership Team.

Members of the Society in England and Wales have a median age of 82 years. In recent years, our leadership team and our trustees have taken a series of steps designed to support our members thus enabling them to remain in active ministry for as long as is possible.

Networking and Community

Throughout the year, Sisters have met with each other in a range of formal and informal settings.

During the report period, members met for formal gatherings in November and March. These meetings enable the leadership team and trustees to update members on key developments and to consult with them on a range of matters such as finance, heritage and legacy planning.

Informal social gatherings took place throughout the year including a Christmas gathering in London and festive events at Duchesne House, our care home. Outside of structured events, Sisters meet regularly on a face to face and online basis often to discuss aspects of scripture or spirituality.

Each community member has a designated Provincial Team member or link RSCJ who is available by telephone or during visits to offer support. In addition, many community members who live alone or distant from others are members of online or face to face groups offering opportunities for companionship and worship.

Those of us who live alone in the Roehampton area continue to meet fairly regularly for celebrations, or just to meet and share where we are in our lives and pray together. A group of us also continue the Reading Group which gives us much to think about, talk about and be challenged by. I am thankful for the opportunities Zoom provides!

Sr Barbara Sweeney RSCJ

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Report of the trustees Year to 30 June 2025

Health and Wellbeing

The Society employs a lay Health Advisor who offers health advice, advocacy, support and accompaniment to those Sisters living independently outside of our care home. The age profile of the Sisters means that demands on her time have increased. Following a review, we have appointed a second Health Advisor to ensure that members receive the health support needed.

As members of the Society get older, the support offered by our lay staff and other services mean that sisters can live independently for as long as is possible.

Medical appointments have played a large part and visits / support from (Health Advisor) are invaluable and ongoing. Also help from a local voluntary group who provide transport to local appointments. A home help from Age Concern helps with shopping and another with the garden.

RSCJ – Name withheld

Duchesne House

Duchesne House is the Society’s purpose-built care home in Roehampton offering care and support to up to sixteen sick, frail and elderly sisters. It exists to provide care for members, none of whom have resources of their own and all of whom have dedicated their lives to the educative mission of the Society of the Sacred Heart. A staff team of forty five work to ensure that the congregation receives

Easter Lunch at Duchesne House

the levels of care they require to enable them to live their lives in community as fully as is possible. An onsite chapel facilitates prayer and reflection with weekly Mass. Our fulltime Liturgical and Activities Coordinator organises a programme of internal events and sisters who can do so, attend community events outside Duchesne House. During the report period, the Duchesne House community numbered fourteen sisters. During the year, two sisters died and two joined the community.

One of the things I appreciate about living in Duchesne, is that our different needs are catered for; the carers and staff at every level encourage us to do what we can but not feel obliged to ‘go to everything’. I have appreciated the few outings I have been able attend this year and the enthusiasm and importance of the activities co-ordinators, who encourage those who can and want to go out, do so, whilst those who prefer for the most part, to stay in and enjoy the time to pursue their own interests.

Sr Mary Hinde RSCJ

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Report of the trustees Year to 30 June 2025

The year has gone by quickly. Community has been peaceful, and I am grateful for all the care we receive. I love Ant (our black and white cat) who seems to equally love my bed! It gives me such pleasure to watch him relax on my bed during the day and he certainly helps to keep the mice away. I enjoyed and appreciated the different outings I have had in the summer.

Sr Stella White RSCJ

Berrymead

Since 2020, our members have been engaged in a process of reflection and discernment about our future needs in relation to community life and housing as we age. With support from professionals in the area, we developed a proposal to build eight individual apartments with communal space on the site of but separate from our care home in Roehampton. Construction of this development (called Berrymead) began during the report period and is due for completion in April 2026. A project team chaired by one of our Trustees working with our Operations Manager are working to oversee this project. As the building project nears completion, members of the community are preparing to move to Berrymead.

Burying Time Capsule at the Berrymead site

Berrymead seems to be on the near horizon, with the new opportunities it promises for our lives as RSCJ.

Community Member – name withheld

Safeguarding

Along with other religious orders, the Society has continued to support the Roman Catholic Church’s “One Church” approach to safeguarding children and adults at risk.

The Provincial and trustees continue to engage with the Religious Life Safeguarding Service (RLSS) and the CSSA (Catholic Safeguarding Standards Agency).

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Report of the trustees Year to 30 June 2025

H eritage and Legacy Planning

The Society has been present in England since 1842. As our membership in England and Wales ages, Trustees are increasingly focussed on matters of heritage and legacy planning. We use the word heritage to celebrate that which we have inherited from the past, so that it can be enjoyed and shared in the future and preserved to pass on for future generations. Our heritage includes our tangible heritage of buildings, monuments and artefacts as well as the cultural and religious heritage of our traditions, beliefs, religious practices. It includes our contributions to the education of women and girls during our time in England.

Our Schools and College Network, funded by the Society, preserves and passes on our mission of Sacred Heart education.

Our archive preserves the intellectual property and artefacts of the Society and is open to scholars and others who wish to learn from our history.

During the report period we published books including a history of the Society in England and Wales and ‘A Way of Seeing- Glimpses from an Unwritten Biography of Janet Stuart RSCJ’.

In 2024, we established a Heritage Planning Group. This group is tasked with the preservation of our built heritage including our burial grounds, our chapel and other historic buildings. It has a specific current focus on the feasibility of the development of a heritage space at the University of Roehampton where the charity owns historic buildings. Our aspiration is that such a centre would celebrate our heritage but also form part of our legacy in England. In Spring 2025, the group held a consultation event with partners to begin to imagine a heritage site and how it might best serve those in the community. The process of consultation with Trustees, community members and partners is ongoing at the time of writing.

Grant to the Centre for Catholic Studies at the University of Durham

The Centre for Catholic Studies was formally established by Durham University in 2007 as the UK’s first permanent centre devoted to world-class research, teaching, and public outreach in Catholic Theology. In October 2024, Trustees approved a grant of £1m to the Centre. This grant (payable over three years) will enable the centre to appoint a post-doctoral fellow, to support the Catholic Social Teaching Network and to fund the Janet Erskine Stuart Scholarship, a fund for teachers of Religious Education, who wish to undertake post-graduate studies in Theology.

This grant, awarded by Trustees towards the end of the life of the province of England and Wales forms part of the legacy of our former province of England and Wales and furthers the Society’s mission.

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Apostolic Priorities

As members of the Society of the Sacred Heart, we organise the expression of our mission around four global Apostolic Priorities including the advancement of Education, Spirituality, Formation and Justice, Peace and the Integrity of creation. The next section of this report will describe our work in these areas and the public benefit derived from it.

The advancement of Education

Since its foundation, education has been at the heart of the Society’s expression of our mission. In England and Wales, our past work has included the establishment and running of schools at primary and post-primary level and establishing and running teacher training colleges, one of which is now a constituent college at the University of Roehampton.

Our Sisters continue to take active roles in the governance of the schools and college established by the Society. Table 2 sets out the current governance roles held by members of the Society. In addition to these formal roles, individual RSCJ take an active role in the day to day lives of the schools and support staff development and induction. We use our resources to support education projects within schools and universities, including running and funding a Sacred Heart Schools and College Network.

Sister /
Community
Member		 Sacred Heart
High School,
Hammersmith		 Woldingham
School		 University of
Roehampton
Council		 Digby Stuart
College Liaison
Group
Catherine Lloyd Chair of
Academy
Trustees		 Member
Lorraine Pratt Academy Trustee
Margaret Wilson Academy Trustee
Chris Edwards Academy Trustee Member Member
Bernadette
Porter		 Chair
Jane Maltby Governor

Table 2

Schools and College Network

The Schools and College Network of England and Wales consists of two primary schools, two secondary schools (one within the Trusteeship of the Society) and one independent school, and Digby Stuart College (part of Roehampton University).

The Network has two members of staff, one full-time and one part-time. The total number of school pupils supported by the Network is approximately 3,680 with a school staff total of over 500.

The main aim of the Network is to ensure that the mission and charism of the Society

School and College Network staff visit Duchesne House

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is maintained in the schools and college. This is a pivotal role since the declining number of RSCJ in England and Wales has led to a reduced presence of our Sisters in in the schools.

The promotion of Sacred Heart education takes place through the production of resources for students and staff, the hosting of conferences for students and staff and providing information and training for other stakeholders such as governors and parents.

