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 Prlncip*l 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 T￿sta09, report Indepondent auditorfs reP￿t 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 $ts18ments have be8n prepared in accordance wth the accounting polit￿ set out in note 1 to the finarrial Btalements arKI ¢ompty with the charity's trust deed, the Chariligs Act 2011 and "Accounting and Repth'ng by Charities.. Statement of Recommended Pra¢ti¢e applicable lo charities prepgrirvJ thgir acrounts in ao*rdance with the Financial Rep￿ng Standard applicabla in th8 UK and R&public of Irel•rKI IFRS 1021 (effective l January 20191" Introducllon Th& Congregation of the Religious of the Assumpllon 18 an intemallonal Roman Cathdic Order over 1.100 mèmbars worf¢fv4ide organised into 14 Provinces. It was foun¢Jed Èn Fran¢0 in 1839. where the Generalate is gtill located. In 2018 the English Provinco amalgamated wth the Province$ 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 $81arieil educational PDSts, but many of those above Ihe ag8 of rgtiTement CL*ntinu• lo engagg ¢reats'vdy in the voluntsry sector. Fundral8lng 8tand•rd• Infornwfj¢)n The c*arity doe$ not aCti￿ty fijndraise and ¢Joes not hold any agreement$ wth professional ￿ndraiserS or commerc#al participators. Publlc bgneflt stat￿Tr￿￿ Tho trustses have paid duo rogard to 9￿danc• Issued by the Charity Commission in dO￿ding what a¢*vitte8 the charity Sh￿Id undertake. Tho trustees c#)nsidw that the activities oullin•d her•in satisfy the public bengfit quirements. A¢hlovom•nts and p*fomion¢o In recent years our ￿leY has b•en 10 8•t UP 8eparate ¢)rganI￿tionS to work on dlfferent a$peots of our mission. Thoy have a ￿rtaIn amount of aulonomy but final rg$ponsibility for them rests v￿h the Trustees of the Terfft. AJI our wort 18 carnied out In ond from the foll(wing communibas.. KornlngtoTr Th8 Communty In Kensington sqL￿re fem8ln8 the PTovinual House ofthe Provin￿ of EuroFe ar*J the administratwè eerth ofthe T￿rit￿y of EnglaThJ. This yearthe fAyMiunty ha8 v8ri8d 5 and 6 ssters, ¥%ith a thange ofI&ide￿hIp. Much ofts o)mrtJryty remang in bLrt grve Ihank8 rwnarkatkn * h* 96t I to$upportthe ￿rnMunty and toc£￿tinUe ouroutreach. Sthtantia bJltyl eentrefor cr•aJvè •thitsès tr Icthl d)iidren betrKen Ihe w of aghl aTrJ Ilirt￿, by tsAsSUnwti￿ Sister5thity Ye￿ w. volunt88rs Ihis y8ar, re0￿rted thThgh the Assumpbon. havo teen from th& USA. the PhilFwyrws. C¢Sumbiq, 4nd Spain. Vve also support a small eAJmmuW ofAs8umption VrAunteeTr living in Midd*sbrough, where vdurtserB try¥ yw havo cajme frttn Nigwia. the PlxlipFine5, and Rus￿. fimes of￿￿bCfi together are wyoyed by all. OLrtr•ach workthatthe gistor8 doin the communty includes vdunteering wth'walkn'ng Wth,, a centr8 for and )g asykjm seekets and rgftys., seMThJ tho p8ri&4•s, indudwi9 bwg ¢)nlhetsam ofthe parish fammè, and help#￿ * a L¥8titi￿ craft program•', and ￿s￿ng th6 sick and 8ldedy in a ictal nursing home. A vith derwti INiTrJ in widthial ￿ is attxjwd to the curmuThty,' the o)nYrnJrity M6ib her rog(A8rty aThY 1$ very gratefijl forthe excellanl car*sh8 r•coiV8S. Wan•toad Wanstead is situated in East L￿dan in the L)ioce8e of Brents￿Dd. At the $tsrt of 2023 there were five 818ters in our intemalit)nal ¢ommunity. By Apn"I the oldest sister neèded more physical and nursing help. and she moved to ourst. CaknrE's Ccfflmunty. frjlty in¥dwJ in paknl rNnisty to Ihe par¢h of ￿r L¥ty of Lourths, the kqrgsst pansh in the dvxeso. The sisth assist in tha parish, visibng the and the ekdedy, ￿pIng atthe Toddler5, d Seniors. Clubs, p￿paYIng children forthe