## **Franciscan Missionaries of Mary UK CIO**
## **Annual Report and Accounts**
31 December 2024
Charity Registration Number (England and Wales) 1199658
## **Contents**
|**Reports**||
|---|---|
|Reference and administrative details|1|
|Trustees’ report|3|
|Independent auditor’s report|27|
|**Accounts**||
|Statement of financial activities|30|
|Balance sheet|31|
|Statement of cash flows|32|
|Principal accounting policies|34|
|Notes to the accounts|39|
Franciscan Missionaries of Mary UK CIO
## **Reference and administrative details**
|**Trustees**|Sister Loetitia Marie-Noelle Chevallier|
|---|---|
||Sister Helen Fennell|
||Sister Mary Fitzpatrick|
||Sister Alberta Forson|
||Sister Leontine Shannon|
||Sister Elzbieta Maria Walkowiak|
||Sister Hilde Vantomme|
|**Regional Superior**|Sr Loetitia Marie-Noelle Chevallier|
|**Sector Bursar**|Sister Helen Fennell|
|**Sector/CIO Address**|5 Vaughan Avenue|
||London|
||W6 0XS|
|**Telephone**|020 8748 4077|
|**Website**|www.fmmuk.org|
|**Charity Registration Number**||
|**(England and Wales)**|1199658|
|**Auditors**|HaysMac LLP|
||10 Queen Street Place|
||London EC4R 1AG|
|**Principal Bankers**|The Royal Bank of Scotland plc|
||London Corporate Service Centre|
||4th Floor, Devonshire Square|
||London EC2M 4XJ|
|**Investment Managers**|L & P Financial Trustees Limited|
||Cantor Fitzgerald House|
||23 St Stephen’s Green|
||Dublin 2|
||D02 AR55|
||Ireland|
Franciscan Missionaries of Mary UK CIO **1**
## **Reference and administrative details**
**Solicitors** Stone King LLP Upper Borough Court 3 Upper Borough Walls Bath BA1 1RG
Franciscan Missionaries of Mary UK CIO **2**
## **Trustees’ report** 31 December 2024
The trustees present the report and accounts of Franciscan Missionaries of Mary UK CIO, a Charitable Incorporated Organisation (CIO) (“the charity or “the CIO”) for the year ending 31 December 2024.
The accounts have been prepared in accordance with the accounting policies set out on pages 34 to 39 of the attached accounts and comply with the charity’s Constitution, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, applicable Charities Accounts (Scotland) Regulations and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (Charities SORP FRS 102).
## **An introduction to the Franciscan Missionaries of Mary**
## **Who are we?**
The Institute of the Franciscan Missionaries of Mary (FMM) (the Institute), founded by Blessed Mary of the Passion, (Helene de Chappotin), in 1877, is an international Roman Catholic Institute of Religious Sisters working and living in 71 countries worldwide. We number 4,898 sisters as of the 31 December 2024 and are as many as 76 nationalities.
Sisters gathered in Rome for Regional Assembly July 2024
Rooted in our love for Christ we live our lives in fidelity to the Gospel and in service to the Church and the world especially to those in most need giving attention to the poorest and most abandoned.
We do this through very practical work for the poor, the sick, the lonely and the underprivileged wherever we are, always bringing those we serve to the Lord in prayer, in this way fulfilling the Church’s universal call to mission.
Coming from different backgrounds and cultures, we choose to answer the same call and to live together in intercultural communities as a sign of community and reconciliation and a witness to unity in diversity .
Franciscan Missionaries of Mary UK CIO **3**
**Trustees’ report** 31 December 2024
## **An introduction to the Franciscan Missionaries of Mary** (continued)
## _**Who are we?** (continued)_
As women of faith, we live a life of contemplation and action, indeed, it is in welcoming His presence that our lives become prayer. The Eucharist is the centre of our lives, there we surrender ourselves with Christ and draw strength to live our mission: it is the Lord who sends us and it is He whom we recognize in our brothers and sisters.
Every FMM draws her inspiration from Mary of Nazareth a woman filled with God’s spirit and open to the needs of others, and from St Francis of Assisi who inspires us to become “living Gospels in the midst of the world, following in the steps of the poor and humble Christ”.
Our Religious Institute was founded for MISSION, and every FMM must be ready to be “sent” on mission wherever that takes her. In a spirit of obedience, she must be prepared to leave the familiar and go to those to whom she is sent. She goes ready to learn and to receive as much as to give. Like Christ she is ready to approach everyone with a humble heart, and to accept them as brothers and sisters.
## _**Where are we?**_
The Generalate of the Franciscan Missionaries of Mary is in Rome. From this centre we span the globe where we form Regions led by a Regional Superior and her council who sustain both the unity and diversity of our mission and ministries. A Region is a country or group of countries, where FMMs live and work. Regions develop their own forms of ministry in response to the local needs and evaluate them every three years at their Regional Chapter where they draw up their Regional Plan setting out their priorities for the coming years.
Here in the UK, we are part of the Region of North-West Europe. This comprises the countries of France, Belgium, Netherlands, UK, Ireland, and Malta. We are still in the very early years of this transition, and although it is a challenging time we are learning to work together and to appreciate the calls of mission in this part of Europe and always attentive to our brothers and sisters uprooted from their homelands and forced to flee; the suffering of the planet, and, other emerging realities which call us to respond.
The new leadership team who were appointed by our General and her council to lead this new region are (from right to left): Sr Loetitia Chevallier (Regional Superior), Sr Alberta Forson (Assistant Regional), Sr Mary Fitzpatrick (Assistant Regional) and Sr Elzbieta Walkowiak (Assistant Regional)
Franciscan Missionaries of Mary UK CIO **4**
**Trustees’ report** 31 December 2024
**An introduction to the Franciscan Missionaries of Mary** (continued)
## _**Franciscan Missionaries of Mary - United Kingdom**_
The accounts accompanying this report are the accounts of the CIO on which the assets of the Congregation in England, Wales and Scotland are held.
From its first beginnings in the UK in 1887 the Franciscan Missionaries of Mary are now present in four communities in England (as of December 2024) and only one in Scotland with this house planned for closure in 2025 – at the time of writing this report our property in Scotland has been sold.
|**As of 31/12/2024**|**No. of communities**|**No. of sisters**|**No. of nationalities**|
|---|---|---|---|
|England
Scotland|4
1|40
1|8
1|
Our community in Paisley, Scotland closed in May 2024 and sisters were transferred to other communities.
During 2024 one sister died in the UK, two sisters left for mission in Ireland, and one sister is residing outside of community.
## _**Mission**_
The Constitution of the CIO states:
(1) The object of the CIO is for such charitable purposes which advance the religious and other charitable work carried on by or under the direction of the Institute as the Trustees with the approval of the Regional Superior shall from time to time think fit and if at any time the Institute shall cease to exist or shall cease to carry on or direct any such lawful charitable work then for such lawful charitable purposes connected with the advancement of the Roman Catholic religion as the Trustees shall decide.
(2) Nothing in this constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008.
The mission of the CIO also includes the care of all members of the Institute throughout their lives with the Institute.
When setting the objectives and planning the work of the charity for the year, which involves the individual ministries of sisters, the trustees have given careful consideration to the Charity Commission’s guidance on public benefit.
Our mission commits us “to the service of life and the care of creation” and in so doing we seek to express God’s compassion for our world and especially for the poor and the sick and those whom society overlooks, to this end, we give priority to service that values and promotes the growth of the human person.
In these early years of the new Region a particular care has been given to building up community life and to this end community houses have been closed and sisters have been reassigned to strengthen community life. This has been evident in the number of houses that have been closed. In 2024 we closed our community in Paisley, Scotland and took the decision to close our other Scottish community at 1245 Royston Road, however this was only placed on the market in January 2025 and at the time of writing sale has completed. Our property at Prices Walk in March was placed on the market but as we wait for the sale to complete we continue to support the mission there with sisters visiting regularly.
Franciscan Missionaries of Mary UK CIO **5**
**Trustees’ report** 31 December 2024
## **An introduction to the Franciscan Missionaries of Mary** (continued)
## _**Mission** (continued)_
In fulfilling our commitment to the objectives of the CIO, and responding to public need, the ministries of the sisters fall broadly into the following categories:
- Worship and prayer
- Caring for members of the Institute
- Social and pastoral work; and
- Education – faith and spirituality.
## **Activities, specific objectives, and relevant policies**
## _**Worship and prayer**_
Our religious constitutions state: “that prayer strengthens our missionary thrust and that like Mary we are attentive to the Word and open to the needs of others so as to bring them to her Son”. To live this fully our prayer life needs time and the rhythm of silence and communal prayer, and the sustenance of the sacraments. In each community our day is structured around prayer:
- Daily morning and evening prayer of the church
- Daily mass
- Time each day for silent adoration before the Blessed Sacrament
- Meditation and spiritual reading of the word of God and other spiritual books
- A monthly day of recollection and annually a time of retreat for a more intense time of prayer
Every sister participates in the prayer life of the community, bringing to God the world in all its needs and receiving there the strength to go out and become “a living gospel in the world”. Our elderly sisters live this mission in a very intense way. Having completed their life of active service they give a greater time to prayer and in a particular way they pray for the world and for all the requests for prayer which come through our website www.fmm.org
Beyond the community many sisters are engaged in the prayer life of their local communities through:
- Interfaith and ecumenical prayer
- Spiritual accompaniment
Franciscan Missionaries of Mary UK CIO **6**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Worship and Prayer** (continued)_
- Retreat work
- Various prayer groups and Scripture Sharing groups
All of our communities’ welcome people into our community chapels for times of silent prayer and meditation, or sometimes small groups will come to find a quiet place where they can encounter the God of all life.
