REGISTERED CHARrrY NUMBER: 229120 TRUSYEES. REPORT AND H14ANCIAL STATETrAENTS FOR THE YEAR ENDED 31 DECEM8ER Z024 FOR THe SISTER5 OF PROVIDENCE IROSMINIANI ncèn & Toplis Audit Limfted, Ststutory Auditor 3 PriTrces Court Royal Way Lou8hborou8h Leicestershlre LEII SXR
THE 515TERS OF PROVIOENCE IROSMINIANI CONTENTS OF THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 DECÉMBER 2024 Page Relerence and AdmiTri51r¥t¥ve Details Trustees, Report 2 to 10 Report ol the Independent Auditors 11 to 13 Statement of Financial Activitles 14 Balance Sheet 15 Cash Flow 5tatemeTrt 16 otes to the Cash Flow Stateme 17 Notes to the Financial Statements 18 to 29
THÈ SISTERS OF PROVIDÉNCE IItOSM1141ANI REFERENCE AND ALIMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OECEMBER 2024 TRUSTEES Sister K A Toone Sisterj Toomey S15ter L Pereira Ire5i8neé 28.2.Z41 Slster M B Leydon Slster T Molloy PRiwapAL AODRESS Rosynini House 19 Garton Ro3d Lou8hborough Leicestershi LEII 2DY REGISTERED CHARifY NUMBER 229120 INDEPENDENT AUDITORS Duncan & ToplSsAudit Limlted, StstutoryAud&tor 3 Princes Cixjrt Royal Wav Loughborough leicestershire LEJI 5XR BANKERS CAF Bank Ltd 25 Kin85 Hill Avenue West MalllnE Kent ME19 4JQ SOLICITORS Edward Hands and Lewls 44 Church Gate Loughborotsgh Leicestershlre L£II IUE 114VES7MENT ADVISEgS OCM Wealth Mana8ement Limited 3 gouverle Court Ncrthampson NN4 7YD Page I
THE SISTERS OF PROVIDENCE IROSMINIANI TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trusiees present their report and acceunts of the English Oistrict of the con8rÈ8ation of Sister5 of ProvideTrce, Rosrninian for the year ended 31 December 2024. The accounts have been prepared In accordance with the accounting polities sei out in note 2 to Ihe accounts and comply with the Charity's Trust Deed, èpplicable law5 and Ihe requifefftents of Starement of Recommended Practice on AccouniinE and fleportine by Charities.- 518tement of Recommended Practice applicable to charities preparing their accounts in accordance with rhe Finantièl Reporting Standard applicable In the United Kingdom and Republic of Ireland IFRS 1021. effective frotn a£counting period5 commencing I January 2D19 or laier Page Z
TrIE SJSTEAS OF PROVIDENCE IROSM1141ANI TRUSTEES, REPORT FOA THE YEAR ENDED 31 OeCtM8ER 2024 OBJECTIVES AND ACTIVITIES The trustees have pèid due rwrd to guidance issued by the Charity Commission in detlding what actlt5 the Charity should undertake. The English Distrirt of the Sisters of Pr¢>vldence, Rosrnlnian aims to 511PPOrt the reli8ious and the Charitable works carried on by th members of the Con8re8ation and to chre for those members throu8hout their11ves wlth the Con8fegation. These mini5trle5. 311 of which benefit nurnerou5 rnember5 of the general publlc. fall into the ftrlltrwing rnain areas.. i. tducatlon The acti¥Aty wlthin the èrea of edutation now takes the fomi of involvement in a supportive rele. Loughborough Amheist School (formerly Our Lèdy's Convent Schooll merged with Loughborou8h Schools Foundatk>n (formerly Loughborough Endowed Schools) on 31 Au8lJSt 2015. One trustee is a rnember of the Govern5n8 Board of Loughborough Amherst Schopl. 2. Pastoral work The aims ef the trustees In this area include.. Enabling èll membÈis of the Congregation to carry out meaningfvl pastoral work wfthin the community aftet asse55in8 their skills and the needs of the loral area., The following are examples of the work undertaken by individual 5i5ters'. parlsh mlnistry and helping parishioners develop their 5pirltU31 lives,. visltin8 older people in their own homes., pfferin8 hospitaltty to individua15 and pupils from the local sthools. Overseas mtsslonary work The Charity provides support for the Congregation'5 missions In Tanzania, Indya and South America. The mlsslons are under the control of members of the Congre8ation and any financiJl 5UPPOrt IS Used to help towards the fomiation of new rnembers ènd thelr studies and to mÈet the need for books. school equipment and medical supplies. Two members of the Dlstritt continue to minister InTnnia.. one is 3 khool manaEer a5 well as a Projects Manager ènd the second si#er holds the ptssitlon of Oi5trict Bursar. Carlng for membets of ihe Con8re8atlon In common with many Religious Con8regation5 ITr Great 8¥f(oin, the age profile of the members is Increaslry as exlstlng members grow older. Thè Cori8regBtion ha5 èn obligation, both moral ènd le8è1, to prOVe cère for Its members, ntsne of whom have re5oufEe5 of their own and all of whcrn have devoted a significant part of their lives to the tart and education of other5. As the age profile of the CongreBatSon increases so doe5 the need to provide increasing and increa51ngly expensive care to the si5ter5. At present three members receive special care in Rosrnini House at LoughborouEh. Over the next fi¥e years, the trustees expect thls number to increase. As a consequence the trustees are giving careful consideration to the impact ol this on the WO of indivldual members, the property requirements and the financial implications. In th15 regard one aSm ef the trustees Is to enable all members to continue with their I1¥1dva1 ministrtes for as long as posslble. The malThtenance and upkeep of the Rosrnini HGuse buildin8 very costly. Repalrs as a result of strtural damage and repairs and replacement of equipment c(Jntinue on an ongoing basis. The trustee5 have a duty to ensure that the buildlng and Its tonteht5 ère weil malntained and and tornply wlth current Health and Safety standards. Any incomelstipend received by the slsters Is donated to the Charity and thereby ensure5 that the work ol the 5i5ters and the Chadty may £ontlnue and develop into the future. 5. Prtytertkjn of rhlldren andvulnerable adults Along with all other org•nisations who serve in the communty. the trustees retognise the absolute netessity of ensurin8 the protection and safety of all those the Charity servès. This means ¥11515ters whg are in any kind of rnin45try in Great Britain having to obtain clearance frc>m the Disclosure and Barring Serwice IDBSI. The trustees are commltted to implementing all policles and procedures of the Catholic Safegu4rding Stsndards A8ency ICSSAI and of the Rell8ious Life 5afe8uardin8 5ervlce IRLSSI. One sister is responsible for ensuring the SafeEuarding Policy Is adhered to by èll slsters who may have Èonttrt with thildren and vulnerab people. The trustees, wlth all the slsters. participate In on-8oln8 Safegu4rdin8 tr4inlng order to ensure that best practlce is firmly followed. The sisters who artr involved in parishes and schools abide bythe policies and guidelines in place In these spedfic areas. Pè8e 3
THE SISTERS OF PROVIDENCE IROSMINIANI TRUSTEES, REPORT FOR TNE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE The followinÈ paragraphs outline the main achievements during the year In each of the Charity's principal 3Ctivities. l. education There are no longer any 515ters working in 3 tèaching positlon in Loughborough Amherst School. Through her rnember5hip of the 8oari5 of Gtrvernors, one of the Irustees ha5 been actively involved ID area5 of development and in faith based activities within the school This sister continues to 5UPPOrt developments In Loughborough Amherst School following the transfer ol the school's operatlOn5 to LouÉhborouEh schools Foundation IforTherly LoughborouEh Endowed Schools) In 2015. She continue5 to provide spiritual support when the need arlses. The trustee5 continue to provide the equlvalent of six bursaries each school year to Loughborou¥h Amherst Schotsl. Sever21 pup15s whose parents were experieniin8 financi81 difficulties in 2024 were supported financially and were enabled to continue their education in a seamless way. The Head teacher, Mr James Neville. of Louehborough Amherst School write5. 'The generous scholarship and bursarial supporr of the Sisters of Providence has an enormous impacr on ihe live5 of pupils at Amherst School, enabling pupils who could not otherwise •cce5$ Such a school to benefit from the Catholic education on offer. The trustees. following a request ftrr financial suppori for a student at the beginning of the 5chotrl year 2022, agreed to pay the boarding fees for a young 8irl frotn the Ukraine who with her brother and p3rents fled the war- stricken country. The parents, hawing secvred the 5afetV 3rid education far their childien, have since returned to their country. The trustees have continued to pay these boarding fees up to the school year 2024-2025. It was expected that the Congregation would receNe an annual income froffi Loughborough Schools Foundation for the rental of rhe property which house5 Loughborou8h Amherst School. The Chief Operatin8 Officer of Loughborough Sihools Foulldation informed us that the Governin8 Body was unablè to pay the required renta and after rnuch di5CU5sion with aur Financial Adviser the trusiees decided that, a5 P3rt of our charitable activf(ies, we would make a gift to the school of the rent that WÈS due for the vears 2022 to 2025. 