DOMINICAN SISTERS {THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL IEstabLlshed at Bushey Heath, Hertg} (Registered charity nufflber 2332361 ANNUAL REPORT YEAR ENDEO 31 DECEMBER 2024 WEDICW Mother Rose Niland OP, Foundress11860- 19471 DOMINICAN SisrERS (THIRD ORDER) CONOREGATION OF NÉwcAsfLE NATAL (Reglstered Number 2332361 ANNUAL REPORT 31 DECEMBER2024 CONTENTS TRUSTEE, OFFICERSAND PROFESSIONALADVISORS.. TRUSTEE'S REPORT............................................................................................... . . . Geographical location and operation Governance. structure and management.......................................................................................... Realising the Charity's Objective....-......-.-.....-.................-..................................... The Mission of the Congregation in South Africa Strategic Plans for 2024 ar)d Future Plans................................................... Fundraising statement.......................................................................................................................10 Financial Review including Trustee's Responsibilities. .10 Reserves Policy........... ...................................................................... ......... ... 12 Investment Policy...............................................................................................................................13 Post Balance Sheet Event...............................,...,..............................................................................13 Disclosure of Inform8tion to th8 Auditors............. 13 INDEPENDENT AUDITORS, REPOAT......-.. ......... 15 STATEMENTOF FINANCIALAcTIVlnES.....................................................................................................18 BALANCESHEEr.............................,...........,.,........................,.,.,...,........................................................19 STATEMENTOFCASH FLOWS................................................,......................,..........................................20 NOTESTOTHE FINANCIALSTATEMENTS,....................................................,.,.....,.....................................21 Saint Dominic Guzman. Founder ofthe Order of Preachers 11170-1221) DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRLISTEE, OFFICERS AND PROFESSIONALADVISORS FORMAL NAME OFTHE CHARrrY Dominican Sist8rs (Third Ordarl Congrgg8tlon of New¢8$tle Nat81 (Established at Bushey Heath, Hertsl known os Dominican Sisters IThird OrsJ8rl Congregation of Newcastle N8t81 TRUSTEE OF THE CHARITY Saint Rose of Llme A$$o¢iatlon Llmited. the Directors and Officars of whlch gra the Congregation Prlore8$ and Congregation Council, members ol the Sisters of the Dominican Congregation ol Saint Catherine ol Siena of Newcastle Natal, BS below: CONGREGATION PRIORess AND DIRECTOR OFTHE TRUSTEE A. B. Cunningham Isistgr Ann OPI Irom 19 M8rch 2023 CONGREGATION COUNCILLORS AND DIRECTORSOFTHETRUSTEE M. C. Tuohy (Sister Marla OPI, Congr8gatlon VIc8f8SS & Slstgr Bursar K. E. d'Artois ISi5ter Karen Mafguerite OPI, Congrogation Secretary C. McG8rry IS18t8r Christina OPI from 19 March 2023 SISTER BURSAR M. C. Tuohy Islgter M8rl8 OPI OENERAL BURSAR P. M. Kèlly FIA Retlred FINANCE MANAOER R. O. Bolton FCA ADORESS Rosary Priory 93 Elstre8 Road Bushgy He8th BushgyWD234EE TELEPHONE WEBSITE 020 8950 6065 www.domlnlcanslsterg.co.uk CHARITY REGISTRAnoN NUMBER 233236 JURISDICTION OF REGISTRATION England and Wales AUDITORS Buzzacott Audit LLP 130 Wood Street, London EC2V 6DL SOLICITORS F8rrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Stone Klng LLP Upp8r Borough Court Upper Borough W8118 Both BA1 1RG BANKERS Royal B8nk ol Scotland plc London Drummond8 Branch 49 Charlngcrosg. Lonijon SW1A2DX CAF Bank INVESTMENT MAf4AGERS Rathbone Investment Management Limited 30 Gresham Street, Clty of London, London EC2V 7QN CUSTODIAN TRUSTEES BBnk ol Nèw York M811on 8nd R8thbon8 Nominees ￿M￿ed Annual Report and Flnancigl Statements 2024 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT FOR THEYEARENDED31 PECEMBER2024 The Trust8e of the Charity is Saint Rose of Lima Association Limited. the Members. Directors and Officers of whlch are the Congreg8tlon Prlor855 and ongregation Council who are members ol tho religious Congregation titled Sistars of the Dominican Congregation of Saini Catherine of Siena of Newcastle Nat81. SBint Rose ol Lima Association Limited is a company limited by gusrante8. It was r8gi8t8red as a company on I S M8r¢h 1974. Its governing documents corripri8e the Memorandum qnd Article8 Ot A880ciatlon. In the eventofthe companybeingdi88olv8d. the m8mber8 may be requif8d to Contribut8 an amoullt not exceedin8 £1 each. ORIGINAL MISSION The ultimate aim and purpose of th8 Catholic Church and th8r8fore ol the Congregation is 'the salvation ol souls. (cf. CIC 17521. In pur$ult of thls goal. the Congregation's aims defiV& from the oriwn8L mission of Mother Rose Niland who in 1896 founded the Sisters of SBint Cathèrine ol Siena. within the Dominican tradition, in Newcastle. South Afrie8. Likè so many active congregations founded et the time, Mother R03e sought to mèat the urgent socIg1 need for education among both the Indigenous 8nd colonial population. These early pioneer Slsters were women of gra8t faith and courage who took enormous risks and Buffered con81d8rable h8rdshipg. Thay were drlven by an Urgency to evBnge118e 85 well 85 ta aducatè. and to educate the whole per50n. P8rt of th81r LègACy Was fln8 sehools. four ol whlch 5tlll exist. 88 does the Congre8atlon'9 commltmènt to educatlon. In thls they w8re laithful to the Dominlcan motto.. cont8mpl8r8 8t contemploio alAj5 tr8dere. to p888 on to others the frult5 of contemplation. Now, in a ry dlffarent environment, Slster8 of thè Congragatlon continue to provlde preaching. tt)8chlng and p88toral ¢org flowlng from r8ligiou8 communltl88 ol prayer and 81udy. Throygh thls, tho Slster8 Strive to awaken. nurture 8nd (Jeepen falth, hope 8nd ch8rlty. to th8 beneflt of those wlth whom Bnd towhom we mlnlgter, as well As to thelr18mllies and to th8 wider communltl68 whlch we serve. Our mlssion to ovongelise t8kes two form8: IiT8t, that of active outre8ch to the 10¢o1 8nd wldgr communitleg In public engagement to promote the Catholic fglth- and secondly ev8ngeli5ation through hospltality, walcomlng friend and 5tr£nger alike. Particularly as Slster8 8g8. the minigtry otwelcome bacomos moro extensive. The Directors of the Trugtee presgnt the Tru8tee'g Report end tha audited Ilnancigl stotamants ol the Dominican Slsters (Thlrd Orderl Congr888tion of Newcastle Natal for the year endèd 31 December 2024. The Charlty encomp8Sse8 the Europaan (UK and Flom818Ctlvitlas ol tha Slsi8rs of the Charlty 140 gt 31 December 2024; 41 at 31 December20231 ministering in England and Italy. Other S18ter8 of tme religiou8 Congregation 124 profe$$e¢ at 31 De¢ember2024,. 29gt31 December 20231 minister in South Africa Includlng 8av8n 12023.. gevenl mini3terin8 in tive 12023.. five) not lor protit ontllles but lor the opor8tlon ol whlch tho Churlty h89 no financlal Inter8St. Th8 constltutions ol the lour continuing South Afrlcan schools established by the Congregation piovlde for tr40 Slster8 or their 8ppolntees to be repre38nted on the respective Boards of Governance,. currently three 12023'.threel South African Sisters fill these r6105. The Dominican convent8 of the Congrogation In South Afrlca Bre canoni¢ally depondent on thls Congregation anij supported bygr8ntS 88 necessary for chgrltable work, though not Pgrt of this Charity. These fln8nci81 statement8 include thig SUPPOrt. Further inYormBtion on the basis of accounting 18 set out in Note 1 to the Financial Statgments. The 8ccount8 8ccomp8nylngthi8 report 8re tho88 of th8 ch8rit8ble tru3t in which the 8558t3 in Europe of thè Congr888tlon 8r8 hèld. They include 8ll tha Ch8rlty'$ 8¢tivitles In Europe 8nd follow the ChBritiès SORP and th8 ChBrities Act 2011. As Sisters in th8 Domlnlcan tradition, we rernBln in8pired by and rootpd in thèse wordg of the B8sI Constitution ofthe OrderofPreachers'. To perfectourlovg ofGodend neighbour in the lollobwng ofchrist. byreligious profvssion W6 gre enrolledin the OrderofPreachers, ¢ompletelyGoftsocr8tad to God in 8 newwBy. dedicated to the whole Church, and totally engaged in spreadingthe Wordof God. OURAIMS Thg objective of thg Charity 15 thg Bdvancgment of the Roman Caiholic Religion and the support olBny 8ssoeiated ch8rit8bLe work for the timè bèing C8rried on through th8 Trustee with the approv8101 tho Congregation Prioress. This Includ88 malntan8nc6 of conv&ntS SLJPPOrtlng tha objeetlv and th8 upkeep of members ofthe Congr8g8tion. GEOGRAPHICAL LOCATION OPERATION OFTHE CHARITY AND The Charity operates in the tollowing countries: Unfjted Klngdom Gnd Italy. Annu&L Report and Fin8nci81 Statemenis 2024 DOMINICAN SISTERSITHIRD ORDER)CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THEYEARENDED31 DECEMBER2024 GOVERNANCE, STRUCTURE AND MANAGEMENT The n8me3 of the Directors and Offic8rs who s8rv8d during the year are set out in the reference and dmini8trBtive detailg on page 1 of this report and accounts. Brief p8n portraits of each of the Directors ol the Trustee for 2024 and to date are set out below. GOVERNANCE Tha terms of the Charlty Governance Code. having b8en refreshed in lata 2020 to Incorporate a focus on 'inte8rity' and 'equality, diversity and inclusion,. remain under continual conslderation. The Trustee believes the Charity meets the principles ol the good governance code. particular circumstances, there Bre no discrete role descriptions defining responsibllities loranyor 811 of the Director8 of the Tru8tee'. each18 collectively8nd Individu8lly r8spon5iblg. Director8 of the Trust8è are electèd overy six years by thg General Chapter (See page 4 belowl and are drawn trom the Sistèrs of tha wldgr rellglous Congregotion. v12. the UK and South Africa. Thu5, they are well.experlencad In the life and mission ol the Congra88tion. Throughout 2024 and continulng.. Sl8t•r MArl• Tuohy was elacted Councillor in D8c8mbèr 2016. r&-elgcred in December 2022 and appointed Director of the Charity on 28 April 2017. She tsught in $8condery educ8tion for rn8ny years and subsequently engaged in administration of the Charity in the r61e ol Sister Bursar. She v¥8s previously Councillor and a Director ot the Charity from 1982 to 1993. Sl•t•r Karon Maryuorlt• d'Artol• WAS •Lectèd Coun¢illof in December 2016. re-elected In D8cemb8r 2022 ond appointed Director ot tha Charity on 28Aprll 2017. She has worked in unlver8lty chapi8lncy and falth lormatlon lor children and ailults. and formation ministry within the Congregation. With & strong background in 8dmlnistration, she is 8180 Con8r8gatSon Secretary nd the Co-ordinator ol the Niland Conference Centre run by the Ch8rity. The Congregatlon 18 canonlcelly affiliated tD the Ordar of Prè8chers. 