Sac¥ament8 and adults to be received into the Church. Sisters at80 give Garden Party, in AugusL vthere parishi￿er￿, neighbc*Ks sistW5 from olher corNnurHti'es come together. Thi8 year bec#ug• ol the constNclion WO￿ in Milleret Houw in K*f)singion. we havè hostÈd Assumpts'on Volunteers from our Ne%%ra8Uecommunity vthen they o)melo Lor*onlormeetings and retreat8'. ithas been ajoyto receivethem. Ong sister is part of the Chaplaincy Team * Néwman House doing pastoral worf( with stLMYenl$ from the London unl￿r$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 Mi￿8tenn9tO 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 ChaI￿ngeSyoUng adultslaced and $oughl lo inmrporate regular times for Prayer and ¢ommunity building throughout the year. We introduced monthly masses and soaals for young adults and university students in the Maria Assumpta Chawl on the first Saturday of every month. This gave young adurts opportunities to ¢alloCtlvaly pray for Ukraine, Paki8tan, the Season of CreatKJn, personal intentions and to make nwl fri8nd8 through interactive 8rti*18 such as movie and disoussion night gnd 'Assunwtion-Themed' quiz night. We continued our annual Lont and Alfvont retreats, and once Millèret I I House closod for building works, we reached OLtt to the local parighes asking to use their venues. In the summer we organi$•d a day pilgrimage to Wnchesler. It was a SU￿$$￿1 ¢Jay of community building whilst dI8¢ov￿n9 8 hi$tori¢al gem of thè UK that embc4Jied 80 much faith. In Sept¢m￿r wejoined the Westrnin8ter Diocesan pmgramme for the visit of the relics of St Bemadette vthich coincided wrth th• odentslion of the In￿Ming Assumption Voluntsers. Thls was a great way lor the volunteer8 to moet the Icul young adults arKJ lo exr*riench Bntish culture and ¢u¥loms ffirsl hand and the informal setting allowed young adults to leam morè from the volur￿er8 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 aIn￿d al bringng together Catholics &fKI other dorJomin&lions lo listen and di￿u￿$ issues of Gonc8m in our modem age, both domesti¢8lly and abroad. The topi¢s indudgd swnificanl iSSU8s like p8g6*-bthlding, &m￿d 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 di￿Se8, 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 Confi￿t, 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 peop￿froM 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, Y￿1￿ 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& rn1￿10n 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. 2320￿1) 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 atharK*￿t of43dLKation V￿re.. 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. parti￿ladY youth workers and th09e engag&J In transfomiative educati￿ inthetradition oftheAs8umption knumO'cfft Legw Fund {ALF) vthed 16 orgafiwtic￿s n 2022, fft)5t ofts hapwMrvJ W1￿￿1Y. The Malag￿ (x¥nmitto0 made don*"ons to 9 prctyects. in add￿(￿ to th• 0th8r 6 ongoing gmnts. Ontr ¢fALP$ new rec4p￿nts 18 tho Irish CharJ•in¢y in London. Funding from ALF will onabl• the chaplainq trj prowtJ• Irish and Travèller Prisoners in E￿ar*￿ and Waes a rang? of iKell ac*wbe$ aThJ re￿4[£*$ over a thrtryear ￿1C￿l. Prowdir¥J suth and clthrydl￿ reswrcas ha9 to enN¥K*d hsalth of￿AVentS, arKI a de(Thge in self4Hmi. For many [￿￿el￿r• has ¥lso an imprOv￿t in theirf**Jiro arxl wriling. ALF also made an Imp)rtant ¢￿t￿bUtiOn lo the Catholic Children'$ &Kiety, enabling th•m lo delivertho Rainbows BtreavementSupp)rtPr￿raMm8 tsning to 75 sd)odsovw 3year& tr#inirvJwill enable schod staff to run SUFw1 grr¥Jps forp￿￿'L5vkn) ewmLI A bertr￿￿t￿ 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 8tskthC￿s to wgagè n&¥ pa￿￿3pants. 