**Registered Charity No. 250607**
**Congregation of Jesus (Loreto Sisters) English Province (formerly Institute of the Blessed Virgin Mary Commonly Called The Sisters of Loreto)**
**Trustees’ Report and Financial Statements**
**Year ended 31 August 2025**
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **CONTENTS**
||**Page**|
|---|---|
|Charity reference and administrative details|2|
|Trustees’ annual report|3|
|Independent auditor’s report to the Trustees|16|
|Statement of financial activities|19|
|Balance sheet|20|
|Statement of cash flows|21|
|Notes to the accounts|22|
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **CHARITY REFERENCE AND ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
|**Registered charity name**|Congregation of Jesus (Loreto Sisters) English Province|
|---|---|
||(formerly Institute of the Blessed Virgin Mary|
||Commonly Called The Sisters of Loreto)|
|**Charity registration number**|250607|
|**Registered office**|Loreto Education Centre|
||Dunham Road|
||Altrincham|
||Cheshire|
||WA14 4GZ|
|**The Trustees**|Miss Kathryn Keigher|
||Miss Una Coogan|
||Miss Jen Bromham|
||Miss Kathleen Hewitt|
||Miss Ewa Irena Bem|
|**Province Leader**|Miss Jen Bromham|
|**Province Consultors**|Miss Kathryn Keigher|
||Miss Ewa Irena Bem|
|**Province Treasurer**|Miss Anne McEvoy|
|**Auditor**|MHA|
||Chartered Accountants & Statutory Auditor|
||14 Mannin Way|
||Lancaster|
||Lancashire|
||LA1 3SW|
|**Investment managers**|Rathbones Investment Management Limited|
||Port of Liverpool Building|
||Pier Head|
||Liverpool|
||L3 1NW|
||Hedley & Co|
||13b Winckley Square|
||Preston|
||PR1 3JJ|
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
The Trustees present their report and consolidated accounts for the year ending 31st August 2025. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
## **Reference and administrative details**
Reference and administrative details are shown on page 2 of these financial statements.
## **The trustees**
The trustees who served the charity during the period were as follows:
Miss Kathryn Keigher Miss Una Coogan Miss Jen Bromham Miss Kathleen Hewitt Miss Ewa Irena Bem
## **Charitable Status**
The Congregation of Jesus (Loreto Sisters) English Province (formerly The English Province of the Institute of the Blessed Virgin Mary commonly known as the Sisters of Loreto) is part of an International Roman Catholic Religious Congregation of women present in twenty-three countries.
The accounts accompanying this Report are the accounts of a Charitable Trust, registered with the Charity Commission under a Trust Deed dated 2nd March 1965 in which the assets of the English Province of the Institute in the United Kingdom are held. The registered Charity Number is 250607.
On 30 June 2025 one of the investment portfolios of the Institute of the Blessed Virgin Mary (Commonly Called The Sisters of Loreto) was donated to the Congregation of Jesus (Loreto Sisters) English Province (charity no 1202949), a charitable incorporated organisation. On 1 September 2025, all the remaining assets and undertakings were also donated. All subsequent charitable activity will be recorded in the new entity. Consequently, parts of this report refer to the continuing operations within that new entity.
## **Mission**
The Province’s Charitable Trust aims to advance the religious and other works carried out by Sisters of the Institute in collaboration with lay co-workers and to care for those Sisters throughout their lives within the Institute. These works meet the public benefit criteria necessary under the Charities Act 2011 and the Institute operates as a public benefit entity.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
**TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Mission (continued)**
At our last General Congregation culminating in October 2022, after a process of discernment with our whole Institute, our new focus for mission was expressed in the pictorial representation below.
The reference to ‘Becoming One’ is an expression of our working towards Canonical Merger with the Congregation of Jesus (the original foundation by Mary Ward, of which we were a Branch at the year end). On 4[th] November 2025 the merger with the Congregation took place and the Charity’s name changed to Congregation of Jesus (Loreto Sisters) English Province.
The works we undertake are reviewed on a continuous basis to assess their effectiveness in the achievement of our aims and the benefits we have provided to those sectors of the community we set out to help. In conducting this review, we have given due regard to the guidance contained in the Charity Commissioner’s General Guidance on Public Benefit. A major review of our works is currently being carried out in the year ending August 2026.
The ministries carried out by the Loreto Sisters, both in the United Kingdom and overseas, in furtherance of our aims and the provision of public benefit fall into the following main areas:
1. Education
2. Pastoral/Outreach Work
3. Nurturing Religious Faith and Provision of Retreats
4. Overseas Activity
5. Governance, Structure and Management
We are conscious of the ageing profile of the Province and the effect on our capacity for active ministry and the financial implications which have affected our ministries during this past year and will affect our contingency plans for the future.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Mission (continued)**
## **1. Education**
The main areas of responsibility extend to three schools and a sixth form college in England.
One Academy for girls - Comprehensive One Aided co-educational Comprehensive school One Academy for girls – Grammar
One Sixth Form College supported by the Education Funding Authority
(With the exception of the co-educational comprehensive school, which is under the jurisdiction of the local diocese, the premises for these schools/college belong to the Province and are made available at no cost). Another school has recently come under our sponsorship following the shortage of sisters in another congregation.
The work of the Province in formal education is conducted through the Loreto Education Trust (LET), a charitable company limited by guarantee established in 2012. The Trust has embraced the need to involve lay trustees and lay officers in sustaining into the future the characteristic spirit of the Institute’s college and schools. Nine of the 13 trustees are now lay and the Board has appointed a lay person as Education Officer to lead the Loreto English Education Network (LEEN Group) which is accountable to the Loreto Education Trust. One of the IBVM trustees acts as delegate for education. The Board has welcomed a new Trustee this year. Additionally, at least one Sister continues to serve on both the schools’/college’s governing bodies and their various committees.
LET has established strong monitoring and support procedures that assure the Province Trustees that the education offered to our young people is in accordance with our objects. Because of the extensive training and development work 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 fully embedded in each of our schools and the college. Our vision is that they will be educational communities where each person has the experience of being loved and valued, communities where students enjoy an enriching and liberating education that helps them to grow in the fullness of life and empowers them to be people of courage who are alive to the needs of humanity and the environment and committed to making a better world.
In the year under consideration LET has focused on supporting one of the associated schools which is vulnerable and has received a notice to improve from Ofsted. The Board has received regular updates, and the Head presented her report personally at the end of the year. A group of LET educationalists has met with the Province Leader and her Council to keep them abreast of developments. The merger will bring no changes to the organisation of LET or LEEN.
The schools and college engage in all relevant global concerns, events and fund-raising activities and have forged links with Loreto Schools across the world. Of specific importance at this time is our consciousness of the global climate, and the Institute, schools/college are continuing to put at the forefront the Mary Ward family 7yr Action Plan (2021-2028) in relation to our care for our common home and the living out of an “integral ecology” in response to the Pope’s Laudato Si’ encyclical.
## **2. Pastoral/Outreach Work**
The Trustees continue to make it a priority to reach out to the poor and marginalised in our society. Some Sisters undertake this work in their retirement while two Sisters receive some financial remuneration. One Sister works as Vicar for Religious in a Catholic Diocese, along with work in Canon Law and Safeguarding in the Province and is the lead Religious for safeguarding in England and Wales.
Active retired Sisters continue to work as advocates in support of the voiceless to enable them to secure the help they are entitled to, in justice, from the state and other agencies. Several retired Sisters are involved in community-based programmes and support public institutions in the UK, including childcare and family support, community healthcare, general and mental health, and psychotherapy. One Sister operates as part of an interfaith chaplaincy team in hospital. Additionally, some Sisters work closely in supporting refugees, asylum seekers, migrants and victims of international trafficking.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
**TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Mission (continued)**
This work involves meeting with, listening to, supporting and signposting clients to the appropriate staff or agencies best suited to address their needs. The work also involves some English teaching and helping with basic needs and providing translation services where needed.