8 rellgiou8 order of the C8tholle Church, found8d by St Oomlni¢ Guzman in thè thirteenth century for the purpose of preaching, te8ching and pa8tor81 work in eollabor8tion with local bi8hDPS. Members of the Order are v3u8lly known as 'Domlnieans' gfter thèir loundar. Slmilarly, the Sisters or8 the 'Newca3tl8' Domlnlc8n8 after tholr pl8c8 of found8tlon In N8tal. Sl8t•r Ann Cunnlnih•m w88 elected Congregation Prlore55 in December 2022 and appointed Director ol the Ch8rity on 19 March 2023. Prior to her ele¢tlon $he WB3 8ng8ged In 8r88s of lormBtion minlstry, gplritual directlon, grief-share mini8try, and retreat work. Sl)0 was previously Congreg8tion Priores3 ffom 2004 to 2016 ond 8 Director ot the Charity from 2005 to 2017,. prior to that She w98 Reglon Prioress In South AlricB bnd belorg thot had some years in the teoching profe5510n. As pgrt ol the Cathollc Church. our Congrgggrlon Is bound by the Church's Canon Law, especially as eontain8d in the 1983 Codexluris Cononici (Code of Canon Law.'CIC J. &nd to th8 legitimat6 precepts of thg Holy S88 8nd the Rom8n Pontlff. The Congregation tt8s It5 own canonlcal governSng docurnenty, the Constitutions 8nd Directory, whlch are compliant with Canon Law and approvecl by the Holy See. These govern the life of the Sisterg which 19 toundgd on tho evangelic81 counsels of poverty. ¢h8811ty and obedience to whlch they blnd themsalves by vow. an¢ Is char8Cterlsèd by prayèr, Study, community Ille and ministry. The General Chapter also lagislatos by means ol six-yearlyAcrs which include mandates, ordinances and other PIOVl8ion8 10 diroct th8 life ond work ol the SisteTS. S5gterChrlgtSna McGarryw8s elected Counclllor In December 2022 and apptsinied Dlrgctor of the Charity Ctn 19 March 2023. She wag In South Afric8 for 29 ye8r8. Studying gnd thon tèaching in ?Bcondary schools Bnd elso engaged in parish ministry. Sh8 rgtuined io England In 1994 and laught in one ol our schools. Durlng thls time she Studied British Sign Language doing stage 1 and ¥t8ge 2 ax8mg. From 1999 to 2002, she served a3 pastoral worker lor the D8Bf in the Clifton DIoc8s8. Bristol and from 2002 to 2014 5hg was Sn Rome, running our guest house there. Upon returning to England she ha5 been involved in parish mini8try and volunteering in 8 hom¢le88 ¢gntre and foodbank. In terms ol civil law, the Charity was formally established by a Trust Deed dated 20 January 1953 a3 varied by the provisions of 8 Scheme Sealed on 4 May 1995 and is a registered charity - Charity Ro8i$tration No 233236. The Truste8 of the Charity 13 Saint Rose of Lirna A8soci8tion Limited 8nd 18 an English company whleh Is limited by guarantee. It acts through its lour Directors and Officers who are the Congrggation Prioress, ex offtcio chair, and her Council. As such, they havedetailed knowledge and exporienc8 of the work of the Charity and its structure. BACKGAOUNDTOThESE AppoiNTMENTS In accordance with the internal g¢)verning documents ol the Congregation, the Congregation Prior88$ and her Council are elected every six years Annual Report and Financial Statements 2024 DOMINICAN SISTERS ffHIRD ORDERI CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORTICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER2024 at a Ganaral Ch8Pter of the congregotion. the most recent having been in December 2022. The General Chapter, composed of elected delegates and ex-officlo members. repre8en18 8 broad cross- 9g¢tion of the Congreg8tion and a wide gxperienc8 of ministry and Dominican Life. The Ch8Pter elects the Congregation Prioress Bnd her Congregation Councillors on the basis of their persoll81 qualitigs, their understanding and experience of the ministrie8 01 Sisters, and their individual 8nd combined skills and ability to Serve effectively as DirectOf8 01 th8 Tru8t88. Following thelr 81ection io Congr8g3tlon Councll. thes8 Sl8t8rs are appointed Directors of the Trustee and assume responsibility tor thè orgBni58tion ot the Charlty and the 8dmlnSstratlon ol Its assets for the purpose of dvancing tha objects of the Charlty. Dgclsiong are taken collectively by the Congregation Prioress and her Council I'The Committee'l 83 the Dlr8Ctors ot th8 Tru8tee. REMUNERATION OF DIRECTORS OFTHETRUSTEE While the Dlrectors ol the Trustee are maintained in accordance with the Charity's duty to provide for the Sisters, they have received no r8mun8r8tion whether in the course of their duties or otherwise. Any incorne p8ld to them In the ¢ourge of Ihelr mlnl8try 8nJ re8ponsibiLitlas has been given to the Chsrity. REMUNERATION PERSONNEL OF KEY MANAGEMENT Initial remuneration leve15 of key m8n8gernent personnel were establish8¢J by surveylng comparatSve rates and n8gotlAtion with the individuals. Pay reviews ar8 informed by ¢8ta from the Bank of Engl8nd agents. sutvey of r901 woge growth or the Offleè of NAtlonal Statistlcs 88 8vaS1obl¢. A¢¢ordln8 to the Intern81 governance of th8 Congregation, tha Congreg8tlon Prioress vlsits all the conventg and hous85 01 the Congregatlon elther per80nEtly or by delegate at le88t 8very thr8e y88r8. Tha purpose ol the vl$it8tlon 1$ that $h8 MBY enda&vour to examine and 888egs the quality of communlty and apostolic Ille and that 8he may com8 tu know the Slsters better by giving them a opportunity to make known their nèeds and thèir opinions 8boui the Ilfa, apo8tolat8 and adminI8tration ot the community. Sy8temB ol a¢count8bility. including community 188d$rship at th8 local level, moan ihatthe Congrag8tion Prlore$$ and her Councillorg Bre aw2re of gnd able to 8SS19t with the progress and development of the min15trie3 c8rried out by the Si8t8rs. Indivldual Sister$ aro commigsioned to thèlr minisirlag. each ol whl¢h Is c8rrled out Bs representatlve ol the collectlve commitment to tho Charlty'8 obloctlv8. RISK MANAGEMENT In line wlth the requlrement for the Trustee to undgrtake a T15k 853858ment oxercise and report on the same in this report, th& Director8 of the Tru9tee keep undar revlaw ttte major risks to whlch tha h8rliy 1$ exposed. They have identifled the followin8 main &re83 where ri8k8 moy occur, acknowledglng in8viiable overlaps= OPERATIONAL • Th8 Charity's Work • Governance and Man888ment • Data Protection • Inlormatlon & Cyb8r S8curity FINANCIAL • Investment8 • Fr8ud BURSARS ANO LOCAL COMMUNITIES The Sister Bur88r. Sl$ter Marla Tuohy. Is responslble tor supervislng ilnanclal and property matters ond attending and reporting on these at meetings ol the Director5 of the Trustee. She 13 as8lSted by the Gener81 8ur5ar and the Finance Manager. both being lay Staff. Each local community is governet1 by an elected PTiore88 or 8ppointed Leader. Housg Bursars are responsibl8torfinancial aspects of Ioc81 Communities. A number of Sisters h8V8 baen granigd budgets lor the 9xpenditur$ they incur in the coursè of their ministrias and rèport monthly on their use of this facility. REPUTATIONAL • Soclal Med18 • MistBkè8 gnd Misjudgments REGULATOBY • Compllanc8 wlth law Including Charity regulation, Employmeni 8nt1 H&Allh & Sal&ty • Lif8longSafegu8rding Annual Report and Financial Statements 2024 DOMINICAN SISTERS ￿H1RD ORDER) CONGREGATION OF NEWCAsfLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THEYEARENDED 31 DECEMBER2024 OPERATIONAL FHAUD-soeks to guard against the potential risk to the Charityfrom fraud or financial irr8gul8rity, which could includ8 un8Uthori$ed expenditure. Inapproprifita Investment policies, cyber-atta¢ks and unrell8ble 8ccountlng. Th8 Directors of th Trustee have established appropriate separation ol role5 and authority levels lor th08e dealing with the Charity's 888ets. including the requliemenl tor a S8cond 8Uthorised $58nature lor all but in818nlflc8nt P8yments. THE CHARrrY'5 WORK conslders the activlty of the Charity which is thg advancement of the Roman C8tholic R81igion and associated charitable work. Factors considérèd ineludè th8t thi3 rnay require reinterpretation gfven the circumstance that Sisters Bre ageing and few new members ore loinlng. However, In 2024 tha fourth of four Vietname88 Sisters arrived from the South Africa Region of our Congregation11 in 2022,. 2 in 20231. Subsequent to thi8. a further 8ix women have arrived to begin their eanonicalformation, and other posslble candidates AT8 b8ing con3ider8d. The Dir8Ctor8 ol the Trustee contlnually monitorthis &sp8ct with prudence. REPUTATIONAL SociALMED SociEI Medl8 Wlth its V8rl8d platforms Is a quintess8ntl81 means ol promoilng. prea¢hlng and tegchlng the Catholic Faiih. With thi8 in mind the Charlty $e8ks io gugrd agalnst its inBppropriato use nd concomitant danger to our reputation stemming from misuse. The Director3 01 the Tru8tee have 8dopted g Soolal Medla pollcy whlcA is di88emln8ted 8mong8t personn81. As 8 Furthermore, the Directors ar actively engaged with personnel to spread knowledge ol such activltles and encouraging contlnual awaren088 01 Ihls rlsk oroa and 118 contlnuol gvolutlon. GOVERNANCE AND MANAGEMEMr con3ider8 the 8ffic&cy of the tru$tge body. for ex8mple. the possibllity of 8 trust88 body which lackad suffieianl 8ki118, commitment and approprlate decision- m8king procedures. Such risk5 could include a lack ol training Ot Si8ter8 and 3taff andlor poor gtewardshlp ol re$our¢e$ - human. fln8ncl81 and property. Tha DSr8ctors of tha Trust99 kèap thls a8pect under continual review and undertake 8ppropr18te cour808 and tralning on a rtrgular basls. DATA PROTECTION 898k8 tg guard eg81n8t potentially d£maging threats to our and others, data, whether Int8rn81 or external, delibei8te or accidental. The Dlrecior$ of thg Trustee have 8ppointed 8n gmployg9 to monltor and 8iJvSse on thls 8$PgCt. MisfAKESAND MISJUDGMENTS- See above D8t8 Protecrlon. Informgtion & Cybersecurityand So¢lo1 Medig. INFORMATION & CYBER SECURITY Seeks to guard agalnsi potentlally t1am8ging threats to our operBtiong through wrongiul removal lor ¢orruptionl of information In whatever lorm or hacklng of 8ygtems and communications. The Directors of the Trustèe Se8k to spre8d knowledge ol such activitie3 and ancourogecontlnu81 aw8rene88 olth18 ri8kar98 and its continual gvolution. REGULATORY Compli8nce with civll law Including Charlty regulatlon, Employment and Heglttt & Safety Complisnce wlth the CathoU¢ Safè8Uafdln8 Standards Authority I'CSSA'I, the statutory $afegugrdlng regulotor for the Catholic Church in Engi8nd and Wales and gubscrlptlon to Religious Life Saleguardlng Servic85 I'RLSS'I as required. The Dlrectors of the Truslee have appointed an employee to monitor and 8dvi3e on S4f8guarding and themselve8 engage In trainlng. FINANCIAL INVE5TMeNTg Thg Charlty's prlnclp8l a88et8 comprise listed inv8Stments, the valuè of 8n(J income from which are tjependent upon tho ftuctuationg and variability of both tha UK and world markets. A 8ubstanti81 long-term los3 of value of th959 invgStment5 would thr88ten the long-ierm linanci81 vi8bility ol the Charity, and any Significant reduction in investment income might require sale ol some inv8￿Ment¥ to generate c88h in the Short ierm. To mitigate such ri8k, the investments are managed by rgputable inv88tment managgr8 who adh•re to the policy agT8ed by th8 Directors of th8 Trustee and themselves have Strict internal protocol3. The Charity's investment strategy and th8 perform8nce of inveslment5 are reviewed regularly by the Directors of the Trustee so that the investments rem8in 8ppropriÈtÉ to tha Chkrity's needs18ee further on page 131. cHAR￿v REGULATlOPI-Thè Olractors of thè Trusta8 and the Ch8rity's18y Stsff avail ol courses olf&red by 4 Vgriety of legal. investment ènd professional bodies including the Association of Provincial Bur8ar9, the Charlty FinBnce Group and Civll Soclety. OPERATIONAL DET￿L seeks to mitl8ate the possibility of danger to the he8lth. s8fety 8nd well- being of Sisters. employees and those wlth whom we come in cont8Ct,' and thè potentlal risk thBt the PIOPgrty andlor buildings of the Charitycould suffer alianatjon or damage or may not be appropriately adapted lor use by the physically or mentally challenged. The Director8 of the Tru8tèa avail of Annu8L Report and Fin8nci81 Statemènts 2024 DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORTICONTINUEDI FOR THE YEAR ENDED 31 DECEM8ER2024 specialist advicè for such rnatt8rs. and for appropriate insurance cover. All our houses communitl£S W81come individuals andlor parish groups for study an discu89ion and Si8terg continue to lead support a variety of prayer and Gospel-sharinggroups. Such groups meet regul8rly. and afford memb8r8 of the public welcome oc¢8slons to exchange the chBllgng88 Bnd $tr888es ol everydAy life for th8 resplie of qulet contamptation and reflection. H8ving i(Jentified the m8jor risks to which th8 Charity is èxpos8d. the Dli8ctor8 of the Tru8tee h8VO est£blished systèms and procedures to mitigate guch risks as far 89 reBsonBbly possible. In accordance With gor)J prgcti¢e. all poLicl89 arg reviewed and updated regularly. Through most 012024, the Gardens and Chap81 at St Rose's, Cricklewood continued to sèrve as place ol w81come, prayer. 