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 8*tshire.' 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 n*etirvJ l¢ythnè} and Ihe grant ￿der# to pto LoLxdes fortho firtt'me sn￿ 203). T￿h small1£180 average}the grants prowde ￿gnific￿￿ h* Iheovernll co8tsofthety6. FuN1S￿redi*lritrth in Mayfc¢rilgrimagesthNJ ￿1hr￿JghrArtlJt•V.IYj aTh# wmmer. th&first timg. Pl•w nOte1hat￿ hava ￿￿1h8 girts, rewts as IW wrcrtethem, Ind￿lingthe odd typo. '8y tsr, tha party*￿rn 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 ￿Spon￿￿kfy.' Svziè tr) t* *rf￿ a dNetse group of 41 Uri￿ fath. I was atle kn l*m Irpm th ar￿jnd rro aTrd see ts imF*d faith on ts'r1￿. l cknets fel￿￿ Cathdlx fro¥n ry uriwsty, iNJwJirg Igrim89& &8Fw￿tyVkn0n 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 sho￿1 me isn11￿t 8C￿￿1hty I l)wd, fath rd tr*re lo te sh¥gJ aNI the rwre you sh*e ￿rIa￿l others the strC￿98rIigets 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( sUff￿jndad by Ihis ath¥ing atthe airportto b8¢k at TeeJ&dè... I dcnlthink I havo w 88on p8¢pl¥ take 50 Ic￿g 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 lwringl￿Mty. 18m sowatefiJlforth•holpthallho Duthe$8 ofLeed8A3sumpt'on FLmd gavemetoenthe ￿￿tOMakethlSP￿gl￿8￿. It hasimbeddeda sead in mèthatwll 9Th18trongerand I'msLwe I will ba backin L¢wde$ag8in8Jnting PraG*ce). The law applicabb to charities in England and Wales requiros the trustees to prepare financial statements each financial y•or which give a true and fair wew of the $t* of affairs of the tharity and of the incoming re80urces and application of r¢sourc98 of the charlty for that year. In pwparing Ihe$6 fmanoal statements, tho trust•88 ar8 required to.. - Sèlect 8Utable ac£ounting politie8 and then 8ppty them consistently., - ob8srve lh• mothfrJ$ and princjples in tho Chanties SORP., - makejudpmnts and esb'matesthotar8 r8a$onablè arKt prud8nt'. - stsle vthether applicabl¢ ac￿nts￿g standardg have boon followed, Subl￿t to any matorial d•porture$ disdosed arKi explained in the finanaal ststemen18', and - prepare tho finanaal Statem￿1$ on Ihg 90ing concem basis unless il is inappTopriats to presume that the charity 11 Con￿nUe in opèration. The tru8tee8 aR Te8pon$ibt¢ for k•eping sufficAent accounting rec¢xd¥ that disclose with reasonable a¢¢ur8¢y Ot any time the financial position tsf the charity and enable thern to ensure th¥1 thè financial ststements comply with the Charities A¢t 2011, the Charity (Accounls and Reports) Regulations 2008 and tho provisions of the tru81 (leed. They are abo responsible for $afeguarding the assets of the tharity and hon￿ for taklng rea$onablg 81eps for th• prevethM and d*tection of fraud and other iwularities. 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 aP￿led in theii preparation is applicable law and Unrted Kingdom Aco)unting Standards, induding FRS 102 "Tha Finanaal Repo￿ng 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 Acc￿nting Pr8ctice.' and have bean pr•pared in a￿ordance 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 Aud￿￿9 {UK} IISAS (UKI} and ap￿leable 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 st*em•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)n￿rn 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 resp0nsiknlit￿9 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¥ Inforn￿on induded in the Trustees, Annual Roport. Our opinion on the finanual stslements doès not cover the other infomialion and, except 1¢ the exttrnt othews• 9xpl￿A￿Y $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 statwn*nts, our