One Sister continues her ministry in Albania. To carry out her ministry there she set up Mary Ward Loreto registered in Albania. Her work there includes help and support for trafficked people and raising awareness of the problem. 2025 has seen some extraordinary shifts in the culture and population. Due to a massive increase in tourism and a huge number of Albanians leaving the country to find a better life elsewhere, an invitation has been sent to Africa and Asia to send 90,000 people to fill the gaps in the job market. As a result, Mary Ward Loreto (MWL) is responding to the new crisis emerging as African and Asian trafficked people, in and outside of Albania, come to MWL for aid and support. In November 2025 this new reality has led to the opening of a MWL International Advice and Service Centre in Tirana coordinated by a newly appointed MWL lawyer. Albania is now a country of origin, destination and transit for trafficked victims. See www.marywardloreto.org for the newly published MWL External Evaluation Report.
One Sister continues working with Revive, a group supporting refugees and asylum seekers, teaching English each week to both new arrivals and those who have been in UK several years without access to English. Links in the neighbourhood have been strengthened through involvement of local church parishioners and friends. Several families have invited refugee children to play with their own children or make monthly contributions to special needs families.
One Sister continues to work within the Loreto Drawn Together (LDT) initiative. LDT offers a specialist psychoanalytic parent-infant psychotherapy (PPIP) intervention to parents and their babies who are struggling in their new relationship. This service provides in-person sessions in a Well-Being Centre and an online service for parents and their infants. During the year the service has further developed bereavement interventions for parents and their toddlers who have experienced baby loss. LDT has also developed its Art therapy interventions with emotionally upset under-fives. This work includes one-to-one sessions and pioneering art therapy sessions. In addition to their individual work, both the PPIP therapists and the Art Therapists offer parent support sessions for distressed parents. All the therapists engage with the wider network in the area, and they are strongly linked with the health visiting team and local GPs. The therapists’ avail of appropriate CPD training and are full members of their respective professional bodies such as BPC; BPF; HCPC and BAAT. Where appropriate the service also offers Art Therapy for very emotionally distressed nursery children as they transition into Infant School.
Our Sisters’ work is not just restricted to their chosen ministries. Throughout the year, the Members of the Institute give their time to assist the poor and marginalised wherever that need arises. Most of the Sisters receive no financial reward for the work they undertake, and which contributes to the overall achievement of the charity’s objectives.
## **3. Nurturing of Religious beliefs and provision of Retreats**
Loreto Spirituality Centre continues to adapt, as we strive to meet the needs of today’s world. In November 2024 another Sister joined the team and In December it was decided not to renew the Manager’s contract and the two Sisters now working on the team are the managers as well as running and participating in the programme. A wide variety of retreats, including individually guided and themed retreats and courses are offered on the programme. Monthly days of prayer are offered for the local community, and we also serve a wider group of people by offering online spiritual direction. Groups continue to use our premises for their own events. For example, several religious congregations held meetings during the year, as well as individuals and groups of people in caring ministries who are looking for a period of respite. Some groups continue to come annually. One such group is SPANNED (Supporting People with Additional Needs) a group from the Diocese of Nottingham, who come for a break with their carers.
A policy of not allowing financial hardship to prevent people from attending our events ensures that everyone can benefit from these events. Over the last year we have held a retreat for those on the 12-step programme and those who are bereaved. In the spirit of our option to serve those most in need we also welcomed a group of refugees and asylum seekers from the Charity “Stories of Hope and Home”. We have also offered accommodation for a holiday for two refugee families during the summer months, all at a significantly reduced rate.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
**TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Mission (continued)**
In addition, there are a limited number of rooms available for those wishing to avail of self-catering facilities.
A large equipped conference room is also available for daily events.
To ensure that nobody is excluded for financial reasons, a bursary has been set up to enable the unemployed and low-waged to come for retreats and courses.
In common with many religious congregations the Centre faces the dilemma of meeting ever rising costs with a declining income. This shortfall has had to be met from existing funds, but action is being taken to ensure that this utilisation of resources is conducted in a manner which protects the future financial security of the works and membership.
## **4. Overseas Activity**
The Province globally has the aim to advance the religious and other charitable work in the Developing World. The work of the English Province in the Developing World is carried out mainly through the Teresa Ball International Solidarity Fund, registered charity no. 1080521 and Company no. 3914049, a charity under common control. The mission in Albania is part of the English Province mission.
## **5. Governance, Structure and Management**
In terms of Canon Law, the Province is governed at an international level by the Institute Leader and her Council in Rome. They are elected every eight years at a meeting of representatives of all the Provinces and Regions of the Institute. This last General Congregation was held in 2022 and elected a new Institute Leadership Team. At every General Congregation the focus for the next eight years is mandated to Institute Leadership. The mandate we are currently working with has been shown earlier in this report.
In terms of civil law, the charity is governed by a Trust Deed dated 2 March 1965 and is registered with the Charity Commission. The Charity Commission number is 250607. There is also a new Scheme approved by the Charity Commission dated 28 July 2003, which amends the governing document to ‘the work of the English Province’ which in some cases extends outside the United Kingdom.
A new CIO, charity number 1202949, has been set up and in the year beginning September 2025 all the assets of the charity no. 250607 have been transferred through an executed deed of transfer, as explained in note 20. The governing document of both charities provides for ultimate decision making, including the appointment and retirement of trustees, at the sole discretion of the Province Leader.
One of the Sisters with knowledge and experience in this area acts as Province Treasure and there is also a Finance Assistant helping her. A finance and Properties Committee offers assistance to the Trustees and Leadership Team.
The pay and remuneration of the Institute’s employees, including key management personnel, is reviewed annually by the Finance and Properties Committee which then makes its recommendations to the Trustees.
The names of the Trustees on 31 August 2025 are set out on the attached schedule of legal and administrative details.
The Trustees and Treasurer regularly attend seminars arranged by CoREW (Conference of Religious in England and Wales), the Association of Provincial Bursars and various professional bodies, including the Annual Catholic Conference, to keep abreast of current legislation and sector developments.
As the Institute’s main ministry has traditionally been educational all five trustees are currently fully qualified teachers. Some have later trained in other disciplines including pastoral/psychotherapy/spiritual ministries.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Responsibilities of the trustees**
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity, and of the income and expenditure of the Charity, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP (FRS102);
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charity’s governing document, the Charities Act 2011, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and UK Generally Accepted Accounting Practice.
## **Structure and Management Reporting**
The Trustees are ultimately responsible for the policies, activities, and assets of the charity. During this year there were five Trustees. The Province structure is composed of a Province Leader and two Consultors. There is a Matron who takes responsibility for the care of the sick elderly sisters and the Province Leader and her Consultors keep in contact with the Sisters working around the country. The Leadership Team meets monthly for the care of the Province to review ministries and to discuss forward planning. The Province Treasurer reports monthly to this meeting on the current financial state of the Province and at other ad hoc intervals at the request of the Leadership Team to provide financial input to decision making.
The Trustees, of whom three make up the Leadership Team, meets with the Finance and Properties Committee. The purpose of this committee is to advise the Leadership Team on all matters relating to finance, land and buildings. When necessary, the Trustees seek advice and support from the charity’s professional advisers including property consultants, investment managers, lawyers and accountants. The day-to-day management of the charity’s activities, and the implementation of policies, is delegated to the appropriate members of the Institute and to senior staff.
