2023-12-31-accounts

THE CONGREGATION OF THE DAUGHTF.RS OF WISDOM PROVINCE OF GREAT BIUTAIN AND IRELAND (Registered Charity Number: 234184) (Charity Registered in Scotland Number: SC039165) TRU8TEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2U23 Haysmacintyre LLP Chartered Accountants Registered Auditors London

THE CONGREGATION OFTHf. DAUGHTERS OF WISDOM PROVINCE OF GREAT BRITAIN AND IRELAND CONTENTS Page Legal and Administrative Details Trnstees, Report 2-14 Auditor's Report 15-17 Statement of Financi21 Activitie5 18 Balance Sheet 19 Statement of Cash Flows 20 Notes to the Financial Statements 21-30

THE CONGREGATION OFTHK DAUGHTERS OFWISDOM OTHERWISE KNOWN AS"SISTD.RS OF LA SAGESSE" LF.GALAND ADMINISTRATIVE DF.TAILS Registered Charity Number 234184 Scottish Registered Charities Number SC039165 Charities Regulatory Authoriry (Ireland) 20007140 Delegation Lcader Sister Maureen Seddon Delegation Treasurer Sister Jean Butler Named Trustees SisteT Maureen Seddon Sister Margaret Morris (resigned 10 July 2023) Sister Patricia Reilly Sister Marie Turner Sister Siobhan Boyle (appointed 10 July 2023) Addres5 Provincial Administrdtion Wisdotn House Romsey Hampshire S0518EL Principal Banker5 CAF Bank Kings Hill Avenue Kings Hill. West Malling Kent ME19 4JQ Solicitors Stone King LLP 13 Queen Square Bath BAI 2HJ Auditor HaysmacintyTe LLP l O Queen Street Place .ondon EC4R IAG Investment Managers Brewin Dolphin 12 Smithfield Street London ECIA 9BD Governing Instrllment Trust deed dated 2 March 1964 Objects Such charitable purposes which advance the religiou5 and other charitable work foT the tirne being carried on by or ut]der the direction of the Congregation as the Trustees, with the approval of the Provincial, shall from time to time think fit.

THF. CONGREGATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, REPORT FOR THE YEAR ENDED 31 DF.CEMBER2023 The trustees present their report and the financial stateinents of the Charity for the year ended 31 December 2023. The fmancial statements have been piepared in accordance with the accounting policies, set out on pages 21 and 22, and comply with the Charity's trust deed, applicable law and the requirernents of the Statement of Recomimended Practice for Charities (SORP 2019 2. edition). THE CONGREGATION OF THE DAUGHTF.RS OF WISDOM l. The Congregatitsn is an Intemational Religious Congregation founded in France in 1703. 11 is administered by a Congregational Leader and het Council, who are appointed every Six years at a General Chapter of reprcsentatives of all the Eiitities of the Congregation worldwide. The Congrcgational Leadership Team is based in P￿ls. The current General Leadership Team has been in office since August 2018 and has a malldate until July 2024. 2. Situated throughout the 5 contin£t]ts. the Daughters of Wisdorn COTnmit themselves radically to live Gospel values. In a rapidly chan¥ing world where the domination of the economy. Climate change and the ever growing gap between the rich and poor generates injustice and violence, the Sisters endeavour to be a voice for the voiceless. participatillg tn collective actions that oppose the causes of injustice and promote the values of justice, peace and respect for creation and the environinent. LEADERSHIP OF THE DELEGATION The member5 of the Leadership Team are a150 the trustees of the Charity. During the year the mandate of the Teain came to an end and a process of discert]ment wa5 undertaken by the Congregation Leadership Teatn who visited the Delegation in April 2023. Following the discemment process the mandates of Sr Maureen Scddon. Sr Patricia Reilly. and Sr Marie Turner were renewed with Sr Siobhan Boyle succeeding Sr MaT¥aret Morris. Their Inandate is of four years. duration. 11)e decision has also been made for Sr Siobhan Boyle to succeed Sr Jean Butler as Treasurer of the Charity in January 2024. AIM AND PURPOSE OF THE CHARITY The principal objective of the Charity is to apply the a%sets of the Trust for such charitable purposes a5 shall advance the religiou5 and other charitable work Ca￿led out by the Congregation of the Daughters of Wisdom. By caring for individual membeTS of the Congregation throughout theiT lives. the Charity aims to enable and support the Sisters to live out their lives as ftilly as possible as Daughters of Wisdotn through a wide variety of ministries and through their witness to the Gospel values. When setting the objectives and planning the work of the Charity for the year. and when discerning the ministries of individual Sisters, thc tn]stees have giv¢n careful consideration to the Charity Commission's general guidance on public benefit and in particular to lis supplementary guidance on the Advancement of Religion. With the reducing number of Sisters in the Delegation 2nd their advancing years the variety of ministries in which they are actively engaged is changing but they nonetheless fiilfil their mission and ministry in diverse aTeas to the fullest extent of their capabilities. These include.. Reflection and Prayer The Sisters of the Delegation are called to a life of Prayer and ap05tolic service that they expressed for many years in ministry such as schools, nursing and in many forms of pastoral care in parishes wherever the Sisters were located both in the UK and overseas. Whilst their capabilities to carry on the physical aspects of such tasks has diminished the Sisters maintsin thcir life of prayer and connections with Tnany of the work5 in which they were involved. Praycr is part of the Sisters, communal life together and 15 the way in which they can continue to be involved in the works of the Congregation throughout the WOTId. Members of the Delegation have continued to meet by Zoom for shared prayer and reflection. and have continued to use this mcthod to keep in touch with one another and support those who live at a distance from another Sister. The charistn and spirituality of the Daughters of Wisdom animates the life of all the Sisters and is especially promoted in the Wisdom Centres in Romsey and Dublin. Supported by and in collaboration with theii. lay staff. the Sist¢rs offer a Space of prayer. reflection and quiet in a calm setting for divcr5e ￿0upS and Iieeds. The SisteTS in Romsey wcleome to their gardens and the labiryinth those seeking a quiet space or who Simply want to appreciate the beauty of nature. I'hey are also pleased to welcome into thi5 space families witli children, when the quiet of the space is briefly interrupted by joy, laU￿ter and shricks of enjoyment. During the summer montlis an open day in the garden attracted over 500 people who shared the pleasure and joy of the gardens on a bright and warm day.

THE CONGREGATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, REPORT (¢onlinued) FOR THE YEAR ENDED 31 DECEMBER 2023 Rcfleetion and Prayer (continued) The Friends of Wisdotn, an intemational lay association of the Dallghtcrs of Wisdom continued to meet both online and in person in the Dclegation. Six Friends of Wisdom madt their comTnittnent in 2022 and the group continues to meet every month for ongoing formation. A new group of five began in Febrllary 2022 accompanied by two of the S55ters. Four of them are expected to make their cotnmitment after Easter 2024. A third group began the fornjation programme online in September 2023. All continue to participate enthusiastically and profoundly and the whole group comes together fi'om time to time. In August 2023 a week-long international gathering of Associates and Friends of our three Montfortian Congregations took place in St Laurent, France, for 168 people from 35 countries. It was attended by one Sister and Line Friend of Wisdom from the UK. Social and pastoral rThini5try Members of the Delegation of Great BritaiT) and Ireland (GBI) are involved in diyerse forms of social and pastoral miT]isty. The main aiTll of the Sisters is to help the poor and marginalised in society regardless of their personal backgtound. gender or individual circuTnstances. Their ministry of w¢lcome is evident in both the Wisdom Centre and in their community homes where the Sisters and tlie staff welcome people to participate in planned activities or who seek thc COTnfort and joy of companionship and prayer. The ministry of 'presen¢e' is of paramount importance especially for those Sisters who are no longer able to engage in active ininistry. Working as an international Congregation Daughters of Wisdom as membeTS of a woildwide Congregation of religious women participate in international incetings and works of the Congregation outside Great Britain and Ireland. Some spent most of their active ministry overseas while others participated in projects and initiatives in conjunction with Sisters from other entities. This collaboration supports Sisters throughout the Congreg&tion in meeting needs of those who aTe marginalised, impoverished. exploited or who suffer the consequences of natural disasteTS. Another Sister from the Delegation has served throughout this period as Executive Director of UNANIMA Intemational in New York which is atriliated to the United Nations. The ministy of another Sister from the Delegation is to serve as Assistant Director of the CongTegation's Development Office which advises, coordinates and assists with funding applications to support the ministy and development work carried on by Sisters among the poorest people in developing countries of our world. The Delegation continues io support not only the Tnember5 of the Delegation of Great Britain and Ireland, but also to remit funds to the Gener&late to support the mission of the Congregation to the poorest and marginalised in under-developed and emerging cominunities in the various parts of the world where the Congregation is present. Following the coinpletion of the formation house in Haiti that the Delegation had supportcd in previou5 years the trustees agreed to make a donation to support the work of the General Teaim as it is a number of years since they had done so and were conscious that Tneinbers of the General Team had visited the DelegatEon a number of times including during 2023. £60,000 (2022.. £100,000) was donated to the General Council in December 2023. I'he number of Sister5 in the Delegation at 31 December 2023 was'.- Below UK state pension age (66yrs) Over pensionable age (2022.. 2) (2022.. 31) 29 During this period none of the Sisters received salaries and only a few rec¢ived a stipend, including the Sister whos¢ ministry is based at the United Nations in New York. Any income received by the Sisters is covenanted to the Charity in accordance with their vow of poverty. OWECTIVES AND ACTIVITIEI S Throughout the Delegation the Sisters, mainly retiied and on a voluntary basis, are involved in a divetsity of ministries. In everything they do, the Sisters are communicatiTig the message and voice of Wisdom. In every sphere of their activity they seek to work with people who are excluded froin inainstream society, people who have been trafficked, abused, who are homeless or are drug addicts, or who havc mental health needs. All are invited to join Wisdoin's banquet just as Jesus eTnbodied in his life the ultimate model of inclusivity and abundance.

