Charity Registration No. 233084 RELIGIOUS OF THE ASSUMPTION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 LEGAL AND ADMINISTRATIVE INFORMATION Trustses Sr Maureen Connor ro. Sr Catherine Cowley r.a. Sr Jessica Gatty r.a. Sr Kotryna Danguole Gervyte r.a. Sr Catherine Jones r.a_ Sr Anne Thielen r.a Sr Ceryje Andre Marie SL¢zannè Frawuin r.8. (Appointed 8 April 20251 Sr Patricia Mitchell r.a.{ResKJned 29 Apiil 20241 Charity number Principal address 20 KensrThJton Square Lond W8 SHH Audltor Haysmac LLP 10 Queen Street Place Londc EC4R 1AG Bankers Royal Bank ofs￿Vand PLC 62- 63 Threadneedle SbEel London EC2R 8LA Solicltors 2 Pijtney Hill LC￿￿On SW156AB Investment advisors Quilter Chèviot Ltd SeRaior House 85 Ou&en Ifirloria Street LIX￿on EC4V 4AB Epworth Investment Managemenl Ltd 25 Tavislock Place London. WC1H 9SF CONTENTS Page Twslees. report 4-15 Independent auditorfs report 16-18 Consolidated slatement of financial aclivil*s Ilncorporab'ng the income and expenditure acwuntl 19 Consolidated and charrty balance sheets Consolidated sialemenl of cash fflows 21 Notes to the finanaal statements RELIGIOUS OF THE ASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees piesent their annual repwt and finanoal statements for the year ended 31 December 2024. The finanryal 51aternents have been prepared in accordènce *ith the a￿UntIng polioes set OLrt in note 7 to the financial stalèments and comply with the charitys trust rte￿. the Charil"es Act 2011 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to rtharities preparing their accounts In accordance with the Financial Reporbng Stsndard aP￿Icable in the UK and Republic of Irtr18nd IFRS 1021 leffeclive 1 January 20191.. Introduction The Congregation of the Religious of the Assumption is an international Roman Catholic Orrjerwith approximately 1,100 members worfdwide organised into 14 Pfownces. It wa5 founded in France tn 1839, where the Generalate is still located. In 2018 the English Province amalgamated wih the ProvTncÈs of Italy and Northern Europe to fonm a nèw Province of Europe. under a common Provincial and wth an intemalional Provincial Council. England is a Territory oflhe Province o*Europe. The accounts accompan￿ng this report are the accounts olthe Charitable Trust in which the assets of the English Territory are held. The Duchess of Leeds Assumplion Fund is a subsidiary ol Religious ol the Assumption. Oblectiv•s and adivities Education has been the mission of the Congwaiion sin(* its foundation in 1839.. we seek the transformab.on of society through our work of education. Translortnab"ve education recogni5es the unique value of each person and seeks to help thern reach theirfull potential, and engages h￿th issue5 of justice. peace. and the integrity of creatlon. Al the end of 2024 the English Territory consisted of 29 Sisters, liwng in four communibes. with an average age of 86. As age profile of the sisters suggests. onty a very few are employed in salaried Èducational posls. but many of those above the age of retirement continue to engage creatively in the voluntary sector. The age profile also impacts our finanual situab"on. as we havè a defi(it of £1.135k between income and expenditure. However, this was foreseen many years ago, and in antiLypabon of this, we have built up a significant Reserve to meet the shortfall. We wll now be drawng down from those Reserves. Our strong balance sheet me8ns that we can withstand even a quite severe diminution in value of our investtnents which will be able to fund the WOFk of the Charity fw many years to come. Fundralslng standards Information The charity does not actively fundraise and do&% not hold any agreements with professional fundraisers or comrnercial paitcipalors. Public benefit statement The trustees have paid due regard to guidance issued by the Chartty Ctsmmiss￿n in deciding what aclivib'es the ch8rity should undertake. The tnjstees conyder that the acliwties oudined herein satisfy the public benefil requirements. A¢hievements and ￿rfOrniance In recent y88rs our policy has been lo set up separate organisab.ons to work on different aspects of our mission. They have 3 certain atnounl of autonomy but final responsibility f(￿ them rests with the Trustees of thé Tèrritory. All our work is canied out in and the following communibes= KensingtoTh The community in Kensington remains the Provinctal House for the Province of Europé and the adrnini5tralive cenler for the Territory of England. The Offi￿ have now moved back to hAille￿I House frotn their temporary home whtle works We￿ being carried ijut. In Spring 2024 three sisters joined ihe community. in which there are now nine members. There are also a small numberofvisibng wsters rnost ofthe time. The comrnunltynowemploys a catering firm which is very helpful 85 th8 zge and fragility of the sisters increases. The renovation works in Milleret House are not concluded. wth many snagging items, some quite substantial, waiting lo be deall wth. Howevèr, it is now habitable. and hoijses most of the sislers. with a few remaining in 20 Kensington Square. This means we are no longer able to tske overnight stays in Milleret House as before, but we are still able lo welcome occasional groups. The chapel is very busy. and s1)fflelimes the library in Milleret Housè RELIGIOUS OFTHEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 KensSngton lcontinuedl is booked alongside Chapel botskings. The Assumption Volunleers use rooms in 20 Kensington Square lor training and visits whenever needed. which they greatly appreuate. Twlckenham Throughout 2024 the community in TwiGkenham continued its mission of being a prayerful presence in St Matys University as wdl as contributing to its Calholic and academic lrfe in a variety of ways. Our small hostel continues to provide accommodation lor women tsnivefsity students." this yeaf we have hosted Undergraduate, PCGE, and PhD students. This year we have had a postulant. a young womarb at the start of religious life. living wth us in community before she moved lo Paris for the next stage of her ftsrmation. We are a very multi-cultural cA)mmunity. with sisters from England, Vietnam. Kenya. Lithuania. Switzedand and India. All members of the community a￿ volunteer rnembers of St Mary's University chaplaincy team. which Offers a range of opportunities lor pastoral outreach. We host meals, provide spiritual direction. sing in the choir. help organise charity events. and lead times of prayer. as well as much inlorrnal befriending and support ol students. staff. and people who live locally. Sisters also have responsibilities in the Territory and Province.. in the Territorial Youth Team. supporbng the Assumption volunteers. as Territorial Bursar and Provincial Councilor. The Provincial LS a member of our community. serviThJ the wider Province from TwiGkenhaTh a5 hei base. St. Catherine's Housè St Catherine's House remains a much-needed commvnty for the frail and eldedy sisters of the territory some ol whom need one lo one care. and many of whom suffer with dementia. There is an ex￿lIent staff of nurseslcarers and deaners and a catering firm which means they are well looked after_ The main change over the year has been the recent disbanding of the St Catherine s