The day-to-day responsibility for the schools lies with the Headteachers and governors, and members of the Institute are on all the governing bodies. The day-to-day management of both our Loreto Spirituality Centre and Loreto House is carried out by our one lay manager and two Sisters.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Working with other organisations**
Through its members the charity works closely with other charities and organisations which include the following:
Roman Catholic Dioceses Jesuit Spirituality Centres in Britain Local education authorities Educational establishments Other Religious Congregations Caritas Albania Mary Ward Loreto Albania UK Caritas England and Wales Salvation Army CSSA (Catholic Safeguarding Standards Agency) RLSS (Religious Life Safeguarding Service) Northwest Religious Orders Safeguarding Network Support Group National Health Service Fondacio Asia – Philippines Anawim Arts – Canada
## **Risk Assessment Statement**
The Trustees manage risk by reference to both long established, documented procedures and systems of control and current Charity Commission guidance on best practice. The Trustees believe that all major risks have been identified and reviewed and that systems and procedures are in place to manage these risks. In carrying out their assessment the Trustees have identified five main areas where risks may occur:
- 1: Governance and Management
- 2: Operational
- 3: Financial
- 4: Reputation
- 5: Laws, regulations, external and environment
- 1: **Governance and management** look at the structure of the Province, and hence the charity, and the skills and training of its members and staff, and the good use of its resources.
- 2: **Operational** looks at the risks inherent in the charity’s activities including the operation of its schools/college, and Loreto Spirituality Centre; Sisters/Staff engaging in various activities, the unsuitability of buildings, poor maintenance, shortcomings in the services provided, difficulties with staff, poor health and safety, lack of a disaster recovery policy etc. When acting in their capacity as school governors, the Trustees and Sisters are required to regularly attend training courses and seminars, particularly concerning safeguarding, but also risk assessment generally.
- 3: **Financial** risks include those arising as a result of poor budgetary control, poor accounting, inappropriate investment policies etc. Financial risk also extends to the security of the Institute’s future income streams, in particular the receipt of pensions and salaries which currently account for 83% of Province Fund income. This aspect of risk is an important factor in the production of the Institute’s strategic plan. The Institute manages its financial affairs by reference to an annual budget, performance against which is monitored by the trustees.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
**TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Risk Assessment Statement (continued)**
- 4: **Reputational** looks at possible damage to the Institute’s and/or charity’s reputation. We take the issue of safeguarding extremely seriously.
In line with statutory requirements, the Trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. All Sisters who are in any kind of ministry in the United Kingdom obtain Disclosure and Barring Service clearance as do the staff at Loreto House. Our Safeguarding Lead keeps abreast of Institute and statutory policy and controls the DBS checks on Sisters and employees. The Safeguarding Lead also reports annually to the Leadership Team. Safeguarding is a topic on all Province and Leadership Meetings agendas.
After much delay, the CSSA (Catholic Safeguarding Standards Agency) issued their contract for members which we signed in March 2023. During the year the named Safeguarding Trustee and the Safeguarding Lead have given input to the Province, either in person or on Zoom, to explain the Audit process carried out by the CSSA. Three Sisters attended the RLSS AGM and various Sisters have done Safeguarding Training with the RLSS and through their own ministries and this is on-going. DBS Renewals have been kept up to date.
A case spoken of by a spiritual directee but not involving Loreto, was referred to the RLSS. An incident report was completed from information through our Loreto Drawn Together Team which was followed up by the Team, School and Social Care.
- 5: **Laws, regulations, external and environment** look at the effects of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment in the charity’s establishments.
The work of the Trustees in assessing and minimising exposure to risk is supported by the Province Treasurer and Finance Manager. They are members of the Association of Provincial Bursars, an association set up over thirty years ago for Bursars of Religious Congregations both Catholic and Anglican, and through this Association they keep up to date with current legislation and developments. Furthermore, they and many of the sisters attend courses in support of their ministry or Institute management. These courses are either run by the professional bodies of which they are members or other appropriate organisations.
The Institute is GDPR compliant and annually reviews its Cyber Security Policy.
In conducting their assessment, the Trustees necessarily gave due regard to the declining numbers of Province members and the rising average age of those who remain. The main sources of income to the Province are the pensions and salaries of the sisters and as they grow older this income is inevitably declining.
Additionally, the payroll costs currently being incurred will increase as more people are employed to undertake work now being carried out on a voluntary basis by the Sisters. The Trustees have ensured that procedures and controls are in place to protect the property and investment assets of the Institute so that financial resources are available into the future to meet additional funding requirements resulting from this ageing process.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Care for Members of the Institute**
Those members of the Province who earn salaries or receive pensions covenant them to the charity and therefore have no independent means of support. Many also give their services free in their various ministries and continue to do so well beyond retirement age. Hence the work of the charity includes the upkeep of the members so that they will be able to continue in their service to the public.
Additionally, the charity must also care for the elderly members of the Province who are now themselves in need of care. These Sisters have no resources of their own and have devoted their whole lives to the educational, pastoral, social and other ministries of the Institute, which now has a moral and legal obligation to provide for their care. In common with many religious congregations in the United Kingdom, the age profile of the members of the Institute is increasing as existing members grow older and there are no new vocations. As the age profile increases so too does the need to provide increasingly expensive care for the Sisters, a cost which is borne almost exclusively by the charity since, as members of a religious community, we are not entitled to claim certain benefits from the state e.g. pension credit.
In the year September 2024 to August 2025 two Sisters have died.
There are 31 Sisters in the English Province, and they live and work in several locations across England, Scotland and Wales. One Sister works overseas.
The Province has established Powers of Attorney for all its Sisters to ensure that their wishes continue to be followed should they become incapacitated through ill health and unable to make decisions for themselves.
Over the next decade the Trustees expect the number requiring care to increase. Consequently, the Trustees are carefully considering the impact of this on the work of individual Sisters of the Province, the property requirements and the financial implications. The aims of the Trustees are as follows:
- To ensure that all Sisters receive the care that they require to provide them with a good quality of life. To review the charity’s properties used as community houses and assess their suitability as homes for the frail elderly. Those identified as being unsuitable will need to be adapted or, if this is not possible, sold and replaced with more appropriate properties.
- To enable all members of the Province to continue with their ministries and live independently for as long as possible after their official retirement age.
We continue to provide care for our elderly and frail sisters in Loreto House under the direction of our experienced Matron and her dedicated team. Sisters receive around the clock care, tailored to their needs, aimed at enabling independence for as long as possible. Situated as it is, close to our Loreto Spirituality Centre, it enables our elderly sisters to connect with ministry which is central to the mission of the Institute.
## **Employees, Volunteers and Members of the Institute**
The Trustees wish to record their recognition of the professionalism and commitment of all their staff, volunteers and those Sisters of the Institute who are involved with its administration – without their contribution the charity would not be able to function as effectively or fully as it does. Their dedication, enthusiasm and active participation in our ministry is very much appreciated.
## **Grants, Donations and Support of Missionary Work and Ministry**
Grants, donations and other payments in support of ministry are decided on by the Trustees in consultation with the members of the Institute as appropriate. While the Trustees give occasional support to United Kingdom based organisations and to individuals within the objects of the charity, the charity does not regard itself as a grant making entity and applications for grants and donations are not invited.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
**TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Fundraising Policy**
The charity has undertaken some small-scale fundraising activities during the year. All fundraising activities have been undertaken in accordance with the applicable regulations. The charity does not work with commercial partners and has received no complaints in relation to its fundraising activities.
## **Investment Policy**
The charity has a portfolio of investments with a market value of £803,343 (2024: £1,914,575) managed by a long-established stockbroker firm with much experience in investing funds for charitable organisations Hedley & Co. The firm operates within specific guidelines, which are set out and regularly reviewed by the Trustee appointed Investment Committee. The Investment Committee in turn reports twice annually to the trustees. There are no restrictions on the charity's power to invest.
As well as these investments a further £1,736 (2024: £998,027) is held on special deposits to be recalled when needed to meet our contingent liabilities and planned works.
