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2020-12-31-accounts

Marist Sisters Generalate CIO

Trustees’ Report and Accounts

31 December 2020

Charity Registration Number 1179883

Contents

Reports

Reports
Reference and administrative details of
the charity, its trustees and advisers 1
Trustees’ report 3
Independent auditor’s report 33

Accounts

Accounts
Statement of financial activities 38
Balance sheet 39
Statement of cash flows 40
Principal accounting policies 41
Notes to the accounts 46

Marist Sisters Generalate CIO

Reference and administrative details of the charity, its trustees and advisers

Trustees Sister Anne Ord
Sister Anne McCabe
Sister Grace Ellul
Sister Helena Coskeran
Sister Noelene Simmons
Sister Sylvette Mane
Sister Vivienne Goldstein
Congregational Leader Sister Grace Ellul
General Bursar Sister Noelene Simmons
Administrative address Marist Sisters
55 Thetford Road
New Malden
Surrey
KT3 5DP
Telephone 0208 949 1355
Charity registration number 1179883
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers Barclays Bank plc
1 Churchill Place
London
E14 5HP
Investment Managers Quilter Cheviot
Senator House
85 Queen Victoria Street
London
EC4V 4AB
OIP Investment Trust
1340 Smith Avenue, Suite 200
Baltimore
MD 21209
USA

Marist Sisters Generalate CIO 1

Reference and administrative details of the charity, its trustees and advisers

Solicitors Stone King LLP Boundary House 91 Charterhouse Street Barbican London EC1M 6HR

Marist Sisters Generalate CIO 2

Trustees’ report Year to 31 December 2020

The trustees present their annual report together with the accounts of the Marist Sisters Generalate CIO (the charity or the CIO) for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out on pages 41 to 45 of the attached accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The Marist Sisters (the Congregation) is a Roman Catholic Religious Order of Pontifical Rite founded in France in 1817 by Jeanne-Marie Chavoin and Jean-Claude Colin. The Congregational Leadership Team (CLT) is the Central Government of the Congregation elected by the sisters and is based in Rome. The General Administration (GA) of the Congregation comprises the CLT and the General Bursar. The Congregation, governed by its own constitution, is an International Order whose members minister in Aotearoa-New Zealand, Australia, Brazil, Canada, England, Fiji, France, Ireland, Italy, Mexico, The Philippines, USA and West Africa (The Gambia and Senegal). There are currently 237 sisters organized into 13 units. A Unit is a level of governance within the Congregation. It refers to a group of sisters within a particular geographical area. Each Unit has a sister to whom has been assigned responsibility for leadership of the Unit.

The Congregation is part of the wider Marist Family composed of five branches - Marist Fathers, Marist Sisters, Marist Missionary Sisters, Marist Brothers and Marist Laity.

The Marist Sisters Generalate CIO administers the common fund of the Congregation. Funds held are specifically for the support of the Marist Sisters and their ministries in the various countries listed above. The charity is a Charitable Incorporated Organisation (CIO), registered with the Charity Commission with Charity Registration 1179883 and governed by its constitution dated 11 September 2018.

Charitable objects

The object of the charity, as set out in its constitution, is the advancement of the Roman Catholic religion through the religious and charitable works of the Congregation as the trustees with the approval of the Congregational Leader shall from time to time think fit.

The principal aims and activities of the charity cover the following:

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Trustees’ report Year to 31 December 2020

Public benefit

When setting the aims of the charity, the trustees have complied with their duty under section 17 of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit. The trustees believe they have demonstrated in detail throughout this report the ways in which the charity has been faithful to this guidance.

Activities and achievements

General administration and ministry

West Africa

In her role as Congregation Leader, Sister Grace Ellul visits the Units of the Congregation in order to give support to the sisters as they endeavour to live and minister according to the Marist Charism.

In West Africa Marist Sisters are ministering in Senegal and The Gambia. From 20 January until 11 February 2020 Grace visited West Africa spending time with the four communities, encouraging sisters in their life and mission. Visiting communities is important and is an opportunity to develop a sense of the whole Congregation. Grace always finds that there is great interest in what is happening in the rest of the Congregation and a growing sense of belonging to something that goes beyond national boundaries. She was pleased to be at the Final Profession of Sisters Thérèse and Elisa.

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

West Africa (continued)

Grace also visited the Caritas Centre where Sister Joséphine works and had some time with the Director, who expressed high praise for Joséphine’s work with refugees, especially her support of the women. She also visited the hospital in Farafenni where two of our sisters are ministering. In Fajikunda she spent time at the St Martha’s Skills Training Centre which is administered by our sisters, the local school where Sister Antoinette teaches and the nursery school administered by our sisters.

In Senegal time was spent with our young women in formation and also visiting the intercongregational programme, which brings together candidates and novices from Congregations in Senegal.

In the last week of February, General Councillor Sister Sylvette Mane travelled to Dakar, Sénégal, to attend her mother’s funeral. Unfortunately, the lockdown prevented her from returning to Rome as planned.

The Covid-19 pandemic affected the entire world and many planned activities had to be postponed or cancelled. Life became strange, fearful, different, difficult and sorrowful. Yet, there is still something to be grateful for: Life!

With creativity and hope, Sylvette and the sisters in West Africa strove to invent a way to live as fully as possible, for themselves, their neighbours but most especially for the poor.

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

West Africa (continued)

During the lockdown, Sylvette spent most of her time supporting the Unit Leader of West Africa in her role as leader and formator and supporting the leadership team. The schools were closed but the sisters working in hospitals continued to minister to the sick even more so in this time of pandemic. In collaboration with Caritas-Dakar, the sisters reached out to the most vulnerable especially the migrants and the refugees. When possible, they visited families who were grieving their loved ones, supported those who had sick members and with the financial support of the Marist Sisters Generalate CIO and other Marist Sisters’ Units, food, basic necessities and medical assistance were distributed to families and single parents as well as encouraging them to respect the health recommendations.

The sisters cheered up each other in their community living as well as taking the opportunity to carry out various activities. Prayer creativity and community gatherings were very uplifting. Each one shared her skill with the rest of the community members and together they organised training sessions on computer skills, tie and dye, gardening and so on.

As borders were closed, it was not possible for Sylvette to travel from Senegal to The Gambia to visit the other two communities of West Africa. The novice who was having her community and apostolic experience in Senegal was unable to return to the formation house in The Gambia to continue her formation journey. She continued her formation resident with the sisters in Senegal and occasionally connected online with her formator in The Gambia.

Finally, when the district borders were open in the first week of July travel arrangements were made. Sylvette was able to drive a group of sisters up to the Senegalese/Gambian border and to bring back the sisters who had been stuck in that neighbouring country.

The sisters are living in a strange context with this pandemic but strong in solidarity, they hope to contribute to building a new environment and a world full of peace, hope and joy.

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

Italy

Grace also visited the sisters in the Unit of Italy from 16 February to 21 February 2020. This is a small group of elderly sisters. She was able to support the leadership and the sisters and to ensure that good care is in place. She also worked together with the whole group of sisters reflecting on life-giving community. Together they worked on simplifying life-style to cater for the age level.

Given the situation with the pandemic and travel restrictions, Grace’s visits to other Units had to be cancelled. She availed of the time to develop virtual means of keeping in touch with Unit leadership teams. This has proved fruitful and increased contact with Units.

Fiji

In the early part of 2020 General Councillors, Sisters Anne McCabe (18 January to 18 February) and Vivienne Goldstein (2 February to 18 February), visited Fiji. Both sisters received the beautiful Fijian welcome on their arrival and were given the opportunity to visit the different communities and ministries – including the various schools, CARITAS Fiji offices, Home of Compassion, Hart Homes (Housing Assistance Relief Trust), the Lautoka women’s prison, and the house of prayer. These are only some of the places our sisters in Fiji minister in.

Anne, while awaiting Viv’s arrival, was also given the opportunity to visit the reforestation project in the Yasawas as well as meeting Sister Lora Adikakai’s family and some of the people who have been helping with the project and to experience the different standards of living in Fiji.