Management Comfflittee. a5 we did not havg the personnel for Ihis extra "er of Management. The trustees now lake direct responsibility, though the Cafe Manager is supervised by Mair Williams, recenuy retired from the Hospital Managemenl Trusl. and she ￿POrtS d1￿clIY to the Trustees, as well as line-managing the Care Manager_ The sisters continue the sirudure of daily prayer courageously a5 tsr as they ran. and St Catherine's rernains recognisable as a house of prayer. We Gontinue to recognise how indebted we are to Ihe selfless dedication of our staff. Newcastle Due lo the increasing ill-health of some sisters the Newcasue communitydosed in August 2024, wrth the remaining two sistèrs rnoving to other communities. While the presence ol the sisters is very much missed in Ihe locality, the contribution the sisters have rnade in the past 31 years in Walker is greatly appreciated. The sisters. legacy remains in the flourishing independent charity 'TrQds Kabin, founded by the sisters. and in the continuing presence of Assurnplion Volunteers in Walker. Wanstead Wanslead is situated in the East End of London in the Diocese of Bfentr400d. Al the start of 2024 ihere were four sisters in ourinteinational community, becoming five sisters in the summerol 2024. The comtnunity is lully involved in providing pastoral ministry to the parish of Our Lady of Lourdes. the largest parish in the diocese_ The sislers assist in the parish, visiting the sick and the elderfy. helptng at the Toddlers and Senio￿. Clubs, preparing children for the Sacrarnenls and adults to be received into the Church. Sisters also give retreats in Advent and in Lenl. offer spiritual direction. and befriend the lonely. We have an open and welcoming house and share our resources.. the hapel, the library, and our beautiful garden. One of the big events in the year was the 'Assumplion Garden Party, in August. where parishioners, neighbor5 and sisters from other communilies corne together. One sister is part ol the Chaplaincy Team al Newman Hoijse doing pastoral work with students from the London Universities. The care ol creation and social justice are also very important to us, and we concretely show our concern lor refugees and migrants through s(Jpw>rting the work of the Jesuit Refugee Cenlre. RELIGIOUS OF THE ASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 YoungAdultMinisty In 2024 we continued lo tsffer a range of events for young people a5 part of our youth ￿l￿a¢h programme based tnainly in the London aréa. The activities a￿ planned by the'youth team.. which consists of five sisters and two lay peopl8- this inGludes two ftjll tirne staff members Ènd an Assumpbon Sister working part time for our ministry to young adults. We Gonlinued to collaborale with the Assurnpbonist Falhers in Belhnal Green in East London for several 8vents throughout the year. These regular events offer an opportunity for young Catholics to pray together wth R8ligious Sisters and Brothers.. the opportunity lo sh3r8 a time of prayer, ￿fleCtIon. ar￿ a meal as one community is much appreciated by all. Joint events such as the Assumption Film Club or cultural themed night5. like the Lunar New Year event aim to evangelise through building friendships, offering spiritual input, liturg￿1 cefebration. prdyer together orshowng a thought- provoking rnovi8, follow8d by discussion and soaal litlle together. Twice a y8ar. in Lent and Advent w8 organise day retreats whith remain our most FKJpular events. In the summer we invited young people for a walkin9 pilgrimage visiting CÈntral London churches. Itwas a daywth prayer and reflection while enjoying meaningful encounters with one another. A similar day was held in October with an ecumenical flavour and a particular focus on St Edward the Confessor, when we visited Ihe AngliGqn Westminster Abbey and the Catholic Westminster Cathedral lor prayer and reflection. In February we organised a pilgrimage to France in collaboration wth the Carmelites for a diverse group ol young adults from our networks. It was a successful spiritual joumey visib.ng our Assutnplon Mother House and important spiritual places in Paris and Lisieux. in tre footsteps of St Marie Eugenie. our foundress. and the Camielite St Therese of Lisieux_ We participated in several kwder church events throughout the year and were able to offer sponsorship to young people. particularty studenls. With a team of young people. we t(x)k part in the National Justice and Peace Ne￿Ork weekend conference in S,Nanwick, Derbyshi￿. In the summer we welcotned a group of young students from our Assumption school in Mexico for an enTiching exchange event in Kensington_ In September a small group joined the Invocation at Adoramus event in Birrningham. Following the re-opening of our offices and relreat laalities Tn Milleret House in June. we re-launched some ￿gUlar evenls there lor y(MJn9 adults from the autufftn. RELIGIOUS OFTHEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Followng the departure ol our coor(Jinator ol young adult ministry in May we eventually recruited a new team member, however, the postwas vacant lorneady 6 mnths. With the help of the wideryouth team. and especially wlh Ihe invaluable support of two Sisters who dedicated additional tirne to this ministry. we continued our young adult ministry. We continue to pay particular attention to the development of communicats'on wthin the Province, in the English Terrttory and with the wider world. The Assumption Youth team ensures a lively social media presence and follwng the launch of a new provincial website Iwww.assumptaou.org in loui languagesl. In 2024 we also developed a new website for the volunteer programme Iwww.assumplionvolunteer5_org_ukl. RELIGIOUS OF THEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Assurnpti¢)n Legacy Fund The Assumption Legw Fund ￿ a Iw*exJ charty (No. Z33084-11 ir•)Th aThJ expwses ar8 ￿Kauded as a restricted fund in these financial ststernents. The furKI's oiyect is lo continue the terrrtorfs mission of edwli(n by making grants supporting educational Charitat￿ prcyects the public benefit in ts U.K. in particular for the advancementoleducats.on thatis Roman R(xllan CatlK rdigron. TheprioritÈs for2024 were.. The educa'on 0fdBatha￿tag￿ th￿dren aThY ￿UThJ FEOFAe 2. Fomation Tri and SLPP)rt ofshared thjetshipwittrun Rc¥nan Caltrth sth(th and sxlh fom col￿eS Lay people working in or alongsi(Je thè Roman Cathotic rhurch. parbcujarfy ywlh wcYket5 and those enwdged in Iransfomiative education inthe tradition oftheAssumption The Assumption Legacy Fund IALFI worked wih 31 uganl5alKy￿ in 2024. The Managem&rt Comrnittee made donab.offj to 11 new woiects. in ad(tib"on to21 ongimw granls. The Enthum FouThYation is one ofthèn8w recipients. Bas8d in EaS￿￿rne ISussex}. they provide supported aC0￿M(￿a￿On for up to 20 ullar£ompanied a$￿UM- see￿ngYoung people aged 1&18. Funding fromALF vAnconln"bute to IhecorerAists of hdringthose young peo wth an in-house Ewlish language leamirvJ pr(yJravnme. translati￿ and interpretation setv1￿$ and the sutport of a specialist stalfmernber. Other new grantees 1ndl￿ the cath￿￿ Sttthnt New vh) FM)sted thèir fv5t annu￿ Camic SbJdents Leadership Summit with ALF funthng. The Sumnit i% a week&KI