The portfolio represents a long-term investment with the objective of generating a real return from capital together with a certain level of income.
The Charity requires the investment managers to have regard to its ethical screening policy when making investment decisions. In addition to specifically excluding some areas of investment (for example in any companies having significant profits from armaments, gambling or life determination) the policy also requires the managers to avoid investment in companies with continuing issues of exploitation of its workforce or deprivation of human rights, being activities contrary to Christian objectives. The screening process adopted by the Charity is an independent service provided by Ethical Screening Services Ltd but operated by Investec Wealth and Investment Limited.
The investment committee meets several times during the year to review the performance of the portfolio and the continued appropriateness of the charity's investment strategy. The investment managers attend these meetings to present a formal report on an ad hoc basis but at least annually.
The investment strategy is to achieve a balanced return from income and capital growth by reference to recognised charity sector benchmarks subject to a medium risk portfolio structure.
## **Achievements and Performance**
## **Financial Review**
## **Results for the year**
During 2024/25 incoming resources amounted to £1,007,586 (2024: £1,317,098). Of this total, £254,702 (2024: £275,790) related to fee's receivable at the retreat centre and legacies received amounted to £nil (2024: £nil). Salaries and pensions of the sisters covenanted to the charity amounted to £655,094 (2024: £933,442). Investment income and interest received totalled £55,338 (2024: £60,783). This is a 9% decline in investment income (2024: 21%).
Resources expended totalled £4,217,514 (2024: £1,847,603) with £2,622,595 of this relating to the donation of certain assets and liabilities to the new CIO.
Expenditure on maintaining the members of the Province and supporting them in their pastoral work and ministry totalled £1,575,056 (2024: £1,834,509) representing a decrease of 9%. Of this, the running costs and maintenance of buildings were £537,356 (2024: £503,468) and carers' payroll and nursing costs were £570,792 (2024: £637,415). Expenditure on governance and the fees paid to the charity's investment managers amounted to £85,186 (2024: £115,817).
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Results for the year (continued)**
Investment held up in 2024/25 resulting in a small loss of £54,000 (2024: £143,149 gain).
Fixed assets were revalued in 2023/24 resulting in a loss of £nil (2024: £4,097,470). This impairment reflected the charity’s agreement to sell part of its land to a third party, with the land and associated property being impaired to the expected sale proceeds. The remaining property, which the charity plans to retain for its own use, has been impaired based on its revised insurance valuation. The Trustees believe this provides a fair representation of the value of the remaining site, in the absence of a formal valuation.
Net movement of funds for the year was an outflow of £3,263,928 (2024: £4,484,826).
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 the two aided schools Donations from those who come to the retreat centre Donations received specifically for the mission in Albania The salaries and pensions of the members of the Institute Income from investments
We are not a fundraising charity, although our mission in Albania seeks funds from individual donors based on generating awareness but does not undertake general advertising campaigns.
The Province has a commitment to make contributions to the schools and college, particularly regarding the maintenance of their chapels where other sources of funding are not available, and some of the funds on deposit are reserved for this purpose.
Functional property belonging to the Province has been included on the Balance Sheet at Trustees' valuation in 1996, which was achieved with help from professional advisers. The school's element of this valuation has since been revalued, and each year we consider whether any impairment provision is required.
## **Reserves Policy**
The reader will see from the information given that the charity carries out a diverse range of activities and is responsible for the care and support of sisters whose average age is increasing and whose needs are changing. The trustees have examined the need for free reserves i.e., those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. For several years the charity has looked to its assets to make good shortfalls of income from expenditure by providing the necessary funding to maintain liquidity. The trustees consider that, given the nature of the charity's work, its commitments and the age profile of its members, this funding requirement will continue into the foreseeable future and therefore it is unlikely that uncommitted reserves will become available.
## **Financial Position**
The balance sheet shows total reserves of £10,120,754 (2024: £13,384,682). Of this £9,910,122 (2024: £10,204,985) is represented by properties and other tangible fixed assets essential for the support and work of the sisters.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Financial Position (continued)**
The Province has divided its unrestricted assets into two designated funds:
1. Province Fund - to support the Sisters in their work as they give their services voluntarily and to care for them when they are sick and aged. The value of this fund is £7,354,183 (2024: £10,547,923) of which £6,345,362 (2024: £7,445,304) represents tangible fixed assets. The net current assets of the fund are £1,008,821 (2024: £971,952). Shortfalls of income to meet short term operating requirements continue to be met from investment realisations.
2. Ministry Development Fund - to support our schools, establishments and other charitable donations made for the public benefit within the terms of our governing document. The value of this fund is £1,827,124 (2024: £1,931,284) of which £2,759,681 (2024: £2,759,681) represents tangible fixed assets. The net current assets of the fund are £932,557 in deficit (2024: £828,753 in deficit).
## **Future Plans**
The trustees have resolved to modernise their structure by changing the form of their operating document from trust deed to one of Charitable Incorporated Organisation. The new Charity has been registered as indicated in the Charitable Status on page 3.
Whilst the Trustees do not anticipate any significant change to the (new) charity or its activities over the next two to five years they are constantly reviewing works of the Institute in the light of a changing world and its own ageing membership.
To that end the membership continues to review its ministry works for the next five years and how they will be achieved and provide public benefit. The Trustees opinion is that the Charity will continue to provide public benefit by continuing to meet the following objectives:
- To continue to be Trustees for two Loreto schools and a Loreto Sixth Form College;
- To continue the development of Loreto ethos at Loreto Chorlton and to continue the provision of Loreto Sisters as foundation governors;
- To continue to provide training for its school governors;
- To continue to support other schools;
- To continue to control Loreto Education Trust, a company limited by guarantee and established to manage the operations of the schools and college whilst at the same time continuing the ethos of Mary Ward into the future;
- To continue to develop new projects which deliver public benefit such as the Loreto Drawn Together Project;
- To continue with its pastoral/outreach work at several locations across the country;
- To continue the development of the Loreto Spirituality Centre in Llandudno;
- To maintain and increase awareness of the religious tenets of its founder, The Venerable Mary Ward;
- To continue to care for the Sisters and enable them to carry out their various ministries where they will continue to reach out to the poor and marginalised and the victims of trafficking;
- To meet the requirements of the various statutory bodies;
- To continue to 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 monitor the needs of the sisters as they grow older and, if necessary, adapt the charity’s plans in respect of property needs and the provision of care to elderly members:
- To continue to work with church and statutory bodies to ensure that professional standards in relation to safeguarding are maintained.
However to ensure that sufficient funds continue to be available to carry out the works of the Charity the Trustees will carry out a review of income and expenditure and make decisions accordingly.
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## **CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **TRUSTEES’ ANNUAL REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Auditor**
MHA previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
## **Approval**
The Trustee’s report was approved on 27[th] May 2026. and was signed on their behalf by:
## **Miss J Bromham Trustee**
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Opinion**
We have audited the financial statements of the Congregation of Jesus (Loreto Sisters) English Province (formerly the Institute of the Blessed Virgin Mary Commonly Called The Sisters of Loreto) (the ‘Charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
As explained in note 20, the trustees intend to transfer the whole of the charitable trust into a 'Charitable Incorporated Organisation (CIO)'. In undertaking our going concern assessment, we have considered the application of the requirements of the accounting standard to the circumstances of the Charity. As an unincorporated Charity, this is not a separate legal entity and, as the intention is for the charitable activities to continue through the CIO, we have concluded that the trustees' use of the going concern basis in the preparation of the financial statements remains appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information, and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **Other information (continued)**
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditors responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;
- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to future performance of the Charity;
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
- Auditing the risk of management override of controls and subsequent testing, including through testing journal entries and other adjustments for appropriateness;
- Auditing the risk of fraud in income by way of transaction testing, testing income recognition in accordance with SORP, and testing for completeness of income around the year end.
