2025-02-28-accounts - Congregation Of The Presentation Of Mary Of Castelgandolfo

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The Sisters of the Presentation of Mary of Castelgandolfo

Report and Financial Statements Period ended 28 February 2025

Registered Charity Number: 232505

The Sisters of the Presentation of Mary of Castelgandolfo

Period ended 28 February 2025
Contents	Page
Report of the Trustees	1
Independent Examiner’s Report to the Trustees	8
Statement of Financial Activities (SOFA)	9
Balance Sheet	10
Notes forming part of the Financial Statements	11

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 28 February 2025

The Trustees present their Report and Accounts for the period from 1 September 2023 to 28 February 2025. (Comparatives are presented for the year ended 31 August 2023). They are satisfied that the Accounts comply with the requirements of the Charities Act 2011, the Trust Deed as described below and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (2019).

1. Objectives and Activities

Objects

The objects of the Charity are to advance “ the Roman Catholic religion by such lawful charitable means as the Superior General shall from time to time or at any time direct ” or in default of such direction at the discretion of the Trustees. In the Trust Deed “ the Superior General ” means the Superior General of the Congregation of the Sisters of the Presentation of Mary of Castelgandolfo in Rome, not Sister Stella, its local leader or Superior in England. The Superior General receives a report from the Trustees at the hands of the local leader but does not usually give them detailed directions.

The Trustees have reviewed their objectives, policies and activities to ensure they continue to reflect the Charity’s aims. In carrying out this review they have considered the Charity Commission’s revised general guidance on public benefit and in particular its supplementary guidance (subsequently withdrawn) on the advancement of religion for the public benefit.

Activities

The Charity’s work was carried out at 11, Romsey Drive, Exeter. The Charity engaged no staff. The sale of the convent completed in November 2021.

The Charity fulfils its objects through the ongoing formation of its remaining religious Sisters, through their presence as a centre of prayer within the local community, by carrying out parish work in Exeter and by its other charitable works. In these different ways the Sisters strive to bring Christ into the lives of those they meet and to give a strong Christian witness in all they do.

The Congregation has had a close association with the Catholic Diocese of Plymouth. It has provided the following: Sister Sheila has been an instructing judge at the Diocesan Marriage Tribunal; Sister Stella has been a part-time enabler at Exeter College.

Some of the Sisters received income for their diocesan and school work, but it is paid to the Charity.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 28 February 2025

Personnel

At the time of writing, the English Mission consists of 1 religious Sister.

There were no novices or postulants under training for the religious life. The Charity does not, to any material extent, depend on volunteers for the provision of its pastoral work.

2. Achievements and Performance

The Charity’s main objective for the year was to continue its work despite the lack of members. The Congregation continued to provide religious Sisters, with the positive encouragement of the Bishop of Plymouth and subsequently the diocesan administrator, to assure a presence of prayer and service within the communities in which they are situated despite their reduced numbers and increasing age.

The Charity has thus continued to meet its objective of providing a Christian witness and pastoral support within the Diocese of Plymouth.

The Charity regularly assesses the funds needed to sustain that work in the foreseeable future. The Trustees are committed to supporting its members who have spent most of their working lives in the furtherance of its aims, either voluntarily or by covenanting earned income from outside employment.

The Trustees have not set any specific measurable targets since the nature of the Charity’s work does not lend itself to such detailed analysis. However, that work continues very satisfactorily despite limited resources. Investments are reviewed annually with their advisers and the Trustees are sure that their investment objectives have been met satisfactorily.

No fund-raising activities are carried out. The Congregation is grateful for voluntary donations and legacies that sustain its work.

During the period a transfer of funds to the United States Province was made to further the charity’s objectives. It is the intention to transfer remaining funds and wind up the charity in the next financial year.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 28 February 2025

Plans for the Future and Events after the reporting period

At the end of September 2021 one of the three remaining Sisters left Exeter to live in the Congregations Community in Castelgandolfo, another Sister departed from England in January 2023 where she entered a retirement home of the Congregation in the USA. In December 2022 the other Sister retired from her role at Exeter College. She has spent periods of time helping in one of the Congregation’s convents in France and continued parish work in the Plymouth Diocese when in England; she plans to move to France in 2024.