THE CONGREGATION OFTHE DAUGHTF.RS OFWISDOM TRUSTEES, REPORT (eontiNued) FOR THE YEAR ENDED 31 DECEMBEII 2023 Typical cxample5 of individual activities are:_ Outreach to Caribbean and ethnic minority communities Visiting7 sick and housebtsund people in their homes Working with and on behalf of homeless people and refugees Spiritual accompaJiim¢nt Parish visiting Involvement Tn Justice and Peace Groups Ecumenical and interfaith activities Teaching English to migrants and re￿get5 Support to ex-prisoners who live under licence in the Community Support to I￿Inerable families. One Sister resident in each jurisdiction held the position of Safeguarding RepTesentative in Ireland, Scotland and Englandlwales. ILLUSTRATIONS OF THE SISTERS, WORK Set out below are some exainples of the SEster5' ministries of which collaboration forn)s an important part. These illustrate the rat]ge of their work and the contribution which they make to society as a whole'.- Wisdorn Centre, Romsey For 2023, we continued to build successfully on previous good outcomes while adapting to emerging needs. All our spirituality events either had a greater attendance than we had anticipatcd or were fully booked. During the year our 'Open Days, included, 12-Step for Addiction, a d&y on the Benedictine Abbess Hild¢gard of Bingen, the Cosmic Christ, the Psalms, a silent day, Advent, Seasonal themes, a Wellbeing Day and days on Wisdom Spirituality. Our events are facilitated by Wisdom Centre staff, local ministers, spirithal directors and a Daughter of Wisdom. Many of our faci￿ltatOrS are volunteers who are involved with local churches, encouraging many new participants and church groups to use Wssdom Centre. Continuing at the Centre are NHS dementia support. a ministry of Southern health chaplaincy, our Bereavement Café, two meditation groups, Hampshire Buddhist Society, an art group, a Bible %tt]dy group and a U3A local history group. During 2023 we have attracted 7 new colln5ellors including a drama therapist, 6 of whom are using our facilities on a weekly basis. To accanvnodate spirituality days, counselling and evening groups the Centre is open 4 evenings a week and most Saturdays. During 2023 we have received first time bookings from 8 new professional organisations, 6 of which included catering. During 2023 we outperformcd our planned budget, having generated more income and lower expens¢5 than budgeted. 2023 has seen many endings and beginnings. We now have a new monthly Celtic evening which was success￿11Y trailed in aU￿mn 2023. We have a new low cost Christian Psychotherapy service and also working with a group of women who have been sexually or financially abused. or been victims of coercive control. These women belong to a Christian support organisation and have been participating in our spirEtuality programme. A small support group is being discerncd for 2024. Our 2021-2022 project with Ukrainian families concluded very positively in 2023. In parthership with Romsey churches, we worked with English teachers, local housing organi5ations and helped with job applications. Wisdom Centre have contributed to Ukrainian families now being in employment, with all children in local schools. The Tree of Life mental health café has moved to a new venue. Wisdom Centre continues to serve growing mental health needs locally through our mentsl health and deinentia friendly community actsvities alongside social prescribing and community mental health support. Developing from our mental health outreach, our COTnmunity groups are attended by some people who attend the cafe with their two support workers. Wc are deinentia friendly and our monthly Friday café and craft has also become well known as a safe space for people with demcntia and their caTer5. We are unique locally in offering adulc activities which integrate both able and disabled people withTTI the same activity.

THE CONGREGATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 Wi5dorn Centre, Romsey {continued) In 2023 we have also r¢cruited and developed new volunteers.. we have 4 very active voluntoers on our Staff, helping with craft groups, quiet days, reccption and leading spirituality groups. In addition, our meditation. (iift of Year5 and Bereavement groups are volunteer led. We also have Sisters volunieering in Wisdoin centt'e offering Spiritual Accompaniment and support with our programme and creative activities. M05t of our quiet day leaders are also volunteers. We ftel 2023 has been another positive year for Wisdom Centre and anticipate further need for community and wellbeing activities through 2024. Marie Louise House, Romsey Marie Louise House was built because the Sisters had a vision of the needs of the fvture and realised that there was a need to provide nursing care both for Sisters and for people in the area. Marie l.ousse House opened in June 2005 with acconrnodation for 46 residents. The initial 15-year lease to Healthcare Management Tiust Wa5 succeeded by a 10-year lease that will be in place until May 2030. At the end of 2023 threc Sisters were resident in Marie Louise House. Nqarie Louise Flouse is man&ged by the Healthcare Management Trust IHMTI, a registered charity. It is open io people of all faiths and none. The Home is run on an ecumenical basis.. services are a￿anged with the different local church ministers and parishioners. At the end of 2022 a new CEO for HMT was appointed and began a review of its operations and effectivene5S in 2023 that is due to report in early 2024. At present no major change5 are planned that will have an ¢ffect on the continuing operation oEMarie Louise House At the start of 2023 occupancy rate5 had begun to increase but were setback by a higher than usual number of death5 among the residents in January and February of that year. However, thanks to the dedication and hard work by the Home Manager and her team in Marie Louise House the occupancy rdte increased during the year to over 90°/o and the home was full with a waiting list for a number of months during the year. The increased occupancy rate during the year also delivered an improvement to the financial perfomiallce of the horne and by year end a modest surplus had been generated, which is the fjrst time since the pandemic. The trustees readily acknowledge the dedication and hard work on the part of the Home Manager and all of the local staff in maintaining the spirit, quality and ethos of Maric Louise House throughout this time, and thc colltribution to that of HMT'S Senior Management Team. Marie Louise House, Romsey The Convent Chapel (St Joseph's Church) is the local parish church which is leased to the Diocese of Portsmouth for a peppercorn rent. The support of the Sisters in various roles in the mini5ty of the Parish is gre&tly appreciated. Sophia Housing A550ciaÉion, Ireland Sophia Housing As50ciation was founded in 1997 to support those who are homeless by providing accommodation and support within a holistic setting that helps them to address the causes of their homelessness. It also lobbie% politicians and governments to develop policies and initiatives to address the complex root causes of hotnelessness in society. The work of Sophia is supported by numerous religious congregations in Ireland. Sophia's strategic groNth is supported by a fundTaising ¢ampaigt] and by the social impact investmcnt that the Daughters of Wisdom contributed. This investment has been made for a Ioyr period but is repayable to the Daughters of Wisdom in full at any time dursng the tem of the investment Tf is requested. The dsvidend from the investinent is used in the main to support the work and mission of Sophia with only a small perLentage being returned to the Daughters of WEsdom.

THE CONGREGATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, REPORT (¢on¢inued) FOR THE YEAR ENDED 3] DECEMBF.R 2023 St Cceili#'5 School, Cregg? Ireland St Ce¢ilia's School which provides person-centred education for studellts with moderate to severe learning disabilities was founded by the Daughters of Wisdom and it is to be the legacy left to the people of the Sligo and surrounding counties from the Sisters to continue the ethos, spirit and the work of the Daughter5 of Wisdom for as long as there is a need for the specialist education that it offei's. The Daughters of Wisdom will contlllue to be the freeholder of the school land which will operate under a long leasehold of the property. The School has been given extended territory within the site to enable them to update and extend their facilities in due course. One Sister served on its Board of Management until spring 2023 when she moved to Romsey from Sligo. It is planned that following the completion of a number of fomalities and of securing approval from the Minister for Education, Patronage of St Cecilia's School will be transfe￿ed from the Daughters of Wisdom to the Bishop of the Diocese of Elphin. The Sisters made a commitment in 2021 to support St Cecili&'s School's tran51tion to independence from the larger Cregg site with a dollation of E5,000 per year for fIvc years. The second payment of E5,000 was made ￿ September 2023. Subsequent donations will be made at the start of each school year. UNANIMA International UNANIMA is an international Non-Governmental Organisation (NGO) with United Nations status. UNANIMA International represents 21 religious Congregations and 22,000 religious worldwide, and it aligns closely with the Daughters of Wisdom's objectives. namely to defend and einpower women children, immigrants and refugee5, and to live ll) harmony with creation and our environiment. Its main ￿nCtiOn is to give voice in the corridors of power to those who are often overlooked and least well served by current progtanllnes and policies. The Congregation Leadership Team recognised the parallels between UNANIMA'S and its own ethos, vision and aspiration of spreading Wisdom value5 in QVT world. One Sister from the Dclegation served as Executive Director of UNANIMA throughout 2023 and was based mainly in New York. Her eight years in this role is duc to come to an end durTng 2024.

