FRANCISCAN siYfERS OF MILL HtLL
(Chsrity R¢gistr¥tion NumbeT: 232494)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Haysmadtttyre LLP
Cknrt¢T¢d Ar￿u￿tants
Re8is¢ered Auditors
London

FRANCISCAN SISTER5 OF I￿￿LL HtLL
Registered Charity 232494
Referetste and Administrative Details
PRINCIPAL OFFICE
The Generalaie
118 Chalei Esta
Hammers Lane
London NW7 4DN
TRUSTELS
Catherinc McGovcrn OSF
Joan Edna Rowland5 OSF
Eilcen Plunkett OSF
MargaTC( AIKce McElroy OSF
CONGREGA TIONAL LEADERSHIP TEAM
Simer Ma¥garL"i Alice McElroy OSF
Sisier Eileen Plunkeii OSF
SiMer Caihcrine McGovern OSF
TEAM LEADER
Sist¢r marga￿Tri Alice M¢Elroy OSF
ASSISTANT TEAM LEADER
Sister EilLLn Plunkett OSF
BURSAR
Simer CaihLrinc McGovern OSF
ASSISTAIYT BURSAR
Veronica Lumb
SOLICITORS
Messrs ToLcrs
Broadwalk Hou5L'
Souiheinhay Wesi
Exeter EXI IUA
PRINCIPAL BANKERS
The Royal Bank olscoiland Pl
24 Grosvenoi Place
London SWIX 7HP
INDEPENDENT EXAMINER
Adam Halsey FCA
Haysmaciniyre LLP
10 Queen Street Place
London
EC4R IAG
INSURANCE BROKERS
Marsh Commercial
14 Fiwr. Gail House
5 Lower Sione Streei
maid￿One. ME15 6NB
INVESTMENT ADVtSOlLS
Barclays Wealth Management Limited
I Churchill Pl¥¢
don
5HP
El
SURVEYORS
Sianley Hicks
52 Bow Lane
London
EC4M 9

FRANCISCAN SISTERS OF MILL HILL
TRUSTEKS. ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2023
Th¢ Trust¢¢s present their report and Accounts for the year ended 31 March 2023.
INTRODUCTION AND HISTORY OF THE CHARrrY (CONGREGATION)
The Congregation of ihe Franciscan Sisters of Mill Hill is an Instituie of aposiolic women within the
Roman Catholic Church, founded in 1868.
The story of the Congregation began 150 years ago in Hackney. London. The five pioneering
women. under the leadership of Mary Basil who founded the Congregation. were honed by their
previoLlS experiences (as Anglican Sisters) among the destitute people of Soho and Hackney where
cholera, small pox. and appalling living condltions were rife. Received into the Rornan Caiholic
Church in 1868, they continued and dev¢loped their work among the Poorest in society through
various forn]s of social work. health care, skills training and educalion. Attracted by their love. joyful
service of ihe poor and Franciscan way of life. other women soon joined thern and their numbers
sieadily grew.
M()THER MARY FRANCI% BASIL I18.1.1-1886)
GR()up aF EARLY SI.8TERS IcirLa 1874)
FOUNDRESS
Over the next one hundred years. the Sisters res￿nded to calls for help within the UK and Ireland. and
further afield:
1882
USA
1902
UGANDA
KENYA
1960
SOUTH
AFRICA
Baltimore

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES. ANNUAL REPORT Iconlithued)
FOR THE YEAR ENDED 31 MARCH 2023
Across Ihree Continents Sisters engaged in a variety of Challenging mini5trie5, pioneering many
projects and maintaining oihers. the emphasis on helplng and empowering the poorest and voiceless
in s(Kiely. Some of these areas included:
.i)i.(..I I i()
N Ii_i":%LlI-y t()
[JIi jiiL'I".%ity,
Si)L'Ci'II IiL'L:(Is'
1.1 r
Niii"ses.
Doctoi"s
Midwives
Clij,11 ics
Hoiiie Heciltli
Hosi)it<ils
Mobile Cliiiic.s
HIV/AIt)s
He'iltli Vis,ito,i-s,
C.o,1111111111 i ty bcl_sed pi-ojects foi- tlie clecl t .1 lid Visllcil ly
iIIIPc1il-ed.
A(Ided to tliese Iiiiiiisti-ies cll"e Iiitllly
111...l%> ill".%( )('[..11. I) IIIIKilli 41U(I J).KS1 ()11..K i. Ni ( )11.1

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES, ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2023
From that one small group of five pioneering women in England in 1868, there have
sprung four independent Congregations of Religious Sisters in USA, East Africa,
Ireland and UK.
Representatives of the four Congregations:
Franciscan Sisters of Mill Hill
Franciscan Sisters of Baltimore (now Milwaukee)
Franciscan Missionaries for Africa
Little Sisters of St Francis (East Africa)
From the 1970's onwards a sea change occurred in active religious orders.. most
Congregations in Europe and USA saw a marked decrease in the number of women
joining. (The opposite has occurred in Africa!)
With no new applicants and an ageing membership, we welcome new challenges to
the way we live our Fr
nciscan calling. Our desire to be a meaningful
resence among
the commu
ities in which we live and serve is as strong as
ver.