Most communities are engaged with their local parishes in offering various groups within the parish the opportunity to meet in our houses for times of prayer and reflection and in this way to deepen their relationship with God and with each other. Family days, young adult days, older adult days – all are welcome There is room for everyone even Mum’s with their toddlers – having completed the school drop off are grateful to find a welcome space of silence in the midst of their very busy lives.
One sister travels to Balham once a week, where after the 12-week Alpha Course, a group of people has formed who chose to deepen and read God's Word together. Each week, she leads them in a Lectio Divina, after which they share God's Word from the Sunday readings.
There are several sisters engaged in Spiritual accompaniment with individuals and groups. This involves the ongoing accompaniment of individuals regularly and also the preparation of retreats for
groups either for Individually Guided Retreats or preached/shared retreats. The number of sisters engaged in this ministry are seven. These sisters have all received specific training for this ministry.
Franciscan Missionaries of Mary UK CIO **7**
## **Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Caring for members of the Institute**_
With an ageing membership the care of our sick, frail and elderly sisters is a mission priority for us here in the UK. The demographics for the UK demonstrate this well:
## **Age Profile of UK 2024**
**----- Start of picture text -----**
100+
91 - 100
81 - 90
71 - 80
61 - 70
51 - 60
41 - 50
0 2 4 6 8 10 12 14
41 - 50 51 - 60 61 - 70 71 - 80 81 - 90 91 - 100 100+
No of sisters 2 7 4 3 9 13 3
**----- End of picture text -----**
There is a duty of care on the Turstees to ensure that our sisters in their older years receive the care and support they need to live out their lives in peace and security as members of our religious community. It is important to remember that during their active years these sisters served both here in the home mission of UK as well as overseas. Of the present group of sisters receiving care at Canning Town they have served in thirteen countries around the world in areas such as health care, education, social work and pastoral activities.
St Margaret’s Convent, Canning Town has existed since 1897 and has served the people of the East End of London well over its long history. St Helen’s RC Primary School, Canning Town was founded by our sisters and later handed over to the Diocese of Brentwood where to this day it continues to offer primary education to the young people of the area. History in both of these localities where they have provided education and employment and have been engaged in social and pastoral work.
The new convent at Canning Town was purpose built in the early 2000’s to care for our frail and elderly sisters here in the UK. As part of the on-going planning for the care of our elderly sisters the Trustees with the consent of our Generalate in Rome enlarged the facility at Canning Town in 2023 where we have capacity to accommodate up to 30 sisters. Not all rooms are occupied so as to have space for visiting family members or other sisters, and not all sisters in the community require full nursing care some are able to enjoy a more independent living but with supervision.
Franciscan Missionaries of Mary UK CIO **8**
## **Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Caring for members of the Institute** (continued)_
We employ a full team of care and home staff to provide for the needs of our sisters. At present we have 27 members of staff.
In fulfilling their duty of care to our sisters especially those more elderly, frail and vulnerable, and in assuring the highest possible care and safe environment the Trustees aims are as follows:
- To ensure that all members of the Institute receive the care they need in order to live a good quality of life.
- To make an annual review of our properties to ensure that they meet the requirements for care of our elderly and for missionary involvement.
- To safeguard the continuation of the individual ministries of all members of the Institute being mindful of those missioned for the care of our elderly sisters.
- To ensure that there are sufficient staff to cover the increased demand on our services at Canning Town.
- To ensure that all staff members are up-to-date with training: health and safety, moving and handling, and, safeguarding and that all DBS checks are current, and to ensure the wellbeing of all staff members who have access to our Employee Assistance Programme where they have opportunity to access support.
Franciscan Missionaries of Mary UK CIO **9**
## **Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Achievements:**_
- At the time of writing this report we have sadly lost one sister in August 2024 and three sisters in the early months of 2025.
- The workforce at Canning Town was increased to ensure sufficient staff to cover the extra workload. This is constantly reviewed and Agency staff are brought in as required. Our present workforce is 26.
- All staff attended their annual mandatory training and all new staff were given an induction session as well as being signed up for all mandatory training.
- Policies related to HR and care provision are regularly reviewed and updated to reflect new Government legislation and best practice.
- All staff have access to a welfare support helpline via our HR providers.
## _**Social and pastoral work**_
The objectives of the CIO commit it to “such charitable purposes which advance the religious and other charitable work carried on by or under the direction of the Institute”. Social and pastoral activities are where the active individual members of the Institute live out their missionary vocation.
In fulfilling these objectives of the CIO the Trustees’ ensure the well-being and support of all its members so that they might:
- Enable all members of the Institute to engage in meaningful pastoral and social activities within their local communities and beyond always ensuring that they have the necessary skill set, fluency of language and competence for these engagements.
- Ensure that all members are faithful to the Constitution of the Franciscan Missionaries of Mary to “promote the growth of true social awareness within ourselves and in those around us,” and to give priority to the poor and marginalised. Sisters are encouraged to work in the voluntary sector in order to serve the needs of the poor.
- Encourage self-sufficiency: sisters are encouraged to engage in remunerated work where possible.
- The practice of the Institute is that all income is donated by Covenant to the charity to help towards the living expenses and mission of the sisters.
Most of the activities that sisters are engaged with are in the area of social and pastoral work. Their ministries fall broadly into the following categories, many of them being carried out in the voluntary sector:
- Chaplaincy work in hospitals and prisons
- Voluntary work with other Organisations
- Parish/pastoral work
- Hospitality to sisters from other countries who come here for language and professional studies.
Franciscan Missionaries of Mary UK CIO **10**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Social and pastoral work** (continued)_
## _**Chaplaincy work in hospitals and prisons:**_
On a fulltime remunerated basis, we have only one sister working as a hospital chaplain in one of London’s busy hospitals. Her work brings her into contact with patients and their families at some of the most difficult times of their lives. It’s a demanding job and one that she loves deeply. As with all hospital work her job does not finish at 5PM as she does oncall for emergencies and needs to be ready to return to the hospital when needed. While in the course of her work she visits patients and brings the Holy Communion to those who are Catholic she also sees that there is a need to minister to the nursing and other care workers and arranges
times of prayer for them and makes herself available should they need to speak with her. A gentle presence and listening are integral to this work.
Three other sisters volunteer as hospital visitors in another London hospital and regularly visit the sick bringing them Holy Communion and keeping them connected to the local parish community where they are remembered in prayer. Visiting the sick is very much at the heart of our faith communities.
Three sisters go to a prison as volunteer chaplains four times a week. Their mission as volunteer chaplains is in part caring for the spiritual needs of the prisoners, such as preparations for the weekly Eucharist, Bible study, music and preparation for the sacraments, but also accompanying them through the difficult moments of bereavement, addiction, loneliness, and violence. Together with the whole multi-faith team, they work with officers and various support organisations like _Change for good, Forward trust_ etc...
_The community with other members of the chaplaincy team_
## _**Working in the Voluntary Sector:**_
“God’s heart has a special place for the poor, so much so that he himself “became poor” (2 Cor 8:9) [Evangelii Gaudium]. Pope Francis goes on to say: “I want a Church that is poor and for the poor …. we are called to find Christ in them and to lend our voice to their causes….(for) none of us can think we are exempt from concern for the poor and for social justice.” As he says elsewhere we are called “to leave this earth somehow better than we found it… [for]the earth is our common home and all of us are brothers and sisters.” Our own FMM constitution commits us to give priority to the poor and marginalised and to work for their human dignity and liberty.
Franciscan Missionaries of Mary UK CIO **11**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Social and pastoral work** (continued)_
## _Working in the Voluntary Sector: (continued)_
In fulfilling the charitable purposes of the CIO our sisters are engaged in the voluntary sector working in such areas as the alleviation of poverty, with migrants and refugees, with victims of human trafficking, with the bereaved, the homeless, those with disabilities, indeed the list is endless. Some of these activities include:
## • Street Pastors:
Walking among the vulnerable on the streets between the hours of 10pm and 4am are teams of Street Pastors made up of committed Christians from many denominations. Their mission is to be available to those who may need help of any kind. They operate in teams offering care, listening and support to vulnerable people especially to young people. All of this flows from a spirit of faith and time spent in prayer together before heading to the streets to minister to those in need. We had two sisters who were part of this great mission. Having done this for many years Jarka shares: “it is through small gestures of care and compassion, simple words of support and a friendly approach to everyone that we create a more humane and welcoming world in our local communities in a very real and tangible way.” Unfortunately, as our mission in Scotland was being wound down these sisters were only available to this great project for a limited time.
A similar project has been started in other areas. Sr Premila who lives in Putney is part of a group which calls themselves ‘Putney Street Angels’. Their mission is very similar to the Street Pastors in that they too patrol the streets of Putney again ready to listen and assist and always mindful of those who are most vulnerable. As with the Street Pastors this is an ecumenical endeavour and those involved pray together before heading to the streets to be angles to those in need!
## _Working with victims of trafficking:_
Pope Francis urged everyone to take action to combat human trafficking. "Let us pray fervently and work proactively for this cause, the defence of human dignity." He went on to encourage all efforts to respond to the scourge, following the example of St. Bakhita, to mobilize all our resources in combatting trafficking and restoring full dignity to those who have been its victims,". He also had these sobering comments, "If we close our eyes and ears, if we do nothing, we will be guilty of complicity."