THE CONC.kEGATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER2023 GOVERNANCE, STRUCTURE AND MA]YAGEMENT Charitable Trust In ternis of Civil law, the Charity 15 governed by a trust deed dated 2 March 1964 and is a Tegistered charity - Charsty Rcgistration No 234184 (England and Wales) Registration No SC038165 {Scotland) and Registr&tion No 20007140 {Ireland). The account5 accompanying this report are the accounts of the Charitable Trust in which the assets of the Delegation of Great Britain and Ireland are held. Tht Delegation of Great Britain & Ireland In June 2015 the Province of Great Briliiin & Ireland changed canonical status to that of a Delegation of the Congregation. This has no impact OTI the govemance of the registered Charity, and the appointed trustees wtsin fi]11 control of and accountability for the Charity's asset5. activilies and expenditure. The day to day running of the Charity and care of the Sisters remains the responsibility of the Delegation Leader. Sr Maureen Seddon, and her Council. Sr Jean Butler continued in her role as Delegation TreasuTer throughout 2023 and retired from this post in January 2024. She was succeeded in thi5 P05t by Sr Siobhan Boyle. Trustees The tru5tee5 of the registered Charity are appointed by the Delegation Leader of Great Britain and Ireland. The Delegation Leader is also a trustee. The trnStees are ultimately responsible for the policies, activities and assets of the Charity. They meet at least six times per year to review developments with regard to the Charity or its activities and make any important decisions, having regard to the Charity Commission's guidance on public benefit, in particular the specifIc guidance to charities on Advancement of Religion. During 2023 all the Trustees, meetings took place in person. appropriate, the trustees seek advice and support from the Charity's professional advisers, propety consuliants, investment manager5, solicitors and accountants. The Delegation is adtninistered from Wisdom House in Ro￿seY, Ilampshire. where thc Sisters also have a SpiritualitylConfer¢nce Centre, the Wisdom Centre. which is open to people of all faiths and none. EIYGLAND At the start of the year Sisters of the Delegation lived in six communities in England.. three in Romsey. two in London and one in Lancashire. Abboy House, the original foundation of the Congregation in England, is also the location of the miraculous cure of Sr. Gerard du Calvaire in 1927 and is an important part of the hi5toiy of the Delegation. For the majoi'ity of the year there were 12 Sisters in the community. One full-time Care Coordinator and three part-tiine carers support the Sisters with their day-to-day needs and the community is assisted with cooking, cleaning and gardening services. all of whom provide a Service and support to the Sisters that is highly valued by them. Marie Louise House in Romsey is the nursing home owned by the Delegation but as a separate entity by Health¢are Management Trust. Strong links are maintained between the Community of Sistcrs in Maric Louise House and the other communities in RoTll5ey. One Sister from the Delegation {living in Sophia Cominunity in Roinsey) is responsible for the pastoral care of the Sisters in Marie Louise House. Sisters fn)m the Delegation can be accommodated in Marie Louise House should they need ￿]1 tiine care and are a150 able to benefit from shorter stays ihere to assist with recupeiatson and recovery when needed. Happily, following the lifting of covid i.estrictior15, open visiiing was reinstated and OPeTaied throughout the year, and a number of the Sisters visited the other Sisters and other residents of Marie l.ouise Housc. The Sisters, presence is greatly valued by the staff.

THE CONGREGATION OFTHE DAUGHTERS OFWISDOM TRUSTE4 ES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 GOVERNANCE, STRUCTURF, AND MANAGEMENT (continued) IRELAND (North and South) The Sisters, involvement with the former residents and service users of Cregg Flouse cainc to an end during the year as the remaining Sisters in the area relocated to Romsey in spring 2023. This also me£int that the presence of a Sister on the Board of Managcinent in St Cecilia's School came to an end. The departure of ihe Sisters from Sligo where they had had a presence for over 60 years was a lattdEnark inoment in their history as inany Sisters in the Delegation had been involved in the ministy there. Their work and the good that they did and have left behind was celebrated in a mass at the Cathedral of the Immaculate Conception in Sligo presided over by Bishop Kevin Dorall of Elphin Diocese. The joy was shared by many fomer resideRts, staff, families and friends who shared in many differellt ways in the mini5ty of the Sisters ai Cregg Huuse who caine to express their gratitudc and joy and honour the tnat]y years of service the Sisters had dedicated to this work and to the local oinmunity in Sligo. Sophia Housing AssocTation Ltd. founded in Dublin in 1997 by the Daughters of Wisdom. continues to expand into other parts of Ireland. It also runs the wisdo￿ Centre in Dublin which hosts and facilitates workshops, retreats, and leadership courses for people from all faiths and none, who are looking for a peaceful place in which to reflect and dialogue. One Sister in Northern Ireland is involved in the pastoral and Social ministries of her local parish. The Charity is registered with the Charities Regulatory Authority in Ireland, number 20007140. SCOTLAND Two Sisters in Scotland Continue to be involved in a range of pastoral ministries. These include.'- College chaplaincy Vislting the sick, elderly and bereaved Serving on the Fairtrade Steering Group of Renfrewshire County council Eucharistic ministry - assisting with the services in the local parish Representative on the Bishops. Conference'5 Committee for Interreligious Dialogue Safeguarding represeniative The Daughters of Wi5doin Representative on the Conference of Religious in Scotland The Charity is registered with the Office of the Scottish Charities Regulator, charity number SC039165. The presence and witness of the SisteTS' religious life is coinplemented by the variety of their ministries and involvement in their local communities and parishes wherever they are prcsent.

THE CONGREGATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, REPORT (eontinu¢d) FOR THE YEAR ENDED 31 DF,CEMBER 2023 F.VENTS DURING 2023 A551Sted Living Commullities: Abbey House {Romsey) & Montfort (Lyth#m St Anne's) Throughout 2023 Sisters in As515ted Living Communities continued to be supported by the teams of carers and other staff. The coi]ununities in both Romsey aRd St Anne's faced challenges this year in recruiting additionaLlreplacemeni membeTS to thcir teains of carers. The community in Abbey House finished the year with a full complement of staff but a vacancy has arisen there since the start of 2024. In St Anne's the search for a cook to complete the team is ongoing despite nUTnerous attempts to identify someone to take on this fulfilling role. During 2023 redecordting continued in Abbey 14ouse with a number of the individual apartments being painted, and common parts such as COTridoT5 being completed. further redecoration will colltinue as the oppOr￿nity arises, on an ad hoc basis, to Complete the painting of the apartments without disrupting the lives of the Sisters who dre resident theTe. St Joseph's Church, Romsey lease to Diocese of Portsmouth Progress was made with the drafting of the lease during 2023 but further delays arose mainly due to changes of personnel at the solicitors acting for each party and by the end of the year the lease had not been signed. The DioceselParish continued to use St Joseph's on the previously agreed terms pending signing of the new lease which it Is anticipated will be completed by mid-2024. The duration of the lease {10 years) will Dot bt affected by this delay. Jubilee Celebrat10115 In 2023 Six Sisters celebrated the DIa￿ond Jubilee of their first profession as Daughters of Wisdoln. Deaths during the year During 2023 three Sisters from the Delegation died. All were residents in Marie Louise House at the time of their death.. two had lived there for a lew years and the other had moved there a few months prior to her death for support with her end of life care. The Sisters had been engaged in varied ministries throughout their lives in locations in the UK and Ireland where their service touched and enriched the lives of many who they were pleased to serve. Deep appreciation and gyatitude were expressed for the Sisters, long and fruit￿1 lives as Daughters of Wisdom and for their any years of servicc and prdyerful reflection that they lived whilst active member5 of the Community and m&intained as far as they were able until their final days in the Marie Louise House.

