DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL (Established at Bushey Heath, Hert8) (Registered number 2332361 ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 ICE8-f>
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL (Registered Number 233236) ANNUAL REPORT 31 DECEMBER 2023 CONTENTS TRUSTEE, OFFICERS AND PROFESSIONALADVISORS...................... TRUSTEE'S REPORT........ Geographical location and operation.... . Governan, structure and management........................................................ .. Realising the Charity's Objective........................ ... The Mission of the Congregation in South Africa. Strategic Plan for 2023 and Future Plans............. Financial Review including Trustee's Responsibilities.............. . Reserves Policy............................................................................ Investment Policy.. Disclosure of Infomiation to the Auditors......................................... INDEPENDENT AUDITORS, REPORT.... STATEMENT OF FINANCIAL AcnviTIE8............................................... ...... BALANCE SHEET............................................................................... STATEMENT OF CASH FLOWS...... NOTES TO THE FINANCIAL STATEMENTS...................... .................. .12 13 14 15 18 19 .20 .21 Salnt Domlnlc Founder of the Order of Prgachern 11170- 1221)
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE, OFFICERS AND PROFESSIONAL ADVISORS FORMAL NAhE OF THE cHAlTy ODminican Sisters {Third Orderl Congregation of Newcastle Natal {Eslablished al Bushey Heath, Hertsl known as Dominun Sisters (Third Orderl Congregatson of Newcastle Natal TRUSTEE OF THE CHARITY Saint Rose of Lima Association Limrted, the Directors and Officers of which are the Congregation Prioress and Congregation Council members of the Sisters of the DominScan Congregation of Saint Catherine of Siena ol Newcastle Natal, as below.. CONGREGATION PRIORESS AND DIRECTOR OF THE TRUSTEE M. F. Cunningham (Sister Felicity OPI to 19 March 2023 A. B Cunningham (Sister Ann OPI from 19 March 2023 CoNaREQATION CouNCILLOR8 ANO DIRECTORS OF THE TRUSTEE M. C. Tuohy Isisler Maria OPI, Congregalion Vi¢aress & Sister Bursar K, E. d'Artois (Sister l<aren Marguerile OPI. Congregation Secretary E. Airey {Sisler Eileen OPI to 19 March 2023 C McGary (Sister Christina OP) from 19 March 2023 SISTER BURSAR M. Tuohy (Sist8r Maria OPI GENERAL BURSAR P. M. Kelly FIA Retired FMNCE MANAGER R. D. Bolton FCA ADDRESS Rosary Priory 93 Elstree Road Bushey Heath Bushey WD23 4EE Telephono: Wobslta: 020 8950 6065 .dominlcans16ters.co.uk CHARITY REGISTRATION NUMBER 233236 JURISDICTION OF REGISTRATION England and Wales AuToRs Buzzacott LLP 130 Wood Stet, London EC2V 6DL SoLi¢rroRS Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Stone lQng LLP Upper Borough Court Upper Borough Walls Bath 8A1 1RG BANKER8 Royal Bank of Scotland plc London Drummonds Branch, 49 Charing Cross, London SW1A 2DX INVESThIENT MANAGERS Rathbone Investment Management Limited 8 Finsbury Circus, London EC2M 7A2 CUSTODIAN TrusTEES Bank of New York Mellon and Rathbone Nominees Limited Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee of the Charity is Saint Rose of Lima Association Limited, the MembeTS, Directors and Officers of which are the conggation Prioress and Congregation Council members of the Sisters of the Dominican Congregation of Saint Catherine of Siena of Newc8Stle Natal. Saint Rose of Lima Association Limited is ompany limited by guarantee. It was registered as a company on 15 March 1974. Its goveming documents comprise the Memorandum and Articles of Association. In the event of being wound up. the members may be required to contribute an amount not exceeding £1 each. The Directors of the Trustee present the Trustee's Report and the audited financial stslements of the Dominican Sisters (Third Order) Congregatson of Newcastle Natal for the year ended 31 December 2023. The Charity encompasses the European (UK and Rome) activities of the religious Congregation tilled Sisters of the Dominican Congregation of Saint Catherine of Siena of Newcastle, Natal. Sisters of the Charity141 at 31 December 2023,. 40 at 31 December 20221 istered in England and Italy. Other Sisters of the religious Congregation 129 professed al 31 Decemb 023: 26 at 31 mber 20221 minister in South Africa including seven12022.' eighll ministering i 12022.. seven) profil ents'lies but the Charity has no financi81 interest in their operation. The ulions of the four ntln g South African schools established by the Congregation provid8 for S or their appointees to resented on the respèctive Boards of Goveman¢e, Currently thfte12022:J South African Sisters fil Oles. The Dominican convents of the Congregation in South Africa a nonically dependent on this gallon and supported by grants as necessary for charftable work, gh not part of Èhis Ch I an nancial statements include this support bul do not include their a Further informatio ccounting is set out in No18 1 to the Financial Statements. asi The accounts accompanying th ofthe Congregation are held. and the Charities Acl 2011. rt are the accounts of tts cha n¢lude all the Charity s aetivilie st pe which the assets in Europe follow the Charities SORP OurAlms: The objecllve olthe harity Is the advancement of Roma ,Cgtholi¢' of any associated Gharitab w¢rk for the time being carried on r¢!ugh thé sl Con9re9alion Prioress. Thi mernbers of the wng tio nclud95 maintenance of conv8nls $uortlng eligion and the support ith the approval of the e and the upkeep of Orlglnal Ml88lon: T ' Itimate aim and purpose of the Catholic Church and th ithKè,bt the Congregation is 'lhe salvalion of sOlI I. Icf. CIC 17521. In furtherance of this goal our aims 51em e original mission of Mother Rose N ilahd ho in 1896 founded the Sisters of Saint Catherine of Siena. hin the Dominican tradition, in New¢astleJ outh Africa. Like so many active congregations founded al th ime, Mother Rost sel out lo meet the ytgenl social need for education among the indigenous and Colonial opulation. These eady pioneers were women of great faith and courage who t¢)ok enormou$ risks and suffered considerable hardships. Part of their legacy was fine schools, four of whh Still exist. Among those pioneers there was an urgency and zeal to evangelise as well as lo educate. In this they were faithful lo the Dominican motto.. To give to others the fruits of our contemplation. Similarly, in today's world we aim lo provide effective preaching, leaching and pastoral care flowing from religiou5 cornmunilies of prayer and study. Through the work of the Sisters we seek lo awaken and deepen faith, hope and charity, lo the benefit of those to whom we minister, lo their families and to the wider community. As Domlnican Sisters w& find inspirat1n in the following quotation from the Basic Con5b'lution.' To perfect our love of God and neighbour in the following of Christ, by religious profession we are enrolled in the Order of Preachers. completely consecrated to God in a new way, dedicated lo the whole Church. and totally engaged in spreading the Wcrd of God. 18asiG Constitution of tho Ordor of ProaGhgrs. Para1111 Geographical location and operation of the Charlty The Charity operates in the following countries-. United Kingdom and ltsly. Governance, structure and management Governance The temis of the Charity Governance Cod8 have been considered. The Code was freshed at the end of 2020, the changes focussing on 'integrity' and 'equality, diversity and inclusion,. The Trustee believes the Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUED) FOR TheYEAR ENDED31 DECEMBER2023 Charity meets the principles of the good governance code. In the Charity's particular circumstances, there te not rcile descriptions defining responsibilities for all Directors of the Trustee.. each is collectively and dividually responsible. Directors of the Trustee are appointed by the General Chapter meeting (see page 4 below) and ar8 drawn from the Sisters of the religious Congregation. The Congregation is canonically affiliated to the Order of Preachers, a religious order of the Catholic Church. The Order of Preachers was founded by St. Dominic in the thirteenth century for the purpose of preaching, leaching and pastoral work in collaboration with bishops. Members of the Order are often known as 't)ominican5' after their founder. As part of the cathol Church, the Order of Preachers land our Congregalionl is bound by the Church's Canon Law, especially as contained in the 1983 Codex luris Cononici (Code of Canon Law. 'CIC'I, and lo the 18gitimate pre¢epls of the Holy See and the Roman Ponliff. In addition to th8 above m8ntioned nomvs, the Congregation has its own canonical governing dccuments, the Conslilutions and Directory, which are compliant with Canon Law. These govern the life of the Sister8 which Is founded on the evangelical counsels of povety. cha51ity and obedience lo which they bind themselves by vow, and is characterised by prayer, study, community life and ministry. In terms of civil law, the Charity is formally established by a Trust Deed daled 20 January 1953 as varied by the provisions of a S¢heme Sealed on 4 May 1995 and is a registered charity - Charity Registration No. 233236. The Trustee of the Charity is Saint Rose of Lima Association Limited and is an English company which 15 limited by guarantee. It acts through ils four Directors and Officers who are the Congregation Pnoress and her Council. As such. they have detailed knowledge of the work of the Charity and ils structure. New Dire¢lors on being appointed are required to familiarise themselves with the responsibilities of being Iruslee, and on the Charity's position. The names of the Directors and Officers who served during th8 year or were subsequently appointed on 19 March 2023 following the Dec8mber 2022 Ggneral Chapter (see below) are sel out in the reference and administrative details on page 1 of this report and accounts. Brief pen portraits of each of the Directors of the Trustee for 2023 and to dale a sel out below.. Durlng 2022 and down lo 19 March 2023.. Sl•ter Fellclty Cunnlngham was elected Congregation Pnoress in December 2016 and appointed Dire¢lor tsf the Charity on 28 April 2017, Prior lo her election, She was Region Prioress in South Africa. After some years in Ihe leaching profession. she spent several years in parish ministry ané a number ol years in formation ministry. Sl•tor Elle8n Alrey was elected Counallor in December 2016 and appointed Director of the Charity on 28 April 2017. She was teaching al secondary level for eleven years and was also head of religious educ8tion for three years in this pariod. In 1993 she was elected to the Congregation Council, returning from Argentina, and worked in team ministry in several parishes in the Slevenage, Hertfordshire, area. In 2000 she returned to mission work in Argentina for three year5, returning again in 2006 for another two years. In beeen she was a parish slster In Harpenden, Hertfordshlre, and from 2009 in Aberdare, Wales. In 2011, she went to South Africa 88 fomialor of the young Sisters in training and was involved in retreat work until 2017. Throughout 2023 and continuing.. SIBter Maria Tuohy was elected Councillor in December 2016, re4lected in December 2022 and appointed Direclorof the Charity on 28 Apnl 2017. She laught in secondary education for many years and subsequently engaged in administration of the Charity in the role of Sister Bursar. She was previously Councillor and a Director of the Charity from 1982 10 1993. S18ter Karen Marguorito d'Artoffj was elected Councillor in December 2016. re-elected in December 2022 and appointed Dire¢tor of the Charity on 28 April 2017. She has worked in university chaplaincy and faith fomation for children and adults and trained in formation ministry. Imlh a strong background in administration, she is also cUrntlY Congregation Secretsry and Co-ordinator of the Niland Conference Centre run by the Charity. Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DecEM8ER 2023 From 19 March 2023.. Sistgr Ann Cunningham was electgd Congregation prre$S in December 2022 and appointed Director of the Charity on 19 March 2023. Pnor to her election she was engaged in areas of formation ministry, spiritual direction, grief-share ministry, and retreat work. She was previously Congregation Prioress from 2004 to 2016 and a Director of the Charity frorn 2005 10 2017, prior lo that she was Regicn Prioress in South Africa and before that had some years in the teaching profession. Slster Christina McGafry was elected Councillor in December 2022 and appointed Director of the Charity on 19 March 2023. She was in South Africa for 29 years, studying and then leaching in secondary schools and also engaged in parish ministry. She returned to England in 1994 and taught in one of our schools. During this time she studied British Sign Language doing stage 1 and stage 2 exams. From 1999 to 2002 she was pastoral worker for the Deaf in the Clifton diocese, Bristol. From 2002 10 2014 she was in Rorne running our guest house there. Since returning to England she has been involved in parish ministry and volunteering in a homeless centre and foodbank. Background to tho80 appolntments: The Congregation Prioress and her Council are elected ev8ry six years al a General Chapter Meeting of the cong gation, the most recent being in December 2022. The General Chapter, composed of elected and ex-offi'cio members. elects the Congregation Prioress and her Congregation Councillors on the basis of thèir personal qualits'es, their understanding and experience of the ministries of Sisters and lo provide a useful mix of skills. Following their election to Congregation Council. these Sister5 are appointed Director¥ of the Trustee and are responsible for the organisalion of the Charity and the adminislralion of ils as5e15. It is their duty to ensure that the a¢tivitie$ undertaken are for the a¢Jvancernenl of the objeels of the Charity. Decisions are taken by the Congregation Prloress and her Council I'The Committee'l as the Directors of the Trustee. The Congregation Prioress visII8 all the convents and houses of the Congregation either personally or by delegate at least every three years. The purpose of the visilalion is that she may endeavoLbr to examine and assess the quality of community and apostolic life and that she may ¢ome to know the Sisters better by giving them an opportunity lo make known their needs and their opinions about the life, apostolate and administration of the community. Systems of accountability mean that the Congregats'on Pnoress and her Councillors are aware of and able to assist with the progress and development of the ministries Carried out by the SisteTS. Bur8•r8 and Local Communltlo$ The Sister Bursar, Sister Maria Tuohy, is responsibl8 for Supervising financial and property matters and attending and reporting on these at meetings of the Directors of the Trustee. She is assisted by the General Bursar and the Finance Manager, both being lay staff. Each local community is gov8m8d by an elocled Prioress or appointed Leader. House Bursars are responsible for financlal aspects of local communities. A number of Sisters have been granted budgets for the expenditure they incur in the course of their ministries and report monthly on their use of this facility. Romun8ratlon of Dlrnctors of tho Trust00 Whi18 th8 D1CtOrS of the Trustee have been maintained in accordance with the Charity's duty lo provide for the Sisters, Ihey have received no remuneration whether in the course of their dutw or otherwis8. Any income paid to them in the course of their work has been given to the Charity. Remuneration of Key Management Personnel Initial remuneration levels of key management personnel were established by surveying comparative rates and negotl81ion with the individuals. Historically, when there were a significant number of other employees. subsequent annual reviews of pay applied the same change as applied lo them. Now, reviews are infomied by data from the Bank of England agents, survey of real wage growth or the Office of National Statistics as available. Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEO) FOR THE YEAR ENDED 31 DECEM8ER 2023 Rlsk Managemonl In line with the requirerrtenl for the Trustee to undertake a risk assessment exercise and report on the same In this report, the Directors of the Trustee keep under review the major risks to which the Charity is exposed. They have identified the following main areas where risks may occur. acknowledging the inevitable overlaps.. OPERATIONAL • The Chanty's Work Govemance and Management • Lifelong Safeguarding • Data Protection • Informationlcyber Securty FINANCIAL • Investments • Fraud REPUTATIONAL Social Media Mistakes and misjudgemenls REGULATORY • Compliance with law Including Charlty regulation, Employment an(J Health & Safety OPEIIATIONAL Tho Ch•rlty'8 Work.. considers the activity of the Charlty which is pdmarily the advancement of the Roman Catholic Religion and associated charitable work. Faotors ¢onsidered include that thi$ may require to be reinterpreted in the circumstance that Sisters are ageing and few new member5 are joining. However, 0 Vietnamese Sisters arrived in 2023 {and one in 20221 from the South Africa Region of our Congregation and other possible candidates are being considered. The Directors of the Trustee continue lo monitor this aspect. Governance and Managfrmont: considers the efficacy of the trustee body. Risks considered are of trustee body which lacked sufficient skills, Commitment and appropriate decision-making procedures. Such risks could include a lack of training of Sisters and staff andlor poor stewardship ol resources human, fi'nancial and prop8ty. The Dire¢lors of the Trustee monrtor thlg 8$pect and engage In approprfate courses and training. Llfelong Safeguardlng.. Child and adults at risk policies and procedures are in place both in relation lo ministry engagement of Sisters and in relation lo our own adults at nsk. In its Compliance with the One Church Approach, the Trustee is commilled to implement the ViSed policies and prOdureS emerging from the adoption of the Elliott Review (November 20201 and the final port of IICSA {October 2022} by the Catholic Bishops Conference of England and Wales and the Conference of Religious of England and Wales, vvz., contracting with the Catholic Safeguarding Standards Agency {CSSAI and subscribing to the seNices provided by the Religious Life Safeguarding Services IRLSS), both of which were launched in June 2021. The Directors of the Trustee have appointed an employee to Monitor and advise on this aspect and themselves engage in training. Data Protectlon: seeks lo guard against potentially damaging threats to our and others, data, whether internal or external, deliberate or accidental. The Directors of the Trustee have appointed an employee to monitor and advise on this aspect. nfomiationlcybfjr Sgcurity: seeks to guard against potentially damaging threats to our operations through wrongful removal of infomation in whatever form or hacking of systems and communications. The Dlrectors of the Trustee seek lo spread knowledge of such activities and encourage continual awareness of this nsk area and its Gontinual evoluts'on. FINANCIAL Investments: The Charity's principal assets comprise listed investments, the value of and income from which, a dependent on movements in UK and world markets. A substantial long-lerm loss of value of these investments would threaten the long-term financial viability of the Charity, and any significant redu¢tion in investment income could require sale of some investments lo raise cash in the short tenn. To mitigate this, Annual Report and Financial Ststements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRLISTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 the investments are managed by reputable investment managers who adhere to the policy agreed by the Directors of the Trustee and themselves have strict internal protocols. The perfornian of investments and our investment strategy are reviewed regulady by the Directors of the Trustee so that the investments rèmain appropnate to the Charity's needs (see further on page 131. Fraud.. Seeks to guard against the potents.al risk lo the Charity from fraud or financial IrgUIarlty, which could InclLJde unauthorised expenditu, inappropriate investrnenl policies, cyber-attacks and unreliable accounting. The Directors of the Trustee have established appropriate separation of roles and authority levels for those dealing with the Charity's assels. Including the requirement for a second aulhorised signature for all but insignificant payments. REPUTATIONAL Social Medla: seeks to guard against the inappropriate use of socral media and potentsal danger lo our reputstion through such use. The Dire¢lors of the Trustee havè established a poliGy for this aspect which is disseminated amongst personnel, and for the spreading of knowledge of such activitie5 and encouraging Continual awareness of this nsk area and its contsnual evolution, Ml8takes and mi•judgernents- s88 8bove Soclal Medla, Data Protoctlon and 1nlom7at1orCyb0 Socurity REGULATORY Compliance with civil kaw including Charity regulation. Employment and Health & Safety - Charlty rogulatlon: The Diro¢lors of the Trustee and others involved tske advantage of the courses offered by a variety of legal, investment and Professional bodies including the Association of Provincial Bursars, the Charity Finance Group and Civil Society. Opgr•tlonal