2. Pastoral work One sister continues her mernbership of the 8werninE body of Loughborough Amherst School and this sister has taken an a supporrive role In Loughborough Amherst Sihool by active participation in rhe Chaplaincy Team where She 15 in contact with young people. Sometimes she is called upon by parents, pupils and members of staff who wish to d15CU55 various personal issuÈs, for example. Another sister does voluntary work in the local Catholic School, St Mary's Academy-. she help5 children who have reading difficulties and the teachers reporr that they find this an enormous benefit to boih the teachers and pupils Involved. This sisier 15 also 3 member ofthe Board ef Governors of sr Mary'sAcidemy, Loughborough. The pupils in Loughborough, Arnher5t School use our Éèrden on an occasional basis for natyre stvdie5, picnics and walks. Pupils from boih Junior and Senior depaftrnènts ef the school use Ihe chapel In Rosmini House for prayer seICe5 to mark special rllile5tone5 in the life )f the school or on special feasts of the Church. The pupil are always accompanied by their te3chers who lead the Prayer Services. A few people from the locality èttend Ma55 in our Chapel occasionally and Some people corne to the convent to Speak about personal difficulties or to ask for pr8yer5. Friends of the sisters and people from the loc3liiV conrinue to drop in to share 3 meal or a cup of coffee and a chai. The sisters feel that this hospitality liening element is very imporrant and all these visitors are welcomed. J. Overseas missioTrary work Ouring the year the Charity continued tg support the 51StÈrs who minister in Tanzania. India and South America. We continue to respond to requests for m.onies to support the student 5i5ters to enèble them 10 underBo their professional rraining in order ta qualify them to undertake their specific ministries A donation was made In response to a request Iof financial help to est8blish a pre-school to be situated in IhÈ building and site vacated by the closure of Sl Josèph's Commercial School, Tangè on 29th February 2024. In a leiter daied 19th Decernber 2024, Sr M Andrew, Projeci Man3ger and Trustee of the Tanzanian District wrote, 'it 15 Wlth 5ince¢e thanks on behalf of the Trustees of R05minian Sister5 In Tanzania thai i e¥press our gratitude for answering our request for support to undertake the establishmeni and Re8lStration of 3 new school to be known as Slsters of Providence Pre-Primary School. Tanga There are rwo sisters from the English Th5trict ministering In Tanzania These 5i5ter5 are supported financially from central funds in Loughborough. Page 4
THE SISTÈRS OF PROVIDENCE IftOSMINIAIII TRusfEES' REPORT FOR THE YEAR ENDED JI DECEM8ER 2024 The trustee5 5UPPOrt the Anttsn Rosmini Children'5 Centre in Kwediboma whith contSnues to exnd and develop H5 the demand on their seNce5 tontinues to grow swiftly. In 2024 we did not provide any financlal sUPPOrt as none was requested. The children in this centre have either ltsst their parents or have been abandoned by them. Some parents are unable to care for their chIldn because of illness or family problem5. If thi5 centre didn't exist many of these children would probably be left to die of neglect or stsrwatitsn. The Trustees are deeply committed to thi5 project and the 515ter5 report that that the Ilve5 of many childrefi have been transformed and continue to be transformed because ol the fi'nancial 5UPPOrt received. The school attached to the Antonio Ro$rnini Children's Centre provide5 a quality educatlon. not lust for these £hlldren, but a150 for children from the outlylng areas who otherwise might not have any access to an education. 4. CaTt tsf members ofthe Conve£at The average age of the members Is 76 so the majorlty of members need additionèl support. Four members of the Con8re8atilln received special care in the Rosmini House Care ut during the year 2024. The sisters in the Care Unit are supported on a twenty four hour basls by a team of five profe55ional CarÈrs and a nurse. The care of 3 high stond3rd. It is importttnt to ensure rhat this standard is mèintained 50 that our 515ter5 can be cared for in the Convent instead of being placed in residentiBI carE elsewhere which would be very costly. The'care element, is a major challenge fatin8 the CongreEation and the trustees for the foreseeèb future. Costs continuÈ tts rlse and the trustees have a duty to ensure that Sufficient funds are avallèble to meet these risin8 tosts. These older and fraglle 515ter5 spent many years mlnisterin8 on behalf of many people 50 they deserve to be treated and cared for with deep respect In their old age. It must be noted that members of the Congregation who are retired from theSr professional work are a150 In1ved In the 'tère element, within the Con8regatlon,' one sister works as a Carer on a part time basls and some slsters undert•ke to drive and accompany the more fr4gile sisters for medical appolntments to the hospita15 and clinic5. Thi5 year once a8aSn. saw members being called upot) on a number of occasions to assist in the Care Unit because of staff shortage5 due to illness. This meant that member5 of the tommunity were faced with additK)nal re5ponsibll*ie$ durln8 2024. One sister is the District &ursèr while a second Sister rnanages the House Office ènd a thlrd sister undertakes other administratfve duties within the convent. These speclfic mlnSstrfes are often very time consvmin8 but V4e belleve that vAthout the contribution of these individual sisters the trustees would need to employ a 8reater number ol lay 5tsff. 5. Other Grant5 were made to Cafed and we also responded to 3ppea15 rnade 85 a result of natural disasters in various p#rts of the wodd addition to lot•1 appeals in the U.K. We 5upp1y financial 5UPPOrt ¢n a mDnthty basls to the food bank In Loughborou8h. We provlde f5nanclal sijpport to the Superior General for her personal and travel expenses. When requested, we aim ro make a contribution to the Superior Gener31'5 Fund which is used for ¥aruS charitable project5. Thi5 fund 15 #Iso used to cover the cost of the education and professional training of the younÉ sisters In Tanzanla. Page 5
TrIE SISTERS OF PROVIDENCE IROSMINIANI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The Charity had funds at the beginnin8 of the year of É19,gSS,676. There was an overall net deficit of £326,017 during the year giving re5erve5 at 31 December 2024 of E19.629.659. There was a loss on investmenis in the year of £3W,962. The rate of return of the investrnent5 is considered by the trustees ro be satisfactory in light of their intoTne and capital need5. The porilolio rernain5 a mix of equity and non-equity iTrvestmenis In summary, rhe rrusrees are satisfied with the overall results for the vear given the rnarket conditions. There is no forrTial criteria or mea5ure5 such as KPI'5 th3t the Charty u5e5 to 355ess success in the period. R•5erves pollcv The average age of members of the congregation is 76years. We have members who afe over nirTrety ènd Six in their eiEhries. Care and nursSng costs continue to rise. Therèfore it is irnportant to maintain reserves. The trustees have designated funds our of the general fund forspecific purposes as follows.. Retirement Fund A fund has been designated for the purpose of providing for the charity's commitment to provide for the retirement and care Sn old age and sickness of the Congre8ation's rnÈmbÈrs. FiKed Asset5 Fund - In order to fulfil it5 charitable objectives the charity needs a number of properties. Although these propertie5 are unrestricted assets they cannat be realised wiihoui undermining the charity's work. The trustees therefore consider it ppropriate to reflect the Investment in properties by means of a dpsigDated fund. Scholarship Fund The trustees have made a tommitrnent to pay a total of £IIO,000 3nnually for bufsarSes to Loughborou8h Amherst School. The rnonies used 15 at the d1scretion of Loughborough Amherst School for pupils whose familie5 may be experiencing Specific periods of hardship. No pupil receives a full bursary so parents ère expected to contribute as much as they ca afford at any Eiven time. We iherefore Consider If appropriate to set aside sufficiellt re5erve5 to piovide 3n &nnu31 Income from which to pay Ihese fees. This year an additional £15,0 wa5 provided to cover the boarding fees of 3 young Ukrainian girl whose parents sent her to rhe UK because of the war. The Charity's investments are managed by OCM Wealth Managernent Ltd. There are no restnctions on the Charity'5 power to The investment strateÉy Is sei by the trustees and takes into account inctsmÈ requirements, the risk profile and the Investment manager's view of the market prospetts In the medium term. The policy is to maxirnise total return through a diversified portfolio whilsi providing a level of income adviséd by the trustee5 from time to time There is also an Etttical P¢licy precluding invesrment in any company whith, after reasonable enquiry. clearly has significant profits from an activitywhich is contrary to the objettives of the Chri5tiaTr Church. The performance of the portfolio and the Charty's investment strategy Bre reviewed by the trustees who meet with the investment manager every four tnonth5. Poge 6
