R8glstered Charlty No, 260607
Institute of the Blessed Virgin Mary
Commonly called
The Sisters of Loreto
Trustees, Report and Flnanclal Statements
For The Year Ended
31 August 2024
INTERNATIONAL

INSTITUTE OF THE BLESSED VIRGIN iWARY
COMMONLY CALLED THE SISTERS OF LORETO
CONTENTS
Page
Charity 18ference and adrninislralive delai18
Trustees. annual report
Independent auditor's report to the Trustees
17
statement of financlal activities
20
Balan￿ sheet
21
Slalernent ol cash flows
22
Notes to the accounts
23

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
CHARITY REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 AUGUST 2024
R8glstered charlty narn8
Inslilule of the Blessed Wirgin Mary
Comrnonly Called The Sisters of Lorèlo
Charity registratlon llumber
250607
Registered offEce
Lorelo Educatlon Centre
Dunham Road
Altiind)am
Cheshire
WA14 4GZ
The Trustees
Mlss Kathryn KEigher
Miss Uno Coogan
Miss Jen Bromhatn
Miss Kathleen Hewill
Miss Ewa Irena Bem
Province Leader
Miss Jen Brornhatn
Province Consultors
Miss Kathryn Kelgher
Mi8$ Ewa Irena
Provinco Treasurer
Miss Bernadelle Turtle
Flnance Manager
Mlss Anne McEvoy
Audltor
MHA
Chartered Awountants & Statutory Auclilor
14 Mannin Way
Lancasler
Lancashire
LAI 3SW
Investment Managers
Inveslec Wealth and Investment Limited
2nd Floor. 3 Hardman Street
Spinningfields
Manchester
M3 3HF
Hedley & Co
13b Winckley Square
Preston
PRI 3JJ

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The trustees present their report and financial stalemenls foi Ihe year ended 31 Augugl 2024. Th& financial
stalements have been prepared in accoidanee wilh the accounling policies set out in notes lo the accounts and
comply with the charily 5 governinq doGUtnent, the Charities Ael 2011 and Accounting and Reporting by Charities..
Slateinent ol ReC0￿mended Piactice ISORPI applicable to chaiitie5 preparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK atsd Republic of Ireland published in Octob&i 2019.
Reference and admlnistrative detaSls
Reference and adminisliative details are shown on page 2 of Ih85e financial slalements.
The trLSStee5
The trustees who served th8 charity during the period were as follows..
Miss Josette Zammil-mangion Ireli18d 191h Decemb8r 20231
Miss Kathryn Keigher
Miss Bernadette Boland Irellred 1W D￿£[nber 2023)
Miss Uno Coogan
Miss Kathleen My8rs (￿lIred 191h De￿mber 20231
Mi55 Jen Brornham lappoinl&d 19th December 20231
Miss Kathleen Hewill lappoinled 191h December 20231
Miss Ewa Irena Bem lappoinled 19th December 20231
Charitable Status
The English Province ol the Institute of the Blessed Virgin Maiy commonly known as Ihe Sisters ol Loreto Is pam
of an International Roman Calholio Religious Congregalion of women present in Iwenty-th￿e Countries.
The accounls a(￿OmpanY1nU this Repurt are the accounts of a Charitabl& TIu5t, registered wilh the Charily
Comtnis5ion under a Trusl Deed dated 2nd March 1965 in which the assets of the English Province of th8 Inslilute
In the United Klngdom are held. The r8gistered Charity NumbeT is 250607.
Mission
The Inslilule's Charitable Trust alms to advance the religious and olherworks carried out by Sisters ofthe Instilule
In collaboration wilh lay co-workers and to care lor those Sisters Ihroughoul their lives within the Institute. These
works tneet the public benefit cri181ia necessary under the Charities Act 2011 and the Institute opeiales a5 a
public benefit ents-ly.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES. ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Mlsslon Icontinuadl
At our last General Congr8gatlon culminating In October 2022. 8fter a proce88 of dlscernmenl wlth our whol8
In5tllute. our new focus for misslon was express8d the plctorial representation below.
Allowin8 Je5U5 to iiaThsforrn our live5,
nd dF@penlnE our commiiment io the talls 0¢
GC'14, we relolce ID our on8oln8 journey ol
BECOWNG ONE which 15 expre551on of IhE
014ENESS of all,
dec15itsh to rybecomeone, A5we encDunterone
aWlheTon theltsurneyand claim the rullnes5of
2. Weacknowledgo our ownvulnèrib115tY
blukenn￿5 and dosfre i•encountÈr pe(pl¢on the
peilplierfe5wllh mutu4iityand eqvlly.
3. Wecontlnue tonu¥tUrethe beaiity of planet earth,
IIS restoration and carln8for thDSÈfflu5t alfocted.
4. Wo<lAlffl our Idenllty&5 Maryw4rd women htth
heaitol thechurch whl¢h leads us to efj8a¥ew5th new
The referenceto'Becorning One, is an expression of ourworking towards Canonlcal Fusbn wlth the Congregation
of Je8us (the original foundatlon by Mary Ward, of which we are currently 8 Branch).
The work8 we tjndertake are revlewed on a Continuous ba818 to assess their effeellveness in thè achlevemenl of
our alms and th8 benefits we have provided lo those sectors of th8 community we s6t out to help. In conducting
Ihls review, we have glven due regard to the guidance conlalned In the Charity Commlssionerfs Gen8r81 Guidance
on Public Benefit.
The ministries carrled out by th8 SSsters of the InsUtute. both In the Unlted Klngdom and overseas. In furtheTanc8
of our alms and the provlslon of publi¢ benefit fall into the followlng maln areas=
1. Edu¢alSon
2. P8StorallOulrèach Work
3. Nurturing Religlous Faith and Provlslon of R6tr6ats
4. Overs@8s ActivSly
5. Governance, Structure and Managemenl
We are consaous of thè ageSng profilg of Ihe Provinc9 8nd the effect on our capac41y for actlve ministry and the
financlal Implic81ions whlch have affecled our min15tries during this past year and will affect ourconllngency plans
for the future.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Mission l¢ontinuedl
1. Education
The main aieas of responsibillty extend lo three schools and a 5iXth form College in England.
One Academy for girls- Compiehenswe
One Aided co-educational Comprehenswe school
One Academy for girls- Grammai
One Sixth Form Co15ege supported by the Education Funding Aulhorily
{￿th th8 exceplion of the GO-edu¢ational ¢ompreh8nsive school, which Is under the jurisdiction ol the local
dioc8se. the pr8mises for the88 schoolslcollege belong to the Inslilule and are msde available al no costl.
The Preparatory school c505ed in July 2023 bul some Closlng expenses are Includ￿ in thèse accounts.
The work of the Institute in forma1 education is conducted through the Lorelo Education Tiust ILETI, a charitable
Gompariy limited by guarantee established in 2012. The Tiust has embraced the need lo Involve lay Iruslees and
lay officers in sustaining into the future the characlerislic spirit of the Institule's College and schools. Nine of th&
13 tIU5tees 2re now lay and the Board has appointed a lay person as Education Offlcer lo lead the LO￿t0 English
Education Network ILEEN Gioupl which is accountable to the Loreto Education Trust. One ol the IBVM Iru51ees
a¢ls as delegate foi education. Additionally, at least one Sister continues lo serve on both the s¢hools'lcollege's
governing bodies and their various commillees.
LET has established slrong monitorlng and svpport procedures that assure Ihe Institute Trustee5 that the
education offered to our young people is ir) accordance with our objects. Because of the extensive training and
developrnentwork that LET and LEEN have done with staff and governors over the last decade, the Loreto vision
of education and the values that shape that vision are now lully embedded in each of our schools and Ihe college.
Our vision is thal they will be educational cotnmunilies wh2ie each person has the experience of being loved and
valued, cornmunilies where Students enjoy an enriching and liberaling eduGation that helps them lo grow In Ihe
fullness ol life and etnpowers Ihern to be people of courage who ale alive to the needs of humanily anc5 the
environment and commilled lo rnaking a beller world.
In the current year LET has Iocus8d on responding to the Olsled and Di0￿San Inspections of our schools and
college. All bul one were Outstanding. The Trust used ils Quality and Accounlabilily Piocess (agreed some
years ago with the Heads and Goveming Bodies of all establishments) to sel up a StrategiG Monitoring Group lor
one of its schools. This has led to deeper reflection on essenligl information iequired from schools to assist the
Board. As well 85 this, last y&arfs focus 18garding a Commilment to funding ol three development progiatnmes
over two years and the funding of the Lorelo Education OffI￿r for three years initially, wlh a ieview after two is
The schools and college engage in all relevant global ¢oncerns, events and fund-raising activities and have forged
links with Loreto Schools across the world. 018pecilic importance al this liine is our ¢ons¢iousness ol the global
climate. and the In51ilule, schoolslcollege are contlnuing lo put al the foieffonl the Maiy V4krd family 7yr Action
Plan 12021-20281 in relation to our Ca￿ for our cotntnon home and the living out of an "inlegial ecology. in
iesponse to the Pope's Laudalo Si, encyclKal.
Al a limewhen we are yet again suiiounded by the horrors ofwar. cruelty and despicable inhumanity our sludent5
are aware rnoie than ever ol the need foi a just and p8a￿ful world. They conlinue to put Laudalo Si, and
Sustainability al the centre ol their JPIC work. We contlnue to focus on the directives DI our JPIC OlfiGe in Rome
and our UN Office in New York. In our Loielo communities in the UK, the Slsters who are no longer ab1810 work
actively lo promote p8ace and juslico continue lo do so through Iheir Intere51 and prayer.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Mlssion Icontlnuedl
2. Pastoralloutreach Work
The Trustees continue lo make it a ylorily to reach out lo the poor and rnaiginalised in our sociely. Some Slslers
underiake this work in their relliemenl while Iwo Sisleis receive soffle finanrAal remuneration. On8 Sisler works
as Vicai for Religious in a Catholic Diocese. along with work in Canon Law an(1 Safeguarding in Ihe Provin￿ and
is the lead Religious for safeguaiding.
Actlvg retired Sisters conllnue lo work 85 advocates In support of the voiceless lo enable them to secure the help
they ale enlilled lo. in justice, from the slate and other agencies. Several retired Sisters are involved in
community-based piogramtnes and support public inslitution5 in Ihe UK, Including child￿re and family support,
community hesllh¢ar8, general and mental health. and p5y¢hotheiapy. One Sister operates as part of an in18tfaith
chaplainey team in hospital. Addilionally. som& Sisters work closely iii supporting refugees, ssylurn seekers,
rnigranls and victims of internaliondl Irafficking. This work involves Ineeting with, listening to, supportlng and
signposting clients lo the appropriate staff or agencie5 best suited lo address Iheii needs. Thg work also involves
som8 English leaching and helping with basic needs and pioviding translation services wh8re npeded.
One Sister is In ministry in Albania through Mary Ward Lorelo ITegi8teied in Albayial which aims to tiansform the
lives of victims, potential violims and survivors of hurnan Irafficking. The core mi5slon ol Maiy Ward Lorelo is the
eradicalion of human trafficking from Albania, with a specific emphasis on Ihwarting Cases bound lor lh& UK. MWL
operates as a non-profit organizalion, dediGated to comballing this giave issue through a comprehensive th￿e-
fold approach encompassing advocacy, preventlon, and support for PVIVOTS (Polenlial ViclimsNiclims of
Tiaffickingl.