On Wednesday 22 January, Anne, accompanied by Sister Marlene, was driven to Denarau Port for the first stage of the journey to the Yasawa Islands - consisting of six main islands and numerous smaller islets. It is about a five hour journey by boat. In order to visit the reforestation project and other areas the sisters needed the help of Lora’s brother, Bogileka … and another boat!

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

Fiji (continued)

The reforestation project was begun in response to the challenge posed by Laudato Sí and Sister Lora Adikakai’s desire to engage in a life-giving project in a needy area known well to her.

Sister Lora acknowledged with gratitude the ongoing support of the Marist Sisters and the further financial assistance from the Marist Mission Centre, Australia which have enabled a dream to become reality. To date the financial assistance has funded tools, machinery, a water storage tank and helped in the setting up of a nursery.

Crops already planted include cassava, yams, kava, and pineapples. The hope is to supplement these every year by approaching others and asking for different cuttings. Lora is also looking to ways of replenishing the soil using natural means.

Hotels, tea houses and hostels are plentiful in the Yasawas and this ensures there will be steady demand for the produce grown. Already there have been comments about the good quality and taste of the cassava crop. However, Lora was at pains to stress this is not a project undertaken for profit, but for the survival of the local people.

Recommendations regarding the project were later made by Sisters Vivienne and Anne – including the need for a Project Management Team to support Lora, to develop the vision, to plan its implementation, and to oversee and evaluate its progress.

As well as visiting the project, Anne and Marlene also visited Vuaki – where the Marist Sisters once ran the school. While there, they met the current head teacher and his wife and stood before the stumps on which the Marist Convent once stood. As 6pm chimed, the head teacher’s wife invited them to join her in praying the Angelus. It was a very touching moment.

Another precious memory was meeting Lora’s family – especially her mother. With the family, Anne experienced another beautiful welcoming ceremony followed by a beautiful meal- out in the open air- surrounded by the beauty of God’s creation.

Phase 2 of the visit to Fiji included community sessions on the theme of ‘Communication as Mission’ facilitated by Viv and Anne. For these sessions some communities gathered together – Lami/Raiwaqa; Nadi/Nadelei; while Levuka had its own session - due to geographical distance. The sessions centred on ‘What/how are we communicating in community and on social media

and what is a Marist approach to communication?’ There was much honest sharing and community plans were begun and further discussion and work scheduled.

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

Fiji (continued)

Viv spent time with Sister Torika, exchanging ideas on the keeping of archives. Both Anne and Viv also worked with Lavenia Laweimoala, a Marist postulant, and Hai and Truc, the two Vietnamese women who are presently discerning their vocation and are spending some time experiencing community and different pastoral experiences in Fiji.

There was a visit also to Sister Mariana Tevurega at the CARITAS Offices in Suva. Mariana coordinates the Programme for Women in the Archdiocese of Suva, leading Women at the Well Ministry workshops and prayer sessions as well as working with parishes on the issue of violence against women and children.

The Fijian visit was a really positive experience for Vivienne and Anne. They recognised the benefits in planning and delivering together the community sessions and in sharing the whole experience and returned to Rome uplifted by the variety of meaningful ministries, the outstanding insertion of each community in its local parish and neighbourhood and the sense of connection with the different branches of the Marist Family – brothers, fathers, missionary sisters and laity.

Formators Training Course

Sisters Anne and Viv were invited by UISG (Union of International Superiors General) to contribute to the Formators' Training Course from 20 April to 23 April, 2020. There were 44 participants mostly from Africa and Asia. Due to COVID-19, it had to be shared on-line.

The theme was "Consecrated Life: A Living Exegesis of the God's Word" They, therefore, made Lectio Dìvina an integral part of their presentation and allowed the readings of each day to provide the focus. Four key words emerged: Seeking, Recognising, Receiving and Living.

In addition to the daily practice of Lectio Divina, Anne and Viv used stories, video clips, PowerPoints and various processes for personal reflection and small group sharing. Managing the feedback from the whole group was challenging but the content was inspiring.

Both sisters considered this work a privilege and learned much from the experience - spiritually and technologically! It was a great opportunity to be a Marist On-Line Presence.

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

Manchester, England

From October 2020 and into the New Year, 2021, Anne has been packing bags each Wednesday at St Joseph’s RC Primary School, Longsight. The charity operates through a membership model, whereby families with very little disposable income are offered the provision of a deeply discounted food service to help their income go further.

A typical order is three shopping bags, one of fridge goods, one of cupboard goods and one full of fruit and veg, this costs £7.

The food comes from supermarkets, factories and farms who donate it to the project rather than wasting it or sending it to landfill. The food is then used to make up food bags for the members. Communities really struggling to afford the everyday basics are targeted and become hub points. The Longsight hub serves both the Longsight and Beswick areas of Manchester. Around 400 families avail of this service.

Families say they eat better when they access food from this charity. The three bags (groceries, fruit and vegetables and chilled items) mean well balanced meals for four to five days. This helps families in the lower income bracket to manage finances much better.

Although quite a mixture of people, and despite COVID restrictions, there is a sense of community among clients and between clients and volunteers!

The head teacher of St Joseph’s School shared with Sister Anne the story of a Polish dad whose children attend the school and whose family are struggling. He said:

“In Poland we struggled, too…. But at least here we have food in our stomachs thanks to this scheme.”

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Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

General administration and ministry (continued)

Manchester, England (continued)

Sister Anne was invited into two primary schools in the Manchester area to facilitate Advent Morning Retreats with Years 3, 4 and 6 pupils. Wednesday 2 and Thursday 3 December were spent at St John Fisher R.C. Primary School.

Monday 7 and Tuesday 8 December were spent at Our Lady of the Rosary R.C. Primary School, working first with Year 3 and then Year 6. Through PowerPoints, music, worksheets, quiet time and ice breaker games, Anne led the children towards a greater understanding and appreciation of Mary’s role in the story of Salvation.

The following feedback was received from the Principal of Our Lady of the Rosary Primary School:

“It was lovely to have you in school yesterday. Hannah and her class loved the morning and wanted to continue in the afternoon. We are more than happy to welcome your travelling retreat into OLOR at any time. I am sure our other classes would greatly benefit from your input.

In fact the last 2 days have been so inspirational and uplifting for OLOR. We would love you to come back and deliver a twilight for staff and other classes, if possible. Anytime in January onwards, if you are around!

You have energised OLOR. You have phenomenally helped us remain focussed on our Mission and Journey, through such challenging, unprecedented times. We strive to make a difference and change lives.

Thank you so much.”

Friday 4 December Anne facilitated a virtual Morning Assembly at St Joseph’s Longsight, complete with Advent wreath and lots of purple.

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Activities and achievements (continued)

Laudato Si and care for the environment

‘A Simple Summary of Laudato Si for the Classroom – JPIC Marist Style’ has been translated by the Marist Fathers and is being used in schools in Toulon, France. Father Paul Walsh is using it in the Marist College and two further schools have invited him to join their groups of pupils who are actively promoting sustainable and environmental programmes. The hope is that their passion will permeate the culture, and move up the chain to influence decision makers.

This resource has also been shared with the Marist Brothers in Chile and in the Philippines.

As Marist Sisters’ communities around the world we celebrate the Season of Creation each year with special prayer services and also different communities pledging to various personal and community commitments with regard to greater care for the earth.

Webinar on Archives: How to Preserve our Story

Prior to Covid-19, we had planned a meeting of our Plenary General Council (PGC) (Unit Leaders and General Administration) to be held in Rome during October 2020. During that meeting, we were to have a session, led by Sister Lorraine Campbell, on the management of our Congregational Archives held in the various countries in which we live and work. Following the postponement of the PGC meeting, a Webinar on Archives was arranged for a small group of Englishspeakers from Units with similar Archival situations - long histories, a plethora of documentation, photos, etc.