respon$ibilty is to re*J 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 Ir￿nSIStencJes 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 inf0M￿tion, 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 lnftsm￿ti￿ gNen in the ffingncial staternenls 18 in￿n$7￿teTrt 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 sL*ements 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 fr*r 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$F0nsi￿e for asSes￿ng 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 r￿pO￿lbIll1Irt for tho &udlt of the Ilnonclal •tatom8nts Our objectives ar• lo obtain reasona￿0 488urance about whet￿r 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 a￿ayS 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 pl￿adUreS In ling with our responsibilities, outlimd above, to dot•¢t material misstaternenls in resFect of I￿09u1aritioS. Induding fraLKI. gxtenl to whi¢h Our procedures aro rapable of dgtecting irrogularlU'e$, induding fraud is dotailed bo1¢)w'. 8aBed on our ur￿*rstandin9 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-¢L￿P119￿¢¥ ml9ht have a material effect on the finanaal statem8nts. We also considered Ihose laws and regUlAtic￿8 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• •valuat*d 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 pr￿d￿reS performed by the engagement team induded.. - Inspecting rmspondence with r•9ul*ors and tax aLthorfb•s", - Discussi¢￿$ with managemnt induding conshleration of known or sUSp￿d in8tsnc08 of norrtomplion with laws and regulation and fraud., - Evalu8ling man#gemenl'$ c>)ntrols desSgr*d 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• In￿reTrt limiti*¢on8 of an audit, there i¥ a risk that we wsll not deteci all irreyularibeg, Induding th0¥0 l￿ding to 4 malorial misstatement in the financial $t8lements or non-compliance with regulatron. Thi$ risk In¢rn8se$ tho m￿e 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 00x￿ing 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 loo*led on the Ftnano81 Rewting CounrAI'8 at www.frc.o .uklauditors￿s . 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¥quirenmènded Pradio* whth 58 r•lerred to in Regul*"¢)n$ bu1whth has boon withdrawn. The finarrial statemerts are propafed in sterling, which 18 the ￿r￿tional Cufrew of the charity. Monetary amounts in these ffinanual ststemfynts are rounded to ths noar¥sl £000. The financial statements have b￿n pr•pafed on thè historical Cost convention, modified to indude inve8tments al fair value. The prtncipal aC￿￿ntIng 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 ro￿￿re¢S and ar• placed to manage the bu$in•$$ ri$ks. We hav& a Tea8onat4e expectation that we have adequate resources to continue in 0￿rational oxi$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•olId￿l0Tr Tha a¢xounts ¢on80lidate the r88ults, as8ets and li3￿1111•3 of The Du¢hg$s of Leed$ AssumFthon Fund {charity number s3￿0) cffl a lin&by4in$ basis. Irtsr<*èrity transac*¢n$ an<1 balarrEs are ollmlnated on consolidat•M. 1.2 Charftsbl• lunds Unre5tn'r*ed 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$ed when the d￿rfty 1$ legalty entiued to it after 4ny pwfomance conditions have b8en met. thè alr￿￿t8 can bo m&gsured r¢ll8bly, arwj it 1$ yob•bl• that ino)me will b• I￿1Ved. Ca$h donation• •Ye recognised on r•e•ipt. Other don*tion8 are recogni$•d once the charity lJ8•n notified of the don8tion. unless perfomar*e c¢ndilions Tgqulrg deferral ofthe 8munt. Income tax recoVera￿e 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 eX￿ndItuTe 1$ 8c£ountsd frjr on an accru41s basis. Exwndrfure 18 re￿nI￿￿ 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 r￿1Ve the gTanl$. gfant8 are condits'onal relating lo porfomance th8n Ihe grant 13 only accrued when any unfvlfillfjd conth'tion8 ar8 outsid• of thè ¢ontrol of the chaiity. 