oftrriniru. ftxmation, community, and prayer for Catholicstudents who h8vetaken on leadership r(Aes ￿theIr￿n￿e[SI￿s Calhc4icSoc7etes. Itequips young Jethrs the tools they need lo uphdd P)g'tIL￿ of ￿lershIp in the Church. whilst at universty and as fvtU￿ leadets in parishes, professionèl seth"ngs, or the OTbcal aJEna. The Os¢2r Romero Award Trust awarded core furKlir¥J lo expand their national reach. The trustoffers a framel￿rk Ihalsupports Cath￿￿scINx)& (primary and secondary) in recw)isiro and celebrating what they do to pr￿le calm￿ S(xial TÈad)iw and (knllenges them to weave it into th8 school's ethos. Wth ALF funding, they aim to grow the nunknerofaffiliatej schcds from 3(K) to 6(K). ALF continues to fund a range of aCtI￿￿e$. induthng Ihe Raintmm Bereavement Supp(rt PrrgRnYne delive￿ by the Catholic Chli dren's SocEty. ￿n￿ September 2022, Ihey have ldur￿hed the pr￿rdMrne in 115 stho(As; promdedtrairung in supporbng thildrenwtth I￿reavernenta[KI b5slo 958schcd statr. aThSdelivered rTK)re intengve 'Rainbows Facililatorf trainiThJ i0 298 staff. ena￿Ing them to nJn strudured 5UPPKXt groups for W￿S. ())e teather shared Ihe followng feedback about one child has ber)effted Ihi8 supwrL The Year 2 child had fa(￿d loss around a very bad break up olherparents...She was very wiweach day she can* tr)5(*K)d. ha￿1r￿j to be taken off Mum and requi￿ significant ￿ve1$ of pastoral supFrtxt Gtadualty after we iwn our Rainbows ses&ons, shè went fvom being the quietest member tsf the group to the (tstty organised one... now she rarety comes into schwl looking sad or tearful. she entW5 through Ihe sch)d gales %Mlh a SMI￿ arKI is to workiryJ well in dass. She rea￿ has become a hap￿er, ny)re ccmient¢thdd.- The oxpansion of KKIS Kabin Seti￿￿eS in MKklknbffyJgh., S(xial Teaching in primary sch¢xAs across the Diocese of Weslrninster, Pilgrim of Hope. AarYE CoThJress 2025., Holy Rosaty Church wrnmunity rcorn refUr￿ShMenI in Leeds,. and the If￿h Chaplaincy's irpcell 2Lbwty lor incarcerat￿1 Iiish Travejlers are some of the PTojeGts that benefjt from ALPS orvJ(MrbJ fU1K￿r￿j. The Duchess of Leeds Assumptlon Fund The Duchess DfLeeds Assumption Fund IReg. No 5296201 was set up to give small gtsnts to young wiNYEn aged 16-25 %vho Ipie in the North of England. In 2024. the Managem￿1 Commtttee recetved 100 ap￿IcatiOnS and were ablé to maké 87 grants at theirJanuary arKJ May meetings. Awards enaNed 79 grant hdders to go to LtyJr(5es; th8 remaining grantees attended different thties such as the Le￿S UniverS￿e5 Cathdic Cha￿ainCY pibrimage to Rome. Carrn&l Q)Ilege's Peru Mis&on in Iqurtos and the Kendm arKI LightTeen UK Summer Camp. Though srnall (£250 each on average) the grants prowde signtficant hdp with the overall costs ofthe tsip5. Funds weredistributed in February for pikJrimages tskiThJ overthe EagterhdK* awKI in May forthbes happenitvJ thrwh spring and summer. Grant hokjers are asked lo wite a reFQrt on thwr pe￿n￿ ewience. W& see Ihese sh(Kt essays as a way of helpIr￿ grantees lo reffecl on what they have experienced arKI ¢))nsdkYaie their leaming. Our website Str￿¥[ somè oflhese testimonies io i￿e2se the charity's profik atKJ atlTXCt néw atw1￿￿nts. Tr reports can demonstrate the transfr>rmative effect these pilgrimaJes have on the INes aTrJ the faith of worrÉn. Be￿ are 5amFles of RELIGIOUS OFTHEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 personal ￿flectionS on going to Lwrdes. many r(Y the first b'me. Hease rKJte that we have left Ihe girfs. rewrts as they WTOte them, induding the othj typo. "My kn"ggest hKJhlight from Lourdes was definilety have the priwlege lo *r servewith the bi5Fw. which bYd5 such a pleasure. Thi5 really enatAed me to understand why I was teally Ihere and strewhened rny rdatvnship with d. l also definit8ly bved the sctrKxA vNJils as it meant Ihat l (xukl understand Ihe twsl depths of my faith and the importance that I never understcK)d bll my pl￿rimage io Lc*Jrdes. Also. ltstening to the talks, was real￿ ama￿ng as it help8d tne18am so muth." Anna 'A moment Ihal stc¥JJ to me was an event that c¢oJrrgJ on one oftrE final nights atthe gtoito. A priest sat wth us. explaining the story of the caNng of the Lojrdes statue of Mary and St. Bemadette s retelliws of the features of the apparition that appeared to her. M￿h like rnYse￿and many other5. Ihe sculptor assu￿￿ the vision ofmary would be something traditional and miraculous ard extraordinary-the e￿1￿me ofhd4iess. [...] But to both my and the sculplorfs surprise, Bemadette described Mary as a friend, a peer. l This encapsulates my experience as I refleclon the trip. The overwhelming power of Lourdes was notjust in itself. bul in the connections I made along the way-my peers. my wach frends. 8ThY peO￿e I met forjust a Wit seo)nd while on duty. There was an undenkoble sense that I was meant to be in Ihew INes. aThJ theywere nw)e.- Eva 'This pilgrimage was an opportuntty for me to leam Ihrcwh ex￿le￿. In a¢jJth"￿) to tth"rYJ part in Mass and processions, I helped othets to take part who would olherwse not have been able to do so. Joining the pilgrimage as a volunteer was a real pri￿￿e. It has made Ihink more aik)ut the St￿￿3￿ that some peoFAe fa￿ and the effort ￿qUI￿d to do simple thirys trot I can do so ea&ly. My hore is Ihal ￿flect1￿j i)ad( on this experience will gU￿e deci%ions I rnak8 long into firture and I cAn make È ptssrtive contiibubon to the Iwes of olhers." Lucy The numier ol applICat￿nS submitted fdl by 25% 01 2024. a longtemi dovThard treThJ that has been exacert)at by the pandemic. high infia￿n and the ongcxng rx)5t-of4Mrig crisis_ To distribute some of this cash surplus. the Tnjstees wod(ed with the Management Committee to find attemative ways to promote the educats.on of young women underlheage of25who reside in the Rornan Calhdic D￿￿eS01HeXhaffl arKI Newcasue. MKldlesbrough. and Leeds. 8nghl Futures North East aThY Wesl End Women aThJ Gitls Centre oryJaThsats￿S tEceived a on￿rf grant of£5.000 Èach lo support their work smth yi>Jng women aged between 15 and 25 wly) are based in the North East. Bnght Futures NE works with young women up tothe age of25 by h￿￿r¥j them to tathesome oflife's bugest challenges like substance misuse, dclY￿StIC abuse. unempbyThent. FXJ)r healih and weubeing. sexual atyJse and exploitatK)n. Based In South Shields, the charity suprKJrts over5,0(K) y(MJngwomen each year. They￿%)rk as partofNorthumbria Police s Multi-Agen¢y Exploitation Team pro*iding (￿&t￿one talored supporL to yojng women vkno are at risk ol or have been a Mctim ol grooming aThJ exploitat￿. West End Women and Girfs Centre is the fi￿t and orty access. (x)mrnunity-based wornen's and girfs. centre in Newcastle. They aim to bLJild the powerof wornen and girfs. WFKF have t￿en aThJ continue lo be disenfranchised. Activities include women's group worf( sessions. ycth dubs and one lo one suppN)tL drarna wotkstrws wth Open Clasp Theatre Company". dome5ts"c abuse 5eMces, cour5e5 and recovery support". gender equality eampaigning. "Lourd8s rne that fath i911￿6t s￿th¥J l Iwe., fath tse to ￿ shtsj arKI Ihe rTK)re yw share yo faith with others the strorvJerilgets foryou all. Faith is abwlcommunity. atrxwt bel￿gIng. abwt using thlsw0￿erful gift God has given us to help othets.11 is also aboui love and I fell surrounded by this from arriving at the airport to arriviro back at Teesside..