One Sister has recentty returned from minislry In the Philippines Ilnstitute of Formation Fondacio Aslal
where a holistic Program in additlon 10 academic lormalion, introduced students lo the areas of both human and
spiritual development. Catholic Social Teaching became a Iwing iealily when the students experienGed living wilh
f8mili8s, as they engaged in projects amongst the PDof and indigenous ¢omtnunilies in collaboration with Youth
Commissions. Olher opportunilles exposed them to organizations supporting the horneless and families living In
poverty.
As a fflember of the Formation Team. this Si51er was r8sponsible foi introducing the young people lo the Old and
New Teslamenl,. off81ing them experien￿$ using different methods ol prayer., enablir)g Ihetn to lead prayer and
prepare for the weekly Community Mass. As coordinator of the Pasloial Track, she drew on the insights of 'Th8
Joy of Ihe Gosp@I' by Pope Fiancis lor ev8ngelizalion, lailh and calechesis.
One Sister continues working with Revive, a group supporting refugees and asylum seekers, teaching En91ish
eaoh week lo both new arrivals and those who have been in UK several years without ac¢ess to English. Links i
Ihe neighbourhood have been strengthened Ihrough involvement of local church parishioneis and friends. Several
families have invited refugee children lo play with their own children or make monthly contributions to special
needs families.
A few retired Sisters contribute lo parish life as Exlraordinary Minislers of the Eucharisl, Re8ders. Calechists, and
through Iheii support of parishioners and parish initiatives. At an international level Sislers engage with inleiesl
groups esppcially in the fipld ol music. ari and writing. They have a particulai foGus on highllghting cuii8nt Issues
and exploring Ihe spiritual embodied in art. Work is on-going to raise awareness of Mary Waid and the work ol
the Insliluta. Many Sisleis have eslabllshed links with the Mary Ward family across Ihe woAd, and information
and visils lo significant sites ar& facllitaled.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Mission lcontinuedl
One Sister continues to work wilhln the Lorelo Drawn Together ILDTI initiative. LDT offers a speeialisl
Psyehoanalytic parenl-infant psycholh8iapy IPPIPI inteivenlion lo paients and their babies who are struggling in
their new relationship. Thi5 service provides in-peison sessions in a Well-BeiMg cent￿ and an online seivice for
parents and their infants. During the year the 5eNice has furtherdeveloped bereavem&nt inlervenlions for parents
and their toddlers who have expeiienced baby loss. Art therapy interventions have been developed for
etnolionally upsel under-fives. In addition lo their individual work, both the PPIP theiapisls 2nd the Art Therapists
olf8r parenl support sessions foi dislressed parenls. All the therapists engage with the wider network in the a18a
and they ar8 strongly linked with the health visiting leatn and local GP'S. The therapi51s avai5 of appropriate CPD
training and are full rnetnbers ol their iespe¢live piole5sional bodi8S.
Our Sisters. work is noljusl restricted lo IheirGhosen minlstries. Throughout the year. the Membe15 of the Institute
give their time lo assist the poor and marginalised wherever th31 need arises. Many of the Sisters receive no
financial reward for the work they undertak& and which contributes to the overall achievemenl of the charity's
objectives,
3. Nurturing of Religlous beliets and provision of Retreats
Loreto Splrituality Centre continues to adapt, as we strive to meel the need5 of loday's world. A Manager is
mployed lo see to the day lo day running of the Centre and to line tnana9e the staff. Two Sis1815 work lull lime
in the Cenlre, and provide a progratnme ol retrea15 and courses to rneel the spirttual needs DI our lirnes. One
other Si51er, who lives elsewhere. is also involved and cornes to the Centre on a regular basi8 to work on our
18treals.
The events on th8 programm8 include silent individually guided relreats, varying in length from a weekend lo 30
days, preached retreats and Ihemed retreats. Our Holyweek galh81ing is specifically aimed at young people and
families. The Theology Summei School is also a popular event on the Centre Calendar, as is 'sPa￿ to Grieve,
whith ollers support to those re￿￿tlY bereaved.
The Sisters on the spirituality team 8150 tneel regularly with Ihose who ask lor on-going spiritual direclioii. elther
in person or on zoorn, making it Possible lo reach oul beyond geographical boundaii85.
The Centre also offeis hospilalily lo groups who wish lo run their own events some olwhotn are spirituality based
and others of a tnore general nature. Foi exatnple several ieligious congregation8 hald meelings during the year,
as well as individuals and groups ol people in caring minislries who are looking for a period ol respite. Sotne
groups contlnue lo corne annually. One such group is SPANNED Isuppotting People with Addilional Needs) a
group Irom the Di0￿Se of Nollingham. who come for a break with their carers.
In addition, there are a Ilmiled nurnber of rooms available forthose wishing to avail of self-catering f8cllltles.
A large equipped conference room is a150 available for daily events.
To ansure that nobody is excluded for financial reasons, a bursary has been sel up to enable the untsmployed
atKS low-waged to come for relreals and Gourses.
In common with many r81igious congregations the Centre laces the dllemma of tneetlng ever rlslng ¢osls with a
declining income. This shorllall has had to be wet from existing funds, bul action is being taken lo ensure that this
ulilisalion of y8sour￿S is conducted in 8 manner which protecis the lulure financlal security of the works and
membership.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDEO 31 AUGUST 2024
Mission Icontinuedl
4. Oversea5 Activity
The Institule globally has the aitn to advance the religious snd other oharitab18 woik in the Developing World. The
work of Ihe English Provin￿ in the Developing World Is carried oul Inainly through the Teresa Ball International
Solidarily Fund, iegi5tered charity no. 1080521 and Company no. 3914049. a charily under comtnon control. The
mission in Albania is parl of the English Province mission.
S. Govornanee, Structure and Management
terms ol Canon Law, the Institute is governed at an Intemational level by the Instltute Leader and h8r Council
in Rome They are eleGled every eight years at a meeling ol repi8sentatlvès of all the Provinces and Reglons of
Ihe Inslllule. This last General Congregation was held in 2022 and elected a new Institute Leadership Team. At
every Gèneral Congregation the locus lor the nexl eight years is mandated lo Institute Leadership. The mandate
we are cuirently working with has been shown earlier in this report.
In terms of ¢lvil law, the charily is governed by 8 Trust Deed dated 2 Maich 1965 and is registere(J with the
Charity Commission. The Charity Commission nutnber is 250607. The18 is also a new Scheme approved by the
Charity Cornmission dated 28 July 2003, which amends the governlng d￿Ument to 'lhe work ol the English
Province, which in som8 ca88s extends Dutside the United Kingdom.
A new CIO, eharlty number 1202949, has been set up and ￿thin the fi'nancial year to 31 August 2025 all the
assets and liabilities of th8 charity no. 250607 are expected to be Iransferied to the new CIO. A deed of transfer
has been drawn up lor this to happen. The governing document ol both charities provide for ultimate deci%ion
making, including the appointment and retirement ol (ius188s, at the sole discreliori of the Province Leader.
The lay finance manager relired during the year and the position is now occupied by one of the Slsters. A finance
and PToperties Commillee offers assistance to the Trusle8s and Leadership Team.
The pay and remuneration ol the Inslitulg's etnployees. including key tnanagemenl peisonnel, is remewed
annually by the Finance and Pioperties Committee which then makes ils recornmendalions lo the Trustees,
The narn8s of the Trustees on 31 August 2024 are sel out on the attached schedule of ￿gaI and administrative
The Trustees, Treasurer and Financ8 Manager ￿gUlarlY allend seminars arrang&d by COREW (conferen￿ of
Religious in England and Wales), The Association ol Provincial Bursars and various piolessional bodies. in¢luding
the Annual Catholic Conferen￿. to keep abr8a51 of currenl legislation and seGtor developrrents.
AS th9 Instltute's main ministry has traditionally been educallonal all five Iru51ees are GU￿entlY lully qualified
teachers. Some have later tralned in other discipline5 including paslorallpsychotherapylspiritual ministries.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT IGONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Responslbllities of the trustees
The Trustee5 are responsible for preparing the Trusl@es' Annual Report and the linatTrcial statements in
aocordance with applicable law and United Kingdorn Accounting Standards IUni18d Kingdom Generally A¢￿p1ad
Accounting Praclic*l.
The law applicable lo oharitie8 in England & Wales requires the TTU5tees to prepare financial slaletnènts for e8ch
financial yparwhich give a tiue and fairview ofthe slate of affairs ollhe Qh81ity, and ollhe IncoThe and oxpendilure
of Ihe Charity, lor Ihal p8rlod. In preparing these lin2ncial slalements, the Trustees are required to..
select suitabl8 accounting poliae5 and then apply them consistently.
observe the methods and piinciples in the ChariliES SORP IFRS1021'.
make judgements and eslimales that are reasonable and prudent.
slate whether applicable accounting standards have been followed, subjecl to any material departure5
disclosed and explained in the financial statements.
prepare the financlal statern8nts Dn Ihe going concern basis ullless it is inappropriate to presume that the
Charity wlll conlinue in operation.
The Trustees are ie5ponsible for keeping prop8r accounling recoids Ihal disclose with reasonable aeouracy at
any lime the linan¢ial posltion of the Charity and enable them lo ensuie that the lingncial statemenls comply wilh
Ihe Chaiily's governing documenl, the Chaiilies Act 2011. the Statem8nl of Recommended Practice.. Accounting
and Reporting by Charilies preparing the aocounts in accordance with the Financial Reporting Standard appli¢abl8
in th8 UK and Republic of Ireland IFRS 1021. the Financial Reporting Standard applicable in the United Klngdom
and Republic of Ireland IFRS1021 and UK Generally Awepted Accounting Praelice.
Structure and Management Reporting
The Tiustees are ultimately ￿sponSible for the policies, activities, and assets of Ihe ¢h8rily. During this year there
were live Trustees. The Province structure is composed ol 8 Piovince Leader and two CoMsult015. There is
Malron who takes respon51bility for Ihe cale of the sick elderly sisters and the Province Leader and her Consultors
keep in contact with the Sisters working around the counlry. The Leadership Team meets monlhly for the care ol
the Province lo r8view minist11&5 and to discuss forward planning. The finance manager reports Monthly lo this
meeting on the ourrenl financial state of the Province and at otherad hoc intervals al the r8quest of the Leadership
Team lo provide financial input lo decision making.
The Trust8es, ol whom Ihre8 make up Ihe Leadership Team, meets with the Flnance and Properties Comrnittee.
The purpose DI Ihis comtnillee is lo advise Ihe Leadpiship Tearn on all mallers relating lo finance. land and
buildlngs. When necessary. the Trustees seek advi¢0 and suppori from the charity's professional advi88rs
including property consultanls,1nvestmenl managers, 12wyer5 and a¢¢ounlanls. The day-to-day management of
th6 chaiily's a¢livilies. and the imp18mentation ol policies. is delegated to the appiopiiate members of the Institute
and to senioi stall.
Th8 day-to-day responsibility for the schwls lies with the Headleachers and governors, and mernbers of the
Instilule ale on all the governing bodi8s. The day-to-day management ol both our Loreto Spirilualily Centre and
Lorelo House is caiiied out by our two lay managers.

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES. ANNUAL REPORT ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
Working wlth 0th8r organisations
Through its member5 the charity woiks closely wilh other charities and oig8nisations which include the following..