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES, ANNUAL REPORT (Contin¥ed)
FOR THE YEAR ENDED 31 MARCH 2023
The CongrLgation is an Insriiltie ol Poniifi¢al siaius, wilh a Superior Geneial (now referred io as 'Team Leader,) who has
overall iespon5ibilily lor the governance of the Congregalion and 15 ass151ed in this by Ih¢ General council (now relerred
to as 'Congicgaiional L&id¢rship Tearn'l which broadly mirrors lh¥ Trus(ee tKKJy. The Congiegaiional Leadership Team
15 w¢ouniablc io ihe GLneral Chapter which is hcld every 4 yLars and is ihe Supreme Le8151aiive Auihoriiy in ihe
ngregalion.
OBJEcfivES AND ACTIVITIES
ThL Fra￿1$¢1)￿ Si.sicrs of Mill Hill are a group of women whose main aim is still to fulfil the chari5rn of iheir Foundr¢ss.
MoihLr Mary Francis Basil.. 'To meet the needs of thc world of her day..
WL LiTrniinually assess Ihe needs of our world iixlay and evaluaie how bem we can addre55 thefft with our diminishing
numix'rs of Sisier%.
Public benefRt
ThL Tru.Sl¥¢s it) ihis report describL how Iho* aciivities undenak¢n by ihL' rhanly further iis chariiable purposes for ihe
public ￿nL1]I. The Trusiees confirni ihal IhLy cornply wilh the duly in Kliiiin 17 111 Ihe Charities Act 2011 io hav¢ due
rLgard io IhL public bencfii gui(l<incL I.%%ULd hy the Charity Comniis%iDn. In particular ihey havc considered its
4upplemenwry public guidance on IhL thlvanccmLnL of religion for th¢ publiL trL'nLfii.
ACTIVITIES OF THE CHARrrY
Th¥ JcLLVllie5 of Ihe Chariiy have ch(IngLM] ov¢r time. just &8 s￿le1a] needs havi ¢hat)oed: our numbcrs havc decreased
lind niembers are ageing. Whai has now emerg¢d. is a variety of P&sioral nLxxls opponunilies Ihat all of us are
engaging with. a¢¢ording io healih and Irainin
Visiiing the elderly in Si. Vin¢¢ni's Nursing Home. W￿re our Sislcrs firs1 wcni for ¢are in (kiober 2W7 and
within the wider community.
Parish ￿￿rn work io enable parishioners atwj people in the pariicipaie in community aclivitL¢S.
One Sister on H()spicc Pa5Loral Care Team on a voluntary b&%is.
Where possible. all are enoatsed in-. Visiling of the hou5eboundllonelyhern)inally ill and offering pastordl
assisianee where we can.
Two SL51ers are cThgaged in 'Accompantment': Spiritual Direcfion. Reirea151PsychoiherapylSupervision,
In our Franciscan spirii, we Offer.￿rt DiTh H05p&tsliiy" w all creeds and races.
We Support the disadvantaged ￿￿lette$ by:
Coniribuiion 10 Artlcraft Days
Neiworking with Cal(Ml. Missio, Trai(Icr4fi and Age Concern. Jusiicen*a¢¢ Groups
Working with NCSC- safeguarding wiihin the Catholic Church of En8landlWale5
WorkiTh8 Wlth CARITAS - building a new Luliut¥ uf resp)nsibiliiy
Our Constitv¢ions remittd ￿$.
'The mission is possible a( all titnLs. in health and in sickrK&s, in joy and in sorrow. in youth and in advancing years and
in old age, in success and in failurL. ITh f¥i. in every circumsiance of alye and healih w¢ can proclaim ihai Dur life is
founded on Jesus Chil51 and expeLI lo find fuifilmeni in Him., {Consiiiuisons. ch.5 para. 47).

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES, ANNUAL REPORT {Cotttinued)
FOR THE YEAR ENDED 31 MARCH 2023
INVESTMENT POWER
The Trusiee5 May inv¢si in any rnanner in which ihe l&w allows misi ￿oneY to be invested. or as direcTed by dortors of any
donYLted trust tunds. so the Trusitt Act 21KM) applies.
INVESTMENT POLICY
The Trusiees have appointed Barclays Wealth Invesiment Managemeni Limiied 10 manage ihe portfolio subjeci io a
edium degree olrisk. The Tnjstees intend ihai Ihe real value olihe assets be mainiained and enhanced over the long term
invesiment in a portfolio of equiiies, fixed siocks and cash. The Trusiees have insiructrd Barclays Weal¢h io adopi an
eihical ￿lleY and use their besi endeavour$ 10 avoid invesimeni in companies ihai are predomina*ly involved in aciiviiies
COlllTary lo the eihos of the Charily. including gambling. tobacco or armamenis.
Between l April 2022 utltil 31 March 21r23. the capiial value of the invesimeni portfolio decreased by £1 17,935 after
adjusiin8 for new tnoney and disposals. Durirhg the period, Ihe investmenl Portfolio prtyjuced a reium of 3.65% which
was higher than the composiie benchmark reiurn of 2.78* over the same PEn(yJ.

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES. ANNUAL REPORT {eontinved)
FOR THE YEAR ENDED 31 MARCH 2023
THE pREsE￿r TRUSTEES
Sister Edna R¢wAond5
ter Catherlne McGoJem
Sister Moryaret McElroy
Slster Eileen Plunkett