Some sisters are engaged in volunteering with organisations who work with women who have been trafficked, this work is everything from befriending them, helping with English and assisting them with appointments and translations to being part of a larger networking organisation working for the rights of all people who are caught in the trap of traffickers to bring about their liberation and healing.
Franciscan Missionaries of Mary UK CIO **12**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Social and pastoral work** (continued)_
## _Working with victims of trafficking: (continued)_
One sister shares about her work for victims of human trafficking: My service to survivors of human trafficking is demanding as we accompany women in their sad and painful stories, in their struggles, but also very rewarding, especially when we witness the healing process, the power of love capable of restoring life.
In 2024 one sister gave two retreats to those who are working to alleviate the struggles of victims of trafficking and to highlight the reality of human trafficking in our world today. These were international groups of committed men and women all working around the globe to raise awareness and bring an end human trafficking. This work is in keeping with our foundation charism to work for the total liberation of humanity.
## _**Parish and other Pastoral Work:**_
In all our communities’ sisters are involved in pastoral work in their local parishes. This work includes:
- Home visits to the sick and housebound
- Involvement in the liturgical life of the parish/ ministers of the Word and Eucharist.
- Catechesis
- Spiritual Accompaniment.
## _Home visits to the sick and housebound:_
Most communities have sisters engaged in this ministry of visiting the sick and housebound to bring them the word of God and Holy Communion and very importantly human interaction and connection. So many elderly and housebound struggle with a loss of independence and an ever-increasing sense of isolation, even in our digital age when they can attend mass online, shop online or whatever, it simply does not meet that human need to connect with people, to feel part of a human community and a faith community so these home visits are very important and are a real life-line!
## _Involvement in the liturgical life of the parish_
Many sisters are involved in the daily life of their local parishes as Ministers of the Word and Eucharist, members of the choir, and help with the celebrations of special occasions in the life of the parish such as prayer services for Christian Unity Week, Lent and Advent prayer groups, remembrance masses for deceased parishioners etc., and for some it involves being members of their local parish councils.
Franciscan Missionaries of Mary UK CIO **13**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Parish and other Pastoral Work:** (continued)_
## _Involvement in the liturgical life of the parish (continued)_
Living in multicultural communities we have sisters from many parts of the world who alongside involvement in their local parish communities are also involved with some of the international chaplaincies reaching out to the immigrant communities that now call the UK home. They support the Church in meeting the pastoral needs of their own people, through preparation of the liturgy, catechesis in preparation for the reception of the sacraments, and being a support to enable these communities to negotiate the change from their country of origin to being part of a new reality and society with all that that entails. Although based in London our Vietnamese sisters work alongside Vietnamese priests in London, Reading and Birmingham bringing the faith to their own people and walking with them through the challenges of integrating into life here. As Pope Francis said: “The arrival of those who are different, coming from other ways of life and cultures, can be a gift…for the communities and societies to which they come.”
## _Catechesis:_
Many sisters are involved in catechesis especially with adults and young people. Through sharing the faith they seek to lead people to an ever-deeper relationship with God. This initial catechesis is the beginning of what will become a lifelong journey of faith which will be supported in their local communities by participation in the liturgy of the Church and a life of prayer.
One sister in Brixton was part of the Faith Summer Break in 2024. It was she shared an exciting event organised for young people during the summer to provide both faith and fun activities. The event was organised by the Diocese, and she went as one of the faith leaders accompanying a group of young people from her local parish.
It was a residential programme which was held in St. Mary’s School, Ascot, in the beautiful countryside of Berkshire. From all accounts it was a wonderful experience of discovering how faith permeates all of life not just our attendance at Sunday mass. Young people were able to discuss openly the challenges they face and find support and encouragement to live their lives to the full, faithfully. It was also a time to enjoy time together and a visit to the Theme Park was the icing on the cake!!!
Franciscan Missionaries of Mary UK CIO **14**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Parish and other Pastoral Work:** (continued)_
## _Catechesis: (continued)_
Some sisters have attended training in the Alpha programme and are now accompanying parish groups who run similar courses one of which is the Sycamore programme designed to help Catholic’s explore their faith, through short films followed by times for discussion. Working alongside other leaders we have four sisters who are involved in this ministry.
## _Spiritual Accompaniment:_
Spiritual accompaniment is about walking beside another person in their search for God in their lives, through prayer and reflection and by turning to the scriptures they discover the imprint of God in their own lives, in those around them and in the world. Many of our sisters are formally trained in this area and offer spiritual accompaniment to individuals on an ongoing basis or for a specific time of “retreat”, as well as to groups such as parish social groups and prayer groups. Our sisters in Putney have welcomed people to their home for individually guided retreats and for days of prayer. We have eight sisters engaged in the ministry of spiritual accompaniment in the UK.
## _Education faith and spirituality:_
We have one sister in Putney who has been working with another congregation in offering formation programmes to their sisters on Tertianship programmes. This work has taken her beyond the UK to other parts of Europe.
## _Counselling:_
One sister works part-time as a psychotherapist with one of the leading mental health organisations in the UK. This is her main work but she also works on behalf of her local Dioceses in the psychological assessments of their candidates for training.
There are two other sisters who are currently completing their master’s degrees in counselling and psychotherapy and who as part of their training are engaged in counselling with other organisations under supervision. On completion of their respective courses, they plan to continue this work on a remunerated basis.
## _FMM Formation Sessions:_
As an international congregation we have chosen to use English as the official language of the Institute, it replaces French which until now has been our first language. This change has brought about the need to ensure our sisters gain both and knowledge and hopefully a proficiency in English. Thanks to zoom and so many other online platforms it is possible to accompany sisters all over the globe, and we have a number of sisters who meet regularly with groups of FMM from Vietnam, South Korea, Madagascar, North Africa and parts of Europe to assist with the learning of English. This is a wonderful mission for our sisters who are now retired from fulltime teaching posts and for those who are trained in TEFL or some other equivalent qualification.
Franciscan Missionaries of Mary UK CIO **15**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Parish and other Pastoral Work:** (continued)_
## _FMM Formation Sessions: (continued)_
Of course, our communities are open to sisters coming for shorter or longer courses of English studies here in the UK where they have the advantage of being in an English-speaking community and so have plenty of opportunity to practice their new language skills. In 2024 six sisters from overseas came to study English here in the UK.
Formation for our own sisters based on the writings of our foundress and the charism she gave us are ongoing, and we have one sister who having received a specific training in this area is engaged in this work both here in the UK and indeed in other parts of the world. Sessions are held monthly for the sisters in the London area and for sisters overseas she gives zoom sessions. She has been in Australia giving sessions to our sisters there and will also give sessions in Poland later in the year. In 2024 she gave sessions in Vietnam and South Korea.
The total number of sisters engaged in formation within the Institute is five.
## _Communications:_
In fulfilling the objective to advance the religious and other charitable work carried on by or under the direction of the Institute our Communications team and Mission Appeal team give this a specific focus in their ministry.
This year the communications team produced a magazine entitled Journeying Together. This magazine is for free distribution to our friends and benefactors and for sharing with parishioners when we go to do the mission appeal in the Churches.
There are interesting contributions from sisters in the Region and those working in various missions around the world, and it offers readers an insight into the work of the FMM.
## _Website:_
The communications team is also responsible for the website which may be found at www.fmmuk.org. There is a prayer request page where anyone can request prayers, which are then sent on to our sisters in our care communities where they are remembered daily in prayer. This is a beautiful mission for our older sisters who are so happy to be involved.
## _Mission Appeal:_
Every year our sisters take part in Mission Appeal/Awareness in various parishes of the Catholic Church around the country. These appeals are organised through the Sisters Mission Committee in England and Wales and in association with Missio in Scotland.
In 2024 two sisters visited parishes in two deaneries of the Brentwood Diocese in Essex, and in Scotland two sisters once again took up the work where they visited some 15 parishes from Dundee in the East to Millport in the West.
Franciscan Missionaries of Mary UK CIO **16**
**Trustees’ report** 31 December 2024
## **Activities, specific objectives, and relevant policies** (continued)
## _**Grants and donations**_
Money collected from mission appeals is sent to our Generalate in Rome and distributed to various parts of the world where are sisters have projects for the poor and underprivileged.
Whilst the trustees give occasional support to organisations in the United Kingdom whose work is within the objects of the CIO, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.
## _**Investment policy**_
During the year, the charity’s investments were managed by L & P Cantor Fitzgerald. There are no restrictions on the charity’s power to invest.
The investment strategy is set by the trustees and takes into account income requirements, the risk profile and the investment managers’ views of the market prospects in the medium term.
The policy aims to maximise total return through a diversified portfolio whilst providing a level of income advised by the trustees from time to time. There is an Ethical Policy precluding investment in any company, which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objectives of the Catholic Church.
The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees who meet with the investment managers yearly.
## _**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 period, the charity received no complaints about its fundraising activities.
## **Financial review**
## _**Results for the year**_
A summary of the year’s results can be found on page 30 of the attached accounts.
Total income amounted to £6,217,799. Salaries and pensions of members of the Institute which are covenanted to the charity were £395,923. Included within voluntary income are donations receivable of £5,184,160 from the Institute’s Generalate.
Franciscan Missionaries of Mary UK CIO **17**
## **Trustees’ report** 31 December 2024
## **Financial review** (continued)
## _**Results for the year** (continued)_
Other sources of income amounted to £269,017 which included a surplus on the disposal of tangible fixed assets of £231,238 and a foreign exchange gain of £33,568.