This academic year has seen a number of significant milestones celebrated by the schools and college in the Network. These included the 50[th] anniversary of the Sacred Heart Goals of Education, the centenary of St Madeleine Sophie’s Canonization and the launch of the new Central Europe and Islands Province.

50[th] Anniversary of the Goals of Sacred Heart Education

The Sacred Heart Goals were developed and launched in the US in 1975. The English Network adopted the Goals in 2010. This academic year, schools have celebrated all five Goals with the production of short films and creative projects. The Network staff created leaflets for parents of pupils to support the development of the Goals at home.

The purpose of the Goals is to ensure that students leave schools with more than qualifications. In keeping with the mission and apostolic priorities of the Society of the Sacred Heart, students should develop:

Canonisation Centenary

In May, the Society marked one hundred years since St Madeleine Sophie’s Canonisation. Schools celebrated with special Masses and a short film was made sharing the life of Sophie and her legacy today. By uploading this to YouTube, stakeholders from across the Network were able to access the film and learn more about the founder of the Society. The film has been successfully received with views from around the world.

Joint Projects with CEI Province Schools

The launch of the Central Europe and the Islands province in June has provided opportunities for further collaboration with schools across the additional seven countries that have joined together with England and Wales. Whilst there are no plans to amalgamate the three separate Schools Networks (England – Ireland, Scotland, Malta – Central Europe) the English Network Coordinator works closely with her counterparts. This academic year has seen two joint projects with engagement from schools across seven countries. A JPIC (Justice, Peace and Integrity of Creation) Postcard exchange saw students sharing school-based initiatives in these areas.

Over one hundred and fifty students across the new CEI province took part in an art competition based around the Sacred Heart Goals which saw winning entries from students aged 5 to 18. For educators across the three Schools Networks, an international gathering will take place in Joigny, France –

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birthplace of St Madeleine Sophie Barat. This 3 day conference will be an opportunity for deepening the mission of Sacred Heart education in these schools and the development and implementation of further collaborative projects.

Support for transition of Senior Staff

A new Headteacher began work at Woldingham School in September 2024 which led to the launch of a Catholic Life Advisory Group at the school which the Network Coordinator has played a key role in, alongside supporting the Headteacher in her induction. The Network Coordinator has also supported Woldingham and Digby Stuart College in the recruitment of Chaplains this academic year. These pivotal roles in Sacred Heart education settings require professionals who are supportive of the mission and charism of the Society. The Network Office has continued to provide training to senior leadership teams and governing boards across our schools. RSCJ members of the community have also contributed through the provision of input for students.

Resources - digital & printed

This academic year has also seen further development of formation resources for all stakeholders across the Schools Network. This includes the design, production and distribution of over one thousand leaflets for parents new to Sacred Heart education and six hundred leaflets for Sacred Heart Educators. The digital resources are collated on a series of Padlets online which has led to significant increase in reach –eight hundred staff have accessed these over two thousand five hundred times. The Network Instagram account launched in Advent 2022 has grown to an online community of over two hundred and thirty, from sixteen countries with the most popular daily posts have reaching over one thousand accounts.

The University of Roehampton

The University of Roehampton is a collegiate, independent and not-for-profit university. It originated from its four founding Colleges, which are Digby Stuart (Catholic), Southlands (Methodist), Whitelands (Church of England) and Froebel (Secular). Digby Stuart was established and run by the Society as a teacher training college.

We retain our involvement with the University, appointing two members to the council and via the Digby Stuart Liaison Group. This group was established to help maintain and develop the relationship between the Society, the College, and the wider University community and to help the Society to understand how to go on enriching the community life of the college and the work of the chaplaincy in ways that reflect the values and ethos of the Society of the Sacred Heart. Further details of the Society and our work with Digby Stuart can be found in the Trustees report for our sister charity, Digby Stuart College.

During the report period, the Society used its resources to support our Apostolic priority in Education.

£10,000 was donated to Schools within the Schools Colleges Network under our Ministry Support Fund. This money provided support over one hundred families from 4 schools. Many of these families are living below the poverty line and the small grants which provide such basics as food vouchers and bedding provide a much needed and appreciated lifeline.

Sacred Heart Sanctuary Scholarship

In 2020, the Society donated £500,000 to the Sanctuary Scholarship at the University of Roehampton. The Sacred Heart Sanctuary Scholarship is designed to support those who might otherwise be unable to access higher education funding because of their immigration status. Funds are still disbursed via

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the scholarship. An additional student was supported during the report period bringing to eleven the total number of students supported by the Scholarship.

I would like to begin by expressing my heartfelt gratitude for the three-year scholarship from the Sacred Heart Sanctuary. Thanks to your generous support, I am able to fully dedicate myself to studying such a creative and exciting field as the film industry. I have many plans and ideas, and I truly appreciate the opportunity to share my progress with you.

Sanctuary Scholar – Name withheld

RUSH Scholarship

This scholarship, also funded by the Society in 2018 and is still disbursing funds, supports academics at risk of persecution in their homelands. During the report period, an academic from Ukraine received financial support enabling her to settle in the UK.

I am tremendously grateful for this wonderful opportunity to join your staff and contribute to the life of the university. .....I cannot fully express my gratitude to both the programme and the University of Roehampton for their support during this difficult period. I hope they can continue their noble work of helping at-risk researchers worldwide.

RUSH Scholar -Name withheld

Spirituality and the advancement of the Roman Catholic religion

Since its foundation in 1800 the “end and mission” of the Society of the Sacred Heart has been to make known the love of God, and all members are committed to this, whatever their ministries or circumstances. By living vowed lives exemplifying Gospel values in the context of the Roman Catholic Church, we are each and all contributing to the advancement of religion.

Some of our members carry out their ministries in specifically Roman Catholic contexts, but most have an outreach to people of all faiths and none. We believe that by our presence, as well as the witness of our activities, we meet this object of the charity.

Our members carry out their work in a variety of interlinked ways including spiritual ministry, chaplaincy and parish ministry and the promotion of ecumenical and interfaith dialogue.

Spiritual Ministry

Six province members engage in ministry as spiritual and retreat directors. This work takes place in a variety of contexts with some working from home and others in ecumenical contexts and retreat centres.

Sr Lorraine Pratt specialises in teaching dance meditation and in supervising and training others doing similar work. Alongside monthly workshops in London, this year Sr Lorraine led workshops in Germany, Spain and Hungary.

Sr Steph Romaine holds a caseload as a Spiritual Director and leads retreats for students and parishioners in Durham and Sunderland. Another focus of Sr Steph’s work is at the Minsteracres Retreat Centre where she offers supervision and training workshops with the Bereavement Team.

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I am a Spiritual Director and accompany people one to one on their spiritual journey. I also train Spiritual Directors as part of a Team working from a Centre in Durham. We offer a 2 year training and formation course to those discerning a call to the ministry of Spiritual Direction. I am also a trained Supervisor and hold a regular group as well as offering one to one supervision. In the Diocese of Hexham and Newcastle I hold the role of Diocesan Lead for Spiritual Accompaniment and enjoy gathering a group of 28 Accompaniers several times a year for ongoing training, formation and reflection. I am the ‘gatekeeper’ for those seeking Spiritual Accompaniment and manage the referrals and process of people beginning a Spiritual Accompaniment journey. I lead short retreats and days of reflection as requested by a variety of different groups. I also play a role in the spiritual formation of our Diocesan Youth Ministry Team based at the Youth Village who work with thousands of young people across the Diocese each year. It is a rewarding and life-giving ministry for me and rooted in our charism and spirituality.

Sr Sheila McNamara RSCJ

Llannerchwen Retreat Centre

Sr Clare Balfour and Sr Teresa Ryden (from early 2025) are responsible for running the Society’s spirituality retreat centre at Llannerchwen, Brecon in Wales. During the report period, the centre hosted guests from a variety of faiths.

In June 2024 the Provincial Team joined with external experts to reflect on emerging needs in spirituality and how Llannerchwen might respond to those needs. Having agreed to accept small groups for days of reflection and group discernment, work has

Poustinia at Llannerchwen

been ongoing during the report period to make the necessary building changes. These included the building of a new poustinia or reflective space. The centre also now receives groups engaged in the practice of Ecological Listening.

Chaplaincy ministry at Digby Stuart College, Roehampton University

The Society supports the Chaplaincy ministry at Digby Stuart College in a variety of ways. These are detailed in the report of our sister charity, Digby Stuart College.