Roman Catholic Dioceses
Jesuit Spirituality Centres In Britain
Local education authorities
Educational establishtnents
other Religious Congregations
Caritgs Albania
Mary Ward Loreto Albania UK
Caritas En9land and Wale5
Salvation Army
CSSA (Catholic Safeguarding Standard5 Agency)
RLSS (Religious Life Safeguarding Servi¢p.I
Northwe81 Religious Orders Safeguarding Netwod( Support Group
National Health Seivice
FondaciD Asia- Philippines
Anawim Arts- Canada
Rlsk Assèssment statement
The Trustees manage ii5k by reference to both long established. do¢umenled piocedures and systems of control
and Wfrent Charity Commission guidanc8 on best piaclice. The Trustees believe that 811 major iisks have been
identified and reviewed 8nd that syslem5 and pr￿edureS 3re in place lo manage Ih8se risks. In carrying out their
ass8sstnen( th8 Trustees h8ve identified five main areas where risks may oc¢ur'.
Governance and Management
2.. Operational
3.. Financial
4.. Repulalion
5.. Laws, regulations, external and environmenl
Governance and management look at the structure ol the Instltute, and hence the charily, and the skills and
training ol its members and staff. and the good use ol its r8sources.
2.. Operatlonal looks al the ￿Sk$ inherent in the charily's aclivitles including the operation of ils 5choolslcollege,
and Loreto Spirilualily Cenlre.. Sisterslstaff engaging in various activities, the unsuitability of buildings. pool
maintenance, shoticomings in the services provided, difficulties wilh staff, poor health and safety. lack of a
disaster recovery policy elc. When acting in their capacily 85 school governor8, the Trusl8es and Sisleis are
reqUI￿d lo iegulaily attend training courses and seminars, particularly ¢on¢eming safeguarding, but also risk
assessment ggnerally.
3.. Financial risks include those ar15ing as a ie5uIt of poor budgetary control. poor accounting. in8ppropriale
investment policies etc. Financial risk also extends to the secLJrity of the Inslitule's future income streams, in
particularlhe receipt of pensions and salaries which currently a¢count for 83Q/o ol Province Fund income. This
aspe¢l of risk 15 an Important factor in the production ol the Institule's strategi¢ plan. The Institute manages
it5 finan¢ial affairs by reference to an annual budgel, p&rformanc8 against which is monitored by the tiuslees.
-10-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES. ANNUAL REPORT ICONTINUFDI
FOR THE YEAR ENDED 31 AUGLIST 2024
Rlsk Assessment statement Icontinu8dl
4., Reputational looks 81 possible datnage lo the Instilule's andlor charills repulatlon. We lake the issue ol
safeguarding exlieTnely seriously.
In line with slalulory requirernent5, the Trustees recognise the absolu18 nece5Slty of ensurlng the proleclion
and safely of all those the charily serves. All Si81e18 who are in any klnd ol ministry in the United Kingdorn
obtain Di5cID5ure and Barring Service clearance as do the staff al Loreto House. Our Safeguarding Lead
keeps abreast ol Instilule and statutory policy and controls Ihe DBS checks on Slsters and employees. The
Safeguarding Lead also ieporis annually lo th8 Leadership Team. Safeguarding is a topic on all Piovinc& and
Leadership MeBlings agendas.
After much delay, the CSSA (Catholic Safeguarding Standards Agency) issued their contract for members
which we 51gned in March 2023. At the Provin￿ gathering in September the Safeguarding Trustee gave a
poweipoinl pr&senl8tion with input on CSSA, RLSS (Religious Life Safeguarding servi￿). the eight 5tandaids
including how lo r85pond lo an allegalion and on the safeguarding audit. Members attended Ihe RLSS AGM
and the CSSA held a zoom meeling be¢ause ol Iheii concern Ihal their conlracl was not'filting Ihe purpose,.
This was allended by our Safeguarding Lead. Since then she has been preparing the self-as5es5menl form
and required evidence lor when we are gwen an audit dale. Sh8 has also ensured that all DBS are renewed
as required and ale up lo dale.
There have be8n no allpgalions or concems.
5.. Law5, regulations, external and environment look at the effects of gov8mm8nt policles, the consequences
ol non-compliance with laws and regulations and pool risk assessment in the charity's e8lablishm8nts.
Thework ollhe Tiustees In assessing and minimising expo8ure to iisk is suppoiled by the Province Treasur8r
and Finance Managei. They are members olthe Association of Provincial Bursars, an associalion sel up over
thlrty years ago lor Bursars ol Religious Congregations both Catholic and Anglican. and through this
Association they keep up lo dale with current legislation and developments. Furthermoie. they and many ol
the sisters attend courses In support of their tninistry or Institute management. These courses are either rijn
by the professlonal bodies of which they ar8 members or other appropiiale oiganisalions.
The Institute is GDPR compliant and annually reviews ils Cyber Security Policy.
In conducting their assessmonl, the Trustees necessarily gave due iegard to the deGlining numbers of Inslilule
members and the iising avèrage age ol those who remain. The main sources ol income lo the Instilute are tho
pensions and salaries of the sis18is and as they grow older Ihis in¢om8 15 inevitably deollning.
Additionally, the payroll costs currently being incuir8d will increase as more people are emp5oy8d lo undertake
work now being carried out on a voluntary basis by the Sisters. The Trustees have ensuied that procedurès and
controls are in place lo pro18Ct the pioperty and investment assets ol the Instltute so that linanaal resource8 are
available into the futur8 lo mee( additional funding requiiernen15 re5uI(ing from this ageing process.
-11-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Care for Members of the Institute
Those members of the Inslilule who earn salaries or receive penslons covenant them lo the ¢haiity and therefo
have na independent means ol support. Many also give their service8 flee in their various ministries and continue
lo do so well beyond ietlremenl age. Hence the work ol the charity Includes lh8 upkeep of the rnembers so thal
they will be gbl8 to continue in their servic8 to the public.
Additionally. Ihe chatily must also caie lor the elderly tnembers of the Institute who are now thetnse1ves in need
of care. These Sisters have no resources of their own and have devot8d their whale lives to Ihe educational,
pastoMI, soclal and olhei tninislries of the Inslitule, which now has a rnoral and legal obligation lo piovide for their
Care. In common with many religious congregalions in the United Kingdom, the age prolilp of the members of the
Institute 15 increaslng as exi81ing mernbeis grow older and there are no new vocations. As the age profile
increases $0 too does the need to piovide increasingly expensive care for the Sisle15, a cost which is boine
almost ￿elUSIve1Y by the charity since. as members of a religious ¢ommunity, W8 ale not entitled to olaim certain
benefits from the stale e.g. pension credit.
In the past twelve rnonlhs four Sisleis have died.
There are 31 Slsters in th8 English Province, and they live and work in several localions 8cross England. Scotland
and Wales. One Sisler works overseas while another ha5 re￿ntlY r8lurned from the Philippines.
The Irislitule has established Powers of Allorney for 811 It5 Sisters lo ensure that their wishes continue to be
followed should they become incapacitated through ill health and unable to make deGisions lor themselves.
Overthe next decade the Tiuslees expeol the number requiilng care to increase. Consequently, the Trustees ale
carefully considering the impact of this on Ihe work ol Individual Sisters of the Inslitute, the properly ￿qUirementS
and the financial irnplicalions. Thè aims of the Trustees are as follows:
To ensure th81 all Sislers r8ceive the care Ihat they require to provide them wilh a good quality of life. To
review the ¢harily's properties used as community house5 and assess Iheir suitability as hornes for the flail
elderly. Those identified as being un5uilable will need to be adapted or. if thls is not posslble, sold and
repla￿d with tnore appropriate properties.
To enaL)le all rnembers of the Institute to continue with their tnlnistries and live independently for as long as
possible 2tt8r their offi(y81 ietiremenl age.
We continue to provide ¢are foi our elderly and frail sisters in Loieto House under the direction ol our experientsd
M8lron and her dedicated learn. Sisters receive around the clock care, tailored lo their needs, aimed at enabling
independence ltsras long as possible. Situated as il is. close lo our Lorelo Spirituality Centre, il enables our eldedy
sisters to connect with ministry which is central lo Ihe mission of the Instilute,
Employees. Volunteers and Members of the Institute
The Trus16es wish lo record their recognltion of Ihe piofessionalism and committnenl of all their staff, volunteers
and Ihose Sisters of the Institute who are involved with ils adtnini51ration
wilhoul Iheii conlribulion the charity
would nol be able lo function as effectively or lully as it does. Their dedication, enthusiasm and active participation
in our ministry is very rnuch appreciated.
Grants, Donations and Support of Mi55ionary Work and Ministry
Grants, donations and other payments in support of ministry are deGlded on by the Trusl888 in consullalion with
the rnetnbers of the Inslilule as 8pproprial8. While the Trustee5 give occasional gUPPOrt to United Kingdom based
organisalions and lo individuals within the obje¢ls ol the charily. the Gharily doas not regard ilsell as a 9ranl
making entity and applications foi grants and donations are not invited.
-12-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES. ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGLIST 2024
Fundraising Policy
The charily has undertaken some stnall-scale fundraising activities during the year. All fundraising aGlivilies have
been undert8ken in accordall￿ with the applicable regulations. The charity does not work wilh comTher¢ial
pariners and has received no ¢omplaints In relation to Ils lundrai5ing actiwilies.
Investment Policy
The charlty has a portfolio of investments wlh a market valLJe of £1,914,57512023.. £1.757,4251 managed by Iwo
long established stockbroker firms with much experience In investing funds loi charitable organisations- Investe¢
Wealth and Investment Limited and Hedley & Co. Both firms operate within specific guidelines, which are sel out
and regularly reviewed by the Tiustee appointed Inv8strnent Committee. The Investment Cotnmltlee in turn
reports twi￿ annually lo the trustees. There are no restrlclions on the oharity's power to invest.
As well as Ihese investments a further £998,02712023.. £149,806) is held on special deposits to be recalled when
n88ded lo meet our contingent liabilities and planned works.
The POTffolios repres8nt a long term investment with Ihe obj8ctDie of geneiating a re81 ieturn from capital together
with a certain level ol income. Because the Piovince needs to draw down funds monthly lo meet expenditure and
in order to ensure that Ihg investmenls are given every chance 10 9row one investment portfolio was cashed in
and the proceeds put into a high interest bearing liquidily fund so th9t the monthly needs of the Provin￿ can be
taken out of this rather than the inveslrnenl portfolios thus giving il 8 greater chance to grow and meet the luture
needs ol the charity. One properly was also sold during the year and the pro￿edS divided between the Liquidity
Fund and the inveslm8nt porllolio.
The Charity requires Ihe investment manager8 to have r9g8rd to ils elhlcal s¢r8ening policy when rnaking
invesltnent decision5. In addition lo specifically exdLEding some areas of inveslmenl (for example in any
companles having slgnilicanl pmfils from aimaments, gambling or life delerminationl the policy also requires the
managers to avoid investment in ¢ompanies with continuing issues of @xploitation of its Workfor￿ or deprivatio
of human lights. being activities contiary lo Christian objectives. The scieening piocess adopted by the Charity
is an independent service provided by Ethical S¢ieeniny Seivicès Ltd bul operated by Inveslec Wealth and
Inveslrnent Litnited. The adoption of this screening process is applied lo bDth inveslrnent portfolios.
The investment commillee rneets several times duiing Ihe year lo review the PErformance of Ihe portfolio and the
continued approprialene5s of the ¢harlty's investment strategy. The investment manage15 attend Ih85e meetings
lo pr8sent a forrnal repori on an ad ho¢ basis bul at least annually.