ThÈ 51STERS OF PRowDeNCE IR05MINIANI TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER ZOZ4 PLANS FOR THE FUTURE Since Loughborough Amherst School Iforrnerly Our Lady's Convent hooll merged with LoughborouÉh schoo Ftsundatn Ifomierly Loughborough Endowed Schools) on 31 August 2015, the fleman Catholic ethos 3nd distinctive charatter of the school has contlnued. One 51ster contlnues to serve on the Board of Governor5. A5 was agreed under the merger agreement, Loughborough Schoo15 Foundation will continue to malntain the property. The trustees have made 3 commitment ro pay a total amount of £IIO,OOD to Loughbtsrough Amherst khool for bur54ries on a yearly ba515. This cornmitment is indeffnlte and the Trustees have stipulated that the monies must be used tQ P3y fees, Sn part, for pupils whose parents are expÈriÈnting specific periods of hardship financially. No pupil rece$ a full bursary as parents are expected to contrlbute as much as they can afford. We. therefo, wn5ider It approprlate to sèt aside sufficient resÈNe% to provide an annual income frorn which to pay these btsrsaries. An additional ÉIS,OOD bur58ry Was paid to the Amherst SchDal in 2024 for boardSng fees foT the younB Ukrainian gld who JoiThpd Amherst Khool In 2022. In January 2025 the trustees were infomied about the proposed closure of Lought)orou8h Amherst School which will toke place at the end of the school year Z025. The tru5tee5 are currentty engaged In consultations with our 8dYi$er5 to work out a plan for the future of the buildings and the 51te which will be left vacant as a fesult of the closure. One sister continues In her role as Bursar of thè D15trlrt 3S Otherwise It would be necessary to employ an Attountont to undertake this important work., ene slster manages the House Offlce while a kÈtond slster oversees the 8eneral rnaintenance. Other 5Ssters ctrntinue to a5515t with care of the sick ond frail older Sisters such a5 drniinE them and accompanying thern for medical appointments ènd VIruS other outirigs. It is hoped that the Sisters who are Involved in sornè form of ministry w¢ll be enabled to continue for the foreseeable fvture. Their dedatIon 15 much appreciated by those peoplÈwh¥se lives they touch. The trustees are acutely aware that we nèed to make plans for the future as it Ls envisaged that In the next few year5 the English Distfirt will have few if any adlve mernbers, therefore extra staff rnay need to be employed to support individual members to remain within the communlty setting rather than being moved to ca Home5. The trustees also have given consideration to the fao that, because the first ElISh Convent of the Con8regation was founded in Lou8hborou8h in 1843, we should explore ways of leaving a'la5ting1eEacy' t¢ the petsple of this area.. in thSs way our ministry would be continued in o different way into a new era. Our adviser has agreed to a55ISt U5 to devlse a plan In order to See what can be thieved. In the meantlme we are exploring and looking at ways to ensu that we choose the most deserving cause and one whlch will benefit the wider local £ommunity. One Charity whlch has interested u5 15 a Hospice for Chlldren which ha5 beefi established and continues to serve the neeLs of rnanyfamilie5 from Loughborou8h and the surroundin8 areas. Page7
THE SISTERS OF PROVIDENCE IROSMINbANI TRIJSTEES, REPORT FOR THE YEAIi ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT The Con8rpgation of Sisters of ProvidEnce. Rosminian is an international Roman Catholic religious Congregation supportin8 over 200 51Ster5 worldwide. It was founded In Italy in 1833. In term5 of Canon Lèw. It is governÈd by the Superior General and her Council. Two rnernbers of the Council, the Vicaress and the Bursar Gelleral, who are elected every Six years at a General Chapter, live in Rome Two other CouDcillors are chosen by the Superior General. There are five districrs, Africa, England, Indlè, Italy and Vene2uela. In rerms of Civil law the Ch3ritV 15 governed by o Trust Deed dated 22 April 1936 and is a re8i5tÈrÈd Charity- Charity Registration No. 129120. The trustee5 of the Charity are rnefflbers of the ConEregatioTr. As such they have a deiailed knowledge ol the work of the Charity and of its structure. They meet with the CoDsregation's legal, accounting, investment and property advisers, when The accounts accompan¥inB rhis report are thusè of the English District. The trustees who served durin8 the year Up to the date of approval of the report were.. Sister Johanna Toomey Sister K?thleen Ann Toone Sister Loretta Nora Pereira IResigned 28102120241 Sister Mary 8ridget Leydon Sister Teresa Molloy A brief bi08raphical det3il on each of the trustees is gwen below. sister Johanna Toomey Sisrer Johanna Tootney Joined the congregation In 1965 She trained as a tèècher in Mary Ward, Nottingham and later 3ttended Cardiff University where she graduatecl and w35 awarded èn M.Phil for her dissertation on Rosmini and Education. She spent parr of her life teaching In Heathfield House Comprehensive School. Cardiff 3nd in both loughborough & Cardiff convent schools. She w35 the Headmistress of ihe latter. She has held the position of Superior General of the Congre83tion since 2011. ster Kathleen Ann Toone Slster Kathleen Ann Toone joined the Congregatiun In 1954. She worked as a teacher in a number of schools and 35 Headte3cher in Satred Heart Prirnary School, Loughborou8h before her retirement. Sister Loretta Nora Pereira Sister Lorettè Nora Pereira joinèd the Con8regation in 1964. She qualified as a Junior School teacher and taught in Our Lady's Convent School in Cèrdiff. Our Lady's Convent in Louehborough and was Heèd Teacher of St Audrey's School. Wisbech for a number uf years. She a150 held a position of Chap13in in Ratcliffe College. 2nd spent titne as a Parish Sister in LeiiESter. She died in February 2024. Sister Mary Bridgei Leydon Sister Mary Bridget Leydon joined the Congregation in 1962. She qualified 8$ 8 Montessori tèacher and speni all her working life in the Pre-school department of Our Lady'5 Convent School. Loughborough. She was Head of the Pre-school and Infant Departments for several years. At present she is engaged in adrTliniStrative Work in Rosrnini House. She is alsa a member of the Governing Board of Amherst School and a5Si5I5 Wlth the Chèplaincy team. Sister Teresa Mollov Sister Teresa Molloy joined rhe Congregation in 1963. She qualified a5 3 Junlor school teicher. She gained an Aris De8ree from the Open University and she also qualified a5 a teacher of blind and visually ifflpaired children in the University of Birmingham whefe she was awarded a B Phil. ill special educ3tlDn. She tau8ht In 5t Joseph'5 School for children wilh visual ifflpairmÈnts, Dublin, for m3ny years. The rrusiees arè ultimaiely responsible for the policies. activitie5 and è5sets of the Charity. They meet four times 4 year, or when the need arises. to review developments with regard to rhe charity or its èctivities and make any important decisions. When necessary, rhe trusrees sÈÈk advice and support from the Charity's professional advisers including property consultènts. Investments rnana8ers, 501icitDrs and atcountants. The day 10 day rnana8emeni of the Charity S aclivities, and the implementation of policie5, is delegated to the appropriate member5 of rhe Congregation. The sister5 involved In pastoral duties work undÈr the directioD of guidelinès set oui by rhe Roman Cètholic Diocese of NottinghaFn. The Eng1I5h District is gowerned by the District Ctrordinator who was appointed by the Superior General followin8 consultation with the Sisters. There 15 a 5VStem of accouniability operational io ensure that the Co-ordinator 15 fully informed of the progress and development of Ihe rnin15tries carried out by the Sisters. The Co-ordinator provide5 the Superior Gener81 and her Council wilh an nnual Wfltten report det4ilir¥ the vèrious activities and evÈnts of the District A visit by the Superior General is rnade èt least once every three years. Page 8