The Marist Sisters believe that the preservation of our congregational story is essential for keeping our values at the heart of all we do. They serve as an encouragement for the continuation of the charitable works needed in our time – “Mary’s Work” as our pioneers called it.

On 22 September 2020, 20 Marist Sisters met via ZOOM. The participants were:

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Activities and achievements (continued)

Webinar on Archives: How to Preserve our Story (continued)

Lorraine had prepared very thoroughly and presented her material clearly, inviting questions throughout. She covered the following topics: The Archival Process; our Policies on Access, on Disposal and Retention of Records, on Personal files and on Closure of Houses.

Everyone seemed to engage well and the evaluation responses were very positive with comments, such as:

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Activities and achievements (continued)

Jeanne-Marie Chavoin Centre

The Mission of the Jeanne-Marie Chavoin Centre in Belley, France is to help keep alive the spirit of the early Marists, particularly that of the Foundress.

Much of the activity at the beginning of 2020 involved planning and preparation for renewals and conferences. All that was organized had to be cancelled due to Covid-19. The materials prepared will be adapted.

Early in the year, a group of young adults came to the Centre for a film/discussion evening, reflecting on life choices, spirituality and support for the faith of those present. This group meets a couple of times a year.

A young couple, Thérèse and Chris, from New Zealand came on pilgrimage in January.

In the spring, there were visitors to the Centre in spite of the Covid virus, but fewer than usual. Several groups of Marist Fathers came on Pilgrimage.

Another project was helping Marist Father Ray Chapman in the planning of a Marist Fathers’ Camino in the Bugey. Following these visits there had to be a time of quarantine in order to protect the sisters in the community.

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Activities and achievements (continued)

Jeanne-Marie Chavoin Centre (continued)

In mid-September, Centre Director, Sister Teri O’Brien, along with Sister Denise Husson, met with two Marist Fathers to support the curator of the Jean Claude Colin Museum in St Bonnet le Troncy. After 35 years of faithful service, the museum had to close.

The remarkable contribution of the lay people, especially François and Georgette Chaume, was officially recognized by the Fathers in a framed document from Rome. A commemorative plaque will be presented to the parish by the Sisters as soon as Covid-19 restrictions are lifted.

Due to Covid-19 several important meetings involving the JMC Centre were cancelled:

Other outreach activities continued:

And a first … helping an animal association catch and place for adoption several stray cats and their kittens who were squatting on our property.

All in all, 2020 was an interesting and challenging year at the Jeanne-Marie Chavoin Centre!

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Activities and achievements (continued)

UNANIMA International

UNANIMA International is a Non–Governmental Organization (NGO) in consultative status with ECOSOC (UN Economic and Social Council) advocating on behalf of Women and Children (particularly those living in poverty), Migrants and Refugees, the Homeless and Displaced, and the Environment. The Marist Sisters is one of 22 Congregations with membership of UNANIMA International and so has a sister on the Board of Directors. While attending the February 2020 Board meeting Sister Noelene Simmons, along with other Directors, took the opportunity to participate in the Commission for Social Development 58 at the United Nations headquarters in New York.

Professional Development of Trustees

Throughout 2020 a number of seminars and conferences normally held face-to-face became Online Webinars due to Covid-19. The trustees of the CIO took advantage of the many online opportunities for professional development. A selection of webinars attended is as follows:

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Activities and achievements (continued)

Professional Development of Trustees (continued)

AGBIS/ISBA1 •Responding to Covid-19. Emergency Governance
and Management Responses
•Financial Governance in Challenging Times
AGBIS/Marsh Commercial •Risk Management in a new environment
APB2 •Conference and Open Forums
AMSG3 •Life-Mission, hope and solidarity in a time of
pandemic
Buzzacott •Addressing the impact of Covid-19 on financial
reporting
•Trustee Training: Impact Management
•Regulatory and Governance Update Parts 1 & 2
Barclays Bank •Fraud and cyber security
MMI4 •Facilitation of ZOOM meetings
Quilter Cheviot •Is the Past a Guide to the Future
SEDOS5 •The past-present-future of our Congregation
structures in the service of mission
Stone King LLP •How to manage Charity Finances in a practical and
positive way
•Meetings and Governance in a virtual world
•New Trustees
UISG6Rome • Theology of Childhood- Safeguarding
• Safeguarding Online in Time of Lockdown
• Leadership in a time of pandemic
• Leadership and interculturality
• General Chapters in times of uncertainty

1 AGBIS/ISBA – The Association of Governing Bodies of Independent Schools/The Independent Schools’ Bursars Association

2 APB – Association of Provincial Bursars

3 AMSG - Association of Africans and Malagasies at the Service of Generalates in Rome

4 MMI – Multi-Media International

5 SEDOS – Service of Documentation and Study on Global Mission

6 UISG - Union of International Superiors General

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Activities and achievements (continued)

Professional Development of Trustees (continued)

UK Charity
Commission		 •Holding, moving and receiving funds safely when working
internationally
•Working internationally: Due diligence checks and monitoring
the end use of funds
•Recovering with integrity – Charities united against corruption
internationally
UNANIMA
International		 •Webinars on Family Homelessness and the UN Sustainable
Development Goals

In addition to participating in conferences and seminars, the agenda for three of the four trustees’ meetings held in 2020 included a presentation from a guest speaker to assist the trustees in their governance role. The speakers for 2020 were Amanda Francis, Buzzacott LLP; Tim Rutherford, Stone King LLP and Fathers Marc Dessureault and Rufus Whitley, OIP Investment Trust. Each of these sessions also provided an opportunity for the trustees to interact with the speakers.

Donations

Conscious of the impact of Covid on many people in developing nations, the CIO trustees decided to send donations of £10,000 to the Units of Brazil, Mexico and West Africa. The money was sent to enable the sisters reach out and support those most vulnerable in their areas. Each Unit has provided a report on how the money has been used.

Brazil

The pain generated by Covid-19 virus only grows. Every day the sisters in Brazil are reminded of this when they receive news from family, neighbours, friends, people from the neighbourhood, ecclesial community, who are infected or have died as a result of this evil.

For many years the Marist community in Belo Horizonte has been a place of welcome for the homeless and for others who pass by and ask for food, as well as sharing the joy, pain and suffering of these people. However, in this time of pandemic the number has grown. Greater Belo Horizonte had 4,000 homeless people by April 2020. By the end of June, the number had risen to 7,000. There are several situations that take them to the street - among them is the lack of employment and mental suffering. This means an increasing number of people come to the Marist Community asking for help.

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Activities and achievements (continued)

Donations (continued)

Brazil (continued)

In front of the Community house is a daily solidarity clothesline on which used clothes are available for those who need them. People who pass feel touched by the simple gestures they can perform by donating or receiving goods such as food, personal hygiene supplies, clothes, masks, shoes. People from afar come to get or to bring donations. The Jesuit Theology community gives a monthly donation of 20 food parcels to share among the families we accompany. Donations of food parcels also come from the local parish. Young singers from the parish gathered and did a live performance in order to collect food and help in the sisters' project. There are so many generous hearts that are open to share!

Working within what is allowed by the Health Agency, the sisters guarantee daily lunch in their residence and a weekly activity in the community of Our Lady of Fatima. Awareness of those around them who are homeless helps the Sisters to reflect on their lives as Marists and how they can live the Gospel more deeply, understanding and welcoming those who are invisible to society. People tell them:

“Beware! They live on the street and can have Covid-19.”

However, as Marist Sisters they continue to live their call to “go where no one or few can go.”

A 75-year-old lady living in extreme poverty and experiencing difficulty walking as a result of a stroke gave the Marist Sisters a new title – “Hard as nails in times of war!” She was introduced to the sisters by a gentleman who is also homeless. Coming to the sisters they are assured of at least one meal each day.

People come to the sisters wanting to join them in this work. This sharing and sense of solidarity has given the sisters strength and a desire to extend their work and mission as Marist Sisters.