- Reviewing board minutes.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-ofthe-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **MHA**
**Statutory Auditor**
14 Mannin Way Lancaster Business Park Lancaster Lancashire LA1 3SW
28[th] May 2026
_MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)_
_MHA is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006._
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## **CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
**----- Start of picture text -----**
Restricted Unrestricted funds Total Total
funds Ministry Province 2025 2024
Note £ £ £ £ £
Income from:
Donations and legacies 4 20,855 3,457 655,134 679,446 965,521
Investments 5 19,321 - 36,017 55,338 60,783
Charitable activities 6 - 254,702 - 254,702 275,790
Other 7 997 83 17,020 18,100 15,004
Total income 41,173 258,242 708,171 1,007,586 1,317,098
Expenditure on:
Raising funds 8 3,969 - 15,894 19,863 13,094
Charitable activities 9 15,052 362,402 1,197,602 1,575,056 1,834,509
Donation to new CIO - - 2,622,595 2,622,595 -
Total expenditure 19,021 362,402 3,836,091 4,217,514 1,847,603
Net movement in funds 22,152 (104,160) (3,127,920) (3,209,928) (530,505)
Net gains/(losses) on investments 10 57,820 - (111,820) (54,000) 143,149
Net gains/(losses) on tangible 12 - - - - (4,097,470)
assets
Net income/(expenditure)
before transfers 79,972 (104,160) (3,239,740) (3,263,928) (4,484,826)
Transfer between funds (46,000) - 46,000 - -
Net movement in funds 33,972 (104,160) (3,193,740) (3,263,928) (4,484,826)
Reconciliation of funds:
Total funds brought forward 905,475 1,931,284 10,547,923 13,384,682 17,869,508
Total funds carried forward 939,447 1,827,124 7,354,183 10,120,754 13,384,682
**----- End of picture text -----**
All income and expenditure derive from continuing activities.
All gains and losses recognised in each period are included above.
The notes on pages 22 to 42 form part of these financial statements.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **BALANCE SHEET**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
**----- Start of picture text -----**
Restricted Unrestricted funds Total Total
funds Ministry Province 2025 2024
Note £ £ £ £ £
Fixed assets
Tangible assets 12 - 2,759,681 6,345,362 9,105,043 10,204,985
Investments 13 805,079 - - 805,079 2,912,602
805,079 2,759,681 6,345,362 9,910,122 13,117,587
Current assets
Debtors 14 2,320 10,254 88,937 101,511 75,212
Cash at bank and in hand 15 36,523 139,712 48,461 224,696 273,768
38,843 149,966 137,398 326,207 348,980
Creditors: amounts falling
due within one year 16 (4,977) (27,016) (83,582) (115,575) (81,885)
Inter-fund debtors / (creditors) 100,502 (1,055,507) 955,005 - -
Net current assets 134,368 (932,557) 1,008,821 210,632 267,095
Net assets 939,447 1,827,124 7,354,183 10,120,754 13,384,682
Funds: 18
Restricted funds 939,447 - - 939,447 905,475
Unrestricted funds:
Designated - Ministry fund - 1,827,124 - 1,827,124 1,931,284
Designated - Province fund - - 7,354,183 7,354,183 10,547,923
Total funds 939,447 1,827,124 7,354,183 10,120,754 13,384,682
**----- End of picture text -----**
These accounts were approved by the Trustees and authorised for issue on the 27[th] May 2026. and are signed on their behalf by:
…………………………………… **J Bromham - Trustee K Hewitt - Trustee**
The notes on pages 22 to 42 form part of these financial statements
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR END 31 AUGUST 2025**
||**Total**|Total|
|---|---|---|
||**2025**|2024|
||**£**|£|
|**Cash generated/(used) in operating activities**|**(1,896,103)**|(1,067,056)|
|**Cashflows from investing activities**|||
|Payments to acquire tangible fixed assets|**(29,584)**|(19,706)|
|Receipts from sale of tangible fixed assets|**1,574,267**|1,655,570|
|Payments to acquire investments|**(939,003)**|(709,395)|
|Receipts from sale of investments|**207,974**|695,394|
|Investment income|**37,086**|37,754|
|**Cash provided by/(used in) investing activities**|**850,740**|1,659,617|
|**Increase/(Decrease) in cash and cash equivalents in the year**|**(1,045,363)**|592,561|
|Cash and cash equivalents brought forward|**1,271,795**|679,234|
|**Cash and cash equivalents carried forward**|**226,432**|1,271,795|
|**Consisting of:**|||
|Monies held for investment|**1,736**|998,027|
|Cash at bank and in hand|**224,696**|273,768|
||**226,432**|1,271,795|
|**Reconciliation of net movement in funds to net cashflow from operating activities**|||
|Net (expenditure) for the year|**(3,263,928)**|(4,484,826)|
|Investment income received|**(37,086)**|(37,754)|
|Loss/(gain) on disposal of tangible fixed assets|**(459,111)**|(306,830)|
|Loss/(gain) on revaluation of tangible fixed assets|**-**|4,097,470|
|Loss/(gain) on investments|**54,000**|(143,149)|
|Depreciation|**14,370**|12,103|
|Decrease/(increase) in debtors|**(26,299)**|(22,014)|
|(Decrease)/increase in creditors|**33,690**|(182,056)|
|Donation of investments to new CIO|**1,788,261**|-|
|**Net cash generated in operating activities**|**(1,896,103)**|(1,067,056)|
||||
The notes on pages 22 to 42 form part of these financial statements
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting policies**
## **Basis of preparation**
The Congregation of Jesus (Loreto Sisters) English Province (formerly the Institute of the Blessed Virgin Mary Commonly Called The Sisters of Loreto) is a charity registered in the United Kingdom. The address of the charity, the nature of its operations and its principal activities are all detailed in the Trustees’ annual report of these financial statements.
The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared on a going concern basis under the historical cost convention as modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Going concern**
As explained in note 20 ‘Charitable Incorporated Organisation conversion’ to the financial statements the charity intend to transfer the whole of the charitable trust into a 'Charitable Incorporated Organisation (CIO). During the year certain assets and liabilities have already been donated. As an unincorporated charity, this is not a separate legal entity and, as the intention is for the charitable activities to continue through the CIO the accounts continue to be prepared on a going concern basis.
The Trustees do not consider there to be a material uncertainty at this time, and there is a reasonable expectation that the Charity has adequate resources to continue for the foreseeable future.
## **Incoming resources**
All incoming resources, including income the retreat centre, are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlement is the earlier of the charity being notified of an impending distribution of the legacy being received.
Legacies received by members of the Institute are credited to the Patrimony Fund unless the legator indicated a specific bequest.
Investment income is included in the SOFA in the period in which it is receivable.
## **Covenanted salaries and pensions**
Covenanted salaries and pensions are received under deeds of covenant from members of the Institute and are stated inclusive of income tax but net of any deductions for national insurance and occupational pension schemes' contributions.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting policies (continued)**
## **Resources expended**
Expenditure is included on an accruals basis and consists of all expenditure directly relating to the objects of the charity.
Investment management and governance costs include expenditure incurred in the management of the portfolio and for compliance with constitutional and statutory requirements.
Irrecoverable VAT is included with the category of expense to which it relates.
All expenditure is written off in the year in which it is incurred, including major property renovations, unless the expenditure is deemed to increase the charity's fund value.
## **Governance costs**
Comprises audit fees, legal and professional fees and a contribution to payroll.
## **Foreign currencies**
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the exchange rate ruling at the balance sheet date, All differences are taken to the SOFA.