THE SISTERS OF PROWDENCE IROSMINIANI TrUSTEES' REPORT FOR THE YEAR ENDED 310ECEMBEA 2024 At the beglnnlng of 2024 the Distrftt comprised of eighteen slsters. Of thi5 number, two are ministering in Tanzania and a third sister has holds thè position of Supertrtsr fjerl ynce 2015 and She is based in Rome. Since the be8lnnin8 of the year 2024, three sisters have died. Rl$k Marsagement In line with the requirement tor trustees to undertake a rssk a5se55ment exerclse and report on the Same In thelr annual feport, the trustees hHve looked at the risk5 the Con8Fegatlon currently faces and have rewewed the measures already place, Of needing to be put in place, to deal with them. The trustees have identified flve main areas where risks may oecuf.. -Governance and mana8ement -Operatbn•l -Reputètional -law5. re8ulatSon5. external and environment Governance and management looks at the risk$ of the Congre8at¢on, atthe skills and training of r(s member5 and 5tsff and the good use of its rÈstsurce5. Operatlonal loo at the risks Snherent In the Chartty's actlvkles - the member$ enga¥ In Inapproprlite artMe$. poor rnaintenance ordlfficultSes with staff, for example. Fifiancial Tisk$ Include those atlsin8 45 a result of poor bud8etèry control, Inapproprfate spending poor accounting etc. Reputational looks at possible damaEe to the Congregation's andlorcharlty's reputatlon. Laws. regulations, extemal and env1ronment at the effects of government policies, the con5equence5 of ncn-compli3nce with 18ws and regtslations. The Ch¥rity has a Safeguarding Policy in place for the protection of children and vulnerable adults as outlined on p38e 3. Navlng aeSsed the malor rlsks to which the Charlty Is exposed, the trustees belleve thèt by monltortng reserve levels, by ensurk)g controls exist over key financial systÈms and by examinin8 the oPeratnI1 and businÈ5s risks la£ed by the Charity, they have established effective sy5temsto mitlgate those risks. Trustees induttknh •Ad trainin¥ All current trustees are well expeThenced in the nature of the role and understand the¢r leEal responsibilits. New tNstee5 will receive an Induction, be made aware of the role of a tfustee as la+d down by the Charity CommissSon and, if appropnate, attend appropriate trainin8 and devdopment seminars to help them develop their role. Fundraisifi8 No thlrd party organi$at*ons orconsultsntswere ijsed for raising fund5 forThe Sisters of Providence If¢osminianl. Volntee¥S The charlty does not reqtslre the use of voluftteer$. E¥ents sillce the end tyl th2 year Inform3tion relating to events since the end of the year is given In the notes tothe flnandal statements. EMPLOYEES, ADVISERS AND MEMBERSOFTHE CONGREGATrON The tru5tee5 Wlsh to record their ¥ecognition of the qualities and cornmitment of all their staff and the individual rnembers of the Cangregation, together with our Financi31 Adviser. Accountant and other professlonals who help us in $0 many ways. The¢r dedication and positive approach are very much appreclated. STATEmEF0F TRUSTEES, RESPONS181LmES The trustees are Tespon5ible for preparinE the Trustees. Report and the financial statements in accordance with applicable law and United Kin8dom AccountSn8 Standards IUnr(ed KSn8dom Generally Accepted Accounting Practlcel. Page 9
TH£ SISTERS OF PROVIDENCE IROSMINIANI TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER ZOZ4 STATEMENTOF TRUSTEES. RESPONSIBIUTIES- cothtinued Charity law requires the trustee5 10 prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements In accordance with Vniied kingdorn Generally ALcepted Atcountlng Practice (United Kingdom Accounting Standards and applicable lawl. Under charity lèw Ihe trustees must not approve the financial 5t3tements unless they are Satisfied thar ihey gwe a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources, including the income and expenditure, Df the charity for thai period. In prep8ring those financiBI statement5, the tru5tee5 èrè required 10 select suirable accounting policies and then apply them consistentlv,. ob5Erve the methods and principle5 in the Charities SORP,. ake judgÈments and estimate5 zhat are re350nable and prudÈnt', state whether applicable accounting standards have been followed, subject to any material departures discbsed and explained prepare ihe finaThci31 stètÈmonts on the 8oln8 concern basis unless it Is inappropriate to presume th3t the charity will tontinue The tru5tee5 are responsible for keepinE proper 3CCQUThting records which di51105e with reasonèble accurècy ai any time the financial p051tion of the charrty and 10 enable them to ensure rh3t the financial statement5 cornply with the Charities Act 2011 and The Ch3ritv IAccounts ènd Reptrrtsl Regulations 2008. They are also responsible for safeguardin8 the assets of the charity and hence for iakin8 reasonable step5 for the prevention and dètection of fraud and other Irregulariries. Approved by order of the board of trustees on and Signed on its behalf bv.. Sister M B Leydon-Trustee Page 10
REPORT OF THE INDEPf NDENT AUDITORS TO THE TrUSTEES OF THE SISTERS OF PIiOVIDENCE IR05MINIANI Oplnlon We have audited the 1Snantial statements of The Slsters of Providence IRosmlftianl (the '¢hèrity'l for the year ended 31 December 2024 which cornprise the Statement of Financial Activities, the BHlance Sheet, the Cash Flow Statement and rtotes to the financial statements, including a summary ot slgnllicant accounting policies. The finoncial reporting framework that has been applied in their preparation is applkabk law and United knngdom Accounting 5tsndards Iunited Kingdom Genernlly Accepted Actountlng Pratticel. In our opinion the financial statements.. give a true and fair view of the state of the ch?rity'5 affair5 as at 31 December 2024 ènd of Its Ineomln8 resources and applicatlon of resources, forthe yearthen ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Attountlng Practice.. and have been prepared in accordance with the requirements ofthe Charftie5Art 2011. Basls foroplnlo We conductèd our audit iri a£tor(lance w(¢h Internattonal Standards on Audltlng IUKI 115As IUKII and 3pplit8ble law. Our responsibilities under those standards are furrher descrlbed in the Auditors, responslbllkies for the audlt of the financial staternent5 section of our report. We are independent of the charity in a¢cordance With the ethical requirernents that are relevant to our audit of the financial statements in the Including the FIIC'S Ethicèl Standard. and we have fulfilled our other ethic31 responsibilities in accordance wlth these requlrements. We believe thatthe audit edence we have obta5ned 15 sufficlent and approprfate to provide a basis for oplnion. conc510S relatin8 to golng ¢onc•rn In auditing the financial statements, we have concluded that the trustees. use of the goin8 concern basis of accountinK in the preparation of the flnancsal statements Is approprlate. Based on the work we have performed, we have net identified any material uncertaintles relatlng to evÈnts or ¢onditions that, individually or collectiwely, may casi si8nificant doubt on the charitvs ability to continue è5 a going concern lor a period of at least twelve month5 from when the financial statements are authorised for Issue. Our responsibilities and the respoftsibilltlts Of thÈ trustee5 Wlth respect to Boing concern are described in the relevant 5ectlons of this report. oiher Inforniatlon The tru5tee5 are re5wnsible for the other information. The other infomiatSon tomprises the inlormation intludèd in the Annual Report, other than the flnanclal statements and our Report of the Independent Auditors thereon. Our opinion on the f5n3nclèl statemÈthts does not cover the other information and, except to the extent otherwise eKplicth stated In our report, we do not express any form of 3S5urance conclu%on thereon. In tonnectlan with our audit of the finènclèl statements, our responslbility Is to read thè other inform3tK)n and, in dolng so, consider whether the other infom)ation is matEiially inion51Stent with the financial statement5 or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify sh material inconsistencie5 or appant material mlsstatements. we are iequired to determine whether this gives rise to a materlal mlsstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a material mi55taternent of this other information, we are required to report that fatt. We have nothing to report in this re88rd. Matters on whkh we are requlred to report by èxception We have nothing to report in respect of the following matter5 where the Charltles IAccounts and Reportsl Re8ulatkJns 2fM18 requires us to report to you if, in our opinion.. the informatron ENen in the trustees Report is Inconsistent in any material re5pert with the financial 5tatements.' or suffScSent ac£otsntin8 records have not been kept,. OT the financlal staternents are not in agreement with the accounting record5 and retUrn5,' ur we havè not received 411 the information ond explanation5 we require fer our audY(. ReSpOrbIlItIeS of trustees As explalned more fully In the Statement of Trustee5' Responsibilities, the trustees are responsible for the preparation of the rinancial 5t3tements which give 3 true and faSr view, and for such Intemal control as the trustees determlne is necessary to enèble the preparatlon of financial statements that are free from material mlsstatement. whÈther due ttsfraud tsrerror. In preparln8 the financial statements, the trustees ère responsible lor assessing the charity'5 abilty to Continue as a going concern, disclosing, as applicable, matter5 related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charlty orto cease operations, or have no reèllstic altematlve but to do so. PaRe 11