'rHE CONGRECATION OFTHE DAUGHTERS OF WISDOM TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 RISKS FACED BY THE CHARITY RISK REVIEW The Trustees, under the guEdallce of the Charity's auditors. have examined the major strategic, business and operational Tisks which the Charity faces and confirm that systems have been Established to enable regular Teports to be produced, in ordcr that the nece55ary steps can be taken to lessen the risks. DuTing the year a risk register, covering all the major risks which the Charity is able to identify was updated and approved by the trllstees. This will be reviewed annually. A Health and Safety Policy. which includes a Fire Policy, has been drawn up and is implemented throughout thc Delegation. Following the introduction in October 2023 of new requirements to be included in the drafting a Fire Risk Assessment it was agreed that the services of the PIB Risk Managemen¢ who are already engaged by the charity. will be iised to prcpare these sk assessments, and following their coinpletion any remedial actions required will be iTllplemenled. Safeguarding The Charity has in place a safeguarding policy relevant to its work in England, Scotland and Ireland. All members of the Charity are fainiliar with these pulicies and of the action required of them should any allegation of abuse be made to them. Each is aware that safeguardin¥ is an ￿ntegra1 part of the ministry they caTry Out in the name of the Congregation and the Church. The Charity has, with the a5S15tance of its broker, maintained a level of insurance cover that provides protection against claims or actions arising from any such claims. Safeguarding is an agenda item at each Leadership Team meeting. Regular update training is undertakcn by membeTS of the Leadership Team in England or Ireland, as appropriate. Each Sister in the Delegation is regularly reininded of their responsibilities under the Delegation's and Congregation's Safeguarding Policy and is provided with an updated version of the policy following any substsntive changes. During the year the charity continued its membership of the Catholic Safeguarding StandaTd5 Agency ICSSA) and the Religious l.ife Safeguarding Service (RLSS}. The fornier has a promotioiial, oversight and enforcement role. while the latter has a supportive, representative and trainin￿eduCatiOnal role, each with its own subscription model. The Trustees unanimously agreed to cooperate with and support the work of both organisations in whatever way they can. During the year the Charity renewed the Disclosure and Barring Service checks for all relevant staff members. The Catholic Church in Scotland and Ireland bcgan to update safeguarding policies, procedures and operations and the charity is committed to participating in this work to the greatest extent that it can. Investment performance The Charity continues to incur an operating deficii on its day-to-day operations but this is expected. The reasons for the operating deficit are fi]Ily undersiood by thc trustees and they are satisfied that the charity has adequate re5ervcs to meet its fvture financial needs. Income in recent years ha5 been 5UPPOrted by the yield from the charity's investment portfolio which in 2023 amounted to £276,803 12022.. £274,80Y). Despite the ongoing geo-political turbulence in the world this year and the volatility ofinflation rates the financial inaTkets perfonned a5 well as Could be expected. Some of the results of shareholdings were boosted by tlie currency fluctuations which favoured the dollar and euro against the pound, giving a better anticipated results for shareholdings denominated in non-sterling currencie5. The trustees of the Charity review peifonnance with their investment managers each quarter against their requireTnents for a balanced growthlincome performance and industry benchmai'ks. The 'frustees are contcnt that the investtnent5 performed as well as could be cxpected during 2023 and expressed their continued confidence in the investment managers and in the quality of inforniation provEded by them. 10

THE CONCREGATION OFTHE DAUGHTERS OF WISDOM TRUSTEES, REPORT {eontinued) FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIALREVIEW Result5 for the year A summary of the year's results can be found the Statement of Financial Activities on page 18 of this report and accounts. During the year ended 31 December 2023 total income amountcd to £1,209,431 (2022.. £1,154.166). Income was generally in line with expectations other than the investinent portfolio income, as noted above. The Delegation continues to face a decline in recurring income as the number of Sisters reduces.. only a fcw now Teceive regular stipends and none receives a salary. The value of funds on the balance sheet are &lso affected, though only to a STnall degree by the movement in the pound.. euro exchange rate as most of its funds are now hold in sterling. Funds held in euros have been used during the year to make donations to the Congregation and other donations in non-5terling currencics, and therefore minimal gains or losses have crystalised during the year. The tnajority of the thnds held in euros were transfe￿ed to the charity's main sterling bank accounts during 2021 and only small working balances continue to be held in the euTO account. Expenditure of £1,959,188 {2022.. £1,869,915} include a donation towaTds the work and Mnning expenses of the Conwgation's General Administration in lieu of project funding in 2023. Throughout the year, a number of Sisters were resident in Marie Louise House, for which a fee is paid to the home's managing company, Healthcare Management Trust.. the average number of Sisters resident in Marie Louise House in 2023 was three. plus occasional pcriods of recuperation and rehabilitation for some Sisters following a stsy in hospital. Net expenditure before gainsl(losses) on investTnents lor the year was, therefore. £749,757 (2022.. £715,749). Investment gains this year alnounted to £535,345 (2022.. £1,291,358 loss), reflecting a calmer year in global financial markets following the upheaval of the previous year. The Leadership Tearn resolved during 2016 that any commiinities that receive financial support from the Delegation for their ongoing living costs should no longer remit to the Delegation a portion of funds held by them at the end of the year. Communities that continue to have income greater than their needs still remit three quarters of their year-end surplus to support other communities in the Delegation. The numbcr of communities whose income is greater than they need has dropped dramatically in recent year5, while the number of communities supported by central funds is increasing. Financial position and reserves policy Finuncialposilion At the end of the year to 31 De¢¢mb¢r 2022 the total funds of the Charity were £18,671,228 (2022.. £18,885,640). Of this sorne £8 million is represented by properties and other tangible fixed assets essential for the support and WOTk of the Sisters. £8.5 million was designated to ineet the commitment to provide for the care of the older membeTS of the Charity, which is part of the purpose of the Charity. In 2018 the Tru%t¢es agreed to draw down froin the Fund to cover 500/0 of the nursing home fees for Sister5 of the Delegation. Funds expcnded from the Designated Reserves during the year totalled £150,453 (2022.. £153,053).

I'HE CONGREGATION OFTHE DAUGHTERS OF WISDOM TRUSTEES, REPORT{continued) FOR THE YEAR ENDF.D 31 DECEMBER 2023 FINANCIALREIVIEW (continued) Reservespolicy This report demonstrates the range of activities which the Charity continues to carry Out and the responsibility the Charity ha5 for the care and sUPPOrt of its members. All the Sisters have devoted the whole of their WOTking lives to the Congregation and are dependent upon it for all their temporal material needs. Although Sisters invariably continue to perforn] charitable work long past normal retirement and pen5ioR age if they are healthy enough to do so, the work is mainly non-remunerative and the Delegation mllst provide for their needs and in some cases nursing care. The Trustees have examined the need for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific puryose5 or otherwise COTnmitted. The Trustee5 consider that. given the nature of the Charity's work and its commitments, the level of free reserves should be not less than twelve inonths expenditure. At 31 December 2023 free reserves represented some 13 months of expellditure. which the Trustees believe is sufficient taking into account current plans and anticipated inflow of ￿ndS from disposal of properties that are likely to materialise in the ncxt 12 to 24 months. Restricted Funds During the previous year a donation was made to the Charity whose use was restricted by the donor to 'the welfare tsf the Sisters,. The interpretation of the Sisters welfare. has been left to the discretion of the serving trustees to define but is intended to exclude repairs and renewals to plant and propety. The fijnds can be expended for their welfare in general or for any particular Sister or Sisters. Key management personnel The Trustees h&ve identified the General Manager, the Finance Manager and the Wisdom Centre Manager as the key management personnel for the Charity as they directly influence day to day operation of the whole organisation and its maill tnission activity respectively. Total salary paid to these personnel was £150,182 in 2023 (2022.. £138,103}. The pay for these Posts is set prior to appointment of the individuals paying particular regard to the rnaTket rate for equivalent posts in other charities and non-charitable org7ani5ations. A pay review for all members of staff, including key management personnel, takes placc annually during the budgeting cycle and is set principally with reference to cost of living and inflationary PTessures balanced against the Charity's prudont management of its resources in the context of a deficit budget. In 2023 the salary review, taking account of the exceptional rise in inflation, resulted in an increase of 80/fj for all staff salaries from January 2023. PLANS FOR FUTURE PERIODS Within the framework of the Guidance on Public Benefit. the Charity works for the'.- Advancement of religion Advancement of education Advancement of human rights, conflict resolution and reconciliation Promotion of respect for the gift of Creation During the coming year until the General Chapter of the Congregatioll in Angers, France, the mission of the Congregation will be carried on under the banner of the theme of the General Chapter 'Love without bordersl•y This will be the principle guiding all meinbers of thc Congregation as they strive to manifest in their lives the transforming love of God expressed through their Wisdoin charism. 12