- I don't Ihink I have everseen peiwe take so lory lo leave an airrx)rt. so many goosbyes OF should I say see you soon. hugs aThY thanks. It truty was a fantastic eX￿er1en￿. an anwing OP￿[tunty and an inspiring journey. l am so grateful lorthe helpthal the Duchess olLeedsAssumption FuThJgave rne lo enable tTEtofflake IhL Pilgnmage. it has imbedded a seed in me Ihalwill growstrongw and I'm sure I will be back in Lourdes again soon to do rtall again." Charfie RELIGIOUS OFTHEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Assumption Volunteers Since 1999 the Assumption Volunteer Programme welcomes young people aged 18+ lo serve in England and overseas in collaboralion with the inlemalional nehvork of AMA IAssumplion Mission Associatesl within the congregation of th8 Religiou5 of the Assutnption. Parttcipants are invited to share in the lives of marginallzed and disadvantaged communities In aTholher culture, especially semng young people_ This year we continued to welcome intemab.onal volunteers who work full lime as part of the Fts"d5 Kabin charity teams in Newcastle and Middlesbrough. An average of six team members work in the two locab.ons al a gwen time_ In 2024 we had foltr volunteers in Middlesbrough trom the Philippt'nes,- eight volunteers in Newcastle from Nigeria, the Philippines, USA. Peru and Colombia. Long-tem volunteers join us for an acadernic year. normally from Septem￿￿ to August. The volunteers in Kids Kabin conb.nue to provhde invaluable and higtpquality service in the planning and delivery of creative educational sessions with the child￿n. They also take on the ￿SponsIbl11ty of the preparations ol half-lem and summer holiday aclivil'es. administrative tasks. relationship-building wilh the farnilies. social media, and public relations. Two European vglunteers (from Belgium and Ihe UKI completed a year of semcè in June and another two British volunteers began their mission in Assumption projects in the Philippines in September2024. We continue to Maintain r8lationships within the inlemational network, espeually ￿1th the USA, the Philippines. Spain, France, Lithuania and Belgium as possible 5erKling and hosting organisations_ We are also developing collaborats.on with our provinces in Africa, particularly in Keny8. The Assurnption Volunteer Programme is aided by a dedicated Advisory Board vthich meets regulaAy throughout the year. The Volunteers are supported in various way5 throughout their service year." accompanied by regular individual meetings, encouraged to organi5e their own cornrnunity activities and outings, and il necessary, given one-to-one English lessons to improve their language skills_ The programme indudes dedicated times of training (orientation week when they arrive in the country) and induction in the local Kids Kabin projects. During the year there are days lor relection and spiritual retréats. and a final evaluatitin retreat and debriefing befofe their departure at the end of their year. 1C RELIGIOUS OFTHEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Recruilmenl remains challenging, and il is increasingly costly and dtff￿ll for young people from overseas to obtain a charity worker visa whi¢h allows them to join the programme tn the UK. We are committed to sponsor volunteer placernents for young people in our projects in England and abroad. Assumption Volunteers is one of the few Catholic gap-year programmes which aims to empower young people and help them grow through mutual sharing ol gifts and to work lor the transformation of society. As part of the promotion and recruitment process we attend volunteer fairs and other events to share the vision of this unique Catholic Gap Year project and invite young people to give a year of service. Summer 2024 was a pa￿CUlarfY busy time with the closure of the Sisters. New¢aslle Convenl, which had wider implications to the volunleer programme and how we support the intemational team of young people who lived next door lo the Sisters. Throughout the years the Sisters community has accotnpanied and joumeyed wilh the volunteers as part of their minislry. The departure of the Sisters wneanl a significant chan9è. which required us lo re-think and prepare for a new way of supporting and managing the Assumpb"on Volunteers in the P4orth-East of England. Our re¢enl Assumption Volunteers WToIe'. "When l applied to the programme. l expected it lo be a rewardlng but challengNng experience, where I couldgive back and learn more about working in a different Gultu￿_ I Ihoughl il would be aboul helping others and stepping out of my comfort zone. which it definitely was. But I didn t expeGI the tim￿¢1 it would have on me personally. My expectations shifted when I reali2ed how much I would gaAn from the people I was servlng and the community I was part of. I didn't jusl gffjw as a volunleer-l grew as a person. It was more Ihan just giwng back,- it was aboul building relalionships. learning about myself, and being shaped by the whole experAenGe_- "Thankyou for this opportunityl A year of voluntary 5erviGe in England has been a life-changing and humbling experience for me. All I had to do was locus on my misslon and show up. becaus8 everything I needed was provided. I ve learned so rnuch from my community. the Sisters. and Klds Kabin. l Gan t find the nght words to fully express how thankful l am for this opportunity lo volunteerabroad. bul l am beyond grat8ful.- "Living nexl doorto the Sisters and in community WAth otheryoung people different culturèl backgrounds was truly 8 gift. 11 was quité è challenge to adjust during my first few months. as it was a new experFence with people from differenlparts of the world. Nonetheless. overtime. I leamed a lol from them by crèab.ng memories together, sharing interesting ¢ullural bèlièfs and praclices. leaming theirlanguages. devouiFng various cuNsirJe. and so much more. Allowing myself lo get to know my community has led me to appreciate 8nd celebrate ourAndffvidual diffe￿nceS. 11 RELIGIOUS OF THEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Organisation and Communlcatlons The Assumption young adull minislry is supw)rted by Ihe work of the sisters in the Youth Team and iwo full time staff members= a coorolin8lor of young adult rninislry and a project worker. Their involvement ranges from recruitment. training and accompanirnent of Assurnption Volunteers to the developrnenL planning and irnplemenlation of various young adult events. Assurnption Volunteers is supported by a dedicated Adwsory Board which meets regulady throughout the year. The Volunteers are supported in various ways throughout their sÈNice year." accompanied by regular indiwdual rneetings. encouraged lo organise their own ¢ommunity activities and outings or if necessary, given on&-lTrone English lesstsns lo improve their language skills_ The programme includès dédieAted times of training lorientab.on week when they arrive in the country) and induction in the loGal Kids Kabin projects. During the year there are days lor iefle¢tion 2nd spiritual retreats, and a final evaluation retreat and debriefing before their departure at the end of theii year. As part ol the promotion and recruitrnent