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE SISTERS OF PROVIDENCE IRQSMINIANI Our responslb11611es for the audit of the financSal statements We h3ve been 3pwinted as audiior5 under Section 144 01 the Charities Act 2011 and report in accordance w1th the Act and relevant regulation5 made or having effect thereunder. Our objectives are to obtain rea50n3ble assurance about whether the financial statements as a whole are free frorn Materal misstBtement, whether due to fraud or Èrror, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable a55uraDce is a hiÉh level of assurance, but 15 Dot a guarantee that an audit conducted in accordance with ISAS IUKI will INvays detect a material misstatement when It exi5t5 Misstatements can arls* from fraud or error and are Considered material if, individually or in the a88re8ate. Ihey could reasonably be expected to influence the economic decisions of users taken on the ba$15 The extent to whith our procedures are capable of detectin8 irregularities, including fraud is det3iled below.. We have Identified area5 of laws and regulations that could re350nably bÈ expected to have a rnarerial effect on the finBlltial stateTnents from our general coinmercial experience. knowledge of the sector, 3 review ol regulatory and legal correspondence and throu8h di5CUSsions wilh Trustees and other key management obtèined as parr of the work required by auditing standards. We have also discussed with the Trustees and othÈr key mana8ement the policies and procedures relating to cornpliance with laws and re8ulations. We communicated 13w5 and reEul3tions throughout the team and remained alerr io any indications of non-compliènce throughout rhe 3udit. The potential Impact of differeni l?ws and regulations varies considerably. Firstly, the charrfcy Is subject to IBWS and regulat10ns that dirertly impact the financiBI statetnents Ifor example financial porting legislation? and we have assessed the extent of tompllance with such laws 39 part of our financial statements audit. We evalu¥ted managernent's incentives and opportunities fof fraudulent manipulation of the financial st3ternent5 (including risk of override of conrrols) and determined that the principal risk5 were related to managernenr bias In accounting estirn8tes and iudgefflÈn-al areas of the financial statements Such as the vèluaiion of invesirnent property and incorne reco8nition. as well as the risk of inappropfiate journal entries to manipulate reported surplusldeficit. Audit procedures perforrned by thE Èngagement ream included the identificatlDn and testing of unusual rnaterial nominal ledger entrie5 and challenging management on key assumptions and judgetnent5 mède in the preparation of the financial statements. We carried out detailed substantive testing on accounting Iimates, includin8 reviewing the meihods and data used by tnèn3Éement to make those e5tirnate5, reviewing rental yields and Internet property price data. reviewing rhe outcorne of prior year Èstimates, and assessing the knowledge and eKpert15e of the professional valuer5 Used by mana8emeni. We also c3rried out detailed substantive tests on material Income stre3rns, including reviewin8 the supporting docufflentation Used to determine the recognition of incorne, ensuring rt Is consistent and recognised In the correct pÈriod, and we have reviewed and assessed the knowledge and expèrtise of the investment mana8ers and verified the valuations and Income from the inve5lmellt5 to third party confirmations. Secondly. the ch3rity is subject to other laws and regulations where thp conseouence for non-compliance could have a fflaterial effert on the amounts or disc105ure5 In thè financial siatements. We identified the following areas as those most likeV to have such an effect.. Health ènd Safety regulatlOn5. Etnployment laws and written restrirtions or de5i8nalions Imposed by grani providers or donors. We reviewed the supporting documentation for all materi31 incomes received and a55urpd ourselves that any written conditions h3ve bepn adhered to as applicable. We note that given the nature of the charity, there are no specific laws and reÉulaiions governin8 the aCtIri, aside from Charities Act 2011 bnd the applicable accouniing st3ndards. Auditing standards limir rhe required èudit Procedures to identify non-compliarice with these laws and regulations to enquiry of the Tru5tee5 and other key management and inspetlion. This inspection included reading minutès of meètings of those char8ed with governancp with the investment m3nager5 and di5CU55in8 With those charged with governance to ionfirm that to their knowledge they were not aware of any instances of non-compliance. Through these procedures. if we became aware of any non-compliance, we considered the irnpact on the procedures performed on the re13ted financièl stèternent items. Owing to the inherenr limitation5 of an audit, there Is an unavoidable risk that we may not have detected some maierial missiarements in the financial siatements, even thou8h we have properl¥ planned and perforrned our audit in accordancE Wlth diting s13ndard5. The further removed non-compSiance with law5 and regularions Is from the events and transactions reflected In the financial statements, the less likely the inherently limited procedures rÈ4uired by auditing srandards would identify it. As with any audit, there is a greater ri£k of non-deie¢tion of irregularities as these May involve Collusion, intentional omissions of the override of internal conrrols We are not re5pon5Ible for preventing non-compliance and cannot be expected to detect non<ompliance with all lèws and regulations. A further description of our respon51bilities for th? audit of the financial staternents 15 located on the Financial Reporting Council's web55tÈ at www.Irc.org.uklauditorsrÈsponsibilities. This description form5 pari of our Report of thè Independent Auditors Page 12
REPORT OF TFtE INDEPENDENT AUDITORS TO THETRV5TEES OF TH£ SISTERS OF PROVIDENCE IROSMINIANI Use of our report Thi5 report is made solety to the charity's trustees, as a brydy. in accordance with Part 4 of the ChHritles (Account5 alld Reports) Regulations 2008. Our audit work has been undertaken so thar we rnight state to the charity'5 truste those rnatters we ar required to state to them In an auditors, report and for no other purpose. To rhe fullest extent permttteo by law, we do not accept or assume re5ponsibS11ty to anyone other than the charity and the charity's trustees 85 a body, for our èudit worK for this report, or foi the opinions we have formed. Duncan & Teplis Audit Lirnited, StatutoryAuditor 3 Princes Court Royal Wav L¢u8hboTough Lelcester5htre LEII SXR Date.. PagÈ 13
THE SISTERS OF PROVIDENCE IROSMINIANI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YeAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds as restated Unresrricted Designated Unrestricted General Note5 INCOME ANO ENDOWMENT5 FROM Oonaiions and legacies 1,330 1,330 430 Charliable actv¥it$ Support of member5 of the religious order 13.469 322.611 336.080 358.946 96,276 5,992 96,276 450.108 92,524 297,104 Investment income 444,116 Total 457,585 426,209 883,794 749.(K)4 EXPENDITURE ON Raising funds 101.903 IOJ,903 113.932 Charitable activities Support of members of the religious ord2r Granrs and donations paid 39.582 203,087 481.212 83,065 520,794 286,152 458,741 326,951 T91 344,572 564,277 908.849 899.624 Net gainslllossesl on investrnents 1300,9621 1300,9621 89,329 NET INCOMellEXPENDITUREI 1187,9491 1138,0681 1326,0171 RECONCILIATION OF FUNDS Total funds brought forward 19,750,655 205,021 19.955,676 20,016,967 TOTAL FUNDS CARRIED FORWARD 19.562,706 66.953 19,629.659 19,955,676 The nores farm pari of these financial statements Page 14
THE SISTERS OF PROVIDENCE IROSMINIANI ALANCE SHE 31 DECEMBf R 2024 2024 Total fund5 2023 Total funds as restated Unrestricted - Desilnated Unrestricted . General Note5 FIXÉD A55ETS Tan8ible assets Irb¥estm¢nts Investmen*s Investment propertv 14 7,414,273 32,873 7,447.146 7,492,478 15 16 10,802.523 910,000 10,802,523 910.orij 11,089,477 910,tsJO 19,126,796 32,873 19,159,669 19,491.955 CURAENT Asstrs Debtors Cash at bank and in hand 17 17,316 53,Q04 17.316 488.914 19,619 477,786 435.910 435,910 70,320 506,230 497,405 CREDITORS knounts falllng due within one year 18 136,2401 136,2401 133.6841 NETCURRENf ASSrrs 435.910 34,080 469.990 463,721 TOTAL A5SEfs LE CURRENT LIABILITIE5 19,562,706 66,953 19.619.659 19.955,676 NET AsseTS 19,562,706 66.953 19,629,659 19,955.676 FUNDS 19 Unrestrlcted funds 19,629,659 19,9SS,676 TOTAL FIJNDS 19,629,659 19,955,676 The financial statements We approved by the Board of Tru5tee5 and authorised for issue on were signed ori its behalf bv.. Slster M B leydon- Trustee The notes form part of these finan£i•l statements Page 15
THE SISTERS OF PROVIDENCE IROSMINIANI CASH FLOW STATEMENT FOR THE VEAR ENDED 31 DECÉMBER 2024 2024 2023 as rÈstated Notes Cash IIow5 from operating èttivittes Cash generated from oper3tions 1424,7511 12201 1399,0191 Net cash used in operatinÉ activities 1424.9711 1399,2531 ash flgws Irom Investing Activities Purch35e of taTr8ible fixed 3$5ets Purchase of fixed asset Investments Sale of fixed asset investmenis Cash movement in invpstment portfolio 14941 116,64S,2441 17.853.416 1881,5441 47,581 23.061 110.187,6501 9,518,095 1,048,862 45,112 11.680 Oividend5 received Net cash provided by investinE activtIeS 436.099 396.776 Chanze in cash and cash equivalents in the reportin8 period Cash and cash equivalents attho beginnin¥ of the reporting period 11.128 12,4771 477,786 480,263 Cash and cash e4ulvalents at the end of the reporting period 488.914 477.786 The notes form part of these financial statements Page 16