1J Prop8rty. plantand wulpmont Dopreaalion is not Pro￿1ded on fr*hold woF4ty as any provision {8nnual orcumulatlve) would not bo material. due to the very lor￿ expected romaining usefijl life in c88e, and because their txpected residual val¥Je8 are [￿t materially less than their carrying value. Wlh the exception of freehold property. property, plant and equipment are initially measured al cost and subsequently measured al cost or valuati￿. net of depro¢i8tion and any Impaiment l¢)sses. Dgpreuation is ￿COgnISed 80 as to wrlts off the cost or Valua￿on of assets their re$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 red￿Ing 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 c*ryin9 value of the ass8t.and 18 reojgnised in the st4tem•nt of financial a¢11￿11$S. 1.6 Inve8tsn•nt prop8rti88 Certain of the ¢harity'$ properti￿ ore held for lon*lemi inveslmont. Investment proFerties are ac¢ounted for as follow8.. Inv•stment pmpgrtiw are Initially reccsnisod •t c¢st whlch Indudes pL￿Cha￿t ¢ost aTrd any dir** attr¢buts￿& expendibjre. Inve8lment prope￿0$ 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$ses are rfjcowised in profft or Ios8. 17 RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 l.B Impalrmgnt ofnon4urrnnt a880ts At oach rep)rting end date. tho charity roviews the carying amounts of Ils tar￿ltsIe and 1ntsnglb￿ assets to (kntsrnwne whethef there is gny indicati¢)n that tho88 assets have suff¢re(J an impaim*nl loss. If any such indi¢alson exists. the r&x*verdbl8 amount ol the a8ael ig 08bmatad In e(der lo detemiine the extent ofthe impaifff*nt los$ {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 rgduc*d to Its recovera￿• amo￿t. 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, deF*JStts held at ¢aU with banks. olhw $hort4em liquid ii)ve8tments ￿￿n•1 matuYitl*8 of thrw months or less. A¢countlng poll¢l¢• 1.10 Ernpl¢>￿ bonèfi Thg chanty contrib￿￿ to a d8finwJ contributson 8d)ème for the Sisters and certain employees. The costs are induded in th& Statsment of Finawal Activitios as in¢x4rred. 1.11 L•#• R¢ntal$ 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$. Exchange dffleronces I￿ inc4udod in the Stat•menl of Finantyal Ac*ivilias. 1.13 Crltl¢•l accountlngAudg8mwth and k•y •ourc•# of eltlmatlon unc•rtalnty In application of the charity's accounting policAes, trustees are required to mok& ludg•m•nts, estimates, assumptions aboLrt ts ¢arying values of assets and liabilities that are not readily apparent from other sources. Thè estimates and undertying assumption8 are based on historical experience arvj other factors that are i$id¥ed to b& relevant. Actual results may differ from these estimates. The estimates and undertying as8ump1i￿9 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 0￿Y that per￿. or in tha p8ri0d of the revision and future periods if the ovision affècts the curr•r*t and fvture periods. In the vthy of the Trustees, no assumptions cOr￿eming 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 ￿$ts 101 Ch*rltabl• •ctlvltl•*-Torrltorlal •¥pgnws 2023 2022 Slaff costs D¥preclation and impaimwnt Twitory eommunibes •XF¢nseB 939 72 1.109 1,228 2,235 2,041 Grant fundKw of xaivthes (see not• S) 739 742 2,974 2,783 An*￿10 by Unrestri¢Xad ftmds Restn'cted *Jnds 2,420 554 2.161 2,974 2.783 19 RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONnNUED FOR THE YEAR ENDED 31 