detall: seeks lo guard against the possibility of danger lo the health, safety and well-being of those with whom we come in contact, of employees and of Sisters.. and against the potential risk that the property and buildings of the Charity could suffer alienation or damage or may not be appropriately adapted for use by the physically or mentally challenged. The Directofs of the Trustee arrange for specialist advice lo b8 retained in this area, and for appropriate insurance cover. As indicated above, having identified the major rlsks lo which the Charity is exposed. the Directors of the Trustee have established systems and procedures to miligale those rlsks as far as reasonably possible. All policies are updated regularly to maintain good practlGe. Reall8lng the Charlty's Objectlve The Directors of the Trustee have given due consideration to the Charity Commlssion's published guidance on the Public Benefit requirement under the Charities Act 2011. Advancement of the Roman Catholic Religion for Public Benefit, the Charity's main objective, ig realised in the following ways.. Worship and Prayer Life Education Caring, Pastoral and Social Ministries Collaborab'on Use of Houses of the Charity Lay Associates ile 2023 allowed a return to many of our previous activities, change5 wrought by the passage of time since the pandemic also saw some curtailment of previous outside engagerngn( primarily because of the increasing age of most Sisters. Telephone, Zoom, Teams and other social media platforms have enabled Sisters ol all ages to engage in active ministy with individuals and small groups in spite of reduced public- facing activities which involved going out from our Communities or indeed welcoming in members of the public. Of paramount importance has been Sisters, constant prayer for all those in need of support. The carying out of our activities during 2023, as more normal limes returned, is considered in more detail below together with a number of on-going endeavours.. Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Worship and Prayer Llfe The daily celebration of the Liturgy, the prayer of the people of God the Eucharist and the Prayer of the Church- is one of the principal elements in our Dominican Life. Members of the Congregation are given the opportunity for private prayer, ongoing formation, study of the Scriptures. and days of rewlleclion In each ol our houses, Sisters invite people from the wider community lo join us in prayer. Our preaching mission can onty emerge out of a life rooted in prayer and praise. W)en we leave the liturgy, we are being mi55ioned back lo the world. lo'give to olheTS the fruits of our conlemplation,. Sisters are open lo receiving and listening lo people seeking spiritual guidance and help. The Gardens and Chapel al Sl Rose's, Cricklewood, serve as a place of prayer, silence and retreat, valued by ils users. The beautiful Poustinia la place of Pfayerl is again being well used ané open to anyone wishing ID have a 'place 8part'. In addition, Sisters are available to offer a listening ear and to give spiritual guidance and direction. Access lo the gardens and Chapel has been Teslored to that of pre-pandemic times, with appropnate proloGols in place. A number of reflection days and evenings, and various other spiritual events, are on offer. I houses welcome parish groups for study and discussion and Sisters support prayer- and Gospel-sharing groups. These groups, meeting regularly, give the public an opportunity lo escape the stresses of everyday lile for a short lime and enable quiet contemplation and reflection. In 2023, many of these groups which had ntinued in 2021122 on Zoom increaslngly returned lo in-person encounters. During 2023, the Niland Conference Centre was unable lo offer the same kind of spiritual programme as had been in place prior lo the COVID-19 pandemic. This is one of the very real consequences of the ageing of Sisters. However, this has been replaced by our welcome of a wider variety of spiritual, educational and other groups availing of the Iranquillity, beauty and wonderful facilities of the cent and its grounds to run their own events, Sisters have continued lo offer hospitality - and input where possible. Throughout the extensive months of pandernic. the m051 fvjndamental aspect of Sisters. lives had an even higher prominence.. prayer and liturgy. As individuals and Communities, Sisters devoted themselves wholeheartedly lo praying for individual need8 as well as for the needs of the whole wortd and, in particular, lor an end lo continuing threats to health, the wars in Ukraine, Palestiné and other sadly challenged areas, 109elh8r with other reslriGlions and threats to the propagation of the Gospel. Thus. the most Immeasurable aspect of our contribution lo society and public benefit continued lo see tremendous impetus and growth which is continuing to date. Educatlon The Charity has been engaged In the minlstry of education since Ils foundation. Education remains cornerstone of our ministry as Dominican women and is regarded as an essential agent In gvangelisalion and catechesis. One of the areas offocu5 in this regard is Adult Formation al the Niland Conference Cenlre. One sister is Co-ordinator of the Niland Conference Centre and is supported by Sister team members as well as Associates of the Congregation on an ad hoG basis. The Dominican charism of preaching the Gospel remains at the heart of all the activities and event5 hosted at the Niland Conference Centre. One Sister wa5 engaged in one ofthe secondary schools founded by the Congregation as a full-time Learning Support Assistsnt for students with a variety of Special Educational Needs ISENI, behavKJural and other needs which impinge on their educational outcomes. Two Sisters serve as Foundation Governors to Catholic Schools in Weslminster Diccese.. one a Catholic Secondary founded by the Congregation and now run by the Di(Kese', and the other a Catholic Sixth Form College with a Dominican ethos. nnual Report and Finan¢ial Statements 2023
DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICoNTINUEoI FOR THE YEAR ENDED 31 DEceMBÉR 2023 Other Sisters have been engaged Isubjecl to appropriate restriCtns) atthe Pontifical University of St Thomas (Angelicuml in Rome.. as Dean of the Faculty of Social Sciences, Project Director of the formation programme °CREATE.. Catholic social thought Rome Exchange.. Advanced Training Experien. and of the formation programme STRONG for migrants, Senior Advisor lo"Blueprinl for Better Business., 8 London-based charity which aims to create a better society by means of beller business practices, Consultor lo the Dic8slery for Promoting Integral Human Development, teaching courses.. 'Calholic Social Teaching. History of Christian Social thought." 'Management and the Common Good" and running seminars. Creating a Culture of Inclusion for Persons with Disabilities" in August 2020 Sister was appointed Ordinary Acadernician of the Pontifical Academy of Social Sciences IPASS.) Ihen appointed lo the Council of PASS in 2022 and appointed President of PASS in 2023.. as Chaplain for an English- speaking Lay Dominican Fratemity, Other Sisters a engaged.. in supporting and working with schools and parishes, through running in-service training days for staff and catechisls who themselve$ are involved in promoting the Catholic faith., in children's catechesis and sacramonlal preparation in a local parish". in serving as Welfare Officer of Blackfriars Hall and Sludium, al the Universty of Oxford., in providing theological education and sacramental preparation for te8ns and adults in a number of local parishes,. and in providing retreats for staff and pupils of Catholic schools and members of local parishes. Some of these retreats lake place in their schools and parishes and others at the Niland Conference Cenlre. C•rlng, Pastoral and Soclal Mlnl8trlo• A number of our Sisters are again engaged in parish ministries. These include.. being active in catechelics and promling 80cial justice., assisting in the training of catechisls., arranging retreat days for groups in local parishes,. and organising and running days ol reflection and retreats throughout the Church's liturgical year. In fulfilling their individual ministries Sisters aim to Carry out various forms of social and pastoral work. Through this work, the Charity att&mpts to reach out lo those in need and aims to benefit a $tgnlficant number of peopl8. Some examples of the work of individual Sisters in 2023 and 2022 are given below by way of Illustratlon.. A number of Sisters are involved in ministy as pastoral workers with the elderly and infimi (some of whom are in their own homes, others in nursing homes). Sisters vi511 them regularty and provide a listening ear and spiritual accompaniment. Sister5 are also involved in Parishes where they reach out to the poor and needy through religious education and social support. A Sister assists al her local food bank and al a drop-in-centre that provides meals for the homeless. To draw attention to the needs in ciety, Sisters lobby and participate with others in an effort to bring change for the good of society Sisters have continued to be active in drawing attention to the challenges and Sk$ of climate change, issues which affect the whole world. The Charity enables and supports individual members of the Congregation in ministry and outreach work thereby furthering the message set out in the Gospel. Sisters have continued to reach out to individua15 and remain in contact with organisalions with whom they can collaborate. Indeed, because of an even greater awaneSS of the isolation faced by so many in recent times, Sisters have made an even more conscious effort to keep in touch with individuals who are in need of a listening, understanding ear. This work continues in the currently freer circumstances. Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S RÉPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 4. Collaboratlon wlth Religious and other Organlsatlon$ In the Church such Gollaboralion in recent years, hampered to a degree by Covid in 2022, includes.. hosting days of renewal, reflection and prayer to which all religious and parishes are invited,. working with Anglican and Baptist Churches in offering pastoral care and a listening ear., assisting, a5 noted above, in pastoral support at Blackfriars Hall in Oxford (the 'studium generale, of the English Province of the Dominican Orderl., the ongoing Involvement of the Congregation Prioress in UISG Ilnlernatlonal Union of Superiors Generall which keeps the Charity updated on global needs and concems., through the Congregation Prioress, representing the Charity at COR (Conference of Religious of England and Wales), being fully involved in Dominican Sisters International Confederation, the Dominican Association of Britain and lffland, and in DSE (Dominican Sister5 Europel keeping the Charity and Congregation in tou¢h with what is happening in Religious life in general, as well as at the level of the Dornini¢an Order., Sisters continuing lo collaborate with other Dominicans through their participation in Dominican Family Days. th8 annual Dominican Seminar and meetings of lay Dominicans., and Difeclors of the Trustee Pa'Clpa1lng in study days, conf8rences on the consecrated life and charity conferences. Houae8 of the Charlty wlth a sp•clal empha¥l8 The hous8s of the Charity ar& places of hospitslity and their fa¢ilits'es are offered for public benefit in a variety of ways.. As mentioned above, in Cricklewood our St R05e's Chapel, Peace Garden and Poustinia offer quiet place for reflection, prayer and silence to those of all faiths seeking peace and Iranquillity away from the noise and busyness of everyday life. st Michael's Convent at Harpenden 15 regularly used by Church and local groups for meetings, discussions and day events, mostly led by the Sisters. The convent chapel is also open for private prayer, Our convent chapèl at Rosary Prlory, Bushey, 1$ regularfy used for mornings of prayer, refleGlion and music appreciation. and the gafdens and grounds are appreciated by visitors as places of beauty, reflection and reconnecting wrth God in Creation. Lay A•$oclat8• An Associates programme encourages lay people to share the DominIn charism of the Congregation through developing their personal spirituality, strengthening their faith and prayer life, and fulfilling their baptismal mission in their family life, workplaG6, neighbourhood and local Parish. Assoc*ales are individually affiliated to the Congregation by a process of formation and, should they so choose. a fomial commitment lo continue formation in the Dominican charism. The formation of these Lay Associates is another aspect of the mission of Education of the Congregation, as il extends the theological and spiritual education of its AsscLiales. Members ol the Associates are promoting for new members in local Parishes and in schools which we had originally estsblished and where we continue to have strong links. The Associates programme continues to use both in-per50n and Zoom gatherings, reducing the need to travel. and supplemented by the dovelopmenl of WhatsApp groups for ongoing shared prayer and reflection. Tho Mission of the Congregation in South Africa The Charity 5UPPOrts the Congregation mission in South Africa and the charitable works there, partiCLtlarly evangelisalion, education for life programmes and care of the poor, desb'lute and needy. Strategic Plans for 2023 and Future Plans The Nineleenlh General Chapter of the Congregation took place in December 2022. The implementation and Dutcomes of the previous 2016-22 Stiategi¢ Plan were reviewed in detail and the primary objectives for the 2023-2028 Per were promulgaled.. In today's world, we seek to be a witn8ss lo the Importan of human lab'OnshIpS and building Annu¥l Report and Financial Ststements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINVEDI FOR THE YEAR ENDED 31 DECEMBER 2023 these 8cross the mulb'plicity of divides which exist. As religious women, we have a deep love and concern for the people of our local communities, our nation and our world. In our misston of preaching the Gospel, we acknowledge the need to engage senously with fomis of human knowledge which equip us with the skills lo translate that Gospel into answers to the quesb'ons and needs of the people of OL¢r lime. In the light of the environmenlal challenges with which we are faced, we seek to comply with the imperative of profound ecological conversion, both practical and Spiritual. This is expressed in our local communities and our engagements with people of various backgrounds. It is a core component of our leaching, outreach and ongoing formation of all Sisters. We continue to build upon the solid foundatsons of our Lay Associates Programme. with outreach in particular lo Schools founded by the Congregation and others. Our Associates share our mission, ministry and eharism. Together we are establishing a Volunteer Programme to facilitate the Congregation's outreach through ils several preaching proiecls. The management of our Property and Finances continues lo be of pararnunt importance for the preservation of assets to SU51ain both the current mission and that of th8 future. This includes initiating a process of succession planning and training in leadèrship and governance. We are convinced of the positive potential of social media for our missicn of preaching the Gospel and for promoting vocations. This will require an initial investrnenl in training Sisters. We continue to encou18ge new membership through renewed and contemporary promotion efforts. In the light of continued focus on initial formation, 8 renewed emphasis on Theological and Professional Studies will be undertaken. The outcome of our delving into the history of our Congregation is a new publication by University of Kwazulu Natsl Press titled 'The FAis1 Black Dominican Sisters of Natal (1922 - 1939).. Al the Crossroads of Race 8nd Gender, by Philippe Denis OP. This book constitutes an important contribution to race and gender studies across a vafiety ol social institutions, cultures and nations, This exciting outcome is both a derivative of the objectives of 2016- 22 and a spur to our ongoing conviction of the importance of human relationships and our desire lo strengthen these through our prayer and ministry. In support of the aims of the Charity, the Directors ot the Trustee remain indebted lo the following employees.. The Finance Team The Data ProleGlion and Safeguarding Lead Fundraising Statyment Sects'on 162a of the Charities Act 2011 requires charities to make a Statement regarding fundraising activities. AhOugh this Charity does not undertake widespread fundraising from the general public, the legislation def5nes fund raising as "soliciting or otherwise procuring money or other property for charitsble purposes.. Such amounts receivable are presented in our accounts within income from charitable aclivilies" and amount to £41,00012022.. £36,000). There a no legacies or grants recelved by the Charity in either year. We also reNe occasional unsolicited donations. The Charity manages its own fundraising activities and does not empkny the services of Professional Fundraisers. We confirm that all solicitations are managed inlernally, the day-to-day management of all income generation being delegated to the executive team, who are accountable to the Trustee. The Charity aims to achieve best practice in the way in vthich it communicates with donors and other supporters. It takes care with both the tone of its communications and the accuracy of ils data lo minimise the pressures on supporters. It applies best praelice to protect supporters, data and never sells data It never swaps data and ensures that communication preferences can be changed at any time. The Charity undertakes to react to and investigate anv complaints regarding ils fvndraising activities and lo learn from Ihern and improve its service. During 2023, the Charity received no complaints about its fundraising activities12022 - none). The Charity is not bound by any undertaking of any regulatory scheme and the Charity's activities do not require il lo pay attention to any voluntary code of practice. Annual Rep)rt and Financial Statements 2023 10
DOMINICAN SISTERS (THIRD ORDER) CONGREGA TION OF NEWCASTLE NATAL TRUSTFE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 Flnancial Review Truslee's Rosponsibilltles The Trustee is responsible for annually pparIng the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practic81. The law applicable to Gharilies in England and Wales requires the Trustee lo prepare financial stslements lor each financial year that give a true and fair view of the slate of affairs of the Charity and of the income and expenditure for the year. In pParing those financial slalemenls, the Trustee is reqUId..- lo select suitable accounting policies and then apply them consistently., lo observe the methods and principles in Accounting and Reportin9 by Chanlies.. Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Rèpublic of Ireland IFRS 1021, lo make judgm8nls and estlmate5 that a reasonable and prudent., stale whether applicable United Kingdom A¢¢ounting Standards have been followed, subject lo any material departures dis¢losed and explained In the accounts., and to prepare the financial statements on the going con¢em basis unless il is inappropriate to presume that the Charity will Continue In operation. The Trustee is responsible for keeping 8ccounting records that ar8 SuffiCnt lo show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial posits'on of the Charity and lo enable it lo ensure that the financial statements comply with the Charities Act 2011, applicable Charity (Accounts and Reportsl Regulations and the provisions of the Charity's Trust Deed. 11 is also r8spon5ible for safeguardln9 the assets of the Charity and hence for taking reasonable stèps for the prevents'on and detection of fraud and other irregularitses. 81818 of Preparatlon of thes• Accounts The 2023 financial statements of the Charity are attached lo IhSs report. They are prepad on the basis of full reporting of the Charity's activities wher&ver Carried out- Currently this is in the UK and Rome. The Trustee considers ther& are no material uncertainties about the Trust's ability to continue as a goin concem for the foreseeable future, btsing a period ol al least a year from the date that these financia statements are signed. Happily, 2023 ha8 been laTgely tree from the previous impacts of Covid. The Officers of the Trustee have considered all the matters described in the Trustee's wport including the Charity's operations, the impact on voluntary and education income, as well as the impact on the Charity's investment portfolio. In particular, in order lo support the assessment of the sustainability of the Charity's activities, the Officers of the Trustee prepared a highly pessimistic scenario of receipt of only Covenanted UK pensions from Sisters of the Con regalion and 700k of the 2023 investment income, generating pessimislically forecast income of £1. m and a cash outflow of £0.3m. The Trustee is considering some relatively sizeable capital expenditure in 2024, but not more than £0.5m. The cash resource is some £3.8m in addition lo which are realisable holdings of UK investment grade bonds and gilts within the considerable investment portfolio. In the Charity's particular circumstances there are no allernalive scenaflos that can reali51ically be produced lo derive alternative assumptions for budgeted forecasts, most revenues and costs being essentially fixed in nature. As at the dale of signature ol these Financial statements this e$simislic forecast indicates that the Charity will be able lo maintain liquidity for a period of al least a year fand in fact considerably longerl from the date of signature of these financial statements and the Officers of the Trustee consider that it is appropriate lo prepare the financial statements on a going concern basis. The Charity's reserves are unreslricled. The Trustee does not anticipate a change in its operations. Although the Trustee cannot estimate what the position may be. it will be concemed lo provide support to the charitable mission ol the Congregation in South Africa as that is necessary. As required, the Trustee reports that no asse15 were held as custodian trustee during the reporting period. Annual Report and Financial Statements 2023
