Ch•rity Règistration No. 23yJe4 RELIGIOUS OF THE ASSUMPTION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LEGAL AND ADMINISTRATIVE INFORMATION Sr Maureen Connor r.a. Srcalherine r.a. Sr Jessica Gatty r.a. Sr Kotyna DangU0 Gewte r.a. Sr Catherine Jones r. Sr Patria? Mrtthell r.a. (Resigned 29 Aoril 20241 SrAnne Thielw r.• Charfty numlJ•r 233084 Prlncipl athlYM• 20 Kensingkn Square Lc¥)don W8 SHH Audltor Hay8m8ontyre LLP 10 Queen Street pi Lmdon EC4R 1AG Bankorn Royal Bank ol Sthtland PLC 62 - 63 Threadna8dl8 Str8et London EC2R 8LA 8ollcltors 2 Putney Hill London SW15 6AB Invo•tm•nt 4dvl•orn QuilterCh¥viot Ltd Senator Hou 85 Queen Vi¢aoria Street EC4V 4AB Epworth In#ent Management Ltd 9 Bonhill Street London EC2A 4PE
CONTENTS Tsta09, report Indepondent auditorfs rePt 10-12 Consolidated ststom$nt of financial acbvitses {Iw¢xatlng thg income and •xponditure acusunt> 13 Consdld81gd and tharity balance sheets 14 Cor*olid&ted statement of cash Ih 15 Note5 to the finan¢ial ststement8 16-27
RELIGIOUS OF THE ASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Tho trusl•o8 present their annual pOrt and finanual stat8monts for the year ended 31 December 2023. The finanaal $ts18ments have be8n prepared in accordance wth the accounting polit set out in note 1 to the finarrial Btalements arKI ¢ompty with the charity's trust deed, the Chariligs Act 2011 and "Accounting and Repth'ng by Charities.. Statement of Recommended Pra¢ti¢e applicable lo charities prepgrirvJ thgir acrounts in aordance with the Financial Repng Standard applicabla in th8 UK and R&public of Irel•rKI IFRS 1021 (effective l January 20191" Introducllon Th& Congregation of the Religious of the Assumpllon 18 an intemallonal Roman Cathdic Order over 1.100 mèmbars worf¢fv4ide organised into 14 Provinces. It was foun¢Jed Èn Fran¢0 in 1839. where the Generalate is gtill located. In 2018 the English Provinco amalgamated wth the Province$ of ltsly and Northem Europe lo fom a n Pfovin( of Europe, under a common ProvinrAal and an inlemational Provincial Council. England is a Territory olthe Provin¢e of Europe. The accounts ac£ompanying this rsport are tho att¢unts ofthe Charitable Trust in which the assets of English Tordtory are held. The Duches8 of Leeds Assumption Fund isa subiith.ary of Rdi9ious of the A88umpt¢'on. Education has been tro mission of the Congregation since its found'on in 1839., we S the Iran$lormalion of 80fAety through our work ot educab'on. Tran$fomi8tive education recogni8e8 the unique value of each person and seeks to help them reach their fvll potential. and en9age$witrs issue8 ofjustsce. peac&. and the integrity ofcreation. As the age profile of the sisters suggests, only a very few am emF4oyod in $81arieil educational PDSts, but many of those above Ihe ag8 of rgtiTement CLntinu• lo engagg ¢reats'vdy in the voluntsry sector. Fundral8lng 8tand•rd• Infornwfj¢)n The carity doe$ not aCtity fijndraise and ¢Joes not hold any agreement$ wth professional ndraiserS or commerc#al participators. Publlc bgneflt statTr Tho trustses have paid duo rogard to 9danc• Issued by the Charity Commission in dOding what a¢vitte8 the charity ShId undertake. Tho trustees c#)nsidw that the activities oullin•d her•in satisfy the public bengfit quirements. A¢hlovom•nts and pfomion¢o In recent years our leY has b•en 10 8•t UP 8eparate ¢)rganItionS to work on dlfferent a$peots of our mission. Thoy have a rtaIn amount of aulonomy but final rg$ponsibility for them rests vh the Trustees of the Terfft. AJI our wort 18 carnied out In ond from the foll(wing communibas.. KornlngtoTr Th8 Communty In Kensington sqLre fem8ln8 the PTovinual House ofthe Provin of EuroFe arJ the administratwè eerth ofthe Trity of EnglaThJ. This yearthe fAyMiunty ha8 v8ri8d 5 and 6 ssters, ¥%ith a thange ofI&idehIp. Much ofts o)mrtJryty remang in bLrt grve Ihank8 rwnarkatkn * h 96t I to$upportthe rnMunty and toc£tinUe ouroutreach. Sthtantia bJl<ling vths in Milknt Hws•, vMth sarves as c4kn rfw8k)Th, hm tinUed thrwgh 2023, wth drffiCueS as the Ive for Milleret Hwse to te tyrational by V+oths wll enable us to l¥e 8l¥rs may r?1 care in the ft. a %%ll as Lk8 tOContin of groups and individuals. Twlckenharn as well 8$ Contributing to its Catholsc and 8¢adèmic l¢le in a variety of ways. Our small host¥l continues to provi¢Je tho PhIliwNr, Vtsw). Eroland. and kn1ca. As our¢XmU)ty of resident terS grgwto 7. irwS&thng a yaro wmn entIng as a F¥)stularrt, we have¥180 Ihe ho5telforo¢ox)jati0nfor$1alr$.
RELIGIOUS OFTHE ASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 TvA¢k•nham Iconllnu•d} A the ttmmunty are Yunteer I15 of St Marys d)¥wrLy te, off5 a rarue of¢¥PNtt. os kn pastor aswdl as nNKh infumal Wriendir@ 8rYJ $upport ofsbJderrtS. Staff and peoF4&vtho INe l(talty. Sist•rs al80 hwe roles in Tri and Proviv.. the Terrrtorid YoLth Team, SLwthg the AsSLmFAC wjunteers, as rtrnitsial 8utsar Pthnogl CourKlbr. Duringlhe yearthe Provinc4al becanw a m8mb8r ofwrcunmunty., 8he Seee wider Province th Twickenham a¥ her base. Sl. Catrrine'¥kk)Userna1ns a mUctreeded c(¥nmunty forthefrail 8ThJvery elderty sistW30f Ihe Territ¢Jry, erethey ith danw)ba. have W three d8aths in Ihe Mn[ty thi$ year. but Wlpty Wrc¥Th are gcui filled %%ith sistws f DIr0)MmUnitieS neeth'rg nvo con1thit0 Imxasiondly have sta¥S in need oftenpjrary care stayiThJ for a il• in St Catherinè's. to do what they can. a¢tiwb&s ntinue to b8 SIIuBltsted in a of bets wlkth Ihe %slers can show to fam11 arxl fn'erKJs. St Catherine's Management cMittee has W rninfced with another lay nmLwr regular meotings &?Ue 8UPPOrtin9the stsff and advi$lngthetnJ&lees. we areto Ihe 8effiess de(cation ofourstaff, carer5, deatws, th caierers alike. Tha ststers live in a poty ar•a of Eost Now¢astlo in UnCIl ac¢ommodation. Lrving next door, $lso Sn ¢tsuntyl acyXMatIOn, are fourto 8ix young vdunte6rs frtrn abroad Serving in lfjdsKatrin, an aftor-s¢h¢>tyl eentrefor cr•aJvè •thitsès tr Icthl d)iidren betrKen Ihe w of aghl aTrJ Ilirt, by tsAsSUnwti Sister5thity Ye w. volunt88rs Ihis y8ar, re0rted thThgh the Assumpbon. havo teen from th& USA. the PhilFwyrws. C¢Sumbiq, 4nd Spain. Vve also support a small eAJmmuW ofAs8umption VrAunteeTr living in Middsbrough, where vdurtserB try¥ yw havo cajme frttn Nigwia. the PlxlipFine5, and Rus. fimes ofbCfi together are wyoyed by all. OLrtr•ach workthatthe gistor8 doin the communty includes vdunteering wth'walkn'ng Wth,, a centr8 for and )g asykjm seekets and rgftys., seMThJ tho p8ri&4•s, indudwi9 bwg ¢)nlhetsam ofthe parish fammè, and help# * a L¥8titi craft program•', and sng th6 sick and 8ldedy in a ictal nursing home. A vith derwti INiTrJ in widthial is attxjwd to the curmuThty,' the o)nYrnJrity M6ib her rog(A8rty aThY 1$ very gratefijl forthe excellanl carsh8 r•coiV8S. Wan•toad Wanstead is situated in East Ldan in the L)ioce8e of BrentsDd. At the $tsrt of 2023 there were five 818ters in our intemalit)nal ¢ommunity. By Apn"I the oldest sister neèded more physical and nursing help. and she moved to ourst. CaknrE's Ccfflmunty. frjlty in¥dwJ in paknl rNnisty to Ihe par¢h of r L¥ty of Lourths, the kqrgsst pansh in the dvxeso. The sisth assist in tha parish, visibng the and the ekdedy, pIng atthe Toddler5, d Seniors. Clubs, ppaYIng children forthe Sac¥ament8 and adults to be received into the Church. Sisters at80 give Garden Party, in AugusL vthere parishier, neighbcKs sistW5 from olher corNnurHti'es come together. Thi8 year bec#ug• ol the constNclion WO in Milleret Houw in Kf)singion. we havè hostÈd Assumpts'on Volunteers from our Ne%%ra8Uecommunity vthen they o)melo Loronlormeetings and retreat8'. ithas been ajoyto receivethem. Ong sister is part of the Chaplaincy Team * Néwman House doing pastoral worf( with stLMYenl$ from the London unlr$itieS. The care ol creation and social justice ar8 al80 very importanttr) us. A sislercares forthe c¢)mmunity and thurth g¥dens aTrJ prowd08 vdLUrteeT garderwrvJ fortho8ein need. a&ll aB Mi8tenn9tO the DeafC(mNrity.