3. Financial Review

The Charity is mainly funded by the paid work and pensions of its religious sisters, and from investment income. It does to a very small extent depend on voluntary donations and the very occasional legacy to sustain its work. No material donations in kind or intangible income were received during the year. No value has been placed on the administration and other services provided by members of the Congregation.

The Statement of Financial Activities reports net expenditure of £2,597,534 (2023: deficit £31,550), which includes the unrealised profit on investments of £32,733 and a transfer to the Sisters of the Presentation of Mary INC of £2,627,039. The overall reduction in funds for the year is £2,597,534 and funds carried forward at 28 February 2025 were £214,233 which are all unrestricted.

Risks

The Trustees have identified and reviewed the major risks to which the charity is exposed and have established such systems and procedures as they consider necessary to manage those risks. However, they have concluded that the greatest risk to the Charity currently is the lack of novices or postulants under training for the religious life and the consequent fall in the number of sisters able either to carry out the Charity’s pastoral work or to provide nursing or other care for those sisters who have retired. Since January 2023 there has only been one Sister in Exeter.

When the then Charities Act 2006 introduced the requirement for religious and other charities to show public benefit from their activities, concerns were also raised about its impact on the Charity, but the remaining Sisters, though very small in number, can show that they do still bring tangible benefit to the local community.

Reserves

The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed as set out under ‘Financial Review’. It is intended that the charity will wind up before the end of the next financial year end, there is therefore no requirement by the charity for free reserves.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 25 February 2025

Investment Policy and Performance

The Trustees have the statutory trustee investment powers under the Trustee Act 2000 and any additional powers given to them by the donors of any donated trust funds. The Trustees have held a broad-based portfolio efficiently managed in the interests of the Charity through its stockbrokers who gave regular reports and whose performance was reviewed. Their policy was also to invest only in companies that are ethically sound, that is to say those that do not exploit people, directly or indirectly, and which are considered to be socially and environmentally responsible.

During the period all of the investments held were disposed of and the realised cash transferred to the Sisters of the Presentation of Mary INC as noted above.

4. Structure, Governance and Management

Constitution

The charity is an unincorporated charitable association established by a Trust Deed made on 16 July 1955 and others which declared charitable trusts in respect of properties held by or for the “ religious congregation known as the Congregation of the Presentation of Mary of Bourg St. Andéol ”.

In 1995, the name of the Charity was changed to the Sisters of the Presentation of Mary of Castelgandolfo. Since 1969 Castelgandolfo near Rome, rather than Bourg St. Andéol in the Ardêche region of France, had been the headquarters of the Congregation, which term extends to the Order of Religious Sisters of the Presentation of Mary throughout the world.

The Charity is a ‘Mission’ affiliated to the Congregation’s American Province of the United States. This Mission is under the leadership of a local leader or Superior who is accountable for its welfare to the Provincial Superior of the U.S. Province.

The Charity governs the activities of the Congregation within England.

Method of Appointment of Trustees

Under the Trust Deed the Superior General has power of appointment of new trustees of the Charity. Given its nature, it is not considered appropriate to recruit trustees from outside the Congregation and no policy has been adopted in that regard.

Policies adopted for the Induction and Training of Trustees

The Trustees do not undergo any formal induction or training but they are satisfied that they have sufficient access to professional and practical advice to understand their responsibilities as charity trustees.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 28 February 2025

Organisational Structure and Decision-Making

The local Superior administers the Charity’s funds in consultation with the Trustees. Each year, she submits to the Trustees a formal account of her administration of those funds in accordance with the Congregation’s own Rules and Constitutions. The Trustees advise the local Superior on matters concerning the Charity.

Under the Congregation’s Rules and Constitutions the local Superior is ultimately answerable, as are the Trustees, to the Superior General and her Council in Rome.