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT {CoNTINUEDI FOR THE YEAR ENOED 31 DEceMBER 2023 Going concern conslderatlon By the close of 2023 investment markets had staged somewhat of a recovery from the major disruption and falls in value of 2022. By the end of the year the nel gain on investments, but arising only in the last quarter, was £1.7m12022.' loss £6.1 m. itself largely reversing the extraordinary 2021 £7.Om gain). As this Report explains, the income from investments is important. being the Charity's main income source. In 2023 al £1.8m 12022.. £1.7ml this represented 75,/0 of income as it also was in 2022. However, the experience of recent years shows that the Trustee is in no position to precisely forecast what future dividend and interest flows may arise - the case continues that some enlilie5 may fail, others may reduce their distributions, while others may be able to a dege to resume distribution. Interest rates are affected by a variety of factors ineluding Government action and market expectations. However, the flow of investment income in 2023 of £1.8m was 80h greater than in 2022 12022. 12.10 greater than in 20211, and the Trustee ¢on5iders it reasonable to for8Gast pe55imisti¢ investment income al £1.3m being 70% of that received in 2023. The next element of th& Charity's income 5$ £0.6m donalions12022'. £0.5ml, largely donated penslons from Sisters (being 230A of income, 2022.. also 23Yo of income, excluding Olherl. Subject lo Sisters. mortality and HM UK Government finances, these pensions are reasonably certain and the forgcasl for 2024 is £0.5m giving, on the pessimislie assumption, 2024 income of £1.8m. P85simistically forecast fevenue expenditure excluding depreciation is É2.6m leaving £0.8m to be coverecl. However, the Trustee is on course lo commit to some £0,5m capital expenditure in 2024. Last year's consideration of sizeable capital expenditure of up to £1 m to reduce the need for energy supplies proved, sadly, impraGliGal. For 2024, the Trustee is looking at a pessimistic ouffiow of £1 3m I£0.8m + £0.5ml. The £3.8m investment cash al banks will Cover a £1.3m pessimistic shortfall for some 3 years. There then remains the value of the security holdings and the other properties from which the Charity operates, Fln•nclal Outcome of the Year Overall, 2023 income tolalled £2.5m12022'. £2.3m} before including gains or losses on revaluing investment assets. Net in¢ome before taking a¢Gount of gains or losses on investments was £0.2m {2022.' £0.1 m nel income). On investment assets in 2023 there was a gain of £1.7m as compared lo a loss of £6 1 m in 2022. MeaSUd against stèrling Ilhe Charity's functional currency) during 2023 the Euro and the US dollar fell but the Swiss Franc rose against sterling lin 2022 the Euro, Swiss franc and the US dollar all rose against slerlingi, The exchange loss of £11 k12022'. gain £42kl arose trom restatement in pounds slerting of balances denominated in those currencies and translation to £ sterling Ilhe reporting curnCy) of transactions undertaken in curren¢ie$. The Statement of Financial Activities and the Notes lo this sel out the areas of Income and expenditure and fijrther information on these. The balance sheet shows total funds under the Charity's control of £64.6m12022'. £62.7ml. These funds ar& used lo support the ongoing charitable work of the Charity. For example. tangible assets including propety account for £3.6m12022.' also £3.6ml of this total and comprise the nel book value of premises occupied for the Charity's work and of equipment and vehicles used in this. Further, the investments and cash for investment shown in the balance sheet at £60.8m12022. £59.Oml are held for the income they earn which goes towards financing the Charity's present and future objective. The Charity receives little by way of donations from the public. donats'ons received largely being from Slsters. pension nghls. The Statement of Cash Flows portS cash used in operating activities of £1.5m {2022'. £1.3ml and dividends and interest received of £1.8m12022'. £1.7ml, again emphasising the importance of the cash flow received from the Charty's investments. Reserves Policy The Trustee has continued to consider the policy t¢ be adopted on the need for reserves. In common with most religious groups there have been five important trends affecting th8 Charity in recent years.. the rate of income received on investments has seriously declined and there has been increased volatility in market values,, the average age of Sisters conb'nues to in¢aSe both because of relatively few new entrants and the greater longevity of existing Sisters., mortality of okler Sisters means there is increasing risk th* pensions currently in payment will cease., few of the Sisters following their vocation are eaming pay commensurate with their qualifications., Annual Rewrt and Financial Statements 2023 12
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINVEDI FOR THE YEAR ENDED 31 DECEMBER 2023 and for the same reason. the few younger Sisters have litue entitlement to future pensioning. The Trustee's overall objeelive for reserves is to seek lo maintain them at such a level that, excluding gains or losses on investments and Iranslalion. the income generated for a year, taking one year with another, meets the cost of ¢haritable expenditure to support the Charity's aims. Thi5 h8$ broadly been the case. Looking at the position in more detail, in earlier years there were specific designated funds for savings and future needs. In 2016 the Directors of the Trustee decided to 85tablish a continuity fund lo absorb these varying needs in a single designation. The reality is that the Charity has alm051 no source of income other than that arising on its investments and the donations from ils Sisters. The Charity's assets 8re required to support expenditure by providing income. physical resource or funding. In 2D23, the income arising from the Fixed assels - Investments was £1.8m or 3.1 % of £59.9m being tha average of the opening and closing balance sheet Investments including investment cash figures. This income was the major part of the total income of £2.5m which covered the £2.2m total expenditure. In 2022, the income arising from the Fixed assets - Investments was £1.7m or 2.8% of £61.8m being the average of the opening and closing balance sheet Investments including investment cash figures. Agaln, thi5 incom6 was the major part of the tota5 income of £2.3m which covered the £2.1 m total expenditure. Thus. in the circumstsnces of 2D23 and 2022 the Trustee's overall objects've was mel. The figures d8monslrate that th8 income on the Investments is required as part of the total income lo meet expenditure, taking one year with another. Looking al the reserves, which are all unreslricled reserves, the continuity fund is sel at the same amount as the Investments including investment cash figures and al 31 December 2023 is £60.8m. (In 2022 il was £59,Om, again the sama as the £59.Om of Fixed assets- Investments.) The other designated fund is for property and equipment and reflects the extent lo which assets are lied up in propety, at 31 December 2023 being £3.6m12022. also £3.6ml. Together, these represenlea almost all the £64.6m12022.' £62.7ml of reserves, leaving general funds at £0.2m {2022.. £0.1 ml. The TDJslee will review the policy al least annually when the financial statements are Considèr for approval. The policy will be monitored in the meantirne by the Sister Bursar. InVtrnent Policy The major part of the Charity's funds is held as investments with the aim of producing an income In the shorter term and capital growth in the longer term. Approxirnalely every years the Directors of the Trustee r8vi8W the policy for investment. Thi3 was fomially estsblished in 1995, is aimed to be vieWed on at least a tsvo year cycle land was reviewed in March 20241. Recent reviews have been undertaken noting that the investment managers are retained in a dlscrelionary role. The investment objects've is lo achieve a balanca bee8 income and capitsl growth, the longer-temi growth being necessary lo support the Charity's work by a growing income level. The Investment Managers have been provided with the Charity's Investment Policy and rnanage the portfolio knowing the Trustee's ethical views. In addition to access as required to the investment manager's portal and a monthly infomial desktop valuation, the Trustee receives ft)rmal quarterly portlolio valuations and commentary with index cornparisons, and meets the Investment Managers at least ice a year to discuss their approach and actions taken. The Trustee requires appropriate diversification of holdings, both across drfferenl types of investment and different investment entities. As the Charity has been involved in Wofk in various areas of the world and cannot know where future demands may arise, some investment is outside UK based Companies. Unless it specifi¢ally decides otherwise. the Trustee requires that no single equity holding should exceed 3.50k of the portfolio of investments lat purchase Soh in the case of a UK Govemment security and 3°A for other purchases) or 1 Vo of the particular security issued. The Trustee seeks lo avoid investment in Gompanies whose business involves tobacco. the production of armaments or ex¢e$sive exploitation of the world's resour¢es or people, and direct investment in such contracts a$ futures, options and interest rate swaps unless these are to provide a level of insurance of portfolio value. However, the actual holdings a matters within the diScli0n of the Investment Managers. It is In the nature of valuation by the market that in some years thgre a increases and in others falls. The Trustee monitors the posib.on and is in regular dialogue wilh the Investment Managers. Investment InMe in 2023 is £1.8m12022. £1.7ml. Annual Report and FinanGial Ststements 2023 13