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES, ANNUAL REPORT {coDtinued)
FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
The Sla￿ment of Financial ActLViILes shows nel movement in funds (increase) after inve5tmeTht1055e5, of £290.678 (2022=
£214,440). In¢ome decreased 10 £142.855 from £380,019 in 2022. Expenditure in the year amounted to £295,598, doivn
from £104,947 in 2022. Invesimenis decreased in value dLtriThg the year (before addilions and disposals). The Congregaiion
coniinues io review ils finances and needs in order io maich future income wilh expendiiure. Investments will assisi in
reiiremeni provision for those no longer engaged in pasloral or oiher salaried work or who have lefi the Congregation but
require coniinuing suppon according to ihe Congregation's obligations and resources. No commitTnent5 or guarantees hav¢
been given in Ihis or any oihcr T¢s￿Cl. bui th¢ Congregation is committed to 5UPPOrting its members who have sp¢nl most
of Iheir working lives in ihe furtherance of ils aims eirher volunthrily or by covenanling ¢arned income trom outside
employmeni.
Reseryes policy
The commiimeni io provide for care of Ihe mem￿r5 of ihe Congre.
aiion in 5i¢kne5s and old age has profound implications
for the finances of Ihe Chariiy. Members of Ihe Cot)L7reoaiion have all iaken a vow of poveny which means Ihat all righ15
io assets and income have been given up, in favour of Ihe Chariiy. Where member5 eam a salary. siipend or pension ihi5
is paid into the charitable trust under a deed of covenant. In mosi cases member5 have devoied the whole of iheir workino
liwes 10 the Congregation and are dependeni upon li for all iheir remporal needs. Al(hough memixrs invariably coniinue
to perform chariiable work long past nornial reiiremeni if ihey are healihy enough 10 do 50, Ihe work is ofien nim
remunerative and ihe Conoretsaiion musi provide for Iheir upkeep and in some cases nursing care.
The Designaied
Regerves of (he chariiy siand ai a liiile under£3.5m wilh £1.4m designaied in respeci of ihe chariiy'5 properly asseis, which
kre iequiied foi ils onc•oino work. In addiiion £2.25m desionaied io a Reiiremeni Fund. This represenis asseis held for Ihe
PUTposes of providing Iono ierni suppori for memtr*TS. An appraisal of Ihis fund 15 considered annually. Ai preseni fhe
atnouni held is ihouoh( (o be adequaie. bu( (he chariiy's silu￿10￿ could change in fuiure year& wilh addiiional sums possibly
being required to provide fully lor the chan"iy's commiimeni. If &ldi(iona] funds aJe requires. Ihe chariiy could poieniially
d5SP05e of its (reehold pl01￿y.
Ai th¢ end of the year to 11 March 2027 ihe undesienaied reserves of Ihe chariiy were £9￿.158. This represenis jusi over
2 years of ex￿ndI1Ure, which is considered 10 be adequaie. li is the in￿ni10n of the Trustees io maIn￿1n ihe reserve ai
beiween three and six monihs. ex￿1￿11[Ure.
Risk review
Th¢ Trusiees have assessed ihe major risks 10 whKch ihe CTharily is exposed. in pariicular those related io ihe operaiions
and finances of the Tiusi. and are satisfled that systems are in place io miiiga* our exposure io Ihe major risks. However,
they have concluded that the gieatesl iisk 10 ihc Chatiiy currently is the lack of novices or p)Slulanis under Iiaining lor the
religious life and the c0Th5eqUttLi fall in Ihc number of Si51ets able either to catry oul the Charily's pasioial work or io
provide nursing or oiher care for (hose Sislers who havc retired. Concerns were also rdised aboui Ihe ifflpact of the Charities
Act 2006 and the requiremeni for religious and oiher chaiilie5 to Show public Ixneflt from thcir aclLvilie5. But the
Temaining Sisters. Ihough now fewer in number. can easily show that they do brirh8 lan8Lble benefit to the local cotnmunily.
As with all organisalions serving sn the communily. Ihe Trusiees recognise ihe need for prO￿¢110n and safety of all ihose
the Charity serves. We do have our own Safeguarding Policy for childtenlvulnerable adults. Where it applies Sisiers,
employees and volunteers have had a
learance with POVA and DBS.
SUMMARY
The Congregation continues to review its spending plans and and makes every effort io manage its existing assets as
efficienily as possible in order lo generate the incorne nece55ary to achieve the Charity's aLf115, including provision for
Sisiers in rciiremenl. The Tnjsiecs are satisfied that the overall financial position is sound but are eonseious thai their
resources are limiied in the face of fulure needs.

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES, ANNUAL REPORT {eontinued)
FOR THE YEAR ENDED 31 MARCH 2023
PLANS FOR FUTURE PERIODS
The TruM¢¢s agTe¢ Ihai alihough we are smaller in numlxr, wc ar¢ yill able 10 fulfil ihe netyjs ot ihe Chariiy.
OBJEcfivES for ihe l()rihcoming year..
To continue lo carc foi our elderly Sislcrs
To continue lo provKIL ihe individual ministrie5 5upponed by ihe CongTegaiion and LrtdDrsed by the Tr￿5¢¢¢5.
To coniinue Ihe simpler form of admini5liatioTh of our Chariiy which began OTh Isi April 2011.
To coniinue Ihe ¢onv¢rsa¢ion wilh our solicilot5 and financial advisors regarding Ihe fuiure of our Charity.
To Lunlinue 10 giv¥ ai leasi Irk ol Ihe income lo cxlended chariiable purp95es.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The CibngregatlDll'5 hLadquariLr% JrL b&l￿d dl Ihe Generala￿. in 118 Ch¢ilLi E51alc. Mill Hill, London. Trre. Ihe Bursar
admittisi¢is certain lund5 on IL"hall' IhL Congregaiion as d whulL. undLF ihc direclion of rhe Tcaffl Leader advis¢d by Ihe
CongrL¥oaiional LeadcTship TL&'llll. EaLh yLJr, Ihe Bursar subtllils lil Ih¥ni a fi?rmal accouni of hcr adminiSlTaiion of ihose
tunds in DccordanLL wilh Ihe C()n¥iL¥ali(Jn s Rule and Consiiiuiions. Th¥, Ci?ngr¢galional Lcade15htp T¢am. el¢cl¢d every
4 years by ihe mLinbLts (?[ IhL Ci?llgrTL¥Jlion. rnee15 regularly io ￿vIlL. IhL Team Le￿ILr on mallefs concerning ihe
Congregation and loriiial dL￿1￿10￿_￿ iil'liLltng lis charilable acliviliLS arL IdkLn ai regular mL*'iings of Ihe TTU51ets, several
of whom serve on Ihe CorbgrcgJtir>nal lL￿dL￿shIp Team. In a(klilion lo IhL GL'nLral adminisiraiion. Ihe Congr¢gaiion'5 work
is cartied ihrough Si. Mary's Ci)nvLni. 118 Chalei Fsiaie. Mill Hill. which conlinues 10 minisier io Ihe Parish and
communily
roups wiihin (hc arLa as WLII as various groups in ihe widLf Lommunily. Thc Congregaiion also supporis
Sisters in varioys minisiiies in E&5( Kilhridc (Scoiland): and WidnL's (Cheshire)- Mona8han {Ireland).
LEGAL STATUS
The Franciscan Sisters of Mill Hill is an unincorporaied charilahle ass[￿laI10Tr gov¢rned by Trnsi Deed dated 8 March
2012. Thi5 Trus1 Dced. replacing ihe 19(4) "Campbell" Dced. was adop(ed followin¥ IhL dissoluiion ol ¢he former No.1
Tnjst la Settlernent made in 1949 and oovernit)g Ihe prowties ihen ownLd hy the Congregaiionl The Team Leader has
sionificant powers in reg￿d administraiion of Ihc TTUSI and approval of the Trustees. aciions. However. these powers are
only exeicisable in accordance with the Congregaiion's Rules and Consiitulions (which still refer to a 'Superior General.
and a 'GeTreral Council.)
APPOINTMENT OF TRUSTERS
The Team Leader ha5 lh¢ power of ap￿IntMen( of the new Trnsiees of the Chariiy arxl is ex-officio a Tnjsiee. Given the
nature of ihe Congregaiion. Trus￿¢$ are noi required from outside ils members and no p)li¢y ha5 been ￿lOpied in thai
regard. No specific trainin8 ha% ￿en given ￿ the Tru$Lees bui ihey are saiisfied ihey have sufficicnt ￿CesS to PTofessional
and praciical advice 10 understand th¢ r¢sponsibiliiies a5 Chariiy Tn￿[ees.