process coordinatOT5 attend volunteer fairs 2nd other events lo share the vision of this unique Catholic Gap Year project and invite young people lo give a yearol seN1￿. In November 2022 an Émportant gathering of coordinators ol the woddwide Assumption Mission Associates {AMA or Assumption Volunteers) took placè in Paris. This brought logether over 20 programme leaders from around the wodd Iof a time of reflectson. exchange and planning for a renewed and united vision. The seeds of a closer collaboration between the different provinces wère sown and new ideas emerged, which will hopefully give a fresh iThpelus lo the programme towards a new future. JK We continue to pay parb'cular attention to the development of communieAti within the Province, in the English Territory and wth the wider world. The team ensures a lively social rnedia presence and a dedicated team is working on a joint new Provincial website. In the past year we protSu¢ed and printed the new Assurnplion Sisters and Assumption Volunteer5 leallels. Fulure Plans On 4th December 2024 the Trustees authorised the transfer by the Tftjst ofall of its business. asseis and liabilities lo a newly established chafiiable incorporated organisab.on called Religious of the Assumption. registered with charity number 1208734 Ilhe "CIO~l. Operating as a CIO wll enable the Religious of the Assumption to appoint more sisters not living in England as Trustees and thus address the aging profile of the Trustee body. The final months of 2024 saw us preparing for the first audit of our safeguarding policies and pro￿duleS by the Religious Life Safeguarding Servi￿, which took pla￿ in Jgnuary 2025. When the results of this audit are published they will provide rneans by which we can enhance the practical implementab.on of our commitment to safeguarding. Post balance sheet events On 10 December 2024 the trustees completed a Deed of Transfer lo Iransfer the activities. assets and liabilities of the charity lo a newly established charitable organisab.on operating under the same name but with a separale charily number 1208734_ The effective date of the transfer was 1 January 2025 and the exisbng charity became dormant from Ihal dale. Investment performan¢e The gain in the value ol thè investments during the year was £1.112k 12023.. gain £1,710kl. The value ol the investments at the year end was £38.903k 12023.. £39.294kl. See note 11 to the accounts. The investments which consist primarily of equities. investment funds and fixed income securities. are selected on ihe advice of the investmenl managers. The truslee5 are satisfied wlh the perfom)ance of the investments and with the advice received from the investmenl managers. RELIGIOUS OFTHEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Financlal review Income for the year amounted to £1.959k12023.. £1.778kl. Expenditure lor the year amounted lo £2,853k12023.' £3.082kl. After taking account of the inve51ment gains the net increase in fund5 for the year was £218k12023'. £406k increase) resulting in a fund balance at the year*nd of £57.880k12023." £57.662kl. Reserves policy Included in the balance sheet are restricted (unds which compiises ol the Assumption Legacy Fund. There are also designated funds which comprise amounts which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are get out in the notes lo the accounts. The remaining funds of the charity are kept on the general unrestricied fund as the charity has no endowmefit fund. In addition to the works to which it is Committed. Ihe charity needs to provide for the long-tem needs of the Sisters who make up the community, together with the propertie5 they occupy and their impact on the 8nvirMmernt. Although reseNes have been designated to meet these need5, these costs are by nature long-term with a large degree of uncertainly. In the orcumslances. the trustees consider that the curient reserves are adequate for. but not malerially eX￿$S•Ve to. the fuiure needs ol Ihe charity. Investment pollcy The charily's investment powers a￿ p￿Scribed under Ihe lems ol the trust deed. The trustees are permitted to invest in trustee investments in the form of GovemJnent seGurities. and the shares and fixed Interest securities of public cornpanies, investmenl, financial or unit tnJsts. The charity's inveslmenl pdicy Is set by the Irustees and the investmenls are divided In roughly equal proportions and managed by Quilter Cheviot Limited and Epworth Inve5tmenl Management Limited. Our investment choices seek to be a practical implementation of the Social cOnsequen￿S of Ihe Gospel. We do this through our ethical investment policy and by posib.ve choices. as well as negative exclusions. in our asset allocation The investment managers a￿ Instructed to optimise the ￿t￿M on the investrnents over the medium terrn within these parameters. Risk management The Iruslees have assessed the major areas to which the charity is exposed_ These indude.. Finance Maintenance of buildings Health and Safety Employmenl Law Reputation Maintenance of records and documents The Injstees believe th8t hav&ng assessed Ihe major risks to whith the Charity Is exposed. they have established effective systems to mibgate those risks. The trustees have a policy for the Safeguarding ol child￿￿, Young People and Vulnerable Adults. The trustees priorilise ensuring the protecbon and safety of all those the Charity serves. This means that every sistei who is engaged in any kind of ministy obtains clearance from the Disclosu￿ and Barring Service and takes part in safeguarding training. The trustees are commstled to implementing all poltctes and procedures of the National Catholic Safeguardtng Commission. The English Territory is a member of the Catholic Safeguarding Standards Agency and the Religious Life Safeguarding Service. and benefits both from the training and advice they offer and the work of their lay safeguarding representative. The Imstees employ the services of suitably qualffjed persons to advise on necessary repairs to keep thè èstaté property in a go(yJ state of repair. RELIGIOUS OFTHE ASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governanc8 and managernent The assets c)f the English Territory are held by the trustees ofthe Congregation of the Religious ofthe Assumption. The trust is governed by a tNst deed daied 6th February 1963 and is registered w7th the Charity Commission No. 233084. The deed was amended under a scherne dated 3rd June 1980. and in the Matter ofthe Charities Act was varied ty a scheme daied 23rd June 1996. In October 2008 the Charity Commission Authorized a Scheme dated 1 Oth October to.. il amend the objects ol the charity to darify that the charity's funds be applied anywhere in the worfd," ill amend the definition ol 'superiorf.' rii} change the provisions in the consty'tution relating to the nuwnber of trustees so that there tnust now be between three and twelve trustees in office. The deed was further amended by a scheme dated 24th Septernber 2020 and a Resolution of the Trustees under section 280 of th8 Charities Act 2011, further amending the definition ol'superiort and cjarityng how the assets of the Trust should be distribvled should the Twst cease to exist. The Iruslees are appointed by the Provinaal