DOMINICAN SISTERS (THIRD OROER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THÉ YEAR ENDED 31 DECEMBER 2023 Disclosuro of Information to the Charity's Auditors The Officers of the Twstee confirm that.. so far as they are aware, there is no relevant audit information of which the Charity's auditors are unaware,. and they have taken all reasonable steps they ought to have taken as Officers of the Trusteo in order to make themselves aware of any relevant audit information and lo establish that the Charity's auditors are aware of that information. THANKS Mention has been made eaflier of the contribution of Sisters, employees and support stsff lo th& work of the Charty. In concluding this report, the Directors of the Trustee reilerale their appreciation. This report was approved and authorised for issue by the Directors of the Trustee and the followlng were authorised to sign on the Trustee's behalf on Ixxl May 2024. A. B. Cunningham Congregation Priore8S Director of th8 Trustea K. E d'ArtOl8 Congregation Secretary Oirector of the Trustee Oate.. 20 May 2024 Dale.. 20 May 2024 Annual Report and Financial Statements 2023 14
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL (CONTINUED) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DOMINICAN SISTERS {THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL {EsTABLISHEO AT BUSHEY HEATH, HERTSI Oplnion have audited the accounts of the Dominican Sisters (Third Orderl Congregation of Newcastle Natal (Established al Bushey Heath, Herts) Ilhe 'charity'l for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the ststements of cash flows, principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicabke in the UK and Republic of Ireland, (United Kingdom Generally cepled Accounting Praclicel. In our opinion, the accounts.. give a true and fair view of the stale of the charity's affairs as al 31 December 2023 and of its income and expenditure for the year then ended., • have bean property PrePad in xcordance with United Kingdom Generally Accepted Accounting PTaclice'. and • have been prepared in accordance with the requirements of the Charities Act 2011. Bjsla for oplnlon WO conducted our audit in accordanca with Intemational Standards on Auditing (UK) IISAS IUKII and applicablg law. Our responsibilities under those standards are further described Sn Ihe auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the ?OUnt$ in the UK, including the FRC'S Ethical Slandar¢J. and we have fulfilled our other ethical responsibilits'es in accordance with these reqU1MentS. We believe that the audit evidence we have obtained is suffi'cient and appropriate lo provide basis for our oplnion. Conclu•lon$ relatlng to golng concem In auditing the accounts, we have concluded that the trustsè's use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that. individually or collective, may ¢asl SignifinI doubl on the charsty's ability lo continue as a going concern for a period of al least e1ve months from when the accounts are authorised for issue. Our spOnSibl11t1es and the re$ponsibilitie$ of the trustees with respect to going concern are described in the relevant sections of this report. Other Inforniatlon The Iruslees are r8sponsible for the other infomation. The other information oomprises the information included in the annual report. other than the accounts and our auditor's report Ihereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion theTeon. In connection with our audit of the accounts, cur responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is material misstslement in the accounts or a material misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomation, we are required lo report that fact. We have nothing lo report in this regard. Annual Report and Financial Statements 2023 15
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL (CONTINUED) attets on whlch wè are requir8d to r•port by ex¢èptlon We have nothing to report in respeGI of the foll¢)wing matters in relation lo which the Charities IAccounls and Reports) Regulations 2008 require us to report to you if, in our opinion.. • the information gwen in the trustee's annual report is in¢on$i$tenl in any material respect wrth the accounts,. or sufficient accounb'ng records have not been kept,. or • the accounts are not in agreement with the accounting records and retums., or • we have not received all the Information and explanations we require for Ouf audll, R&8pon81bllltl88 of tru8tee• As explained more fully in the trustee's responsibilities statement, the trustee is responsible for the Pfeparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of accounts that are free Irom material misstatement, whether du& to fraud or error. In preparing the accounts, the Iru51ee is responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable. mallers related to going concem and using the going concern basis of accounting unless the trustee either intends lo liquidate the charity or to cease operations, or has no realistic altemative but to do so. Audl¢or'• re•pon•lbllltle• for the audlt of the accounts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or havlng effect thereunder. Our objectives are lo obtain reasonable assurance about whether the accounts as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditols report that includes our opinion. Reasonable assurance 18 a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a malerial misstslement when it exists. Misslatemgnls can arise from fraud or error and are considered material if, individually or in the aggregate, they could re8s0nably be expected to influenc£ the economic decisions of users taken on the basis of these accounts. Irregularities, including fraLtd. are instances of non-compliance with laws and regulations. We design procedures in line with our resporssibililies, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of dele¢ling irregularities, including fraud Is detailed below.. Our approach lo identifying and assessing the risks of material misstslement in respect of irregularities, including fraud and non<ompliance with laws and gUlatiOns, was as follows.. • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise nonvcompliance with applicable laws and regulations., • we obtained an understanding of the legal and regulatory frameworks Ih8t are applicable lo the Charity and determined that the most Significant frameworks which are directly relevant lo specific assertions in the accounts are those that relate lo the reporting framework (Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, the Charities Act 2011 and the Charities {Accounls and Reports) Regulations 20081. • we assessed the extent of compliance with the laws and regulats'ons identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team and the team remained art to instances of non<ompliance throughout the audit. Annual Report and Financial Statements 2023
INDEPENDENT AUOITOR'S REPORT TO THE TRUSTEE OF DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL (CONTINUED) Auditor's responsibilities for the audtt of the account8 Iconts'nued) We agsessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. • making enquiries of management as to their knowledge of adual, suspected and alleged fraud.. and • ¢on5idering the internal controls in place lo mikn.gale risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and OVerre of controls, we.. • perfomed analytical procedures lo identify any unusual or unexpected relationships.. • tested journal entries to identify unusual transacb'ons., • carried out substantive lesling of expenditure., and + used data analylics lo investigate the rationale behind any signifant or unusual transactions. In response lo the risk of irregularities and non<ompllance with laws and regulations. w8 designed proc8duras which included, bul were not limited to.. • agreeing accounts disclosures to undertying supporting documentallon-, • readlng the minutes of meetings of those charged wllh govemance.. and • enquirlng ol management as to actual and polenllal Iltigation and clalm$, There are inherent limilab'ons in our audit procedures described above, The more removed that laws and regulations are from financial Iransaelion$, the less likely it is that wé would become aware of non- compliance. Auditing standards also limit the audit procedures required lo identify non-compllance with laws and regulations to enquiry of the Iruslees and other management and the inspection of regulatory and legal correspondence. if any. Material misstalemenls that arise due to fraud can be harder to delect than those that arise from error 88 Ihey may involve deliberate concealment or colluslon. A lurther description of our responsibilities for the audit of the accounts is Ioc8ted on the Financial Reporting Coun¢il's web811e at www.frc.org.ukjaudiloryJSponsIbl1Its&8. This description forms part of our auditor's report. U•0 of our roport This report is made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charitles {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charty's Iruslee those matters we are required to slate to it in an auditor's report and for no other purpose. To ihe fullest exlenl pem)itted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustee as a body, for our audit work, for this report, or for the opinions we have formed. Buuacott LLP Slalutory Audilor 130 Wood Street London EC2V 6DL Date. 23 May 2024 Buzzacott LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006 Annual Report and Financial Statements 2023 17
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not08 £000 £000 Income frorn: Donations and legacies Charitable activities Investments Surplu5 on propety and equipmenl disposal Other 581 41 1,832 532 36 1,704 Total Incomfr 2,273 Expendlture on: Raising funds- Investment management Costs Charitable activities 120 2,110 2,010 Total oxpondlturo 2,230 2,131 Not In¢om• boforn net galns I1108898} on Inv88tments Net gains l {losses) on investsnenls 228 1,675 142 16,0531 N•t qoxp•ndltur•l I Income 1.903 IS,9111 Other recognlsod galns and 108sos Foreign exchange Ilossl I gain on translatn 15 42 Mov•m•nt In fund8 1,892 10,869} Ro¢onclllatloTr of funds Total funds brought forward 15 62,745 68,614 Total fund• carrled forward 15 64,637 62,745 The above suItS for 2023 and 2022 are derived from continuing activitie5. The Charity has no recognised gains and losses other than those staled above- according, a ststement of total realised gains and losse5 has not been ppa, All income and expenditure is for Unrestricted funds. The notes on pages 21 to 30 fomi p8rt of these finanal statements. Annual Report and FiDan¢ial Statements 2023 18