THE SISTEHS OF PROVIDENCE IROSMINIANI NOTESTO THE CASH FLOW STATEMENT FOR THE YEAR ENDEO 31 DECEMBER 2024 RECONCILIAn014 OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATFNG AcfiviTIES 2024 2023 a5 restated 14et expendilure forthe reportinB period las perthe Stat•ment of FIMntl•l Artl¥ltlesl Adlu5tmentsfor. Depreciation chargés Losges118ainl on investments Interest received Interest pald Dividends received Income from accurn dividends and intèrest ecrease/lincrea5el in debtors ncrease in creditors 1326.0171 161.2911 45.332 ,962 145,1121 220 111,6801 1393.3161 2,304 2,556 46,356 189,3291 147.5811 234 123.0611 1226.4621 2,327 N•t cash used In operatlons 1424.7511 1399,0191 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Nett*$h Cash at bank and in hand 477.786 11.128 488.914 477.786 11,128 488,914 Total 477,786 11.128 488,914 The notes form part of these financial statements Pale 17
THE SISTERS OF PROVIOENCE IROSMINIANI NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 GENERAL INFORMATION The Sisters of Providence (Rosminianl is an unincorporated charity in England. The charilv's registered number is 229120. The charity's principal address Is Rosmini House. 19 Garton Roèd, Loughborough. LeicÈstershire. LÉll 2DY. The financial Statements are presènted In sterling which 15 the functional currency of the charity and are rounded to the nÈarest £. The finantial statements cover the individual entity. The significant accounting policies app5ed in rhe preparètion of Ihese account5 are set out below. These policie5 have been consistently applied to all ye3rs presented unless otherwise stated. There are no material uncertainties related to going concern. ACCOUNTING POLICIES Basls of prèpaiing the financlal statements The financial statements of the charity, which Is a public benefit entiry under FRS102, have been preparpd In accordance wirh the Charities SORP IFRS1021 'Accounting and Reporting by Charities.. Statement of Recornrnended Practlce applicable to chariiies preparing their Iccounts In accordance with the Financial Reportin8 srandard applicable in the UK and Republic of Ireland IFRS102llefle¢rive l January 20191.. Financial Reporting Standard 102 'The Fillantial Reporring Standard applicable to UK and Republic of Ireland. the Charitie5 Att 2011. The financial siatements have been prepared on a Eoing coDcprn ba515 under the h1Storical c05t convention modified to Include ceftain items at fair ¥3lue. The account5 Ifinancial statemtntsl have been prepared to wve a 'true Jnd fair. vlew and have departed from the Charitie5lAccount5 and Reports) Regulations 2008 only to the extent required to provide è 'true and fair view,. departure h35 involved following the relevant version of the Statement of RÈcommended Practice èpplic3ble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the Accounting and ReportinE by Charitiès.. Statement of Recommended Practice effective from L Apr1125 which h35 since been wirhdrawn. Sieniflcant accotsntlngjudgements and estlmatioTh uncertalntv In tho application of the charity'5 accounting policie5, rnanaÈement Is required ro make iud8ements, estirnates and assurnptions about the carrying ¥31ue of assets and liabilitie5 that are not readily apparent from other source5. The estirnate5 and underlyin8 assumptions are based on historical experience and other factors thit are considered to bÈ relevant. Actual results may differ from these estimates. The esiimates and underlying assuwnptions are reviewed on an ongoing bèsis. Revision5 to accouniing estitnatÈs are reco8nised in the period In which the estimate Is revised if the revision affeits only that period, Qr in the period af the revision and future periods If Ihe revigon affects both current and future periods. The only Brea5 In the accounts where such jud8ements and estimates have been rnade ère in respect to estimating the Useful economic life of tangible fixed assets for the purpu5E of deterrnining the annual depreciation charge, valuation of inve5tmeni propertie5 and in determining the amounts to be set aside as desi8nated funds, in particular the retirement fund. Income All Income is recognised in the Stateynent of FinBrici21 ACtltIeS once the charity has entitlement to the funds, it is probable that the Income will be received and the amount can be tneasured reliably. Donated asset5 are accounted for as 500n as they Bfe recEived and are included in the accounts at a reasonable estimate of their value. Any iniome arising fro donaied assets Is accounied foron a receipls basis. Legacies are Included in the staternent of financial activities when the chèrity is leeally entitled lo rhe income and the amount can be quantified with reasonablÈ èccuracy Entitlement 15 the earlier of the chariiy being notified of an irnpendin digtribution or the legacy being received. Profit on disposals of tangible fixed assets are accounted for when the charsty is legally entitled to Ihe incorne and the afnount can be qu3ntified with reasonable èccuracy. Page 18 continued...
ThE SISTERS OF PAOVIDeNCE IAOSMINIANI NOTESTOTHE FINANCIAL STATEMENT5- contlnued FOR THE YEAR ENDED 31 DECEM8Eft 2024 ACCOUITING POLICIÈS-fontinued Income Inve5tTnent incorne 1$ earned through hOing a$sets for investment purposes such as shares and property, includes dividends, Interest and rent. Investment Incorne is recognised oncp the divldend or relevant Income has been declared and notification has been received of the ameunt due. Interest on funds held on deposit Is included whÈn recewable, ènd the arnount tan bÈ measured rellably by the charTrty,' thls is normally upon notlfi'catlon of the interest pald o¥ payabl¢ by the bank. Rental Income Is 0nISed as the charlty's right to re¢ehe payment 15 establlshÈd. Expendttvr Liabilitie5 3re recognised as expenditure as soon as there is a legal or constructlve obllgation committing the charity to that expenditure. it is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an attruals basis and has been ckssified under heèdin8S that ag8regate all cost related to the category. Where costs cannot be directly attributed to partlcular headln8S they have been allacated to CtltIeS on a basls Consistent IWEh the use of resource5. Expendlture on ralsin8 funds Includes 311 expendlturo •$$o¢iatèd with raislng funds io the charity. This Includes investrnent management fee5. Expenditure on charitable attivFties includes all costs assoclated with furtherinB the charitable purposes of the charftv through the provision of its charit3blè activitie5. Suth costs includes charitable grants and donation5, CQSt5 in respe¢t tts support of members of the congregation and enabling theiT ministry includin8 governance costs. Charitable grants and donations are made where the triJ5tees consider the is real need followln8 è review of the details of eath particular case. Grants and donations pald are included the statement of af linancial activities when approved for payrnent. PrDvi5ion is made for gtants and doftations approved but unpaid at the balance Sheet date. Éxpendlture incurred in the 5UPPQrt of members of the reli8iotss order aye those cosis Incurred in the area5 of health, welfare and housn8. Governante costs are those costs incurred in connection with the administration of th ehtrity and compllance with wnstitutional and statutory requlrement5. The charity 15 not reElStered for VAT and therelore experiditvre is showt) inclusive of VAT. Tan8lble fixed a$set$ TarTr8ible flxed assets are held at cost less accumulated depreciation ond accumulated impalrmeffi losses. Oepreclation is provided at the followlng annual rates In orderto wrfte off each asset over Its estimated useful life. Residential land & buildinv Land and buildin8s occupled by LAS IfomierlyOLCSI- 1996 valuotlon Buildings occupied by LAS- Alteratlons Fixture5. Flttin85 & equiprnenl Moiorvehicles 0% 2% StrÈight line 15% Reduclng balJncÈ 25% Reducln8 balance LAS- Lou8hborough Amherst School (formerly Our Lady'5 Conventkhooll. Investrnent properties are induded in the balance sheet at their open rnarket value. DeprIatIo is pr¢vlded only on those investment propertie5which are leasehold and Whe the unexplred lease term is less than 20 year5. No depreciation is provided In respect of the residential land and buildings, ènd land 8nd bulldings occupSed by LA5- 1996 valuation. as the trustees are satlsfied that their resSdual value Is not materlally less than their book value and thesÈ assets have a very long useful life. The land and building5 occupled by LA5 are Included on the balan£e sheet at their estirnated vèluation as at l January 1996. The valuation was deterrnlned by the Trustees wlth professional assistance on the basis of replacement cost for exlstln8 use. Under the tran51tional provisions of FRS102. the Valuation is now re8arded as deerned cost. Additions to freehold land ènd buildings since that date a tluded at C05t. Impalrment A55ets not measured at fair value are reviewed lor any indication that the a55et may be impaid at each balance sheet date. If 5vch Indi¢ation exi$ts. thÈ recoverable amount of the asset 15 estimated and comp3red to the carrying amount. Where the carrying arnount excÈeds its recoverable amount, an Impairment Ioss 15 recogni5ed in profrt or h7ss unless the asset Is carried at a revalued amount where the irnpairmtnt ltsss Is a revèluation de£rease. Pa8e 19 continued...