Connected Charities

There are no related parties or connected charities associated with the Charity, although it continues to work closely with the Catholic Diocese of Plymouth.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 28 February 2025

5. Reference and Administrative Information

Charity number : 232505

Trustees

Registered Office

Tozers North Door Broadwalk House Southernhay West Exeter EX1 1UA

Sheila May McCarthy (Sister Sheila) Stella Joyce (Sister Stella)

Local Superior Sister Stella

Solicitors

Tozers LLP Broadwalk House Southernhay West Exeter EX1 1UA

Independent Examiner

Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Principal Bankers

National Westminster Bank plc Exeter Bank Branch 59 High Street Exeter EX1 3DP

Investment Advisers

Simon Powell-Jones Investec Wealth and Investment Ltd Keble House Southernhay Gardens Exeter EX1 1NT

6. Exemptions from Disclosure

There are none.

7. Funds held as custodian trustee on behalf of others

There are none.

The Sisters of the Presentation of Mary of Castelgandolfo

Report of the Trustees

Period ended 28 February 2025

Statement of Trustees’ Responsibilities

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In preparing those financial statements, the trustees are required to:-

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether the policies adopted are in accordance with the appropriate Statement of Recommended Practice (SORP) on Accounting by Charities and the Accounting Regulations and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under s154 of the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Stella Joyce (Sister Stella) for and on behalf of the Trustees

Date:12 December 2025

The Sisters of the Presentation of Mary of Castelgandolfo

Independent Examiner’s Report

Period ended 28 February 2025

Independent examiner’s report to the trustees of The Sisters of the Presentation of Mary of Castelgandolfo.

I report to the trustees on my examination of the accounts of The Sisters of the Presentation of Mary of Castelgandolfo for the period ended 28 February 2025.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

As noted in the accounting policies on page 11, at the date of approval of these financial statements the trustees have made the decision to wind up the charity within the next 12 months. On these grounds, the financial statements have not been prepared on the going concern basis. No adjustments have been necessary to the assets and liabilities of the charity as a result of the financial statements being prepared on a basis other than a going concern.

I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Name: Neil Hitchings FCA Address: Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE Date : 12 December 2025

The Sisters of the Presentation of Mary of Castelgandolfo

Statement of Financial Activities (SOFA)

Period ended 28 February 2025

		Unrestricted Funds	Unrestricted Funds
		General	Designated	Total	Total
				P/E 28/2	Y/E 31/8
	Note			2025	2023
		£	£	£	£
Income
Donations and legacies	2	-	-	-	50
Incoming from charitable activities	3	30	-	30	29,524
Income from investments	4	42,704	-	42,704	28,883
Other income	5	2,291	-	2,291	-
		–––––––	–––––––	–––––––	–––––––
Total income		45,025	-	45,025	58,457
		–––––––	–––––––	–––––––	–––––––
Expenditure
Expenditure on charitable activities	6	40,477	-	40,477	56,443
Expenditure of raising funds	7	7,776	-	7,776	6,537
Transfer to the Sisters of the
Presentation of Mary, INC		2,627,039	-2,627,039		-
		–––––––	–––––––	–––––––	–––––––
Total expenditure		2,675,292	-	2,675,292	62,980
		–––––––	–––––––	–––––––	–––––––
Net gain / (loss) on investment assets	9	32,733	-	32,733	(27,027)
Net income / (expenditure)		(2,597,534)	- (2,597,534)		(31,550)
Transfers between funds	13	1,337,115	(1,337,115)	-	-
Other recognised gains/(losses):
Gain on revaluation of fixed assets		-	-	-	-
		–––––––	–––––––	–––––––	–––––––
Net movement in funds		(1,260,419)	(1,337,115)	(2,597,534)	(31,550)
Reconciliation of funds
Total funds at 31 August 2023		1,474,652	1,337,115	2,811,767 2,843,317
		–––––––	–––––––	–––––––	–––––––
Total funds at 28 February 2025	13	214,233	-	214,233	2,811,767
		===========	===========	===========	==========

The statement of financial activities includes all gains and losses recognised in the year.