THE CONGREGATION OVTHE DAUGHTERS OF WISDOM TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 PLANS FOR FUTURE PERIODS (continued) During 2024 the Charity will'.- Continue the investment of ￿rther titne, effort and resources into the ongoing spiritual and human development of the Sisters for mission. Participate in preparation for the General Chapter by holding asseinblieslsessions with sisters of the Delegation prior to at]d after the General Chapter to assist their involveinent, using technology where required, in foming the ViSiOD of the Congregation and the theme of its work for the next six years. The sisters of the Delegation will participate in the preparation and follow-up of the General Chapter. During the coming ycar thc General Chapter of the Congregation will take place in France, at which two Sisters of the Delegation will participate. Continuc the development of the use of the Wisdom Centre, Romsey, alongside the use of the Labyrinth and other gardcns which are open to the local cominunity. Continuc to further the tnission of the Congregation internationally through serving as Ex¢cutive Director of UNANIMA International and a5 Assistant Director of the Development Office. Jointly with other congregations and agencie5 develop the work of Sophia, Ireland, to promote the humanity and dignity of homeless and marginalised people. Continue to review the Delegation PToperty portfolso and dispose of surplus property and undertake some major decorating works as required. Review its fInancial n]anagement, in particular its investment strategy and the deSI￿atIOn of funds for care of its elderly members. Cotnmence a discernment process to deterniine the fijture of the Delegation's ministries and properties. Continue to participate in discussions with the Conference5 of Religious in England & Wales, Scotland and Ireland about the future direction and purpose of the respective Conferences. Continue to participate in the review of safeguarding practice for religious orders within the Catholic Church to ensure that the Delegation's practice stays current. relevant and up to date, and to prepare for an audit of its safeguarding policies that is likely to take place in 2024 or 2025. INVE.8TMENTPOLICY The Charity has a discretionary investment management agreement with Brewin Dolphin. The Trustees meet with the fund managers once every three to four months and ensure that the ti]nd is managed in accordance with their written guidelines and with the religiou5 and ethical principles of the Charity. The investtnent objectives are'.- la) to generate enough income to fi]nd for the foreseeable future that part of the Charity'5 ongoing activities cU￿£￿t￿Y funded by investmeni income to Tnaintain the real capitsl value ofthe investment fijnd in the long term (b) Asset allocation Is btnchtnarked agatnst the FfsE All Share Index weightings. At the start of the year the portfolio opened with a value of £9,734,272, reflecting a reduction in value that followed the Russian invasion of Ukraine in 2022 and the resulting hel crisis and global Supply chain disruption. Divideiid incoille for the year of £276,803 was higher than the previous year's income of £274,264 and £12,541 less than budgeted for the year. By the end of the year the portfolio had grown to £10,221,063 which represents sleady gromth during the yeaT in market conditions that continue to be challenging. The trustees continue to have eveTy confidence in the investment rnanagers to assist them ll) achieving their goal of a balanced growth and yield portfolio to support the Sisters, needs and mission ill future years. 13

THE CONC.RF.GATION OFTHE DAUGHTERS OFWISDOM TRUSTEES, RF.PORT (eontinucd) FOR THEVF.AR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTF,ES' RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Annual Report and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (Financial Reporting Standard 102}. Charity law require5 the 'lrustees to prepare accounts for cach financial year which give a true and fair view of the state of affairs of the Charity at the year end and of its income and expenditure during that year. Ill preparing the accounts. the Trustees are required to.'- select suitable accounting policies and apply them consistently; observe the methods and principles of the CharEties SORP,. make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards and statements of recommended practice have been followed, Subject to any departures disclosed and explained in the account5. prepare the accounts on the going concem basis unless it 15 inappropriate to presume that the Charity will continue in operation. The Trustees are Tesponsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the accounts coinply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the PTcvention and detection of fraud and othtr irr¢gulaTlties. Approved by the Trustees on 23 May 2024 and signed as authorised on their behalf by.. Sister Maureen Seddon D. W. Delegation Leader Trustee 14

INDEPENDEIYT AUDITOR'S REPORT TO THE TRUSTEES OF THE CONGREGATION OF THE DAUGHTERS OF WISDOM Opinion We have audited the financial statements of the Congrcgation of the Daughters of Wisdotn for the year ended 31 Deccinber 2023 which comprise the Statement of Financial Activities, the Balance Sheet. the Stateinent of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting frainework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stat]dard 102 The Finuncit71 Repoi'lirtg SiaKdord applicable ifr? the UK aNd R¥public of Ireland (United Kingdom Generally Awepted Accounting Practice). In our opinion. the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of the charity's net moveTnent in funds for the year then ended., have been properly PTepared in accordance with the requirements of the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) regulatsons. B8515 for opinio We have been appointed as auditor under section 144 of the Charities Act 2011, and section 44(1)(c) of the Charities and Tti]stee Investment {Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder. We conducted OUT audit in accordance with International Standards oll Auditing (UK) (ISAS (UK)) and applicable law. Our iespunsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We independent of the ¢harity in accordance with the ethical r¢quiremcnts that are relevat]t to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conelusions relating to gotng concern In auditing the f￿ancIal statements, we have concluded that the trnstees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforn)ed, we have not idcntified any material uncertaintie5 Telating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months froTn when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described in the relevant sections of this report. Other inforrnatio lTre trustees are responsible for the other infomation. The other infonnation comprises the infom)ation included in the Trustee5' Report. Our opinion on the financial statements does not Cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any forn) of assurance conclusion thereon. In coJnection with our audit of the fu)ancial statements, our responsibility is to read the other infomation and, in doing 50, consider whether the other inforniation is materially inconsistent with the financial stateTnents or our knowledge obtained in the audit or otherwise appears to be materially misstated. 11 we identify such material inconsl5tencies or apparent material misstatements, we are required to detemiine whether thcre is a material misstatement in the financial statements or a material misstatement of the other infomation. If. based on thc work we have performed. we conclude that there is a material misstatement of this other infomiation. we are requircd to report that fact. We have nothing to report in this regard. Matters on which we are required to report by txeeption We have noihing to Teport in respect of the following matte15 in relation to which the Charitics (Accounts and Reports) Regulations 2008 and the Charities Accounts {Scotland) Regulations 2006 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity. or sufficicnt and proper accouniing records have not been kept: or the charity financial statements ar¢ not in agreement with the accounting records and rethrt]s,' or we have not received all the infomiation and explanations we require for our audit.

INDE¢PENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CONGREGATION OF THE DAUGHTERS OF WISDOM Iconttnuedl Responsibilities of trustee5 for th¢ finaneial statements As explained inore fully in the trustees, responsibilities 5tateinent set out on page 14, the trustee5 are responsible for the preparation of the financial Statements and for being satlsfied that they give a true and fail view, and for such internal control as the trustees detemine is necessary to enable the preparation of financial stateinents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going con¢ern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the chariiy or to cease operations, or have no re<ili5tic alteTnative but to do so. Auditor's re5POll5ibilities for the audit of the fin4neial statemtnts Our objectives are to obtain reasonable assurdnce about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issuc an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conducted in accordance with ISAS (UK) will (Ilways detect a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if, individually or in the aggregate, they Could reasonably be expe¢ted to influence the economic decisions of users taken on the basi5 of these financial stateinents. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our PTocedures are capable of detecting ￿regUlarities, including fraud is detailed below: Based on our understanding of the chaTity and the environment in which Et operates. we identified that the principal risks of not]-coinplian¢e with laws and regulations related to health and Safety rcgulations, employment law, safeguarding regulations and Charity law, and we considered the extent to which non-COTnplian¢e might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements sueh as the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and detennined that the principal risks were related to depreciation charges. Audit procedures perfomied by the engagement team included.. nspecting minutes of Trustees. meetings. Reviewing calculationb for depreciation including reviewing estim&ted useful economic lives., Inspecting CO￿eSpondence with regulators and tax authoritie5', Discussions with management including consideration of known or suspected instan¢es of non-compliance with laws and regulation and fraud,. Evaluating manageinent's controls designed to prevent and detect iregularities- Identifying and testing journals. Reviewing valuations of investinents; and Challenging assumptions and judgements made by management u] their critical accounting estimates. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This ri%k increases the more that compliance with a law or regulation is removed from the events and transactions ieflected in thc financial statements, ag we will be less likely to become aware of instances of non-compliance. The risk is also ￿eater regai'ding irregularities oc¢iirring due to fraud rather than error, as fraud involves intentional concealment, forgeiy, collusion, omi.%sion or misrepresentatitsn. A further deseription of OUT responsibiliiies for the <iudit of the fJnan¢ial statements is located on the Financial Reporting Council's website at.. www.frc.or .uk/auditorsres on5ibElities. This description fomis part of OUT auditor's report.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CONGREGATION OF THE DAUGHTERS OF WISDOM (continued) Use of our report This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 201 l and regulations made under section 154 of that Act, and scction 44(1)(c) of the Charitie5 and Tnjstee Investment {Scotl&nd) Act 2005 and regulaiion 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work h35 been undertaken so that we might state to the charity's trustees those matters we are roquircd to state to tliem in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility tu anyone other than the charity's trustees as a body for our audit work, fL)r this repor¢ or for the opinions we have formed. Haysmacintyre LLP Statutory AuditOTS Date.. 10 Queen Street Place London EC4R IAG ly Idl haysmacintyre is eligible to act as an auditor in tern]s of section 1212 of the Companies Aci 2006 17