THE SISTERS OF PROVIDENCE IR05MINIANI NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMgER 2Q24 ACCOUNTING POLICIES- tontinued Foreign currencie5 Transactions denornin3ted in foreign currencies are recorded at the average rate for thÈ year. Monetary assets ènd liabilities denomintted in foreign currencie5 are translated into sterling at the rates of exchan8e fuling at the balance shÈet date. All differences are Included In net Incoming resources. Pension co5t$ and other p05t-retirement benefits The ch2firy operates a defined contribution pension schemÈ. Contribution5 P3y3ble to the charity's pension Scheme are charged to the Statetnent Df Finaniial Activities In the period to which they relate Investments Quoied Invesiments are Valued ai IheSr fair value usln8 the closing middle markÈt price on the balance sheet dhte. Realised gains lor 1055e51 on investment a5set5 are calculated as the difference between disposal proceeds and their openin8 carryin8 value or their purch3se v31ue 15 acquired subsequent to the first day of the financial year. Unrealised gains and105ses are cèlculated as the difference between the fair value tt the year end and their c£rryin8 value at that date. Realised and unrealised gains lor lossesl are combined in the Staternent of Financial Activities in the year in which they occur. Aicurnulated fund5 Restricted funds are subject to specific conditiens by donors as tc how they may be used. The purpose5 and uses of the restricted funds are set aut in rhe notesto rhe acceunts. General funds are unrestricted funds avèilable for use at the discretion of the trustees in furtherance of the genera objective5 of the charity and which have not been designated for other purposes. Designared funds comprise unrestricted funds that have been set aside bythe trustee5 for particular purpgses. The aim and Use of each designated fund is set out In Ihe notes 10 the linèntial statements. Investment intome and gains arè allocated to the appropriate fund. Basis of fixed asset valuatton Prior to l April 1996 all capital expenditure was written off as incurred. As at thai date the trustees estimated the current alue of fiked asseis required 10 be shown in the balance sheet. Financial Instruments The charity has chosen to adopt the Section5 11 and 12 of the FRS 102 in respect of finèncial In5trument5. Basic financial assets, Including cash and bank balances are initially recogni5ed at trans3Ction price, unless the arrangement consritutes a financing transaction, where the transaction is Ynea5ured at the present value of the future eipts discounted at a tnarket rate of interest. At the end of e3ch reporting period financial assets measured at èrnortised c05t arE a55e55ed for objeitive evidefice of impairmeni. If an assei is impaired the impairment loss is the diffèrenie between the carrying amount and ihe present value of the Estimated cash flov45 discounted at the asset's original effective interest rate. The Impairment loss Is recognised In the income statÈmÈnt. arrangement coostltuies a financing transaction, where the debt instrurnent 15 measured at ihe present value of the future receipt5 disiounted at a rnarket rate of interest. Debt iThstrurnent5 are subsequently carried at amoriised cost, usin8 the eflettive Interest rate method. Trade creditors are obligaiioTr$ 10 ply for goods or 5ervice5 that have been 3cquired In rhe ordinary ¢ovr5e of business from supplier5. Account5 payable are classified as current liabilities if paymeni is due within one year or less. If noi, they are presented as non-currenl liabilities Trade creditors are recognised Initially at transaction price and subsequently measured at amortised cost U51ng the effective Interest method. Page 20 continued...
THE SISTERS OF PROVIDEIICE IR05MINIANI NOTESTO THE FIIIANCIAL STATEMENTS. rontinued FOR THE YEAR ENOED 31 D£CEM8ER2014 DONAflONSAND LEGACIES 2024 Z023 s restated Donations 1,330 430 OTHER TIIADING AcrivmES 2024 2023 a5festated Rentsl Income 96,276 92,524 INVESTM£NTINCOME 2024 2023 as restated Income from 4r¢umylated dividends and Interest Income from listed investment Interest receivable 393,316 11,680 45,112 226,462 23,061 47,581 450.108 297,104 INCOME FROM CHARITAB AcllviTIE5 2024 2023 as restated Attlty Support of members of the ¥eli8ious order Supportof members of the reliEiOU5 order Salary and penslon income Exchange rate1105sllgJin 346,015 19,9351 363.426 14.4801 336,080 358.946 RAISING FUPIDS Investment maDa8mnt etssts 2024 2023 as restated Investment management costs lo1,3 113,932 CHARrrABLE AcrNmÉs COSTS Dirett Costs lsee note 91 Support of members of the religious order Grants and donations pald 520,794 286.152 8(,946 P3ge 21 tontinued...
THE SISTERS OF PROVIDENCE IROSMINIANI NOTESTO THE FINANCIAL STATEM£NTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIVITIES COSTS. continued TheBr4nt5 and donat10Th5 payabledurin8 the year werè ès lolltsws.. 2024 2023 Bursar5 paid lo Lovghborough Arnherst School Don3tion5 le55 than £J.OQD each Donhted Amhersi Reni31 c051 Donatjons loi funeral expenses 12S.000 7,083 58.994 15.768 125,WO 9,713 55.670 5,723 Mew LifE Food Bank 1,220 eduiauon andiraining In Tanzania Donaiion to Superior Generals Fund to ctsntribvteto convent building in Tanzania Oonation to Sthool 8uiklingwork inTanzania 57.577 113.755 15,( 20,510 286.152 326.951 DIREC[ COSTS OF CHARITABLE ACTIVITIES 2024 2023 a5 restated SlafF costs Auditors, remuneration Auditors remuneration- Non audit Rates and water Insurance Light and heat Telephone Postage and stati)nery Legal and professioDal lees 5undries DonÈtion5 197,279 30,823 1,883 9,689 21,672 25,203 4,320 2.S06 26.138 7,608 161,152 125,0(M) 73,341 26,225 2.746 2,692 40,627 2,490 45,332 220 176.237 29.482 1,618 7,948 20,233 31.153 4.014 2,312 8,189 20,972 201,951 125.000 64,9l5 22,401 4,275 4,797 13.417 188 46.356 234 Household expenses Personal needs rvlotor expenses Repairs and rnaintenance Training and Development Oepreciaiion Intefesr payable and similar charges 806,946 78S,692 io. TRUSTEES, REMUNERATION AND 8ENEFITS There were no tru5tees' rernunerarion or other benefit5 for the ye3r ended 31 December 2024 nor for the year ended 31 December 2023. Page 22 continued...
THE SISTERS OF PROVIDENCE IROSMINIANI 140TES TO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ENDÈD 31 OECEMBER 2024 io. TRUSTEES, REMUNEIiATION AND BENEFITS- contlnued TrLK%te•s' experses As with other members of the religiou5 order payments were made to the trustees In the brm of travel ènd 5ubsi5terKe expenses incurred as part of their charitabk work. Ai59, they are maintalned by the chaflty. havlng given )11 personal P055esslons and Income to the order. As members of the institute, none of the trustees have resourtes of their own as all earnings. pensions and other income have been rÈnounced. Durin8 the year. the total amount relinquished by the trustees to the cfvarity was £111.66512023 £121,268). ii. STAFF COSTS 2024 2023 as restated WJge5 and salarles Social securlty costs other pemsitsn costs 186,589 8,020 2,670 167,072 6,565 2,600 197,Z79 176,237 The average monthly number of employees during theyearwas t5 folbw5'. 2024 2023 as restated 12 Convent support staff li No employee$ received emolumènt$ in excessof É60.COO. The total paid to key management personnd in the period wa5 £Nil12023- £NIII. 12. COMPAKATIVES FOR niE STATEMENTOF FINAIKIAIACTIVITIE5 Unrestrltted Desi8nated Unrestricted General Total fun(Is ès restèted INCOME AND ENDOWMENTS FROM Donations ènd legacies 430 430 Char41bl¢ actlvltles 5upptrrt of members of the reli8iou50rder 18,448 340.498 358,946 Other tradSng attiYitie5 Investment income 92,524 4,541 92.524 297,104 292,563 Totsl 311.011 437,993 749,004 ÈXPENOITUAE ON Rai51n8 fund5 113,932 113,932 Charftsble attivities Support of Members of the reli8K)u5 order Grants and donations pald 42,525 253,755 416,216 73.196 458,741 326,951 Total 410.212 489,412 899,624 Net gains on investments 89.329 89,329 Pa8e 23 contlnued...
THE SISTER5 OF PROVIDENCE IROSMINIANI NOTE5TO THE FINANCIAL STATEMENTS- tontinL¢ed FOR THE YEAR ENDED 31 DECEMBER 1024 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAI ACTIVITIES- continued Unresrricted Designated Unrestricted GÈner31 Total fund5 Ès restated NET INCOMEIIEXPENOITUREI Transfers between funds 19,8721 125,0 151,4191 1125,0001 161,2911 Net movernent in funds 115,128 1176.4191 RECONCILIATION OF FUNDS Tot31 fund5 broughr forward 19,635,527 381,440 20.016,967 TOTAL FUNDS CARRIED FORWARD 19,750.655 205,021 19,955.676 13. PRIOR YEAR ADJUSTMENT A prior year adjustTnent has been made in respeci of the recognition of accumu13ted dividends and interest recieved within the tharity's investrnent portfolio. The adju5tmenr is purely presentational to show accumulèted dividends and interest recieved as investment inioffie rather than a5 unreèlised gains/1055es 8nd has had no overall Impact on the charity's net 14. TANGIBLE FIXED ASSETS Firtures and Land ènd bu11din85 Mot)r vehitleg Totals COST At l January 2024 and 31 December 2024 7,916,298 470,681 38.442 8,425,421 DEPRECIATION At l January 2024 Ch¥rge for year 462,495 39,531 432,006 5,801 38,442 932,943 45,332 At 31 Oecember 2024 502,026 437.807 38.442 978,275 NET BOOK VALUE At 31 Dectmber 2024 7,414,272 32,874 7,447,146 At 31 Decernber 2023 7,453,803 38,675 7,492,478 Net book value at 31 December 2024 represents fixed assets used for direct charitable purposes.. Land and Fixtures and Motor vehicles Teaching Advancement of the faith and support Df members 3,243,939 3.243.939 4,170,332 32.874 4,203,206 7,414.271 32,874 7,447.145 A5 permitted under Financial Reporring St3ndard 102 the charity hès continued to adopt a policy of not revaluing its raThgible fixed assets The book value of freehDld 13nd and buildings is based on 8 1996 walvation net of depreciation, where ppropriale with additions since that dète at cost and aftÈr adjusiing for ally itnpÈim)ent 1055es. uthder the transitional provisions of FRS102, the 1996 waluation5 are now regarded as deemed cost Other tangible fixed a55ets are stated ar c05t. Although there may be a considerable difference between the c3rryin8 value and market value of the land and buildings the trustees do net consider it to be a practicablp exercise to have all the prtrperties revalued. Page 24 continuèd...