The Sisters of the Presentation of Mary of Castelgandolfo

Balance Sheet

28 February 2025

Charity Number: 232505

Charity Number: 232505
		At 28/2	At 31/8
		2025	2023
	Notes	£	£
Fixed assets
Tangible	8	-	1,273
Investments	9	-	795,267
		–––––––	–––––––
		-	796,540
Current assets
Debtors	10	-	1,385
Cash at bank and in hand	11	220,228	2,023,312
		–––––––	–––––––
		220,228	2,024,697
Current liabilities
Creditors: amounts falling due within one year	12	(5,995)	(9,470)
		–––––––	–––––––
Net current assets		214,233	2,015,227
		–––––––	–––––––
Net assets		214,233	2,811,767
		==========	==========
The funds of the charity:
Unrestricted designated funds
Tangible fixed assets fund		-	-
Other		-	1,337,115
		–––––––	–––––––
	13	-	1,337,115
Unrestricted general fund	13	214,233	1,474,652
		–––––––	–––––––
Total charity funds		214,233	2,811,767
		==========	==========

Approved by the Board of Trustees on 12 December 2025 and signed on its behalf by:

Sister Stella Joyce (Trustee)

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)).

The financial statements are prepared under the historic cost convention as modified by the inclusion of the investments at market value in accordance with applicable accounting standards.

The Sisters of the Presentation of Mary of Castelgandolfo meets the definition of a public benefit entity under FRS 102.

The presentational currency of the charity is considered to be pounds sterling, because it is the currency of the primary economic environment in which the charity operates.

Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note.

The trust comprises the following entities:-

i. Mount St Mary’s Convent

ii. Regional Account

The financial statements include the transactions, assets and liabilities of these entities.

b) Going concern

At the date of approving these accounts the decision has been made to wind up the charity and transfer the remaining funds to The United States Province to further the ongoing charitable activities. On these grounds, the financial statements have been prepared on a basis other than going concern. No adjustments have been necessary to the assets and liabilities of the charity as a result of the financial statements being prepared on a basis other than a going concern.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

c) Status of Trust

The purpose of the trust is to perform charitable works connected with the advancement of the Roman Catholic religion in England, Ireland and throughout the World.

The trust has existed for over a century and the position was clarified by a Trust Deed dated 17 July 1955. The trust, which was previously known as The Congregation of the Presentation of Mary of Bourg St Andeol, changed its title to become known as The Sisters of the Presentation of Mary of Castelgandolfo with effect from 8 March 1995. A Charity Commission Order was issued on 22 November 1999, which details the investment powers of the Charity.

The Sisters of the Congregation in England are guided by the General Administration comprising a Superior General and Council, based at Castelgandolfo, Rome.

The trust is a Registered Charity, registration number 232505.

The registered office details can be located in the reference and administrative section of the trustees annual report.

d) Accumulated Funds

The accumulated funds, which are unrestricted, represent the following:-

• General Fund

The aggregate of net incoming resources and recognised gains since the trust was founded except for the designated fund referred to below.

• Designated Funds

Designated funds represent funds which have been set aside by the trustees for specific purposes within the charity’s overall objects. Details of these funds are given in note 13.

e) Fixed Assets

Freehold property is held at valuation.

Tangible fixed assets costing more than £500 are recorded at cost. The freehold property of the Presentation was last valued on 28 May 1996, this has been treated as deemed cost on transition to FRS 102 and is being depreciated in line with the policy shown.

Investments are shown at market value. Realised gains and losses on investments are recognised in the Statement of Financial Activities.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

f) Depreciation

Assets are depreciated over their estimated useful lives as follows:-

i. Motor vehicles 25% reducing balance
ii. Fixtures and fittings and equipment 15% reducing balance
iii. Computer 25% reducing balance

g) Income

Income is recorded on a receivable basis, which is when the charity becomes entitled to the resource.

h) Expenditure

Expenditure is recorded on an accruals basis and has been classified under headings that aggregate all costs related to that category:

Charitable activities comprises those costs incurred to advance the Roman Catholic religion.