THE CONCRF,GATION OF THE DAIIC.HTF.RS OF WISDOM PROVINCF. OF GREAT BRITAIN ANI) ERELAND STATEMEf4T OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECF,MBER2023 Unrestricted Restricted Funds Funds Total 2023 Total 2022 Notes Income from: Donations, legacies and grants Charitable activities Investments Other 161.149 496,406 450,912 100,964 161,149 496,406 450,912 100,964 508.052 436,427 198.169 Total income 1,209,431 1,209,431 154,166 Expenditure OTh: Raising funds Charitable activities Communities Education Missions and ¥rants Development costs 48,526 48,526 49.057 1,690,485 2,457 84,902 130,356 2,462 1,692,947 2,457 84.902 130,356 1,556,420 6,093 147,450 110,895 Total expenditure 1,956,726 2,462 1.959,188 1,869,915 Net expenditure before net gai￿￿(105$£5) on investments {747,2951 (2.462) (749,757) (715,749) Net gainsl{losses) on investments 535,345 535,345 (1,291,358) Iyet expenditure (211,950) {2.462) (214,412) {2,007,107) Transfers between fvnds Net movements in funds (211.950) (2,4621 {214,412) (2,007.107) Total fvnds brought forward at l January 2023 18.875,640 10,000 18,885,640 20.892,747 Total funds carried forward at 31 Decenjber 2023 18,663,690 7,538 18,671,228 18.885.640 The statement of f]nancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Details of comparativc figures by ￿nd are disclosed in note 13.

THE C(INGREGATION OF THE DAUGHTF.RS OF WISDOM PROVINCE OF GREAT BRITAIN AND IRF,LAND BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS l angible asset5 Investments Social investments 8,012,897 10,221,063 88,430 8,255,121 9,734,272 88,430 18,322,390 18.077,823 CURRENT ASSETS Debtors Cash at bank and in hand 74,580 435,078 47,021 1,183,871 509,658 1,230,892 CREDITORS: amounts falling due within one year (160.820) 1423,075) NET CURRENT ASSETS 348,838 807,817 TOTAL NET ASSETS 18,671,228 18,885,640 FUNDS Restricted Funds 10 7,538 10,000 Unrestricted Funds General Funds DeSigna￿d Funds 10.151,902 8,511,788 10.213,399 8.662,241 10 18.671,228 18,885,640 Approved by the Trustees on 23 May 2024 at]d signed as authorised on their behalf by.. Sister Maureen Seddon D.W Delegation Leader Trustee The accompanying notes fonn part of these accounts. 19

THE CONGREGATION OF THF. DAUGHTERS OF WISDOM PROVINCE OF GREAT BRITAIN AND IRELAND STATF,MENT OF CASH FLOWS FOR THE YEAR ENDED 31 DF,CEMBER2023 2023 2022 Cash flows Irom operating activities: Nel casli (use(I In)/proviiled by operuting tsetivilies {1,238.245) (922.133) Cash tloivs from investing activÉties: Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment PToceeds from sale of investmcnts Purchase of investment5 Purchase of social investmeiits Movement in cash held by investment managers 450,912 1.470 111.484) 2.399.634 (2,577,247) 436,427 229,324 (14,746) 2,483,280 {2,352.894) 188,430) {47,587) 226,167 Nel cn5hprovided by/(usedln) Invesling aclivilies 489,452 645,374 Change in cash and eash equivalents in the reporting period {748,793) (276,759) Cash and cash equivalent5 at the beginning of the reporting period 1,183,871 1,460,630 Cash and cash equivalents at the end of the reporting period 435.078 1,183,871 2023 2022 Reconciliation of net expenditure to net Cash flow from operating aetivities Net expenditure for the reporting period Depreciation charge Gains Oll sale of fixed assets IGains)Ilosses on investsnents Dividends. interest and rents froTn investments Increase in debtors {Decrease)/inciease in creditor8 (214,412) (2.007,107) 253,588 256,793 (1,350) {1142081 {535,345) 1.291,358 {450,912) {436,427) (27.559) {5,117) (262.255) 92,575 Net cash (used in)/provided by investing aclivilies (1,238,245) (922,133) Analysis of cRsh and cash equivalents 2023 2022 Cash in hand 435,078 1,183,871 Total c2$h and cash equivalents 435.078 1,183,871 20

THE CONGREGATION OF THE DAUGHTERS OF WISDOM PROVINCE OF GREI AT BRITAIN AND IRELAND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER2023 Ba515 of preparatio The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harities preparing thcir account5 in accordance with the Statement of Recominended Practice for Charities ISORP 2019 Second F.dition) and the Financial Reporting Standai'd applicable in ihe UK and Republic of Ireland (FRS 102}. The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Preparation of accounts on a going concern basis The trustees consider there are no m<lterial unLertdinties about the charity's ability to continue as a going concern. The trustees believe it is appropriate for the going concern bEisis to apply to the charity. The review of the charity's financial perfoTmance and reserves position gives the trustees every confidence that the charity remains a going concem for the foreseeable ￿ture. Covenanted salxries and penslons Members. salaries, pensions and superannuation are received under deeds of covenant and are stated inclusive of income tax but net of any deductions for Irish taxation, social security paJTrnents and contributions to occupational pension schemes. Donations and legacie5 Donations and legacies are recognised when receivable or when the Charity becoTnes legally entitled to them. Receipts of property, ￿VestMentS or other gifts in kind are included at market value. Other incon]e All othei income is accounted tor when the charity becomes entitled to the income and the aTnount can be quantified with reasonable accuracy. Expenditure Exp¢nditure on raising funds COtIS15ts of investment management costs. Charitable expendityre cons2sts of all expenditure relating to the objects of the Charity. All costs are directly attributable to the activities under which they have been analysed. Irrecoverable VAT is included with the ¢at¢gory of expense to which it relates. Tangible fixed a55ets Land and buildings are stated at a Trustees, 1991 valuatioii plus subsequent additions at cost, allowance being made where buildings have been demolished. All other assets are included at cost. DcpTeciation is calculated by the straight line method to write off the cosvvalue, les5 anticipated residual value, over the expected useful lives of assets as follow5. Depreciation is not provided on buildings under construction until they are completed and bought into use. Frcehold and long leasehold buildings Furniture and equipment Coinputer equipment Motor vehicles 50 years 3 10 15years 3 years 415 years 21

THE CONGREGATION OP THE DAUGHTERS OF WISDOM PROVINCE OF GREAT BRITAIN AND IRELAND ACCOUNTING POLICIES {Continucd) FOR THE YEAR ENDED 31 DECEMBER 2023 Inv¢sttnents Quoted investments are valued at their closiTig middle market price on the balance sheet date and the gain or loss taken to thc Statement of Financial Activities. In addition, the Charity has establishcd a pension scheme for certain Sisters. Thc scheme is a deferred annuity contract whereby a certain guaranteed sum is payable to the charity at a fix¢d future date. No value can readily be attributcd to the contract as future returns are dependent on bonuses which in turn depend on investment returns and inflation. Therefore the &sset included in the balance sheet in respect of this scheme is valued on the basis of premiums paid to date in respect of Sisters Still in the scheme. Receipts on maturity are credited to the Statement of Financial Aciivities net of the relevant premiums. All movements in value are shown in the Statement of Financial Activities. Social investment5 Progiamme related investments are included at cost. Desi2naled fund5 'I'he trustees have designated funds out of the ut]restricted funds to provEde for the Charity'5 comtnitment to provide for the rctirement and care in old age and sickness of the Charity's members. Lump sums received from members. occupational pension schemes upon their retirement and transfers from general funds are credited to this fund together with incomc generated by designated investments. Re5trieted funds Restricted funds are held subject to specific condition5 declared by the donor as explained in the financial statements. General funds General funds comprise funds which arc available to be used for the general purposes of the charity. Foreign eurreneies Transactions in foreign currencies are translated at rates prev3iling at the date of the tran5actiot]. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Any exchange differences arising from the translation are dealt with in the Stateinent of Financial ALtivities. Pension scheme Contributions are made to a defilled contribution pension scheme for staff. The contributions are charged to the Statement of Financial Activities when they become payable. Critic#1 xccuunting judgements and key sources of estimatioN uncertainty In the application of the accounting policies, tt'ustees are required to make judgement, estimates, and assurnptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying &%sumptions are based on historical experience and other factors that are considered to be relevant. Actual results may diffcr from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estiinates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and Cuture period5 if the revision affected current and future periods. Judgements made by the tt'uste¢s, in the application of these accounting policies that have sigmificant effect on the financial statements and estitnates with a significant i'isk of material adjuslinent in the next year are deetned to be in relation to the depreciation rates of tangibl¢ fixed assets and are discussed above. In the view of the trllstees, no assumption5 concerning the future or estimation uncertainty affecting assets or liabilities at the balan¢e sheet date are likely to result in a material adjustment to their carrying ainounts in the next financial year. 22