FRANCISCAN SISTERS OF MILL HILL
TRUSTEES, ANNUAL REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2023
STA TEMENT OF TRUSTEES. RKSPONSIBILrriKs
Th¢ Trusi¢es are responsible for preparing the annual report and th¢ fsnan¢iai statements in accoTdan¢e with applicable law
and United Kingdom Generally Aecepied Accounting Praeiiee.
The law applicable 10 charities in England and Wales requires the tn15tees to prepare fLnaThcial 5taternents for ¢￿h financial
year which give a Irue and lair view of the siaie of affairs ol the ChariLy atml of ihe in¢oming r¢SOUTce5 and applicaiion of
resources of the ChaTily for that rkri(Ml. In preparing these financial 5tatem¢nts. Lh¢ ffiJ5Tees are Tequired w..
select suitable accountin8 w)licies and ihen apply them consisient]y-
observe the methods and principles in the Chariiies SORP:
make judgetnenis and esiimaies thai are Te&sonable aThd ptudenl..
state whether ihe applicable aecouniing siandards have been followed. subject io aThy JnaieriJ] depaTiUTe5
di5cl0sed and explained in the financial siaiernents-
piepaie the fjnancial staiemenis on the going concern basis unless it is inappropriate to preslhme that ih¢
charity will coniinue in business.
The Irustees are responsible for keeping prO￿r accourtting records ih* dI￿195e wilh rea50nabl¢ awurxy at any lim¢ the
financial position tsf the Clwity and enable them LO ensure thai Ihe flnancial siat¢tnents c(Trtnply with th¢ Charities Aci
2011. Ihe applicable Chariiy (Accounts and Reports) Regulations arhd ihe provisions of ih¢ iru51 d¢¢d. They are also
iesponsible lor safeguarding ihe asseis of ihe chariiy and hence for iaking re&£onable sieps for the prevention and d¢t¢ciion
of fraud and oiher irregularities.
Approved by the Tiusiees on 15 lanuary 2024 and si81￿d Ls auihotised on theii I￿haIr by=
bLlo ￿1￿),
Sr. Margarei Alice McElroy
Trusiee and Congregaiional Team Leader

INDEPENDENT EXAMINERS, REPORT TO THE TRUSTELS OF
THE FKiNCISCAN StSTERS OF MILL HILL
I retxTrrt to the Trustees on my exarninaiion of accoun￿ of The Franciscan Sisiers of Mill Hill for ihe year eThded 31
March 2021 which are sct out on page5 1 I to 19.
Respeetive responsibilities of tntsttts *nd tX*miDer
The irusiees are responsible for Ihe preparaiion ol Ihe accounts in accordance with the requ1￿Men11 of thc Charities Acl
2011 ("Ihe 2011 Aci"). The Irusiees a￿ Slilisfied Ihai an audit is noi requited for this year under sctiion 144(2} of the
2011 Aci and have chosen insieJJ io hav¢ an independeni exatniNaiion.
l Tepffl in respeci of my examinaiion of ihe Tn￿1,5 accounis as Larried oui under seciion 145 of Ihe 2011 Acl. In carTying
Oui tny ¢xafflinaiion I hav¢ followed the requirements of ihe applicable Direciions given by the Chariiy Commission
undLr section 14515llbl of th¢ 2011 A¢1.
Independent examiner's statem¢n¢
I havL Loinpleied my examiThaihon. I coThfJmi ihal n(I mallLt5 have come to my aitcntion giving me cause to believe ihai in
any Inalerial rLSPLCI'.
accouniing rLrord5 were not kepl in rLyKLI i)fil)L' Lhariiy as required by section 110 of the 2011 ACL: or
IhL a¢Lounis do not aCc[￿d with tho* rLLiwd%: i
IhL accounis do not tomply with ihL appliL41hlL fLyUitL'¥llrnis concerning i1￿. lortn and contenl of accounrs sei Qui
in IhL Ch￿117￿￿ {Accounis and RLPi)tl%l RLyiiliilii)n% 21X)8 IAhei than any rL4uirL1￿LTri Ihai ihe accounts give a irue
and fair ¥iLw which is not a maiiLI ciin%i(ILfLYJ Pilrt of an indcpendenl Lxaiiiinali()n.
I have no c(Trnccrns have come acr05S no (MhL'r maiiLrs in connecii(Trn wirh the Lxaminaiiibn which aiieniion should
drJwn in ihis repori in order io enable a pn)rLr undLr4iandinTr of Ihe accounts li) ￿. rC,¢￿h￿I.
m Halsey FCA
Haysmaciniyre LLP
Chartered A¢coun￿¢S
10 QIiLLn Sireei Place
L()ndon
EC4R IAG
Dale:
10

FRANCISCAN SISTERS OF MILL HILL
BALANCE SHEEr
AS AT 31 MARCH 2023
2023
2022
No¢es
Fixed Assets:
Tangible fixed asse
Inve51menis
1,180,570
2,278,916
1.420.207
2,432.982
1,659,466
1,859.245
Current Assets
Debiors
Cash ai bank and in hand
7.578
682,895
5,160
777,588
690,471
782,748
Creditors: Amounis falling due
wiihin one year
(11.818)
115,1941
Net Current Assets
676,655
767.554
Net Assets
£4,316,121
£4,626.799
Funds
General
9CK).158
970,563
DeSigna￿d
Reiiremeni Fund
- Propelly Fund
2.250.(KI)
1,185,963
2,250.(X)o
1,406.2.76
1,435,961
1.656.2.76
£4.316,121
£4,626,799
The financial siaiements were approved a￿1 auih(Ki5ed f(Y issue by ihe Board of the Trus*es on and were signed below
on its behalf by..
Sr. Margar¢i Alice McElroy
Tru5¢ee and Congregational LeadeT
Date.. 15 lanuary 2024