Expenditure totalled £5,904,441 and can be divided into various categories. Expenditure relating to maintaining the members of the Institute and supporting them in their pastoral work and ministry was £1,492,104. £nil was expended on the charity’s Retreat and Conference Centre. Of the total donations given during the year of £4,316,639, £3,285,214 was given to the Institute’s Generalate for the work of the charity worldwide. A further £1,011,287 was given directly to overseas missions.
The net income for the year before investment losses totalled £313,358. Net investment losses totalled £50,534. After accounting for net investment losses and gains, the net increase in funds for the year amounted to £262,824.
## _**Investment performance**_
The investment policy is generally risk averse with the objective of generating a return of 3% per annum. The risk profile of the investments will be low/medium and, in order to satisfy the requirements, investments normally comprise of UK leading companies, unit and investment trusts (including those investing in major international markets), and in fixed interest securities.
The performance of the portfolio and the charity’s investment strategy have been reviewed by the trustees who have met regularly with the investment managers.
The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk. The trustees of the charity continue to take a long-term view and believe the investment policy continues to be appropriate.
Further details about investments, are provided in note 10 to the accounts.
## _**Reserves policy and financial position**_
## _Reserves policy_
The balance sheet shows total funds of £8,722,516 at 31 December 2024 (2023 –£8,459,692).
Of this £6,971,254 (2023 – £7,354,099) represents the net book value of the charity’s tangible fixed assets and an equivalent amount has been designated as a tangible fixed assets fund in recognition of the fact that the assets are required for the charity’s operations and are not available as a reserve to fund activities or meet future contingencies.
Amounts totalling £1,750,662 (2023 – £688,048) are funds which are available as free reserves i.e. those unrestricted funds not designated for specific purposes or otherwise committed, are shown on the balance sheet as general funds.
There are no restricted funds at the end of the year (2023 - £417,545 representing monies held for building works in Malta).
Franciscan Missionaries of Mary UK CIO **18**
## **Trustees’ report** 31 December 2024
It is the trustees’ aim to ensure that sufficient funds are generated to be able to provide a proper level of care for sisters of all ages as they need it. The Trustees consider that the level of free reserves is adequate but not excessive and will enable them to care for their elderly sisters as well as pursue successfully their charitable objectives.
## **Future plans:**
The newly constituted Region of North West Europe comprising the countries of France, Belgium, Netherlands, Faroe Islands, UK, Ireland and Malta is still in a time of transition, and during this time the new Regional Leadership Team are getting to know the Region better, taking time to upskill in language proficiency and getting to know the sisters of the Region.
There continues to be an emphasis to:
- Deepen our life with God and the living out of our FMM charism in the realities of our changing environments and the people we serve.
- Build together more sustainable communities from which ministry can take place and be sustained.
- Ensure the ongoing formation of sisters both professionally and in our FMM charism, particularly our younger sisters. As a part of this endeavour, we will continue as much as possible to welcome sisters from other countries who come to the UK to learn English and to follow other academic courses supporting them during their stay and ensuring their accommodation and living expenses while they are with us.
- We give priority to ensuring the continued care of our older and frail sisters so that they may live out their lives peacefully and contentedly. This work is provided at our care facility in Canning Town where we have a purpose-built convent for this purpose and to continue our 120+ year presence in the local community.
- It is the wish of the Trustees that as much as possible our communities open their chapels to those who wish to come and pray, doing so in a safe and secure manner.
- In ensuring life-giving communities it is the continued intention of the Trustees to close some communities:
- Our community in Paisley was closed in early 2024 and the house sold in May.
- By the end of 2024 a decision was made to close our community at Royston Road, Glasgow and we said a sad farewell to the parish after 50 plus years of mission there. We sold our house in April 2025.
- The difficult decision was also taken to fully withdraw from our mission in March, Cambridgeshire.
Franciscan Missionaries of Mary UK CIO **19**
**Trustees’ report** 31 December 2024
## **Governance, structure, and management**
## _**Governance**_
In accordance with Canon law the Institute is governed by the Superior General, along with the General Council. They are elected during the General Chapter which takes place every six years and is the organ that expresses collegiality on the Institute level, and as such it has supreme authority when in session. The mandate of the Superior General and her Council is six years renewable once. The last General Chapter took place in 2022 in Rome. One of its main objectives was the immediate preparations for the establishment of the new Regions which became a reality on the 31[st ] October 2023 around the world.
The Franciscan Missionaries of Mary in the UK are part of the Region of North-West Europe. Our new Region is governed by the Regional Superior with her Council of three sisters all drawn from different parts of the Region. The nomination of sisters for these positions was made by the Superior General and her Council after a consultation ballot in the respective provinces. The mandate of the new team is, for the Regional Superior six years, non-renewable, and for the Regional Councillors four years renewable once.
The financial structure has also changed to reflect this new reality. We now have a Regional Treasurer who is nominated by the Superior General and two Sector Treasurers who continue to carry out the functions of the old provincial bursars. The Regional Treasurer liaises directly with the General Treasurer in Rome for all financial matters of the Region.
At the local level each community is governed by a local superior, who is appointed by the Regional after consultation with her Council and the community concerned.
The Regional Superior, Sr Loetitia Chevallier, visits each community at least once a year spending time to get to know the sisters and their ministries. Throughout the year there is a system of accountability to ensure that the Regional and her Council are aware of the progress and development of the ministries carried out by the sisters in the Region. The Enlarged Regional Council which takes place once a year provides an opportunity to review the mission and set the vision in line with the decisions made at the preceding Regional Chapter. This meeting is attended by all the local community superiors and the ex-officio members of the Region. The Regional Chapter takes place every three years.
In terms of Civil law, the CIO is governed by a constitution dated 14 July 2022 that clearly sets out its objectives. It is a registered Charity in England and Wales with the registered number: 1199658. The remaining property in Scotland was sold in April 2025 and the Charity, as advised, was deregulated from OSCR.SThe Trustees of the CIO are the Regional Superior, the Regional Treasurer, the Sector Treasurer for the UK, and all other Trustees are appointed by the Regional Superior these include the three sisters of the Regional Council and one other sister resident in the UK. All trustees are members of the Institute and have a detailed knowledge of the work of the charity and its structure. To support them in the carrying out of their responsibilities they meet with the Institute’s legal, accounting, investment and property advisers who provide them with a full briefing of their responsibilities and the charity’s position. A brief biography of each one is set out below:
Franciscan Missionaries of Mary UK CIO **20**
**Trustees’ report** 31 December 2024
## **Governance, structure, and management** (continued)
## _**Governance** (continued)_
## **Sr Loetitia Chevallier – Regional Superior**
Sister Loetitia Chevallier is from Paris, France and entered the Institute of the Franciscan Missionaries of Mary in 1994. She is qualified in international trade. After the noviciate she graduated with a BA in Theology. She spent 12 years on mission in Hungary, where she worked with the Jesuits in a spiritual centre and trained in psychology. After returning to the Province of France she served as the Provincial Bursar. In 2022 she became provincial of France, Belgium, Netherland, and France. From 31 October 2023 she now serves as the Regional Superior of the NW Europe Region.
## **Sr Mary Fitzpatrick – Provincial Councillor/ Regional Councillor**
Sister Mary Fitzpatrick joined the Franciscan Missionaries of Mary in Dublin in September 1975 and over the years has worked in various ministries both within the Institute and the wider community, e.g., teaching, provincial bursar, community bursar and parish visiting. She spent eleven years in South Africa and after qualifying as a teacher of Economics she taught in a High School in SOWETO. She is also involved in parish ministry and is the Safeguarding Lead for the Franciscan Missionaries of Mary in England & Wales. She was nominated a Regional Councillor from 31 October 2023.
## **Sr Helen Fennell – Provincial Bursar/ Sector Bursar**
Sister Helen Fennell is from Dublin, Ireland and entered the Institute of the Franciscan Missionaries of Mary in October 1980 in Canterbury. She is a qualified nurse and spent 13 years on mission in Ethiopia, where she worked as a nurse and then as Hospital Administrator in our rural hospital a position she held for 10 years. After returning to the Province of UK, Ireland and Malta she then graduated with a BA in Theology and a Higher diploma in adult religious education. She has worked in adult faith formation, youth retreat work and vocations promotion for the Province. She served as the Provincial Bursar from 31 October 2018 until 31 October 2023 and now continues her service as Sector Bursar for UK, Ireland and Malta.
## **Sr Hilde Vantomme – Regional Treasurer**
Sister Hilde Maria Vantomme resides in Brussels, Belgium. She entered the Institute of the Franciscan Missionaries of Mary in September 1982 in Gooreind (Belgium). She is a qualified teacher in Theology and spent 13 years on mission in Senegal, where she was engaged in the initial formation for our own congregation and inter-noviciate. After returning to the Province of Belgium, Holland, and Faroe Islands, she was nominated provincial Bursar FMM and also works as an intendant in the Brussels church. She was nominated Regional Treasurer for the North-West Europe Region taking over this role from 31 October 2023.
Franciscan Missionaries of Mary UK CIO **21**
**Trustees’ report** 31 December 2024
## **Governance, structure, and management** (continued)
## _**Governance** (continued)_
## **Sr Elzbieta Walkowiak – Regional Councillor**
Sister Elzbieta Walkowiak was born in Poland. In 1984 she entered the Institute of Franciscan Missionaries of Mary in Warsaw, Poland. In 1993 she was sent to France. After studying the French language in Bordeaux, she trained as a pastoral animator in Lille. For several years she worked in pastoral care with adolescents. Then, for 3 years she was a hospital chaplain in Lyon. In 2016 she was appointed local animator of the Châtelets community and then in 2020 local animator of the Paris community. She began her mandate as Regional Councillor on 31 October 2023.