## **Tangible fixed assets**
**Land, buildings and fixtures** : To date the charity has opted to adopt a policy of not revaluing its tangible fixed assets as permitted under the transitional provisions of FRS 15. On transition to SORP 2015 (FRS 102), similar transitional provisions were adopted to carry these amounts as deemed cost. The book value of the land and buildings was based on a Trustees' valuation made in 1996, based on insurance valuation at a discounted rate, plus cost of acquisitions since 1996.
Whilst this policy still holds true for the charity's community housing assets and property assets still actively managed in direct ministry by the sisters, it is no longer as valid in relation to the college and schools buildings now managed by the respective governors under the terms of supplemental agreements. The school buildings included in the 1996 valuations will now have been extensively renovated and modernised or demolished to create space for more up to date facilities. Any value attributed to buildings in 1996 is now of doubtful provenance. The most important factor for the charity is continued recognition that ownership of the land remains with the trust. It is expected that the schools will continue to occupy the land for some considerable time into the future and therefore any valuation would be little more than a guess. The trustees are therefore of the opinion that these properties should remain on the trust's Balance Sheet at a nominal value to avoid the need to speculate over value and to continue to demonstrate the trust's ownership.
No depreciation has been charged on the remaining land and buildings as the trustees consider that the amount involved would be immaterial after taking into account both the remaining useful life of the properties and their residual value.
In the prior year, the trustees considered the current market value of the properties and were of the opinion that an impairment write down was needed to bring these to their estimated fair value and an impairment loss of £4,097,470 was recogni **s** ed in the Statement of Financial Activities (SOFA). This impairment reflected the charity’s agreement to sell part of its land to a third party, with the land and associated property being impaired to the expected sale proceeds. The remaining property, which the charity plans to retain for its own use, was been impaired based on its revised insurance valuation.
The Trustees believe this provides a fair representation of the value of the remaining site, in the absence of a formal valuation and consider that no further impairment provision was required in the current year.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting policies (continued)**
**Motor vehicles:** Depreciation is calculated at 20% on reducing balance.
**Computer equipment:** Computer equipment is not capitalised, as the trustees believe that values are not material when taking into account estimated useful economic lives.
## **Investments**
Quoted investments are valued at their closing middle market price on the balance sheet date. Realised and unrealised gains (or losses) are reflected in the Statement of Financial Activities in the year in which they occur.
## **Cash and cash equivalents**
Cash balances represent cash in hand and deposits held at banks and building societies.
## **Debtors and creditors**
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Balances include funds due to and from two unrestricted designated funds from within the Charity which are separately identified in notes 14 and 16 to the financial statements.
## **Fund accounting**
## _Unrestricted funds_
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other reserves.
## _Designated funds_
Where unrestricted funds have been earmarked for a particular project, they have been designated as a separate fund, but the designation has an administrative purpose only and does not legally restrict the trustees' discretion to apply the fund. The aim and use of each designated fund is set out in the notes to the accounts
## _Restricted funds_
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors, which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the accounts.
The accounts comprise:
## **Restricted funds:**
- Patrimony fund
- Loreto College St Albans Appeal Fund
- Loreto Sisters Albania Fund
- Loreto Sisters Drawn Together Fund
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
- **1 Accounting policies (continued)**
## **Ministry (unrestricted funds):**
- Ministry Development Fund
- Loreto Retreat Centre
## **Province (unrestricted funds):**
- Province Fund
- Houses
## **Pensions**
Contributions for all staff are made to their personal pension schemes.
## **Taxation**
HM Revenue & Customs considers the Congregation of Jesus (Loreto Sisters) English Province to be a charity and therefore they are entitled to exemption from tax afforded by Sections 478-489 of the Corporation Taxes Act 2010 to the extent that income is applied exclusively for charitable purposes.
## **Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.
Financial instruments are recognised in the Charity’s balance sheet when the Charity becomes party to contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting policies (continued)**
_Basic financial assets_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
## _Impairment of financial assets_
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.
## _De-recognition of financial assets_
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## _Classification of financial liabilities_
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
## _Basic financial liabilities_
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
-26-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting policies (continued)**
_De-recognition of financial liabilities_
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
## **Judgements and key sources of estimation uncertainty**
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Key assumptions, judgements, and estimates**
_Valuation of land and buildings_
The Trustees make an annual assessment of the valuation of properties held within the Charity against their current book value and determine whether there are any signs of impairment which may indicate that the valuation is overstated. The Trustees have confirmed that there is no further impairment to the valuation of properties held at the balance sheet date.
There have been no other key assumptions concerning future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
## **2 Staff costs and trustees’ remuneration**
|**Staff costs during the year were as follows:**
Wages and salaries
Social security costs
Pension costs|**2025**
2024
**£**
£
**704,599**
779,352
**55,895**
63,927
**15,272**
17,175|
|---|---|
||**775,766**
860,454|
|||
-27-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Staff costs and trustees’ remuneration (continued)**
The average number of employees during the year was 44 (2024: 37). The number of employees earning over £60,000 per annum, excluding pension contributions but including redundancy settlements, was 0 (2024: 0).
No employee received remuneration of more than £60,000 during the current or prior year.
As members of the Province, the Trustees' living expenses during the year were borne by the Trust, but the Trustees received no remuneration or other benefits in connection with their duties as Trustees during the year.
The Finance Manager, Matron and Centre Manager are considered to be key management personnel. Their aggregate remuneration for the year was as follows:
**----- Start of picture text -----**
2025 2024
£ £
Aggregate remuneration of key management personnel 68,482 101,815
**----- End of picture text -----**
## **Pension contributions**
The Charity makes contributions to employees defined contribution pension schemes, including the Aviva Pension Trust for Independent Schools, to which a total of £15,272 (2024: £17,175) was contributed in the year.
## **2 Auditor’s remuneration**
**----- Start of picture text -----**
2025 2024
£ £
Amounts payable to the auditor (including VAT) was as follows:
Audit services 24,000 22,500
Other services 7,772 6,906
31,772 29,406
**----- End of picture text -----**
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **3 Income from donations and legacies**
|**Current year**
Donations and gifts
Legacies
**Prior year**
Donations and gifts
Legacies
Covenanted salaries and pensions (see
below)
Covenanted salaries and pensions (see
below)|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**Total**
**funds**
**Ministry**
**Province**
**2025**
**£**
**£**
**£**
**£**
**20,855**
**3,457**
**40**
**24,352**
**-**
**-**
**-**
**-**
**-**
**-**
**655,094**
**655,094**|
|---|---|
||**20,855**
**3,457**
**655,134**
**679,446**|
||**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**Total**
**funds**
**Ministry**
**Province**
**2024**
**£**
**£**
**£**
**£**
15,872
6,097
10,110
32,079
-
-
-
-
-
-
933,442
933,442|
||15,872
6,097
943,552
965,521|
Covenanted salaries and pensions represent salaries and pensions of members, including those paid to the Trustees, of the charity payable to the charity under deeds of covenant or gift aid declarations.
-29-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **4 Income from investments**
|UK fixed income
British Government Bonds
Investment Companies
Other fixed interest
Europe fixed interest
Equities:
UK
European
Global
Other:
Emerging markets
Commercial property
Specialist
Alternatives
Other
Monies held for investment in the UK
National Savings
Monies held by stockbroker
Treasury Deposits
Bank interest||**2025**
**£**
**339**
**-**
**6,910**
**2,435**
**15,713**
**865**
**3,282**
**4,968**
**1,245**
**64**
**185**
**1,080**
**37,086**
**25**
**6,050**
**11,910**
**55,071**
**267**
**55,338**|2024
£
4,220
2,852
509
-
11,732
486
2,711
3,496
1,142
95
1,870
8,641|
|---|---|---|---|
||||37,754
89
9,242
13,232|
||||60,317
466|
||||60,783|
||||2024
£
19,261
9,073
32,449
60,783|
|Represented by:
Restricted
Unrestricted - Ministry
Unrestricted - Province||**2025**
**£**
**19,321**
**-**
**36,017**
**55,338**||
|||||
|||||
-30-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **5 Income from charitable activities**
|**Unrestricted - Ministry**
School fees and retreat centre|**2025**
2024
**£**
£
**254,702**
275,790|
|---|---|
||**254,702**
275,790|
Income from charitable activities was entirely unrestricted in the current and prior year.