8ilence 8nd retreat. Th8y are well appreciatèd by all who avall of them, together with the beautiful Poustinia 18 place of proyerl which is well used by visitors looklng for de88rt experience. a 'pl8C8 apart,. September mgrked the Tenth Ann￿erS￿ry ol tha Prayer Gardens, and a cglebratlon Mass was held wlth Vincant Cordinal Nichols, Archbishop ol W88tminster and well over l 00 people who have 8UPPOrt8d th8 Garden, and beneflted from It. were prosent to mark the occaslon. Subsequently. in early 2025, tha conveni bacama thg hou9e Ot Inltial formation lor new mernberg to the Congregation. Th8 Outreach or the prayer Ilf8 01 th8 comrnunity continues. and is ¥xpo¢t8d to aXP8nd In timo. Accessto the G8rden8ond ChBpelwillcontinue and It 18 8niiclp8ted that a new programme tsf reflection nd prayer wlll be offered to those who hav pArtICiP8tèd In recènt months and yèars. Sisters will continue io make themselves Bv&ilable to offer a listening ear and to give Spiritual guldance and direction. REALISING THE CHARITY'S 08JECTIVE Thg Dlrectors of the Trustee h8ve carefully considered the Charity Commission's published guidance on the Public Benefit requirement under the Charitie8 Act 2011, 8pecilically with Tegar¢Y to th8 advancement of Religion, the CharSty's main objactive. The Dlrector5 of the Trustee are concerned thot real rellglous benefit 18 provided to a wide range of people in the following ways.. Worship Bnd Prayer Llle Education Caring. P£storal and Soci81 Mlnlstrles Coll8boratlon U8e of House8 ofthe Charity Lay Associates WoR5MIPAND PPAYER tsFE At the cenlre of the Sistèr8, communlty I￿Ing 18 the dally celèbration of the Liturgy tttts prayer and work of the people of God, namèly the Celebrotion of the Euch8rlst and the recitBtion of the Divin8 Offlce. This lite of Ilturgbcal prayer 18 one ol the prlncipal elements of our Dominican Lifè. In addition to this publlc worshlp. Sl$ters also avall ot time and the opportunity for private pr8y8r, ongolng 8piritU81 &nd personal lormatlon, study ol the Scriptures and Theology, Bs well as wvider interests, 8nd days of recollection. In each ol our communlti88. Si8tery welcome people from the wi(Jer communlty io joln us in Pfayer and to avail ol our chapels. Mamb8rs of th8 public h8ve recourse to thg Sistors tor pf8yèr their tlmo of need. or in gratitude for fBvours rac&ivèd. This knowladga thBt the Sistars 8re 8vailable to be called upon for thelr intgrcgssory prayer 18 oiien R Source of profound consolation for a wide variety of people of all Igiths. Sisters are also open to receivin8 and listening to people seeking Spiritual guidance and help. 2024 saw th8 return of a limited programme of relleciiong antj retreat8. offereLI by Si8ter8 In conjunction with Lay Associates. The d5mlnlshment ol thss aspect of our 8v8ngéli88tlon ts 8 rÈal consequence ol the 98eing of Sisters. Our younger Sl8tgrg aro stlll In a proc8ss olformation and not yet eble to undertak8 8ucn commitment8. However, the Niland Conference Centre continues to be a '38nctuary 01 Spirituality 8nd education. which welcomes 8 host of spirituÉl. èduc8tional end othor groups availing of the ifanquillity. beauty an wondarful facilities of th8 Centrè 2nd itg grounds to ftjn thelr own event$. Sisters. together wlth candidaies for the Congreg8tion. are more active in evangelislngthrough hospitallty Bnd expandingthelr outreach through prByer. The Centre is 9xpanding its prayer outreach and input where possible. The SistO18' pieaching mission can only èmèrge out of a litB rootgd in continu81 pray91 praise underpinned by study a sècond eornérstone of the Dominican life. When Sisters leave the Ilturgy, Ihey are being missloned, sent forth, back to the world. to 'give to others the fruits of their contemplation.. Annual Report 8nd Fin8nci81 Statemènt8 2024 DOMINICAN SISTERS (THIRD ORDER) CONGREGAMON OF NEWCASTLE NATAL TRUSTEE'S REPORT{CONTINUEDI FOR THEYEARENDED 31 DECEMBEA2024 An excitingexpansion in 2024sawthe instBllation of livastreaming facilities in the Chapel at Rosary Priory. This ha8 enabled Ihe Congregation to reach out sp£cifie81lyto our region in South Afrlca, Slsters. tamilies and membars of thè publie for important liturgical celebrations including funerals and ceremonies associat8d with the lorm8tlon ol new erllbers of th8 Congregation. Our engagement in SOCI81 modia, with it5 concomitant risks, is increBsing and serving more p&opl8 here in the UK and acros8 the world. Ona of the areas of focus in this regard is Adult Faith Formation which is undertaken at the Niland Conference Centre. St Ro8e'8 Convent 8nd St Mich8el'8 Convent. Two Sistars sharè r85ponsibility 89 Co-ordin8tors of the Niland Conference Centre and they are supported bysister team members gnd candidates to thg Congrggation as well as Associates ol the CorTrgregation on an ad hoc basis. The Dominicgn ch8rism of prÈschingthe Gospel remains at the heart of all the activities and evenl8 hoslpd al the Nitsnd Conference C8ntre. Evangeli8ation through h05Plt8lity Is c8ntr8l to our outrèatth to pÈoplè of 811 faiths and none. One Sister contlnues to be engBéed in one of thg 8econdary Schools tounJed by the Congregation as 8 lull-tlma Lè8rnlng Support Assistant for student9 with a variety ol Special Educational Needs ISENI, Including neurodivergence, learning and behavlour81, and other needs whlch impinge tsn their educatlonal outcom98. Another SI5tgr sgrv98 8$ 8 Foundation Gc¢vernor to th& s8m8 school. In thesa unc8rt8in socio-pDlltical time8. thi8 most fundBment81 ospect ol Si8tars' Iivas Agsum8s An evan higher promlnence. The power ot the prayer and liturgy Ot Indlvilual Sisters and our ComrnunSties Is not to be undarèstlmated. Tha continual presence ol a praylng Community at Rosary Priory for some 99 years has a palpable Impaci on the surroundlng environment.. it hBs ganergted an D8815 of pe8¢e whlch is 8xperienced byevary person who passes throughthe gatestoth8 Priory. 'PeBce' 18 the attfibut8 whlctt 19 most commanted upon, for ex8mple, by vlsltors to the Ni18nd Conference Centre. Sisters who hed, b8cBuse of Bgè. InfirmSty or illn88s, drawn ba¢kfrom outside rninlstry. continue to be called upon by former collgagues lor the 8UPPOrt ol tmeir proyef a8 well as personal and professional advlce. One Si8ter 8ervg$ 08 o Foundation Governor to Dominican Cathollc Slxth Form Collega, wlth partlcular locus on Core RE. Cathollcity, Safeguarding and SEN pupils. Sisters also give witne8S to their Dominican life by regular viglts and 8upport to 8ventS at the College to nurture the College's heritaga. An 8&gerly-antlcip8ted progrpmme fDr gtudent L8y A88oclgteg i¥ emèr4lng. Two Slstars continug to engage IsubSect to appropriate restrictlonsl at the Dominican Pontifical UniveTsityof Si Thomgs Ith&Angelicuml in Rome.. A8 individu813 ond Communltle$, 319tgrg devoted themselves wholeheartedlyto prayln8 lor the needs 018pecifi¢ Individuals who 83kfor prayer8 or whoBe neads gre mada known to us and, contillU8lly, for the needs of the whole world. In pArtlculor for 8n 8ndtothew&rg Sn Ukralne, P8le8tlne gnd othersadly challenged 8re88, ¢ontinuing threats to health end well-being of Buffering peoples, and lor an end to other restrictltsns, thr8btS 8nd the ever-In¢re85ing chullenges ot tha contgmporary world to ttye propagotion of the Gospel. Thu8, the most immeasurable aspect of our contribution to society and public benefit continued to See tremendou5 imp8tUS 8nd growth which is contlnulngto dllte. On8 S8rv8s as Daan ol th8 Faculty ol Soc581 Sci8nce8.' Prolecr Dlr8ctor of the formatlon programme 'CREATE.. Catttollc soclal thought Rome Exchangts: Advanced Tralning Experlence" and ofthe lormatlon programme STRONG for mlgrants.. Senlor Advlsor to "Blueprintlor Better Buslness" 8 London- based chBrlty which aim5 to create a better Society by m8on$ of bettor bu$ine$g pre¢ti¢99'. Con3ultorlo thB Dic88teryfor Promoting Integral Human Development., teaching cour3e8'.-C&tholic Social Teaching':-Hi8tory of Christian Social thoughl";"Managernent ond tha Common Good.; and running Seminars: 'Cre8ting 8 Culture of Inclusion lor Persons with Disabilities. In August 2020 Sisterwas appointed Ordinary Acad8mici8n of the PontificalAcademy ot Soci81 ScieN¢es IPASSI then in 2022 appointed to the Council of PASS and In 2023 bppointad President of PASS. In thi$ c8pacity 3orve$ 85 chair to international conferences addr858in8 such issues as International tax reform and the Imp8Ct ofAI on lustico and democracy. EDUCATION The Charity has been engaged Sn ihg mSnistry of education since its foundation. Edu¢otion remains cornerstone of our ministry as Dominican women and is regarded as an essential agent in evangelisation and catgchgsis. This is gUPPOrted by Sisters, continual engagement in study and per50n81 lormation to underpin their educational outr88¢h. Annual Report ane FlnAnc18LStOt8ments 2024 DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORTICONTINUEDI FORTHEYEARENDED 31 DECEMBER2024 The second sgrves as Chaplain for a fraternity of Engil$h-spe8king Lgy Domlni¢an8 at Sonta Sabina. th8 Curia otthe Order of Pre8ch8rs. Sisiers are involved in Parishes where they re8¢h out io the poor and needy through religious education and soc[81 support. One Si8t8r 8ssist8 at her local foorl bsnk and drop-in centre that provides meals torthe horneles8. Other Slsters are en8aged in.. supporting and workingwith schools and p3rS3h88, through running in-89rvice training day5 for staff and catechists who them5elve8 are involved in promoting the Catholic falth. 89 levels of Literacy In the failh decrease among staff in Catholic Schoo15, thi8 is & growing area of mlnlstry: • serving 83 W8Lf3r8 OfFicer of 8lackfri8r8 Hall, the'studlum G8n8rale' of the English Province of Éhe Dominican Order atthe University of Oxford; providing thgological eOucat5on. catech891s gnd $gcr8mont81 prepar8tlon lor Childrèn. teens 8nd adultg In 8 numb8r of Ioc81 par18he8'. and providing retreats for staff end puplls of Cgthollc schools 8nd members ol Ioc81 P8rlsh88. Some of th88e fetr88t8 take place In thtslr 3¢hool8 end par15hes end others atthe NILand Conference Centrg. As noted with regard to Worship and Prayer a few Sisters continue to be in regular contact with former ¢ollèague8 from Hospital or Prison Chaplaincies, being called upon for advice And support In the continuance of this work. Two of our younger Sisters 8re eng8gad wlth children's Iliurgy, catechesls and sacramental prep8ratlon 8t Blackfriars, Oxford. To draw aitenilon to tme needs in society, Slyt8rs lobby 8nd PBrtlclpata wlih others in on effort to bring change lor the good of soci8ty. Slsiers have contlnued to be acllve in drawSng oltanlion to the Challenges and rlsks ol cllrnate change. food insecurlty and Ihe crlsls ol global debt, is8ue8 which 8ffe¢i the whole world. The Ch8rity support8 and enable$ m8mb8r8 of the Congregation in their mini8try and oytr8a¢h work. boih IndivlduBlly and colleetlvely, to promote the message of th8 Gospel in contemporary Brltish society. AS the age of Sist8r3 in¢r88$9$, 8nd mobllity and health decllna. thay contlnua undauntod to rga¢h out to IndSvldua15 8nd groups, and to rernaln In contact with organis8tions with whom they once co118bor8ted more actSvaly 89 well 88 those With Ylhorn they can still collaboratg. Indead, witn an aven graater awareness ol the Isolatlon faced by so many people, Sist8rs make ever rnore ¢on8CIOU8 effort8 to keep In touch with Indivlduals who are in ne8cJ of 8 Ll8tonlng. und8r818ndin8 ear. CAAING, PASTOAAL&SociALMINI8TRIE8 A number ol our Sisters contlnue thelr 8ng&gement In parish rninistries which includ8'. Involv8m8nt wlth children's litur8y. cat8ch6tlC8. Scrlpturo sharing and promotSng sociallustice; • 8gsSgtlng In the tralnln401 Lgy cat￿h￿St8,, • orr8nglng 8nt1 (Jeli¥8ring retreat d8y8 lor groups in local periyhey., and • organising end running days of reflection and r$tr98ts throughout the Chur¢h'8 ISturgi¢&l year. CoLLA8(¥￿TIoN wrrH RELIOIIW¥ INO OTNER ORGAN19ATION8 INTHE CHUACH In fullilling thelr individu81 minl8lrie5 Sisters undertake various forms of social. 