RELIGIOUS OF THE ASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Young Adult Mlnlsty The year 2022 was filled ¥th unexpected changes that affected us all and the As¥umption YoLrth Team urKlorstoodthe ChaIngeSyoUng adultslaced and $oughl lo inmrporate regular times for Prayer and ¢ommunity building throughout the year. We introduced monthly masses and soaals for young adults and university students in the Maria Assumpta Chawl on the first Saturday of every month. This gave young adurts opportunities to ¢alloCtlvaly pray for Ukraine, Paki8tan, the Season of CreatKJn, personal intentions and to make nwl fri8nd8 through interactive 8rti18 such as movie and disoussion night gnd 'Assunwtion-Themed' quiz night. We continued our annual Lont and Alfvont retreats, and once Millèret I I House closod for building works, we reached OLtt to the local parighes asking to use their venues. In the summer we organi$•d a day pilgrimage to Wnchesler. It was a SU$$1 ¢Jay of community building whilst dI8¢ovn9 8 hi$tori¢al gem of thè UK that embc4Jied 80 much faith. In Sept¢mr wejoined the Westrnin8ter Diocesan pmgramme for the visit of the relics of St Bemadette vthich coincided wrth th• odentslion of the InMing Assumption Voluntsers. Thls was a great way lor the volunteer8 to moet the Icul young adults arKJ lo exrriench Bntish culture and ¢u¥loms ffirsl hand and the informal setting allowed young adults to leam morè from the volurer8 vtho $hared atout their moJ¥alions for 8etvic8. 11 th a 8mall team of young adults we joined the 44th National Justice and pea Nefvlork Conferenco in Swanwck during the $umnw. weekend con$i$ted of inspiring 8peakw8 with workshops and opportunitie$ for netsyorking. One partiopant shared. W& grateful forthis opportunity to 8tt8nd the 2022 Annu81 Conference aInd al bringng together Catholics &fKI other dorJomin&lions lo listen and diu$ issues of Gonc8m in our modem age, both domesti¢8lly and abroad. The topi¢s indudgd swnificanl iSSU8s like p8g6-bthlding, &md confli¢ts, clim818 ch8we and poverty. I was enGourng&d and movedby the sp88keTr and conversations." We ¢ontinL lo participate in th• actiwties of the nalK)nwido CYMFed (Catholic Youth Ministry Feder8tionl wth other Catholic diSe8, movements and religious orders. Tho m•¥tlngs also present opportunities for futhar c>)Ilaboration, for gxample organising a school retreat lor Sixth Fom7 stsjdents In 8r•ntsvood to tsckle th• issues of dimgte, poverty, peace and Confit, and refvgees, An¢)thgr joint project was an INSET day for tèachers focusing on Catholic Soty¥l l&a¢hin9. It was a pnvilegg to wo 8ido by side wth othèr religious organisatlons and to be glven 11 ro$pon8ibility to lead the $essions In the As5umptton 8pirit. team facilitated further rtreats for nfirMalkIn ndIdat&s.. for young peopfroM the Parish of the Sacred Heart ofJesu8 in Holloway aTrJ forthe vietname commtjnty in East London. It was both challenging aNI rewarding trxp4rien¢e to join their ¢ommunities and $tudgnts. teach•rs. catechists, Y1 WOfkor5 from dfftering backgrounds, unf(•d by the $ame go81s of sharirrfj and 8trengthening the Catholic faith of young people. Communlcfttlon 3ttra¢ts many vi8¢tors. We are parb"cularty pleased that YOUNJ P8opI& find out aboLrt us and join our events through our website and wx4•1 m¥dla. W• ar• currenuy working to establish a new website vknith wll Ineryrate th& rn110n ofthe Religious ofthe assumption In the five courth'e4 of the Provin¢e of Europe.
RELIGIOUS OF THE ASSUMPTION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 A88umptkn Legacy Fund Assumption Legw Is a Ilnked d• (No. 23201) vk#)80 ard exFen8es are ir¥ludwl as a Testii fuThJ in Ihese financial statements. The nd'S ¢)t¥'&X is to cLffttinu the tonitorfs misg¢n of ethjcation by mthng gtants sUFP)r¥j projects forthe put4¢0on¥fft in the U.K sn parbrajlar forth6 atharKt of43dLKation Vre.. 2. Fcmkn M aNI s(Wof$h¥wJ thlerBhips5thin Rcffian 8cIKc4saTrJ sithfomi c 3. L¥y petsP worklro In or alongside tho Roman Catholi¢ ¢hurch. partiladY youth workers and th09e engag&J In transfomiative educati inthetradition oftheAs8umption knumO'cfft Legw Fund {ALF) vthed 16 orgafiwtics n 2022, fft)5t ofts hapwMrvJ W11Y. The Malag (x¥nmitto0 made don"ons to 9 prctyects. in add( to th• 0th8r 6 ongoing gmnts. Ontr ¢fALP$ new rec4pnts 18 tho Irish CharJ•in¢y in London. Funding from ALF will onabl• the chaplainq trj prowtJ• Irish and Travèller Prisoners in Ear and Waes a rang? of iKell acwbe$ aThJ re4[£$ over a thrtryear 1Cl. Prowdir¥J suth and clthrydl reswrcas ha9 to enN¥Kd hsalth ofAVentS, arKI a de(Thge in self4Hmi. For many [elr• has ¥lso an imprOvt in theirfJiro arxl wriling. ALF also made an Imp)rtant ¢tbUtiOn lo the Catholic Children'$ &Kiety, enabling th•m lo delivertho Rainbows BtreavementSupp)rtPrraMm8 tsning to 75 sd)odsovw 3year& tr#inirvJwill enable schod staff to run SUFw1 grr¥Jps forp'L5vkn) ewmLI A bertrt other sKJrnfi¢8ntkM in th&'rl¢ves. KvJ$ Katyn, ¥rthrgr8ntse, 11 facilitate a prcgranmn8 ofactiw acrw 5 k¢8kn$ in th and east Middlesbrough. They ddiver a 1X01cefitr8 based. street%%rykshcp aTrJ 8v&ts in partnership ¥%ith knal 8tskthCs to wgagè n&¥ pa3pants. remwn outsY•rdlotrking atKI be responsiveto ne&J. 10workshopswll njn ¢ath w&•k. enabling 250 and 350 young pwle each y&orIodevalopth'rpracti¢8l, ¢rgativg and socia Skills. ALF ttfitinues to SLWUt a range of other iMIRs. induding a thar8rXwffwntoring PTogramff in schc¢49 d&livwod by I in arKI the 8aLgry ola Yrxrth ts[ker in May, Mclher of (>xl F4fi5h in Bradford., (re wpwt 8tshire.' s>t-dodcd re8oarth atst Mary'$ UnNeiwtywththe Bakhita C¢ntrelorthg Study of M¢dem Skvory. Th Dueho88 of Lowls A¥$umptlon Fund to young women agod 16-25 who live in th¥ North of England. Wlh the of Omicron.related cases. some travel start. Ihe Manajemert Comnitteewere able to make 27 grants at ts'r May netirvJ l¢ythnè} and Ihe grant der# to pto LoLxdes fortho firtt'me sn 203). Th small1£180 average}the grants prowde gnific h Iheovernll co8tsofthety6. FuN1Sredilritrth in Mayfc¢rilgrimagesthNJ 1hrJghrArtlJt•V.IYj aTh# wmmer. th&first timg. Pl•w nOte1hat hava 1h8 girts, rewts as IW wrcrtethem, Indlingthe odd typo. '8y tsr, tha partyrn I Wt ts c)sestb) thn I wos t'rKJ part in ts prcC8ssi the c£4Thnurity feeling and seeing all of the candles people held were breath-taking. Itwas incredibleto See the va81 amount of people tsknro p9rt in this wrnhiFf4ng e¥tt. The nK4SS W98 SF•Ja)J¥r4rtrJ I had ts CVF¢ybJiity to Ixld banr aThJ Ila98 in the pro¢8ssicnNth¢h was a huge Sponkfy.' Svziè tr) t rf a dNetse group of 41 Uri fath. I was atle kn lm Irpm th arjnd rro aTrd see ts imFd faith on ts'r1. l cknets fel Cathdlx fro¥n ry uriwsty, iNJwJirg Igrim89& &8FwtyVkn0n boir4J at Ihe ¢¢rter ofhdwrfJ others a nwninglul and spwl blp." l¥lknl