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Activities and achievements (continued)

Donations (continued)

Mexico

In the City of Querétaro money was distributed as follows:

the sick on the reverse. Scarfs and banners were also made for distribution.

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Activities and achievements (continued)

Donations (continued)

Mexico (continued)

A team of young people was formed to help distribute the products to the relatives of hospital patients. This included a ten year old girl who was delighted to help and see the smiles on the faces of those being helped. Every day the group prayed at the beginning of the delivery and at the end they prayed the rosary with the relatives.

In total, an estimated 650 people were helped. Some young men did not accept the help: "leave it for another, I already ate" they told us. Generosity is everywhere, you just have to look for it.

West Africa

After receiving notification that the Unit would receive £10,000 to assist people impacted by Covid-19, the Unit Administration met to draw up criteria for the use of this money. It was decided to give donations under the following headings, food kits, support for small businesses, return to school, medical needs and rent costs.

In West Africa there are four communities of Marist Sisters - two in Senegal and two in The Gambia. Each community received £2,500 and the Sisters were asked to distribute the money using the criteria outlined. They were also asked to keep a record of who received the money and for what purpose. A summary was to be sent to the Unit Bursar by each community.

The following is a synthesis of the reports sent by each community:

Many of the people we meet in ministry depend on the informal economy. They have a small business e.g., selling something at the side of the street. This enables them to live from day to day. They feed, clothe and educate their families and look after their immediate medical needs. It does not allow them to save for the future so, when Covid struck, they found themselves without a means of earning a living. The support given enabled them to restart their small businesses, feed their families, send their children back to school (hope for the future) and deal with immediate medical needs.

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Activities and achievements (continued)

Donations (continued)

West Africa (continued)

Unfortunately Covid-19 cases are increasing again in both The Gambia and Senegal and the restarted businesses may have to close for a second time putting people in extreme poverty once more.

To protect the privacy of the individuals being helped the sisters in West Africa did not take any photos.

Grants

Brazil

In 2019 a grant application from the Marist Sisters in Brazil was approved. The amount requested for this twelve-month project, R$20,000 (£3,882), was to be used to purchase teaching materials and food for the children attending Centro de Educação Popular Maria Mãe da Misericórdia.

The Centre is situated in the neighbourhoods of Salgado and St John of Scotland where the majority of the population live in a state of extreme poverty so children and adolescents live in vulnerability. The main object of the association has always been improving the life of the local population

Since the Centro de Educação Popular Maria Mãe da Misericórdia is a non-profit entity with the objective of contributing to the social integration of children, adolescents and young people in social vulnerability, support for the project was extremely important. It was hoped the project would provide them with a new path in their social, cultural and community development.

Throughout the project the community became more involved with some mothers helping to make meals. A total of 120 (children, adolescents and young people) benefited from the project. With the Coronavirus pandemic this benefit extended to the family as food was also given to their family members who were starving.

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Activities and achievements (continued)

Grants (continued)

Brazil (continued)

The evaluation criterion used was school performance. With the enhanced meals the students began to have more interest in their classes, and with this better application of the lesson content. The acquisition of books greatly contributed to learning, with improvement in reading skills. Among the activities carried out in the development of the project we can highlight the classes of percussion, guitar, school reinforcement, singing, early childhood education, digital inclusion and capoeira. Citizenship training was also

conducted with Conversation Wheels, lectures, theatre, dances, gymkhanas. Themes included: Network of Care for Women in Situations of Violence; Environment; World Poverty; Social Inequality; Racism; Prejudice; ECA (Statute of the Child and Adolescent); Human Rights; Maria da Penha Law; Trafficking in Persons in Brazil and Worldwide. We also worked on the themes related to Marist spirituality celebrating the feasts of the Marist Founders and Marist Saints.

Rome

Throughout 2020 two requests for funding came from the Marist Sisters General House in Rome. Funds were used to cover household costs, medical and travel costs, and maintenance of the house and computers.

Fiji

Due to a low compulsory retirement age and activities engaged in to promote the advancement of the Roman Catholic religion through the religious and other charitable works of the Congregation not attracting financial remuneration, sisters in countries such as Fiji rely on support from the Marist Solidarity Fund. This fund is money donated by other Units of the Congregation to support sisters working in mission areas. In 2020 the Unit Leader of Fiji requested funds from the Marist Solidarity Fund. An earlier part of this report indicated some of the mission activities of the sisters in Fiji (pages 7 - 9).

Marist Sisters Generalate CIO 23

Trustees’ report Year to 31 December 2020

Activities and achievements (continued)

Cancellations due to Covid-19

At the charity trustees’ meeting held in March 2020, trustees were alerted to the fact that a funding request would be received in the near future to enable eligible sisters in Brazil, Fiji, Mexico, Philippines and West Africa to attend a pilgrimage for younger members of the Congregation who had not yet had the opportunity to visit Marist places of origin. Unfortunately, due to the Covid-19 pandemic this pilgrimage was postponed from August 2020 to 2021. At the time of writing this report it seems the pilgrimage will once again be postponed as international borders remain closed.

In October 2020 a Plenary General Council (PGC) meeting of the Congregation was scheduled to take place in Rome. This meeting is attended by the Congregation Leader, The General Councillors, the General Bursar and the Leaders of the Units of the Congregation. The role of the PGC is to foster Unity in the Congregation, to study and further plan for the implementation of the directives of the General Chapter and to discuss other matters of importance for the life and mission of the Congregation. Border closures implemented because of Covid-19 prevented this meeting from taking place. A new date of March 2021 was decided upon. At the time of preparing this report it is still not possible for the sisters to meet in Rome and so the meeting will become an online event.

Visits to Units by the Congregational Leader, General Councillors and General Bursar also had to be cancelled due to Covid-19. While online means were adopted to connect with these Units it is not the same as being able to meet face to face.

Policies

As a relatively new charity, the CIO has been involved in policy development during 2020.

A Privacy Policy was developed with the assistance of Stone King LLP. The policy outlines why the CIO collects personal information and how that information is used. It explains the legal basis for collecting information and the rights a person has over the way their information is used. The General Secretary of the Marist Sisters was appointed as the Data Protection Lead.

The Marist Sisters recognise the dignity and rights of all children and adults at risk and are committed to their protection from abuse. Consequently, work was undertaken to develop a Safeguarding Policy . This work is nearing competition. The purpose of this policy is:

Once again advice has been sought from Stone King LLP for this work.

The Congregation Leader will act as the Congregation Safeguarding Lead.

Marist Sisters Generalate CIO 24

Trustees’ report Year to 31 December 2020

Policies (continued)

Grant making policy

Through its Grant Making Policy CIO funds are distributed to other countries where the Marist Sisters are engaged in ministry. While there is a grant making policy in place, this policy is under review in the light of the CIO’s Safeguarding responsibilities.

The trustees apply the funds of the charity in accordance with the charitable purposes and objectives of the charity. The number of projects that can be supported by the trustees is necessarily limited to the amount of funds that are available for distribution each year.

The trustees have determined that the current priorities for funding are:

In awarding grants, the trustees will apply the following principles:

The trustees will carry out sufficient due diligence to ensure that the request or situation meets both the charitable purposes, and the priorities for support set out in this policy.

Fundraising policy

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the charity received no complaints about its fundraising activities.

Marist Sisters Generalate CIO 25

Trustees’ report Year to 31 December 2020

Covid-19

Throughout 2020, socially and economically, our world was impacted by Covid-19. The need for online methods of communicating and carrying out financial transactions became more and more important.

Particularly in the earlier part of the year return on investments went into negative territory. However, this loss was recovered before the end of 2020 so that investments had a positive return overall.

The CIO bank accounts are able to be acted upon via online means. However, in a number of countries where Marist Sisters are present, sisters may be fearful of online banking and so have not taken up this option. Nor do they have access to credit or debit cards. This has presented challenges especially when some banks closed their doors for periods of time. Assisting members of the Congregation to safely use these facilities will be an ongoing process.