The investment strategy is to achieve a balanced return from incotne and ¢8pllal growth by referenc8 to
recognised charity sector benchmarks subjed lo a medium risk portfolio structure.
AGhievements and Performance
Financlal Review
Re$ult5 for the year
Ouring 2023124 incomlng resources amounted lo £1,317.09812023'. £2,350,855). Of this total, £275.79012023.'
£1,216,773) related lo fee's ￿ceiV￿ble at the retreat centre land in 2023 the preparatory school as welt) and
leg8ci8s received atnounted to £nil 12023., £103,075). Salaries and pensions of the sisters covenanled lo the
charity amounted to £933,44212023.. £815,761), the incr&ase being mostly due lo a reti￿rnent lump sum of
£171,240. Inveslment Income and inlèresl received lolalled £60.78312023.. £77,309). This is 8 21.4'h deciine in
investtnenl in¢orne12023.. 4.8UAI.
-13-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES. ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Results for the year l¢ontinuedl
Resources expended lolall&d £1,847,60312023.. £3,387.6551 a decrease 0145%. Slgff costs at the retreat cenlre
still represent a significant PFoporiion112Dhl ol total expendiluie, amounting lo £215,15712023.' £911.7621.
Expenditure on mainl8ining the members of the Inslilule and supporling Ihern in Iheir pastoral work and ministry
lotalled £1.599,541 12023.. £1,676,529) repiesenling a decrease of SOA. 01 this, th8 running cosls and
maintenance ol buildings w81e £503,46812023.' £606.5541 and carers, payroll and nursing costs were £637,415
12023,. £545.2791. Expenditure on govemanee and the fees paid to the charity's investment managers amounted
to £11Jf,81712023.. £85,606).
Investment values picked up in 2023124 resulling in a galn of £143,14912023'. £6,554 g8inl.
Fk¥ed assets were revalued in 2023124 resulting In a loss of £4.097,47012023.' £nill. As noted in Note 12. this
impairrnent rellecls Ihe charily's agreement to se11 part ol ils land to a third party, with the land and associated
property being Ernpal￿d lo the 8xpected sale proceeds. The remaining pioperty. which the chaiily plans lo retain
for ils own use, ha5 been impair8d based on ils ievised insurance valuation. The Trustees believe this provldes
a fair represenlalion of the value ol the 18malning site, in the absence of a formal valuation.
N8t tnovement of funds for the year was an outflow of £4,484,82612023.. £1.030,2461.
Funds to carry out the works of the charity come from various sources..
SFA and YPLA in the Sixth Form College
LEA and DfE in Ihe Iwo aided schools
Donations from those who come to the retreat centre
Donations rec9ived speeilically foi the tnission in Albanla
The salaiies and pensions of the membeTS of the Inslilule
Incorne from Investmenis
We are not a fundraising Charity, although our mission in Albania seeks funds from indiwdual donors based on
generaling awareness bul does not undertake general advertising campaigr)s.
The Institute has a corntnitmenl to make contributions to the 5¢hools and college. particularly regarding the
malntenance of their ehapels where other sources ol funding are not available. and some of the lunds on deposit
are reserved foi thi5 purpose.
Functional property belongin9 to the Inslilule h85 been included on the Balance She8t at Trustees, valuation in
1996, which was achieved with help from professional advisers. The s¢hool's element of this valuation has since
been revalued, 8nd each year we wnsider whelher any irnpairment provision is required.
Reserves Pollcy
The reader will see from the information given that the chaiily carries out 2 dwetse range of activities and is
re8ponslble for the care and support of sisters whose average age is increasing and whose needs are changing.
The Iruslees have examined the n&ed forfree reserves l.e., Ihose uniestricled funds not invested in tangible fixed
assets, deslgnaled for specific purposes 01 olhenvise ¢ommitlèd. For several years the charity has looked lo Ils
assets lo make good shortlalls of income from expenditure by pioviding the necessary funding to maintain
liquidity. The tiuslees consider that. given the nature of the charily's work. ils winmilments and the age piolile ol
ils mernbers, this funding requ1￿Ment will Gontinve into Ihe foreseeable fulure and therefo￿ it15 unlikely that
uncommilled resetVES will become available.
Financial P051tlon
The balance she81 Shows total reserves of £13,384,682 12023.. £17.869,5081. Of this £10.204,985 12023..
£15,643,592) is represented by properties and other langiblg fixed assets essential for the support and WDrk ol
th8 sisters.
-14-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES. ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Flnancial Position Icontinuedl
The Institute has divided it5 unrestiicled assets into two designated lunds..
1. Province Fund to support the Sisters in their work as they give their services voluntarily and to c8re lor
Ihern when they are sick and ag@d. The value ol thi5 fund is £10,547,92312023.. £10.960.9411 ol which
£7,445,30412023.. £8.786,4411 represents tangible liyed assets. The nel ¢uirent assets of the fund ale
£971,95212023.. £1.038,3921. Shorllalls of income to TMe@I short term operating requirernenls Continue to
be m81 from inveslment realisalions.
2. Ministry Development Fund- to support ourschools. eslablishmenls and olher charitable donations made
for the public benefil wilhin the terms of our governing document. The value of this fund is £1,931,284
12023.. £6,112,881) of which £2,759,681 12023.. £6,857,151) represents tangible fixed assets. The net
current assets ol th8 fund are £828,753 in delicit12023.' £744,626 in delicill, the increase being due to
further costs in respect of Ihe closure of the preparalory school.
Future Plan5
The tFUStees have Tesolved lo modemise their sttuclure by changing the forrn of their operating document trom
Irust deed lo one of Charitable Incorporated Organisalion. Thè new Charity has been iegistered and plans to
eonvert advanced pending the completion of registered land Iranslers.
The tiuslees have further iesolved lo an operational merger under a CanDni¢al Fusion with Ihe Congregation of
Jesus but plans foT this mer9er rernain al an early stage. The chaiily is cuiielltly Continuing to operate as an
Independent charity, Iiul there is an agre8ment to work closer logelher with the Cong￿gation ol Jesus and
potentially merge in the future.
Vthilst the Trustees do not anlicipate any significant change to the charity or its activities over the nexl two to five
years they aTe eonstanlly r8viewing works of the Institute in the light of a changing world and its own ageing
membeiship. To that end the membership continues lo review ils rninislry works for thE nexl ten years and how
Ih2y will be a¢hieved and provide public benefit. Thè Trustees opinion is Ihal the Charity will conlinue to piovide
public benefit by continuing lo meet the lollowlnu objectives..
To coHllnue to be Ttustees lor two Loreto schools and a Lor8to Slxlh FOTM College.,
To continue the development of Loreto elhosat Loreto Chodton and lo contlnue the promsion of Lorelo Slsters
as foundation goveinors..
To continue to provide training lor its School gov8Tnors',
To continu8 10 5UPPOrt olher schools.,
To continue to control Loreto Education Trust. a cornpany limited by guarantee and established to manage
the operalions of the schools and college whilst at the same lime continuing the ettrK)s ol Mary Ward into tho
future.,
To continu8 to develop new proje¢ls which deliver public benefit such as the Lor810 Drawn Together Project.,
To contiriue with ils pastoralloulreach work at several localions across the country.,
To continue the development of the Lorelo Spiiilualily Centre in Llandudiio.,
To maintain and increase awareness of the religious 18nets of ils founder, The Venerable Mary Waid.,
To continue lo care for the Sisleis and enable them to caiiy out Iheir vaiiou5 ministries where they will
continue lo r&ach out to the poor and maiginalised and the victims of tiaffioking.,
To meet the iequiremenls ol the various stalutory bodies.,
To continue lo employ high quality staff and to ensure they are given appropriate and relevant training.,
To support the work of the English Province in Albania.,
To rnonitor the n8ed5 of Ihe sisleis as they 9row older and, if necessary, adapt the charily'5 plans in resp￿{
ol property needs and the proirision of c8re to elderly members..
To Continue lo work with church and slatulory bodies lo ensuie Ihal profosslonal standards in relation lo
safeguarding are maintained.
To conlinu8 lo enGourage new membershlp.
-15-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
TRUSTEES, ANNUAL REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Futiire Plans Icontinuedl
To continue the conversion ol the Charity to a Charitable Incorporated Org8nisalion, having established the
new body in the prior year.
Howeverlo ensure that SLffti¢ienl funds continue lo be available lo carry out the works ol the Charity the Truslees
wlll carry out a review ol incotne and expenditure and tnake decisions accordingly.
Audltor
Following the merger ol MHA fvloore & Smalley wilh MHA, the charfty's independent audilor has now be¢oN8
MHA. A resolution lo reappoint MHA as independ8nt auditorwill be proposed al the next Annual General Meeting.
Approval
The Trustee's report was approved on .
and was sloned on Iheir behalf by..
Miss J Bromham
Trustse
-16-

INSTITUTE OF THE BLESSED VIRGIN MARY
COiVIMONLY CALLED THE SISTERS OF LORETO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2024
Opinion
W6 have audit8d the financial statement5 01 The Institute of the Blessed Virgin Mary Cotnmonly called The Sisters
of Lorelo Ilhe 'Charily'l for the year ended 31 Augu512024 which comprise the statement of financial aclivitles,
the balance sheet, the 5talement of cash flows, and the noles to the financial statements, including slgnilicant
accounting policies. The finanoial reporting framewotk that has been applied in their preparation 18 applicable law
and United Kingdom Accounting Standards. including Financial Reporting Standard 102 fhg Finan￿8￿ R8porting
Slandard applicabl8 in the UKandRgpublic alltsland Iunlled Kingdotn Generally Accepted Aceounling PraGII¢81.
In our opinion the financ1al stalernents..
gSve a true and lair view of the stale of the Chaiily'5 affairs as al 31 August 2024 and of its incamlng resources
and appllcalion of resources. induding 118 income and expendilurg, for the yearthell ended..
have been properfy prepared in accordan￿ with United Kingdom Generally A￿pted Accounting Praelioe.,
and
have been prepared in acGordanc8 with the requlremenls of the Charili&s Act 2011.
Basls for oplnio
We conducted our audit in accordanee wilh Int8rnalional Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those slandards are further described in the auditors responsibilities for the audit
of th8 financial statements section ol our reporl. We are independent of the Charily in accordance with the ethical
requirernent5 that are relevant lo our audil ol the financial slalemenls in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our olhei ethical responsibilities in a¢coid2nce wilh these requir8tnenls. We
believe that th8 audit eviden￿ we have oblained is sufficienl and appropriate lo provide a basis for our opinion.
¢on¢lusions relating to going concern
As explained In note 20, the trustees intend lo transfer the whole of the eharitable Irust into a'charitable
Incorporated Organisation ICIOI,. In undertaking our going concein assessment, we have considered the
application of the requirements ol th8 8ccounting standard to the circumstances ol the Chaiily. As an
unincorpoiated Charity, this is not a separate legal entity and, as Ihe intenliDn is foi the ¢h3rilable aclivilies to
continue through the CIO, we have concluded that the Iruslees, use ol the going ooncein basis in th8
preparation of th& financi31 stalemenls remains appropriate.
Basod on the work we have performed, we have not identified any material uneertainlies relating to events or
conditions that individually or collectively, may ¢ast significant doubl on the Charity's abllity to continue as a
going concern for a p81iod olal least twelve tnonlhs from when the financial slatetnents ale authorised lor
Issue.