RELIGIOUS OFTHE ASSUMPTION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 sho1 me isn11t 8C1hty I l)wd, fath rd trre lo te sh¥gJ aNI the rwre you she rIal others the strC98rIigets foryw all. Faith is aboutt>ynrNnty, about bebnging. ab)ut usirg this nderfLI grfl G¢ sgiven us to hdp ther8.11 is al80 aix)ut love and I fer( sUffjndad by Ihis ath¥ing atthe airportto b8¢k at TeeJ&dè... I dcnlthink I havo w 88on p8¢pl¥ take 50 Icg to leave an airFA)rt, 80 many gtyJdbytrs or should I say you s¢¢, hug$ atyj thanks. tt tnjty w88 alantastsc exp8ri0rth, an amazing OFP)rtuThty an lwringlMty. 18m sowatefiJlforth•holpthallho Duthe$8 ofLeed8A3sumpt'on FLmd gavemetoenthe tOMakethlSPgl8. It hasimbeddeda sead in mèthatwll 9Th18trongerand I'msLwe I will ba backin L¢wde$ag8in8<Jon lodDitall ggain." A68umpJon Volunt••rn Since 1999 the AUmPtn Volunteer Programm• ha$ welcomed young poopl aged 18+ to serve in England and oversea¥ in cLsllabor¥tion with the intem¥ti¢nal nefvth of AMA within the congregation of the Rtllglou$ of th¥ Assumptlon. Partsapants are invited to shar• in the livos of marginalized and poorer communib'es in another ¢utture. •spe¢rly seNiro young people. Il• n1 ov•r8e48 pr(ty run with limited capacity. our programme in England was able to expand its ¢)perations. Our most significant achievementfor the year was that we ffinally opened the 8¢¢ond volunt6er house in Middlesbrough, in the North-East of England in Nov•mbgr. Four volunt¥ers are 45signed in the lonrunnin9 volunteer base in W8lker, N•v•ragtÈ&', additional volunts•rs now Iwe in the Se(d location where the same charity. Kids Kabin, work8 With young people and children. k t In the 2021-22 academK year seven fijll time volunto8r8. from M8xicLJ, the Philipp¢'nes, Namibia. the USA, 8rozÉI and Hungary, seNed in Newc8sU& for betsveon t months and one year. In the follrN4ing academic year from Soptemtrer 2022 we w&1med six long t8mi volunteers from the Phllipw'n&s, Russia and the USA. C8 of our recruits from Ukraine was unable to join us becau•t of the war in his home ¢(nIry. T1 voluntfjors in d$ Kabin mntinue to Provide invaluable and high qual sgrvi¢o in tho planning and ddivery of Ihe sessions with the children. They also take on the responsibility of the preparation$ of haw-tem and summw holiday adivlties, administrabve task8, reiation$hip-building wtth the families, 80clal media an¢J publK relations, just to name a few. On¥ recent Assumption Voluntser wrote. So many espects of my year we incrgdibly rewarding.1 I have grown tremendously as a person. I f8el much mo seIfp8wa andconfid&nt, aMlhav8 a much gtpat8rgrnsp ofwho lam 8S8 peryJn and what my pl&G& is in the wortd. I have built relatshIpS and mad& frieMIs diffgtwt continents and built an amazing Commun with my fellow voluntsers and the Sisl8ts who INed next door. But th8 most Trwarthng p8rt of the exp81ience was Ihg worfr at Kids Kabin. tt was amazing to have a suporvisor who l thked up to 8nd who laughl m& so much in several drfer&nt 8198s, f1M man8ng childTrn, to pottery, to Woodwo and just lrfe in g8nws1. Th$ wholg 8xporienc8 was so incrgdible and rewarrlino 8nd docng to come h8m W8S the st deolslon I have aver made In my lrfel"
RELIGIOUS OF THE ASSUMPTION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 0ry8nl•8tkn and Communlcatlonl The A88umptKJn young adutt ministry is supported by the work of the Sisters in the Youth Team and tsvo full ty.me staff members.. a coordinator of young aduft ministy and a project worker. Th8iT involvemtrnt range¥ frcm recfuitment, training and acU)mniMent of Assumption Voluntsers, to the development. anning and implemtrnl#b'¢)n of various young adult events. Assumpts'on Volunteers is supported by a dedicatsd AdsOry Board which meets regulady throughout the year. The Volunt88r8 are supported in variou$waysthroughoutth¥ir 8erviceyear accompanied by rogular indiwdual m&oting$. encour8ged to organise their own communlty acivitie8 and outing$ or rf ngcessary. giv•n or-trtrone English le150n¥ to improv& their language ski118. The programme indudg$ dedicated limes oftraining lorientstion week when they orrivg in the country) and indudion in tha l¢xal Kids Kalin projects. During the year there are days for refiection and Spirial r¢troats, and a final •valuatn retreat and debriefing bèfore th•ir departure at the tr of their year. As part of the promotlon and recruitment process coordinator8 attend volynteer fairs and otherevents to share the vision of thi8 unique Catholic Gap Year project and invite young peoplo to give a year ofservlce. In November 2022 an important gathering ofccordinators ofthe worlthKle A88umption Mi38ion Associates {AMA or Assumption Volunltrersl took place in Paris. This brought togothef over 20 progfamme lead¥rs from around the wuld for a time of reflection, exchange and planning for a renewed and united visc. The seeds of a GIo8er collaboration btrfvfftn the different Provinces were sown and now i¢Jeas emerged, which will hopefvlly ve • fr•sh Imp8lus to the pro9ramm• towards a now fijturè. We continue lo pay partiojlaf attentson to tho fjevelopment of ¢ommunicalion within the Provinc•, In the EThJlish Territory and wth the wldèr world. Thè le•m ensures a livety Aal media Pfa8en¢e and a dedicated team 1$ working on joint new Provindal website. In the pa$1 y•8r we pcoduced and wnled the ntrw Assumption Sisters and Assumption Volurrteers leatsts. Fubjrn PlaTh• Towards the end of 2023. because of the increasing ill-health of somè sisters, it became ¢lear that our communlty of gi$tors in NewcastEè byill hovg to close during 2024. 11& th¥ pr¢$8ncs of the sistars in NeaStI Mll b& grèatly missed. esperAally by the As8urnption Volunteers, the age profile aThJ health of the sisters m8ans that do8ure 1$ in•vrtabl8. We plan to ¥•t in place extra support Jtru¢lura$ for the Assumption Volunts¥rs Newcasde and Middlesbrough. The nthyty renwted Milleret House at Ken$4ngton reopened in May 2024, enabling more Slsters to be part of the K&n$ington communty. Wg see Kensington 88 ¢enlr¥l to our plans loi the long-tem presence of th¥ Rdigious of the Assumption in England. able to prowde extra prov¢$ion for the frail and eldedy. We had previously gnvisag8d ¢losing the Wansts¥J wnmunity once wo$ in Mill6ret House w&r• completsd and si$l$rs Uld move there, bul thi$ dosure is ntyw postpon¥d. We arg in th8 proce88 olchanging the tharitoble tru8t to a C.l.O. Invostmont porfomian The gain in the value of th¥ investments during the year w88 £1,71Ok (2022.. 108$ £5,691k}. The value of th investments at the ye4rend was £39,294k 12022.. £41.240k}. See note 11 to the ¥ccounts. The investments whith consist primarily of equitieB. inveslmnt funds and fixed income secunties, are solacted the advicE ofthe invostment managers. The trustees ay• Satisfi with the perfomance of the investmnls and with the advic received from the in¥estment managern.