During the pandemic there have been some adaptations on how ministry is being exercised. With travel restrictions in place, a number of Congregation meetings and visits have been put on hold. In some situations, it has been possible to hold meetings via online platforms. Younger members of the Congregation, while following safety procedures, are continuing their ministry of outreach especially to those who are vulnerable. Older members are finding ways to keep in contact with needy people and to contribute to their well-being. For example, connection by telephone and email, donating money saved on fuel consumption to local charities, and making handicrafts for groups who donate (Knit for Peace), etc.

With sisters unable to attend banks to verify funds have been deposited, international transfers have been halted. This situation is being monitored to ensure sisters have access to the funds needed for living expenses.

Whilst there will undoubtedly be challenges ahead, the trustees do not expect material concerns to arise over the charity’s financial position.

Statement of investment principles

The Marist Sisters’ Generalate CIO did not have any funds invested during the period 11 September 2018 to 31 December 2019. However, discussions were held with Quilter Cheviot and a portfolio established in 2020. Out of these discussions grew a Statement of Investment Principles.

The aim of the portfolio are to build up a reserve to assist delegates from countries that are not financially independent to attend the General Chapter of the Marist Sisters held every seven years.

The main objectives for the investment portfolio are to:

Marist Sisters Generalate CIO 26

Trustees’ report Year to 31 December 2020

Statement of investment principles (continued)

The trustees wish to be responsible investors. Therefore, the investment manager will be expected to take account of environmental, social and governance (ESG) issues in their investment analysis and decision-making processes.

Investments

In order to provide for the present and future expenses of the Congregation the CIO has established investment portfolios. The aim is to maximise return within a medium risk, diversified portfolio. Prior to establishing a portfolio, the Investment Policy of the CIO is discussed with the fund manager to ensure profits are not derived from activities in conflict with the values of Catholic Social teaching. The trustees, through regular discussion with fund managers, continually monitor the performance and the ethical considerations of the portfolio.

As of 31 December 2020 the CIO held two investment portfolios.

Financial review

Summary of results for the period

A summary of the year’s results (2019: period from 11 September 2018 to 31 December 2019 results) can be found on page 38 the accounts.

Total income for the year amounted to £1,203,690 (2019: £1,312,057). Included within donations are cash grants from the Generalate of the Marist Sisters Congregation of £1,040,403 (2019: £430,376). In 2019, donations receivable in the form of listed investments (including cash held by investment managers and accrued income) were £763,355, altogether amounting to £1,193,731. Annual contributions represent donations receivable from the provinces and units of the Congregation. Further details of these are given in note 2 to the accounts.

Expenditure during the reporting period totalled £240,919 (2019: £92,254). Expenditure includes grants of £209,822 (2019: £71,452) and support costs of £26,845 (2019: £20,802).

Further details of the grants given are included within note 4 to the accounts.

Marist Sisters Generalate CIO 27

Trustees’ report Year to 31 December 2020

Financial review (continued)

Summary of results for the period (continued)

Net income for the year before net investment gains and losses, amounted to £962,771 (2019: £1,219,803). Net gains on investments for the year were £100,549 (2019: nil), exchange losses on investments were £16,190 (2019: nil), resulting in a net increase in funds for the year of £1,047,130 (2019: 1,219,803).

Reserves policy

The charity was only established in September 2018 and it is not possible to project its level and pattern of future expenditure with accuracy at the present time due to the impact of the Covid-19 pandemic in the early stages of the charity’s operations. The situation will become clearer over the next few years. In the meantime, the trustees are content for the charity to hold several years of anticipated unrestricted fund expenditure as free reserves. The trustees consider this level of free reserves to be acceptable given the charity’s responsibilities, where in the event of an urgent need in any Province/unit, immediate financial assistance may need to be provided. The trustees will review this policy as time passes and the level and pattern of expenditure becomes clearer.

Investment performance

The charity had two portfolios of investments with a market value at 31 December 2020 of £1,586,804 (2019 – £nil) including cash awaiting investment of £6,237. The portfolios were and continue to be managed by Quilter Cheviot and OIP Investment Trust.

During the year, the charity’s investments achieved income of £16,527, net gains on investments for the year were £100,549 (2019: nil) and exchange losses on investments were £16,190.

Financial position

The balance sheet shows total funds of £2,266,933 as at 31 December 2020 (2019: £1,219,803). Amounts totalling £1,127,105 (2019: £315,166) are restricted and represent donations received to establish the Marist Solidarity Fund to facilitate a sharing of financial resources within the Congregation. Units/provinces that are currently financially independent are requested to make an annual contribution to this fund. Units that are not financially independent are able to request funding that enables them to provide for the ministry and living expenses of the sisters in the unit. Of the 13 units within the Congregation, five currently require financial assistance. It is anticipated that the number of units requiring financial assistance will increase as the age and health profile of the units change. Consequently, the aim is to build up this fund in order to provide for needs well into the future.

Marist Sisters Generalate CIO 28

Trustees’ report Year to 31 December 2020

Financial review (continued)

Financial position (continued)

£849,019 (2019: £842,752) has been designated by the trustees as the Chapter fund to generate income to contribute to the expenses of the General Chapter of the Congregation. The next Chapter is due to take place in 2022.

Funds which are available to support any of the work of the charity in the future (i.e. free reserves) are those shown on the balance sheet as general funds.

Given the challenges that will arise in the short to medium term as a result of Covid-19 and in the light of the charity’s infancy and the commitment to support the Congregation for the long term, this level of reserves is deemed appropriate and the trustees are content that the charity is a going concern.

With the outbreak of Covid-19 the major impact experienced since the period end has been the volatility of global markets. The value of the investment portfolio received from the Generalate of the Congregation in February 2020 has seen an estimated 10% decline in its market value. It is fortuitous that the CIO currently does not need to draw on this portfolio. The portfolio has been established to finance the General Chapter of the Marist Sisters held every seven years with the next General Chapter to take place in 2022. The rate of global economic recovery will determine how quickly the losses experienced to date will be recouped.

Future Plans

With Covid-19 still active in our world we are living in a context of uncertainty. When will life return to normal? What is the new normal? To what extent will planned activities be able to proceed? This uncertainly should not prevent us from planning and having funds available for these activities.

The CIO trustees are also very conscious that the number of people experiencing vulnerabilities has been exacerbated by the virus. The Charism of the Marist Sisters demands that we reach out to those most in need. It is therefore inevitable that funds will need to be distributed in developing countries via our sisters working in these areas. Due to limited resources, it is not always possible for the sisters to complete formal grant applications to obtain financial assistance. The Congregation Leader and the General Administration of the Congregation, through regular contact with the sisters of the Congregation, become aware of the areas of need. With this information the trustees will no doubt be making further donations to provide for the vulnerable just as happened in 2020.

In many countries where Marist Sisters are ministering, activities related to the promotion of religion and charitable works do not attract remuneration. The more established Units of the Congregation have resources to call upon and have assisted sisters working in developing countries. However, with declining numbers and, therefore declining income, in these more established Units it is important that funds be held in reserve to finance activities in the developing Units of the Congregation into the future. It is in developing countries that the Congregation is receiving new members. It is important that these new members be given the appropriate spiritual and professional training.

Marist Sisters Generalate CIO 29

Trustees’ report Year to 31 December 2020

Governance, structure and management

Governing document

Marist Sisters Generalate CIO is a charitable incorporated organisation governed by a constitution dated 11 September 2018. It is a registered charity, Charity Registration Number: 1179883.

Member of the CIO

The Congregational Leader is automatically, by virtue of holding that office, ex officio the sole member of the CIO.

Liability of member

If the charity is wound up, the member of the charity has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Trustees

The charity has seven trustees; the Congregational Leader, three Congregational Councillors, the General Bursar and two sisters resident in the UK.

The Congregational Leader, Congregational Councillors and the General Bursar are automatically ex-officio trustees for as long as they hold their respective offices.