Our responsibilities and the responsibiliti&s of the tru$l6es with respeGt to going GOn￿M are described In the
relevant sections of this report.
other Informatlon
The other information cornprises the information included in the Iruslee's annual report. other Ihall the linanaal
slalements and our auditor's report Ihereon. The Iru51ees are responsible foi the oth8r information contained
within the annual repori. Our opinion on the financial slatem8nt5 does not cover the other informalion and w8 do
ttot express any form of assurance conclusion thereon.
Our responsiblllly is lo read Ihe other information, and, in doing so, consider wh81her the other informalion is
malerially Inconsistent with the financial statemenls, or our knowledge oblained in the course ol the audit or
olherwlse appears to be rnaterially wis51aled.
-17-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
Other informatlon l¢ontlnuedl
If we identify such tnalerizl Inconsistencies or apparent rnaterial misslatemenls, we ale required to determine
whelhei this gives rise to a material misslaternenl in the linan¢ial slalements themselves. If, based on the work
we have performed, we conclude that there is a material misstaletnenl ol this other information, we ale required
to ￿port that fact.
We have nothing to report in this regard.
Matters on which we are required lo report by exceptlon
We have nothing to report in respect of the following rnallers in relation lo which th8 Charlties (Accounts and
Reports) Regulations 2008 requi￿ us to report to you il. in our opinion..
the information given in the trustees, annual report is in(x)nsistent in any material respecl with the financial
slatements., or
sufficient accounting records have not been kept,. or
the financial slalemenls are not in agreement with the awounling iecords., or
we have not ￿ceiVed all the inloimation 8nd explanatiDns we requi18 for our audlt.
Responsibilities of trustees
As explained more fully in the Iru51ees' iesponsibililies slalemenl sel out on page 9. the twslee8 ale iesponslble
for the preparation of financial statements which giv& a Irue and fair view, and foi such internal control as the
Iruslees determine is necessary lo enable the preparation ol financial stalernenls that aE free from m8terfal
misstatement, whether due lo fiaud or error.
In p￿parIng th8 fiTranclal stalemenls, the Iruslees ale responsible for assessing the Charily's alilily lo continue
as a going COn￿rn, disclosing. as applicable, tnatlers related lo going COn￿rn and using the going concem basis
of ac¢ounting unless the trustees either intend lo liquidate the Charity or lo ceas8 opeiatlons, or have no realistic
allernaliv8 bul lo do so.
Audltors responsibilitlès for the audit of the financial Statements
Wè havE been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wilh
the Act and re18vant ￿gUlationS made 01 having effect thereunder.
Our objectives are to obtain reasonable assuranoe aboul whether the financial slalernents as a whole are free
frorn material misst81emenl. whether due to fraud 01 error, and to issue 2n audilorfs report that includes our
opinion. Reasonable assurance is a high leve10l asSumn￿, bul 15 not a guarantee that an 8udil conducted In
accordance with ISAS IUKI will always delect a material rnisslatemenl when il exists. Misslatetnents can arise
from fraud or error and are considered material il, Individually or in the aggregate, they could reasonably be
8XP8Cted to influence the economic decisions of users taken on the basis of these financial slalements.
Irregulaiilies, induding fraud, are instances of non-complianoe with laws and regulations. We design procedure5
in line wilh our responsibi1ilies. outlined abov8, to detect material misstatements in respect of irregularities,
induding fraud. The extent to which our procedures are Capab￿ of detecting irregularities, including fraud is
detailed below..
Enquiries with tnanagement, about any known or suspected instances ol non-eomp1iance with laws and
regulalions and fr8ud'.
Challenging assumptions and judgernents made by managernenl in their significant accounting
estimates, in particular in relalion to lulure performanee of the Charity,.
-18-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
INDEPENDENT AUDITOR'S REPORTTOTHE TRUSTEES ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Auditing the iisk ol management override ol controls and subsequenltgsllng, Includin9 Ihiough testing
journa1 enlrles and other adlustmenls lor approprlateness.,
Auditing the risk offraud in incorne byway oltran5action testlng. testing incom8 recognition IT) accordance
with SORP, and testing foi completeness of income around th8 year end.
Reviewing board mlnutes.
B6cause ot the inherent limitations of an audit. there Is a risk that we will not detect all irregularllies, includlng
Ihose18adlng to a maleTial mlsstatemenl ID the financial slatemenls or non-compliance With regulation. This risk
increases the more that compliance with a law orregulation Is removed from the evgnts and transadions refiected
in the financial Statements, as we wlll be less likely lo become aware of instances of non-cornpllance. The risk Is
also gr88ter regarding iri8gulaiSlies occurring due to fraud ralh9r than error. as fraud involves intenllonal
concealment, forgery. collusion, omisslon, or misTepTes8ntsllon.
furth8r
description
our
resPOll51bllllles
av8i18ble
on
the
FRC'S
al.. hll s'.IlwvM.Irc.or
.vkl udltorslaudit-a
surancelaudilor-s-res
nsibilities-fof-1he-8udit-of-the-filde
th
-auclilor/oE2°h
0%99s-res
onsibililles-lor.This desciiptlon forms parl of our 8udilor's report.
webslte
ion-of-
Use of our report
Thls report is made solely to the Chaiity's trustees, as a body, in accordance wlth Part 4 of th8 Charilles
(Accounts and Report81 Regulations 2008. Our audit work has bèèn undertaken so thal we might stats lo the
Charity's tiustees Ihose rn811grs we are requirèd lo slate to Ihern in an 8udilorfs report and for no other purpos6.
To the fullest exlenl pemilted by law, we do not accept or assume responsiblllty to anyone olh@r than the
Charity and the Charity's Iru5tees as a body, for our audit work, for Ihls report, or forthe opinions we have
fomied.
tUF
MHA
Statutory Audllor
14 Mannin Way
Lancaster Buslness PaTk
Lancaster
Lancashire
LA13SW
MHA is Ihg Iradingname ofM8clntyts HudsonLLP, è Ilmll&dliabililyp8rtnetshlp in England8nd Wales (rwstergd
niNnb8rOC312313)
-19-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
Rastricted Unre5trl¢ted funds
fund5
Mlnistry Province
Total
2024
Total
2023
Note
Income from-.
Donations and legacies
InveslNEnts
Charitable actiinties
Omer
15,8Y2
19,261
6,097
9,073
275,790
943.5S2
32,449
965,521 1.Q56.773
60,783
77,309
275,790 1,216,773
15,004
2,320
12,684
Total Income
37,453
290,960
9B8,685 1,317,098 2,350,855
Expendlture on:
Raising funds
Charitabk acti￿ltieS
3,917
18.799
889
8,288
13,094
25,919
368.364 1,447.346 1.834.509 3.361,736
Total expendlture
22,716
369.253 1,455,634 1,847,603 3,387.655
Nèl gain51llosse81 on investments 10
Net gain$lllosses1 on revaluation
ol fixed assets
95,052
15,8341
14,097.4701
53,931
143,149
14,097,470)
6,554
Net IncomellexpendKturel
before transfers
109,789 14,181,5971 1413.018114,484,8261 11,030,2461
Transfer be￿￿ell funds
N8t movement in funds
109,789 14,181,597) 1413,0181 14,484,826) 11,030,246)
Reconcillatlon of funds..
Total funds brought forwHrd
79S,686 6,112,881 10,960,941 17,869.508 18,899,754
Total funds Carried forward
905.475 1,931.284 10,547,923 13,384,682 17,869,508
All income and expenditure derive from ¢ontinuing aclivitles.
All gains and losses recognised in each perlod are included abave.
The notes on pages 2310 43 form part of these linatTrdal slatem&nts.
-20-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
BALANCE SHEET
FOR THE YEAR ENDED 31 AUGUST 2024
RÈstrlcted
funds
Unrèstrlcted funils
Milli5try
Provlnce
Total
2024
Total
2023
NtstÈ
Flxed assèts
Tangible assets
Inltstments
12
13
2,759,681
356
7,445,304 10,204,985
2,130,667
2,912,602
15,643,592
1,907,231
781,579
781,579
2,760,037
9,57S.971 13,117.587
17,550,823
Current assets
Debtors
Cash at bank and in hand
14
15
2.410
19,491
34,151
39.524
38,651
214,753
75,212
273,768
53,198
529.428
21.901
73,675
253,404
348,980
682,626
Credltors arnounts falling
due Vvithin year
16
14,50SI
129.1961
148,1841
181,8851
1263.9411
Inter-fvnd debtors I IcredStorsl
106,500
873 232
766,732
Nel current assets
123,896
1828.7531
971,9S2
267,095
318,£85
Net assets
905,475
1.931,284
10,S47,923 13.384,6B2
17,869,508
Funds..
Restricted ￿ndS
Uniestri¢ted funds..
D8signated- Ministry fund
Designated - Pro¥ince fvnd
18
906.476
906,475
795,686
1,931,284
1,931,284
10.547,923 10.547,923
6,112,881
10,960.941
Total funds
905,475
1,931,284
10,547.923 13,384.682
17.869,50B
These accounts we18 approved by the Twstees and authoris8d for issue on the
signed on their behalf by..
£7h21202&
anda
J Bromham . Truslee
K Hewitt. Trustee
The notes on pag8s 23 to 43 form part of these financial statements
-21-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
STATEMENT OF CASH FLOWS
FOR THE YEAR END 31 AUGUST 2024
Total
2024
Total
2023
Cash gÈneratedlluseill In operating aGtlvltles
11,067,OS61
11,191,368)
Cashflows trorn Investing actlvltles
PayrrEnts lo acquire tangible fixed assets
Receipts from sale of tangible fixed a85ets
Payments to a¢quir8 in￿SIMents
Rec8ipts frotn sale of investments
Invèslm8nt Income
119,7061
1,655.570
1709,395
695,394
37,754
1235.5941
14,464
1162.2611
1,375,448
71,991
Ca5b provld8d byllused Inl Inve5tlng actlvltles
1,669,617
1,CN.048
IncrèasellDecreasel In cash and cash 8qulvalent5 In the year
692,561
1127,3201
CEsh and cash equivalents brought forvrdrd
679,234
806.554
Cash and cash equlvalents carrled forward
1,271,795
679,234
Con51Stlnu of..
Monies held for in￿strI￿nt
Cash at L>ank and in hand
998.027
273.768
149.806
529,428
1.271,795
679,234
Rectsn¢llSatlon of net wnovement In funds to net cashllow from operatlng actlvltles
N81 lexpenditurel for the year
In￿stMent incom8 rec8ived
Lossllgainl on dispo8al of tangible lixed assets
Lossllgainl on revaluation of tanglble fixed a55ets
Lossllgainl on Investrrtsnts
Depreciation
t)e¢reas811increa5el in debtors
IDe¢rea$ellincrea5e In ¢rgditors
14,4B4.8261
137,7541
1306,8301
4,097,470
{143,1491
12,103
122,0141
1182,056
11,030,248)
171,9911
2,763
16,5541
717
62,583
1148,6401
Net cash generated In op&ratlrbg actlvStle5
11,067,056)
11,191,368)
The notes on pages 2310 43 fortn part of th85e financia5 slal8tnents
-22-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Accountlng policies
Basis of preparation
The Instilule ol the Blessed Virgin Mary Commonly Called The Sisters of Loreto is a charity register&d in the
United Kingdom. The 2ddres8 of the charity, the natu￿ ol ils operations and ils principal activities are all
detailed in the Tiustees, annual report of these financial statements.
