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 act￿lt￿5 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 InT￿n￿nia.. 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 prOV￿e 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 I￿1¥1dva1 ministrtes for as long as posslble. The malThtenance and upkeep of the Rosrnini HGuse buildin8 very costly. Repalrs as a result of str￿tural 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 se￿ICe5 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 li￿ening 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 ex￿nd 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 chIld￿n 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$rnini Children's Centre provide5 a quality educatlon. not lust for these £hlldren, but a150 for children from the outlylng areas who otherwise might not have any access to an education. 4. CaTt tsf members ofthe Conve£at￿ The average age of the members Is 76 so the majorlty of members need additionèl support. Four members of the Con8re8atilln received special care in the Rosmini House Care u￿￿t during the year 2024. The sisters in the Care Unit are supported on a twenty four hour basls by a team of five profe55ional CarÈrs and a nurse. The care ￿ of 3 high stond3rd. It is importttnt to ensure rhat this standard is mèintained 50 that our 515ter5 can be cared for in the Convent instead of being placed in residentiBI carE elsewhere which would be very costly. The'care element, is a major challenge fatin8 the CongreEation and the trustees for the foreseeèb future. Costs continuÈ tts rlse and the trustees have a duty to ensure that Sufficient funds are avallèble to meet these risin8 tosts. These older and fraglle 515ter5 spent many years mlnisterin8 on behalf of many people 50 they deserve to be treated and cared for with deep respect In their old age. It must be noted that members of the Congregation who are retired from theSr professional work are a150 In￿1ved In the 'tère element, within the Con8regatlon,' one sister works as a Carer on a part time basls and some slsters undert•ke to drive and accompany the more fr4gile sisters for medical appolntments to the hospita15 and clinic5. Thi5 year once a8aSn. saw members being called upot) on a number of occasions to assist in the Care Unit because of staff shortage5 due to illness. This meant that member5 of the tommunity were faced with additK)nal re5ponsibll*ie$ 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 ¥ar￿uS 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￿ Ftsundat￿n 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 VIr￿uS 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 ded￿atIon 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 E￿lISh 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 neeL*s 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 fje￿r￿l 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 artM￿e$. poor rnaintenance ordlfficultSes with staff, for example. Fifiancial Tisk$ 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 a￿eSsed 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 oPerat￿nI1 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 responsibilit*s. 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$at*ons orconsultsntswere ijsed for raising fund5 forThe Sisters of Providence If¢osminianl. Vol￿ntee¥S The charlty does not reqtslre the use of voluftteer$. 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. STATEmEF￿0F 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 e￿dence we have obta5ned 15 sufficlent and approprfate to provide a basis for oplnion. conc￿510￿S 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 s￿h material inconsistencie5 or appa￿nt 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(. ReSpOr￿bIlItIeS 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 Mater￿al 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 like￿V 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 aCtI￿ri￿, 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