3pSrltual and pastoral care through which the Charity at large reache5 Out to people with various needs and aims to benefit a significanl nurnber of people. Such collbboratlon in reeeni years includes.. hostlng opportunlties for renewal, reflection and prayer to which R8ligious. Lay Assoclates and parl8hes are invited; worklngwith other 10¢8L Chrlst18n Church88 to offer p8Stor81 care End spirilu81 guid8nce', • 83$igting. as noted 8bove. In studentwellare pastoral support at Bl&cklriar3 H811 in Oxft)rd: the ongoing involvemont of the Congregation Prioress in UISG Ilnternationol UniDn of Superiors Generall which keeps the Ch8rity updated on giotsal noeds and concerns. Some examples of th8 work of individual Sisters in 2024 and 2023 are given below by way ol iLlustralion'. A number of Sister8 engage with the elderly, sickand inllrm (some ol whom are In thelr own homes, othèrs in nursing homes or ho8PltaL81. Sistors ￿$It them r8gu18rly and provide a listening ear and spiritual accompaniment. Annual Report and Financial Statements 2024 DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORTICONTINUEDI FOR THEYÉARENDED31 DECEMBER2024 reprgsentingtme Cherity, through th& Congregation Prior888, at COR (Conterenc8 Ot Rg1igiov8 of England and Wale81. beingfully involved in Dominican Sisierg InternationBI Confgdoration I'DSIC'I, the DominicBn A9soci81ion of Brlt8in 8nd Ireland, and Dominic8n Si8ters Europe I'DSE'I keeping the Charity and Congregation In touch wlth what happening in religloLJS life in general. aswell as 8t the levèl of the Dominican Order; Sisters continuingto eollaborat8 Wlth othar Dominican8 through their participation in Dominican Family Days, the annual Oominican Seminar and mèatlngs of lay Oominlcèn$'. 88 not6d above, tr40 Slsters are Found£tion Governors for Schools in the W89tminst6r Dloce88', and Dlr8ctor8 ol the Trustee partlClP8ting in study days, conferences on the consecrgted lifè And charity confarences. famlly I5fe. workp18ce, n&ighbourhood and Loc81 Parish. Associ8t88 are indivisjually affitiated to th8 Congregatlon by a procoss of formation and, should they so choose. a formal ¢ommltment to continue formation ancj Mission in thg Dominican charism. The torm8tlon of these Lay Asso¢i8ies is another 85pect of the mi881on of Educ8tlon ot the Congregation, as it extends the theological 8nd 8plritU818duc8tion ot its A88ocla188. Exi8tlng A580ciates collaborate wllh Slsters to promote the Associate8 Progr8mme and encourage new members In local PBri8hes Bnd in 8chool8 which we had origin&Lly est8blished 8nt1 where we continue to have strong links. The As$oclate8 programmg contSnu99 to U8e both in-person and Zoom gatherln88, reducing the need to travel, and supplemented by the developm8nt ol WhatsApp groups for ongoin8 Shared prgyer and reflection partlcularly 888O¢lOtgd wlth partlcular seasons of the Ilturglcal year. HousES0FTHECHAR￿W￿NIl SPECIAL EMPHA¥IS Three hous8s of th8 Charlty are speclflc placeg Ot h08Plt8li(y and their facSlltleB Bre offered lor publ1¢ benefit In different ways: A8 mentloned above, St Rose'3 Chapel, P8£C8 Garden and Poustlnia In Crlcklgwood offer a qulet place for refiectlon, prayer and gllence to th08e ol all falthg and none seeklng peace and tranqulllliy oway from the no180 and busynes3 oleveryd8y Ille. Visitor8 are a130 welcome to loln the Cornmunityfor Its liturglc81 prayer. St Michael's Convent in Harpend8n is Tagularly used by Church 8nd loe81 groups for moetings, t118cu33ion8 and 8piritu81 events. m08tly led by the Sisters, with a particulor omphasis on welcoming the 8lderty. The Convent chapel 18 818D open lor private prayer. Our convent chapel at Rosary Prlory, Bushey, is regularly used for mornings ol prayer. rg118ction and music appreciaiion, whlle the gardens and grounds 818 gppr8c18t8d by vlsltors as places ol beauty, r8118ciion and reconnectingwith God in Creation. In pddition, B number of lay peoplo regul8rlyjoin the communttyfor the liturgy. THE MISSION OF THE CONGREGATION IN SOUTH AFRICA The Charity gupports the Congrgg8tlon mi89ion in South AfrSca ond the ch8rltable works ther8, partlcularly evangelisatlon, education lor Ilf progr8mme8 8nd care of the poor, destitute and n¥edy. The Ch8rity locuses on the unity of the whol8 orgènlgBtlon In the proclomatlon ol th8 Go8pel ond the Bdv8ncgm8nt of tho C8thollc Faith. STFLATEGIC PLANS FOR 2024 AND FUTURE PLANS The Nineteenth G8nei8l Ch8Pt9r ot the Congrégation tL)ok placè in Decamber 2022. during which th8 Impl8ment8tion and outcomes ol th previous 2016- 2022 StraiegSc Plan were revlewed in detail and the primary objectives for the 2023 2028 period were promulgated.. In today's world. the STrsleig Se8klowitness tothè ifnportance ol human relationships and building these across the multiplicity ol divides which exlst. As rellglous women. we have a deep love and concern for the people ol our local communitles, our natlon and our world. LAY A550CL4TES Slnce 2014, 8 grDwlng programme of Loy Associote8 hgs encouraged and 8UPPOrted 18y people to 3hare the Dominican charism of the Congregation through tjeveloping their personal spiritualrty, Strengthening their faith and prayer Ille. and fulfilling their bBPtism81 mission in thèir In our mission of preaching iha Gospèl, w8 acknowledge the neeLI to engage 8eriou8ly with form8 of hurnan kno¥vledge which equip us wit the skills to translate that Gospel into 8nswer3 to the qUe￿lon8 and needs of the people of our time. Annual Report and Fin8nci81 Slatements 2024 DOMINICAN SISTERS (THIRD ORDER} CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THEYEAR ENOED31 DECEMBER2024 In the light ol th8 8nvironm8ntal Challenges with which we are faced, we seek to comply with the Imperative ot profound ecologicAI conversion, both pra¢tl¢818nd spirTtIJ81. Thi8 1$ expressgd in our local eommunities and our eng8gement$ with people of various backgrounds, and is 8 core component of ourteachin8. OUtrea¢h gnd ongoing lorm8tion of 811 Sisters. FUNDRAISING STATEMENT In 8ccordance w6th Section 162a of the Charities Act 2011. the Charity ¢8 required to mak8 a statement regarding fundraising sctiviti85. The Charity does not eng8ge in lundralsing per se Irom the general public. In8of8r 98 the legislgtlon Oefines fund ra18ing 88 -soliciting or othe￿ise procuring on8y or other proparty for charitable purposes. the Cherity records amount3 rec8lV8ble in our accounts as "income from charitable activitl85' which amounts to É54,00012023: É41.0001. While no le8acies or grantswere received by thè Charity in eilher year, a numb8r ot occasional unsollcite donations were recebved. We continueto build uponthe solid loundatlons of our L8y Associatgs PTogramm8, Wlth outreach in partlcularto Schools founded byth8 Congreg8tlon and others who share our vSsion of preaching. Our Asso¢lat98 8hare our mission. ministry 8nL1 Charism. Tog8therwè are 8￿&blIshIng a Volunte8r Prograrnmo to facllitata the Congregation, outre&ch through119 8everal pregchlng prolectg. The management of our Property 8nd Finance8 continueg to be ot Paramount importance lor the preservation otthe assats of the Charityto SUgt8in both the current mission and thot of the future. Th53 Includes init18tlng a proces5 of 3ucces8ion plannlng and training ol newer members in leadership and governance. The Charity m8n8ges its own tundralslng actNltle8 withoLrt r8eourse to Profe88lon&l Fundr8i88r8. We confirm that all 8011¢it8tlons are managed internally. the day-to-d8y m8n8gem&nt ol oll income generation bein8d8188ated to the executiv& t88m, who are accountable to the Trustee. The Charity 8lm8 to o¢hieve best practice in its communications wlth donors gnd Oiher 9UPPOrter8 w¥ith regard to both the tone of it$ communi¢gilon8 and the accuracy ol its data to minimise pres$ure8 on supporters. It Bpplieg best practlce to protect 8UPPOrtèrs' dato ond never sells nor swaps data. at 8ny timg permlttlng ch8nges to communlcation prelerence3. The Chority undertakes to react to and investigate any Cofnplaints regfjfdlng Its luniJrgl$lng activities and to learn from them end Improve It8 service. The Charity received no complaints about funfJralsln8 8¢tlvlti88 during 202412023- none). We are convinced of the posltlve potential of soclal modia for our mi98ion of prgachlng tha G09pal and for promoi5ng vocations. This will require an init181 investment in trainin8Si8ter$. the process of which began In 2024 wlth th8 installation ol livestreaming facllities and training ol newer members by members ol a local parish. Wg coniSnug to oncourogg new mgmb918hlp through rengw8d and contemporary promotion effortB. The Ch8rlty18 not bound by any und8rt8klng of 8ny regulatory sctteme nor do the Ch8rlty's 8Ctivltle8 T8quire it to P8y 8ttentivn to any voluntary code of practice. In the Ilght of contSnued focus on Inltl81 IDrm8tlon, rgn8W8d 8mph8sls on Thaological On Protes$ion81 Sludle8 wlll bè undertaken. FINANCIAL REVIEW In support of the aims of the Charity, the Directors ol the Trv8tee remain indebted to the following employo95'. • The Finance Team + The Data Protection and Saloguarding Lead TAU8TEE'S RESPONSIBILMES The Tru8tee is re5ponsibl8 for annually prepartng the Trustee'8 Repon and the finBnclEI statements in 8ccorlan¢e wlih Bppllcable law and United Kingdom Accounting Standards Iunited Kingdom Ggn8r8lly Accèptad Accounting Practice). The law applicable to charities in England and Wales requires the Trust99 to prepare financial $tatements for each financial year that give a true and fair viewof the state of 8ffBirs of thè Charity Bnd of the income and expenditur8 tor the year. In prep8rin8 th08e fln8n¢l81 statements, theTrustee is re4uired.'