Parish Ministry

All sisters are parishioners in their local Catholic churches and contribute to the life of these faith communities in many ways. Some of our Sisters participate in faith sharing groups, as readers and eucharistic ministers.

I am part of the Spirituality Group in the Parish and as part of Holy Year we decided to have a day when the Church was open for prayer. I set up Prayer corners based on the ‘I AM’ sayings in the Fourth Gospel.

Sr Lorraine Pratt RSCJ

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Formation

We use the term formation to encompass the fostering of spiritual, human and apostolic life at every level. This includes the initial and ongoing formation of our Sisters but also the formation of our lay partners for mission and the transmission and sustainability of our charism.

Whilst we have had no new vocations or sisters in initial formation recently, we have been engaged in a range of work contributing to the formation of our Sisters and partners in mission.

As part of our contribution to the international Society, we regularly host Sisters from other areas of the world wishing to learn English or undertake other developmental opportunities. During the report period, we were pleased to host visiting Sisters from Spain, Argentina, and Hungary. In the past year, we have designated one of our properties as a community to host visiting Sisters.

Sr Catherine Lloyd is engaged in formation work with a range of other congregations.

The Society runs periodic Formation to Mission sessions for lay staff including one during the report period.

Sister Jane Maltby with visiting RSCJ from Spain and Argentina

The Relief of Poverty

The Society’s commitment to the poor and the marginalised and to justice, peace, and the integrity of creation, permeates our lives and choices as individuals, local communities and as a province community. Much of our commitment to this aim is fulfilled through individual or local community involvement with a specific charity or project.

As a Development Worker for Caritas Westminster, I work primarily to support the 61 parishes, plus schools, in the West Area of the Diocese of Westminster in their social action. This can include food banks, homeless outreach, environmental initiatives, seniors’ clubs, warm spaces, or a community effort to support a local project. Working with parish priests, pastoral workers, key volunteers and members of the St Vincent de Paul Society, I might advise or help with recruiting and training volunteers, fundraising, networking, building capacity and knowledge, and ensuring the project is run safely and is sustainable. This means a lot of visiting and helping out at projects, and building relationships, as well as representing the Diocese at meetings with other agencies.

I also lead in the promotion and running of our Catholic Social Teaching (CST) programmes, accompanying parishes during and after Love in Action, and working with groups of Caritas Ambassadors in our schools. Both programmes entail learning about the principles of CST, and doing a local needs analysis, in order to then discern how the calls of CST can be put into action for the benefit of the local area; both programmes enable people to grow in how they understand and live their Faith.

Sr Silvana Dallanegra RSCJ

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Charitable Giving

During the year, the Society donated a total of £211,210 (2024 - £174,450) through our Missionary Support Fund (MSF) and grants from our Provincial Team. Organisations receiving grants and donations worked in areas such as refugee and migrant support, homelessness, family support and Catholic parishes. Organisations supported ranged from large international charities like CAFOD to local foodbanks in Hammersmith and Newcastle. Individual Sisters in England and Wales can nominate for support organisations with whom they have long standing connections. These bids for funding are then considered by a panel of Sisters and awards are made.

Reports from grantees are collected and analysed each year. They demonstrate the impact of donations for the beneficiary groups of grantee organisations.

Through your grant of £2,500 towards our Rainbows Bereavement Support Programme we have delivered training in schools to equip staff with the skills to facilitate support groups for pupils who have experienced a significant loss in their lives. These groups have proved extremely beneficial, helping children feel less alone with their grief and develop greater confidence and resilience. One teacher commented: “One Year 2 child had faced loss around a very bad break up of her parents … She was very wobbly each day when she came to school, having to be taken off Mum and required significant levels of pastoral support. Gradually after we began our Rainbows sessions she went from being the quietest member of the group to the chatty organised one… now she rarely comes into school looking sad or tearful, she enters through the school gates with a smile and is back to working well in class. She has become a happier, more content child.”

Catholic Children’s Society

The funding was used to fund school, college and nursey visits to Phoenix Farm in White City. Thanks to the funding received we were able to say yes to schools who asked to bring children to the farm. We ran sessions for nurseries and primary schools where the children can learn where their food comes from and how to grow it.

Hammersmith Community Gardens Association

In addition to the Ministry Support Fund, this year, the Provincial team made “one off” emergency donations to those experiencing great need. These have included charities working with victims of disaster and contributions to special appeals of the international Society.

The two humanitarian Appeal donations have been spent on delivering urgent live-saving relief, respectively in Sudan and in the Middle East (Gaza and Lebanon). The donation to CAFOD has been spent on CAFOD’s core programming, namely a critical resilience/education-focused project in the Democratic Republic of the Congo (DRC): Protecting children and young girls at risk of abuse by securing school access, fees and resources.

CAFOD

In Kind Giving

Aside from donations, the Society offers more sustained support to some organisations. Since 2019, the Society has leased a large west London property at a peppercorn rent to the Medaille Trust, an organisation supporting trafficked women.

Sr Jane Maltby is a longstanding supporter and current Chair of Trustees at Medaille.

Society of the Sacred Heart CIO 15

Report of the trustees Year to 30 June 2025

Conference of Religious

The Conference of Religious in England and Wales (CoR) is a registered charity and representative body for leaders in religious life. The Society makes a significant contribution to the work of CoR. During the report period, Sr Jane Maltby worked with CoR on a range of projects.

In working on the Executive of the Conference of Religious (CoR), and specifically heading up the Collaboration Committee, I was involved in the organisation of five workshops on different topics related to Governance, Organisation, Finance, Legacy planning etc. that religious congregations are needing help and support with at the present time. I also accompanied three congregational leadership teams in planning, facilitating and following up their province meetings.

Sr Jane Maltby RSCJ

Sr Catherine Lloyd contributed to a CoR workshop on Governance and organisation and working with lay colleagues.

Our Plans for 2025/206

Society of the Sacred Heart CIO 16

Report of the trustees Year to 30 June 2025

Relevant policies

Investment policy

The charity has a portfolio of listed investments which had a value of £30,716,200 at 30 June 2025, along with short-term cash investments of £5,357,111. There are no restrictions on the charity’s power to invest.

The listed investments are managed by CCLA Investment Management Limited, which operates within specific guidelines set and regularly reviewed by the trustees.

The investment policy and strategy set by the trustees considers income requirements, the risk profile and, in respect to listed investments, the investment manager’s views of the market prospects in the medium term. The overall policy with regard to listed investments is to maximise total return through a diversified portfolio, aiming to provide the level of income advised by the trustees and, at the same time, with a view to ensuring that the real capital value of the fund exceeds inflation over any five-year period. The investment policy requires the investment manager to take account of the ethical, social, and environmental concerns of the trustees as expressed in the policy.

The trustees, or representatives of the trustees, met with the investment manager regularly during the year to review the performance of the portfolio and the investment strategy. The target income for 2024-2025 has been met.

The performance of the charity’s listed investments has deteriorated compared to last year with the portfolio giving a capital loss of 4.13% (2024 – gain 9.13%). The income yield for the year was 3.40% (2024 – 3.65%).

The charity owns a property which is leased to Sacred Heart High School Hammersmith Academy Trust (Company No. 07941140) at an annual peppercorn rent, and another property that is leased to the Medaille Trust (Charity Registration No. 1117830) at a peppercorn rent to provide accommodation to those who have been victims of human trafficking. These represent properties which are not held specifically to make a financial return and directly further the charitable purposes of the charity. As a result, these properties are considered to be programme related investments and have been included on the balance sheet at deemed cost, less any provision for diminution in value, of £1,050,000 and £600,000 respectively.

The trustees are satisfied that the charity’s investment objectives are being met.

Donations and grant making policy

Donations and grants, principally for the support of those organisations with objectives consistent with those of the charity, were decided on by the trustees. The charity supported the work of the Society overseas by means of donations to the Generalate. These are in support of the Congregation’s Solidarity Fund and administration of the central governance.

During the year £1,211,210 (2024 – £242,271) was donated to small and large organisations.

Further details can be found in note 6 to the attached accounts.

Society of the Sacred Heart CIO 17

Report of the trustees Year to 30 June 2025

Relevant policies (continued)

Fundraising policy

During the year, the charity did not carry out any direct fundraising with the public. It did not use the services of any third party organisation to help in its fundraising activities and no complaints were received about its fundraising activities during the financial year. However, if a complaint was to be received by the charity it would be handled by a senior member of staff or trustee.