Superiof. Since all trusteès are merrtber5 Ot the Congregation, they have a detsiled knowledge of the charity and of its structure. The trustee5 who served during the year We￿-. Sr Patricia Mitchell T.8 (resigned 29th April 2024} Sr Maureen Connor r.a {resigned as Chair on 8th April 20251 Sr Catherine Jones r.a (Territorial Bursar) Sr Jessica Gatty r.a Sr Cathèriné Cowley r.a lapFX)inted Chair on 8th April 20251 Sr Anne Thielen r.a (Provincial Bursar} Sr Kolryna Daaguole Gervyte r.a (Provinciall The Province ol Europe is administered by the Provtncial Supertor Isr Kotryna Danguole Gewel and her ouncil14 Sisters), the Provincial Bursar Isr Anne Thielenl and the local superiors. Sr Catherine Jones is thé Territorial Bursar and Sr MaLtrè8n Connor is Chair of the trustees. The trustees work cltssely wtth the locol community leaders. its finance team and wth committees sel up by the Territory, all ol which indude lay members and advssers. STATEMENT OF TRUSTEES. RESPONSIBILMES Thè trustees are ￿spOnSible loi preparing the Trustees. Report arKJ the fjnancial statemenls in accordance with appliCa￿e law and Untted Kingdom Accounting Standards Iunited Kingdlyn General￿ Accepted AGwunting Practice). The law applicable lo charities in England and Wales requires the tnjslees to prepare financial statements for each financial year which give a true and fair vtew of Ihe state of affatrs ol the charity and ol the incoming resources and application of resources of Ihe charity Ihal year. In preparing these financjal statements, the trustees are required to: - select suitable accountsng pdicies and ihen apply them consistenty. obseN& the mathods and printiples bn the CharilJ"Ès SORP. makejudgements and eslimales that are reasonable and wJenL - state whether applicable accounting standards have been fonowed. subiecl to any material departures disdosed and explained in the financial statement5- and prepa￿ the financial statements on the goir*J concem basis unless it is inappropriate to presume that the charity 11 continue in operatii)n. The trusteés rèsponsible for keeping suffi(aenl accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that Ihe financial statements compty with the Charities Ath 2011. th9 Charity {Accounts and Reports) Regulations 2CQ8 and the provisions of the trust deed. They are also responsible for safeguarding the assets ol the Gharity hen￿ lor taking reasonab16 Steps lor the prevention and detection ol fraud and other irregularities. 14 RELIGIOUS OF THEASSUMPTION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITOR Each of the persons who is a trustee at the date of approval of thi8 ￿Port confirn￿ Ihat". in so far as each trustee is aware. there is no ￿levant audit infonnation of whith the CoMpan￿S auditor is unaware; and each trustee has taken all steps that they ought io have tsken as a ttustee to Make Ihemselves aware of any relevant audit inftsmalion and to establish that the company's auditw is awa￿ of that inlomation. Signed on beh8lf ol the trustees.. Sr catherineJo￿s r.a. Sr Calherine Cowley r.a. Dated.. 14th May 2025 RELIGIOUS OF THE ASSUMPTION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RELIGIOUS OF THE ASSUMPTION Opinion We have audited the financial statements of Religious of the Assumpbon Ilhe'charrWI for the yearended 31 December 2024 which comprise the Consolidated Statemenl of Finanaal Activibes, the Consolidated and Ch3rity Balance Sheets. the Consolidated Statement ol Cash Flows and the notes to the financial statements. including signifirant accounting pdicies. The financi31 reporting framework that has been applied in their preparation is appli¢3ble law and United Kingdom Accounting Standards. induding FRS 102 The Financial Reports"ng Standard applicable iri the UK and RepL¥bli¢ of Ireland" (United Kingdom Generally Ac£epled AccouftD"ng Pracbcel. In our oprnion. the finan(ial statements= give a true and fair view ol the state of the group's and of thè parent charity affaFrs as at 310ecember 2024 and ol the group's net movement in funds for the year then ended.. - have been propedy prepare(l in acwrdance with Unite(J lQngdom Generalty Attepted Accounb"ng Pracli¢e.' and have been prepared in aecordance the requ1￿ments of the charib.es Act 2011. Basis for opinion We have ￿en appointed as audilor under se¢b"on 144 of the Charities Act 2011 and ¥eport in accordance with the Act and relevant regulations made or haviry effect the￿under. We conducted our audit in accordance with Intemational Stsndards on Auditing IUKI {ISAs IUKII and applirable law. Our tesponsibilities undèr those standards a￿ further describ8d in the Auditorfs responsibilities lorthe audit of the finantial statements section of our report. We are ind8pendenl ol the group in accordance with the ethical reqU1￿MentS that are relevant to ouraudil of the financi81 slalemenls in the UK, including the FRC'S Ethi(xl Stsndard, and we have lulrnled iyJr other ethical responsibilities in accordance with these requirements. We believe thal the audil evidence we have obtained is suffiaenl and approwiate to provide a basis for ottr opinion. Emphasis of matter- financial statements prepared on a basis other than going concem We draw attenbon to the disclosure made in note 1.1 to the financial statements which explains that the charitable harity transferred all its assets. liabilities and activities to Ihe newly established GIO from 1 January2025. Accordingly, the financial statements have been prèpared on a basis other than going concem as (lÈscribed in note 1.1. our0pin￿n is not [T￿lf*d in tespect of this rnatter. Other information The trtjslees are reswnsible for the other informaliortr_ The olher rnform8tion comprises the infomiation included in the T￿Slee$. Annual Report. Our opinion on the finanual staternents does not cover the other inft>rrn8tion and. ex￿ptt0 the extent otherwse expliciuy stated in our report. we do not express any fonn of assurance conclusion thèreon. In Connection with our audit of Ihe finanaal statements. our responsibrlity is to read the other inforrTr3tion and, in doing so, consider whether the other information is materially inconsistent the financial Staten￿nts or our knowledge obtained in the audit or otherwise appears to be materially misstaled. If we idenb.fy such material inconsistencies or apparent material misstatements. we a￿ required to deterniine ¥Yhether there is a material mis5taiernent in the financial statements or a material misstatement of the other infofmation. If. based on the work we have performed. we conclude that the￿ is a material ￿lSS￿leMent of this other informabon, we are required to ￿port that fact. We h8vÈ nothing to report in thi5 regard. Mattèrs on whleh we are required to ￿pOrt by exception We have nothing lo report in respecl of thè following maEtefS in relation to which the Charities IAccounts and Reports) Regulations 2008 WUiTe us to report to you if. in our opinion.. the infomation given in the financial statements is inconsistenl in any maierial reSp￿t the truslee5' report-, or sufficient accounting records hav¢ nol been kept.. 16 RELIGIOUS OF THEASSUMPTION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF RELIGIOUS OF THE ASSUMPTION (CONTINUED) - the financial slalemenls are nol In