. Annual Report and Fin8ncial Stat8m8nts 2024 10 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORT ICONTINUEDI FOR THEYEAR ENDED31 DECEMBER2024 to select suitable accgunting rK)Licles and then apply th8m consi81gntly'. to observe the methods and principle3 in Accounting and Reporting by Charities= Statement ol Recommended Practice applicable to charit183 preparing their accounts in accordance with the Financial Reporting Standard opplic8bl8 to tho United Kingdom and Republic ol Ireland IFRS 1021- to mBkB judgments and estimates that are r8ason8bl8 and prudent: to state whether opp11¢8ble Unlted Kingdom Accountlng St8ndard5 have b8en followed, subject to any maiarisl dgpgnures d18closed and exp18ined in th8 accounts: and to prepare the financlal statements on th8 8oln8 concgrn bgsis unles8 It is In8ppropr18te to presume that the Charity will continue in operstion. in addition to vvhich are realisable holdings ol UK investment Érsde bonds and <s withln the con8iderable inve8tment portlolio. In the Ch8rity'S particular circumstances there are no alternative $cen8rios that con realistically be produced to derive alternative assumptions lor budgeted forecost$. mo$1 revenues and costs being es8ent1811y fixed in natur8. As at thè date of signature ol thase financial statem8nis this pèssimistic forècast Indic8tès th8t tha Charity will be able to m8int£in Liquiditylor a perio(J ol at le85t year18nd in f4¢t ¢on¥id8rably longer) from tho said date of signature. The Officers of the Trustee consider that It Is approprlate to prepore the financS8l statements on a going concern basig. Th8 Charity's rgserves are unrestricted. Tha Trustea dogs not £nticipate a change In Its operatlons. Although the Trustee cannot estimat8 what the position may be, it will bè ¢oncern8d to provide 8VPPOrt to the ch8rllable rni8sion ot the Congreg811on In Souih Afrlca as that Is n8cègS8ry. As r8qulred, th8 Trust88 r8poits that no bgsots wera held a5 CU5todlan trustee during the reporting period. The Trustee 18 re3POn8ible lor keeping accounting facoids that are sufflelant to show and gxpl8ln th8 Charlty's transactlons and dlgclosewlth reo$onabl8 8ccur8Cy 8t 8ny time the financial position of th8 Chgrlty and to enable it to ensure that the tinanci81 statemenis comply wlih the ChoritS08 Act 2011, 8pplic8ble Ctt8rity (Accounts and Reportsl Regulations andthe provi3ion5 01 the Charity'sTru5t Daed. It Is 8180 rèspons￿b1e lor 88fegu8rdln8 the ssets ol the Charliy and hence for t8klng re880nable steps tor the preventlon bnd detection of frhud and other irregularities. GOING CONCERN CONSIDERATION By the close of 2023 investment m8rket8 had re¢ovor8d somewhat trom the major dl8ruptlon en f8118 In valu$ of 2022. However, a feature of them in 2024 ond contlnuin8 has been increased volatllity not least in response to world events. By the end ol the ye8r tha net 881n on Snvestments, de8Plte 8 f811 In Ihe last quarter. w88 £0.Sm12023.' 8aln £1.7ml. BAsi8 OF PREPARATION OFThESEAccouNT8 As thig Fi8POrt explalns, tho income from Investments 18 critical, beingthe Ch&rity'8 principle source of Income. In 2024 at £1.9m 12023.. £1.8ml Ihi8 represented 75% 01 income 8$ It 8180 w&8 2023. However. Ihe gxperloncg ol recent y99rg ram8lns that tha Trusiee 19 In no position to precisely lorec8st what future dlvldend and Interest *lows may Br18 the cBse continues that some entities may fail, others may reduce their distributions, while others may be able to & degree to resume dislribution. Inltrest rates are affected by 8 variety of laetors including Government action and market expectations. Howover. the flow of investment income in 2024 of£1.9m w83 2% gre8ter than in 202312023.. 8% greater Ihon In 20221. 8nil the Trustee ¢on8iders it r@8sonabLè to for8tt88t Pg$slmistic invostmgnt income at £1.3m belng 70% of that received in 2024. The 2024 financlal gtatements of tha Charlty ar8 attached to this raport. They ar8 prepared on the ba8lS Ot lull reportin8 01 the Charity's activities wh8rev8r carried out- currently the UK and Rome. The Trusiee ¢onsider3 there are no rnaterial uncertainties eboutthe Trust's 8blllty to continue as a going concern lor the foreseeable future, being a period ol ai leB8t one year from the date that thege lingn¢ig1 ¥t8temgnt3 grg 3igned. The Officers of the Trustee heve considered 811 the m8tters dp8cribed in the Tru8tee's report including the Charity's opgrations, th8 impacr on voluntary and education income. as well 8$ the imp8Ct tsn thè Charity's investment porttolio. In particular, in order to support thè assessment of the 8U8t8in8bility of the Charity'8 activities. tho Officers of the Trustee prepared a highly pessiMi￿le scenario of recèipt of only £0.4m rather than the likely £0.5m covenanted UK pensions from Sisters of the Congregation and 70% of the 2024 investment income, generating pessirnistically forecast income of £1.7m an(f a cash outflow of £0.1m. Th8 Trustè8 is con5id8ring only rninim81 capital gxpenditure in 2025. not exceeding £o.Im. The cash resource is some E2.4m The next element of the CM8rity'3 income 18 EO.6m donations12023- EO.6ml. larggly donated pensions Irom Sisters (being 23% of income. 2023.. 8L80 23% of income. excluding Oth8rl. Subjèct to Sistèrs. mortalliy and HM UK Government finances, these pensions are reasonably certain and thg lorecastfor 2025 is £0.5m but we assume for thi3 purpose only Annual Report and Financial Statements 2024 DOMINICAN SISTERS (fHIRD ORDERI CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORTICONTINUEDI FOR THEYeAR ENDED 31 DECEMBER2024 £0.4m glvlng. on the p8g9lmi$ti¢ a$$umptlon. 2025 income 01 £1.7m. Pessimistically forecast revenue expenditure excludingdepreciation is E2.5m leaving É0.8m to be covered. However. the Trustee tsstifnates som8 EO.1m capital expenditure in 2025. Last year's eonsidèration of capit81 expanditure of up to ÉO.Sm proved ex¢esslve. turningout 8t£O.3m. For 2025, the Trustee is looklng at B pessimistic outflow of £0.9m I£O.8m + £0.Iml. The £2.4m inve3tment cash at banks will cover a £0.9m pessimistic shortfall for some 2+ years. There then remain8 Ihe value ot the 88curity holdings and the other properties from which thè Charity oper&te8. RESERVES POLICY The Trust8e h8$ Continued to consider the policy to be adoptad on the noed for reserves. In common with most religious groups there have been five important trends affecting the Charlty in recent year5.. the rete ot income received on Investments hBs seriously declined and there h&s been Increased volatility in market values., tha avarAge oge of S5sters contlnues to increas8 both bec8u8e of relativaly faw now entrants and the greater longevSty of exlsiin8Slst8rs- mortality of older Sister8 m8&n8 there18 Increasing risk that P8nsions currently In P8yment wlll ceg8e- law of thè Si8t8r$ followlng thelr vocotlon are earning pay cornmen8urate w61h their qu8llflcations'. ontj lor the same reason th8 law youngor Slster5 have Ilttle entitl8mont io future pensioning. FIt4ANCIALOuTCOMeovThEYEAR Overall. 2024 income tot8118d £2.Sm12023.' £2.5ml before Sn¢ludin8 gains Of 108888 on rev81uin4 Investment 8898t8. Net Income before taking account of gains or losses on invostments W83 abDUt break ev8n 12023: £0.2m net income). On Investment a88ets in 2024therew88 8 gain of EO.6m as compared to a gain of £1.7m in 2023. Measured against starling Itha Chgrlty's functionBI currencyl over 2024 the Euro and the Sw13s Fr£nc fell but the US dolL8r ro8e against 8terling lover 2023 the Euro and the US doll8r 811 fell 8gainst stèrling but tha Swiss franc rosel. Thg exchange galn of £1 k12023: logs £11kl ar088 from r08tat8m8nt In poundg sterling of baL8n¢es danominated in tho88 currencleg and tronslBtion io £starLing (the reporting currency) of tran88ctions undertaken In currencles. Ttte Tru8toe'8 overÈll obl8¢tlve for reserv8s Is to seekto m8lnt81nthem 8t such B level that, excluding 68lns or losses on inv88tmgntS and translation, the income generated for a year. t8king on8 ye8r wilh 8noth8r. meets the cost of ¢hBritable expenditureto Support the Chgrity's alms. Th18 ha8 br08dly been the case. Tha StBtam¥nt of Fln8nclal Activitlès and th8 Notas to this set out the areas of Income and expenditure bnd further information on these. Looking at the p081tion In more deto11, in garligl ye8r9 Ihare were spacllic deslgnated lundg lof savlngs And future needs. In 2016 the Directors of theTrustee decided to estoblish a continuityfund to absorb these varying need3 in a single d88ign8tlon. The re811ty18 that the Charity hos Almost no source of Income other than that grl8ing on Its investmentg nd th8 donation9 from Its Sisters. The Charity's ?$$et$ ere roquired to support expenditure by prowding income, physic81 resource orfunding. The baLance shfret 8how8 total funds un¢Jgr lh9 Chorlty'8 control of 265.2m 12023.. £64.6ml. The$¢ funds ore used to support the on80ing ch8rit8ble work of the Charlty. For example, tangible assets includlng property account for E3.7m12023.' £3.6ml ol this total and cornprise the net book valuo of prernises occupieil for the Charitys work and of equipmeni 8nd vehi¢188 used in thls. Further. tho inv8stment8 and cash for inv88tmènt shown in the balanc8 sheet 6t£61.2m12023= £60.8ml are heldfor th9 income they eBrn which goe8 towards lin8ncing the Ch8rlty'$ present ond i￿ure objectlve$. The Charity r8e8iv8s littl8 by wgy of don8tlons from th8 putsllc, donations recelved L8rgely belng from Sistais, pansion rights. In 2024. the Income Brlsing from the Fix8d as8èt8 Inve51mentgwas £1.9m or3.l%ofÉ81.Om beingthe average ol the opening and closing b8lance sheet Investments including inve5tmenl cash tigures. This Income was ttte major part ol the totgl Income of £2.5m which almost covered th¥ £2.6m totgl expenditure. In 2023, the incomè arising Irtsm tha Fixed assets - Investments was £1.8m or 3.1% of £59.9m belng the Bverage of the opening and c105ing b8L8nce sttget Investments including investment cash figures. Again. this incornew85 the major part of the total income of £2.5m which covered the £2.2m total expèndituré. Thus. in th8 circurnst8nce8 of 2024 and 2023 the Trustee's overall tsbj8Ctive was met. The figures demonstrate that the income on the Investment$ i¥ required as The Statement ol Cash Flows reportg cash u8ed in operating activities of E1.Em 12023: £1.Sml and dividends and interest received of É1.9m 12023.. £1.8ml. 8g8in 8mph85ising the importgnce of tha CBSM flow receSved trom the Charity's inve8tments. Annual Report and Financial Statements 2024 12 DOMINICAN SISTERSITHIRD ORDER) CONGREGATION OF NEWCASTLE NATAL TRUSTEE'S REPORTICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER2024 part oltha tot81 incom8 to meet 8xpendlturè. taking one year with another. Looking at the reserves, which are all unrestricted reserves, the continuity fund 18 Set at the same amount as the Investment8 Including investmgnt cash ligur85 and at 31 December 2024 is £61.2m. (ln 2023 it W88 £60.8m. again the same as the £60.8m of Flxed ana Current assets Investments.} rhe other designated fund is lor property and equipmgnt and reflects the extent to which assets are tied up in property and equipment, at 31 December 2024 beirig £3.7m 12023: £3.6ml. Tog8ther, these representgd 8lmost all the £65.2m12023- É64.6ml of reseNes. leaving gener81 fund8 at £0.2m12023.. also £0.2ml. In th• casa of a UK Government security and 3% for other purchases) or l % ol th8 P8rticu18r sacurity 188ued. The Tru8tee seek8 to avoid investrnèni in companies whose buslne88 Involves tobecco, th8 production of arfn8rn8nts or excessive exploitation of the world's resources or people, and direct Investment in such contracts as future5. Option5 Bnd interest rate swaps unle5$ th8se are to provld& a level ol insurance of portfolio v8lue. How8v8r, tha actual holdings are mattery within the dls¢retion of the Investment Man8ger3. It 19 In the n8tUfe ol v8lu81lon by the market that in 8om8 ye8rs there ara incra898s and in Oih8r8 1011s. Th8 Trustee monitors tha position and is in regular dialtsgua with the Invègtment MBn86ers. Investment Income In 2024 Is £1.9m12023= £1.8ml. The Trustee WILL revlew th8 pollcy at le88t annually when the financlal statamants 818 considarèd for approval. Th8 pollcy wlll be monitored in the meantime bythe Sister Bursar. POST BALANCE SHEET EVENT In 88rly April 2025 the tariff announcements by US Presldent, MrTrump, 3pooked worldwide investment markets leading to conslderable 108SeS in valuation. In our case, at 23 April 2025 the v8luation Includlng cash within the portfolio has fallen by 3.8%. 