DECEMBER 2023 Induded in Ihe alxjvo there are govemanc• costs of £26k12022: £24K) in ffjlation to oudit and flnandal statements prnparntion. Grnnts payabl• 2023 From Unrbstrfdod fund•: Grants lo Insltutions.. iad$ Kabln in Newcath Mother Hou59 Refijgee SLypX( 15 15 29 155 120 From thè A•8wnptlon Lffja¢y Fund: Grants to InSt￿tiOnS.. St Mary's Aquin•$ Cer St Mary's Bakhits Cel8brnle Pax Christi Ca8Uerigg Catholic E￿¢0110￿ SgNi¢o Catholic Children's so￿ety 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•mUrnr￿0o 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$is during th• yearwJs'. 2023 Numbor Numt*r Nursing adrrinistrative staff 2$ 18 Employmant C08ts 2023 2022 Wage8 an¢1 salari Social se￿rity o)8ts Other pensKm ¢*8ts 81 19 31 939 Tho numbor of •mpJoyo•s wknose onwjluments exceod$ £eo.ooo'. 2023 N￿b￿ 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 I￿ldIng• bulldlng• Flxturo•, fftdng$ & •quIpm￿t 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 2￿23 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$4 prtteed8 41,240 12,050 1,710 115.7081 At 31 D￿mber 2tr23 39,294 Carrylng amount Al 31 09￿mb¥r 2023 39,294 At 31 t>ecwnbgr 2022 41,240 2023 2022 £ocA) Inveslmorts indutsj abave: Listed investments carying anTrJunt Inv&$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$umplion Lew FurKJ Other payablo8 Accruals 339 47 403 335 335 47 403 78 74 789 789 453 14 Non4urr•rt Ilabllld¥• 2023 Group 2023 Charfty 2022 Gnup Chanty £otK) Grants ￿yable by the A8sLmption L•gacy Fund 114 114 155 155 24 RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1S Rmtrlctsd fund8 The InC￿me fundg of the Charity include restrl¢l¥d fvnd$ 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 je￿Of 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• EX￿l￿re 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 Q￿holiC 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 SUp￿t lo yojng women in No￿East 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 educa￿onal support to women in North-E•8t ol EnglaThJ. 17 D•BlgMtsd fund• The Incorre fijnds of the charity I￿1￿￿6 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 D￿19n1￿d 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 upk￿p ofthe proporti¢s. The Functional fixed assets fijnd represents the fixed a¥$8ts the charity uses lo cary oul ils d￿ritable otsK*ves. The Retirement fund is to pffjvide for tho care of th8 Sisters in retir•monL The Climate Adaptation fvnd 1$ to provide fvnds forthe necessary adaptation of property. pL4nt And aqUiPfMnt V*ith the aim of rndu¢ing our ¢arbon omissions in light of the dimats crisis. 18 AnalyBl• of not •B80ts ￿tw￿•￿ fund Unrostrl¢tod End￿rn￿rt 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$knontg Current assotsl Illa￿.11￿￿) 9.861 35.048 6,310 11551 9.861 41.240 8,310 350 L￿g lefm lialxliti¥$ 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 0￿ratIng1••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 v￿thin one yew Betrfftn ts¥o and fivè years In over five yearn 140 140 542 682 1,242 1.382 20 ￿latsd party tran￿¢110￿5 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 1￿m8 and assets. Thay ar8 therefore enbrely depend$nl on tho Charrty for all thoir living expen8ts. The trustees do not receive any payments or benefits for carrying out IF￿r dutie6 Otherthan their living eX￿n¥￿ which a￿ met by tho Charity and which they receive In their capacAty as rnembern of the Rdigious Order. 21 Cash 9gnw4tsd from op¥rntion• 2023 £0 Surplu$ / 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 Ca￿trI.. 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