Raising funds comprises costs in relation to the management of the investment portfolio.

Other comprises payments in relation to the charities moral obligation detailed in note 14.

i) Value Added Tax

The trust is not registered for Value Added Tax (VAT). Expenditure in these financial statements therefore includes VAT paid where appropriate.

j) Trustee Benefits

Part of the Congregation’s purposes is to provide for the essential needs of all of its members who, by taking vows of poverty, have renounced all personal rights to income and capital. This leaves them free to carry out their prime purpose, to advance the Roman Catholic religion. The living costs of the Trustees are therefore borne by the Congregation in the same way as those of other sisters and they receive no benefit by virtue of their position as Trustees. No remuneration has been paid to the trustees.

k) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. The charity currently holds other debtors and other creditors, details of which can be found in notes 10 & 12.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

2 Donations and legacies

2 Donations and legacies	2025	2023
	Total	Total
	£	£
Donations and legacies	-	50
	===========	=========

All donations and legacy income were general unrestricted and undesignated in 2025 and 2023.

3 Income from charitable activities

3 Income from charitable activities
	2025	2023
	Total	Total
	£	£
Donated earnings of members	30	29,524
	===========	=========

All Income from charitable activities was general unrestricted and undesignated in 2025 and 2023.

4 Investment income

4 Investment income
	2025	2023
	Total	Total
	£	£
Bank interest	4,829	2,098
Dividends and interest on listed investments	37,875	26,785
	–––––––	––––––
	42,704	28,883
	===========	=========

All Investment income was general unrestricted and undesignated in 2025 and 2023.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

5 Other income

5 Other income
	2025	2023
	Total	Total
	£	£
Sundry income	2,291	-
	–––––––	––––––
	2,291	-
	===========	=========

All other income was general unrestricted and undesignated in 2025 and 2023.

Charitable activities		2025	2023
		Total	Total
		£	£
Charitable donations		-	348
Rent		-	14,400
Office costs		-	263
Food		-	1,494
Chapel and books		-	81
Studies and conferences		-	47
Travel		399	4,038
Water		-	356
Motor		370	1,171
Household		-	303
Gifts		-	207
Rates		-	1,525
Energy		-	1,033
Repairs and maintenance		560	651
Insurance		-	1,427
Sundries		2,030	1,499
Telephone		-	922
Depreciation		1,273	249
Bank charges		11	32
Contribution to retired sisters living costs	`	30,911	21,547
Governance costs (See note 6a)		4,923	4,850
		–––––––	––––––
Total expenditure		40,477	56,443
		===========	=========

The trustees consider the Board of Trustees comprise the key management personnel.

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

6a Governance costs

6a	Governance costs
		2025	2023
		Total	Total
		£	£
	Accountancy services	3,500	3,600
	Independent examiner’s fee	523	1,250
	Legal fees	900	-
		–––––––	–––––––
	Total expenditure	4,923	4,850
		==========	===========
7	Expenditure on raising funds	2025	2023
		Total	Total
		£	£
	Investment costs	7,776	6,537
		===========	==========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

8 Tangible Fixed assets

Cost / valuation At 1 September 2023 Additions Disposals At 28 February 2025 Depreciation At 1 September 2023 Charge for the year At 28 February 2025 Net book amounts At 28 February 2025 At 31 August 2023 nvestments Movement in market value Market value at 1 September 2023 Acquisitions at cost Disposals at opening book value Net gains/(losses) on revaluations in the year Market value at 28 February 2025	Motor vehicles Fixtures, fittings and equipment Total £ £ £ 18,984 36,292 55,276 - - - - - -
	18,984 36,292 55,276
	18,827 35,176 54,003 157 1,116 1,273
	18,984 36,292 55,276
	- - -
	157 1,116 1,273
	2025 2023 £ £ 795,267 836,631 46,475 49,021 (874,475) (63,358) 32,733 (27,027) --------------------- --------------------- - 795,267 ============== ==============