RELIGIOUS OF THE ASSUMPTION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Fln•nolal rgvlow In¢ome for the year 8mounled 10 £1,778k12022'. £1.757kl. Expenditura for the y8ar anvJunt•d to £3,082k12022: £2.884k). After taking account of the investment gans the net increase in fvnds lor the year was £406k12022'. £6.818k decrea8e) resulting in a fund balance al the year4nd of £57,662k (2022.. £S7,256kl. Rouorv•s pollcy InclLsded in the balance 8h•et orn re8trl¢fjd fvnd$ whith compFises ofthe A3mption Legacy Fund. There ar• also designated fvnds which eomprf8e amounts which have been get a8ide at the discretion of the tru8tg0$ for sperAfic purpos08. The purwès and uses of the designat¢d fiJnd8 are #el out in the notes lo the accOur. The remainiro fvnds of the charity are kept on the genèral unrestricted fvnd as Ihg thority has endowmsnt fund. In addllion to tho wor8 lo whid) rt 18 committed. the charity needs to pwde for the long-t•m needs of the Sistsrs who make up the community, togglhor vmth the properlies they ¢x¢upy and their impact on the environment. AlthoLtgh TeSOW¥ have boen d8sonated lo mEel these needs, these cLtsts are by nature long-t¢mi th a lapJe degree of uncertainty. In the drcumstsn¢es, th? Iru8lees (xnsidw that the current reserves are ad8quat• for, but not rn4lerially ex¢ossive to. the future needs ofthe charity. Invo•knont pollcy charity's investmant poth•rs are pr88¢riW under the tefms of the trust dead. The trustw ar• permitted to invest in trustee inve8tThnts in the fomi of Govarnmt s171188. ond the thares and fixed Intsre81 11•$ of publlc wnpanies, Investment, financial or unlt trusts. Th8 charivs inv8stm8nl policy 1$ set by the Iru$tee$ and the investments are drvided In roughty equal propoTb'on and managed by Quister Chovtot Limit•d and EpNorth Invostmenl M8nagement Limited. Our investment choices seek to be a pracaical impl•m•ntatlon of the soaal ry)nwuèn¢•s of th• Go$pèl. W• do this through our othi¢•l investment policy and by positive choices, as wdl as negative exdussons, in our asset allocation. The investrnenl managgrs aro InstnKted lo ¢¥limi8e the retum on tha invesmenl8 overthe medium tem) thin these parameters. Rl8k Managnt The tru8ts0$ have as$e$ged the major areas to vthlch th• Chanty Is exposed. Th indLth'. Finance Maintsnar)ceof building8 Hoallh and Safety Empkiyment Law R•putation The tru$tee$ believe that having a$sessed the major risks lo whith the Charty Ih expoJ. they have established •ffgctiVg 8y8tems to miiigatg Ihose risks. Thtr Iru$loes have a policy for the Saleguarding of Chlldrèn. Youn9 P$ople #nd Vulnèrable Adults. The trustees priorftise ensuring the prolecon and 88fety of all those the Charity serves. This means that every sisl¥r who is engaged in any kind of ministry obtains dèaran¢e from the Disdosuro and Barring SeNi¢e. Thè twstees are committed to implement'ng all policie8 and proUr&s ofthe Nathonal Cathollc Safeguarding commisOn. fomierfy the Catholic Office for the Protection of Children. The English Temtory is a rnemr of the Catholic Safeguarding Standards Agency arKI the Religious Lifg Saf#gu8rding SeNice. and benefits both from the training and advir thay offer and tho yrk of thesr lay safeguarding repre$ontstlv¥. Tho trustees &mploy the ofsuitably qualffied yr80ns to a¢Jvl¥e on necessary repairs to kp thg e8t* proFerty in a good slate of repair. Struthro, gov•m4n¢o and m#n49om•nt The assèts ofthe English Territory are held by the tN$toe$ of Ihg Con9re9ation oftha Religious ofthe ASYL¢mpts'on. Th¥ Iru8t 18 govemed by a trust doed dated 6th February 1963. and 18 ro9lStered with the Charity Commlssion No.
RELIGIOUS OF THE ASSUMPTION
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
10th October to: i) amend tho objects of the tharity to darify Ihal the charity's funds bè applied anthere in the
wodd,. ill amend the d•finitioA of '$uperiorf', iii) thange the proviston9 in the const1tLrti relating to the number of
tnjstees so that th¢r• must now b8 bèhyeen three and e1Ve trusttss in office. The deed was further amended by
a scheme dated 24th Seplembgr 2020 and a Resolution of the Trust99$ under SeCtn 280 of the Charities Ad
2011, further amending the definth'on of'suwiof and darifying tho assets of the Trust Should be distribuled
Should the Trust to exist.
The trustees are appointe
RELIGIOUS OF THE ASSUMPTION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 AUDITOR Each of Ihtr persons who is 8 tru81ge at th8 d8t& ol approval of this report ¢onflmi$ that. in so far as each trustee is ¥ware, thgre is no ro18vanl audit infomallon of which the companYs auditor is unaware., 8nd each trustee has taken all steps that they ought lo hav8 t8ken as 8 trustee to make themselv93 8warg of any relevant audit inlomiation and lo &$tsblish that the company'8 auditor is ow8re of that infomiation. Sigr*d on behalf of lh8 twstee$'. Sr Catherine Jones r.a. Sr Maureen Connor rts. Oaied". 16 May 2024
RELIGIOUS OF THE ASSUMPTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RELIGIOUS OF THE ASSUMPTION Opln We have audrted Ihefinarrial stslements ofReligious ofthe As8umptron (Ihe'charity'l forthe yearended 31 December 2023 which Comprise the Consolid8t8d Statemènt of Financial Activitie8, the Consolidated 8nd Charity Balance Sheets, the Con801idaled Stslement ol Cash Fl¢)ws gnd the notes lo the financial stalomonts, Induding signifKanl accounting WiThe¥. The finawal reporbng Iramework that has been aPled in theii preparation is applicable law and Unrted Kingdom Aco)unting Standards, induding FRS 102 "Tha Finanaal Repong Standard applicable in th¥ UK and Republic of Irelanrf IUnit•d Kingd Gen¢rally Accwlod A¢crNJnling Practice). In our opinion, lh• finanLYal statements.. - 91vo a trLte and fair view ofthe stato ofth¢ group's and of the parent charity affairs a$ al 31 Lk¢ember 2023 aThJ of the group's net movement in funds for the year then ended., - have been properfy Prepared in accordance wth Unf(ed ngdoM Generaly Accepted Accnting Pr8ctice.' and have bean pr•pared in aordance with the requirements ofth• Charilies Act 2011. Basls for oplnlon We have been appotrnted as auditor und•r se¢ti¢)n 144 of the Charittes Act 2011 and rnport In ac¢ordan¢e with thè Act and relèvant regulations made or having eff¢¢t th•reunder. We conducted our audit in ac¢ordan¢e with Inltrmatronal Stsndards on Aud9 {UK} IISAS (UKI} and apleable law. Our responsibilities under th08e 8tsnd¥rds ar¢ further des¢rib•d in the Auditorfs respon8ililitie¥ for the audit of the finanrial stslements sects'on of OLbr report. Wg afe Indopendenl of the group in ac¢xrdanGe with the ethical requirements that are rèlevant to our audit of the finan¢ial stem•nts in the UK, induding the FRC'8 Ethical Standard. and have fulfilled our other ethical responsibilities in ac¢ordance wth requirements. W• lIeVe that the audit eviderto we have obtainad 1$ 8uffici•nt and approwate to provide a tASiS for our opinion. CM¢lu$lon• rnlatlng to goln9 concorn In auditing the financial $tatsm?nts, we have conduded that the trustees. use ofthe going 0)nrn basis of arxounting In the prep¥r¥tion ol the financial st¥lemfynts is appropriate. 