The ¢h8rity conslilules a pub11c benefit enlily as defined by FRS102. The financial statements have been
prepared in accoidance with Ihe Statement ol Recorntnended Praclice.. Accounting and Reporting by
Charities PTeparing their accounts In accordance W￿th the Financial Reporting Slandard applicable in the UK
and Republlc ol Ireland IFRS 1021 and the Financial Reporting Standard applicable In Ihe United Kingdom
and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally A¢￿PIed Practi￿.
The financial statements have bpen prepared on a golng concein basis under the historical cost convention
as modified lo include certain ilerns at lair value. The financial statements are prepared In sterling which is
the functional currency of the charlly and rounded lo the nearest £.
The financial slgtements have been prepared to 9ive a 'lrue and fair, vi8w and have departed from the
Charities IAccoullts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and laif
view. This depariure has involved following Accounting and Reportlng by Charilies preparing Ih&ir accounts
in accordance wilh the Financial Reporting Standards applicable in the UK and Republi¢ of Iieland IFRS1021
issued on 16 July 2014 rather than the Accounting and Reporting by Chaiities.. Stalemenl of Recommended
Practice &ffeclive from 1 April 2005 which has since been wilhdrawn.
The sigr)ificant accoLinliw polici9s applied in the preparation of these flnancial slatetnents are sel out b810w.
These policles have been conslstentty applied to all years presented unless olherwlse slated.
Going Goncern
As explained in note 20'Ch3dtable Incorpoiated Organisalion conversion, to thè fIrtan￿al stat&menls the
charliy intend to Isubjecl lo finalising impacl assessrnentl transfer the whole of the charltable trust into a
'Charitable Incorporated Organisation ICIOI- As an unincorporaled charity, thi5 is not a separale legal eniity
and. as Ihe inlenlion is for the charitable activltles to ¢onlinue through Ihe CIO Ihe accounts continue lo be
prepared on a going concern basis,
The Trijstees do nol consider the￿ to be a material uncertainly al Ihis titne. and there is a reasonable
expectation Ihat the Charity has adequate resources to continue for the foreseeable future.
Incomrng re50ur¢e$
All Incoming resources. including income fforn school fee5 and the retreat centre, ale included in the SOFA
when the charily is legally entlllEd to the income 8nd the amount can be quantified wilh reasonable accuracy.
For18gaaes, enlitlemenl is the earlier of the charity being notified of an itnpending dislributlon ol Ihe legacy
being received.
Legacles re￿iVed by members of the Inslltute are credited lothe Patrimony Fund unlessthe legalor indi¢al8d
a specific bequest.
Investment income is included in the SOFA in the period in which il is re￿1Vable.
Covenanted 8alari85 and pension5
Covenanted salarps and pensK)ns are received under deeds ol covenant from membots of the Institute and
ale staled inclusive ol incom8 lax but nel ol any deductions for natlonal insurance 8nd occupational penslon
schemes. contributions.
-23-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 ALIGUST 2024
Accoiinting pollcles Icontinuedl
Resources expended
Expenditure is included on an accruals basls and consists of all expenditure dlredly ieSaling lo the object5 01
the charity.
Investment management and gov8inance Costs include expendilur@ incurred in the management ol the
portfolio and for compliance with constitutional and slaluloiy requiretnents.
Irrecoverable VAT Is included with the calegory of expense to which it relates.
All expenditure is wiitlen off in the year in which it is incurred. including major property renovations, unl@SS
the expendilui& is deemed to increase the chaiily's fund v8lue.
Governance costs
Comprises audit fees. leg81 and professional f88s and a contribution to payroll.
Foreign curienciès
Transactions in foi8ign currencies are recorded at the rate ruling at the date ol the Iranssclion. Monetary
ass8ts and liabilities are retranslated at Ihe exchange rate iullng al the balance sheet date, All differences
ale taken lo the SOFA.
Tangible fixed assets
Land, buildlngs and fixtures.. To dale the Gharity has opted to adopt a poliGy ol not revaluing its tangible
fixed assets as pemilted under the traftsilional provisions of FRS 15. On transition to SORP 2015 IFRS
1021, Similar transitional provisioris were adopted lo caiiy these amounts as deemed cost. The book value
ol Ihe12nd and buildings was based on a Trustees. valuation made in 1996, based on insurance valuation at
a discounted rate. plus cosl ol acqui8ltions since 1996.
Whilst this policy Still holds Iiue for the ohaiity's community housing ass8ts and property asse15 still actively
managed in direct ministry by the sisters. il is no longeras valid in relation to the college and schools buildings
now managed by the respective governors under lh& terms of supplemental agreements. The school
buildings included in the 1996 valu31ions will now have been extensively renovated and rnodernised or
demolished lo create space for mor8 up to dale facilities. Any value altribuled lo buildings in 1996 is now ol
doubtlul provenance. The most important factor lor the Gharily is continued recognition that ownership olthe
land remain5 with the trust. 11 is expected that Ihe Schools wlll Continue to occupy the land lor some
considerable time into the future and therefore any valuation would be little more than a guess. The trustees
are therefore ol the opiniDn that these prop&rties should remain on the tIU8t's Balance Sheet al a nominal
value lo avoid the need lo speculate over valu8 and lo continue to demonstrate the trust's ownership.
No depreciatlon has been ch8rged on the remaining land and bullcsings as the Iruslees consideT that the
amount involved woukj be itnmaterial after laking into account bolh th8 remaining useful life of the prop8rties
and thelr residual value.
Th8 tiustees havE considered the currenl market value of the properties and are of the opinion that an
impairment write down was needed to bling these to their estimated fair value, For the ¢urrenl year, an
mpairtnenl loss of £4,097,470 has been recognised in the Stalement of Finandal Activities ISOFAI. This
irnpairm&nt iellecls the oharily's agreement to sell part of its land to a third party. with the land and asso¢ia18d
property being impaired lo the expected sale proceeds. The remaining properly, which the charity plans to
retain lor its own use, has been impaired based on its revised insurance valuation. Tha Trustees believe this
provide5 a fair representation of the value of the remaining site, in the absence of a formal valuation.
-24-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
A¢countlng policies lcontinuedl
Motor veh5cles.' Depr8clation is calculated al 20°% on redu￿￿9 balance.
Computer equlpment.. Compuler equiptnent is not capilalised, as ihe tiustees believe that value5 are not
aterial when taking into account estimaled useful e¢onomlc lives.
Investments
Quoted investments are valued at their closing middle market price on the balance sheet date. Realised and
unreallsed 9ains lor108sesI a￿ reflected in the Slalement of Flnancial Activilies in the year in whlch they
occur.
Cash and cash equlvalents
Cash balances repreSBnt cash in hand and deposits held at banks and building societies.
Debtors and credStors
Debtors and creditors with no slated Inte￿St ral8 and receivable within one year are recorded at transaction
price. BalancES include funds due to and from Iwo unrestricted designated funds from wilhln the Chaiily
which are 5eparal&ly identified in noles 14 and 1610 the financial statements.
Fund accountlng
Uijrestricled fvnds
Unrestricted funds are funds whleh are avallable lor use al the discietSon of the Irustees furthera￿￿ ol the
general objects ol the ¢h8rily and which have not been designated for other reserves.
Design8teé funds
Where unrestricted funds have be8n earmarked lor a p8rtlcular pioleot, they have been designated a5 a
separate fund, bul Ihe designation has an adminisliative purpose onty and does not legally re511icl the
Iruslees, discretion to apply the fund. The aim and use ol each designated fund is set oul in the notes lo Ihe
accounts
R8Strictedfunds
Reslri¢led funds arg funds which a￿ lo be used in accordance with specific reslrictions imposed by donors,
which have b8en raised by the charily for particular purposes. The cost of Mising and adTninislering such
ILJnds are Gharged against th& specific fund. The aim and use of each Feslricted fund is Set out in the notes
to the accounts.
The account5 comprise..
Re5tfl¢ted funds..
Patrimony fund
Lorelo College Sl Albans Appeal Fund
Loreto Sisters Albania Fund
Loieto Sisters Drawn Tog8ther Fund
-25-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST ?D24
Accounting polFcies Icontinuedl
Mlnlstry (unrestricted fun(Isl'.
Minislry Development Fund
Loielo Retieat Centre
Province lunrestricted funds)..
Provinc8 Fund
Houses
Pensions
Retirement benefits to employees of thè Preparatory School were provided by the Teachers. Pension
Scherne I'TPS"). This wa5 a defined benefit scheme, contracted out of the Slate Earnings-Related Pension
Scheme. and the assets are he￿ separately from those of the School,
The TPS is an unlunded scheme and conlrfbutions are calculated so as to spread the eosl of pensions over
employees. working Ilves with the School in such a way that the pension cost was a sub51anlially level
percentage ol current and future pensionable payroll. The contributions were determined by the Gov8mment
Actuary on the basis of quinquennial valuations uslng a prospeclive benefit method. The TPS was a mulli-
ernployer scheme and the School was unable to identify its share ol the undertying assets and liabilili8s of
the schetne on a ¢onsislent and reason8ble basis. The TPS was therefore treated as a defined contribution
scheme and the ¢onliibulions rec￿niSed as they were paid each period.
Contributions for olhei staff a￿ made to their personal pension schemes.
Taxatlon
HM Revenue & Qusloms eonsideT$ The Inslilu18 01 the Blessed Vlrgin Mary Cornmonly called The Sisters ol
Loreto lo be 2 chaiity and therefore they are entitled lo exetnption from lax afforded by Sections 478-489 of
the Corporation Taxes Acl 2010 to the extent Ihal incotne is applied exclusively lor charitab18 purposes.
Financlal instyuments
The Charily has elected to apply th8 provisions ol Section 11 'Basic Financial Inslrumenls, and Seclion 12
'other Fin8ncial Instruments Issues, of FRS 102 to all its financial inslrumenls.
Financial inslrumonls are rewnised in the Charily's balan￿ sheet wh8ll the Charity becomes party to
contraclual piovisions of the instfumenl.
Financial assets and liabililies are offsel. wilh the n8t amounts presented in the financial slaletnenls, when
there is a18gally enforceable right to offset the re￿nised amounts and there is an intention to settle on a
net basis or to realise the assel and settle the liability simullaneousSy.
-26-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEIWENTS ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
Accounting poll¢les Icontinuedl
Basic financial asset5
Basic finan¢ial assels. whlch includ6 deblors and cash and bank balanGes, are initially measured al
transaction price including transaction wsts and are subsequently carried at amortised cosl using the
effeGlive interest tnethod unless the airangement con5tilules a financing transaction, where the transaclSon
is measured at the pi8sent value of the luluie receipts di5counled al a market Fate of interest. Financral
assets classified as receivable within one year are not atnortised.
Tiade debtois and othei receivables that have fixed or determinable payments that are not quoted In an
active Inaiket are ¢lass1fied as 'loans and receivables,. Loans and receivables are measured at amortised
cost Using the effectSve intei8St method. less any irnpairment.
Impairmgntof financNal assgts
Finanoial ass81s are assessed lor indicators ol Itnpairmenl at ead) reporting end date.
Finan¢iaS assels are Impaired Whe￿ Iheie Is objective evidence that, as a 18suIt of one or more events that
occurred afterthe initial iecognilion of the financial asset. the eslimaled lulure cash flows have been affeGted.