agreement with the accounting records". or we have not received all the informabon an4J explanations we reqttire for our audit. Responsibilities of trustees for the financial statements As explained Thore fully in the trustees responsibilib.es slalernent sel out on page 8. Ihe trustees are responsible for the preparation of the financial statements and lor being satisfied that they gNe a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materièl misststernent, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group'5 and the parent charity's ability to continue as a going concern, disdosing. as applIca￿e. matters related to going concern and using the going concem basis ol accounting unless the trustees eithei intend to liquidate the group or the par8nt charity or to cease tsperations. or have no realist￿ altemative but to do so_ Auditor's responsibilities for thè audit of the financial statements Our objectives are Its obtain rea50nable assurance atx)ut whelher the financial statements as a whole are free from material misslaternent, whether dile to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high levd of assurdn¢e. but is not a guarantee that an audit conducted in accordance with ISAS IUKI VAII alvtsys detect a material misstatement when It exists. Misslalements can arise from fraud or error and are considered rnaterial if. individually or in the aggregate. they could ￿asonablY be expecled lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities. induding fraud, are instancès of non-compliance wth laws 2nd regulations_ We design procedures in line with our responsitx"litie5, Outlined above. lo deiecl material misstatements in respect ol iiregularities, including Iraud. The extent to which our prC￿￿Ures are capable of detecting irregularities, rneluding fraud is detailed below_. Based on our understanding of the charity and Ihe environment in which it operales. we identified that the principal risks of non-compliance ￿th laws and regulations welated to Charity law and safeguarding regulations, and we conside￿d the extent tts which non-compliance mighl have a material effeu on the financial statements. We also considered those laws and ￿gLIlatiOnS ihal have a direct impact on Ihe preparation ol ihe financial statements such as include the Charities Act 2011 and the Charities SORP and consider other factors such as payroll tax. We evaluated management's incenb.ves and opportunities for frau¢Julenl tnanipulafion of the financial statements (including the risk of override ol controls). and delern)ined that the prinupal risk5 were relaled to depreciation. Audit procedures performed by the engagement team tnduded". Inspecting correspondence with regulalots and tax aut￿￿￿tIeS. Discussions with management induding Consideratt￿ of known or suspected insianc85 of non-compliance with laws and regulation and fraud", Evaluating man8gement'5 controls designed to prevent and deteGt irregularities.. Identifying and testing jotjmals.. and Challengin9 assumptions and judgements made by management in Iheir critical accounting estimates. These related to depreciati1￿. Because of the inherent limitaiions of an audit. there is a risk that we wll not detecl all irregularitiès, including those leading to a rnalerial missiaiemenl in the fjnancial statement5 or non-complian￿ with regulation. This risk increases the mcire that oompliance with a law or wulation is removed from the events and transactions reflected in the financial slatemenls. as we wll be less likely to become aware of instances of non-compliance. The risk is also g￿ater regarding irregularities occurring due to fraud rather than error. as fraud involvès intentional concealment, forgery, cdlusion. omission or misrepfesentatiorb. A further description ol our responsibilities for the audit of Ihe financial stalernents is located on the Financial Reporting Council's website at. www.frc.or .uklauditorsres This descripbon foms part of our auditor's report. 17 RELIGIOUS OF THE ASSUMPTION INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF RELIGIOUS OF THE ASSUMPTION (CONTINUED) Use of our report This ￿port is made solèly lo Ihe charity's trustees. as a b(Kly, in accordance with section 144 of the Charities Act 2011 and regulations made under Srftion 154 of that Act_ Our audit work has been undertaken so thal we might slate to the charity's Iruslees those matters we a￿ required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do nol accept or assume responsibility to anyone olher than the charity's trustees as a body for our audit work. for Ihis ￿pOr( or for the opinions we hav8 fomied. Hty LLF Haysmac LLP Statutory Auditors 10 Queen Street Place L￿dOn EC4R 1AG Date.. 17 July 2025 Haysmac LLP is eligible to acl as an auditor in terms of seclion 1212 of the Companies Acl 21K 18 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITVRE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment RÈstricttd funds funds 2024 2024 Total funds 2024 Totsl funds 2023 2024 £000 £000 Income and endowments from: Property and associated income Legacies and donations Sisters. salaries and pensions Investment iThcome 27 27 333 1,555 23 322 1,397 1.307 1.711 1.959 1.778 Total income Expenditure on= Investment management costs 121 121 Charitable activities- Territorial expenses 2.221 511 2.732 2,974 Total expenditure 2.342 511 2.853 3,082 Nèt gains on invèstronts 1.083 1.112 1,710 Net movernent In fund5 452 12341 218 406 Fund balan￿S at 1 January 2024 51,789 5.523 57.662 57,256 Fund balances at 31 December 2024 52,241 5.289 57.880 57,662 The statement of financial activibes Indudes all gains and losses reco9nised in the year. All income and expendilure derive from continuiTrJ acbMties. 19 RELIGIOUS OF THE ASSUMPTION CONSOLIDATEDAND CHARITY BALANCE SHEETS AS AT 31 DECEMBER 2024 2024 2023 Group Charity Group Charity Notes Fixed assets Property- plant and equipmelll Investments 10 11 13.859 13.859 38.903 38.3S) 13.199 39.294 13.199 38.770 52.762 52.209 52.493 51,969 Current assels Oebtors Cash al bank and in hand 12 218 5.507 218 5.465 51 6.021 51 5,954 5.725 6,072 6.005 cul￿nt liabilities 13 1448) 14481 17891 17891 Net current assets 5,2TI 5.235 5.283 5.216 Total assets less current liabilities- 58.039 57.444 57.776 57,185 Nonrfuffent liabilities 14 11591 11591 11141 Net assets 57,880 57.285 57.662 57,071 Incomefunds Restricted funds Endowment fund 15 16 5.289 5.523 5.282 Unrestri¢ted funds Designated ftjnds General uniestticted fvnds 17 42,249 9.992 42.249 9.992 40.109 11.680 40.109 11,680 52.241 52.241 51.789 51,789 57,880 57,285 57.662 57.071 Th8 financial statements were approved by the Trustees on 14th May 2025 SrCathe￿nej0neS r.a.Isec￿taryj Trustee Sr Catherine Cowley r.a. Truslee 20 RELIGIOUS OFTHEASSUMPTION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes £000 Cash flows from operating activities Cash absorbed by operations 12,4971 11,6751 Inv•sting activities Property, plant and equiprnenl addit]ons Property, plant and equiprnenl disposats Purchase of investments Proceeds on disposal ol inveslments Investment income received I1.