8a8ed on the work wo have p8rfrirn, we h•v• not id•ntrfied any material urt¢wlainlie$ ralating to èvents or conditions that, In(fvidualW or collectivety, may ¢a$t $ignifi¢8nl doubt on Ihè group's abilty to continue as 4 gotng nc•M for a period of at lea$1 tsyelve monlhB from when the financial $tat¥msnts are authorised for issue. Our resp0nsiknlit9 and tho responsibiliti88 of thg trustse8 respect lo going concem are describgd in the relovont along of this rewt. Oth•r Infornwuon The Iru$lee8 are rebpon$ible for th• other infomation. The other infom•tyon ¢ompri888 th¥ Infornon induded in the Trustees, Annual Roport. Our opinion on the finanual stslements doès not cover the other infomialion and, except 1¢ the exttrnt othews• 9xplAY $tatsd th our report, we do not express any fom of a88uran¢e cty)c¢uwon Ihoreon. In uJnn&ction vAtr our audit of the finan¢ial statwnnts, our respon$ibilty is to reJ the t)th8r infomution and, in doing so, ¢on$i¢Jer whether the other information ig m8l•rially incon$i¥lerrt the financAa 8tstem¥nts or our knowledge obtained in th& audil or otherw8e appears to be materially misstated. If we identify such material IrnSIStencJes or apparent matarigl misstaten*nts. we are required to d8temine whether there is a material misstatement in th8 ffinancAal 8tatan&nts or a material mi$8tslement of the other infom'0n. If, based on the workwe have perfomed, we condude thot there 18 a material mi$statsmenl ofthiy other inf0Mtion, wè are required lo report that fact. Wè have nothirrfJ to report in thi¥ ward. Matl•r• on vthl¢h w• are roquirnd to r•port by •xc•ptlon Wo have nothirKJ to report in respect of the following matters in relauon to which th& Ch81ities IAcLounts and Reports) Regulations 2008 requify u$ to rèport to you if, in our ow'nion.. - tho lnftsmti gNen in the ffingncial staternenls 18 inn$7teTrt in any material respectwth the IN$t••s' r•port', - $uffld•ntaccoLmting recryd$ ha not be•n k•pt,' or 10
RELIGIOUS OF THE ASSUMPTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RELIGIOUS OF THE ASSUMPTION (CONTINUED) - th8 financial sLements are not In agreement wlh the accounliro records,. or - we have not received all the infomwtlon and explanationswe require for our audit. R•#pon8lbilltlM of trw•t•o• for tho finanolal ststsments AS explained mor• ffijlly in tho twst•es' responsibilities statement #et out on page 8, th• tru81988 aro r8sF¢nsible for the preporation of the finanaal gtatsm¢nts and frr boing satisfied that they give a true and fair view. and for Such inlemal c#)nlrol a8 Iho trusteos dettfmine is necessary to enable the preparation of finanoal statsments that are free material misstatement, whether duo to fraud or error. ln preparfr¥J the finanrAal statements, tha tru$t•¥s ar• re$F0nsie for asSesng th• 9roup'8 and the parent th8rity'8 ability trj mntinue as a going nceM, disdosing, a¥ applicable, matters relatèd to going ¢)Jncern and using the goirq concem basis of accoyntirKJ unle8$ the trustees either intend to liqusdate the group Qr the parent charity or to se op8rations, or hav• no wlistic allemative but to do 80. AudlloV8 rpOlbIll1Irt for tho &udlt of the Ilnonclal •tatom8nts Our objectives ar• lo obtain reasona0 488urance about whetr the finaneA81 statements as a whole are fre• from material misstatement. whether to fraud or error, and to issue an auditorfy ffjport that include$ our opinion. Reaswble 88suran¢e is a high l¢vd of assurancfj, bui 18 not a guarantee that an audit conducted in ac¢ordan¢e %%ilh ISAA IUKI wll aayS deto¢1 a material misstatement when it exists. Misstatsme¥ts Can arise from fraud or error and are o)nsidered mat¢rial rf, indiwdually or in the aggregate. they rnuld r•a$onabJy bo exp8ctsd to Influence ts economic decisions of u8¥ro tsken on the basis of Ih8se financial $tstem•nts. Irregularitie$, including fraud, arè instanc•$ of nonwcomplian¢e with law8 and regulations. We dasign pladUreS In ling with our responsibilities, outlimd above, to dot•¢t material misstaternenls in resFect of I09u1aritioS. Induding fraLKI. gxtenl to whi¢h Our procedures aro rapable of dgtecting irrogularlU'e$, induding fraud is dotailed bo1¢)w'. 8aBed on our urrstandin9 of the tharity and tho ¢rwironment in which it opw8t•>, Id•ntifi•d that the principal riskg of n-COMplI8n¢O wth laws and règulations related to Charity law and $affjgugrding r&gulalion8. and we ¢on8id¢Tgd the extent to whi¢h non-¢LP119¢¥ ml9ht have a material effect on the finanaal statem8nts. We also considered Ihose laws and regUlAtic8 that hava a dirrtt imp#¢t on th& propar8tion of the firsancial Statemerts such as indud• the Chariti8s Act 2011 and the Ch¥rlile$ SORP and con8ider othor suth as payroll lax. W• •valuatd management's incentives and opportunities for fraudulent manipulatim of the financAal statements Ilnduding the rtsk of override of contrc481, detemined that the prinoypal risks tre relat¢d to deprtaab'on. Audit prdreS performed by the engagement team induded.. - Inspecting rmspondence with r•9ulors and tax aLthorfb•s", - Discussi¢$ with managemnt induding conshleration of known or sUSpd in8tsnc08 of norrtomplion with laws and regulation and fraud., - Evalu8ling man#gemenl'$ c>)ntrols desSgrd to prevont and detect irrwlwitses., Identifying ts$b"n9 joumals., KI - Challengrw3 assumptsons and judgèmèn18 made by management in thelr Crftical accounting e81im•te8. These rolated to dopredation. Because of th• InreTrt limiti¢on8 of an audit, there i¥ a risk that we wsll not deteci all irreyularibeg, Induding th0¥0 lding to 4 malorial misstatement in the financial $t8lements or non-compliance with regulatron. Thi$ risk In¢rn8se$ tho me that compliance wlh a law or regulation is rerrthed from the ev6nts and transactions ¥efleGted in th ffinandal statements. 4• w? will b• l•sJ likely to btscom• awar• of in>l•nGes of non%ompliance. The risk is also grealer regarding irragularities 00xing due to fraud rather than wror. as fraud invol¥ intentional c(wIMent, forgery, collusion. omission or misrepre8ar)tatson. A further des¢¥llon of our responsibilits'•s lorth• autht ofth8 ffinancaol $totgm•nts is looled on the Ftnano81 Rewting CounrAI'8 at www.frc.o .uklauditorss . This descripb"Gffj fom$ part of our audit$ repjt 11
RELIGIOUS OF THE ASSUMPTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RELIGIOUS OF THE ASSUMPTION (CONTINUED) U•• ol our r•port Th1$ p)rt is rnade $olety to the charity's tru$l8e$, 4$ a body, in a¢xordance with section 144 of Ihe Charbti08 Act 2011 and regulations made under soction 154 01 Ihat Act. Our au(11 th has bgen undertaken go that we rdght state to the ¢hanty's trMleès bhose matter¥ we are r¥quire<l to State to them in an Auditorfs report and for Tr) c<tr purpose. To tho fvllest extant pemiittJ by law, we t10 not a¢xopt or assume responwbllty to anyone other than thg ¢harity's trustee8 as a bcKly for our audit work. for this report, or for the opinions wa hove formed. Haysmauntyre LLP statutory Auditors 10 Que8n Street Place Lffldon EC4R 1AG Oe.. 30 Augllst 2024 Hayma¢intyre LLP 1$ dbJible to act 88 an audi in temi8 of section 1212 of the Companies A£t 20ce 12