DOMINICAN SISTERS ITHIRD ORDER) CONGREGATION OF NEWCASTLE NATAL BALANCE SHEET AS AT 31 DECEMBER 2023 2023 £000 2022 £000 Notes Fix•d •8uts Tangible assets Investments 10 3,599 58,410 3,650 69,002 Total fu•d a88•ts 62,009 62,652 Current assets Debtors Cash al bank and in hand Cagh held frir Inve8tment 12 17 17 135 291 2,413 97 276 373 Ll•bllltlo8 Credllors.. amounts falling due wllhin one year 13 12111 (2801 N•t currnnt a••ots 2,628 Total net a¥s•ts 64,637 62,745 The fund8 of tho Charlty Unreslrlcled funds.. General fund5 Designated funds belng.. Property and equipment Continuity 15 216 93 3,599 60,823 3.660 69,002 Tol•l Ch•rlty fund8 16 64,637 62,745 The financlal statements We approved and authorised lor Issue by tha Trustee and were signed on Its behalf on 20 May 2024 A. B. Cunningham Director of the Trustee The notes on pag8s 21 to 30 fom part of these financial st8t8ments. Annual Report and Financial Statements 2023 19
DOMINICAN SISTERS {THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of cash flow8 2023 £000 2022 £000 Notos Net Cash (used inl op•raling actlvltles 17 11,5121 11,298) Cash flows from investing activities: Dividends and interest received from investments Proceeds from sale of investments Purchase of investments 1,818 4,627 16,6081 1,701 3,7S9 (2,391) 11 Net investment inflow I loulflowl Proceeds from sale of property and equipment Purchase of propety and equipment (1631 3,069 10 { 1361 147) Not cmh Iu8ad Inl I provlded by Inve•tlng actlvltle8 { 2961 3,023 Change In ca8h and cash •qulv•l8nt• In th• rgportlng perlod Cash and cash equlv•lonl• at tho boglnnlng of th• r•porting poriod Change In cash and caih •qulv•lents due to •x¢hangfr r•to movoment8 11,8081 5,453 1,726 3,686 C••h and ush oqulv•lent• at th• •nd of th• reportlng period 17 3,634 6,453 Cash and cash equivalents consist ot. in Current as8ets'. Cash al bank and in hand Cash held for investment In Fixed as8els'. Cash al bank held wlthin investmnts 17 17 291 2,413 276 930 6,177 3,634 SA53 There is no net debt. The notes on pages 21 to 30 fom7 part of these finan81 staten7ents Annual Report and Financial Statem8nts 2023 20
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 310ECEM8ER 2023 l Accountlng pollcle$ The principal accounting policies adopted. judgements and key sources of ests'mation uncertainty in the Preparation of the financial statements are as follows.. 88818 of preparatlon The accounts (financial statements) have been prePad under the historical cost convention with items recognis8d al cost or transaction value unless otherwise slated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Slalement of arin their Recommended Pra¢lice'. Awounling and Reportin9 by Charities applicable lo charities preR 8iic of accounts In accordance with the Financial Re FRS 102 second edition issued in orting Sland8rd a£plicable In the UK aftd epu Ireland ctobei 20191 an the Financial Reporting Standard applicab e in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Trust eonslilutes a public nalIt entity as defined by FRS 102. The Trustee considers there are no material uncertainties about the Trust's abilit lo continue as a loing concern for the foreseeable future, bein a period of at least a ear from t e date that these nancial statements are signed. The Officers o the Trustee have consi lered all the mallers described in the Trustee's report including the Charity's operations, the impact on voluntary and education incorne, as well as th8 impact on the Chari 's investment portfolio. In particular, in order lo support the assessment of the 5UStainabili of the harity's aclivilies, the Officers of the Trustee prepared a highly pessimistic scenario of 700 o of 2023's inv&stmenl in¢ome being received wilhoul an other income other than covenanted UK pension5 from Sisl8r5 of the Cong alion. In the C particular circumstances there are no alternative scenarios that can reali51i¢a arity'$ ly be produced to denve allernalive assumptions for budgeted forecasts. most costs being essentially fixed in nature. As at the date of signature of these financial statements this pe5simislic lore¢a$t indicates that the Charity will be able to maintain liquidil for a period of al least a year and in fact considerably longer) from the dale of Signature of these Inancial statements and the O Icers of the Trustee consider that il is appropriate to prepare the financial slalements on a going concern basis. There were no significant judgern8nls or eslimales necessary in pparing the financial statements. Th8 most si9nificant areas of uncertainty that affect the carying value of assets held by the Trust a the level of Investment return and the performance of inves ment markets (see the Inveslmènl policy and performan¢e and risk management sections of the TnJslee'8 Report for more information}. b) Fund accountlng There are no restricted funds. Unrestricted funds affj available for use at the discretion of the Trustee in furtherance of the charitable objectives of the Charity. Designated fvjnds are funds which the Trustee has decided at ils discrellon lo set aside for urposes in the future and form part of the Charity's UnstrICted funds. The Trustee has I reallocate such funds within Unlestred funds. All income and expenditure is shown In the Statement of Financial Activilwd. articular e power Income Income (which includes donations and galn on disposal of fixed assetsl is accounted for on receivable basis as soon as the Charity has enlillement lo the income, there is probability of receipl and the amount is quantifiable. Investment income includes dividends receivable, recognised when the share price goes 'ex-div' which is after a particular company dividend has been declared as payable to shareholders recorded on the ffjgister al a particular date. dl Expendlture All ex endilure is accounted for on an accruals basis once there is a legal or constructive obligation toma e a payment to a third pa it is probable that settlement will be required and the amount of the obligation can be measured re iably. Expenditure has been listed under headings that aggregat8 all the costs related to that activity. VAT is irrecoverable and charged as a cost against the activity for which the expenditure was incurred. Charitable ex enditure is comprised of expenditure relating to the direct furtherance of the charitsble objectives. e costs cannot be direclly attributable they have been allocated to activities on a basis consistent with use of the resource5. endilure across the different areas of advancing the Charity's main objective, bein the Roman Catholic Religion for Public Benefit, is impractlcable. Sisters are engag locab'on of ex advan¢ement o Annual Report and Financial Statements 2022 21
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCLAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER2023 in many aclivilie5. and each property similarly fulfils different functions. Allocation of support and govoman¢e costs Support costs are those functions that assist the work of the Charity bul do not directly und8rtake charitable activities. Support Costs include back-office costs. finance, personnel. payroll and overnance costs which support the Trust's charitable work. These costs have been allocated efften cost of raising fiJnds and expenditure on charitable aclivilies. Governance cos15 are those incurred in connection with the management of the Charity's a$$els. organisalional adminislralion and compliance with conslitulional and statutory quIrernents. In the cir¢umslances of the Charit , lo include an allation of the living expenses of the Directors of the TNstee (the Congre9alion rioress and her Council) would be of little benefit in comparison with the cost of capturing the Information. The basis on which Support and governance costs have been allocated is set out in note 6. Co8ts of ral8lng lund8 The costs of raising fvnds consist of investment management costs. gl Oporatlng lea808 The Chanty has no operating leases. h) T•xatlon The Trust, Dominican Sisters (Third Orderl ConEregalion of Newcastle Natal established at Bushey Heath, Herts., 15 a registered chanty and as suc ils income and gain5 falling within Sections 518 10 564 of the Income Taxes Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from income tax and capital gains tsx lo the extent that they are applied to charitable objectives. Tanglble flxod assets Ind d•prn¢latlon Freehold land and builéings were included for thè first Ilm& in 1995 al deemed c08t. Acquisitions since are stated al cost. Other tangible fixed assets are staled at cost including any incidental expenses of acquisillon. The costs of minor additions lo fixnd assets, defined as those costing less than £3,000 {2022 - £25,000) each are expensed in the year in which they are incurred. Depreciation is provided to write off the cost of tangible fixed assets by equal annual instalmenls over their estsmaled useful lives as follows.. Freehold land not de recialed Freehold buildings 1010 O years (see following paragraph) Motor vehicles - 4 years Electrical equipment - 3 years With effect from 1 January 2018 freehold buildings are split betsveen the Structu and the major components which require periodic replacement, il being impractical to go back further. The Costs of replacement Dr restoration of these com onenls are capilalised and depreciated over the determined average useful e¢onomi¢ life on a straig l-line basis as follows.. structure and Other Kitchens Bathrooms Windows Boilers 50 years 10 years 10 years 10 years 10 years Flnanclal In8tfuments The Trust onl has financial assets and financial liabilities of a kind that qualify as basic financial instruments. asic financial instruments are initially recognised at transaction value and subsequently measured at their fair or settlement value. kl Flxgd a5Sgt Investmonts The fair value of listed investments is taken as the closing quoted market bid value. There are no unlisted investments. Certain deposits with banks held for their income eaming and monies held by the investment managers pending investment are included in investments. The main form of financial risk faced by.the Charity is that of volatslity in equity markets and investment markets du8 to wider economic conditions, the attitude of investors to Inv8Stment nsk, and Changes Annual Report and Financial Statements 2023 22