Financial review

The Province now has 37 members, all of whom have given their working lives to the charitable activities of the Society. Where their work is for organisations or institutions independent of the charity, any earnings have been covenanted to the charity. As the average age of the membership is increasing, there is a reduction in the earned income generated by members. The charity has an ongoing commitment to support members of the Society, many of whom continue doing charitable work well past the normal age of retirement. 95% of the Province members are now at retirement age. The CIO will rely increasingly on investment income to supplement the decline in salary and pension income. The CIO must ensure that investment income will guarantee the continuance of ministries, as well as provision for present care needs and future retirement.

The CIO will continue to support members of the Society who in the main will undertake voluntary work in the areas of education, healthcare, social and pastoral provision as an expression of their commitment “to radiate the very love of the Heart of Christ through love and service” (Society’s Constitutions Para 7).

For the purposes of the attached accounts, no monetary value has been placed on the services of Sisters working in the care home or administrative services provided by members of the Society, either in the provincial offices or in communities throughout the Province. As Sisters retire from these positions, both care and administrative costs, borne by the CIO, will rise as paid staff are engaged to replace Sisters.

A summary of the year’s results can be found on page 30 of this report and accounts. The figures represent the financial underpinning of the work of the Society.

During the year the total income was £2,398,167 (2024 – £2,273,092). This included surpluses on the disposal of tangible fixed assets of £199,670 (2024 – £4,750).

Expenditure totalled £4,386,310 for the year (2024 – 3,295,073), of which £1,302,063 (2024 – £329,125) related to donations made to other charities (including the annual contribution to the Generalate).

Net expenditure for the year amounted to £1,988,143 (2024 – net expenditure of £1,021,981) before net losses on listed investments of £1,432,095 (2024 – net gains of £3,091,606) and revaluation gains on investment properties of £1,303,211, which gave rise to a net decrease in funds of £2,117,028 (2024 – a net increase in funds of £2,069,625).

Society of the Sacred Heart CIO 18

Report of the trustees Year to 30 June 2025

Financial review (continued)

Reserves policy

The trustees have examined the requirement for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and the on-going commitment to support members of the Society, the level of free reserves should be approximately equal to one year’s expenditure on unrestricted funds.

The trustees are of the opinion that this provides sufficient flexibility:

Financial position

The balance sheet shows total funds of £50,099,127 (2024 – £52,216,155) and of this, £10,173,965 (2024 – £8,033,019) represents the tangible fixed assets used by the Sisters. The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund in recognition of the fact that the freehold property and other tangible assets are used in the day-to-day work of the charity. Hence, the fund cannot be realised easily if needed to meet future contingencies.

Similarly, those investments classified as programme related investments are represented by a separate designated fund – the programme related investments fund. These investments comprise land and buildings, which are owned by the charity but used by other charities with charitable objectives consistent with those of the charity. It is the intention of the trustees that such assets should continue to be used for these purposes for as long as needed and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations. During the year, the Rodway Road property was reclassified from fixed assets to investment properties following a change in its use. This updated treatment better reflects the way the property is now held by the charity. As part of the reclassification, the property was revalued based on an independent professional valuation obtained from a qualified surveyor which assessed the fair value of the property at £1,450,000.

An amount of £14,312,248 (2024 – £14,437,150) had been designated by the trustees to provide for the Sisters in their retirement. The value of the fund has been calculated using actuarial principles to provide for each of the Province’s Sisters. Given the increasing age profile of the Sisters and few new vocations this sum will provide only modest resources to look after the Sisters, many of whom will need increasing support and increasingly expensive residential and nursing care. There is also a designated fund of £1,692,800 (2024 – £1,765,772), designated to care for the elderly religious in Malta.

Society of the Sacred Heart CIO 19

Report of the trustees Year to 30 June 2025

A future strategy fund of £10,744,174 (2024 – £15,000,000) has been established and consists of assets to be applied in future years as the Society and the charity develop their long-term strategy. It is anticipated that some of the fund will be used to support the Society’s mission in this country whether that be in respect to the acquisition, maintenance and development of property including making existing buildings environmentally friendly, addressing other environmental challenges to reduce the charity’s carbon footprint, the development of new ministry, or facilitating the advancement of the charity’s objects by making grants to other organisations.

The building maintenance fund of £5,608,945 (2024 – £4,211,263) has been set aside to support an action plan for the charity’s properties, several of which are in need of substantial maintenance work.

The ministry support fund will be used to support charitable work and at 30 June 2025 amounted to £500,000 (2024 – £500,000), whilst the society restructuring fund of £2,500,000 (2024 – £2,500,000) will be used to support the international work of the Society. The Barat House Hostel fund of £114,324 (2024 – £100,492) represents the net assets of Barat House and has been designated for use by the House only.

Funds restricted to specific purposes amounted to £Nil as at 30 June 2025 (2024 – £5,000).

Funds which are available to support the work of the Sisters in the future are shown on the balance sheet as general funds and therefore amount to £2,802,671 (2024 – £4,013,459).

The trustees are aware that this level of reserves meets the amount required by the above policy but are also aware this has been influenced by stock market volatility. They will continue to monitor reserve levels in the light of market developments.

The charity’s assets

Acquisitions and disposals of fixed assets during the year are recorded in the notes to the accounts.

Governance, structure and management

Trustees

On June 26[th] 2025, Sister Catherine Lloyd concluded her second three-year mandate as Provincial Superior. She remains a Trustee of the CIO.

Sr Margaret Wilson assumed the role as Provincial Superior of the Province of Central Europe and the Islands and Chair of Trustees on June 27[th] .

New trustees are appointed by those trustees already in office at the time of the appointment and the process of appointment is organised by the Chair of Trustees, the Provincial Superior. The trustees are selected from the members of the area of England and Wales based on the skills and knowledge they can bring to the trustee role. All have previous experience of being a trustee and have received information and training on the role and responsibilities of trustees. At any one time there must be a minimum of six trustees but not more than twelve trustees.

Society of the Sacred Heart CIO 20

Report of the trustees Year to 30 June 2025

Sister Christine Edwards

Chris is a retired teacher, youth worker and School Chaplain. After a prolonged association with the University of Roehampton, Chris served as one of the Society’s representatives on the Council of the University of Roehampton until June 2025.

Sister Catherine Lloyd

Cath is a former teacher, Head of Department and School Chaplain. A trained spiritual advisor, facilitator and organisational consultant, she has worked within formation, for the Conference of Religious of England and Wales and in international leadership for the Society’s General Council. She was Provincial between 2019 and June 2025.

Sister Sheila McNamara

Following a career as a teacher, Sheila worked as Diocesan Primary Schools Adviser first in the Archdioceses of Westminster and Hexham and Newcastle for seven years. Sheila’s present ministry is in spirituality, working part time in an ecumenical Spirituality Centre in Durham. She was a member of the Provincial Team until June 2025.

Sister Bernadette Porter

Following a school teaching career, Bernie joined the Education Department at Roehampton Institute and subsequently worked as College Principal of Digby Stuart, Pro-Rector and latterly, Vice Chancellor of the University. Bernie served as Treasurer General of the International Society. She has held several Trustee roles in educational settings.

Society of the Sacred Heart CIO 21

Report of the trustees Year to 30 June 2025

Sister Lorraine Pratt

Lorraine spent most of her life working in education as Head of Department, Diocesan Youth Officer, school chaplain; and then as Chair of Governors at the Sacred Heart School in Hammersmith, living with student communities in Oxford and London. She works with adults teaching dance meditation as a medium for both enjoyment and spiritual growth.

Sister Stephanie Romaine

Following a teaching career, Steph worked in mediation, as a psychotherapist, psychotherapy supervisor and currently works as a spiritual director. Within the Society, Steph has worked in leadership, formation and in running the Society’s retreat centre.

Sister Marianne Tavares

A trained nurse and complementary therapist, Marianne has worked in hospitals, in the community and in palliative care settings in the UK and Canada. A former member of the Provincial Team, Marianne has pastoral responsibilities in Duchesne House.

Sister Margaret Wilson

Margaret’s career has been in education as a teacher and head of the RE Department. A trained spiritual advisor, Margaret has worked in varied settings. Margaret has worked in formation and in Provincial administration in the Society. She assumed the role of Provincial Superior for Central Europe and the Islands on June 27th 2025.