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 unrestrlct End¢thThont Rethctsd nds fiJnd• 2023 Total Total lurKI 2022 2023 Incom• and •ndo¥mi•nts from: Propèrty and assoc4atsd incorrn Legacies and donations Sisters. salaries and pensions Invostmonl ir0 23 322 1,397 3W 291 1,038 1.1S6 241 1.537 241 1.778 1.757 Total Incom• ExndItUr0 on: managem8ntcosts 101 Charitable activiti•&- Ternitorial expèn888 2,387 587 2,974 2.783 Totsl 9xwlIUrn 2.495 587 3,082 n5111098) on i8strnerts 1,683 27 1.710 {5,691) N•t movgm•nt In fi•nd• 725 (3191 (6.818) Fund tsalan8 at 1 Jarw8ry 2023 51,C64 350 5,842 57,256 84.074 Fund b•lanco8 at3111o¢•mb8r 2023 51.789 5,523 57,862 57,2S8 The stalement of firAncial activities Indudos 411 gains #rKI1088es recwiised in the year. All irKome and exynditure d&rive from o)ntinuing l¢tities. 13
RELIGIOUS OF THE ASSUMPTION CONSOLIDATED AND CHARrfY BALANCE SHEETS AS AT 31 DECEMBER 2023 2023 2022 Group Char Group £000 Charlty Flxèd asset# Property.. p18nl and equipment Inv&stThts 10 11 13,199 39,294 13.199 38.770 9,861 41,240 9,861 4L).743 52,493 51,969 51.101 50,604 Curr•nt as$•t8 Debtt) Cash at bank and in hand 12 51 6,021 51 5,954 710 6,049 710 6,072 e,oos 6,759 6,674 Curr•nt Ilabllltlfys 13 17891 (7891 14531 14491 Nel currgnl assets 5,283 5.216 6,306 6,225 Total assets less current IlabUItI•*' 57,TT6 57,185 57.411 56,829 Nowurr•nt Ilabllltl•s 14 11141 1114) {1551 11551 N•t ass•ts 57.662 57,071 57,256 56,674 Incomo funds Restrided fv¢nds Endowm8ntfund 1S 16 5.523 350 5.282 5,842 350 5.610 Unr•strl¢tsd fvnds Designatèd fvnds General unrestricied funds 17 40,109 11.680 40.109 11.680 44.631 6,433 44.631 6.433 51,789 51,789 51.064 51,064 57.662 57,071 57,2S6 56.674 The financial statements. were gppmvod by the Trusta•s on 16 K48y 2024 SrCalherin# Jonès r.a.ISecretaryl Trustee Sr Maureen Connor r.a. Trustee 14
RELIGIOUS OF THE ASSUMPTION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Cash flow# fr¢m oporntlng 8cUvltlg1 CJh absorlj by owr•tlons 21 11,675) (2.67SI Inve8tlng athlOB Property, plant and eqLtipmgn¢ additio Purchase of investments Pfoceeds on di$p)s81 of inv88knents Investment inccffie reIved 13,4C61 112,0501 15.7C6 1,397 12,8281 4.154 1.038 N•tca8h g•nerat•d from Invo1n9 actlvlllgs 1.647 2,365 N•t IdKr•a••lln ca•h and cash •qulval•nts (281 (3101 Cash and ca$h equNalents al b8ginnir ofy 6,049 6,359 Cash and •qulvo1onl• at•nd of 6.021 6,049 Analy•l¥ of and u8h oqulvalgnt Ca$h at bank At 1 January 2023 Ca8h Flow At 31 D•c8mbor 2023 Cash at bw* 6,049 Q8} 6,027 Totol ¢08h and cash equivalent 8,049 1281 8.021 15
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcl Charlty Infomi•tlon The Reliuiou$ of the Assumption 1$ a charltable tnjst estab5ished by deed on 8th Febwary 1963. The principal 8ddress18 20 KensirYJlon Square, London W8 SHH. 1.1 Ac¢¢untkng conv•ntlon The financial statements have boon pr8par8d in acLordance wth the charity's trust de8d. the Charities Act 2011 and "Accountiny and Reporting by Chanties". Statsment of Recommenile(I Practice applicable to chariti8$ preparing theirac¢ounts In accordance wth the Firtancial R¥porting Standard applicab in the UK and Republlc ot Ireland IFRS 1021" las amend¢d for ac¢ounting periods Comnng from 1 Jgnuary 2019). Tha charity 1$ 4 PutAic Benefit Erlty as defined by FRS 102. The finanrial Statements have departed from the Charitie$ IA¢eounts and Report81 Regulation8 2006 onty to the exlgnt r8qUif8d to provide a true and frdir view. This departure has involved follwing the Statomnt of RècoMnded Practice for Charities aOying FRS 102 rather than the version of the Statement of Rec>nmènded Pradio whth 58 r•lerred to in Regul"¢)n$ bu1whth has boon withdrawn. The finarrial statemerts are propafed in sterling, which 18 the rtional Cufrew of the charity. Monetary amounts in these ffinanual ststemfynts are rounded to ths noar¥sl £000. The financial statements have bn pr•pafed on thè historical Cost convention, modified to indude inve8tments al fair value. The prtncipal aCntIng polioes adopted are sel out below. Golng concorn We havg setout in th& Trustees. report a rovithy offinanryat p•rfomian¢o and the charity and the group'$ rgseNe position. We havo ad8qual8 finanaal rore¢S and ar• placed to manage the bu$in•$$ ri$ks. We hav& a Tea8onat4e expectation that we have adequate resources to continue in 0rational oxi$len¢e for the fore$¢eable fLrture. We believe that Iharg are no material uncertainties that call inlo doubt the charity and the group'$ abillty to continue. Thè 8¢Gounts have therefore been prepared on the basis that thè d)anty and the group is a goiro conrEm. Con•olIdl0Tr Tha a¢xounts ¢on80lidate the r88ults, as8ets and li31111•3 of The Du¢hg$s of Leed$ AssumFthon Fund {charity number s30) cffl a lin&by4in$ basis. Irtsr<èrity transac¢n$ an<1 balarrEs are ollmlnated on consolidat•M. 1.2 Charftsbl• lunds Unre5tn'red fvnd$ are gvailable for al th• discretion of the trustees in furtheran of their ¢h¥ritst40 objgctiv•s unlo85 the fiJnds have Lwon d85ignated for othèr purpo8e8. Restrictgd fvnd8 comprisg of ungxpended donations and grants from the Assumption L8gacy Fund. a linked charty established In 2018. 1.3 Incom• Income Is recogrM$ed when the drfty 1$ legalty entiued to it after 4ny pwfomance conditions have b8en met. thè alrt8 can bo m&gsured r¢ll8bly, arwj it 1$ yob•bl• that ino)me will b• I1Ved. Ca$h donation• •Ye recognised on r•e•ipt. Other dontion8 are recogni$•d once the charity lJ8•n notified of the don8tion. unless perfomare c¢ndilions Tgqulrg deferral ofthe 8munt. Income tax recoVerae in rèlation to donations received undor Gift or dèeds of covenant 1$ rocognised al the timo ofthg donati. Le9aue$ aro reccgnised on r•coipt w otherw8e rf the ¢harfty has been notffied of an impending di8tributK¥n, the loUnt 18 kntyin, ar¥J receipt Is oxpe¢ted. If the omount is not known. the legacy v8 troated a8 ? ctsnliryent •¥set. 16
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ouniing pollcl•• Iconllnuod) 1.4 Ex[d l eXndItuTe 1$ 8c£ountsd frjr on an accru41s basis. Exwndrfure 18 renI where therè 18 a legal or cL)nstrucbve obligation to mako payments lo Ihifd parties, it 1$ probabl8 that th• setuemgnt will be required and tha 8mtyJnt of the obligation can be moasured reliably. Grants payable are within the ch8dtable obje¢livo8. Where unconditional granls are offered. this18 a¢cruod as soon a8 thg wpi•nt is n¢)tffied oflhe grant, 88 this gi$ rise to a reasonable expetstion that the reupient will r1Ve the gTanl$. gfant8 are condits'onal relating lo porfomance th8n Ihe grant 13 only accrued when any unfvlfillfjd conth'tion8 ar8 outsid• of thè ¢ontrol of the chaiity. 