80m8 £2.2m. As Blready noted, investment8 8re held primarily for the income Strearn to meet expen8e8. In the shorter tprm there may well be disruption5 but 8t8bility Should rèsumè in the longer term. We consider there is no n88d to make provisSon at 31 December 2024 lor th[8 loss of vglug. INVESTMENT POLICY The malor part of the Charity'8 lundg 1$ held 88 Inve$tment8wlth the alm ot pro¢Jucing 8n Ineome In thg shortgr t9rm and ¢aplt8l growth In th8 longer term. Approximately every years the Directors ol the Trustee review the policy tor investment. Th53 wa9 formally egt8bli9h8d In 1995. 19 almed to b8 reviewed on gt least a two-year cycle and was reviewed in March 2024. Recent revlews Mav8 been undertakan noting that the invegtment rnanager8 are ret8lned In 8 dlscretlonary r&lg. The Inve8tment oblectlve19 to achl¥vg s balance beiweèn Incoma and capital growth, the longer-term growth being necessary to 8LlPPOrt the Charity'8 work by a growin8 income level. The Invostment Man888rs hAVa bèen providgd with thg Charity's Investmont Policy and manage th8 portfolio knowing thg Trustee's ethlcal vlews. In 8dditlon to 8ccess 85 required to the Investrnent manager'3 portal and a rnonthly informal desktop valuation, the Trustee rgceive3 form81 4u8rterly portlolio valuation8 and commentary with index comp8risons. and meets th8 Investment Man8g8r at least twlc8 a y88r to Iscugs their opproach an¢J actions taken. DISCLOSURE OF INFORMATION TO THE CHARITY'SAUDITORS The Officer3 ol the Tru￿￿& conf￿rM thot- 80 faT 88 they are 8wpr8. th8re Is no relevant audit information of which thè Charity's guditors are unaware- an they have taken all reasonable steps they ought io have taken Bs Officers of the TrustBe in order to mak9 themselve$ aware of any relevant audit information gnd to estgblish that the Charity's auditors are aware ol that Infomigtion. The Trustee requireg appropriBte divarsification of holdlngs, both acro98 dlfferent types of investment ond different Investment entities. As rh8 Charity hBS been involved in wofk in various areas of the world and cannot know where future demands may arise, some investment is outside UK t*ased companies. Unless ItBpecilically decides otherwisa, the Trustee requirBsthal no single equity holdingshould exceed 3.5% of the portfolio ol inve5tment5 lat purchase 5% THANKS Mgntion ha3 been made aarlier of the contribution of Sisters. employeeg and support gtaff to the work of the Charity. In concluding this report. the Directors of the Trustee Teiterate theirappr8ciation. Annual Rèport and Fln8nclèL &atements 2024 13 This report was approved gnd 8Mhorlsèd lor 1$8U8 by the Dlrector8 of the Tru8t9e gnd the foLLoYlng wgre authorised to sign on the Trustee's behalf on 28April 2025. A. B. Cunningham Congregation Priore55 Director ol the Trustee E d'Artols Congregation Secretary Director of the Tru8tee Date: 28 April 2025 Dat8.' 28Aprll 2025 INDEPENDENT AUDITOR'S REPORTTOTHETRV5TEEOF DOMINICAN SISTERSITMIRDOROERI CONGREGATION OF NEWCASTLE NATALIESTABLISHED AT Bv5HEY HEATH. HERisI Oplnion We have bLJdited the accounts of the Doffllnicbn Slsters (Third Orderl Congregation of Newcastle Natal (Establishad Bt Bushey Heath, Hertsl (the 'charity'l for tho year ended 31 Decefflber 2024 which comprl8e the 8t8tement ol financial activitl88, the balance sheet. the 8tgteffl8nts of cash flows, prineipal accounting policies and the notes to the a¢¢ounts. The financlal reporting tramework that has been applied in their preparation is gppli¢gblg lew and Unlted Kingdom Ac¢ouniing Standards, including Financial Reporting Standard 102 'The Financial Reportin8 Standard applicable in the UK and Republic of Ireland. IUnlt8d Klngdom Ganarally Acc8ptaiJ Accounting Practice). In our oplnlon. th8 8ccount8: glve a tru8 ano folr view ol the state of the charllW8 8llalrs 0$ Ot 31 D8C8mb8I 2024 and of its Income and expendlture forthe year thenended., • hav8 been properly pr8parad in 8¢cordanc6 wfth Uniiod Kingdom Generolly Accgpted A¢oounting Practlc8', 8nd • hove begn preparea In accordanco wlth the rgqulrgmenis of th8 Ch8rltles Act 2011. 8•818 for oplnlon Wa conducted ourAudlt In 8ccoriJanc8 wlth IntarnBiion81 Sthndards on Audltlng IUKI IISAs IUKII gnd appllcable law. Our responsibilities under those standBrds are further described in th8 auditor's regponsibililiès for th autllt ot thB 8¢Bount8 section of our report. We 8re Independent ot the Charity In &ccoi(Jance with the ethical requirements thBt ara relevantto our audlt of the eccounts In the UK, Includingthe FRC'S Ethlc81 St8nd8rd. and We have fulfilled our other ethical re8pon8ibiliti85 In accordance with th8$tr requirement$. Wa b8llav8 that the audit evidence wo hovo obtained 18 8uffiGient and 8ppropn8te to provide o basis lor our opinion. Conclu•lon• r•lallnito qolnl concern In auditlng tho accounts. wg have concluded that the trustee's use of the going Concern b88is of accountlrtg In the preparation ol the accounts is approprlate. 88sed on the work wa have pertorm8d, we have not Identllled any material uncertaintie5 relatlngto events or conditions that. IndSvldu&lly OT collectlvely. may cast 518nifi¢8nt doubt on lh¥ Charlty's abllity to contlnua as going concern lor 8 perlod of at le88thvelve month8 Irom when the 8¢¢ounts ore 8Uthorlsed for issue. Our re8pon3ibillties and thè responslbllltl6$ of thè trustoe8 wlth respect to golng concern ale (Je$crlbe(J In thg relevant 88ction8 of th18 report. Oth•r Inform•llon The trustee is regponsible lor the other information. The other infoTmation compr1898 the Informotlon In¢lud9d In the 8nnual r8Ptsrt. other than tht ac¢ount$ and our auditor's repor( thergon. Our opinlon on the accounts 005 not CQV8f th8 Other inlorm8tion wtr ¢Jo not oxprèss any form of BSgur8nce conclusion thergon. Inconnaction with our audit olthe&ccounts, our responsibility isto read theotheT information Jnd. in doing so. considerwhetherthe other intormalion is materially inconsi3tentwith the accounts or Qui knowledge obtolned In the audit or otherwise appears to b8 materially mis8t8ted. If we Idèntify such mBierial inconsistgncies or apparent materi81 misstatements, we 8re required to determine whether there is a material rnisslatement in Iha accounts or a matarial mi5Stat8m8llt olthè other inlormaiion.11, based ontheworkwe have perforrned, we concludethatthere 13 8 materiel misstgtement of this other information, we £re required to reportlhatfact. We have nothingto ￿pOr1 in this regard. Annu81 Report and Fingncial Statements 2024 15 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF DOMINICAN SISTERS (THIRO ORDER) CONGREGATION OF NEWCASTLE NATAL {CoNTINUED} Matters on whl¢h we aro rèquirèd to rèport by •x¢•ption In th8 light of th8 knowlgdgg and und8rstandingof thg charityand its environment otslained iri the Course of th8 audit. W8 havè not identified m8teri81 mi33tatements in the trustee's r8port. We have nothing to report in re8pect of the tollowlng matters in relation to which the Charities (Accounts and Reports) Regui8tions 2008 require us to report to you if, in our opinlon: • the inYorm8tion glven Sn the tru8tèe'8 annual report Is Incon81stent In 8ny materlal respect wlth thg accounts.. sufticlent accountin8 recordg have not been kepi., or • the accounts are not in agreement with the occounting records and returns. or we have not received all the inlorm8tion and exp18nations we require for our audit. Re•pon¥lbllltloi ottru•t••• As axplalnèd mor8 fully In thetru5t89'8 r95ponslbilltle8 5t8t8m8nt. th8 trust8e is responsibla lor rhe pr8par8tlon ol the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trust88 determine8 18 nece38ary to enable the prep8ratlon ol 8ccount8 that are free from m8terial mi8SlOtam9nt, whother dua to fraud or èrioi. In preparing th8 8ccount8, the trustee is respon8ible for assessing the ch8rity'8 8bility to continu8 89 9 going concern. rJls¢losing. 88 8ppllcable, mgtters reL8ted to goSng concgrn gnd using the going concern basis of accounting unless the trustee elther Intends to Ilqul(Jate the charlty or to ce888 operétions. or ha8 no reallsii¢ 8ltorn8tive but to do 50. Audttor'• r••pon8lbllltl•• lorth• audlt of the Accounts We hBve been appointed 98 audiior under sectlon 144 of the Ch8rY(le8 Aot 2011 ano report In accordance wlth the Act and r818vant rogulatioris mada or having gffact thgroundar. Our otsjectives are to obtaln regsonBtsle 89sur8nc8 About whethar tho Bccounts 03 a whole are free Irom m8t8rial mi83tatement, whether dueto Iroud or error, and to188ue En audStor'8 report that includ88 ouropinion. R8asonableASSUf8nce is 8 hlghlavélof agsursnca. butls nola guarantagthgt an Buditconducte(J in8ccordance with ISA5 IUKlwillalways detect a materigl misstatementwhen it exists. Mi35tatemonts can ari8e from fraud or error and 8re considereLI M￿teriall1, IndSvidu8lly or in the 8ggreg8te. they could re930nBbly be exp9Ctgd to Inlluancè lh8 aeonomlc declsion8 ol u89r8 t8ken on tha basis ol th89& accounts. Irregularitie8. in¢luding fraud, are instances of non-cornpliance with 18w3 and re8uLgtion$. We design proc8dur88 In line Wlth our r83ponslblliti8s. outllned above, to detect m8ter181 Mis￿8teMents In respect of irregularities, including frBud. The ext8nt to which our procodurq8 Bre c8pabl8 ol detectlng irregul8rltie8. includingfraud is detailed below.. Our 8ppro8ch lo identifying and assessing the risk8 Ot materi81 mi88t8tement in resp8Ct of Irr&gu18ritias, Including fraud 8nd non-compliance with laws 8nd re8ulatlon8, w8s 8s follows-. • the engagement partner ensured that the engagement tearn collectively had the appropriate competence, capabilitle5 and skills to id8ntify or recognise non-compliance with applicable laws and regul8tions'. we obtained an understanding of the legal and regulatory framework¥ th8t are applicBblè to the charity and determlned that the most signilicantlrameworks whl¢h are directly relevant io specific 8ssertions in the accounts are those ihat relate to the reporting framework (Statement ol Recornfflended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financi81 R8POrting stènd8rd fjpplic8ble in th8 United Kingdom 8nd Republic of Ir818nd IFRS 1021. th8 CharltiesAet 201 l and the Charities (Accounts 8n(S Reports) Regulation8 20081. we assessed the extent of compliance with th9 laws and regL¢lations idèntitied 8bove ihrough making gnquirie¥ of manogement and inspecting legal correspondence., 8n¢J identified laws and regulations W8ra communicstgd within thè audTt team and the team remained alert to in5tsnces of non-compliance throughoutthe Budit. Annual Report 8nd Financial Stat8m8nts 2024 16 Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date: 29 April 2025 DOMINICAN SisrERS (THIRD ORDER) CONOREGATION OF NEWCASTLE NATAL STATEMENfoF FINANCIALAcTrvmES FOA THE YEAA ENDED31 DECEMBER2024 2024 2023 Incoma from: Donations and legacSes Ch8ilt8ble actlvitles Invèstments Surplus on property 9n(J 8qulpment dl8PO881 Other 616 41 1.832 1.873 Toial Incom• 2,547 2,458 Exp8ndltur• on: Rai81ng funds- Investm8nt m8nBg8mant cost9 Cheritobla actlvitles 12S 120 2.110 Total exp•ndltur• 2,571 2.230 N•t Inoome botor et 8aln• I110gs•oI on Inv••tm•nt8 Ngt g9ing on inve8tment¥ 1241 228 1,675 N•t l•xp•ndlturel I Incom 1.903 Oth•r r•coqnls•d q•ln• and io•1•• Forelgn 8xchango gaSn I Ilossl on tr8nslailon 15 (111 Mov•m•nt In fundg 533 1.892 R•conclllatlon of fund• Tot81 funds brou8htrorw8rd 15 84,637 62,745 Tota¢fund¥ c*rrl•d lonvard 15 65,170 64,837 The above resultsfor20248nd 2023ore derlved from contlnulng8¢tlvitles. The Cherlty h8s no re¢ognl$ed golns 8nd losses othei than thos8 Stated above: Bceordingly. B siat9m8nt of tot81 r98Lis8rt galns Bnd losses h88 noi bagn prepared. All income and expenditure is for Unrestricted funds. The notes on pa￿S 2110 31 fonn part of these financial statements. Annual Report and Financial Statemen15 2024 18 DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL BALANCE SHEET A5AT31 DECEIIBER 2024 2024 2023 Not08 £000 Éooo Flxed a8•et8 Tangible 83Sgt Investment$ 10 3.719 58.S88 3.599 68.410 Totslflxod agsotg 62.307 62.1x19 Current a•Bo¢s Datstors Cegh at b8nk gnd in hand Cayh held for investment 12 17 17 93 383 2.850 13 291 2,413 3,128 2.839 Ll•bllltl•s Creditors.. 