FRANCISCAN SISTERS OF MILL HILL
STATEMENf OF FINANCIAL ACTIVITIES
FOR THE YEAR TO 31 MARCH 2023
Designated Funds
General Rdirement Property
Fund
Fund
Fund
21123
Total
2022
Total
Notes
Income from:
Doiiaiioiis aiid le8ocies.'
Donaiion5. gifis and legacies
Sisier4' salaries and ￿nSiOnS
1.085
74,152
61.277
1,085
74.152
01.277
1.720
141.153
57.966
142
176,616
2,422
Otliei.
SalL of fixed Assets
JRS furlough gran(S
1.998
Total income
142.855
142,855
-180,019
Expenditure on:
Raising funds
Invesitneni management C05l
16.27?
16.27?
17.461
Charitable activities
Si51¢TS' main￿nanCe and weir￿e
196,457
45.(￿
279,.325
287,486
Total expendiiure
212.730
45.(A)2
-17.266
295.598
Net Inc•mellexpenditure) aDd Det
nwvemeThts
fund5 bdore
{1055e5llgain5 on investments
(69.875)
{45.fI>21
(77.266}
(152.7431
75.072
on investments:
Rcalised
Unrcalised
{64J881
{64.5881
{7.1,3471
11,974
127,194
Net Movement In Ftsnds
(69.875)
(1835.17}
117.266}
(290,6781
214.440
Transfers beiween funds
183537
1835.37)
Net movemenl
transfers
funds •fter
(69.875)
(220,80.1}
(290.678)
214,440
ReconciliAtion of funds:
Fund balances broughi forward at
l Awil 2022
970.011
2.250.￿X>
1.4(hfj.768
4.626.799
4,412.-759
F￿￿ bal4nc¢s carried forward at
31 March 2023
£9W.156 £2.250.(M)0 £1.185.965
336,121
£4.626,799
All funds in 2022 and 2023 were unrestricted.
12

FRANCISCAN sisfERS OF MILL HILL
NOTKS TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
ACCOUNTING POLICILS
The principal a¢couniing policies adopied, judgements and key sources ofeMim*ioD unc¢T¢aiThiy in the prepararion
of the accounts ar¢ laid Qui ￿lOw.
a) Basis of prep4ration
Th¢ financkal siaLements have been prepared in accordance with the sla￿men1 of R¢cornrn¢nded Practice for
Chw'iiies ISORP 2015) (Second Edition. etfective l January 2019) and the Chariiie5 Aci 2011.
The chariiy meeis Ihe definiiion of a publi¢ ￿nefIt eniiiy under FRS102. Assets aJ)d liabilities are ini(ially
recognised at hi510ri¢al ¢osl or wwJ5¥1ion value unless ￿herwiSe 5th1ed in ihe rel¢vani ￿cOun1]ng policy
noielsl.
bl Critical accounting estimates and areas of judgement
Preparation of (he accounis requires ihe Trustees io make signiflcant judgeTnents and estimates. The item5 in
the accounts where these judgements and eslima￿S have ￿en m*Je include:
estimating the ¢conomi¢ useful life of tangibl¢ fixed awts.
e} As5essmtnt of going tot￿e￿n
The Trusiees have assessed wheiher Ihe use of ihe ooino concern assumpiion is apprOpri￿e in preparing ihese
accounis. The Trusiees have made Ihis assessmeni in res￿ ￿ a ￿ri(Yj of one year Iiom ihe dale of appioval
of (hese accounis.
The Trustees of ihe chariiy have concluded ihai ihere are no ma(erial uncertain(ies relaied io ewenis or
conditions thai may casi significani doubi on ihe abiliiy of ihe chariiy io coniinue as a troing concern. The
Trusiees arc of the opinion ihai ihe chariiy will have sufficieni resources io meci its liabilities as Ihey fall due.
The mosi signilicani areas of judtremeni Ihai affeci iiems in ihe accounis are deiailed above. With regard io
Ihe nexi accountino period. Ihe year ending.31 March 2024. Ihe mosi significani areas Ihai affeci ihe carrying
value of Ihe asseis held by ihe chariiy aTe Ihe level of invesimeni reiurn and Ihe perlorniance of ihe invesimeni
markets (see ihe invesimeni p)licy and ihe risk managemeni secrions of ihe Trusiees. Repon for more
inforniaiionl.
dl Cash Flow Statement
The Trusiees have iaken ￿van￿￿e of ihe provisions of ihe Siaremeni of Recommended Prac(ice for Chariiies
ISORP 2015) for smaller chariiies and have chosen noi 10 prepare a cash flow siaiement.
e) Ineome recognition
Income is recognised when Ihe charity ha5 entitlement to the funds. any performance condiiioThs aiiached io the
item{s) of income have been rnet. it 15 probable the income will be received and Ihe arnouni can b2 rneasured
rcliably.
Si51ers' sal
es and ￿nsionS are received under deeiLs of covenani and are 51a
d inclusive of income lax bui
nei of any deductions f(x sIKial security paymenis and coniributions to occupalional pension 5chernes Éf
relevani.
Legacie5 and donations are recognised when receivable or when the Society becomes Icgally eniiil¢d 10 them.
R¢ceipts of pro￿rtY. invesiments or other gifts in kind are included ai market valu¢.
In accordance with the Charities SORP FRS102. volunteer time is not recognised.
Dividends are recognised once the dividend has Ixen declared and notificalion ha5 trten received of the
dividend due.
Iniere51 on funds held on derKbsit Is included when Teceivable and the amount can be m¢a5ured r¢liably by th¢
eharity. this is nornially upon th￿]rICaLl0n of the interesi paid or payable by (he bank.