If an asset is impaired, the impairment Ios5 IS the difference belween the ¢ariying amount and the present
value of the estimated cash flow5 disoounted at th8 asset's original effeclwe Inlerest late. The Itnpairment
lass is rewgnised in the slatemenl of comprehenslve income.
If there is a decrease in th8 itnpairment 105$ arising from an event occuiiing after the impaiiment was
recognised, the impairment is reveised. The reversal is such that the Currenl cariying arnounl does not
exceed what the caiiying amountwould have been, had the impaiiment not pieviously b8&n recognised. The
impairtnent reversal is recognised in the statemenl ol comprehonsive incotne.
D8-recognilion of fin8ncial assets
Fin8nclal assets are derecognised only when the conlraclual rights lo the cash flows from the asset expire
or are sellled, or when the cornpany Iransf8rs the financial asset and substantially all the risks and rewards
ol ownership to another enlity, or il some significant iisks and rewards of ownership ale retained but Control
of the asset has transferr8d to another party that Is able 10 Sell the asset In its entirely to an unrelated thlrd
party.
ClossifiGalion of finan¢i81 IlabFlilies
Financial liabilitie5 are classified according to the substance of the contractual arrangements entered into.
Basic finarJci81 liabilib-85
Basic financial liabilities. including creditors, are initially recognised al transaction price unless the
arrangement constitutes a financing transaction, where the debt Instrument is measured al the presEnt value
of the future receipts discounted at a markel iale ol interest.
Financlal liabililles classified as payable with1n one year are not amortised. Debt in51rumenls are
subsequently carried al arnortk4ed cosl, using the effective Interest late method.
Trade creditors a￿ obligations lo pay lor goods or services that have been acquired in the ordinary course
of business from 8uppliers. Arnounts payable a￿ classified as current liabilities il paymenl is due within one
year 01 less. 11 nol. they are presented as non-currenl liabilities. Trade creditors are re¢ognised initially at
transa¢tion price and subsequ&ntty tneasuied at amortised cost Ltsing the effective int8ie51 method.
-27-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Accountlng policies (Gontlnuedl
De-recognilion of finanGialli8bilib"es
Financial li4bililies are derecognis8d when the company's contractual obligations expire or are discharged
or ¢aneelled.
Judgements and key 5tsur¢es of estlmation uncertainty
In the application of the Charity's accounling policies, thè trustees are required lo make judgements,
eslimales and assumptlOll5 about the carrying grnounts ol as88ts and ligbililies that are not readily apparent
from other sources. The estimate5 and associated assumptions are bssed on historical experience and other
factor5 that 8r8 considered to be relevant. Actual results may diller Irorn these estimales.
The estimates and underlying assumptions a￿ reviewed on an ongoing basis. Revisions lo accounting
estimates are recognised in the period in which the pstimale is revised where the revision affecls only that
period, or in the period of ihe revision and futur8 periods where Ihe revision affe￿S both current and future
peiiod5.
Key assumplion8. judgement8, and estimates
Valtialion of lÈnd and buildings
Th8 Trustees make sn annu81 assessment of the valuation of properties held within the Charity against their
current book value and determine whether Iheie are any signs ol impaiiment which may indicate that the
valuation is overstated. Th8 Truslees have confirmed that Iher8 15 no furth81 Impalrmenl to Ihe valuation ol
properties held at the balance sheet date.
There have been no olh81 key assumplions cOn￿rning future and olher key Sou￿$ ol eslimatlon unc8rl8inly
at the reporting dale that have 8 significant li5k of causing a material adjustment lo the cariying amounts of
assets and liabilities wilhin the next financia1 year.
staff costs and tIU5tees' remuneratlon
Staff costs during the yÈar were a5 follows-
2024
2023
Wages and salaries
Sorial security Gosts
Pension costs
779,352
63,927
17.17
1.591,456
121.238
1fj8,116
860,454
1,830.810
-28-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINLIEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Staff costs and trustee5' remuneration l¢ontinuedl
Tlie average nutpber of employ&es durin9 the year was 3712023., 611. The number of employees earning
over £60,000 per annurn, excluding pension contributions but Including redundancy setllemenl8, was as
fdlows..
£100,000- £11 O.000- O etnployee12023'. 1 employee)
£90,000- £100,000- O employee12023.. 2 employees)
£80,000- £90,000- O empSoyee12023.. 1 employee)
£70,000- £80,000- 0 8mployee12023". 2 employees)
£60.000 - £70,000- O employee12023'. 2 etnployeesl
As members of the Instltule, the Tiustees, Iwing expenses during the year were borne by the Tiust. bul the
Trusle&s re￿Ived no remuneralion or other benefits in connection with their dulles as Trustees during the
year.
The Finan￿ M2nager, Malron and cent￿ Manager are cons1dered lo be key management personnel. Their
aggregate iemuneration for the year was as follows..
2024
2023
Aggregate reTtLun8ration of key manageffent personnel
01,815
232,865
Following a Trustees, resolution in March 2023, the Charity ck)s8d Ils preparatory school in Allrincham after
Ihe summer term in July 2023. Teachers and staff received redundancy and settlement payments based on
Iheii length ol service and Current remuneration. The full cost of these payments was included wilhin staft
C05t5 lasl year and all grnounls due have been met and tolalled £336,512.
The institute also leached agreement with ils Finance Manager to remain in ofliGe beyond his inlended
retirement dale131sl July 20231 until his 5uc¢essor was appointed. EX￿pIlO￿al expen58s also included an
agreed settlement payment of £29,080 last year.
Pension contributlons
The Charily rnakes conlribkilions to employees defined contribution pension schetlles. including Ihe Aviva
Pension Trust for Independent Schools. to which a total of £17,17512023.. £118.1161 was contributed in the
year.
Audltor's remuneration
2024
2023
AnY)unts payab18 to Ihe auditor IillGluding VAT) was as follows..
Audit seTrqGes
Cxher serwc8S
22,500
6,906
21,960
19,409
29,406
41,3S9

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCSALSTATEMENTS ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
Income from donations and legacie5
Currerhl year
Unrestrlctèd Unrestrlcted
funds
funds
Nlinistry
Provlnce
Restricted
funds
Total
2024
Don8tion5 and gifts
Lega¢ies
Covenanted saL4ries and pensions18ee
bobwl
15.872
6.097
10,110
32.079
933.442
933,442
5,872
6.097
943,552
965,52
Prlor year
Unrestricted Unrestrl¢ted
funds
funds
istry
Province
Restricted
funfls
Total
2023
Donations and glfts
Legacies
Covenanted salaries and pension5 (see
below)
55.951
103,075
81,986
137,937
103,075
815,761
815,761
159.028
897,747
1.056,773
Covenanted sa18rles and pensions Topiesent sal8rfes and p8n5ions of rnernbers, inclucling those paid lo
the Trustees, ol the chaiity payable to the charity under d&eds of covenant or grft aid declaiallons.
-30-

NSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINiIEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Income from investmEnts
2024
2023
UK fixed incorne
8ritish Go*rnment 8onds
In￿StMent Companiés
other fixed Inler8St
Europ8 fixed Inl8rest
Equit18S'.
UK
European
Glot)al
Emerging maikets
Cornmercial property
Specialisl
Alteinati
other
4,220
2,852
509
379
18,613
11,732
486
2,711
3,496
1,142
96
1.870
8,641
32,005
8,226
12,768
other..
37,754
71.991
Monles held for ￿n￿stment in the UK
NatSon81 sa￿ngs
Monies held by stockbroker
Treasury Deposits
B9
9,242
13,232
5,065
251
60,317
77,309
Bank interest
466
60,783
77,309
Represented by..
2024
2023
Rtrstrict8d
Unrestricted- Ministry
Unrestricted - Promnce
19,281
9,073
32.449
16,562
60,747
60,783
TT,309
-31-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Income from charltable aclivitles
2024
2023
Unrestrlcted Mlnlstry
School fees and retreat centre
275,790
1,216,773
275,790
1,216,773
IN￿Me from charitable activities wa8 entirety unre5triGted in the current and prior year.
oth8r Income
Current year
Unrestricted Unrestricted
funds
funds
Mintstry
Province
Restricted
funds
Total
2024
other
2,320
12,684
15,004
2,320
12,684
15,004
Prior year
Unrestrlcted Unrestrtcted
funds
fund5
Ministry
ProvinGe
Restrltted
funds
Total
2023
Cxher
Expendlture on ralslng funds
2024
2023
Re5trfct8d
Unrestricted- Ministry
UnrÉstricted- Pro￿InCe
3,917
889
8,288
2,590
23,329
13,094
25,919
-32-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Expenditure on charitable actlvities
Current year
Unrestrlcted Unrestrlcted
funds
funds
Mlnlstry
Provlnce
Restrlded
funds
Total
2024
Salaries (Dr Ihg school and retr8at centre
Running costs and maintenance of builditKJS
Depreciation of fixed assets
(Gains) I losses on sale of fixed as$8ts
Community expenses
NursSng fees and medical Care
ForThatlon and ministry
Le￿ pald to the Generalate
Grants and expenditute on supported
schools
G0￿Mance Costs
Golemance Costs - audlt
Support costs
215,157
105,820
215,157
503,468
12,103
1306,830
319,842
637,415
138.816
3,189
6,354
397,648
12,103
1306.8301
319.842
637,416
98,772
12,4145
27,599
3,189
6,354
3,900
76,323
22,500
189,573
80.223
22,500
202,272
12,699
18.799
368,364
1,d47,346
1,834,509
Prior year
Unrestrl¢ted Unrestrlcted
funds
ftjnds
nistry
Province
Restrlct8d
funds
Total
2023
Salaries for Ihe school and retreat centre
Running costs and maintenance ol buildiNgS
Deprecialion c>f fixed assots
Comrnunity ewenses
Nursing fee5 and medical care
Formation and ministry
Lew paid to the Generalate
Grants and expenditure on supported
5Ghools
>¥ernan¢e c05ts- payroll
GDvemance ¢osis- audit
Supporl ¢osts
911,782
312.445
911,762
606,554
717
363,437
545.279
161,259
23,116
294,109
717
363.437
545,279
23,196
60.014
78,049
23,116
7,291
456,536
463.827
38,743
22,944
226,098
36,743
22,g44
226,098
67,305
1,781,908
1,512,523
3,361.736
-33-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
10 Net gainlllossl on investments
2024
2023
Restricted
Unre5trictsd- Mnislry
Unreslri¢t8d- P[￿r￿8
95,052
15,8341
53,931
16,151
19,5971
143,149
6,554
11 Analysis of movement In restricted fund5
Total
restricted
lunds
Drawn
together
Albania
Appeal Patrimony
funds
fund
IncoTning resources
her income
Donations and legacies
Loreto College St A￿anS appeal
In￿strr￿nl inco￿￿
6,787
5,500
13,287
4,905
19.261
4,905
19,261
Total incomlng re50ur¢es
6.787
6,500
4,905
19,261
37,453
Resource5 ÈXP8nded
Raising furids
Chaiitable objects".
