**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:
- ♦ the support of the members of the Society and their charitable works;
- ♦ the advancement of education;
- ♦ the advancement of the Roman Catholic religion; and
- ♦ the relief of poverty.
Society of the Sacred Heart CIO **2**
**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.
Society of the Sacred Heart CIO **3**
**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.
Society of the Sacred Heart CIO **4**
**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
Society of the Sacred Heart CIO **6**
**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).
- Reports form the Safeguarding Lead to Trustees: three times per year. These reports offer updates on concerns raised, training and DBS status.
- A systemic approach to safeguarding is established. A dedicated staff member supports the safeguarding structure by distributing updates, monitors and coordinates DBS applications for sisters and liaises with the safeguarding lead when complete.
- 100% of office based lay staff have undertaken safeguarding training. 100% of care staff have completed safeguarding training. There is an induction system set up to catch new members of staff.
- 100% of Trustees have undertaken safeguarding training.
- Fortnightly meetings between Care Home Manager and Safeguarding lead.
- Monthly meetings between Executive Director and Safeguarding lead.
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**Report of the trustees** Year to 30 June 2025
- Safeguarding policies have been reviewed, updated, and will be presented for approval in Autumn 2025.
- Departmental meetings every three months between Executive Director, Care home Manager, Health Advisor and Safeguarding Lead established.
- Periodic community meetings at Duchesne House have Safeguarding as a standing item on the agenda.
- Training for community members via Zoom on issues related to Safeguarding.
## 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.
Society of the Sacred Heart CIO **8**
**Report of the trustees** Year to 30 June 2025
## **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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**Report of the trustees** Year to 30 June 2025
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:
- ♦ A personal and active faith in God;
- ♦ A deep respect for intellectual values;
- ♦ A social awareness that impels to action;
- ♦ A desire to build community; and
- ♦ Personal growth in an atmosphere of wise freedom.
## 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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**Report of the trustees** Year to 30 June 2025
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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**Report of the trustees** Year to 30 June 2025
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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**Report of the trustees** Year to 30 June 2025
_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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**Report of the trustees** Year to 30 June 2025
## **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
Society of the Sacred Heart CIO **14**
**Report of the trustees** Year to 30 June 2025
## 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**
- As we begin life in our new Province, we will build community, common purpose to advance our Apostolic Priorities and structures to enable us to work effectively and collectively towards our mission. At the time of writing, 10 community members and 4 of our lay staff are involved in groups and tasks to help in the building of the province of Central Europe and the Islands. This work will continue through the coming year.
- The support of our Sisters in their lives and mission remains at the heart of our work. This is especially important as our community ages. Fourteen of our elderly sisters live at our care home, Duchesne House. In the coming year, we will commission an independent review of the care offered there and make any recommended improvements.
- The building of our Berrymead flats is a key strand of our planning so that our Sisters are enabled to continue to live active lives in a space that offers both individual space and aspects of communal living. In the coming year, we will complete the building project and begin the process of building community at Berrymead as our Sisters move to their flats.
- Last year, we reviewed financial governance within our CIO, discerning the need for a Finance Sub-Committee, comprising community members and lay experts. At the time of writing we have begun the process of recruitment to this group, with the view to the group becoming operational in early 2026.
- In 2024/5, we established a Heritage Planning Group tasked with the preservation of our built heritage including our burial grounds, our chapel and other historic buildings as well as our archive. In the coming year, we will continue our visioning and feasibility work on the development of a heritage space at the University of Roehampton where the charity owns historic buildings. We also plan to begin a major restructuring of our archive.
- Our Trustees will work with our safeguarding lead and our community to maintain and improve our safeguarding practice and processes so as to ensure the safety of all who are in contact with the Society in England and Wales.
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:
- to cover temporary shortfalls in income due to timing differences in income flows.
- to ensure adequate working capital for core costs
- to allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.
## _**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:
- ♦ select suitable accounting policies and then apply them consistently.
- ♦ observe the methods and principles 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);
- ♦ make judgements and estimates that are reasonable and prudent.
- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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:
- ♦ the trustees who, with the Provincial Superior, form the Provincial Council; and
- ♦ the Finance Advisory Committee; and
- ♦ the appropriate senior staff.
## **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:
- ♦ give a true and fair view of the state of the Charity’s affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- ♦ the information given in the Trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records and returns; or
- ♦ we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 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:
- ♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- ♦ We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011; and
- ♦ We understood how the charity is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the minutes of trustees’ meetings.
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:
- ♦ Identifying and assessing the design effectiveness of controls in place to prevent and detect fraud;
- ♦ Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- ♦ Challenging assumptions and judgements made by management in its significant accounting estimates;
- ♦ Identifying and testing journal entries;
- ♦ Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the relevant accounts item to which they relate.
To address the risk of fraud through management bias and override of controls, we:
- ♦ Performed analytical procedures to identify any unusual or unexpected relationships;
- ♦ Performed substantive testing on expenditure; and
- ♦ Tested journal entries to identify unusual transactions.
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:
- ♦ Reading the minutes of meetings of those charged with governance; and
- ♦ Enquiring of management as to actual and potential litigation and claims.
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:
- ♦ estimating the useful economic life of tangible fixed assets for the purposes of determining the depreciation charge;
- ♦ estimating the fair value of investment property at the year end; and
- ♦ determining the value of the designated funds needed at the year end and, in particular, estimating the size of the retirement reserve created in order to provide for the continuing care of the members for the remainder of their lives.
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**_
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.
- ♦ _**The support of members of the Society and their ministry**_ Expenditure on the support of members of the Society and their ministry enables the members to carry out the charitable work of the charity in the areas of the advancement of the Roman Catholic Religion, the advancement of education and the relief of poverty.
- ♦ _**Provision of retreat accommodation**_
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**_
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.
- _Residential_
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)
- _Purpose built residential care home_
- Other buildings comprising a residential care home for elderly Sisters are stated at cost. Depreciation is provided on a straight-line basis over a 15 year period.
- ♦ _**Leasehold property**_
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.
- ♦ _**Building improvements**_
Expenditure on items classed as building improvements is capitalised and depreciated over a ten year period on a straight line basis.
- ♦ _**Fixtures and fittings**_ Expenditure on the purchase and replacement of fixtures and fittings is capitalised and depreciated over a three or four year period on a straight line basis.
- ♦ _**Motor vehicles**_
- Motor vehicles are capitalised and depreciated over a four year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.
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.
- ♦ _Future strategy fund_
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.
- ♦ _Society restructuring fund_
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.
- ♦ _Ministry support fund_
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.
- ♦ _Malta fund_
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**