TME 51STERSOF PROVIDENce11105MINIANI NOTES TO T14t FINA14CIAL STATEMENTS. continued FOR THEYEAR ENDED 31 DECEMtsEfl 2024 Is. FIXED ASSET INVESTMENTS Cash and settlements pendin8 Sted investments Tota15 MARKETVALUE At l January 2024 Addkions Disposa15 Revaluatlon5 9,922,986 10,580,966 19,551.2421 1267,8151 1,166.491 11.(9,477 10,580,966 I10,f,1O5l 1267,8151 11,048,863) At 31 December 2024 10.684,895 117,628 10,802,523 NET BOOK VALUE At 31 Oecember 2024 10.684.895 117.628 10,B02,523 At 31 DetembEr 2023 9,922.986 1,166,491 11,089,477 Cèsh and settlements pendSng listed investments Totals The investrnent assets are held-. In the UK Outsidethe UK 6.606,371 4.078,713 117.629 6,724,WO 4,078.713 10,685,084 117,629 10.802.713 Af 31 December 2024 11,Wl.152 117.629 11,118,781 At 31 Oecernber 2023 9,952,746 1,166,491 11,119.237 C05t orvaluation at 31 December 2024 is represented by.. Cash and Settlements pendtn& Listed investrnents Totals Valuation in 2024 10.684,895 117.628 10,802,523 P&8e 25 contlnuerl...
THE SISTERS OF PROVIDENCE IROSMINIANI NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 310ECEMBER 2024 16. IMVESTMENT PROPERTY FAIR VALUE At I18nuary 2024 and 31 December 2024 910.000 NET BOOK VALUE Af 31 Decembpr 2024 910,(0 At 31 Dècember 2023 910,WO I Investment properties are held in the UK. H15turital cost at 31 Decefflber 2024 £274,28912023- £274,289). The valuation of the investment propertie5 Wa5 carried out by Freckelton5 Ltd an IndÈpendeDt qualified firrn on an open market basis at 30 June 2023. The methods and a55umptions used to 3scert31Tr the fair valup ère in accordance with RICS standards. and the valuation was prepared havin8 regard to the marker based evidence for SIrnlar properties sold in the There arè two investment propertiÈs for which an element of cost rewaiDs within land and building5 The land and buildings are included in the financial statement5 Èt 3 1996 valuation at which time the two properties in question were not of an investfflent naturo and It is not practical lo ascertain the element of the 1996 valuation comprised by these properties. No depreciation is provided In respect of these properties. Fairvalue at 310ecember 2024 is represented by. Valuation in 2024 910,000 The Trustees have reviewed investment property values as at 31 December 2024 and 3re satisfied that they have not matÈrlally chan8ed. 17. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 as restated Prepayments and accrued income 17.316 19,619 18. CREDITORS: AMOUNTS FALLING DUE WITItIN ONE YEAR 2024 2023 as restated Trade creditors Social securiiy and other taxes Other creditors Accrued expenses 682 3,030 972 29,000 1,835 958 33.399 36,240 33,684 Page 26 ontinued...
THE SISTERSOF PROVIDENCE IROSMINIAPII NOTESTO THE FINANOAL STATEMENTS- rontlnued FORTHE YEAR ENDED 31 DECEM8ER 2024 MOVEMENf IN FUNDS et movement Sn funds At 31.12.24 At 1.1.24 Unrestrkled funds General Fund Fixed Asset Fund Scholarshlp Fund Retlremènt Furid 205,021 8.363,804 Z,556,001 8,830,850 1138,0681 139,5311 IIZ5,0001 123,4181 66,953 ,324,273 2,431,001 8.807,432 19.955,676 1326,0171 19,629,659 TOTAL FUND5 19,955,676 1326,0171 19,629,659 et movement In funds, included in the above are as foll¢)ws'. Incomin8 resources Resource5 expended Gains and losses Movement in funds Untestrk¢ed fvnds General Fund Fixed Asset Fund Scholarship Fund Retirement Fund 426.209 1564,2771 139,5311 112S,(MJOI I0,041) 1138,0681 139.5311 1125,CNJOI 123,4181 457,585 1300,9621 883,794 1908.8491 1300,9621 1326,017) TOTAL FUNDS 883,794 1908,8491 1300.9621 1326,0171 Comparatfve51or mo¥etneAt In fund5 Net movement In ftjnds Transfers between funds At 31.12.23 At 1.1.23 Unrestfkted funds GeneTal Funo Flxed Asset Fund Stholarship Fund Retlrement Fund 381,440 8.403,335 2.556,OLkJ 8,676,192 151.4191 139,5311 1124,9991 154,658 1125,flJOI 205,021 8,363,804 2,556,001 8.830,850 125.0(Kl 20,016,967 161,2911 19,955,676 TOTAL FUNOS 20,016.967 161,2911 19,955,676 Page 27 rontinued...
THE SISTERS OF PROVIDENCE IROSMINIANI NOTESTOTHE FINANCIAL STATEMENTS- tontlnued FOR THe YEAR ENDED 31 DECEMBER ZQ24 19. MOVEMENT IN FU14DS- contihued Comparative net movement In fund5, Included in the above are as follows.. Incoming resources Resources expended Gain5 and losse5 Movernent in ftsnd5 Urtresiri¢ted funds General Fund FIe A55et Fund scholarship Fund Retirement Fund 437,993 1489,4121 139,5311 1124,9991 1245,6821 151,4191 139,5311 1124.9991 154,658 311,011 89,329 749,004 1899,6241 89,329 161,2911 TOTAL FUNDS 749,004 1899,6241 89,329 Fixed Assets Fund In order to ftjlfil Its charitable objective the charity needs a number of prDperties. Although these propertie5 are unrestr1Cted assets they can Dot be reali5ed without undermining the charrty's work. The trustees therefore consider it appropr1aie to reflect the investment In properries by means of designated fund. Retirernent Fund fund ha5 been designated for the purpose of provtding for the charity's commitment ro provide for the rerirement and care In old age and sickne55 of thp Order's members. Scholarship Fund The trustees have made è commitrnent to pay a t0131 of ElIO,0 for bursaries for Loughborough Amherst School. The monies are used at the discretlDn of Loughborough Amherst School for pupils whose families rnay be experiencing speirfic periods of hardship. No pupil recèives a full bursary so parents are expected to contribute as much as they cèn afford at any 8ivèn tlme. 20. RELATED PARTY DISCLOSURES Loughborough Amherst khool (formerly Our Lèdy's Convent School) 15 related to this charity as one trustee is a governor of the school. Rent was gifted to the LoJ8hborou8h Amherst school durinÉ the yearof E58,9941£55.6701. Burs3ries in respect of pupils at Loughborough Amherst School, have been inveiced during the year totalling £125,(0 12023.. É125,WOI. at the year end £NIl12023.. £Nill wès still outstanding. 21. FRC ETHICAL STANDARD- PROVISIONS AVAILABIE FOR SMAiI ENTITIES In comrnon wirh many chèrities ol our 51Le and nature we use our auditors to assist with the preparation of the accounts. they also process our weekly ènd monthly payrolls Z2. UITIMATE CONTROILING PARTY Page 28 continued...
THE 5TER$OF PROVIDENCE IROSMINIANI 140TESTO THE FINANCIAL5TATEMENTS- contlmytd FOR THE YEAR ENDED 310ECEM8ER 2024 23. FINANCIAL INSTRUMEIITS The Carrying amount of the charty's financial instrument5 are 35 follows.. 2024 2023 Financlal assets at f•lr v¥lue thmu8h Inrne and expe#dlture Llsted inve5tmentS 10.684,89S 9,922,986 The Incomes, expenses. net gains and n2t losses attributable to the charlty's flnancl31 Instruments are summarised a5 follows.. 2024 2023 Net gains and losses lincludins changes In falrvaluel FinarKFal assets measured at falrvalue throuEh net income/expendSture 1300,9621 89,329 The tot31 income frorn financial assets that are measured at fair volue through the income statement w35 £450,10812023 £297,104). Page 29