## **6 Other income**
**----- Start of picture text -----**
Current year Unrestricted Unrestricted
Restricted funds funds Total
funds Ministry Province 2025
£ £ £ £
Other 997 83 17,020 18,100
997 83 17,020 18,100
Prior year Unrestricted Unrestricted
Restricted funds funds Total
funds Ministry Province 2024
£ £ £ £
Other 2,320 - 12,684 15,004
2,320 - 12,684 15,004
**----- End of picture text -----**
## **7 Expenditure on raising funds**
|**Expenditure on raising funds**||
|---|---|
|Restricted
Unrestricted - Ministry
Unrestricted - Province|**2025**
2024
**£**
£
**3,969**
3,917
**-**
889
**15,894**
8,288|
||**19,863**
13,094|
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **8 Expenditure on charitable activities**
**----- Start of picture text -----**
Current year Unrestricted Unrestricted
Restricted funds funds Total
funds Ministry Province 2025
£ £ £ £
Salaries for the school and retreat centre - 181,531 - 181,531
Running costs and maintenance of buildings - 107,044 430,312 537,356
Depreciation of fixed assets - - 14,370 14,370
(Gains) / losses on sale of fixed assets - - (459,111) (459,111)
Community expenses - - 357,424 357,424
Nursing fees and medical care - 958 569,834 570,792
Formation and ministry - 47,478 33,997 81,475
Levy paid to the Generalate - - - -
Grants and expenditure on supported
schools 5,603 25,000 - 30,603
Governance costs - - 41,323 41,323
Governance costs - audit - - 24,000 24,000
Support costs 9,449 391 185,453 195,293
15,052 362,402 1,197,602 1,575,056
**----- End of picture text -----**
|**Prior year**|**Unrestricted Unrestricted**
**Restricted**
**funds**
**funds**
**Total**
**funds**
**Ministry**
**Province**
**2024**|
|---|---|
|Salaries for the school and retreat centre
Running costs and maintenance of buildings
Depreciation of fixed assets
(Gains) / losses on sale of fixed assets
Community expenses
Nursing fees and medical care
Formation and ministry
Levy paid to the Generalate
Governance costs
Governance costs - audit
Support costs
Grants and expenditure on supported
schools|**£**
**£**
**£**
**£**
-
215,157
-
215,157
-
105,820
397,648
503,468
-
-
12,103
12,103
-
-
(306,830)
(306,830)
-
-
319,842
319,842
-
-
637,415
637,415
12,445
27,599
98,772
138,816
-
3,189
-
3,189
-
6,354
-
-
6,354
-
3,900
76,323
80,223
-
-
22,500
22,500
-
12,699
189,573
202,272|
||18,799
368,364
1,447,346
1,834,509|
|||
-32-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025**
## **9 Net gain/(loss) on investments**
**----- Start of picture text -----**
2025 2024
£ £
Restricted 57,820 95,052
Unrestricted - Ministry - (5,834)
Unrestricted - Province (111,820) 53,931
(54,000) 143,149
**----- End of picture text -----**
## **10 Analysis of movement in restricted funds**
||||||**Total**|
|---|---|---|---|---|---|
||**Drawn**|**Albania**|**Appeal**|**Patrimony**|**restricted**|
||**together**||**funds**|**fund**|**funds**|
||**£**|**£**|**£**|**£**|**£**|
|**Incoming resources**||||||
|Other income|-|-|547|450|997|
|Donations and legacies|19,275|-|1,580|-|20,855|
|Loreto College St Albans appeal|-|-|-|-|-|
|Investment income|-|-|-|19,321|19,321|
|**Total incoming resources**|**19,275**|**-**|**2,127**|**19,771**|**41,173**|
|**Resources expended**||||||
|Raising funds|-|-|-|3,969|3,969|
|Charitable objects:||||||
|Ministry|9,442|-|-|7|9,449|
|Expenditure on schools|-|-|5,603|-|5,603|
|**Total resources expended**|**9,442**|**-**|**5,603**|**3,976**|**19,021**|
|Net gains/(losses) on investments|-|-|-|57,820|57,820|
|**Net incoming/(outgoing)**||||||
|**resources before transfers**|9,833|-|(3,476)|73,615|79,972|
|Transfer to unrestricted funds|-|-|-|(46,000)|(46,000)|
|**Net movement in funds for the**||||||
|**year**|9,833|-|(3,476)|27,615|33,972|
|Total funds at 1 September 2024|11,485|6,500|5,879|881,611|905,475|
|Total funds at 31 August 2025|**21,318**|**6,500**|**2,403**|**909,226**|**939,447**|
|||||||
-33-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **11 Fixed assets**
**----- Start of picture text -----**
Land and
buildings inc Motor
fixtures vehicles Total
£ £ £
Cost or deemed cost
Balance at 1 September 2024 14,258,861 136,225 14,395,086
Additions - 29,584 29,584
Disposals (1,109,891) (43,493) (1,153,384)
Balance at 31 August 2025 13,148,970 122,316 13,271,286
Depreciation and impairment
Balance at 1 September 2024 4,097,470 92,631 4,190,101
Charge for the year - 14,370 14,370
Eliminated on disposals - (38,228) (38,228)
Balance at 31 August 2025 4,097,470 68,773 4,166,243
Net book value
At 31 August 2025 9,051,500 53,543 9,105,043
At 1 September 2024 10,161,391 43,594 10,204,985
**----- End of picture text -----**
As outlined in the accounting policies, the charity has chosen not to revalue its tangible fixed assets, in line with the transitional provisions of FRS 15. However, each year, the charity assesses whether an impairment provision is necessary. The remaining property, which the charity plans to retain for its own use, has been impaired based on its revised insurance valuation. The Trustees believe this provides a fair representation of the value of the remaining site, in the absence of a formal valuation.