8Tnountg lallSng due within on8 y8ar 13 12831 1211} Net vurront a••gti 2,883 2,828 Tot•l n•t •8••t0 65,170 64,837 Th• fund? ofth• Ch4rlty Unrestricted funds: Goneral funds Oe8i8nated fund8 being: Proparty 8nd aquipmant Conllnulty 213 216 3.719 61,238 3.599 60.823 Totsl Ch•rlty lund• 16 ¢4837 The f*nanclal stat8ment8 were approved and 8Uthorl88d for188ue by th8 Tw8tee an(J were 81gned on Its b8h8lf on 28 Aprll 2025 A. B. Cunningham Director Df Ihe Tru8toe The notes on pages 21 to 31 fom part of th8se lin8nci81 staten7ents. Annual Report and Financial Statements 2024 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCAME NATAL STATEMENTOF CASH FLOWS FOR THE YEAR ENDED31 DECEMBER2024 Stat•m8nt of¢g$h flow$ 2024 £000 2023 Èooo N¢t ¢•$h lu¥•d inl oporatinq activitieg 17 11,8021 11,5121 Cashllow8 from Invo•tln8 8Ctlvltl•8: Dividends and int8rest received from inve8tm8nt5 Proceed3 from sale of investment9 Purchas9 ol Investments 1,893 4,285 13.3521 1.818 4,827 16.6081 11 Net InvB8tm8nt Intlow I loutflowl Proc98d$ from 88le ol property and equlpment Purchas8 of property and equipmant 2,8oe 11831 10 13421 11381 Net ca•h lu••d Inl I provld•d by Inv••tlni actlvltl•• 2,464 12981 Ch4ni• In ¢a•h and ca•h •quIVa￿￿tI Sn th• r•portlni p•riod Cash and c48h •qul¥•l•nt• at th• b•glnnlng ol lh• reportlng perlod Chang8 In c8ah ond oJ¥h •qulval?nl¥ du• to exohani• roto movem•nt8 862 {1,8081 53 3.634 Ca¥h and ¢4#h •qulv4l¢nt• •t th• •nd ol th• roportlni 4.497 3,634 CAsh 8nd c88h equlv8l$ntg conslgt of: In Current as5ets'. C88h at bank and in hand CBsh hel¢ for Investment In Flxed 8S8et8: - Cash at bank held within investments 17 383 2.850 291 2.413 930 4.497 3.034 Thorg is no nat debt. Thp notes on pages 21 to 31 fonn part of these financial stalen7ents. Annual Report and Flnancial Ststemenls 2024 20 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTESTO THE FINANCIALSTATEMÉfitS FOR THEYEAR ENDE931 DE¢EMBEA2024 1 AccountSngpoLicr88 The princip81 accounting policie5 8dopted,judgm8nt5 and key sources of e8timation uncertainty Inthe pr8P8ration of tne financial ￿81&MentS are 88 follow8.. Basis of pr•pBr•tion The accounts Ilinanclal statamgntsl have been prepared underthe h18torlcal c08t conventSon with Item8 recognised at ¢ost or trAns8Ction VAlue unle$s otherwise stgted in the relevant notes to these accounts. The financial statements have been prepared in accordance with Statement of Recommended Pr8Ctlce'. Accounting and Reporting by Charities applieable to charlties preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFAS 102 s9cond ¢Qition Issued in Ootober 20191 and the Flnancial Reporting Standard applicable In the UK and Republic ol Iret8nd IFRS 1021 and th8 CharitSes Act 2011. The Trugt consiitute$ o publlc benefit 8ntity as delined by FRS 102. The Trustee consider5 there are no material uncertalntie5 about the Trust'3 abillty to continue 88 a going concern for the foreseeable future, being a period o18t least B year from the date that the8e Ilnancial stat6ment8 arè signad. ThB Offi¢èr8 of Ihg Truste8 have consid9red all the matters dascribed in the Tru8tee'8 report Including thg Charity's operations, the Irnp8Ct on voluntary end &duc&tion income. 88 well as the Impact on the ChBilty's Investment portfolio. In particular, in order to support the assessment of the su$talnability of the Charlty'8 ectivitles. the Officers olthe Trustee pr8p8red 8 péssimistle scan81iO of 70% of 2024's investmènt Income being racglvgd without any other incom8 Other than a r8duced 18V81 of covenanted UK pènsions from Slstèrs ol th8 Congr8g8tion. In the Charity's Partlcular cSrcumstances there are no alternative 5cenari05 that can re&li5tic&lly be produced to derive 81tern8tive 8$sumptlon$ lor budgeted lor8CBSts, mo81 costs belng ess8ntlally Ilxed In nature. As at the date ol Bignaturg ol these IlnBncio1 $1otgment8 this pes8imisii¢ for8C89t Indi¢ate$ that the Chorlty wlll be able to mglntBin liquldity lor 8 perlod of 8t108St 8 y88r18nd in f8¢t eon8id8r8bly longerl Irom the d8te of s18n8turè olthesè Iln8nciBI 8t&tèment8 and the Officers ol the Trustee con8ider thal It 58 8pproprl8tè to prepare the fln8ncl81 $tatomènts on a going conc8rn b8sIs. Ther8 were no slgnlfScant judgmentg or 88tlm8te8 noce888ry In prep8ring the Ilnon¢lo1 stOtemgnt8. The rnost significant areas ol uncertainty that affect the carrying value ol as8et8 held bythe frust a￿ tho level of Investment return and the performance of Inv8stm8nt markets (see the Investment pollcy and pertorm8n¢e and rl$k monagement 8e¢tlong of the Trustee's Report tor more Intorm8tionl. bl Fund accountlng There are no restrlcted lund5. Unrestrlcted fund8 8r8 available for u88 At the dl8cr8tlon of the 7ru8tee In furtherance of tho charlt8bl8 oblectlvos of ihg Charity. D88ign&ted tunds are funds whlch the Trustee h83 declded 8t its dlscretlon to $8t osl¢e for p8rtlcul8r purposes in the future and form part of tha Charity's unrestrictad funds. The Trustee has the power to r6ollo¢ate such tunds wlthin unre8trict8d funds. All income and exponditure is shown in the Statement of Financial Activities. In¢om• Incorne Iwhich includes donations and gain on disposal otfixed Bssetsl 15 accounted for on B receiv8ble basis as soon as th@ Charity h¥8 entitlemèni to Iho incom8. therè is probabillty of recelpt and the arnount 18 quantitiable. Investment income includ98 dividends receivablo. rèeognis8d wh8n the shar8 prlce goes'ex-dlv, whl¢h is after 8 particular company dividend has been decl8red 8s payable to shareholders recoided on the regi$t&r 8t a particular date. dl Expenditure All expendlture Is 8¢counied for on an ac¢rual$ ba$l$ once there 1$ a lag81 or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obliggtlgn can bo m90suro¢J r91i8bly. Expenditurg has bagn Ilsied undèr hgèdings that aggregate all the costs re18ted to that 8¢tivfty. VAT is irrocoverable and chargad as a cost against tho aciivityfor which the expenditure was incurred. Charitable èxpenditura is cDmpri88d of exp8nditur8 rèlating to the direct furtherBnce ol the charitable objectives. Where cost5 cannot be directly attributable Ihey h8ve been allo¢8ted to activitias on 8 basis consistent with usg ol thg rgsources. Annual Report and Financial Statement5 2024 21 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS ICoNnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Allocation of expendiiure 8crogS the differen1 area9 01 advancing the Charity's main objective. being 8dv8ncement of the Roman Catholic Religion for Public 88n8fit. is imprBcticable. Sisters are engaged in many activities, and each propgrty similarly lullils different functions. Allocation of sUPPOrt and iovorn•nc• costs Support C08t8 are th08e functions th8t 88818t the Wofk of the Ch8rlty but do not dlroctly un(Jenoke charitable activities. Support costs include back-office costs, finan¢e, p8r$onneL, payroll and governanc8 Costs whieh support tho Trust's ¢h8rltable work. These costs hove been allocated between cost of raising funds and expenditure on charitable activitiey. Govern8nco ¢08ts @re those Incurred In connectlon with tha mAn8g8ment of the Charity's assets, organisational administratlon and compli8nce with constitution81 and Statutory requlroments. In the circum8t8nces of the Charity. io include sn allocatlon ol the Ilvlng 9xpenses of tha Directors or the Trustee (the Congregation Prloress and her Council) would be ol little benefit in comparison with the cost of capturlng th8 inform8tlon. The basls on whlch 9UPPOrt and gov&rnanca costs hovg beon allocated 18 Bet out in not8 6. Co•to of ral•lngfund• The cost8 of roiging lunda con8i8t of investment m8n8gement costs. gl Op•ratlng1•4•0$ The Charlty ha3 no operatlng leases. Taxatlon The Trust, Domlnlcan Sisters (Third Orderl Congregation of Newe88tl8 Nat81 est80L19h8d 8t Bushey HeBth, H8rt9.,1g a règlsi8fad eharlty and as such it3 income and gains falling within Sections 518 10 584 of thè Income T8X85 Act 2007 or Sectlon 256 of tha Taxatlon of Chargèable Galns Act 1992 8re exempt Iiom income tax and capital gains tax to the extent that th8y are applied to ch&Kitable obje¢tive$. TAnilble flx•d ••*•tg and d•preclatlon Freehold land ond buildlng8 were included tor the flr9t tlme In 1995 8t deemed c08t. Acquigltlons slnce are 8t8tod at cost. Other tangibl8 lix8d ass8ts arg st8tgtJ at ¢ost Including any incidental expens85 of hcqui8ition. The costs ol minor additions to fixed 8$9ets. deflned as thos• costing1è88 th8n £3,OIW12023 81s0 £3,000) aach ara oxpens8d in tha year In wh5ch they are Incurred. D8praci8tlon Is provldèd to wrltè off th8 cost ottanglble flxed 898et8 by equal annuel Snstalments over their e5tirvated useful lives as follows.. Fre8hold land . not depr8cl8ted Freahold buildings 10 to 50 years1$99 followlng p8r8grophl Motorvehicle3 - 4ya8rs Electrical equlpmont - 3 years With effect from 1 january 2018 freeholtj buildlngs are split be￿&en the structure and the major components which roquire periodic repi£cement, it being impractical to go back furth9r. Th9 costs of repLacoment or rosioratlon ol these component8 Bro capitallsèd antt d8pr8ciated over the determined average useful economic life on a straight-line basis 85 follows: Struciure an¢Y Otmer SO yaBr8 Kitchens 10 years 88tttrooms 10 ye8rs Windows 10 years 80ilèr8 10 years Finwn¢io1 instruments Th8 Trust only l)as financi8188S$t8 and fin8nci81 IlabS1itl8s of 8 klnd that quality as baslc financl81 instruments. Basic financial instrument5 are initially recognised at transaction v81uÈ and subsaquèntly ma8sur8t1 atlh8ir fAlr or sattlamentV8Lue. kl Flxed asset Invegtments The lairvolue ol listed Investments Is taken as the closlngquoted market bid Wdlue. Thero arg no unli81g¢J investments. Cartain deposits with bank8 hgld for thgir incoma 8arnlng and monles hald bythe inve3tment managers Annual Report and Financial Ststgmgnts 2024 DOMINICAN SISTER5 (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO ThE FINANCIAL STATEMENTS ICoNTrNUED) FOR TItE YEAR ENDED 31 DECEMBER 2024 pending Inv88tmenl are Included in inv88tment8, The main form of financial fisk laced by the Charity is th8t of vo18tility in Èquity markets and investmant markets due tr) wlder economlc conditions, Ihe attitude ol investors to investment risK and changes in sentiment concerning equitie5 and within portieulbr $8ctors or sub seciors. R•aLl8•d 8nd unr•gi1•￿ #•ln$ ond Lo88•8 AIL8aln8 and 10s8g8 are t8ken to the Statement of FlnanclaLActivitie8 gs they 8rige. Forolqn currenclo8 Asset8 Ilabllitles denomSn8ted In foreign currencles are translated at the rate of exchange rullng 8t tho balanc8 sheet data. Unlass indivldually significant, transactions in lorelgn currencles ara r8corded 8t the average rate for the year. All exchange differences 8fe taken to the St8tement of Financi81 Activitie8. Ca•h and colh •quh•i•nt8 Cash bnd cash equlvalents comprlse c08h ot b8nk8 and on hand and arg aveilable on demand or wlthin 35 day notice. Llabllttl•g- Crodbtorg Li8blliti&S are recordtil in the fin8nclal statements whan the Officers ol the Trustee have made commltment to 8cqulre goods or 8ervice8. The ￿mount8 are establi$hgd by congldaratlon ol Sndlvldual unpa5d futur8 Liabllltl83 axlstlng In raspoct ol thg reportingyear. L•io1 $t8tu¥ of th• Trult The Trust 18 lormally est8blished by 8 Trust Deed dated 20 january 1953. 