The Congregational Leader, ex-officio, is a trustee for as long as she holds that office. It is the duty of the Congregational Leader to exercise her powers as a trustee in the way she decides in good faith would be most likely to further the purposes of the CIO.

Apart from the first trustees and the ex-officio trustees, every appointed trustee is appointed by a resolution in writing by the Congregational Leader.

During the current reporting period the trustees were encouraged to study the document The Essential Trustee published by the Charity Commission for England and Wales. Two trustees participated in a webinar Cyber Fraud: Protecting your business against current threats offered by Barclays Bank plc. One trustee attended The Essential Trustee and Governance in Practice seminar organized by Stone King LLP and another trustee attended a seminar on Recently Formed Charities Working in High Risk Areas Internationally organized by the Charity Commission of England and Wales, International Charities Engagement Team.

The names of the trustees who served during the period are set out as part of the reference and administrative details on page 1 of this report.

Key management

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. They receive no remuneration or reimbursement of expenses in connection with their duties as trustees.

Marist Sisters Generalate CIO 30

Trustees’ report Year to 31 December 2020

Governance, structure and management

Risk management

The trustees have established a risk management policy and will review and update our risks. This process is deemed particularly important during the current Covid-19 pandemic.

The outbreak of the Covid-19 pandemic has clearly presented us with challenges and threats to the well-being of our charity and its activities which could not have been foreseen. The trustees recognise their responsibility for the management of risks faced by the charity, the Congregation and the units.

We note above the financial and operational effects of Covid-19. Over and above these, the areas identified for particular attention within our risk management strategy are:

Marist Sisters Generalate CIO 31

Trustees’ report Year to 31 December 2020

Governance, structure and management (continued)

Risk management (continued)

The trustees undertook a formal review of risks in December 2019 and have produced a risk register. All risks have been allocated a score, based on their likelihood and impact, and any further action has been agreed by the trustees. This risk register will be reviewed annually.

Signed on behalf of the trustees:

Noelene Simmons

Trustee

Approved by the trustees on: 14 July 2021

Marist Sisters Generalate CIO 32

Independent auditor’s report Year to 31 December 2020

Independent auditor’s report to the trustees of Marist Sisters Generalate CIO

Opinion

We have audited the accounts of Marist Sisters Generalate CIO (the ‘charity’) for the year ended 31 December 2020, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Marist Sisters Generalate CIO 33

Independent auditor’s report Year to 31 December 2020

Other information

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

In connection with our audit of the accounts, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. 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

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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.

Marist Sisters Generalate CIO 34

Independent auditor’s report Year to 31 December 2020

Auditor’s responsibilities for the audit of the accounts

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.

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.

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

Marist Sisters Generalate CIO 35

Independent auditor’s report Year to 31 December 2020

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

How the audit was considered capable of detecting irregularities including fraud (continued)

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

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

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

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

We did not identify any irregularities, including fraud.

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.

Marist Sisters Generalate CIO 36

Independent auditor’s report Year to 31 December 2020

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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 LLP 20 July 2021 Statutory Auditor 130 Wood Street London EC2V 6DL

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

Marist Sisters Generalate CIO 37

Statement of financial activities Year to 31 December 2020

Notes Year t o 31 December 2020 o 31 December 2020 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Income from:
Donations receivable from

. The Generalate of the
Congregation
1
. Other donations

. Annual contributions
2
Investments and bank
interest
3
Total income


Expenditure on:

Raising funds

Charitable activities

. Grants, donations and
support of missionary
work
4
Total expenditure


Net income before
investment gains
(losses)
Foreign exchange losses
on investments
9
Realised and unrealised
gains (losses) on
investments
9
Net movement in funds

Total funds brought
forward at 1 January
2020
Total funds carried
forward at 31 December
2020
14

275,491
—
83,448
16,527

764,912
2,400
60,912
—
1,040,403
2,400
144,360
16,527		 905,962
—
59,163
—
287,769

—

59,163

—		 1,193,731
—
118,326
—
375,466 828,224 1,203,690 965,125
346,932		 1,312,057


4,252

130,002

—

106,665

4,252

236,667		 —
60,488


—


31,766		 —
92,254
134,254 106,665 240,919 60,488
31,766		 92,254

241,212


—

**(6,021) **
721,559

(16,190)
106,570
962,771

(16,190)
100,549		 904,637
—
—

315,166


—

—		 1,219,803
—
—

235,191

904,637		 811,939


315,166		 1,047,130


1,219,803		 904,637
—
315,166


—		 1,219,803
—


1,139,828
1,127,105
2,266,933		 904,637

315,166		 1,219,803

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

The charity was registered with the Charity Commission on 11 September 2018 and remained dormant until 10 April 2019. The charity’s activities commenced on 11 April 2019 and all activities were derived from continuing operations in the above two periods.

Marist Sisters Generalate CIO 38

Balance sheet 31 December 2020

Notes 2020
£		 2020
£		 2019
£		 2019
£
Fixed assets
Investments
9
. Listed investments
. Unlisted investments
Current assets
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
11
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
General funds
. Unrestricted funds
. Designated funds
12
Restricted funds
13
14		 5,958
688,973		 747,264
839,540		 763,355
464,448		 —
—
1,586,804
680,129		 —
1,219,803
694,931
(14,802)		 1,227,803
(8,000)
2,266,933 1,219,803
290,809
849,019		 61,885
842,752
1,139,828
1,127,105		 904,637
315,166
2,266,933 1,219,803

Approved by the trustees and signed on their behalf by:

Noelene Simmons

Trustee

Approved by the trustees on: 14 July 2021

Marist Sisters Generalate CIO 39

Statement of cash flows Year to 31 December 2020

Notes
31
December
2020
£


973,550
(1,146,807)
396,985
12,185

(737,637)
235,913
(5,151)

464,448

695,210		 Period from
11
September
2018 to 31
December
2019
£
Cash flows from operating activities
Net cash provided by operating activities
A
Cash flows from investing activities:
Purchase of investments

Sale of investments
Investment income received
Net cash outflow from investing activities

Change in cash and cash equivalents in the period
Foreign exchange losses on operating activities
Cash and cash equivalents at 31 December 2019
B
Cash and cash equivalents at 31 December 2020 carried
forward
B		 464,448
—
—
—
—
464,448
—
—
464,448

Notes to the statement of cash flows for the period to 31 December 2020 A Reconciliation of net movement in funds to net cash provided by operating activities

Year to 31
December
2020
£		 Period from
11
September
2018 to 31
December
2019
£
1,219,803
—
—
—
—
—
(763,355)
8,000
464,448
Net movement in funds (as per the statement of financial activities)
Adjustments:
Foreign exchange losses on operating activities
Foreign exchange losses on investments
Gains on investments
Investment income receivable
Donation received in kind
Decrease (increase) in debtors
Increase in creditors
Net cashprovided by operating activities		 1,047,130
5,151
16,190
(100,549)
(16,527)
(748,002)
763,355
6,802
973,550

B Analysis of cash and cash equivalents/net debt

31
December
2019
£
Cash flows
£
Other non
cash
changes –
exchange
losses
£





31
December
2020
£

688,973

6,237
695,210
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 464,448
—
229,676

6,237
(5,151)

—
464,448
235,913
(5,151)

Marist Sisters Generalate CIO 40

Principal accounting policies Period to 31 December 2019

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

The accounts have been prepared for the year to 31 December 2020 with comparative information provided for the period from 11 September 2018 to 31 December 2019.

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) (effective 1 January 2019) and the Charities Act 2011.

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 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 to make significant judgements and estimates.

There are no items in the accounts where key judgements and estimates have been made other than estimating future income and expenditure flows for the purpose of assessing going concern (see below).

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 at least one year from the date of approval of these accounts.

The Covid-19 pandemic has changed the shape and nature of the world. It has impacted not only the basic nature of the social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control. The full impact on the charity’s income and expenditure and financial position following the emergence of the global Covid-19 pandemic is still uncertain.