THF. CONGREGATION OF THE DAUGHTERS OF WISDOM PROVINCE OF C.REAT BRITAIN AND IRELAND NOTF.S TO THF. FINANCIAL ST ATEMENTS FOR THE YEAR ENDF.D 31 DECEMBER 2023 DONATIONS AND LEGACIES 2023 2022 Unrestricted donation5 Restricted donations Legacies 842 1,518 10,000 160,307 161,149 OTHER INCOME 2023 2022 Other income Gains on disposal of fixed assets (see note 6) 99,614 1,350 83,961 114.208 100,964 198,169 EXPENDITURE Salaries Depreci8tioD Other 2023 2022 Ruisiiigfuiids.. Investment manager'5 fee Churiluble uciivilies.. Communities Education Missions and grants Development costs 48,526 48,526 49,057 378,279 253,588 1,061,080 2,457 84,902 70,080 1,692,947 2,457 84,902 130,356 1.556,420 6,093 147,450 110.895 60,276 438,555 253,588 1,267,045 1,959,188 1,869,915 2023 2022 Mission5 and charitable grants comprise.. Generalate of the Congte¥alio Alms and other charitable donations 60,000 24,902 100,000 47,450 84,902 147,450 Expenditure includes.. Auditor's remun¢ration audit fee 17,800 16,200 23

THE CONGREC.ATION OF THE DAUC.HTF.RS OF WISDOM PROVINCE OF GRF.AT BRITAIN AND IRF.LAND NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 DECEMBER 2023 EXPENDITURE (continued) Con]parative analysis 2022 Salaries Depreciation Other 2022 Rfti.singfunds.' Investment managcr'5 fee Cliarilable ac¢ivi¢ies.' Comjnunities Education Missions and grants Development costs 49,057 49,057 334.358 256,793 965,269 6,093 147.450 53,636 1,556.420 0,093 147,450 110,895 57,259 391,617 256,793 1,221,505 1,869,915 STAFF COSTS 2023 2022 Wages and salaries Social security Other pension costs 396,630 27,340 14,585 352,679 25.150 13,788 438,555 391,617 2023 Number 2022 r4umber The average number of employees in the year wa5.. 23 24 No eTnployee Teceived in excess of £60,000 in either year. Total reTnuneration for key management personnel for the year was £150,18212022.. £138,103). TRANSACTIONS WITH THE TRUSTEES 'Fhe Trustees of the Charity are all members of a Religious Order. Thcy have taken vows of poverty under which they renounce all rights to a personal income and assets. They are therefoie entlTely dependent on the charity for all their living expenses. The Trustees do not receive any payments or benefits for carrying out their duties other than their living expenses which are inet by the Charity. which they receive in their capacity as members of the Religious Order. The charity owns a property which is let to the sibling of one trustee at a fair market rent. No rent was owing at the year cnd. 24

THE CONGREGATION ()F THE DAUGHTERS OF WISDOM PROVINCE OF GRF.AT BRITAIIY AND IREI LAND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECF.MBER 2023 TANGI]JLE FIXED ASSETS Freehold LAnd gnd BuÉldings Nursing Elome and Wisdom House Furniture and Fittings Motor Vehicles General Abbey Htbuse COST OR VALUATION At l January 2023 Additions Disposals 1,510,751 3,700,967 6,792,242 625,651 11,484 (2,965) 86,369 12,715,980 11,484 (22,398) (19,433) At 31 December 2023 .510,751 3,700,967 6,792.242 634,170 66,936 12,705,066 DEPRECIATION Ai l January 2023 Charge for year Disposals 705,437 30,217 714,464 74,019 2,360,900 135,847 597.886 11,405 (2.845) 82,172 2,100 (19,433) 4,460,859 253.588 (22.278) At 31 December 2023 735,654 788,483 2,496,747 606,446 64,839 4,692,169 NET BOOK VALUE At 31 December 2023 775,097 2,912,484 4,295,495 27.724 2.097 8,012,897 At 31 December 2022 805,314 2,986,503 4,431,342 27,765 4,197 8,255,121 Included in General Freehold Land and Buildings above are leasehold buildings with a cost of £281,911 and net book value of £129,376. The depreciation charge during the year wa5 £5,639. There were no additions or disposals during the year. INVESTMENTS Social Investment The Trustees provided financial support in the form of an unsecured Social Impact Investment for £88,430 to 2SSlSt Sophia Housing Association, Ireland in their plans io expand theii. services. The investment is repayable in full after 10 years (20321 or earlier on demand. Inteiest of 1.5 % will be ¢harged on the balance each year. This investment continues the 5UPPOrt that the Charity has provided to Sophia 14ousing Association for a number of years (previously as donations) as its work with homeless people and addressing the systemic causes of homelessness aligns with the ethos gnd work of the Daughters of Wisdom over centuries in supporting the poorest and marginali5ed in society. This social impact investment is a way for the Charity to continue to be involved in this important work whilst recognising that the capacity of its meinbers for hands-on involvement is limsted by their own advancing years. 25

THE CONGREIGATION OF THE DAUGHTERS OF WISDOM PROVINCE OF CREAT BRITAIN AND IRELAND NOTES TO THE FINANCIAL STATEMENTS (eoNtinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 INVF.STMENTS {conlinu¢d) 2023 2022 Opening market value Additions Disposals (sale proceeds) Net investment gain￿(loSSeS) Movements in cash 9,734,272 2,577,247 12,399,634) 535,345 (226,167) 11.108,429 2.352.894 (2,483,280) (1,291,358) 47,587 Closing market vallle 10,221.063 9,734,272 C05t of investments At 31 Deceinb¢r 8,792,454 8,592,261 Analysis of Investments Held Quoted Investments Unquoted Investments Total 2023 Total 2022 Quoted Investments.. GoveTnment Stocks Unit Trusts and Investment Trusts Ordinary Shares Property Commodities 1,770,864 1,344,497 6,415,427 314,833 114,193 1.770,864 1,344,497 6.415,427 314.833 114,193 1,354,948 1,384,784 6,098,465 302,122 106,537 Unquoted Investments.. Portfolio Cash 261,249 261,249 487,416 TOTAL INVESTMENTS 9,959,814 261,249 10,221,063 9,734,272 Investn]ent Income 2023 2022 Listed investinents Portfolio and other cash and bank deposits Rental income Care home share of surplus 276.803 12,569 15¥,508 3,032 274,809 158,508 450,912 436,427 26

THE CONC.REGATION OF THF. DAUGHTERS OF WlSt)OM PROVINCE OF GREAT BRITAIIN AND IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 DF,BTORS 2023 2022 A¢crued income Sundry debtors and prepayment 59,378 15,202 32,475 14,546 74,580 47,021 CREDITORS: amounts falling due within on¢ year 2023 2022 Amounts held on behalf of Sisters Other creditors and accruals 105,006 55.814 260.180 162,895 100,820 423,075 10. FUNDS Restricted Funds A donation was received in a prior year by the Charity whose use was restricted by the donor to 'the welfare of the Sisters, De5ignxted Funds Retirement Fund This fund has been designated to provide for the Charity's coLwnitment to provide for the retireineni and care in old age and sickness of the Congregation's membcrs. Lump sums received frotn members, occupational pension schemes upon their retirement and transfers from Gener&1 Funds are credited to this fund. A revTew of the Congregation's membership has indicated that a fund of at least £9.5m would be required to finance fully the Charity's commitment to providc care for its elderly Tnernbers. Towards this requirement, the Twstees, in 1999, designated to thi5 fund the chaTity'S investment portfolio. The level of the CharEty's tunds and of its cominittnent will be kept under review by the Trustces and further designation5 will be considered. Analysis of Movernents- 2023 At l January 2023 At 31 December 2023 Expenditllre Retirement Fund 8,662,241 (150,453) 8,511,788 Analysis of Movement5- 2022 At l January 2022 At 31 Deecmber 2022 Expenditure Retirement Fund 8,815,294 (153,053) 8,662.241 27