## **Sr Alberta Forson – Regional Councillor**
Originally from Ghana Sr Alberta was missioned to the UK in 1999 and has served here ever since. Whilst in Ghana she worked in the St. Clarie’s Vocational Institute where she held administrative responsibilities and taught religious education to students. While in the UK she completed a Pastoral Theology Diploma while working voluntarily with Asylum seekers and in pastoral work at St Winefred’s Parish in Wimbledon. In 2005 she was transferred to Scotland and during her time there completed her BA in Social Studies at the University of West of Scotland, Paisley, and obtained a HNC in Social Care. She worked in a Care Home for some time and was very active in mission appeal in Scotland. She returned to London in 2018 to take over as the sister in charge of our elderly and frail sisters at Canning Town which she held until her appointment as Regional Councillor which she began on 31 October 2023.
## **Sr Leontine Shannon**
Sister Leontine entered the novitiate at Cold Ash in 1970. Her first mission sending was to the province of South Africa where she taught Physical Education at Glenmore School in Durban and did pastoral work in the Indian parish of Chatsworth. After final vows she was sent to Mauritius where she worked with youth and in parishes and was on the National Team of the Girl Guides. During this time, she trained in spiritual direction in the Ignatian school of spirituality. She was also on the Diocesan Vocations Team and worked in formation within the Institute and at Diocesan level. Following her return to the UK she worked at the French chaplaincy in Leicester Square responsible for catechesis at all levels, and she also worked in various parish groups and in retreat work. She has lived in a number of different communities in the UK and is now assigned at Vaughan Avenue in London.
## _**Key management personnel**_
The trustees are the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis. All the trustees are members of the Institute and whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses.
Franciscan Missionaries of Mary UK CIO **22**
## **Trustees’ report** 31 December 2024
## **Governance, structure, and management** (continued)
## _**Statement of trustees’ responsibilities**_
The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
- make judgments and estimates that are reasonable and prudent.
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions with reasonable accuracy and disclose at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations and the provisions of the charity’s trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## _**Structure and management reporting**_
The trustees are ultimately responsible for the policies, activities, and assets of the charity. They meet three/four times yearly to review developments regarding the charity and/or its activities and make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers including property consultants, investment managers, solicitors, and accountants. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Institute or senior staff.
At the time of writing this report, there are 38 sisters in the British Sector of the Institute, living in four communities in England. In April we closed our last community in Scotland. The community houses serve the local communities where they are inserted.
Franciscan Missionaries of Mary UK CIO **23**
**Trustees’ report** 31 December 2024
## **Governance, structure, and management** (continued)
## _**Structure and management reporting** (continued)_
Some of these areas are socially deprived and all of them multicultural and in keeping with our charism we ‘approach everyone with a humble heart, ready to learn and to receive as much as to give, with his attitude of respect, acceptance of persons, openness and service’ (const. FMM). Each community has a local superior appointed by the Regional. The local superior is responsible for both the needs and the care of the sisters in her community; she is the point of contact between the community and the Provincial.
## _**Working with other organisations**_
The charity works closely with several other charities and public bodies in meeting the needs of the poor, vulnerable and elderly. In some instances, sisters are employed by these organisations, though for the most part they are engaged on a voluntary basis. In all cases, working together with other charities and public bodies ensures that the work can be done more effectively and efficiently and avoids any unnecessary duplication. Examples of some of the organisations for which members have worked and with which the charity has cooperated during the year are as follows:
- Parishes in the Roman Catholic Dioceses of Westminster, Southwark, Brentwood, Glasgow, and Paisley.
- St Vincent de Paul Conferences in various parts of England and Scotland.
- Charities working with immigrants and asylum seekers in England and Scotland.
- Government agencies e.g., Prison and Hospital ministry
- Other charitable organisations specifically mentioned in this report.
## _**Risk management**_
In line with the requirement for trustees to undertake a risk assessment exercise and report in the same in their annual report, the trustees have looked at the risks the charity faces currently in England, Wales and Scotland and have reviewed the measures already in place, or needing to be put in place, to mitigate them.
The following main areas where risks may occur have been identified:
## • _**Governance and management**_
The Regional Superior works closely with her team ensuring that responsibility and information regarding the charity is shared. This mitigates the risk of one key person holding all the responsibility and information for the charity. Management of key areas of the charity (care of the elderly sisters, finance) have been delegated to competent individuals who are accountable to and work closely with the trustees.
Franciscan Missionaries of Mary UK CIO **24**
**Trustees’ report** 31 December 2024
## **Governance, structure, and management** (continued)
## _**Governance and management** (continued)_
- **Financial**
The finance team comprising the Regional Treasurer, Sector Bursars and finance manager review the budgets and accounts and present financial information to the trustees on a regular basis.
The Regional Superior works closely with her team ensuring that responsibility and information regarding the charity is shared. This mitigates the risk of one key person holding all the responsibility and information for the charity. Management of key areas of the charity (care of the elderly sisters, finance) have been delegated to competent individuals who are accountable to and work closely with the trustees.
- **Properties**
One of the principal financial assets of the charity is its properties. The Sector Bursar oversees the maintenance and management of properties in conjunction with advisers.
- **Care of sisters**
An analysis of the age profile of the members of the Institute shows that the average age is seventy-nine years with 26 sisters aged 81 years and over. The trustees are aware that there is both a moral and legal obligation to care for their older members, none of whom have resources of their own. As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: (a) ensuring that the CIO has the available financial resources to finance this care both now and in the years ahead by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and (b) ensuring that processes are in place to regularly review the ministries and needs of individual sisters and to assure the appropriate identification of those needing extra care and help.
- **Safeguarding**
Operationally the CIO works with children and vulnerable adults including older people. The trustees recognise the absolute necessity of ensuring the protection and safety of all those that the charity serves. This means that sisters engaged in any ministry in the UK and all those who work or volunteer for the CIO and work with children or vulnerable adults must obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed fully to implementing the policies of the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS).
Our safeguarding officer is responsible for ensuring this policy is adhered to in respect to all sisters, employees, and volunteers. The new Regional Council have assigned responsibility to one Councillor who together with a team of sisters working in different parts of the Region are responsible for on-going safeguarding training; updating of internal policies; and ensuring that sisters, staff, and volunteers are kept informed about good practice in the workplace and ministry.
Franciscan Missionaries of Mary UK CIO **25**
**Trustees’ report** 31 December 2024
## **Governance, structure, and management** (continued)
## _**Governance and management** (continued)_
- **Overseas donations**
The CIO makes significant donations in support of the wider Institute and sometimes to other organisations. Most donations sent overseas are to fund projects administered directly by members of the Institute. Whether or not the funds are used here in Great Britain or overseas, the trustees always ensure that they are fully informed and familiar with the work of a potential recipient of funds, that funds are transferred via bank transfer, that proof of receipt is obtained and that, wherever possible (and always in the case of monies sent overseas), a full written report of how the monies have been utilised and applied is obtained from the recipient.
## • **Investments**
One of the CIO’s assets comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to an ethical policy agreed by the trustees. The manager's performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs - both now and in the future. Whilst the macroeconomic and geopolitical climate gives rise to concerns over potential volatility in world stock markets, we acknowledge also that we are long term investors. As such, the charity will be able to wait for markets to stabilise over time whilst we as trustees keep a watching brief.
## **Employees, volunteers, and members of the Institute**
The trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers, and the individual members of the Institute, without whom we would not be able to do the work we do. Their dedication and positive approach are very much appreciated.
Approved by the trustees and signed on their behalf by:
## Léontine Shannon
## Sister Leontine Shannon
Trustee
Approved by the trustees on 15 October 2025
Franciscan Missionaries of Mary UK CIO **26**
## **Independent auditor’s report** 31 December 2024
## **Independent auditor’s report to the trustees of Franciscan Missionaries of Mary UK CIO**
## **Opinion**
We have audited the accounts of Franciscan Missionaries of Mary Charitable Trust UK CIO (the ‘charity’) for the year ended 31 December 2024, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
- ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of its income and expenditure for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The 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.
Franciscan Missionaries of Mary UK CIO **27**
## **Independent auditor’s report** 31 December 2024
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 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
- ♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient and proper accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records and returns; or
- ♦ we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
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.
## **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:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Charity Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We
Franciscan Missionaries of Mary UK CIO **28**
## **Independent auditor’s report** 31 December 2024
also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Canon Law, the Charities Act 2011,the Statement of Recommended Practice for Charities (SORP) and FRS102.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in certain accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting trustees’ meeting minutes
- Inspecting correspondence with regulators and tax authorities
- Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud
- Evaluating management’s controls designed to prevent and detect irregularities
- Identifying and testing journals, in particular journal entries posted at the year-end; and
- Challenging assumptions and judgements made by management in their critical accounting estimates
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act and in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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.