Society of the Sacred Heart CIO 22

Report of the trustees Year to 30 June 2025

Trustees’ responsibilities statement

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

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

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

Management

The trustees have the final responsibility for the policies, activities, and assets of the charity. They meet annually to review developments regarding the charity and to make significant decisions. The day-to-day management of the charity’s activities and the implementation of policies are delegated to:

Key management personnel

The trustees consider that they, together with the Executive Director, Operations Manager and the Care Manager of Duchesne House comprised the key management of the charity during the year in charge of directing and controlling, running and operating the charity on a day-to-day basis.

Society of the Sacred Heart CIO 23

Report of the trustees Year to 30 June 2025

Key management personnel (continued)

All trustees are members of the Society and, whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

The performance and pay of key staff is reviewed annually. The commitment to staff is to pay them a fair and appropriate salary that is affordable. This is to attract and retain people with the right skills and who, therefore, will have the greatest impact on delivering the charity’s objectives.

Connected charity

Details of the connected charity are given in note 21 to the attached accounts.

Risk management

The Trustees have regard to the risks facing the CIO through their risk management policy and risk register. The latter was approved by Trustees in Feb 2024 and will be reviewed annually by them.

Through the process of development of a risk register, Trustees have identified and taken measures to mitigate risk. In addition, The Investment and Long-term Assets and the Finance Advisory Committee also discuss risk and its mitigation on a regular basis. Some key risks and mitigating actions are set out below.

Age profile of the members and over-commitment of a few in administration

An analysis of the age profile of members of the Society reveals a median age of 82 on June 30[th] , 2025. Trustees are aware that there is both a moral and legal obligation to care for the older sisters, none of whom have resources of their own as all earnings, pensions and other income have been donated to the charity.

Key elements of the management of this risk are: (a) ensuring that the charity has the available financial resources to finance this care in the years ahead by setting aside assets in a designated fund, based on actuarial principles; and (b) ensuring that processes are in place to review regularly the ministries and needs of individual sisters, encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.

The age profile of the members is also relevant to the identification of those sisters who are both willing and able to serve as trustees of the charity in the future. This matter has been given much thought and possibilities may include introducing members of the Society from other overseas provinces to trusteeship and/or inviting individuals who are not members of the Society to become trustees or join an advisory group that might be consulted by the trustees.

Safeguarding

Members of the Society work with children and adults, including older people. Trustees recognise the importance of ensuring the protection and safety of all those that the charity serves. Sisters who are employed or engaged in any ministry, work or volunteering with children or vulnerable adults obtain clearance from the Disclosure and Barring Service (DBS) and receive training regarding safeguarding.

Society of the Sacred Heart CIO 24

Report of the trustees Year to 30 June 2025

Risk management (continued)

Safeguarding (continued)

All staff are also required to obtain clearance from the Disclosure and Barring Service and undergo regular safeguarding training. Policies are updated and reviewed on a regular basis. The province is currently aligned, for safeguarding matters, to the Diocese of Southwark, and has a safeguarding representative. Along with other religious orders the Society is committed to the” one church “approach to safeguarding.

Loss of key staff

The Society recognises that lay staff are a key resource and Trustees work to ensure that employment practices reflect current best practice and fulfils its duty of care to employees. The charity is reliant on a small number of key staff. There is an overriding commitment to pay all employees fair and appropriate salaries and to ensure that staff receive the training they need to enable them to carry out their roles and contribute positively towards delivering the charity’s objectives. Wherever possible, the charity will aim to enable staff to develop their skills and knowledge to attract and retain the right people and to build into contracts of employment notice periods that provide some protection to the charity.

Health and safety

Trustees review Health and Safety policy and process on a regular basis so as to ensure the welfare of sisters, lay staff and all those using the Society’s facilities.

Approved by and signed on the behalf of the trustees:

Sister Margaret Wilson RSCJ

Trustee

Approved by the trustees on: 20 February 2026

Society of the Sacred Heart CIO 25

Independent auditor’s report Year to 30 June 2025

Independent auditor’s report on the financial statements to the trustees of the Society of the Sacred Heart CIO

Opinion

We have audited the accounts of the Society of the Sacred Heart CIO (the ‘charity’) for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

Society of the Sacred Heart CIO 26

Independent auditor’s report Year to 30 June 2025

Other information (continued)

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the 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 accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 23, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

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

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

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

Society of the Sacred Heart CIO 27

Independent auditor’s report Year to 30 June 2025

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

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

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

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

Society of the Sacred Heart CIO 28

Independent auditor’s report Year to 30 June 2025

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

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

Date: 20 February 2026

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Society of the Sacred Heart CIO 29

Statement of financial activities Year to 30 June 2025

Notes Total funds Total funds
2025
£		 2024
£
Income from:
Donations and legacies
1
Investments and interest receivable
2
Charitable activities
3
Other sources:
. Surplus on disposal of tangible fixed assets
4
. Miscellaneous sources
5
Total income
Expenditure on:
Charitable activities
. Donations payable
6
. Support of members of the Society and their ministry
7
. Provision of retreat accommodation
Total expenditure
Net expenditure before net gains on investments
9
Net (losses)/gains on investments
13
Net gains on investment properties
13
Net (expenditure)/income and net movement in funds
Reconciliation of funds:
Balances brought forward at 1 July 2024
Balances carried forward at 30 June 2025
843,868
1,234,551

34,065

199,670

86,013		 851,526
1,234,965
53,192
4,750
128,659
2,398,167 2,273,092
1,302,063
3,074,783
9,464		 329,125
2,961,968
3,980
4,386,310 3,295,073
(1,988,143)
(1,432,096)
1,303,211		 (1,021,981)
3,091,606
—
(2,117,028)
52,216,155		 2,069,625
50,146,530
50,099,127 52,216,155

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

The statement of financial activities above includes £5,000 of restricted expenditure. Of the opening funds, £5,000 is attributable to restricted funds, as disclosed in note 16 of the accounts.

Society of the Sacred Heart CIO 30

Balance sheet 30 June 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due
within one year
15
Net current assets
Creditors: amounts falling due
after more than one year
15
Total net assets
The funds of the charity:
Restricted income funds
16
Unrestricted income funds
. General fund
. Tangible fixed assets fund
17
. Programme related investments fund
18
. Designated funds
19		 281,816
7,252,193		 10,173,965
33,816,206


807,089
4,965,650		 8,033,019
38,598,301
43,990,171
6,775,623
(666,667)		 46,631,320



5,584,835
—
7,534,009
(758,386)		 5,772,739
(187,904)






50,099,127 52,216,155
—
2,802,671
10,173,965
1,650,000
35,472,491		 5,000
4,013,459
8,033,019
1,650,000
38,514,677
50,099,127 52,216,155

Approved by the trustees and signed on their behalf by:

Sister Margaret Wilson RSCJ

Trustee

Approved by the trustees on: 20 February 2026

Society of the Sacred Heart CIO 31

Statement of cash flows Year to 30 June 2025

Notes
2025
£		 2024
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income received
Proceeds from the disposal of tangible fixed assets
Proceeds from disposal of listed investments
Proceeds from disposal of programme related investments
Purchase of tangible fixed assets

Purchase of investments
Reclassification of investments to Cash
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 July 2024
B
Cash and cash equivalents at 30 June 2025
**(2,146,845) **		 (2,420,393)
1,261,381
285,972
4,800,000
—
(1,891,685)
(22,280)
—		 1,234,965

4,750

—

247,071
(1,045,437)

—
4,348,371
4,433,388 4,789,720
2,286,543

4,965,650		 2,369,327
2,596,323
7,252,193 4,965,650

Notes to the statement of cash flows for the year to 30 June 2025.