Ministry
Expenditure on schoo
3,917
3,917
12,445
12,445
6,354
6,354
Total resource5 expended
12,445
6,354
3.917
22,716
Net Incominglloutgoingl
resource5 befor8 transfers
15,6581
11,4491
15,344
14.737
Gain on inveslments
95,052
95,052
Net movement In furkd5 for th8
year
16.6581
6.500
11,4491
110,396
409,789
Total funds at 1 SeplerrJ)er 2023
17,142
7,328
771,215
795.686
Total funds al 31 August 2024
11,485
6,500
5.879
881,611
905,47S

INSTITUTE OF THE BLESSED VIRGIN WIARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIALSTATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
12 Flxed 855ets
Land and
buildfings inc
fixtures
Motor
vehiclos
Total
Cost or deerned cost
Balance al 1 September 2023
Additions
Dlsposa15
Complelionstrranslers
Balan¢e al 31 August 2024
D8preciation and impairment
Balance al 1 sePte￿r 2023
Charge for the year
IrrpairnEnt loss for the year
Elimlnated on disposals
Balan¢8 at 31 August 2024
15,605,894
146,703
19,7
130,1841
15,752,597
19.7(
11.377,2171
11,347,033)
14,258,861
136,225
14,395,OB8
109,005
12,103
109,005
12,103
4.097,470
28,477
4,097,470
28.477
4,097,470
92.631
4,190,101
Net book value
At 31 August 2024
10.161,391
43,594
10.204,985
At 1 Soptember 2023
15,605,894
37,698
15,643,592
As outlined in the accounting policies, the charity has ¢ho8en not to revalue ils langlble fixed assets, in11ne
with the transits"Dnal provisions of FRS 15. However, each year, th8 charity assessès wh8lher an impairment
provision is ne¢8ssary. For the current year, an impairment loss of £4,097,470 has been recognised in the
Slatemenl ol Financial Activhies ISOFAI. This itnpairment reflecls the charity's agreement to sell part of Ils
land lo a Ihiid party. with the land and associated propetiy being impaired to the exp@cted sale proceeds,
The iemalning piopetiy, which the chaiily plans lo ielain for its own use, has been irnpaired based on ils
rewised insurance valu21ion. The Tiustees believe this provides a fair representation of the value ol the
retnaining sile, in the absence of a formal valuation.
-35-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
13 Investments
2024
Cost
2023
Cost
Market
value
Market
value
LK fixed incorlle
British Gthernment Bonds
Inve8tmpnt Companies
(Xher fixed interest
Europe fixed interest
Equilies..
UK
European
(lobal
EFrErging rnarkets
Cotrmercial property
specia￿st
Alternati￿8
171,568
68,298
44,079
39,285
424,654
257,604
378,659
135,830
67.273
40,679
118,627
169.277
65,185
41,647
40.116
456,688
294,091
486,326
141,585
57,085
35,148
127.427
26,348
25.955
291.218
16,752
868,044
299,722
459,440
242,247
16,698
661,048
307,054
504,423
other.
1,746,556
1,914.575
1,961.524
1,757,425
Monies held for investment in UK..
National Samngs
Monies held by stockbroker
Treasury deposils
492
288,906
706,629
2,492
288,906
706,629
2,476
37,556
109.774
2,476
37,556
109,774
2,744,583
2,912,602
2,111,330
1,907,231
Market value
1 September
2023
Inve5tmerbt Market value
gains and 31 August
losses
2024
Addltlons
Disposa15
oted investments
1.757,425
709,395
1695,3941
143,149
1,914,575
-36-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMnnoNLY CALLED THE SISTERS OF LORETO
NOTESTO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
14 Current assets
2024
2023
Deblors
Prepayments and a¢¢rued incomg
Income tax re¢o%Erable
Oth8T debtors
66,382
2,320
879.741
34,085
972
784,353
Gross (Jebtors
948,443
819.410
Less Inter-tund debtor
1873,2311
(766,212}
Totsl debtors (net of Inter-fund debtor)
75,212
53,198
15 Cash at bank and hand
2024
2023
Cash at bank and in hand
Interesl bearing accounts
Cash balances
268,693
5,075
522,789
6,639
273.768
529,428
-37-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
16 Liabilitles
2024
2023
Amounts falllng due wilhln one year
CredStors
DefErred income
Payroll
Accruals
145,498
24,353
18,611
766.654
145,926
24.132
87,1Q6
772,89Y
Gross liablll1I8s
955.116
1.030, 153
Less int8r-tund creditor
1873,2311
1766,2121
Total credltors (net of Inter-fund ¢rÈdltorl
81.885
263,941
Deferr8d Income
Balan¢e at 1 Septemb8T 2023
Amounts In th8 year
Amounts r818ased to incorning resources in the year
24,132
24,353
124,1321
53.610
24.132
153,8101
Bolance at 31 August 2024
24.363
24,132
17 Borrowing8 and Gonting8nGle$
During th8 yP8r ended 31 August 2003, the Iiustees donated funds to Lo￿t0 College, Manchester in order
for th& College ta invp5t in capital expenditure. These funds were generated by the disposal of a portion of
land al the College which was subject lo covenants by Manchester City Council. The Coun¢il allowed the
dlsposal ofthe land lo take place in exchange fora covenant on the retnaining land. such that the City Counci1
WOLJld bB enlilled to a payment of £1.050,000 Should the Colleg8 land and buildings be dlsposed of during a
peiiod of 40 ye8rs from the date ol sale of the surplus land,

INSTITUTE OF THE BLESSED VIRGIN MARY
corvlMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
18 Movement in funds
Current year
Balance Change in Chang8 in
1 Septembey investm8nt fixed asset
2023 valuation
valuation
Balance
Fund Atttlvlty in 31 August
transfers
year
2024
R&sfiricted fvnds
Patrimny
Ministry Appeal funds
Minlstry - Dra￿ TOget￿￿r
Iknistry Albania
771,215
7,328
17,143
95,052
15,312
{1,41n
15,6581
6,500
881,579
5.911
11,485
6,500
795,686
95,052
14,737
905,475
D851gnated funds
nistry
Functional property
Olher Ministry funds..
Investments
Genera1
6,857,151
14.097.470)
2,759,681
356
1744.6261
356
178,293) 1828,753)
15.8341
6.112.881
15,834114,097,4701
178,2931 1.931,284
Provincè
Funcliond propety
Transport
her Pr￿InCe funds..
Investfflents
GenBr
8,748,743
37,698
8,748,743
37,698
1,136,108
1.038,392
53,931
1,190,039
571,443
1466,949}
10,960,941
53.931
1466,949110,547.923
Total funds
17,869,508
143,149 14,097,470)
1530,505113.384.682
-39-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
18 Movern8nt In funds l¢ontinuedl
Balance Chaiig8 in Change in
1 September investinent fixed asset
2023 valuation
valuation
Balance
Fund Activity in 31 August
transfers
year
2024
Restricted
Ministry
Proifince
795.686
6,112.881
10,960,941
95,052
15,8341 14.097.470)
53,931
14.737
905,475
178,2931 1,931,284
1466,949110,547,923
Total funds
17,869,508
143,149 14097.4701
1530,505113,384,682
Restrtcted funds
Patrimony
This fund comprises the dowers made by Individual sisters and any 18gacie5 received by sisters during
their lifetime. When a sister dies, Ihe dowerllegacy is released lo the Province Fund.
Loreto College St Albans Appeal Fund
In¢ome consists ol donations received to gssist In funding th8 on-going development of the school site.
The fund is used to fund the Irustees, contribulion la small building works.
Loreto Sl$tsrs Dyawn Together Fund
Thls fund supports thè work of the English Province at Harpenden Children's Cenlre.
Loreto Slster8 Albania Fund
This fund supporis the work ol the English Province In Albania.
Designated unrestrlcted funds
ivlinistry
To support the works of the members in their ministries.
Provlnce
To support the sisters and to care for Ihem when they are s1ck and aged.
-40-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THEYEAR ENDED 31 AUGUST 2024
18 Movement in funds Icontinuedl
Prior ypar
Balance
Change in
1 September investment
2022
valuation
Balance
31 August
2023
Fund Activlty in
transf8r5
year
Restrlcted fvnd5
PalrirrK>ny
nislry- Appeal funds
Ministry - Drawn Together
Minlstry ￿bania
638,017
8,847
15,108
11,870
16.151
117,047
11.5191
2,035
111,8701
771,215
7.328
17,143
673,842
16,151
105,693
795,686
Designated funds
Mlnistry
Funclional property
Olhei Ministry funds..
Investrnents
General
6,837,614
19.537
6,857,151
357
1159,9551
356
1584,6711 I744,￿6}
6,678,016
1565,1351 6,112,881
Provithce
Funclion31 property
Tran5POrt
OMer Promnce funds..
Inwestments
C£neral
8,506,658
28,783
242,085
8,915
8.748,743
37,698
2,441,781
584,433
19.5971
11.296.076) 1,136,108
453,959
1,038,392
11,561,655
19,5971
1591,1171 10,960.941
Total funds
18,913.513
6,554
11,050,559) 17,869,508
-41-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
18 Mov8m8nt In funds Ictsntlnuedl
alance
Change in
1 September Investment
2022
valuation
Balance
31 August
2023
Fund Actlvity In
transfers
year
Restricted
Ministry
Probince
673.842
6.678.016
11,561,655
16,151
105,693
795.686
1565,1351 6,112,881
1591,1171 10.960,941
19,5971
Total funds
18,913,513
6,5S4
11,050,559) 17,869,508
19 Analy515 of net assets between fund5
Gurrfrnt year
Unrèstrlctèd Unrestricted
unds
funds
Ministry
Province
Restricted
funds
Total
2024
FixEd assets
Current 28sets
Creditors.. amunts falling due wlhin one
year
781,579
21,901
2,760,037
73,675
9,575,971 13,117,587
253,404
346,980
14,S051
129,1961
148,1841
181,8851
798,975
2,804,516
9,781,191 13.384,682
Inter-fund debtor l (¢redllorl
106,500
1873,2321
766,732
905,4YS
1,931,284 10,547,923 13,384,682
-42-

INSTITUTE OF THE BLESSED VIRGIN MARY
COMMONLY CALLED THE SISTERS OF LORETO
NOTES TO THE FINANCIALSTATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
19 Analysls of net assets bfrtween funds Icontinuedl
Prlor year
Unrestricted Unrestricted
funds
funds
MSnlstry
Provlnce
Restricted
funds
Total
2023
xed assets
Current assets
Creditors.. arrK)unts falling due wlhin or
year
770,767
29,425
6,857,507
227,916
9,922,549 17,550,823
325,285
582,626
14,5061 1206,3301
153,4051 1263,941
795,666
6.879,093 10,194,729 17,869,508
1766,2121
766,212
Inter-fund debtor I Icredilorl
1.591,372
6,112,881 10.960,941 17,869,508
2D Charitable In¢orporated OrganFSatlon ¢onversion
The Tru51ees intend lo transfer the whole of the charitable trust Ilhe airn5 and objectives in the trust
document, Ihe ¢h81ilable Iru513ssets and op8rationsl into a 'Ch8ritable Incoiporaled Organisalion ICIOI,.
The TIu5tee5 a￿ expecting the planned transfer lo be within the next financial period, but this is subject to
change.
21 Rtrlated partie8
As noted in the trustses, report, Loreto Educ8tion Trusl is an assoclated charity. Lor&to Education Trust
providos services to Loreto Preparatory School (Allrinchaml. During the year paytnents ol £nil12023.. £nill
were wnade to Ihe Trust,
The charity provided the land and buildings foi the use ol Loieto College 1st Albarisl and Loreto Grammar
School (Altiinchaml under supplementary agreements, rent flee, throughout the year and previous y881.
22 Capital commitments
Capital cotnmilmenls amounted to £nil12023'. £riill.
23 Post balan¢e sheet events
There are no post balan￿ sheet events.
-43-