HaysMac LLP Statutory Auditor 10 Queen Street Place London
EC4R 1AG
Date: 17 October 2025
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Franciscan Missionaries of Mary UK CIO **29**
## **Statement of financial activities** Year to 31 December 2024
|Notes|Unrestricted
funds
£|Restricted
funds
£|
**Total year**
**ended 31**
**December**
**2024**
**£**
Total period
to 31
December
2023
£|
|---|---|---|---|
|**Income from:**
Donations and legacies
1
Investments and interest receivable
2
Charitable activities:
. Retreat, conference centre and hospitality
Other sources:
. Surplus on disposal of tangible fixed assets
9
. Foreign exchange gains
. Miscellaneous
Transfer from Charitable Trust (note 19)
**Total income**
**Expenditure on:**
Raising funds:
. Investment managers’ fees
Charitable activities:
. Donations
3
. Support of members of the Institute and their ministry
4
. Retreat and Conference Centre
**Total expenditure**
**Net (expenditure) income for the year before transfers**
**and net investment (losses) gains**
Transfers between funds
13
**Net income/(expenditure) for the year before net**
**investment (losses)**
Net investment losses
10
**Net income/(expenditure) and net movement in funds**
6
**Reconciliation of funds:**
Total funds brought forward at 1 January 2024
Total funds carried forward at 31 December 2024|**5,904,944**
**43,838**
**-**
**231,238**
**33,568**
**4,211**|-
-
-
-
-
-|**5,904,944**
2,321,683
**43,838**
27,709
**-**
14,401
**231,238**
1,526
**33,568**
8,194
**4,211**
1,630|
||**6,217,799**
**-**|-
-|**6,217,799**
2,375,143
**-**
9,959,299|
||**6,217,799**|-|**6,217,799**12,334,442|
||**6,959**
**4,316,639**
**1,163,298**
**-**|-
-
417,545
-|**6,959**
6,320
**4,316,639**
2,023,248
**1,580,843**
1,799,312
**-**
14,210|
||**5,486,896**|417,545|**5,904,441**
3,843,090|
||**730,903**
-|(417,545)
-|**313,358**
8,491,352
**-**
-|
||**730,903**
**(50,534)**|**(417,545)**
**-**|**313,358**
8,491,352
**(50,534)**
(31,660)|
||**680,369**
**8,042,147**|**(417,545)**
**417,545**|**262,824**
8,459,692
**8,459,692**
-|
||**8,722,516**|**-**|**8,722,516**
8,459,692|
The statement of financial activities includes all recognised gains and losses recognised in the period.
Franciscan Missionaries of Mary UK CIO **30**
## **Balance sheet a** s at 31 December 2024
|Notes|**2024**
**£**|**2024**
**£**|2023
£|2023
£|2023
£|
|---|---|---|---|---|---|
|**Fixed assets**
Tangible assets
9
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due
within one year
12
**Net current assets/(liabilities)**
**Total net assets**
**The funds of the charity:**
Restricted income funds
13
Unrestricted income funds
. General fund
. Designated funds - fixed assets fund
14|**109,423**
**1,572,766**|**6,971,854**
**1,254,848**|163,636
1,322,863||7,354,099
1,272,323|
|||**8,226,702**
**495,814**|||8,626,422
(166,730)|
||**1,682,189**
**(1,186,375)**||1,486,499
(1,653,229)|||
||**1,750,662**
**6,971,854**||688,048
7,354,099|||
|||**8,722,516**|||8,459,692|
|||**-**|||417,545
8,042,147|
|||||||
|||**8,722,516**|||8,459,692|
Approved by the trustees and signed on their behalf by:
Sister Helen Fennell
Trustee
Approved by the trustees on 15 October 2025
Franciscan Missionaries of Mary UK CIO **31**
## **Statement of cash flows** Year to 31 December 2024
|Notes|
**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Investment income and interest received
Proceeds from disposal of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from disposal of investments
Purchase of listed investments
**Net cash (used in) provided by investing activities**
**Cash flows from financing activities:**
Repayment of loan
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 January 2024**
B
**Cash and cash equivalents transferred from the Charitable Trust (note 19):**
**Cash and cash equivalents at 31 December 2024**
B|**(170,209)**
**43,838**
**452,334**
**(43,001)**
**449,818**
**(422,515)**|1,371,597
27,709
1,526
(1,810,761)
298,814
(281,295)|
||**480,474**|(1,764,007)|
||**-**|(90,000)|
||**-**|(90,000)|
||**310,265**
**1,375,903**
**-**|(482,410)
-
1,858,313|
||**1,686,168**|1,375,903|
## **Notes to the statement of cash flows for the year to 31 December 2024**
## **A Reconciliation of net movement in funds to net cash used in operating activities**
|**Reconciliation of net movement in funds to net cash used in operating activities**|||
|---|---|---|
||**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation charge
Donation of tangible fixed asset
Losses on investments
Transfers to from the Charitable Trust (note 19)
Investment income and interest receivable
Surplus on disposal of tangible fixed assets
Decrease in debtors
(Decrease)/increase in creditors
**Net cash used in /(generated by) operating activities**|**262,824**
**204,150**
**-**
**50,534**
**-**
**(43,838)**
**(231,238)**
**54,213**
**(466,854) **
**(203,777)**|8,459,692
197,497
100,148
31,660
(9,959,299)
(27,709)
(1,526)
1,723,928
847,206|
|||1,363,403|
Franciscan Missionaries of Mary UK CIO **32**
## **Statement of cash flows** Year to 31 December 2024
## **B Analysis of cash and cash equivalents**
||At 1
January
2024
£
1,322,863
53,040
1,375,903|
Cash flows
£|
Exchange
gains
£
**At 31**
**December**
**2024**
**£**|
|---|---|---|---|
|Cash at bank and in hand
Cash held by investment
managers
**Cash and cash equivalents**||
216,335
60,362|
33,568
**1,572,766**
-
**113,402**|
|||
276,697|33,568
**1,686,168**|
No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).
Franciscan Missionaries of Mary UK CIO **33**
## **Principal accounting policies** 31 December 2024
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 under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) and the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and applicable Regulations.
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.
The items in the accounts where these judgements and estimates have been made include:
- estimating the useful economic lives attributed to tangible fixed assets and used to determine the annual depreciation charge;
- the determination of any impairment charge in respect to tangible fixed assets;
- assessing the probability of the receipt of legacy income; and
- estimating the future income and expenditure flows for the purposes of assessing going concern.
## **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.
With regard to the next accounting period, the year ending 31 December 2025, the most significant areas that may affect the carrying value of their assets are the level of investment return and the performance of the investment markets (see the investment policy section of the trustees’ report for more information).
The trustees of the charitable trust have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable trust to continue as a going concern. The trustees are of the opinion that the charitable trust will have sufficient resources to meet its liabilities as they fall due.
Franciscan Missionaries of Mary UK CIO **34**
## **Principal accounting policies** 31 December 2024
## **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.
Income comprises donations and legacies, investment income and interest receivable, Retreat and Conference Centre income and other income including the surplus on the disposal of tangible fixed assets and foreign exchange gains.
Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations 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 of assets other than cash are included in the accounts at their fair value at the date of receipt.
In accordance with the Charities SORP FRS 102 volunteer time is not recognised.
Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.
Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.
Investment income is recognised once the dividend has been declared and notification has been received of the amount due.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Income from the operation of the charity’s Retreat and Conference Centre is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be reliably measured. It is measured as the fair value of the consideration received or receivable excluding any relevant discounts.
A surplus on the disposal of tangible fixed assets is defined as the difference between the sale proceeds and the net book value of the asset at the time of disposal and after deducting any costs associated with the disposal. The surplus is recognised at the time when legal completion of the sale takes place.
Franciscan Missionaries of Mary UK CIO **35**
## **Principal accounting policies** 31 December 2024
All other income is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.
## **Expenditure 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. The majority of expenditure is directly attributable and any apportionment between headings is negligible. The classification between activities is as follows:
- a. Expenditure on raising funds comprises the fees paid to investment managers in connection with the management of the charity's listed investments and to property agents in connection with the management of the charity’s investment property.
- b. Charitable expenditure comprises costs incurred on the charity’s primary charitable purposes as described in the trustees’ report. Such expenditure is as follows:
- (i) Grants and donations relate, in the main, to the support of the Institute’s own work overseas and the support of other Roman Catholic charitable organisations.
- (ii) Expenditure on the support of members of the Institute and their ministry comprises those costs which support the members of the Institute and which enable the members to carry out their individual ministry in the areas of the advancement of the Roman Catholic faith and the relief of poverty.
- (iii) Expenditure on the operation of a Retreat and Conference Centre.
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 support in the form of financial procedures, provision of office services and equipment.
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.
All expenditure on support and governance is allocated to the charitable activities of care of members of the community and enabling their ministry as any costs in relation to provision of donations and grants or raising funds is considered to be minimal.
## **Tangible fixed assets**
All assets costing more than £1,500 with an expected useful life exceeding one year are capitalised.
- Freehold land and buildings
- Non-specialised property
Franciscan Missionaries of Mary UK CIO **36**
## **Principal accounting policies** 31 December 2024
Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. Properties previously classified as investment properties are included at their market value immediately prior to reclassification. Others acquired prior to 1 January 1993 are included on the balance sheet at a valuation determined as at that date by the trustees with professional assistance and based on open market value for existing use. As permitted under FRS 102 these values are now the deemed cost of these land and buildings. Land and buildings purchased on or after 1 January 1993 are included at cost. Such buildings are not depreciated on the basis that the residual value is greater than the book value and any depreciation charge would not be material.
## `o` Specialised property
Specialised buildings comprise the charity’s residential care homes for older or frail sisters, retreat houses and large residential convents. Those acquired prior to 1 January 1993 are included on the balance sheet at a valuation determined as at that date by the trustees with professional assistance and based on open market value for existing use. Land and buildings purchased on or after 1 January 1993 are included at cost.
Depreciation is provided at 2% per annum on a straight-line basis in order to write the buildings off over their estimated useful economic life to the charity.