8$ V8rl8d by the provlsions of Scheme s88led on 4 May 1995. and 18 8 reglstored charity In England and Wales- Charlty Reglstfatlon No. 233236. Incom• from donatlon• Income from don&tSons and legacies compri8e8'. 2024 2023 £000 £000 Covenanted Salaries. stipends and pgnglons from Slstgrs Other donations and gift3 (No 18gacle8 rgcelvadl 583 33 587 14 816 Income from charitoble oclwities comprisg5'. 2024 2023 £000 Éooo Donation8 for educational facilitie8 41 Annual Rey)rt and Flnancial Statements 2024 23 DOMINICAN SISTERS (THIRD OROER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Inv•stm•nt Inoom• 2024 2023 Éooo Interest receiv&bl8 Divi¢Jends receivable 310 1.563 308 1.524 1.873 All ttlvirlends were earned on ￿$ted investments. GooqraphlcalAn•lyBl• of total In¢oma ond •xp•ndlture 2024 2023 £000 Eooo Income.. UK Other 2.506 41 2.427 31 rgtol 2.S47 Expenditur8: UK Other 2,482 89 2,167 73 Total 2.S71 2.230 Analy811 01 oxpondbturo on charStabl• 4ctS¥ltlo• G•n•r•l 8UPPOrt 2024 Gov?rnanc• r•i•t•d TotAI 2024 Total 2023 £Doo Èooo Éooo £000 StAff c08ts iot81 a8 below Property costs Other community cogts Profession81 teeg end bank charge8 Statutory 8udit fee Other charitable projects 875 1.317 93 875 1,317 93 35 14 767 1.111 67 33 34 14 2.393 2.446 2.110 8a919 of apportionment= Bff cost allocation to governancè i¥ b8y8d on a r88sonab18 8pp¥oximhlion of tha time Involved. All other C08t8 8rethe cost8 borne. Allocation of expenditure acrossthedifferent area8 of advancingthe ChArity'8 m8in objective ig impracticable as Sistèrs ond convents are involve(l in all Breas. ATrnLKI Report and Financial Statemenls 2024 24 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTESTO THE FINANCIAL STATEMENTS {CoNnNUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 2023 G•n8raL 8UPPOrt Oovornanc• r?lat?d Total 2023 £000 £000 ÉOOD Staff costs Proparty costs Other community c05t8 Professional feos and bank chargas Statutory audil 18è Other charitable prolectS 93 787 1,111 57 15 108 787 1.111 57 33 2.110 Stqff ¢oit# 2024 202a £000 Wages and salarles Social securlty costs Pension costs- defined contrlbutlon8 104 112 108 The Tru8te6 con81derg Its key monaggment per$onneLto comprlge the DSrector5 01 the Trustee (which Include the Si8ter Burgorl. the Gen8ral 8urs8r the Fin8n¢e M8n8ggr. Tha Olractors of thè Trustèe aro the Congrèg8tlon Prloress and the CongregBtion Counclllors. As Slster8, their Ilving expen$&8 werè borne by the Charity. The Dlrectois ol the Trustee receivgd no rgmungfBtion or othar benefits in connection with their duties lor the Trustee or otherw[80 ijuring the year. The employee benellts. including employer's contributSons, ol the General 8ui8ar and the Flnanc8 Manoger totalled £108,62812023'. £105,8801. On8 èmploy88 racalvèd amployea b8naflts In th8 band £60,000 to É70,000 In the year12023: £60,000 to £70.000- on81. The avèrage headcount of employee5, all of whom were engaged in ch8rltable 8Ctlvltles, lurlngtha yearwas 3 12023= 31. Howav8r, th8y 8quat8 to 112023.. 11 full tlme employee. Net Incom• bofore othor recognl88d ￿[n• And 106808 2024 2023 EOOD Net Income before other re¢ognl8•d ¥•ln8 and los￿• 1$ $tatod •ftor charglngthe fouowlng: Auditors, remuner8tion'. - St8tutory audit Depreciation 33 187 Annual Report and Financlal Statements 2024 25 DOMINICAN SISTERS (THIRD ORDERI CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS ICoNnNUED) FOR THE YEAR ENDED 310ECEMBER 2024 Relèted ￿rty1r￿n￿oct1tsnj As mgmbg19 olthe Congragatlon. none of thg Tw$tee8 hove re$our¢e$ of thelr own as all garnlngs, pansions and other income has been don8tÈd toth8 Charity undèr Deeds ofCo￿nBn1. Duringtheyear. thetotal amount donated by the Tru8t8es to the Charity was £21.%012023'. £22.7851. There were no other related party transactions requiring disclosure in the y8af12023 none). 10 TanOble Ilm￿1 •?8•t• Freohold land and buildln Flxture$. flttlngs and equlpment 2024 Motor v•hlcL•• Total £000 £000 £000 £000 Cost At l Janugry 2024 Additions 6,890 327 18 110 16 8,818 342 At 31 December 2024 7,017 18 126 7,160 Dèprèclatlon At 1 January 2024 Chorge farth8 ￿ar 3,114 208 3219 222 At 31 Dgc8mber 2024 3,322 12 107 3.441 N•t bookvalu• At l JanuAry 2024 3,678 12 11 3.599 At 31 Decomber 2024 3,695 18 3,719 All tangible fixed &s88t$ Telate to dlrect ch8rlteble purp08e8. On 31 Oècember 1995 the Trustee included Ireettold land and buildings 8t estimated repl8cement cost using proportlon ol insured values Bs the basis. Cost 8bov&comprigOS th8 d8omed cost olth05e origlnal buildlngs still held plu8 8ub90quent odditions. Tho Curreni In$uron¢e declared volu¢ 19 £17.136,000 12023- £17.136.0001. 11 In¥•ttm•nt$ 2024 2023 EOOO £000 Carrying value Ibeing market bld value In¢ludlngc8shl 8t 118nuary Addition5 at cost Disposal proceeds Net investment 88in8 11108sesl 58.410 3,352 14,2641 558 59.002 6.608 14.6271 1,875 68.064 534 62.858 14.2481 Chang9 In cg8h 9t bgnk held within invostmgfflts Carryingvalue (being market bid value including cashl at 31 December S8.588 $8.410 Annual Report and Flnancial Statements 2024 26 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS ICoprnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Li¥ted invostments: UK tixe(J interest UK equlty shore8 Investmenttrusts Unit trusis ¢￿erseaS fixed interest Cfverseas equity shares 7,084 25.920 742 2.381 8,270 26.647 1,015 2.350 1.541 17.657 19.509 Market bid value 8t 31 December Ca¥h at bank h•ld 7•vlthln Invostments 57.124 57.480 930 Carryingvalue Ibelng market bld value) at 31 December 58,588 68,410 18torical CO￿ at end ol year excluding cash Cumu(otive unreall$gd Investment 88in 39,083 18,041 38,798 18.682 CarrySngv8lue Ib8lng mgrket t*ld vglugl ot 31 December 57.124 67.480 No investment 8ecount8d for more than 5% of thetotal market bid value 12 D•btor• 2024 2023 £000 £000 Prepayments and eccrued Income 136 13 Cr•dltor• 2024 2023 £000 £000 Amount• fallln¥du• wlthln one y•ar Tax8tlon ond Social security Accrua18 260 207 263 14 C•pltAI commltm¢nt• 2024 2023 Éooo £000 Contracted for but not provided in the accounts Annual Rep)rt and Financial Statements 2024 27 DOMINICAN SISTERS ITHIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TOTHE FIpwIC￿L STATEMENT8 ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 15 Stot8m?nt of change in rw4erve$ B8lanc• brou8ht fon¥ard N•t Invo8tment Kain• Foreign oxehanga dlllgrgn¢o¥ Balance carrl•d forword 2024 Tr•nsf•rs Ineom• Exp•ndltur• £OOD £000 Èooo Eooo EIXIO Unre¥trfctsd Sneome fund• G8ner81 funds De8lgnat8d fun(Js Property 8nd equipment Continulty 215 15351 2.547 (2.5711 213 120 3.719 80.823 416 61,23B Tot•1 unroitri¢tod funds 14.037 2.547 12,5711 QS.170 Oalan¢• brought Tr*nil•r• lorw8rd Forolin •x¢han8a dMl•r•nG•• 8alanc• carrled foryrf•rd 2023 In¢om• Exp•ndltur• Inv•Jtm¢nt 1081•* £000 £000 £000 £000 Unf•8trlct•d Ineomé fund• Generalfunds D89ign8t8d fund$ Property nd eouipment Contlnulty 11.7701 2.458 12.2301 1.07S 21S lJ11 3.$99 69,002 60.823 ToiaL nr•¥lrlct•d lund• 02,745 12.2301 1,876 64,e37 De•linat•d and Und•¥I￿at•d lund4". The ¢Je5ignated Propertyand oquipmentfund is established to repre5entthe unre3tricted tangiblg fixed 898et8 of the Charity. li istho some amount OS thg Fixed 088et8- Tongible g$$ets Sn the Bolonce sheot. Thè designated Continuity fund is established to show the extent to which funds are rpquired to be retalned to provide the b8sic fSnanclal stfucture to earn income to meet future expenditur8. It 15 the same amount as the Flxed assets - Investmenis and Cash helfj for Investment In the Bo18nce shegt ond Bccordingiy includes tho cumuLalive unrealised investment gain. The undesignated General funds arg the Some amount 03 thg Net current assets excluding cash hgld for Investm8nt In thè BBIBnee sh88t. Tran8fgr8: Translers recorded above Bfe to or from the Propeny and equipment design8tèd fund and to oi from the Contlnuity fund and from Genef81 funds ar18ing In the r8spectlve year. Annual Rep¢)rt and Financial Statements 2024 28 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENTS {CoprnNUEoI FOR ThE YEAR ENDED 31 DECEMBER 2024 16 Analysis of net a8set8 tsetweenlund8 2024 G•n8r81 fundg DqslgnBt&d fund* Total lunds £00 EOIJO £000 Fund b8l#nces at 31 D•¢•mb•r2024 •r• ropre3gnted by: Tangible fixed assets Investments and cash for invastmont Other current assets Current liabilitl&s 3.719 58,588 2.850 3.719 58.588 3.126 12831 476 12e31 Totsl net as8ot8 213 14,957 65,17Q Unr•4llJ•d ylnjj In¢lud•d obov• On inveBtmgnt assets 18.041 18.041 2023 Q•n•ral lund• Tot8l furtd• lund• EOI)O EOOD £000 Fund baL&neo8 ai 310•e•mbèr 2023 ar• r•pr•8•rttod by: Tan8lble Ilxed 8888t8 Inv83tm8nts and cash IOT Investment Other current asgets Current IleblLItIgs 3,S99 60,823 3,599 60,823 426 12111 12111 Totsi net a••et 216 64.837 UnroaU8•d 1oln• Includ•d •bov• On Snvestmeni as80t8 18,082 18.682 Annual Report and Financial Statements 2024 29 DOMINICAM SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTES TO THE FINANCIAL STATEMENT8 (CONIINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 17 Cash liow Informatlon 01 Roconcili•tlon of ngt1oxp8nditurel I Incomo to net Cg5h outflow Irom operatlng octlvltle8 2023 2024 £QOD Nat ineome 1 lexpanditurèl lor the reportin8 period Adju8tments'. IG8inl on sale ol property and equipment IGainll loss on investments Investment incorne Dèpreciation Reduction / lincreasel In debtors Incre8se I Idecr8889 In crediiof8 532 1,903 {31 11,8751 11,8321 187 IS561 11,8731 222 21 ie81 N•t c••h loutllowl from op•r•tSngactlvltlo• 11,8021 bl R•concllSatlon of n•t Cash Ilowto movoment In not fund• 2024 £000 Increase I IdecreBsel l in cosh in the peilod 882 11.8081 Movement In n8t fund8 in th8 period Forelgn ex¢hange translatlon dltterences N9t fund$ brought forword 862 11.8081 3,634 6,453 N•t fundi c•rrl•d forward 4A97 3,634 B•ln8: Cush at bank and in hand in ¢urrent 8S8ets Cbsh ot bqnk hold wlthln Inv•8trn8nt8 3.033 1,464 291 3.343 4AP7 3,834 ¢1 An•ly$i* of n¢ttund* For•1 •xchanK8 dltteronc•• At37 D•c•mb8r 2024 2024 January 2024 C•tsh flow ÉoDo £000 £000 £000 Cash and cash equlvalent8 3,634 862 4,497 At1 January 2023 For•ign exchanie dlfferenoo$ At31 D•oamber 2023 2023 Cash liow £000 £000 £000 £000 Cash and cB8h equivalents 5.453 I1￿08} Annual Report and Financial Statements 2024 30 DOMINICAN SISTERS (THIRD ORDER) CONGREGATION OF NEWCASTLE NATAL NOTE8 TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EMOED 31 DE¢EM8ER 2024 18 Pogt Balènce Sh••t •v•nt In e8rlyApril 2025the tariff announcements by US Pre$ldent. MrTrump. $pooked worldwide In￿stment markets leading to considerable (osses in valuation. In the c88è of thi3 charity, the valuation including cash within the portfolio ai 23 Apfil 2025 has fallen by 3.8%, some £2.2m. As a(re8dy noted, investments are held primarily for the income 8troam they generate to meet expenses. In the shorter ierm ihefe may well be disruptions but stabilityshould resume in the longerterm. We considertherè is no need to make provision at 31 December 2024 fortttis loss otvalue. knnual Report and Financial Statements 2024 31