FRANCISCAN SISTERS OF MILL HILL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
ACCOUNTINC POLIC￿5 (cgmtinued)
Expenditure recognitiom *nd irretoverallk VAT
Expendiiure is recOgni.￿.d once ihere is a letsal orconmruciivc obligation to make a paymeni to a ihird pony, li
is probable ihai 5eiilLm¥ni will ￿ Te4uired IhL (Im()uni uf Ihe obligation can be mea5ur¢d reliably.
ExpendiiurL is cl&&8ified under ihe following xiiviiy h￿￿1[1￿5.
Costs of raising fLEnds ¢0mprI￿ ftts paid in rL'spLLI ol fund management advice in relation lo the charity's
porifolio of quoted inv¢51mcnLS. which is manaocd undei a discreiionary management agreement.
Exp£ndiiure on chariiablL aLiiviiie5 include5 ihL COS15 of running the charity's convents as well as all
oiher cosis associaiLd wilh furthLring ihe chatjlable puT￿Se5 of ihe chariiy thr￿gh ihe provision of lis
charitable aciiviiies. ThLSL co%L% Ll)mprt5L chariiable granis and donalions. direct and suppori costs in
respeci io the 5UPPnrt of m¥rnk'r.% i)r t￿. Congr¢gaiion and ihLir minisiry. li also includes governance
cosis.
Chariiable graiits and donali(Trn% arL niadL whLfL ihe Trusiecs ilKrL' 1% rLal t)ced follow>ng a review of
IhL dLiails ofeach particular CIL￿ and c()mpTI.￿ single year payniLnis r¢iih¥r Ihdn Inulii-yLar grants. Grants and
doThaiioThs are included in IhL %liilLmLni ill- financial aciivilie5 whLn appn)VLd fnr paymcni. Provision is made
for gTants and donations appmv¢d bui unpaid ai ihe peritxl end.
Irrecoverabl￿ VAT is Ch￿rgL￿ as a L(>s1 Jgainy the a¢iiviiy for whiLh ihL" was incurred.
g) Alloeation of5UPPOrt and goveTwD¢e rn5ts
Supwjncosts represeni indireci charitable expendilure. In order tocarry lh¢ primary purposes of ihe charity
li is necessary io providL sup￿rI tn ihe lorm ol ￿rSonnel dcv¥lopm¥ni. financia] procedure& provision of
o￿le¢ s¢rvi¢es and equipmeni and a suithble wotking environffteThi.
h) T&Dgibl¢ Fixed Assels
Prior io l April 1996 all capital expendiiuf¢ was wri1￿Tr off as incutred. As ai ihai date (he Trusiees esLiMa￿l
the rU￿t￿l value of flxed assets required to b¢ Shown in ihe balance sheei. Subsequent aequi%iiions or
kmprovetnenls are capitalised ai co￿.
It)dividual asseis costing £2.IXKI or more are capithliscd ai co￿.
Depr¢¢iaiion is calculaied by ihe siraighi line meihc4J io write off the c05dvalue. less aniicipaied residual value,
over the expe¢led us¢ful lives of asse￿ as follows:
Leasehold land ond buildings
Freehold buildings
F￿[nI1￿[C and cquipment
Moior vehicles
50 years
JO yeaT5
4 year5
4 years
i) Investments
Quoied invesiments are valutxl ai their closintr Middle
ei price on the balance sheer dale. Increases and
decreases in markei value are reflecied in Sialetnent of Financia] Aciivilie5.
In addilton, the charity has e51ablished a pension scheme forcenain SisteES. The scheme is a Defcrred Annuity
Coniraci whereby a ceri￿n gUaran￿ed sum is payable io ihe chariiy ai a fixed fulute date. No value can be
aiiribuied (o Ihe coniract as fuiure reiurns are d¢p¢ndeThi on ihe bonuses which in ium depend on investmenl
retuins and inflation. Therefore ihe a5sel is included in the balance sheei ai ihe agÉreg*e value of the premiums
paid io dale, which ihe Trusiee% es11n￿￿ is noi materially differeni from its markei walue.
On maiuriiy, WLKeeds are udilcd io ihe s$￿emen1 of FiThancial Aaivities nei of pr¢miums paid in respeci or
the relevani member or memtYT5.
14

FRANCISCAN SISTERS OF MILL HILL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
ACCOUNTING POLICIES (￿ntinued>
i)
Firtaneial Instrumettts
The charity only holds financi￿ and financial liabilities of a kind th￿ qualify as basic financial
instruments. Basic flrtancial instruments 8re initially recognised at transa¢tion value and subsequenily
measured ai iheir settlemetLI value.
kl Debtors
Trade and oiher deb(OTS are rttognTsed ai ihe seiilemeni amouni due. Prepayments are valued ￿ the amouni
prepaid.
11 C85h at bank and in Iw
Cash at bank and in hand in¢ludes ¢ash and thon-ierm highly liquid invesimenis wilh a shon maiuriiy of three
rnonihs or l¢ss frorn the dale of acquisiiion or opening of ihe de￿SlI or similar accouni. Dep)sits for moT¢
than ihr¢e monihs and up io one year have been disclosed as Short-￿rM deposiis. Cash placed on deposit for
rnor¢ than one year is di5¢105ed a5 a fixed assei invesimeni.
m) Credilors aDd provisio
Crediiors and provision5 are recognised where th¢ rhariiy h&s a prwni obligation re5uliing from a pasi eyeni
ihki will probably rc5uIt in the transfer ol funds io a ihird pany and rhe amouni due io seiile Ihe oblioation can
be Tneasured or e5tifflated reliably. Cr¢diior5 and provisions are normally Tecognised ai iheir seiilemeni amount
ofter allowing for any trade discounts due.
n) Strvices provided by members of the Congre8*tion
For ihe purp(bs¢s of these accounts, no value has t*en placed on administrative and other seivices provided by
the members of the Congregaiion.
15