## • Furniture and equipment
Expenditure on the purchase and replacement of furniture and equipment is capitalised and depreciated over a five year period on a straight line basis.
## • Motor vehicles
Motor vehicles are capitalised and depreciated over a five year period, on a straight line basis, in order to write off the cost of each vehicle over its estimated useful life.
An impairment review in respect to a particular class of assets is carried out if events, or changes in circumstances, indicate that the carrying amount of any tangible fixed asset may not be recoverable.
## **Investments**
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
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 is 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.
Franciscan Missionaries of Mary UK CIO **37**
## **Principal accounting policies** 31 December 2024
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
## **Creditors and provisions**
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## **Fund structure**
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.
The tangible fixed assets fund comprises the net book value of charity’s tangible fixed assets, excluding those assets representing, or belonging to, restricted or designated funds.
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.
## **Services provided by members of the Institute**
For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Institute.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.
## **Leased assets**
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.
## **Pensions**
The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.
Franciscan Missionaries of Mary UK CIO **38**
DRAFT
## **Notes to the accounts** 31 December 2024
## **1 Income from: Donations and legacies**
|**Income from: Donations and legacies**|||||
|---|---|---|---|---|
||Un-
restricted
funds
£|Restricted
funds
£|**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|Salaries and pensions of individual religious received under
Gift Aid or deed of covenant
Legacies
Donations from FMM Generalate UK CIO on behalf of the
Institute of the Franciscan Missionaries of Mary
Donations from FMM Charitable Trust
Other donations|**395,923**
**286,173**
**2,273,474**
**2,910,287**
**39,087**|-
-
-
-|**395,923**
**286,173**
**2,273,474**
**2,910,287**
**39,087**|435,899
120,655
1,738,866
-
26,263|
||**5,904,944**|-|**5,904,944**|2,321,683|
## **2 Income from: Investments and interest receivable**
|**Income from: Investments and interest receivable**|||||
|---|---|---|---|---|
||Un-
restricted
funds
£|Restricted
funds
£|**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|Income from listed investments
Interest received
. Cash held by investment managers|40,018
3,820||**40,018**
**3,820**|24,564
3,145|
||**43,838**|-|**43,838**|27,709|
## **3 Expenditure on: Donations**
The charity makes donations principally in support of the overseas work of the Institute of Franciscan Missionaries of Mary and those causes which further the Roman Catholic faith.
||Unrestricted
funds
£|
Restricted
funds
£|**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|---|---|---|---|---|
|Donations payable to institutions:
. Generalate of the Institute
. Franciscan Missionaries of Mary Charitable Trust
. Overseas missions of the institute (see below)
. St. Helen's Catholic Primary School
. The Medaille Trust
. Crisis
. CAFOD – Ukraine appeal
. Shelter
. CATEW
. Others (less than £1,000 each)|3,285,214
-
1,011,287
-
-
-
-
-
-
20,140|-
-
-
-
-
-
-
-
-
-|**3,285,214**
**-**
**1,011,287**
**-**
**-**
**-**
**-**
**-**
**-**
**20,140**|24,847
100,418
1,871,535
2,000
1,500
2,000
3,500
2,000
2,500
12,948|
||4,316,639|-|**4,316,639**|2,023,248|
Franciscan Missionaries of Mary UK CIO **39**
DRAFT
## **Notes to the accounts** 31 December 2024
During the year to 31 December 2024, no donations were paid to individuals.
## **3 Expenditure on: Donations** (continued)
Grants and donations payable to overseas missions of the Institute during the year comprise the following:
|Unrestricted
funds
£|Unrestricted
funds
£|Restricted
funds
£|**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|---|---|---|---|---|
|Ireland
Malta
Kenya
Pakistan
Rome|642,119
369,168
-
-
-|-
-
-
-
-|**642,119**
**369,168**
**-**
**-**
**-**|1,314,840
551,570
5,000
120
5|
||1,011,287|-|**1,011,287**|1,871,535|
## **4 Expenditure on: Support of members of the Institute and their ministry**
||Unrestricted
funds
£|Restricted
funds
£|**Year**
**ended 31**
**December**
**2024**
**£**
**265,741**
**219,996**
**720,044**
**82,172**
**204,150**
**61,260**
**27,480**
**1,580,843**|Period
to 31
December
2023
£|
|---|---|---|---|---|
|Premises
Sisters’ living and personal expenses
Staff costs (note 7)
Education, training and spiritual renewal
Depreciation
Support costs:
. Other professional and administration fees and charges
. Governance costs (note 5)|**265,741**
**219,996**
**720,044**
**82,172**
**204,150**
**61,260**
**27,480**|-
-
-
-
-
-
-||318,268
267,180
799,804
107,087
197,497
82,836
26,640
1,799,312|
||**1,580,843**|-|||
## **5 Governance costs**
Included within expenditure on supporting members of the Institute and their ministry are governance costs as detailed below:
||Unrestricted
funds
£|
Restricted
funds
£
-|**Year**
**ended 31**
**December**
**2024**
**£**
Period
to 31
December
2023
£|
|---|---|---|---|
|Legal andprofessional fees|27,480||**27,480**
26,640|
Franciscan Missionaries of Mary UK CIO **40**
**Notes to the accounts** 31 December 2024
DRAFT
## **6 Net income / (expenditure) and net movement in funds**
This is stated after charging (crediting):
||**Year**
**ended 31**
**December**
**2024**
**£**
Period
to 31
December
2023
£|
|---|---|
|Staff costs (note 7)
Operating lease costs – equipment
Auditor’s remuneration (including VAT)
. Statutory audit services – current year
. Statutory audit services – prior year under provision
. Other services
Depreciation
Net(gains)losses on foreign exchange|**720,044**
799,804
**1,200**
1,420
**22,500**
22,300
**1,980**
9,500
**3,000**
2,790
**204,150**
197,497
**(13,568)**
(8,194)|
## **7 Staff costs, key management and trustees’ remuneration**
|**Staff costs, key management and trustees’ remuneration**|||
|---|---|---|
||**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Redundancy costs
Agency staff costs
Staff costs per function were as follows:
Support of members of the Institute and their ministry|**608,754**
**48,042**
**10,883**
**-**|645,748
47,994
11,115
87,565|
||**667,679**
**52,365**|792,422
7,382|
||**720,044**|799,804|
||**720,044**|799,804|
||**720,044**|799,804|
No employee earned £60,000 (including taxable benefits) per annum or more during the period (2023: none).
The average number of employees, analysed by function, was as follows:
||**Year**
**ended 31**
**December**
**2024**
**No**|Period
to 31
December
2023
No|
|---|---|---|
|Support of members of the Institute and their ministry|**30**|38|
||**30**|38|
Franciscan Missionaries of Mary UK CIO **41**
**Notes to the accounts** 31 December 2024
DRAFT
## **7 Staff costs, key management and trustees’ remuneration** (continued)
## _**Key management**_
The trustees consider that they comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.
All trustees are members of the Congregation and whilst their living and personal expenses are borne by the charity they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or work as key management (2023: nil).
## **8 Taxation**
The Franciscan Missionaries of Mary UK CIO is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.
## **9 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
||Freehold
property
Specialised
property
£|Freehold
property
Non-
specialised
property
£
2,177,935
-
(221,096)
1,956,839
137,900
-
-
137,900
1,818,939
2.040.035|Furniture
and
equipment
£|Motor
vehicles
£|**Total**
**£**|
|**Cost or valuation**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**Depreciation and impairment**
At 1 January 2024
Charge for the year
Disposals
At 31 December 2024
**Net book values**
At 31 December 2024
At 31 December 2023|6,465,085
-
-||
319,828
43,001
-|
132,018
-
(38,450)|
**9,094,866**
**43,001**
**(259,546)**|
||6,465,085||
362,829|
93,568|
**8,878,321**|
||1,385,118
131,136
-||
92,366
69,951
|
125,383
3,063
(38,450)|
**1,740,767**
**204,150**
**(38,450)**|
||1,516,254||
162,317|
89,996|
**1,906,467**|
||4,948,831||
200,512|
3,572|
**6,971,854**|
||5,079,967||
227,462|
6,635|
**7,354,099**|
The historical cost of freehold land and buildings included above at a valuation cannot be ascertained with accuracy.
As permitted under FRS 102, the charity has continued to adopt a policy of not revaluing its tangible fixed assets. Land and buildings previously classified as investment properties are shown at their market value immediately prior to reclassification. The book value of the land and buildings held on 1 January 1993 is based on a valuation determined at that date by the trustees with professional assistance and based on open market value for existing use. As permitted by FRS 102 the values assigned to the land and buildings are now deemed their cost. With the exception of land and buildings previously classified as investment properties for a period on or after 1 January 1993, all land and buildings purchased as functional assets on or after 1 January 1993 and other tangible fixed assets are stated at cost.