A Reconciliation of net movement in funds to net cash used in operating activities

2025
£		 2024
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Losses/(gains) on listed investments
Losses/(gains) on investment properties
Investment income and interest receivable
Surplus on disposal of tangible fixed assets		 (2,117,028)
292,990
1,432,095
(1,303,211)
(1,234,551)
(199,670)
13,020
969,510		 2,069,625
295,798
(3,091,606)
—
(1,234,965)
(4,750)
Decrease (increase) in debtors (440,264)
Increase (decrease) in creditors
Net cash used in operating activities		 (14,231)
(2,146,845) (2,420,393)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2025
£		 2024
£
Cash at bank and in hand 7,252,193 4,965,650

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

Society of the Sacred Heart CIO 32

Principal accounting policies Year to 30 June 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 30 June 2025 with comparative information given in respect to the year 30 June 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

As set out in these accounting policies under “assessment of going concern”, the trustees have considered the impact of recent economic factors and the wider financial pressures affecting the charity, including rising costs and the need to manage resources responsibly. Having reviewed these matters, the trustees have concluded that although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

Society of the Sacred Heart CIO 33

Principal accounting policies Year to 30 June 2025

Assessment of going concern (continued)

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. With regards to the next accounting period, the year ending 30 June 2026, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (please see the risk management sections of the trustees’ report for more information).

Income

Income is recognised in the period in which the charity is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, investment income, interest receivable, hostel income, other rents receivable from charitable activities and other income including the surplus on the disposal of tangible fixed assets.

Donations, including salaries and pensions of individual religious received under Gift Aid or Deed of Covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations and grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Hostel income and rents receivable from charitable activities are recognised when the income is contractually due to the charity under rental and tenancy agreements. It is accounted for at fair value and on an accruals basis to the extent that it is probable that the economic benefits will flow to the charity.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is stated inclusive of irrecoverable VAT.

Society of the Sacred Heart CIO 34

Principal accounting policies Year to 30 June 2025

Expenditure (continued)

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs.

The costs of charitable activities comprise expenditure on the charity’s primary charitable purposes as described in the trustees’ report. Such costs include:

Donations payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. When such donations have not been paid at the end of the financial year they are accrued for.

Expenditure on Barat House which provides accommodation for students.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs are the costs associated with the governance arrangements of the charity including audit costs and the necessary legal procedures for compliance with statutory requirements.

All expenditure on support and governance is attributed directly to the charitable activities of supporting members of the Congregation and enabling their ministry and hence there has been no apportionment between headings.

Tangible fixed assets

All assets costing more than £3,000 and with an expected useful life exceeding one year are capitalised.

Freehold land and buildings are shown on the balance sheet at cost, deemed cost or, where donated, at their value at the date of donation.

Buildings designed as, and used wholly or mainly for, private residential accommodation, are stated at cost or deemed cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially different from their book value.

Society of the Sacred Heart CIO 35

Principal accounting policies Year to 30 June 2025

Tangible fixed assets (continued)

♦ Freehold land and buildings (continued)

Leasehold property is shown on the balance sheet at cost less depreciation. Depreciation is provided so as to write off the cost of the leasehold property over the remaining period of the lease.

Expenditure on items classed as building improvements is capitalised and depreciated over a ten year period on a straight line basis.

Tangible fixed assets are impaired when the recoverable amount is determined to be less than the carrying amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in the statement of financial activities.

Heritage Assets

The charity has title to a number of unique drawings, religious artefacts, and ephemera which form part of the heritage of the Society of the Sacred Heart and the nation generally and which the charity intends to preserve for the enjoyment of future generations.

These assets are held principally for the preservation for their contribution to knowledge and culture. As such, the assets meet the definition of heritage assets in the Charities SORP FRS 102 and are not valued for the purposes of these financial statements. It is not possible to place any meaningful valuation on the assets for the purposes of these financial statements given the one-off nature of certain items and the limited active market for others.

Investments

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

Cash held with investment managers, but intended for operational use, including in order to fund asset construction work which will be taking place within one year of the date of signing of the accounts, has been treated as cash at bank and in hand.

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

Society of the Sacred Heart CIO 36

Principal accounting policies Year to 30 June 2025

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

Properties held for investment purposes are included in these accounts at their fair value which is deemed to be their open market value.

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

Programme related investments

Programme related investments are social investments made directly in pursuit of the charity’s charitable purposes.

Unquoted equity investments are held at cost, less any provision for diminution in value, while loans are recorded at cost less any provisions to reflect non-recoverability.

Property is held at cost, less any provision for diminution in value given that the properties are rented at a non-commercial rate, not principally for a monetary return on investment.

Debtors

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

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Cash at bank and in hand is a basic financial instrument, which is initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Society of the Sacred Heart CIO 37

Principal accounting policies Year to 30 June 2025

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets.

The programme related investments fund represents the value of the charity’s programme related investments. These investments comprise land and buildings owned by the charity but used by other charities with charitable objectives consistent with those of the charity. It is the intention of the trustees that such assets should continue to be used for these purposes and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

The designated funds are monies set aside out of general funds and designated for specific purposes by the trustees.

The restricted funds comprise monies raised for, or their use restricted to, a specific purpose or monies subject to donor imposed restrictions in use.

Services provided by members of the Society

For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Society.

Pension costs

Employer’s contributions in respect of defined contribution pension schemes are charged to unrestricted funds in the statement of financial activities in the year in which they are payable to the scheme. The expense is allocated to the support of members of the Society and their ministry.

Foreign currencies

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

Society of the Sacred Heart CIO 38

Notes to the accounts 30 June 2025

1 Income from: Donations and legacies

Unrestricted
funds
£		 Restricted
funds
£		 Total
2025
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
funds
£
Salaries and pensions of
ndividual religious received
under Deed of Covenant or Gift
Aid
Other donations		 843,668
200
—

—
843,668

200
839,122

—
—
12,404
839,122
12,404
843,868
—
843,868
839,122		 12,404 851,526

2 Income from: Investments and interest receivable

Unrestricted funds Unrestricted funds
2025
£		 2024
£
Income from listed investments
. UK Common investment funds
Bank interest
Rental income receivable		 1,059,394
118,863
56,294		 1,086,770

148,195

—
1,234,551 1,234,965

3 Income from: Charitable activities

Unrestricted funds Unrestricted funds
2025
£
2024
£
Hostel income
Retreat centre income
Other rental income receivable		 15,076
18,989
**— **
34,894

16,498

1,800
34,065
53,192

4 Income from: Surplus on disposal of tangible fixed assets

Unrestricted funds Unrestricted funds
2025
£
2024
£
Surplus on the disposal of land and buildings
Surplus on the disposal of fixtures and fittings
Surplus on the disposal of motor vehicles		 192,455
545
6,670
—
—
4,750
199,670
4,750

5 Income from: Miscellaneous sources

Unrestricted funds Unrestricted funds
2025
£
2024
£
Investment manager fee rebate (note 13)
Other		 74,201
11,812
68,827

59,832
86,013
128,659

Society of the Sacred Heart CIO 39

Notes to the accounts 30 June 2025

6 Expenditure on: Donations payable

The charity makes donations to institutions in accordance with the donations policy set out in the report of the trustees. No grants were payable to individuals during the year. The donations payable during the year were as follows:

Unrestricted
funds
£		 Restricted
funds
£		 Total
2025
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
funds
£
Contributions to the
Generalate of the Society of
the Sacred Heart
Donations to institutions (see
overleaf)		 90,853
1,206,210
—
5,000		 90,853
1,211,210		 86,854
229,867
—
12,404
86,854

242,271
1,297,063 5,000 1,302,063 316,721 12,404
329,125

Donations paid to institutions during the year comprised the following:

Recipient 2025
funds		 2024
£
Acton Homeless Concern
Aid to the Church in Need
Bishop Bewick Catholic Education Trust
CAFOD
Cardinal Hume Centre
Care4Calais
Catholic Children’s Society
Community Hub, Our Lady of Fatima, White Chapel
Crisis
Dean City Farm
Durham University Centre for Catholic Studies
Ebbw Vale Community Pantry
The Glass Door
Hammersmith & Fulham Foodbank
Hope for Southall
Jesuit Refugee Service
Katherine Low Settlement
Llysfasi Ignatian Spirituality
London Irish Centre Charity
Marys Meals
The Medaille Trust
Minsteracres Retreat Centre
Missio
Newcastle Foodbank
Newham Community Project
Newman Catholic College
North London Hospital
PACT
The Passage
Pax Christi
The Peoples' Kitchen
Red Cross
Refugee and Migrant Project (RAMP)
Sacred Heart High School Fenham
Sacred Heart High School Hammersmith
Sacred Heart School Roehampton
Sacred Heart School Uganda
The Reading Agency
The Tablet Trust
Transform Trade
UNHCR
Wandsworth Food Bank
Transform Trade
Carried forward		 5,000
—
—
25,000
10,000
5,000
12,500
—
—
4,000
1,000,000
10,000
7,000
7,000
7,000
—
3,000
2,000
2,500
—
—
10,500
5,000
5,000
10,000
—
500
10,000
10,000
—
—
—
—
5,000
4,000
2,000
5,000
2,000
10,000
16,000
5,000
5,000
—		 —
5,000
5,000
15,000
10,000
4,000
11,500
5,000
1,000
—
—
11,500
6,000
4,000
—
5,000
—
3,200
2,500
2,500
52,000
5,500
5,000
—
—
2,500
—
10,000
10,000
5,000
1,400
1,000
9,000
—
2,000
2,000
12,404
—
—
14,000
—
—
14,000
1,205,000 224,021