The charity’s investment income may be adversely affected because of the volatility in listed investments as stock markets have reacted to the pandemic and the impact of the pandemic on the commercial sector in particular. In terms of expenditure, it is anticipated that there will be demands from the provinces/units for support in these difficult times. The trustees will continue to keep both income and expenditure under review but do not anticipate that the impact on the charity’ finances will be material or impact on the charity’s going concern.

Marist Sisters Generalate CIO 41

Principal accounting policies Period to 31 December 2019

Assessment of going concern (continued)

With regard to the next accounting period (i.e. the year ending 31 December 2021), 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 market. This is particularly relevant at the current time given the Covid-19 pandemic and its adverse impact on world stock markets (see the investment policy and the risk management sections of the trustees’ report for more information).

Income recognition

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

The principal sources of income are donations receivable consisting of contributions receivable from the Generalate of the Congregation and the provinces/units of the Congregation. Donations are recognised when the charity has confirmation of both the amount and date of receipt. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation 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.

Donations receivable in kind (in the form of investments) are recognised at fair value.

Investment income is recognised once the dividend or similar income has been declared and notification has been received of the amount due.

Bank interest 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.

Expenditure recognition

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 accounted for on an accruals basis.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity.

Such costs include support of the Congregational Leadership Team, the support of the sisters and their ministries and grants to projects that will empower those in need.

Marist Sisters Generalate CIO 42

Principal accounting policies Period to 31 December 2019

Expenditure recognition (continued)

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial period are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

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 administrative and general support.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

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.

Fixed asset 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 data provided by

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

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.

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.

Marist Sisters Generalate CIO 43

Principal accounting policies Period to 31 December 2019

Fixed asset investments (continued)

The charity’s unlisted investments represent investments in the OIP Investment Trust, established by the Missionary Oblates of Mary Immaculate, provides faith consistent investment management of the long-term financial assets of the Oblate Congregation and of Roman Catholic related organisations, ministries, religious orders and dioceses located throughout the world.

The OIP Investment Trust is a United States domiciled non-profit tax-exempt charitable trust. The mission of the OIP Investment Trust is to provide professional faith consistent investment management.

The market value included in the accounts represents the underlying value of the charity’s share of investments in the funds of the Trust as provided by the Trust, based on their audited financial statements prepared following the guidance for generally accepted accounting principles issued by the Financial Accounting Standards Board, as codified at FASB ASC 958, Not-for-Profit Entities, accounting principles generally accepted in the United States of America.

Debtors

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

Creditors

Creditors 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rate 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 transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Marist Sisters Generalate CIO 44

Principal accounting policies Period to 31 December 2019

Funds structure

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions. Details of these are provided in note 11.

The funds of the charity include unrestricted funds available for use in furtherance of the charity’s objectives at the discretion of the trustees.

Within the unrestricted funds of the charity, the trustees have also designated amounts for specific purposes. Details of these are provided in note 10.

Services provided by members of the Congregation

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

Marist Sisters Generalate CIO 45

Notes to the accounts Year to 31 December 2020

1 Income from: Donations receivable from the Generalate of the Congregation

Year t o 31 December 2020 o 31 December 2020 Period from 11 September 2018 to 31 December
2019		 Period from 11 September 2018 to 31 December
2019		 Period from 11 September 2018 to 31 December
2019
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Donation of investment
assets from the Generalate
of the Congregation (*)
Donations of cash from the
Generalate of the
Congregation in respect to
the:
. Marist Solidarity Fund
. Other donations		 —
—
275,491		 —
764,912
2,400		 —
764,912
277,891		 763,355
—
142,607		 —
287,769
—		 763,355

287,769

142,607
275,491 767,312 1,042,803 905,962 287,769
1,193,731

(*) The donation of investment assets (including cash held by investment managers and accrued income) was received by the charity in the year to 31 December 2020.

2 Annual contributions

Annual contributions are receivable from provinces or units of the Congregation that are currently financially independent. They are given towards the general administration costs of the charity and towards financing the missions of the charity.

During the period under review, contributions were received from Ireland, the USA and The Charity of the Order of the Marist Sisters Province England.

The charity is in the process of formalising arrangements for receiving contributions from the other units that are financially independent.

3 Income from: Investments and interest receivable

Year t o 31 December 2020 o 31 December 2020 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Income from listed
investments
. UK fixed interest
. Overseas fixed interest
. UK equities
. Overseas equities
. Alternative investments
Interest on cash held by
investment manager
Bank interest
Total funds		 2,392
1,125
6,974
2,303
3,633		 —
—
—
—
—		 2,392
1,125
6,974
2,303
3,633		 —
—
—
—
—		 —
—
—
—
—
—

—

—

—

—
16,427

15
85		 —
—
—		 16,427
15
85		 —
—
—		 —
—
—
—

—

—
16,527 — 16,527 — —
—

Marist Sisters Generalate CIO 46

Notes to the accounts Year to 31 December 2020

4 Expenditure on: Grants, donations and support of missionary work

Year t o 31 December 2020 o 31 December 2020 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Provision of grants and
donations (see below)
Support and governance
costs (note 5)		 108,442
21,560		 101,380
5,285		 209,822
26,845		 42,757
17,731		 28,695
3,071		 71,452

20,802
130,002 106,665 236,667 60,488 31,766
92,254

Grants and donations during the year comprised:

Year t o 31 December 2020 o 31 December 2020 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Spiritual renewal and
formation
. Jeanne-Marie
Chavoin Centre
. West Africa
. Mexico
. Fiji
Support of projects
.To purchase teaching
materials and food for
children at a school
supported by Marist
Sisters in Brazil
Emergency Covid grants
of £10,000 each to Brazil,
Mexico and West Africa
Support of the
Congregational Leadership
Team		 18,442
—
—
—
—
—
90,000		 —
2,191
—
69,189
—
30,000
—		 18,442
2,191
—
69,189
—
30,000
90,000		 2,757
—
—
—
—
—
40,000
—
2,757
2,757
19,299
3,882
—
—		 2,757

2,757

2,757

19,299
3,882
—
40,000
108,442 101,380 209,822 42,757 28,695
71,452

5 Support and governance costs

Year t o 31 December 2020 o 31 December 2020 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019		 Period from 11 September 2018 to 31
December 2019
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Support costs
. Bank charges
. Computer software
. Foreign exchange losses
. Governance costs –
professional fees
. Other costs		 177
144
—
21,087
152		 134
—
5,151
—
—		 311
144
5,151
21,087
152		 297
1,823
—
15,611
—		 36
—
3,035
—
—		 333
1,823
3,035
15,611
—
21,560 5,285 26,845 17,731 3,071 20,802

Marist Sisters Generalate CIO 47

Notes to the accounts Year to 31 December 2020

6 Net income before net investment gain (losses)

This is stated after charging:

Year to 31
December
2020
£		 Period from
11 September
2018 to 31
December
2019
£
8,000
6,600
3,035
Auditors remuneration (including VAT)
. Statutory audit
. Non audit services
Foreign exchange losses		 9,810
4,368
5,151

7 Staff costs and remuneration of key management personnel

The charity did not employ any staff during the year (2019: none). None of the trustees received any salaries or reimbursement of expenses from the charity (2019: none).

The trustees consider that they alone comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. They received no remuneration or reimbursement of expenses in connection with their duties as trustees.

Seven trustees of the charity are also members of the Congregation and as such have taken vows of poverty under which they have renounced all personal rights to income and capital. The charity may provide for the living and personal needs of such members of the Congregation.