Franciscan Missionaries of Mary UK CIO **42**
DRAFT
## **Notes to the accounts** 31 December 2024
## **10 Investments**
|**Investments**|||
|---|---|---|
||**2024**
**£**|2023
£|
|Fair value at 1 Janaury 2024
Transfer from Chartable Trust (note 19)
Additions at cost
Disposals (see below)
Unrealised gains/ (losses)
Fair value at 31 December 2024
Cash held by investment managers for re-investment|**1,219,283**
**-**
**422,515**
**(501,698)**
**1,346**|-
1,268,462
281,295
(286,794)
(43,680)|
||**1,141,446**
**113,402**|1,219,283
53,040|
||**1,254,848**|1,272,323|
Disposals at book value included above are made up of the following:
||**2024**
**£**|2023
£|
|---|---|---|
|Disposal proceeds
Realised (gains) losses
Disposals at book value|**449,818**
**51,880**|298,814
(12,020)|
||**501,698**|286,794|
Listed investments held at 31 December 2024, comprised the following:
||**Year**
**ended 31**
**December**
**2024**
**£**|Period
to 31
December
2023
£|
|---|---|---|
|Equities
Bonds
Property
Infrastructure
Forestry
Private equity
Social impact
Financial
Cash|**274,629**
**364,754**
**5,124**
**290,714**
**74,258**
**29,277**
**7,963**
**94,727**
**113,402**|308,196
569,716
99,319
181,030
-
-
-
61,022
53,040|
||**1,254,848**|1,272,323|
All listed investments are either dealt in on a recognised stock exchange or comprise pooled funds, the underlying investments of which are dealt in on a recognised stock exchange.
## **11 Debtors**
|**Debtors**|||
|---|---|---|
||**2024**
**£**|2023
£|
|Prepayments in relation to capital expenditure
Other debtors and prepayments|**5,644**
**103,779**|73,169
90,467|
||**109,423**|163,636|
Franciscan Missionaries of Mary UK CIO **43**
**Notes to the accounts** 31 December 2024
DRAFT
## **12 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Monies administered by the charity on behalf of individual members of the UK/Ireland/Malta
Sector of the Northwest European Region of The Institute of Franciscan Missionaries of Mary
Amounts owed to the Generalate of the Institute of Franciscan Missionaries of Mary
Construction project creditor
Other taxes and social security
Community sundry creditors
Accruals and deferred income|**2024**
**£**|2023
£|
||**639,973**
**296,552**
**37,268**
**946**
**41,734**
**169,902**
**1,186,375**|647,902
827,673
37,268
-
13,724
126,662|
|||1,653,229|
## **13 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:
|At 1 January 2024
Income
Expenditure
Investment losses and transfers
At December 2024|Malta
building
fund
£|Other
donations
£|**Total**
**£**|
|---|---|---|---|
||417,545
-
(417,545)
-|-
-
-
-|**417,545**
**-**
**(417,545)**
**-**
**-**|
||-|-||
The restricted funds represent the following:
## • _Other donations_
Other donations represented monies given to the charity specifically for causes supported by the Generalate of the Institute.
## • _Malta Building Fund_
This represents monies held for building works to be carried out in Malta. These were completed in the year.
Franciscan Missionaries of Mary UK CIO **44**
**Notes to the accounts** 31 December 2024
DRAFT
## **14 Tangible fixed assets fund**
|**Tangible fixed assets fund**|||
|---|---|---|
||**2024**
**£**|2023
£|
|At 1 January 2024
Transfer from Charitable Trust (note 19)
Net movement in year
At 31 December 2024|**7,354,099**
**-**
**(382,245) **|-
5,869,304
1,484,795|
||**6,971,854**|7,354,099|
The tangible fixed assets fund represented the net book value of the charity’s tangible fixed assets, excluding those specifically representing or belonging to restricted funds. A decision was made to separate this fund from the general fund of the charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the charity and, as such, their value should not be regarded as funds that would be realisable with ease in order to meet future contingencies.
## **15 Analysis of net assets between funds**
|**Analysis of net assets between funds**|||||
|---|---|---|---|---|
||General
fund
£|
Tangible
fixed assets
fund
£|
Restricted
funds
£|
**Total**
**2024**
**£**|
|**Fund balances are represented by:**
Tangible fixed assets
Investments
Net current assets
**Total net assets**|-
1,254,848
495,814|
6,971,854
-
-|
-
-
-|
**6,971,854**
**1,254,848**
**495,814**|
||1,750,662|
6,971,854|
-|
**8,722,516**|
||General
fund
£|
Tangible
fixed assets
fund
£|
Restricted
funds
£|
Total
2023
£|
|---|---|---|---|---|
|**Fund balances are represented by:**
Tangible fixed assets
Investments
Net current liabilities
**Total net assets**|-
1,272,323
(584,275)|
7,354,099
-
-|
-
-
417,545|
7,354,099
1,272,323
(166,730)|
||688,048|
7,354,099|
417,545|
8,759,692|
Franciscan Missionaries of Mary UK CIO **45**
**Notes to the accounts** 31 December 2024
DRAFT
## **16 Leasing commitments**
At 31 December 2024, the charity had future minimum commitments under operating leases for equipment payable as follows:
||**2024**
**£**|2023
£|
|---|---|---|
|Within one year
Between one and two years|**1,200**
**1,200**|608
-|
||**2,400**|608|
## **17 Ultimate control**
The charity, which is constituted as a Charitable Incorporated Organisation, was controlled throughout the year by the Institute of Franciscan Missionaries of Mary by virtue of the fact that the Provincial Superior of the English Province appoints all of the trustees. The Institute does not hold any assets, incur liabilities or enter into any transactions in its own right within Great Britain. Assets and liabilities in Great Britain are vested in the trustees of the charity, who undertake all transactions entered into in the course of the Institute’s charitable activities.
## **18 Transactions with trustees and connected entities**
As members of the Institute, none of the trustees have resources of their own as all earnings, pensions and other income have been donated to the charity under a Gift Aid compliant Deed of Covenant. During the year, the total amount donated by the trustees to the charity was £6,468 (2023: £19,773).
The charity is connected to Corporation of Trustees of the Franciscan Missionaries of Mary (a charity registered with the Charities Regulator Ireland – Charity Registration No: 20014575) (the Irish charity) by virtue of the fact that all trustees of the charity are also the trustees of the Irish charity.
During the year to 31 December 2024, the charity made donations to the Irish charity of £642,119 (2023: £1,314,570).
At 31 December 2024, the charity’s creditors: amounts falling due within one year included £103,408 (2023: 76,524) being monies due to the Irish charity, and debtors included £50,822 (2023: £49,913) due from the Irish charity.
Following the sale of the property, Cold Ash by The English Province of the Institute of Franciscan Missionaries of Mary Charitable Trust, the net proceeds of £2,910,287 were donated to this charity.
There were no other related party transactions during the year.
Franciscan Missionaries of Mary UK CIO **46**
**Notes to the accounts** 31 December 2024
DRAFT
## **19 Transfers to connected charities**
Franciscan Missionaries of Mary UK CIO, a Charitable Incorporated Organisation (CIO) (the charity), was registered as a charity on 14 July 2022. One of the trustees of the charity was also a trustee of The English Province of the Institute of Franciscan Missionaries of Mary Charitable Trust, Charity Commission Number 249515 (the Charitable Trust). With effect from midnight on 31 December 2022 the Charitable Trust’s activities, assets and liabilities were transferred to two charitable incorporated organisations. Details of the transfers to Franciscan Missionaries of Mary UK CIO are as follows:
|Franciscan Missionaries of Mary UK CIO are as follows:||
|---|---|
||**Total**
**£**|
|Tangible fixed assets (note 9)
. Cost
. Depreciation
Fixed asset investments (note 10)
Cash held by investment manager (note 10)
Net current assets
. Debtors: amounts falling due within one year
. Short term deposits
. Cash at bank and in hand
. Creditors: amounts falling due within one year
**Total net assets**|**7,450,934**
**(1,581,630)**|
||**5,869,304**|
||**1,268,462**
**10,688**|
||**1,279,150**|
||**1,887,564**
**403,004**
**1,444,621**
**(924,344)**|
||**2,810,845**|
||**9,959,299**|
Franciscan Missionaries of Mary UK CIO **47**
**Notes to the accounts** 31 December 2024
DRAFT
## **20 Prior period Statement of financial activities**
|**20 Prior period Statement of financial activities**|||
|---|---|---|
||Unrestricted
funds
£|Restricted
funds
£
Period to
31
December
2023
Total
£|
|**Income from:**
Donations and legacies
Investments and interest receivable
Charitable activities:
. Retreat, conference centre and hospitality
Other sources:
. Surplus on disposal of tangible fixed assets
. Foreign exchange gains
. Miscellaneous
Transfer from Charitable Trust (note 19)
**Total income**
**Expenditure on:**
Raising funds:
. Investment managers’ fees
Charitable activities:
. Donations
. Support of members of the Institute and their ministry
. Retreat and Conference Centre
**Total expenditure**
**Net (expenditure) income for the year before transfers**
**and net investment (losses) gains**
Transfers between funds
**Net (expenditure) income for the year before net**
**investment (losses) gains**
Net investment (losses) gains
**Net (expenditure) income and net movement in funds**
**Reconciliation of funds:**
Total funds brought forward at 14 July 2022
Total funds carried forward at 31 December 2023|2,316,558
27,709
14,401
1,526
8,194
1,630|5,125
2,321,683
-
27,709
-
14,401
-
1,526
-
8,194
-
1,630|
||2,370,018
8,409,591|5,125
2,375,143
1,549,708
9,959,299|
||10,779,609|1,554,833 12,334,442|
||6,320
1,862,218
1,799,312
14,210|-
6,320
161,030
2,023,248
-
1,799,312
-
14,210|
||3,682,060|161,030
3,843,090|
||7,097,549
976,258|1,393,803
8,491,352
(976,258)
-|
||8,073,807
(31,660)|417,545
8,491,352
-
(31,660)|
||8,042,147
-|417,545
8,459,692
-
-|
||8,042,147|417,545
8,459,692|
Franciscan Missionaries of Mary UK CIO **48**