Society of the Sacred Heart CIO 40

Notes to the accounts 30 June 2025

6 Expenditure on: Donations payable (continued)

Expenditure on: Donations payable (continued)
Recipient 2025
funds		 2024
£
Brought forward
The Trussell Trust
West End Refugee Service (WERS)
Windsor Hill Wood
Young Ministry Trust Diocese of Hexham & Newcastle
Donations of less than £1,000
Total donations		 1,205,000
—
3,000
—
3,000		 224,021
10,000
2,500
2,200
3,000
1,211,000
210		 241,721
550
1,211,210 242,271

Total donations for the year include a £5,000 (2024 - £12,404) restricted grant for work in Uganda.

7 Expenditure on: Support of members of the Society and their ministry

Expenditure on: Support of members of the Society and their ministry
Unrestricted funds
2025
£		 2024
£
Premises
Sisters’ living and ministry expenses
Education, training and spiritual renewal
Refurbishments
Other support costs
Governance costs (note 8)		 302,516
2,003,285
9,138
68,153
651,371
40,320
327,903
1,832,136

13,498

93,104

657,287

38,040
3,074,783 2,961,968

8 Governance costs

Governance costs
Unrestricted funds
2025
£		 2024
£
Auditor’s remuneration 40,320
38,040

9 Net expenditure before gains on investments

This is stated after charging:

2025
£		 2024
£
Staff costs (note 10)
Auditor’s remuneration (note 8)
. Statutory audit services – current year
. Statutory audit services – prior year
Depreciation(note 12)		 1,432,597
38,400
1,920
292,990		 1,392,763
38,040
—
295,798

Society of the Sacred Heart CIO 41

Notes to the accounts 30 June 2025

10 Staff costs, key management personnel, trustees’ remuneration and expenses and transactions with trustees

2025
£		 2024
£
Staff costs during the year were as follows:
Wages and salaries
Social security costs
Pension costs
Staff costs per function were as follows:
Support of members of the Societyand their ministry		 1,278,632
101,833
52,132		 1,233,646
106,923
52,194
1,432,597 1,392,763
1,392,763
1,432,597

Three employees earned over £60,000 per annum or more (including benefits but excluding employer’s pension contributions) during the year (2024 – one). These fell within the following ranges:

2025 2024
£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999		 1
1
1		 1
—
—

The average number of employees during the year, analysed by function, was as follows:

2025 2024
Support of members of the Societyand their ministry 59 57

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees, the Executive Director, the Finance and General Manager and the Care Manager at Duchesne House. The total remuneration of the key management personnel of the charity for the year was £219,273 (2024 – £231,333).

The charity's trustees are all members of the Society and consequently their living and personal expenses, all of which are consistent with the amounts paid in respect to other members of the Society, are borne by the charity. No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees or members of key management (2024 – none).

A members of the Society, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £269,363 (2024 – £198,710).

11 Taxation

The Society of the Sacred Heart CIO is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Society of the Sacred Heart CIO 42

Notes to the accounts 30 June 2025

12 Tangible fixed assets

Tangible fixed assets Tangible fixed assets
Cost
At 1 July 2024
Additions
Transfer to investment property (note 13a)
Disposals
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
On disposals
At 30 June 2025
Net book values
At 30 June 2025
At 30 June 2024		 Total
land and
buildings
(see below)
£		 Building
improvements
£		 Motor
vehicles
£		 Fixtures
and fittings
£		 Total
£
10,881,621
2,506,225
(146,789)
(113,688)		 1,449,956
136,186
—
—		 289,231
22,500
—
(32,418)		 274,230
6,667
—
(2,181)		 12,895,038
2,671,578
(146,789)
(148,287)
13,127,369 1,586,142 279,313 278,716 15,271,540
3,443,569
136,083
(24,471)		 931,793
117,456
—		 222,208
33,069
(32,418)		 264,449
6,382
(545)		 4,862,019
292,990
(57,434)
3,555,181 1,049,249 222,859 270,286 5,097,575
9,572,188 536,893 56,454 8,430 10,173,965
7,438,052 518,163 67,023 9,781 8,033,019
Land and buildings Long
leasehold
property
£		 Total
land and
buildings
£
10,881,621
2,506,225
(113,688)
(146,789)
13,127,369
3,443,569
136,083
(24,471)
3,555,181
9,572,188
7,438,052
Residential
£		 Assets under
construction
£
Cost
At 1 July 2024
Additions
Disposals
Transfer to investment property
(note 13a)
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
Disposals
At 30 June 2025
Net book values
At 30 June 2025		 4,473,578
—
—
(146,789)
4,326,789
—
—
—
—
4,326,789
4,473,578		 —
2,506,225
—
—		 1,986,646
—
(113,688)
—
2,506,225
—
—		 1,872,958
119,442
10,768
— (24,471)
— 105,739
2,506,225 1,767,219
At 30 June 2024 — 1,867,204

It is likely that there are material differences between the open market values of the charity’s land and buildings and their book values. These arise from the specialised nature of some properties and the effects of inflation. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts. Certain of the charity’s properties are subject to covenants which restrict their use and disposal. During the year, one property was reclassified to investment properties as its use changed from operational purposes to being held for rental income and for capital appreciation.

Society of the Sacred Heart CIO 43

Notes to the accounts 30 June 2025

12 Tangible fixed assets

Capital commitments

At 30 June 2025, a capital commitment of £3,505,735 existed (2024 – £nil) relating to the rebuild of one of the charity’s properties which was demolished in late 2024.

13 Fixed asset investments

At 30 June 2025 investments comprised:

2025
£		 2024
£
Freehold investment property (see a. below)
Listed investments and cash held for re-investment (see b. below)
Programme related investments (see c. below)		 1,450,000
30,716,206
1,650,000		 —
36,948,301
1,650,000
33,816,206 38,598,301

Movements on each category of investment are summarised below:

a. Freehold investment property

a. Freehold investment property
2025
£		 2024
£
At 1 July 2024
Transfer from tangible fixed assets (note 12)
Revaluation to fair value
At 30 June 2025		 —
146,789
1,303,211		 —
—
—
1,450,000 —

During the year, this property was reclassified from tangible fixed assets as its use changed from operational purposes to being held for rental income and capital appreciation.

A valuation of £1.45m was provided by an independent surveyor to the charity.

b. Listed investments

b. Listed investments
2025
£		 2024
£
Listed investments
Market value at 1 July 2024
Additions
Disposals
Net unrealised investment gains (losses)
Market value at 30 June 2025
Cost of listed investments at 30 June 2025		 36,948,301
22,280
(4,932,439)
(1,321,936)		 33,856,695
—
—
3,091,606
30,716,206 36,948,301
24,922,586 28,736,505

At 30 June 2025 listed investments comprised holdings in the following common investment fund:

2025 2025 2024 2024
Market
value
£		 Percentage
of total
portfolio
%		 Market
value
£		 Percentage
of total
portfolio
%
COIF Charities Ethical Investment Fund 30,716,206 100 36,948,301 100

All listed investments within the above fund were dealt in on a recognised stock exchange.

Society of the Sacred Heart CIO 44

Notes to the accounts 30 June 2025

13 Fixed asset investments (continued)

b. Listed investments (continued)

Investment manager fees are deducted automatically from the portfolio on a quarterly basis and are inherent in arriving at the market value of funds held. The fees deducted are based on a fixed percentage which exceeds that contractually payable by the charity. As such, the investment manager rebates fees to the charity every quarter. The rebates, which amount to £74,201 for the year to 30 June 2025 (2024 – £68,827) are included in these accounts as miscellaneous income.

c. Programme related investments

2025
£		 2024
£
Carrying value at 1 July 2024
Disposals of Oikocredit equity shares
Carryingvalue at 30 June 2025		 1,650,000
—		 1,897,071
(247,071)
1,650,000 1,650,000
Programme related investments comprise: 2025
£		 2024
£
Freehold properties 1,650,000 1,650,000
1,650,000 1,650,000

The charity owns a property which is leased to Sacred Heart High School Hammersmith Academy Trust (Company No. 07941140) at an annual peppercorn rent. As the property is used by the School for purposes consistent with the charitable objects of the Society of the Sacred Heart CIO, it is classified as a programme related investment.