1J Prop8rty. plantand wulpmont Dopreaalion is not Pro1ded on frhold woF4ty as any provision {8nnual orcumulatlve) would not bo material. due to the very lor expected romaining usefijl life in c88e, and because their txpected residual val¥Je8 are [t materially less than their carrying value. Wlh the exception of freehold property. property, plant and equipment are initially measured al cost and subsequently measured al cost or valuati. net of depro¢i8tion and any Impaiment l¢)sses. Dgpreuation is COgnISed 80 as to wrlts off the cost or Valuaon of assets their re$idu81 values 0 their useful lives on the following ba808'. Leasehold land and building$ Fixturès. ffitb'ngs & equipment Motor vehid¥s over the period ofthe lease 10% per annum redIng tsalar 4 years straigM1Sno The gain or loss arising on the dispwl of an asset is detemiined as the differenc8 btheen the salt proceeds and the cryin9 value of the ass8t.and 18 reojgnised in the st4tem•nt of financial a¢1111$S. 1.6 Inve8tsn•nt prop8rti88 Certain of the ¢harity'$ properti ore held for lonlemi inveslmont. Investment proFerties are ac¢ounted for as follow8.. Inv•stment pmpgrtiw are Initially reccsnisod •t c¢st whlch Indudes pLChat ¢ost aTrd any dir attr¢buts& expendibjre. Inve8lment prope0$ whose fair value can be measured Tdiabty aro mèasured at fair value, as delemined by th¥ trustM$. The surF4us or deficit on rovaluabon is recognised in net incoffv41{expendlture) for the year. 1.7 Fr••hold proyrtl89 Indivldual freehold and leasehold properties aro ¢arri•d at vJrr•nt yeaf value at fair value al tho dote of tho r8valu"M lass any 8ub8trquent ac£umul8ted deprecAaiw and subsequent a¢cumulatsd Impaiment lossas. Revaluabons are undertaken with suffiaenl regLtlaity to ensure the carying amwnt dc¢8 not differ materially from that vthich would be deterniined uslng fair Val at tho r8PJrting date. Fair values #rè dotwmined from mofkat-ba68d •wdgnc• npmiolly undertaken by profo$8ionalty quallfied valuers. Revaluation gains and losses are rncogniged in other comprehensive inLx)m& unless losses eX¢¥8d the previousty rec4)gni$ gains or f•fi¥¢t a dear consumw'on of economic benefits, in vthich case the excess lo$ses are rfjcowised in profft or Ios8. 17
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 l.B Impalrmgnt ofnon4urrnnt a880ts At oach rep)rting end date. tho charity roviews the carying amounts of Ils tarltsIe and 1ntsnglb assets to (kntsrnwne whethef there is gny indicati¢)n that tho88 assets have suff¢re(J an impaimnl loss. If any such indi¢alson exists. the r&xverdbl8 amount ol the a8ael ig 08bmatad In e(der lo detemiine the extent ofthe impaifffnt los$ {rf Y). If the r•¢overable amount of an asset is estimale¢l to less than its carrying amount, th8 carrying anw)unt al the asset Is rgducd to Its recovera• amot. An impaimwit l¢)ss Is fe¢¢sni8od immediatdy in iiKomel (expendilurel for the y•ar. 1.9 C•fjh •nd ush eqthalgnts Cash and ca$h gquivgtents irKlude ¢•8h in h•nd, deFJStts held at ¢aU with banks. olhw $hort4em liquid ii)ve8tments n•1 matuYitl8 of thrw months or less. A¢countlng poll¢l¢• 1.10 Ernpl¢> bonèfi Thg chanty contrib to a d8finwJ contributson 8d)ème for the Sisters and certain employees. The costs are induded in th& Statsment of Finawal Activitios as in¢x4rred. 1.11 L•#• R¢ntal$ payablg der operating leases, induding any lease Incentives received, ara char9èd as expanse on a 8lr•ighl line basi8 over the twm of th• relevant lease. 1.12 F¢Y•lgn •xehng• Assets and liabl1th oMinated in forgign ¢urrenc4es are translated at year end exchange rale$. Exchange dffleronces I inc4udod in the Stat•menl of Finantyal Acivilias. 1.13 Crltl¢•l accountlngAudg8mwth and k•y •ourc•# of eltlmatlon unc•rtalnty In application of the charity's accounting policAes, trustees are required to mok& ludg•m•nts, estimates, assumptions aboLrt ts ¢arying values of assets and liabilities that are not readily apparent from other sources. Thè estimates and undertying assumption8 are based on historical experience arvj other factors that are i$id¥ed to b& relevant. Actual results may differ from these estimates. The estimates and undertying as8ump1i9 are reviewed on an on-golng basis. Rgvisi¢)ns lo accounting astimates are recc4Jnlsed in the period in whi¢h thg gstimate 1$ revised rf the revision affects 0Y that per. or in tha p8ri0d of the revision and future periods if the ovision affècts the curr•rt and fvture periods. In the vthy of the Trustees, no assumptions cOreming the ftrtu or eslim8tit)n uncertainty affectin9 assets and liabil¢kns at the balance 8hèat dale are likely to r&sull in a matorial adjustsnenl to th• carrying amounts in the next financial year. 18
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inv68kn•nts Total funth fiJtvJ$ 2023 2023 £000 2022 £000 £000 Inc¢mefrom li8ted Investments Interest re¢trw•trAo 1S 17 894 210 436 144 1,156 241 1.397 1,038 Inv•Blm•n¢ coffits 2023 2022 Investment managemont $ts 101 Chrltabl• •ctlvltl•-Torrltorlal •¥pgnws 2023 2022 Slaff costs D¥preclation and impaimwnt Twitory eommunibes •XF¢nseB 939 72 1.109 1,228 2,235 2,041 Grant fundKw of xaivthes (see not• S) 739 742 2,974 2,783 An10 by Unrestri¢Xad ftmds Restn'cted Jnds 2,420 554 2.161 2,974 2.783 19
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONnNUED FOR THE YEAR ENDED 31 DECEMBER 2023 Induded in Ihe alxjvo there are govemanc• costs of £26k12022: £24K) in ffjlation to oudit and flnandal statements prnparntion. Grnnts payabl• 2023 From Unrbstrfdod fund•: Grants lo Insltutions.. iad$ Kabln in Newcath Mother Hou59 Refijgee SLypX( 15 15 29 155 120 From thè A•8wnptlon Lffja¢y Fund: Grants to InSttiOnS.. St Mary's Aquin•$ Cer St Mary's Bakhits Cel8brnle Pax Christi Ca8Uerigg Catholic E¢0110 SgNi¢o Catholic Children's soety Kids Kabin CYMFED Rise The Irish ChaFlainGy Young Chn"stl8n Work• Christ Th& CES Wales Youth MirMg1ry TIu8t Caritas Leeds Mary Mothgr of Gc#J Fomwlion Our Lady's of Lo 93 51 140 10 105 87 57 17 39 Subtotal 394 614 6 Grnnts p•y*bl? Icontlnuodl 2023 Subtotal Leed$ Hoty Rosary Sl Mary'B Laudato Si From Du¢h¢s8 of Leeds Fu 614 10 150 739 742 None of t trusttes lor any persons connected with thgm) received any rèmuneraton duriryj the y•ar {2022'. nil). Th? tru$lee$ are nsid•r0d tho k•y management p¢rsonnèl ofthe charty 20
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Audltovs Y•mUrnr0o Th8 analy&8 of auditorfs remuneration 18 08 fdtrM'. 2022 Fees payat4e to Ihe auditor forthe dit ofthe annual aox)wts 24 Employga¥ The monthly nurnber ofemployees on an ba$is during th• yearwJs'. 2023 Numbor Numtr Nursing adrrinistrative staff 2$ 18 Employmant C08ts 2023 2022 Wage8 an¢1 salari Social serity o)8ts Other pensKm ¢8ts 81 19 31 939 Tho numbor of •mpJoyo•s wknose onwjluments exceod$ £eo.ooo'. 2023 Nb 2022 Number £80,001 - £70.000 21
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Notg•ln• I1108••s) on Invg¥tsn•nts Unrostrfct•d R•8trlc*d Unteslrictod Rostricted fvnd• fun funds 2023 2023 2022 2022 Revaluation of Ilstsd invo8trnents 1,683 27 {5.8111 1801 10 Propgrtyi plant•ndewlwnont- Charlty •nd Frnghold L•a•ehold l•nd •NI land and IldIng• bulldlng• Flxturo•, fftdng$ & •quIpmt Total v•N¢l•• £000 £000 £000 At l January 2023 A&Jkions 9,258 3.373 1.066 317 33 10.733 3.406 At 31 tkncember 2023 12,631 1,086 350 72 14,139 D•prncl•llon and knp•lmwnt Al 1 January 223 Deweckation charged in the yoar 541 265 88 At 31 December 2023 S95 273 Canylng amount At 31 December 20rJ 12,631 491 13,199 At 31 December 2trZ2 9,258 9,881 I the80 asgets art d•ploy•d for Rdiw'ous and Chofitable work. The Duchess of Leeds A$sLmption Fund does not hold any frAed 088ots.