THF. CONGRE("ATION OF THE DAUGIITERS OF WISDOM PROVINCE OF GREAT BRITAIN AND IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED31 DECEMBER 2023 ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2023 General Fund Retire￿ent Fund Restricted Fund Total Fund balances ¥t 31 December 2023 are represented by: Tangible fixed assets Investinents Curtent assets cu￿ent liabilities 8,012,897 1.797.705 502,120 (160,8201 8,012,897 10,309,493 509.658 (160.820} 8,511,788 7,538 Total net assets 10.151,902 8.511,788 7,538 18,671,228 Unrealised gain5 included above On listed investment assets 1,428,609 Reconciliation of movement5 in unreali5ed g9ins on inwe5tmen¢s Unrealised gain at l January 2023 Les5.' amount in respect of disposals in year 1,142,010 (248,746) Unrealised gains on revaluations in the year 893,264 535,345 Unrealised gains at 31 Decembcr 2023 1,428.609 28

THE CONCREGATION OF THE DAUGHTERS OF WISDOM PROVINCF. OF GREAT BRITAIN AND IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2022 Unrestricted Funds Retirement Restricted Fund Fund General Fund Total Fund balanees at 31 Deeember 2022 are represented by: Tangible fixed assets Investments cu￿ent assets Current liabilities 8,255.121 1,160,461 1.220,892 (423,075) 8,255.121 9,822,702 1.230,892 (423,075) 8,662,241 10,000 Total net assets 10,213,399 8,662,241 10,000 18,885,640 Unrealised gains included above On listed investment assets 1,142,010 Reconciliation of moycments in unreali5ed gain5 on investments Unrealised gain at l January 2022 Less.. amount in resp¢ct of disposals in year 3,171,940 (738,571) 2,433,369 Unrealised gains on revaluations in the year (1,291,358) Unrtalised gains 8131 Decernber 2022 1,142,011 29

THF. CONGREIC.ATI()N OFTIIE DAUCHTERS OF WISDOM PROVINCE OF C'RF.AT BRITAIN AND IRC4 LAND NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDF.D31 DECEMBER 2023 13. ACTIVITIES BY FUND IN PREVIOUS YEAR Unrestricted Funds General De%ignaled Total 2022 Ineome from: Donations. legacies and grants Charitable activitics Investments Other 10,000 508.052 436,427 198,169 508,052 436,427 198,169 Tot81 income 1.144,166 10,000 ,154,166 Expenditure oft: Raising funds Charitable activities CoTnmunities Education . Missions and grants Development costs 49,057 49,057 1,556,420 6,093 147,450 110,895 1,556,420 6.093 147,450 110,895 Total expenditure 1,869,915 1,869,915 Net incornel{expenditure) before (losse5)/gaills on investments et 1725,749) 10,000 (715,749) Net (lossesl/gain5 on investments (1,291,358) (1,291,358) Net incomel(expenditure) (2,017,107) 10,000 (2,007,107) Transfers bctween funds Net rnovements in fuNd5 (2,017.107) i 0,000 (2,007,107) Totsl lunds brought forward At l January 2022 20.892,747 20,892,747 Total funds carried forward at 31 Dcec]nber 2022 18.875,640 10.000 18,885,640 RELATED PARTY TRANSACTIONS There were no related party transactions in the CU￿ent or precedujg year. 30

THE CONGRF.GATION OF THE DAUGHTERS OF WISDOM PROVINCE OF GREAT BRITAIN AND IRF.LAND DETAILED STA TEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EINDED 31 DECEMBEI R 2023 These pages do not form part of the statutory financial statements. 202J Total 2022 Tot21 Province Houses INCOME Salaries and stipends 54,176 54,176 41,477 Pensions SUpeTa[￿U&tltsn State pensions Attendance allowance Private Pensioii Teceipt 90.459 127,085 1,362 46.341 172,279 4.704 136.800 299,364 6,066 130,475 290,084 5,878 40,138 218,906 223,324 442,230 466.575 Investrnent ineome Rented properties Quoted investments Bank deposit interest- general Care home share of surplus 158,508 276,803 12,201 3,032 158,508 276,803 12,569 3,032 158,508 274,809 3,110 368 450,544 368 450,912 436,427 Donat10115 and legacies Other donations Legacies 830 160,307 12 842 160,307 11,518 161.137 161,149 Other ineome Wisdom Centre income Che7 Nous income Miscellaneous income 92,222 6,555 532 92,222 6,555 837 72,105 11,856 305 99,309 305 99,614 83,961 Total incorne (excluding surplu5 011 disPOSg1 of fixed assets) 984,072 224,009 1,208,081 1,039,958 Total expenditure (pages 32 and 33) (1,467,176) (492,012) (1,959,188) 11,869,915} Net eypenditure before investment gainsl{losse5) and exceptional items (483,1041 (268,003) (751,1071 (829,957} Surplus on disposal of tangible fixed a55ets 1,350 1,350 114,208 Net expenditur¢ before investment gainsl(losses) (481,754) {268,003) (749,757) (715.749}

THE CONGRF.GATION OF THE DAUGHTEILS OF WISDOM PROVINCF. OF GREAT BRITAIN AND IRELAIYD DETAILF.D STATEMENT OF FINANCIAL ACTIVITIES (Contittucd) CHARITABLE EXPE4NDITURE FOR THE YF.AR ENDED 31 DECEMBER 2023 These pages do not form pgrt of the statutory finaneial statements. Provinee Houses 2023 2022 Charitable activities OCCUPANCY In5UTances Reiits Repair5 and maintenance Council tax Water rates Gas and electricity Other Depreciation 7,314 16,745 123,917 6.748 49 10,089 4,303 251,488 8,904 4,932 80,334 7,641 3.138 61,859 14,959 16,218 21,677 204,251 14,389 3,187 71,948 19,262 251,488 15,937 34,215 132,478 14,897 3,344 48,863 17,746 250,473 420,653 181,767 602,420 517,953 COMMUNITY Sisters, personal allowances Food Household Medical Nursing hoine charges Nursing care costs Funeral and expenses Retreabfftolidays 1,360 1,540 3,661 1,120 300,905 53,572 83,407 55,125 36,785 54,932 84,947 58,786 37.905 300.905 2,379 20,911 13,203 60,306 81,622 62,047 35.537 306.105 2,549 13,325 7,872 2,379 20,911 1,475 11,728 330,972 242,996 573,968 569,363 ALMS AND DONATIONS Given to missions Given as general donations Masses stipends 60,024 17,114 885 845 5,302 732 60.869 22,416 1,617 100,867 45,083 1,500 78,023 6,879 84,902 147,450 TRAVEL Travel fare5 Motor expenses- insurances Depreciation 3,994 753 2,100 29,958 33,952 753 2,100 38,596 835 6,320 6,847 29.958 36,805 45,751 Carried forward 836,495 461.600 1,298,095 1,280,517 32

THE CONGRf.GATION OF THE DAUGHTERS OF WISDOM PROVINCE OF GRF.AT BRITAIN AND IRELAND DETAILED STATEMENT OF FINANCIAL ACTIVITIES (Continued) CHARITABLE EXPENDITURE FOR THE YEAR ENDED 31 DECEMBE4R 2023 These pages do Dol forrn part ofthe 5t2tutory finaneial statements. Provinee Houses 2023 2022 Brou¥ht forward 836,495 461,600 1,298,095 1,280.517 LEGAL AND PROFESSIONAL Professional fees Less allocated to management and administration and Investment managers, fees {See below) 39,254 (20,090) 39,254 {20,090) 55,703 (23,790) 19,164 19,164 31,913 OTHER Wages. salaries, tax and Nl Bank Chargeslcard fees Courses, educatio Conferences and retreats AssociatiOn51subscriptions Library General otTi¢e expenses and small repairs Safeguarding and advertising Exchange (gain)Iloss 358,286 691 2.293 9,909 1,468 323 21,198 14,725 3,652 19,993 1,006 164 188 378,279 1,697 2,457 10,097 1,468 6,034 24,548 14,725 3,652 334,358 1,701 6,094 510 2,381 7,698 21,832 12.726 113.557} 5,711 3,350 412,545 30,412 442,957 373,743 DEVELOPMENT COSTS Leadership expenses Provincsal I louse, Chez Nous & Leadership 'I'he Cottage. Sligo expenses Wisdorn Centre expenses Wisdom Centre salaries 10,777 18,712 10,777 18.712 5,454 24,956 4,942 18,284 57,259 40,591 60,276 40.591 60.276 130,356 130,356 110,895 Investment n]anagers' fees 48,526 48,526 49,057 Costs of raising fund5 48,526 48,526 49,057 MANAGEMEiYT AND ADMINISTRATION Audit and accountancy.. haysmacintyTe 20,090 20,090 23,790 TOTAL EXPENDITURE 1,467,176 492,012 1,959,188 1.869,915 33