The charity owns a property which is leased to The Medaille Trust (Charity Registration No. 1117830) at a peppercorn rent to provide accommodation to those who have been victims of human trafficking. As the property is used by another charity for purposes consistent with the charitable objects of the Society of the Sacred Heart CIO, it is classified as a programme related investment.

14 Debtors 2025
£		 2024
£
Investment income
Other debtors
Prepayments in respect to anticipated additions to tangible fixed assets		 249,260
32,556
—		 264,263
30,572
512,253
281,816 807,088

Society of the Sacred Heart CIO 45

Notes to the accounts 30 June 2025

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Amounts falling due within oneyear 2025
£
91,030
267,640
360,812
38,904
758,386		 2024
£
Accruals
Capital creditors
Donations payable
Salaries and related creditors		 72,031
—
101,222
14,651
187,904
Amounts falling due after more than oneyear 2025
£
666,667		 2024
£
Donationspayable —

16 Restricted funds

At
1 July
2024
£		 Income
£		 Expenditure
£
(5,000)

At
30 June
2025
£
—
Restricted funds - miscellaneous 5,000
—
At
1 July
2023
£		 Income
£		 Expenditure
£
(12,404)

At
30 June
2024
£
5,000
Restricted funds - miscellaneous 5,000
12,404

17 Tangible fixed assets fund

Tangible fixed assets fund
2025
£		 2024
£
At 1 July 2024
Net movements in year
At 30 June 2025		 8,033,019
2,140,946		 7,283,380
749,639
10,173,965 8,033,019

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. A decision was made to separate this fund from the general fund of the charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the charity and as such their value should not be regarded as funds that could be realisable with ease, in order to meet future contingencies.

Society of the Sacred Heart CIO 46

Notes to the accounts 30 June 2025

18 Programme related investments

Programme related investments
At 1 July 2024
Net movement in year
At 30 June 2025		 2025
£		 2024
£
1,650,000
—		 1,897,071
(247,071)
1,650,000 1,650,000

The programme related investment fund represents the value of the charity’s programme related investments. As explained in note 13, these investments comprise land and buildings owned by the charity but used by other charities with charitable objectives consistent with those of the charity.

It is the intention of the trustees of the charity that such assets should continue to be used for these purposes for as long as needed and as such their value should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

19 Designated funds

The income funds of the charity include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At
1 July
2024
£		 New
designations
£		 Utilised/
released
£		 At
30 June
2025
£
Retirement fund
Future strategy fund
Society restructuring fund
Barat House Hostel fund
Ministry support fund
Building maintenance fund
Malta fund		 14,437,150
15,000,000
2,500,000
100,492
500,000
4,211,263
1,765,772
—

—

—

—

211,210

3,459,036

—		 (124,902)
(4,255,826)
—
13,832
(211,210)
(2,061,354)
(72,972)		 14,312,248
10,744,174
2,500,000
114,324
500,000
5,608,945
1,692,800
38,514,677
3,670,246		 (6,712,432) 35,472,491
At
1 July
2023
£		 New
designations
£		 Utilised/
released
£		 At
30 June
2024
£
Retirement fund
Future strategy fund
Society restructuring fund
Barat House Hostel fund
Ministry support fund
Building maintenance fund
Malta fund		 15,000,000
15,000,000
2,500,000
63,889
500,000
4,709,562
1,614,692
—

—

—

—

174,450

—

151,080		 (562,850)
—
—
36,603
(174,450)
(498,299)
—		 14,437,150
15,000,000
2,500,000
100,492
500,000
4,211,263
1,765,772
39,388,143
325,530		 (1,198,996) 38,514,677

Society of the Sacred Heart CIO 47

Notes to the accounts 30 June 2025

19 Designated funds (continued)

♦ Retirement fund

This consists of monies which the trustees have set aside in order to provide for the Sisters for the remainder of their lives. The value of the fund has been calculated using actuarial principles.

This fund consists of assets to be applied in future years as the Society and the charity develop their long-term strategy. It is anticipated that some of the fund will be used to support the Society’s mission in this country whether that be in respect to the acquisition, maintenance and development of property including making existing buildings environmentally friendly, addressing other environmental challenges to reduce the charity’s carbon footprint, the development of new ministry, or facilitating the advancement of the charity’s objects by making grants to other organisations.

This fund (previously named the International Development Fund) consists of monies which the trustees have set aside to support the work needed as a result of the canonical restructuring of the Society of the Sacred Heart and its international work.

♦ Barat House Hostel fund This fund represents the net assets of Barat House. The assets have been designated for use by the House only.

This consists of monies which the trustees have set aside for the support of charitable work.

♦ Building maintenance fund

This fund represents monies designated by the trustees to support the development of the healthcare hub and also maintain the charity’s existing properties.

This represents monies which the trustees have designated for the care of the elderly religious in Malta.

Society of the Sacred Heart CIO 48

Notes to the accounts 30 June 2025

20 Analysis of net assets between funds

General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
fund
£		 Programme
related
investment
funds
£		 Restricted
funds
£		 Total
2025
£
10,173,965
—
—
—
—		 —
32,166,206
3,306,285
—
—		 —
1,650,000
—
—
—		 —
—
—
—
—		 10,173,965
33,816,206
7,534,009
(758,386)
(666,667)
2,802,671 10,173,965 35,472,491 1,650,000 — 50,099,127
General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
fund
£		 Programme
related
investment
funds
£		 Restricted
funds
£		 Total
2024
£
Fund balances at 30 June 2024
are represented by:
Tangible fixed assets
Investments
Current assets
Creditors falling due within one
year
Total net assets		 —
—
4,201,363
(187,904)		 8,033,019
—
—
—		 —
36,948,301
1,566,376
—		 —
1,650,000
—
—		 —
—
5,000
—		 8,033,019
38,598,301
5,772,739
(187,904)
4,013,459 8,033,019 38,514,677 1,650,000 5,000 52,216,155

Society of the Sacred Heart CIO 49

Notes to the accounts 30 June 2025

20 Analysis of net assets between funds (continued)

The total unrealised gains as at 30 June 2025 constitute movements on revaluation and are as follows:

2025
£		 2024
£
Total unrealised gains included above:
On listed investments
Reconciliation of movements in unrealised gains
Unrealised gains at 1 July
Less: in respect of additions in the year
Less: in respect of disposals in the year
Add: net (losses)/gains arising on revaluation in the year
Total unrealisedgains at 30 June		 5,793,621 8,211,796
5,793,621 8,211,796
8,211,796
(22,280)
(963,800)
(1,432,095)		 5,120,190
—
—
3,091,606
5,793,621 8,211,796

21 Connected charity and related party transactions

The charity is connected to the Digby Stuart College Trust, Charity Registration No 1050470, by virtue of the fact that the two charities have some trustees in common, use the same principal address and share some of their administrative facilities.

At 30 June 2025, Digby Stuart College Trust owed the charity £18,744 (2024 – £18,744).

Details of donations made to the charity by the trustees during the year are provided in note 10.

During the year, the charity made a donation of £20,000 to a family member of one of the trustees. This donation was made in line with the charity’s objectives and criteria, which the individual fully met.

There were no other related party transactions during the year requiring disclosure (2024 – none).

22 Liability of the member

The Provincial Superior of the Society, by virtue of holding that office, is ex-officio the sole member of the Charitable Incorporated Organisation (CIO) for as long as she holds that office. If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities. It is the duty of the member of the CIO to exercise her powers as a member of the CIO in the way she decides in good faith would be the most likely to further the purposes of the CIO. The member shall before exercising her powers carry out such consultations and obtain such consents, if any, as may be required by the Society’s Constitutions.

23 Post balance sheet events

During October 2024 the trustees agreed to the sale of Millner Court. At the year end, the property had not yet been sold, but it was in the process of being sold for approximately £170,000.

Society of the Sacred Heart CIO 50