8 Taxation

The Marist Sisters Generalate CIO is a registered charity and therefore, is not liable to income tax or corporate tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

9 Listed and unlisted investments

Listed and unlisted investments
Listed
investments
(including
cash)
£
Unlisted
investments
£


2020
Total
£
Investments
Market value at 1 January 2020
Donation of investments from the Generalate of the
Congregation
Additions at cost
Disposals at book value
. Sale proceeds
. Realised losses
Foreign exchange losses
Net unrealised gains
Market value at 31 December 2020
Cash held by investment manager for investment
Cost of listed investments at 31 December 2020		 —

746,386
397,647		 —
—
749,160		 —
746,386
1,146,807
(396,985)
(34,888)		 —
—		 (396,985)
(34,888)
(431,873)
—
28,867		 —
(16,190)
106,570		 (431,873)
(16,190)
135,437
741,027
6,237		 839,540
—		 1,580,567
6,237
747,264 839,540 1,586,804
712,160 749,160 1,461,320

Marist Sisters Generalate CIO 48

Notes to the accounts Year to 31 December 2020

9 Listed and unlisted investments (continued)

Fair value determination

The fair value of financial instruments has been determined using the following fair value hierarchy:

Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

The fair value of the charity’s listed investments has been arrived at using the above hierarchy as follows:

31 December 2020 Level 1
£
Listed investments - Quilter Cheviot
UK fixed interest
UK equities
UK unit trusts
Overseas equities
Overseas unit trusts		 142,778
35,109
204,512
251,610
107,018
741,027

The charity’s unlisted investments are invested in The OIP Investment Trust, a United States /domiciled non-profit tax-exempt charitable trust. The market value included in the accounts represents the underlying value of the charity’s share of investments in the funds of the Trust as provided by the Trust, based on their audited financial statements.

The fair value of the charity’s unlisted investments with OIP Investment Trust (the Trust), based on the underlying investments of the Trust, has been arrived at using the above hierarchy as follows:

As at 31 December 2020 Level 1
£		 Level 2
£		 Level 3
£		 Total
£
Cash equivalents
Equity investments
Debt investments
Private equity and real estate partnerships		 28,451
357,498
91,916
—		 —
—
—
—		 —
—
28,161
333,514		 28,451
357,498
120,077
333,514
477,865 — 361,675 839,540

The grouping of investments is based on information provided by the audited accounts of OIP Investment Trust.

Marist Sisters Generalate CIO 49

Notes to the accounts Year to 31 December 2020

9 Listed and unlisted investments (continued)

Investment risk

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

Nature and extent of risks arising from financial instruments

The aim of investment risk management is to minimise the risk of an overall reduction in the value of the portfolio and to maximise the opportunity for gains.

Listed investments

The trustees monitor the underlying risks to which the investments are exposed through reviews with the investment managers. The risks to which the investments are exposed include market and credit risk. The exposure to market risk is mitigated by the charity investing in a diverse portfolio of investments across various markets. Bonds and bond like instruments are exposed to credit risk, but exposure to credit risk is minimised by only investing in bonds that are subject to a minimum credit rating.

Liquidity risk represents the risk that the charity will not be able to meet its financial obligations as they fall due. The trustees monitor cash flows and take steps to ensure that there are adequate cash resources to meet the charity’s commitments.

Currency risk represents the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The fund is exposed to currency risk on financial instruments that are denominated in any currency other than the functional currency of the charity (UK sterling).

Marist Sisters Generalate CIO 50

Notes to the accounts Year to 31 December 2020

9 Listed and unlisted investments (continued)

Nature and extent of risks arising from financial instruments (continued)

Unlisted investments - OIP Investment Trust (OIP)

The estimated fair value of the underlying investments is based on quoted market prices, except for alternative debt investments, private equity, and real estate partnership investments for which quoted market prices are not available. Alternative debt investments, private equity, and real estate partnership investments include private equity interests, bonds, notes, and other investments. The estimated fair value of these investments are based on an industry standard reporting that may include allocation of fair value based on the percentage of the total asset value held by the OIP, an allocation of the value held by the OIP based on an assignment of shares to the OIP, and the value per share, and/or other allocation value.

OIP reviews and evaluates the values provided by the general partners and assesses the valuation methods and assumptions used in determining the fair value of alternative debt investments, private equity, and real estate partnership investments. Alternative investments represent 43% of the stated fair value of investments at 31 December 2020. Because alternative debt investments, private equity, and real estate partnership investments are not readily marketable, their estimated value is subject to uncertainty and therefore may differ from the value that would have been used had a ready market for such investments existed. Such differences could be material. Unrealised gains or losses on investments resulting from fair value fluctuations are recorded in the statement of financial activities in the period that such fluctuations occur.

10 Debtors

Debtors
31
December
2020
£		 31
December
2019
£
Donations receivable
Investment income receivable		 —
5,958		 763,355
—
5,958 763,355

Debtors at 31 December 2019 comprised investment assets receivable from the Generalate of the Congregation.

11 Creditors

Creditors
31
December
2020
£		 31
December
2019
£
Donations payable
Accruals
Expense creditors		 3,350
10,850
602		 —
8,000
—
14,802 8,000

Marist Sisters Generalate CIO 51

Notes to the accounts Year to 31 December 2020

12 Designated funds

The unrestricted funds of the charity includes the following fund designated for specific purposes:

Chapter fund 2020
£		 2019
£
At 1 January 2020
Designated during the year
At 31 December 2020		 842,752
6,267		 —
842,752
849,019 842,752

The Chapter fund has been established by the trustees to contribute to the expenses of the General Chapter of the Congregation. The next Chapter is due to take place in 2022.

13 Restricted funds

The income funds of the charity include a restricted fund comprising the following unexpended balance held on trusts to be applied for specific purposes:

Marist Solidarity Fund 2020
£		 2019
£
At 1 January 2020
Income
Expenditure
Net gains on investments
At 31 December 2020		 315,166
828,224
(106,665)
90,380		 —
346,932
(31,766)
—
1,127,105 315,166

The Marist Solidarity Fund has been established by the trustees to facilitate a sharing of financial resources within the Congregation. Units that are currently financially independent make an annual contribution to this fund. Units that are not financially independent are able to request funding that enables them to provide for the ministry and living expenses of the sisters in the unit. Of the thirteen units within the congregation, five currently require financial assistance. It is anticipated that the number of units requiring financial assistance will increase as the age and health profile of the units change. Consequently, the aim is to build up this fund in order to provide for needs well into the future.

14 Analysis of net assets between funds

General
funds
£		 Designated
funds
£		 Restricted
funds
£		 Total
funds
2020
£
Fund balances at 31 December 2020 are
represented by:
Investments
Current assets
Current liabilities
2020 total funds		 —
302,261
(11,452)		 747,264
101,755
—		 839,540
290,915
(3,350)		 1,586,804
694,931
(14,802)
290,809 849,019 1,127,105 2,266,933

Marist Sisters Generalate CIO 52

Notes to the accounts Year to 31 December 2020

14 Analysis of net assets between funds (continued)

General
funds
£		 Designated
funds
£		 Restricted
funds
£		 Total
funds
2019
£
Fund balances at 31 December 2019 are
represented by:
Current assets
Current liabilities
2019 total funds		 69,885
(8,000)		 842,752
—		 315,166
—		 1,227,803
(8,000)
61,885 842,752 315,166 1,219,803

The total unrealised gains on listed investments as at 31 December 2020 are as follows:

2020
£		 2019
£
Unrealised gains included above on investments 31 December 2020
Reconciliation of movements in unrealised gains:
Unrealised gains at 1 January 2020
Deduct: In respect to exchange losses in year
Add: net gains arising on revaluation in the year
Total unrealisedgains at 31 December 2020		 119,247 —
—
(16,190)
135,437		 —
—
—
119,247 —

15 Related party transactions

Two of the trustees of the charity are trustees also of The Charity of the Order of the Marist Sisters Province of England (Charity Registration Number 225485). During the year the charity received donations totalling £114,490 (2019: £118,326) from The Charity of the Order of the Marist Sisters Province of England.

There were no other related party transactions during the year or the previous year requiring disclosure.

16 Ultimate control

The charity, which is constituted as a Charitable Incorporated Organisation (CIO), was controlled throughout the period by the Marist Sisters due to the Congregational Leader, by virtue of her office, being ex-officio the sole member of the CIO.

17 Liability of member

If the charity is wound up, the member of the charity has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

Marist Sisters Generalate CIO 53