{￿7} 13.4061 11.784} 3.279 1,555 112,0501 15,706 1,397 Net cash generated from investing activities 1.983 1,647 Net IdecTeasel in cash and ush equivalents 15141 1281 Cash and cash èquivalents at beginniNJ of year 6.021 6,049 ash and cash equivalents at end of year 5,507 6,021 Anatysis of cash and cash equivaknts Cash at bank At 1 January 2024 Cash Flow At 31 December 2024 £000 Cash al bank 6.021 15141 5.507 Totsl cash and cash equivalents 6,021 15141 5.507 21 RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢counting policies Charity Informalion The Religiou5 ofthe Assumption is a Gharitsble trust eslablished by deed on 6th Feb￿￿ry 1963. The principal addréss Is 20 Ken￿ngton Squarè. London VV8 SHH. 1.1 Accounting ¢onvention The financial stalemenls have been prepared in aeeordan¢e wilh the Chari￿$ I￿st deed. the Charities Act 2011 and "Accovnling 8nd Reporting by Charities-. Statement of Recommended Ptsctice applicable lo charities preparing their accounts In accordance wth the Finanaal Reporting Standard applicable in the UK and Republic ol I￿land IFRS 1021" las amended lor accounts.ng periods commencing from l January 20191. The charity is a Public Benefit Enbty as defined by FRS 102. The financial statements have depart￿ from thè Charitie5 (Accwnls and Reports) Regulati£￿5 2008 onty to the extent required to provide a true and fair view. This departure has involved followng the Staternent ol Recommended Practice lor charitres aptAwng FRS 102 rather Iharh the version of the Statement of Recommended practi￿ which Is referred to in the Regulations but which has since been wthdrawn. The financial statements are p￿pared in sterfing. whith Is the fvncbonal currency of Ihe charity. Monetary amounts in these finawal stslements are rounded to the nea￿t £O(K). Thè financial statements have bèèn prepared on the hiSt￿l¢al cost convenlion. modified to indude investrnènts atlair value. The principal accounting wlictes adopled a￿ sel out belcw. Goln9 concern On 10 December 2024 the trust88s cornpleted a Deed of Trdnsfer to transfèr the acbvities. assets and liabilities of the charity to a newly established chariiable organisab.on operab.ng under the same name but with a separatè charity number 1208734. The effective date ol the transfer was 1 January 2025 and the existiThJ charity became domiant from that date. Therefo￿ th$ finana8] statements are prepaTed on a basis other than going concem. There have been r￿) adjustmenis to the CArrwng values of assets and liabilities sulting from the change in basis. Consolldatlon The accounts consolidate the results. assets and liabilitres of The Duchess of Leeds Assumption Fund (charity number 5296201 on a lin&by4ine basi5. Intèr-chArty transactions and ba￿nceS are eliminated on consolidation. 1.2 Charitable funds Unrestricted funds a￿ available for use at the discrelion of Ihe trustees in furthérdnce ol ¢heir charitable objectP4es unless the funds have been designated foroiher purposes. Restricted funds comprise of unexpended donats.ons and grants from the A5sumpb"on LegaGy Fund. a linked charity established in 2018. 1.3 Income Income Is recognised when the charity Is legalty entiled to it after any perfonnance co￿11tions have been mel, the amounts can be measured ￿lia￿Y, and it is probatAe Ihat incorne wll be received. Cash donaiions are recognised on receipl. Olher donations are recognised once the charity has been notified ollhe donation, unless perfomiance conditions wuiie deferral ofthe amount. Income tax re￿Verable in relation to donations received under Gift Aid or deeds ol covenant is recognised at the timè olthe donation. Legacies are recogni5ed on re￿Ipt or Othe￿Se rf the charity has rtotfied of an impending distribution. the amount is known. and ￿CeIpt Is expected. If ihe amount is not known. the legacy is treated as a contingent aS5eL RELIGIOUS OFTHE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Acctsunting policles (Continued) 1.4 Expenditur8 All expenditure is accounted for on an accruals basis. Expenditure 15 recognised where there Is a legal or constructive obligation to make payments to third pèrties, it is pl(￿able that the setuement will be required and the amount of the obligation ran be measured reliably. Grants payable are within the Gharitable objeGb"ves_ Where unconditional grants are offered. this Is accrued as soon as the recipient is notified of the grant. as this gives rise lo a reasonable expectation that the recipienl will receive the grants. whe￿ grants a￿ condilional relating to perfomiance then the grant is only accrued when any unfulfilled conditions are outside of the control of the chaiity- 1.5 Property, plant and equipment Depreaation is not provided on freehold properly as any provision lannual or cumulabvel would not be material, due to the very long expected remaining useful life in each case. and because their expected residual values are nol materially less than their Carrying value. With thè exception of freehold property. property, plant and equipment are initially mèasured at Cost and subsequenuy measured al Gost or valijation. net of depreciation and any Impairment losses. Depieciation is recogni5ed so as to wrtle off ihe cosl or valuation of assets less their Tesidual values over Iheir useful live5 on the lollowing bases". Leasehold land and buildings Fixtures. fittings & equipment Motor vehicles over the period of Ihe lease 10.kn per annum redv¢ing balance 4 years straight Itrbe The gain or loss arising on the disposal of an asset is detemined as the dilfference be￿een the sale proceeds and the carrying value of Ihe assel, and is reeognised in Ihe statemenl ol finanryal acbvities. 1.6 Investment properties Certain of the charily's properties ale held for long4emi investment. Invesiment properties are accounted lor as follows-. Investment properties are Initially recognised at C05t which Includes purchase cost and any d1￿ctlY attributable expenditure. Investment propertie5 whose fair value can be measured reliably are measured at fair value. as determined by the trusteÈs. The surplus or ¢Jeficit on revaluation is recognised rn net inGomellexpenditurel for the year. 1.7 Llsted investments Investments are a fonr ol basic financial instrument and are initially recognised al their transaction value and subsequenuy rneasured at their lair value as at the balance sheet date using the closing quoted market price. The Stalement ol financial activities indudes the net gains and losses arising on ￿valUation and disposals Ihroughout the year_ 1.8 Freehold properties Individual freehold and leasehold properties are rarri8d at current y83r value at fair value at the date of the revaluation less any Subsequent accumulated depreciatK)n and subsequenl accumulated irnpaitrnent losses. Revaluations are undertaken with sufficient regularity lo ensure the carrying amounl does not diffei malerially from Ihal which would be deterrnined using fail value at the reportill9 date. Fair values are ¢Jetemiined frorn markel-based evidenGe normally undertaken by professionally qualified valu&r5. Revaluation gains and losses are recognised in other comprehensive rncoffle unless losses exceed the previously ￿cOgnised gains or reflect a clear consumpb.on of economic benefits. in which case the excess bsses are recognised In profil or loss. 23 RELIGIOUS OF THE ASSUMPTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 1.9 Impalrment of non