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Flxod a•sot Invo•lmonts Total Invmlmonts Cost or valuation At 1 January 2023 Addthns Net gains on inv•slnwnts Disposal procaeds 40.743 11.521 1.e25 {15,119) At 31 rnber 2023 38,770 Carrylng amount At 31 December 2023 38,770 At 31 D•cember 2022 40.743 2023 2022 nve¥lments Induded abJve.' Listed investmènts ¢arying an>)1 Investment proFwb'e Cash held within in¥e$lment prfolk) 35,303 114 3,353 34,168 114 6,461 The historic costs ofthe tharty'sfixgd assets inv68lN*nts a$ at 31 Decembor2023 was £30.QTTk12022.. £25,359kl. Total Inve8lmonts Group Co•t or v•luatlon At 1 JaNary 2023 4Jdition8 N8t gains on inve8trnents Di8po$4 prtteed8 41,240 12,050 1,710 115.7081 At 31 Dmber 2tr23 39,294 Carrylng amount Al 31 09mb¥r 2023 39,294 At 31 t>ecwnbgr 2022 41,240 2023 2022 £ocA) Inveslmorts indutsj abave: Listed investments carying anTrJunt Inv&$tmnt woperties Cash held withln in¥tment pththlk+ 35,827 114 3,353 114 6,461 23
RELIGIOUS OFTHE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Flxod a•8•t Inv••trnonts {conllnwdl The historic cost ofthe Group'8 fixed assets investments as at 31 Decerthr2023 was £30,553k12022." £25.835kl. 12 Dobtorn 2023 Group 2023 Chorfty 2022 oup £oc 2022 Chaiity Amounts falling duè 4Wthin one year. Other debtor5 Pryym•nt8 and 0)mO 387 323 387 51 51 51 51 710 710 13 Curr•Tht Ilabllltb•s 2023 23 Charlty 2022 Group £0¢ 2022 Chanty Grants payabl8 by tr* A8$umplion Lew FurKJ Other payablo8 Accruals 339 47 403 335 335 47 403 78 74 789 789 453 14 Non4urr•rt Ilabllld¥• 2023 Group 2023 Charfty 2022 Gnup Chanty £otK) Grants yable by the A8sLmption L•gacy Fund 114 114 155 155 24
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1S Rmtrlctsd fund8 The InCme fundg of the Charity include restrl¢l¥d fvnd$ comprl&fVJ the follcvmng LFrtxp8nd8d balances of donations and gr•nts held on trust for specrfr puwes.. B•lanog at 1 January 2023 Chango In Balan¢0 at 31 Do¢•mber 2023 Incom• Exp•ndltyrn Val 8umption Legacy Fund 5,810 15541 5.282 jeOf Leeds Fund 232 15 241 5,842 241 15871 5,523 Balan at 1 January 2022 Chang• In Market Valu• Balance at 31 D¢e•mbèr 2022 In¢om• EXlre Assunwti¢)n Lfjgo¢y Fund 6,161 63 (614) 5,610 Jch8s80f Leeds FLnd 303 17 18) 180) 232 80 (622) 1801 5,842 A88umptJon L•g•oy Fund The restricted fund 1$ in relation to a linked ¢hortty a8toblSsh•d in 2018. Th• fttnd's object is to continue the territory'8 mission of educati by making grants supporting educational charitsble projects fc¢ the public benefit the U.K. in particular for the athancerrEnt of education that is imbLa8d wth the Roman QholiC faith and for tho advancement of the Runan Catholic religK)n. Du¢h•88 of Lvd• Fulxl The fund oty'ective 18 to provide edu¢ationg1 SUpt lo yojng women in NoEast of ENJlarnY. 25
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 BO1•n•t 1 January 2023 Chaw In Balanc• •t 31 D•¢•mbDr 2023 Inc(xn• Eyndlturn Valu• DLth•$s of Leeds FuThJ 350 350 350 8•lan¢o •1 l J•nuary 2022 ChorvJ• In Balan at 31 Dgcembor 2022 InMm• Exp•ndlthre Value Duchess of Leeds FuTrJ 350 350 350 350 The endowmnl fund oL¥'ective18 to prowdè educaonal support to women in North-E•8t ol EnglaThJ. 17 D•BlgMtsd fund• The Incorre fijnds of the charity I16 th• following designated fund8 whith have l)een set awd8 out of unrèstricted fiJndB by tt)0 trustees for swfic purposes.. Batsnco Bal•n¢o at Balanc• 31 at1 DK•mbor January 2022 2023 Balan¢• at 31 Trnn•f•r UUll8ad January 2022 Transfor Ullllwl Property Improvement and mainleAan¢ Funth"ong1 fixgd a888ts Youth work Retirement aimato adaptstion {2811 (32361 2,232 2.720 9.333 208 16.857 (161 11381 {1,081} 9,317 2,070 25,776 9.317 2.070 25,778 2,000 1141 11791 (1.0931 9,303 1,891 24,683 2,000 2,000 10,OCrf) 2.000 29,127 17.000 {1.496} 44,831 44,631 14.$221 40,109
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 D19n1d fundB conttnuod The Y¢)uth Work fund Is to provide fijnds for the wort carried out by tha charity in re&t ofyourvJ peoplg. The Property improvement and maintenance fund is lo provtde for tho frJtuo upkp ofthe proporti¢s. The Functional fixed assets fijnd represents the fixed a¥$8ts the charity uses lo cary oul ils dritable otsKves. The Retirement fund is to pffjvide for tho care of th8 Sisters in retir•monL The Climate Adaptation fvnd 1$ to provide fvnds forthe necessary adaptation of property. pL4nt And aqUiPfMnt Vith the aim of rndu¢ing our ¢arbon omissions in light of the dimats crisis. 18 AnalyBl• of not •B80ts tw• fund Unrostrl¢tod Endrnrt R88trl¢tsd funth fund¥ lund 2023 2023 Tol•l 2023 Fund balanc•8 al 31 December 2023 Propety. plantand •qulpmnt Investments Current 888èts1 Iliabilibes) Long tsm liaknlitieg 13,199 33,389 5,283 11141 13.199 39,294 5.283 350 11141 51.757 350 5.555 57,662 UnrnBtrlctod funds 2022 End¢y•ffl*nt R•strlctsd funds fundB 2022 Tolal 2022 Fynd balances at 31 December 2 Property, plant and equipment Inve$knontg Current assotsl Illa.11) 9.861 35.048 6,310 11551 9.861 41.240 8,310 350 Lg lefm lialxliti¥$ 11551 51, 350 5,842 57.256 27
RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 0ratIng1••I¢ ¢ommltmonts At 31 December 2023 the charity outstsnding commitimnts for future minimum lease payment¥ under non-¢ancdlabb& operating leases. whi¢h tsll due as follow8.. 2023 vthin one yew Betrfftn ts¥o and fivè years In over five yearn 140 140 542 682 1,242 1.382 20 latsd party tran¢1105 Trnnuetlon• wlth rolatod p•rtlos The trustees of the Charity are all members of a Rellgious Order and as sud) have taken vows of poverty under thay renounce a15 rights to personal 1m8 and assets. Thay ar8 therefore enbrely depend$nl on tho Charrty for all thoir living expen8ts. The trustees do not receive any payments or benefits for carrying out IFr dutie6 Otherthan their living eXn¥ which a met by tho Charity and which they receive In their capacAty as rnembern of the Rdigious Order. 21 Cash 9gnw4tsd from op¥rntion• 2023 £0 Surplu$ / Idefi¢itl fr*r thg year 16,8191 Adjustments for. Inve8tmo1rt In¢omg Nat I98in$l 110880$ on Invesl Deprndatlon 11.3971 11,7101 {1,038) 8,691 71 Movements in wortSng CatrI.. Decrease I lincreasel in debtors In¢reage in c¥editors 859 le641 Cash absorbed by oporafjons 11,8751 (2,675) Capltsl commnm•n At 31 De¢ember 2023 the Charity had £450k of capital ojmmitments whl¢h were eJ)r)tra¢t•d for but not provldad in the finanrAal stalements (2022.. £2.120k} 28