9 Investments

Movement in market value

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

Analysis of investments at 28 February 2025

		Total		Total
		Funds		Funds
		2025		2023
		£		£
	Listed investments
	UK Government fixed interest	-		141,189
	Other UK quoted fixed interest	-		11,471
	Overseas fixed interest	-		70,690
	UK quoted investment companies	-		130,162
	International bond funds	-		202,757
	UK quoted investment and unit trusts	-		101,294
	Overseas quoted equities	-		137,520
		----------------------	---------------------
		-		795,083
	Treasury deposits	-		184
		---------------------	---------------------
		-		795,267
		==============	==============
		2025		2023
			£	£
10	Debtors
	Prepayments and accrued interest		-	1,385
		==========		==========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

				2025	2023
				£	£
11	Cash at Bank and in Hand
	Deposit accounts			220,228	1,993,377
	Cash in hand			-	1,845
	Investment dealing accounts			-	28,090
				–––––––	–––––––
				220,228	2,023,312
				==========	==========
				2025	2023
				£	£
12	Creditors: Amounts Falling Due Within One		Year
	Accruals			5,995	9,470
				==========	==========
13	Analysis of Net Assets between Funds
			Designated	General	Total
			£	£	£
	Fund Balances at 28 February 2025 are represented by:
	Tangible fixed assets		-	-	-
	Investments		-	-	-
	Current assets		-	222,028	222,028
	Current liabilities		-	(5,995)	(5,995)
			–––––––	–––––––	–––––––
			-	214,233	214,233
			==========	===========	==========
	Designated funds comprise the following:
		Tangible fixed	Retirement	Financing	Total
		assets fund	fund	fund
		£	£	£	£
	Opening balance	-	1,037,115	300,000	1,337,115
	Movement in year	-	(1,037,115)	(300,000)	(1,337,115)
		–––––––	–––––––	–––––––	–––––––
	Closing balance	-	-	-	-
		=========	===========	==========	===========

The Sisters of the Presentation of Mary of Castelgandolfo

Notes forming part of the Financial Statements

Period ended 28 February 2025

Analysis of Net Assets between funds – prior year comparative

		Designated	General	Total
		£	£	£
Fund Balances at 31 August 2023 are represented		by:
Tangible fixed assets		-	1,273	1,273
Investments		795,267	-	795,267
Current assets		541,848	1,482,849	2,024,697
Current liabilities		-	(9,470)	(9,470)
		–––––––	–––––––	–––––––
		1,337,115	1,474,652	2,811,767
		==========	===========	==========
Designated funds comprise the following:
	Tangible fixed	Retirement	Financing	Total
	assets fund	fund	fund
	£	£	£	£
Opening balance	-	1,037,115	300,000	1,337,115
Movement in year	-	-	-	-
	–––––––	–––––––	–––––––	–––––––
Closing balance	-	1,037,115	300,000	1,337,115
	=========	===========	===========	===========

The Tangible fixed assets fund represents the net book value of the charity’s freehold property and other tangible fixed assets. The assets are used in the day to day work of the charity, and their value should not be regarded as realisable in order to meet the ongoing costs of the charity.

The Retirement fund represents funds set aside to meet the cost of welfare of the sisters on their retirement. The Financing fund comprises investment assets set aside to produce an ongoing income towards “financing” the charity’s work.

14 Contributions from Central Fund

Prior to closing the Mount St Mary Convent School in 1997 the Charity received contributions from the Congregation’s central fund, Castelgandolfo, totalling £1,920,097. Whilst there is no legal obligation to repay any part of these funds, the Charity considers it has a moral obligation to repay these funds in total as circumstances permit. The “loan” is therefore not recognised in these financial statements.

During the year repayments of £nil (2023: of £nil) were made to Castelgandolfo in relation to the above moral obligation.