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS {CoNTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 in sentiment concerning equities and within particular sectors or sub s8Gtors. Roalisod and unrealised gains and lossè$ All gains and losses are taken to the Statement of Financial Activities as they arise, mi Forelgn currencles Assets and liabilities denominated in foreign currencies are translated at the rale of exchange ruling at the balance sheet dale. Unless individually significant, Iransaclion5 in foreign currencies are recorded al the average rale for the year. All exchange differences are taken to the Statement of Financial Activities. Llquld ro•ourca• Liquid resources comprlse cash al banks and on hand and are avallable on demand. Llabllttlgs - Credllorn Liabilities are recorded in the finanGial ststemenl¥ when the Officers of the Trustee have made a Commitment to 8¢9uire goods or services. The amounts are e5tablishel by consideratlon of individual unpaid fvlure liabilities existing In respect of the reporting year. Logal status of the Trust The Trust is formally established by a Trust Deed dated 20 January 1953, a8 varied by the provlsions of a Scheme sealed on 4 May 1995, and is a registered charity in England and Wales - Charity Registration No. 233236. Incom• ffoffl donatlon• Incorne from donation8 and legacies comprises., 2023 2022 £000 £000 Covenanted salariès, sliptnds and pensions from Sisters Other donations and gifts (No legacies received) $67 14 524 681 532 Income from charltable acllvities compris85.' 2023 2022 £000 £000 Donalions for educational facilities 41 36 Inve8tmont Income 2023 2022 £000 £000 Interest reGeivable DivN4ends receivable 308 1,024 280 1,832 1,704 Al dividends were eamed on lisied investments. Annual Report and Financial Statements 2023 23
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS ICOMTIMLIEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Geographlcal analysis of total income and expendlture 2023 2022 £000 £000 Incorne.. UK Other 2.427 31 2,249 24 Total 2.458 2,273 endituffj.. 2,157 73 2,053 78 Other Total 2,230 2,131 Analy818 01 oxpendllure on charltable actlvltlos Gengral support 2023 GoverD•n¢• r•latod Total 2023 Totsl 2022 £000 £000 £000 £000 Staff costs total a9 below Property costs Other community costs Professional fees and bank charges statutory audrt fee Other charitable projects 108 767 100 708 1.050 37 787 1.111 57 57 33 34 33 71 2,062 48 2,110 2,010 Basis of apportionmenl.. Staff cost allocation lo govemance is based on a reasonable approximation of the lime Involved. All other costs are the costs borne. Alocation of expenditure across the different areas of advancing the Charity's main objectivè is impractubla as Sisters and convents are involved in all areas. General Gov•man¢o support related 2022 Totsl 2022 £000 £000 £000 Staff costs Property costs other community costs Professional fees aTrd bank charges statutory audit fee Other charitable projects 86 708 1,050 37 14 100 708 1,080 37 71 71 1,952 2,010 Annual Report and Financial Slatements 2023 24
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS {CoNTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 7 staff costs 2023 2022 £000 101 £000 93 Wage$ and salaries Social security costs Pension costs- defined contributions 108 100 The Trustee considers its key management personnel to comprise the Direclors of the Trustee (wh include the Sister Bursar), the General Bursar and the Finance Manager. The Directors of the Truslae are the Congregation Prioress and the Congregatlon Councillors. As Sisters, their living expenses were borne by the Charity. The Directors of the Trustee received no remuneration or other benefits in COnntn with Iheir duties for the Trustee or oth&rwis8 during the year. The employee benefits, including employer's contributions, of the General 8ursarand the Financ8 Manager tolalled £105,88012022.. £96,438) One employee recelved employee benefits in th& band £60,000 to £70,000 in the year12022'. above £80,000- none). The average headcount of employees, all of whom were engaged in charitable activilies, during the year was 312022.. 31 However, they equate to 1 12022. 11 full time employee Net Incomo b•forn othèr rècognl••d galn$ •nd lo••e• 2023 202 £000 £000 Net Income beforo other recognl8•d g*ln• and 10•8M l• stst•d aft•r ¢h•rglng tho followlng: Auditors, remuneratson.. Slatulo audit Oeprecia ion 33 187 44 173 Relaled party hnsa¢llon8 As members of the Congregation, none of the Trustees have resources of their own as all earnings. pensions and other income has been donated lo the Charity under Deeds of Covenant. During the year, the total amount donated by the Trustees to the Charity was £22,18512022. £25,818). There were no other related party transactions requiring disclosure in the y&ar12022 none). Annual Report and Financial Statements 2023 25
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TOTHE FINANCLAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tangible fixed assets Flxturos, fittings and equipment 2023 Freehold land and bulldings Motor vehicles Totsl £000 £000 £000 £000 Cost Al 1 January 2023 Additions Disposals 6.587 103 123 15 (28 ,710 136 { 281 18 Al 31 December 2023 6,690 110 6,818 Depreelallon Al 1 January 2023 Charge for the year Disposals 2,939 175 3,060 187 { 281 At 31 December 2023 3,114 3,219 Net book value Al 1 January 2023 3,648 3,650 At 31 D8Gember 2023 3,576 12 11 3,699 All tangible fixed assets relate lo di¢1 charitable purposes. On 31 December 1995 the Trustee included freehold land and buildings at eslimaled replacement cost using a proportion of insured values as the basis. Cost above comprises the deemed cost of those original buildings still held plus subsequent additlons. The ourrent insurance declared value is £17,136.000 (2022.. £16,637,000). 11 Inv••tm•nt8 2023 2022 £000 59,002 6,608 14,6271 1.876 £000 64,654 2,391 {3,759) {6,0531 Carrying value {being market bid value Including cash) at 1 January Additions at cost Disposal proceeds Net inveslmenl gains l {lossesl 62,658 14,2481 57,233 1,769 Change in cash al bank held wiihin investments Carrying value Ibeing nrket bid value including cash) at 31 Oecemb8r 58,410 59,002 Annual Report and Financial Stslements 2023 26
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TOTHE FINANCIAL STATEMENTS ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2023 L15ted Inve$tment8: UK fNed interest UK equity shares Investment trusts Unit trusts Overseas fixed interest Overseas equity $haras 8.270 26,647 1.015 2,350 7,020 26,259 2,242 1,570 16,734 17,657 Market bid value at 31 December Cash at bank held wlthln Investments 57,480 930 53.826 ,177 Carrying value {being market bid value) at 31 December 58.410 59,002 Historical cost at end of year excluding cash Cumulative unrealised investment gain 38.798 18,682 36,207 17.618 Carrying value {being markel bid value) at 31 Decembèr 67,480 53,825 No investment xcounled for more than 5% of the total market bid value 12 D•btor8 2023 2022 £000 £000 Prepayments and accrued Income 135 13 Crodltorn 2023 2022 £000 £000 Amounts falllng duo wlthln one year Taxation and soci81 security Accruals 207 278 280 14 Cipital Commltments 2023 2022 £000 £000 Contracted for but not provided in the accounts Annual Report and Financial Statemgnts 2023 27
DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCLAL STATEMÉNTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Statement of change in ro8eNes 8¥lan¢o brought Transfe forward Nat Exp•ndltur• Investmont galn¥ £000 Foreign èxchange dlffergnc Balanc• earrled for4¥ard 2023 In¢omo £000 £000 £iJoo £000 £000 £000 Unrestrlcted Inc¢)m• fund$ Genar81 fund$ D8signat8d funds Property and equipment Conllnulty 93 11.7701 2.458 {2,230) 1,675 215 3,650 1511 3,599 59,002 1,821 60,823 Total unre8trl¢l•d fund• 62.745 2.4S8 12.230) 1,675 1 11) 04,637 Balance brou9ht Trnn•f•M forward Net Exp•ndltur• Inv•otment 108••8 F¢r•ign •xchango dlff•r•nc•• BalanG• carrl•d foThvard 2022 Incom• £000 Eooo £000 £000 £000 £000 £000 UnrMtrlct•d Incom• fund• General fund9 Oesignot8d funds Prop•rty an¢J equipmenl Contlnulty 184 5,778 2.273 12.1311 16,0631 42 93 3,778 11261 3.660 64,654 16,6621 59.002 Total unre•trlct•d lund• e8,814 2.273 12,1311 16.0631 42 82.745 De8lgnatgd and undesSgnatod funds: The designated Propety and equipment fund is 8slablished to repsent the unrestricted tangible fixed assets of the Charity. 11 is the same amount as the Fixed assets- Tangible assets In the Balance sheet. The designated Continuity fund is established to show the extent lo which funds are required lo be retained to provide the basic financial structure to earn income to meet future expenditure. It is the same amount as the Fixed assets - Investments in the Balance sheet and accordingly includes the cumulative unrealised investment gain. The undesignated General funds are the same amount as the Net current assets in the Balancè sh8et. Transf•rs: Transfers recorded above are to or from the PToperty and equipment designated fund and lo or from the Continuity fund and from General funds arising in the respective year. Annual Report and Financial Statements 2023 28
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Analysls of not assets botween funds 2023 General funds Designat•d fund8 Total fund8 £DOO £000 £000 Fund balan¢e¥ at 31 De¢ember 2023 a represented by: Tangible fi'xed assets Investments and cash for investment Other current a55e15 Current liabilitie5 3,599 60,823 3,599 60.823 426 1211) 426 (2111 Total nat a880ts 215 64,422 64.637 Unreall8ed galn8 Included abov• On investment assets 18,682 18.682 2022 G•n•ral fuTrd• De•lgnatod funds Total fund• £000 £000 £000 Fund balance8 at 31 December 2022 aro representgd by: Tangible fixed assets Investments Current assets Current liabilities 3,650 59,002 3,860 69.002 373 1280 J73 1280) Total nèt a88•ts 93 62,652 62,745 Unreallsed galns Included abov• On investment assets 17,618 17,618 17 Cash Ilow Informatlon al Reconclllatlon of n0t1oxp•ndltur•l I In¢om• to net cagh outhow from operatlng actlvlti 2023 2022 £000 £000 Net income l (expenditure} for the reporting period Adjustments.. (Gain) on sale of property and equipment (Gainll loss on investments Investment income Oepreciation Ilncreasel in debtofs (Decreasell increase in creditors 1,904 15,911) ( 1) 6,053 11,704) 173 { 2) 94 {1,6751 {1,8321 187 1241 { 691 Net cash loutflow) frorn operatlng actlvltles (1.512) 11,2981 Annual Report and Financial Statements 2023 29
DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENOED 31 DECEM8ER 2023 b) Reconclllatlon of net cash flow to movement In net funds 2023 2022 £000 £000 (Decrease} I In¢ase in ¢a$h in the period I108) 1,725 Movement in net funds in the period Foreign exchange translation differences Net funds brought foard 11,8081 { 11} 5.453 1,725 42 3,686 Net fund8 carrlod foThvard 3,634 5,453 Belng: Cash at bank and in hand in current assets Cash at bank held within investments 291 3,343 276 5,177 3,634 5,453 e) Analys18 of net fund• At1 January Cash flow 2023 Forolgn exchangg dlffèrenco• At31 Do¢ember 2023 2023 £000 £000 £000 £000 Cash and equivalents cash 5,453 {1,8081 { 11) 3,634 At1 J•nuary Ca•h now 2022 Forelgn •xchang• diff•ron¢e• At31 Do¢omber 2022 2022 £000 £000 £000 £000 Cash and equivalents cash 3.686 1,725 5,453 Annual ReFort and Financial Statements 2023