FRANCISCAN SISTERS OF MILL HILL
NOTES TO THE ACCOUNTS (eontiNied)
FOR THE YEAR ENDED 31 MARCH 2023
I TANGIBLE FIXED ASSETS
Leasehold
Land and
Buildin
Furniture
And
Equipment
Buildings
Improvements
Motor
Vehicles
Total
COSTThALUATION
At l April 2022
Additions
Disw)sals
26.798
.762.155
17,022
45.-344
19.$80
133,824)
1,851.319
19,58(1
(31,8241
Ai.1 l March 202.1
26.798
1,762,155
17,022
-11.1
1.8_17.075
DEPRECIA TION
Ai l April 2022
Charge for thL YL
Disix)sals
20.9.17
2,022
365.898
1.5.244
14.897
587
425.056
45.171
13,6821
7.-318
{11.6821
At 31 March 202.1
22.959
401.142
15.484
16.960
456.545
NET BOOK VALUE
Ai 31 March 202.3
£1.819
£1.161.013
£14.140
£1,380.570
At 31 Fllarch 2022
£5.861
£1.396,257
£2.125
£22.020
£1.426.2&7
All fixed &8seis are held for charitable usE.
INVESTMENTS . 2023
Annuity
CoDtr8¢1
Portfolio
Portfolio
Investments
Totsl
Markei Value ai l Awl 2022
Addiiions during year
Disposals lai opening markei wal￿)
Nei invesiwD¢ni losses
17.987
2..361.550
392,088
(405,1001
(117.9151
2,432,982
856,147
(872.4581
(1 ?7,9.351
464.259
1467.358)
Marke¢ value at 31 March 2023
£17.987
£50.346
£2,2]0,￿.7
£2,278,9_36
Cost at 31 Marth 2023
£17.987
£53,445
£1.987.977
£2.059.409
INVESTMENTS.2022
Portfolio
Portfolio
Investmen
Contra¢¢
Total
Markei Value ai l April 2021
Addiiions during the year
Disposals {ai O￿TrIng markei value)
NeL invesimeni gains
17.987
2.101.086
2,386,606
810,707
{901,2991
119,368
471.121
1487,411)
(415.8881
139.168
Market Value at JI March 2022
£17.987
£2.161,550
£2,472,982
Cost at 31 March 2022
£17.987
£51.445
£1.961.498
£2,014.9.30
16

FRANCISCAN SISTERS OF MILL HILL
NOTES TO THE ACCOUNTS 1coDtinY￿)
FOR THE YEAR ENDED 31 MARCH 2023
INVFSTMENTS (continued)
2023
2022
Investtnent income aTi5ing from
Quoted iThve51ments
Bank deposiis
61.277
57,966
£61.277
£57,966
DEBTORS
21b23
2022
Prepayrnents and accrued income
£7,578
£5,161)
CREDITORS
2023
2022
Other creditors and accnjals
£22.707
DESIGNATED FUNDS
a) The tru51ees have designaied fund5 oul of the unreMri¢ied funds for S￿lfiC purpos¢5 as follows-_
Retirement Fund
A fund h&$ been designated lo provide for the Chariiy's commitment to provide for the reiiremeni and care in old
age and sickness of the Charity's mern￿rs. An a¢iuarial review of ihe Chariiy's membership carried oul in 1997
indi¢Jted ihai a fund in the region of £2.78 million would be required io finance the Chariiy's ¢Lbmmiimeni 10
provide care for iis elderly metnbers afier taking accouni of iheir i*cupalional pension righis. However il is now
feli ihai less is needed in the fund and has therefore been reduced to £2.250.IXX) and hence a (ransfei ahs been
made io reduce Ihe fund 10 thi5 leyel.
Property Fund
In order io fulfil ils charitable obicciive5 the chariiy needs a number of properties. Th¢5e properties, alihough (hey
are uTrre51ricied asseis. cannot be reali5ed without undemiining Ihe charity's work and ¢he trusiees therefore feel
thai li is appropriaie io refleci Ihe invesimeni in fixed asseis by means of a designaied fund. This fund ha5 been
reduced by means of a Iransfer to th¢ level the irusM feel is more appropriate.
b)
An4lysi5 of Movements- 2023
Incomel
{expenditure)
#nd
G*lL￿(lO￿￿)
Bal￿£ at
l April
2022
Balance at
31 March
2023
ers
Reiiremeni Fund
Properly Futvj
2.250.(
1.406.768
(181.5171
117.268)
18.1.537
118.15171
2.250,0(X)
1.185.963
£3.656.768
£(220.805)
£3,475.96.1
17

FRANCISCAN SISTERS OF MILL HILL
NOTES TO THE ACCOUNIS (eontitiued)
FOR THE YEAR ENDED 31 MARCH 2023
Analysis of Movements-2022
Intomel
(expenditure)
nd
G41t￿(lI)s$e$)
Balwe at
l April
2021
Ba]anc¢ at
31 Nlarch
2022
Transfer5
Reiirejneni Fund
Property Fund
2.250.LKKI
1,-146.746
102.623
(42.fKII)
(102.621)
102.623
2.250.IXN)
1.406,768
£.1.596,746
£fA>.022
£1.656.768
EXPEND111TRE
2023
2022
Cost of Raising Funds
InvLsimLni manaoL'meni l¢L'.
£16.271
£17,462
Sisters. M4int¢nonc¢
and Welfare
2023
2022
Dirttt Costs
Esiablishmeni expenses
Depieciaiion
Maintenance and living cos
Siaff costs
Donations. courses aNI church eX￿￿Se%
Suppon and other expenses
Governance costs (see below)
55,191
45.171
105.871
34.903
21.694
8,940
7.553
64,444
56.499
70,975
17.052
£279,325
£287.486
The costs have a]1 l*en directly alliKaied
2023
21b22
Governanet
5ubseriptions
Independeni examiner's fec5
Accouniancy f¢e5
Legal and prof¢55ional fees
£7.553
£17,052
STAFF COSTS
2023
2022
Wages and salwi¢s
Social se¢uriiy Costs
31.812
-3.091
£?4.901
£78,170
No etnployee iecei¥ed emoluments of more than £60.(XX).
The average number of employees in ihe year was 2 (2022.. 2).
Tht chariiy's key management petsonnel are its Trus￿¢5 who are nol rernunerated.
18

FRANCISCAN SISTERS OF MILL HILL
NOTKS TO THE ACCOUNTS ItontiDued)
FOR THE YEAR ENDED 31 MARCH 2023
TRANSACTIONS wrfH TRUSTEES AND RELATED PARTILS
The trusiees of the Charity are also members of ihe Congregation and as such have iaken vows of poverty under which
they have renourtced all ￿Tsonal rights to income and capital. The Choriry Provides for Ihe esseniial needs of all the
members. The living costs of the five trustees ar¢ iheref¢)re borne by ihe Chariiy in Ihe same way as Ihose of other
Sisters. The iiusiees Ihetefore receive Tho ￿nefIt by vinue of iheiT pDsiiion a5 irusiees. This leaves them free to carry
out their prime purpose. 10 &lvance the RoTnan Catholic religion. No remunerarion has been paid (o ihe irusiees. There
were no oiher transactions with relaied partics {2022- the
10. ANALYSIS OF NET A&sEfs BY FUND -
2023
Designated Funds
General
Fund
Retirement
Fund
Property
Fund
Tot*1
Fund Balanees ai I l March 20218re
Tepresented by..
TangÈble fixed
Inve51rnents
Current assets
Curr¢nt liabiliti¢s
194.567
1,185.965
1.380,5.12
2,278.9.14
690.473
117.8181
2.278,914
(28,9141
719.407
(11.818)
£9W.156
£2.250.IXK>
£1,185.965
£4,136.121
ANALYSIS OF NET ASSETS BY FUND -
2022
Designated Funds
Genernl
Fund
Retirement
Fund
Property
Fund
Totsl
Fltnd Balances al 31 Ma￿￿ 2022 ar¢
represenied by..
Tangtble fix¢d asse
Investments
Curreni asgets
Curreni liabiliti¢S
19.495
1.406.768
1.426.267
2.4.72.982
782.748
(15.194)
2.412.982
(182,982)
965.730
(15.194)
£970.0.31
£2,250.(KK)
£1.406.768
£4.626.799
19

FRANCISCAN SISTERS OF MILL HILL
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 MARCH 2023
11. STATEMENT OF FINANCIAL ACTIVITIES 2022
Designated Funds
Retirement
Property
Fund
Fund
Gener41
Fund
2022
Total
Ineome frnm:
Doiiufioiis oiid legacies..
D¢)naLions. gifis and legacie5
.Sisiers' Salaries and pensions
1.720
141.151
57.906
1,720
141.151
57.966
Oilier
Salc of fixed assL'I%
JRS furloutsh giani%
Total incobne
142
176.616
2.422
142
176.616
2.422
1110.019
380.U19
Expenditu￿ on:
Raising funds
Invesimeni man￿Llemen1 COSLs
17.461
17,461
Charitable activities
Sisi¢rs' maini¢nanc¢ and welfare
208.140
41601
287.486
Tot41 expenditure
225.(4)1
16.745
41601
304.947
n¢t ineomtl lexpenditurt) XDd net
movements in funds before gain% on
investments
154,418
(36.745)
(42.(￿)1)
75,072
Gains on investments:
Realised
Unrealised
11,974
127.394
1.974
127..394
Net Movement in Funds
154.418
102.623
(42.flJl I
214,440
Rtconciliation of funds:
Fund balances broughi forward at
I ApTiI 2021
815,613
2,250.(XM)
1.346.746
4.412,359
Fund bal4n¢es earried forward al
31 March 2022
£970.011 £2.250.(XKJ
£1.4(¥F,768
£4,626,799
20

FRANCISCAN SISTERS OF MtLL HILL
INCOME AND EXPENDITURE SCHEDULES
FOR THE YEAR ENDED 31 MARCH 2023
Houses &
PeNinal
Budgets
Central
Funds
Total
2023
Total
2022
INCOME
Investment income
Dividends
Interesi
58.998
2.279
58.998
2,279
57,966
61.277
61.277
57,966
Donations and gifis
Sisters. salaTies and pensions
Sale of flxed assets
Oiher income
JRS Furlough gran(s
1,085
74.152
1.085
74,152
1,720
141,153
176.616
142
2,422
Tot81 incorne
142.855
142.855
180,019
EXPENDITURE
Invesitnenl tnanagement costs
17,461
Ch8Til4ble Expenditure
EsiablishmeDI ¢xpeTlSe5
Maini¢nan¢e and welfare of Tnembers
Donations. courses and church expenses
Administraiion aThd oiher expenses
92.456
140,776
21.694
16,846
92,456
140,776
21,694
16,846
107,046
109,145
271.772
271,772
270,414
Governanee of Charity
7.553
17,052
Totsl expenditure
295J98
295,598
304,947
Net inc0mellexw￿1tsre) before traArfers
Transfer b¢tween funds
(152.743)
1152,743)
75,072
Net ineomellexpenditsrt) for the year
(152.741)
(152.743)
75.072
Gains OD inve5trnent a￿.
R¢alised
Unrealised
(64J88)
(73.149)
164.588)
17?.-149)
11.974
127.394
Net Movements in Funds
{2￿.680)
(290.680)
214.440
Fund balances bToughi forwaTd
at l April 2021
4.626.799
4.626,799
4.412,A59
Fund balances carried forward
a¢ 31 March 2022
£4.316.119
£4,116.119
£4.626,799
21

FRANCISCAN SISTERS OF hllLL HILL
INCOME AND EXPENDITURE SCHEDULES- FOR THE YEAR ENDED 31 MARCH 21123
Central
Funds
Houses & Persots
Budgets
Total
2023
Total
2022
CHARITABLE EXPENDITURE
Est&blishment expenses
Insurances
Repairs
Light and heat
DtpiEciaiion
Bungalows - Expen5e5
Bungalows- Ground rL'ni
Oiher esiablishmert( costs
2.fA)I
1.549
(1.042)
.17.266
11.9.14
1167)
2.(a)I
1,549
11,0421
2.461
7,211
42,￿)1
5.224
1167)
45.954
92.456
92,456
107,046
Mllintentsnce and Welf4rt
Provisiorn%
HousLh(Trld arml furnishings
9.197
9,197
7.251
545
18,170
24,985
74.901
40,197
ShsicTS' Lx￿nS￿s
MLdical
Holidays
Books, ￿aIl0nery and subscripliDn.
Sisiirs. Resideniial Caie (Si. VÈnLLlli's1
40,197
21
-i.o.I I
6.758
45.602
6.758
45.fA)2
1.418
140.775
140.775
109,145
Donations CollT5¢5 And Church Expenses
Church Slipends
RLireais and sabbaiicals
Educational course5
Don&iions- gcncral and tnissions
.3(M)
19
2.070
19.286
-19
2.070
19.286
540
26,442
21.695
21.695
Admin￿tratiOn and other expenses
Telephone
Postage
Travel
Cotnpulerl Broadband
Moior expenses
CounciVAGMIChaExer
Bank cha¥ges
Sundry expenses
Depreciaiion
Ex¢hange {gaIns￿O55¢S
2,216
445
759
445
759
11,1741
2,674
1.818
2.940
2.940
644
628
2.019
7.W5
628
2.019
2.945
(1611
16.846
16.846
Investment
anagement fee5
16.27.1
10.27?
17.462
Gov¢Tll4ntt of the Charity
Audit and Jccountsncy
Oih¢r Advice
5.416
7.551
17,052
22