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **12 Investments**
**----- Start of picture text -----**
2025 2024
Cost Market Cost Market
value value
£ £ £ £
UK fixed income
British Government Bonds - - 171,568 169,277
Investment Companies - - 68,298 65,185
Other fixed interest 54,250 51,920 44,079 41,647
Europe fixed interest - - 39,285 40,116
Equities: UK 239,986 253,059 424,654 456,688
European 105,335 126,869 257,604 294,091
Global 107,657 166,004 378,659 486,326
Other: Emerging markets 101,056 104,671 135,830 141,585
Commercial property - - 67,273 57,085
Specialist 40,679 42,965 40,679 35,148
Alternatives 48,180 57,855 118,627 127,427
697,143 803,343 1,746,556 1,914,575
Monies held for investment in UK:
National Savings - - 2,492 2,492
Monies held by stockbroker 1,736 1,736 288,906 288,906
Treasury deposits - - 706,629 706,629
698,879 805,079 2,744,583 2,912,602
Market value Investment Market value
1 September gains and Transfer to 31 August
2024 Additions Disposals losses new CIO 2025
£ £ £ £ £ £
Quoted
1,914,575 939,003 (207,974) (54,000) (1,788,261) 803,343
investments
**----- End of picture text -----**
-35-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **13 Current assets**
|**Current assets**||
|---|---|
|**Debtors**
Prepayments and accrued income
Income tax recoverable
Other debtors
Gross debtors
Less inter-fund debtor
**Total debtors (net of inter-fund debtor)**
**Cash at bank and in hand**|**2025**
2024
**£**
£
**61,657**
66,382
**2,320**
2,320
**992,539**
879,741|
||**1,056,516**
948,443
**(955,005)**
(873,231)|
||**101,511**
75,212|
|||
|**Cash at bank and in hand**
Interest bearing accounts
Cash balances|**2025**
2024
**£**
£
**220,219**
268,693
**4,477**
5,075|
||**224,696**
273,768|
|||
## **14 Cash at bank and in hand**
-36-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **15 Liabilities**
**----- Start of picture text -----**
2025 2024
£ £
Amounts falling due within one year
Creditors 165,315 145,498
Deferred income 47,812 24,353
Payroll - 18,611
Accruals 857,453 766,654
Gross liabilities 1,070,580 955,116
Less inter-fund creditor (955,005) (873,231)
Total creditors (net of inter-fund creditor) 115,575 81,885
Deferred income
Balance at 1 September 2024 24,353 24,132
Amounts deferred in the year 47,812 24,353
Amounts released to incoming resources in the year (24,353) (24,132)
Balance at 31 August 2025 47,812 24,353
**----- End of picture text -----**
## **16 Borrowings and contingencies**
During the year ended 31 August 2003, the trustees donated funds to Loreto College, Manchester in order for the College to invest in capital expenditure. These funds were generated by the disposal of a portion of land at the College which was subject to covenants by Manchester City Council. The Council allowed the disposal of the land to take place in exchange for a covenant on the remaining land, such that, should the College land and buildings be disposed of within 40 years from the date of sale of the surplus land, Manchester City Council would be entitled to receive £1,050,000 from the proceeds of sale.
-37-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **17 Movement in funds**
**----- Start of picture text -----**
Current year
Balance Change in Balance
1 September investment Fund Activity in Donation to 31 August
2024 valuation transfers year new CIO 2025
£ £ £ £ £ £
Restricted funds
Patrimony 881,579 57,820 (46,000) 15,795 - 909,194
Ministry - Appeal funds 5,911 - - (3,476) - 2,435
Ministry - Drawn Together 11,485 - - 9,833 - 21,318
Ministry - Albania 6,500 - - - - 6,500
905,475 57,820 (46,000) 22,152 - 939,447
Designated funds
Ministry
Functional property 2,759,681 - - - - 2,759,681
Other Ministry funds:
Investments 356 - - (356) - -
General (828,753) - - (103,804) - (932,557)
1,931,284 - - (104,160) - 1,827,124
Province
Functional property 8,748,743 - - (2,456,924) - 6,291,819
Transport 37,698 - - 15,845 - 53,543
Other Province funds:
Investments 1,190,039 (111,820) - 35,992 (1,573,322) (459,111)
General 571,443 - 46,000 1,899,762 (1,049,273) 1,467,932
10,547,923 (111,820) 46,000 (505,325) (2,622,595) 7,354,183
Total funds 13,384,682 (54,000) - (587,333) (2,622,595) 10,120,754
**----- End of picture text -----**
-38-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **18 Movement in funds (continued)**
**----- Start of picture text -----**
Balance Change in Balance
1 September investment Fund Activity in Donation to 31 August
2024 valuation transfers year new CIO 2025
£ £ £ £ £
Restricted 905,475 57,820 (46,000) 22,152 - 939,447
Ministry 1,931,284 - - (104,160) - 1,827,124
Province 10,547,923 (111,820) 46,000 (505,325) (2,622,595) 7,354,183
Total funds 13,384,682 (54,000) - (587,333) (2,622,595) 10,120,754
**----- End of picture text -----**
## **Restricted funds**
- **Patrimony**
This fund comprises the dowers made by individual sisters and any legacies received by sisters during their lifetime. When a sister dies, the dower/legacy is released to the Province Fund.
- **Loreto College St Albans Appeal Fund**
Income consists of donations received to assist in funding the on-going development of the school site. The fund is used to fund the trustees' contribution to small building works.
- **Loreto Sisters Drawn Together Fund**
This fund supports the work of the English Province at Harpenden Children’s Centre.
- **Loreto Sisters Albania Fund**
This fund supports the work of the English Province in Albania.
## **Designated unrestricted funds**
- **Ministry**
To support the works of the members in their ministries.
- **Province**
To support the sisters and to care for them when they are sick and aged.
-39-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **18 Movement in funds (continued)**
**----- Start of picture text -----**
Prior year
Balance Change in Change in Balance
1 September investment fixed asset Fund Activity in 31 August
2023 valuation valuation transfers year 2024
£ £ £ £ £
Restricted funds
Patrimony 771,215 95,052 - 15,312 881,579
Ministry - Appeal funds 7,328 - - - (1,417) 5,911
Ministry - Drawn Together 17,143 - - - (5,658) 11,485
Ministry - Albania - - - - 6,500 6,500
795,686 95,052 - - 14,737 905,475
Designated funds
Ministry
Functional property 6,857,151 - (4,097,470) - - 2,759,681
Other Ministry funds: - - - -
Investments 356 - - - - 356
General (744,626) (5,834) - - (78,293) (828,753)
6,112,881 (5,834) (4,097,470) - (78,293) 1,931,284
Province
Functional property 8,748,743 - - - - 8,748,743
Transport 37,698 - - - - 37,698
Other Province funds: -
Investments 1,136,108 53,931 - - - 1,190,039
General 1,038,392 - - - (466,949) 571,443
10,960,941 53,931 - - (466,949) 10,547,923
Total funds 17,869,508 143,149 (4,097,470) - (530,505) 13,384,682
**----- End of picture text -----**
-40-
**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **18 Movement in funds (continued)**
|Restricted
Ministry
Province
Total funds|**Balance**
**Change in**
**Change in**
**Balance**
**1 September investment fixed asset**
**Fund**
**Activity in**
**31 August**
**2023**
**valuation**
**valuation**
**transfers**
**year**
**2024**
**£**
**£**
**£**
**£**
**£**
795,686
95,052
-
-
14,737
905,475
6,112,881
(5,834) (4,097,470)
-
(78,293)
1,931,284
10,960,941
53,931
-
-
(466,949) 10,547,923|
|---|---|
||**17,869,508**
**143,149 (4,097,470)**
**-**
**(530,505) 13,384,682**|
|||
## **18 Analysis of net assets between funds**
**----- Start of picture text -----**
Current year Unrestricted Unrestricted
Restricted funds funds Total
funds Ministry Province 2025
£ £ £ £
Fixed assets 805,079 2,759,681 6,345,362 9,910,122
Current assets 38,843 149,966 137,398 326,207
Creditors: amounts falling due within one
year (4,977) (27,016) (83,582) (115,575)
838,945 2,882,631 6,399,178 10,120,754
Inter-fund debtor / (creditor) 100,502 (1,055,507) 955,005 -
939,447 1,827,124 7,354,183 10,120,754
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**CONGREGATION OF JESUS (LORETO SISTERS) ENGLISH PROVINCE**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 AUGUST 2025**
## **19 Analysis of net assets between funds (continued)**
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Prior year Unrestricted Unrestricted
Restricted funds funds Total
funds Ministry Province 2024
£ £ £ £
Fixed assets 781,579 2,760,037 9,575,971 13,117,587
Current assets 21,901 73,675 253,404 348,980
Creditors: amounts falling due within one
year (4,505) (29,196) (48,184) (81,885)
798,975 2,804,516 9,781,191 13,384,682
Inter-fund debtor / (creditor) 106,500 (873,232) 766,732 -
905,475 1,931,284 10,547,923 13,384,682
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## **19 Charitable Incorporated Organisation conversion**
The Trustees have authorised the transfer of the whole of the charitable trust (the aims and objectives in the trust document, the charitable trust assets, liabilities and operations) into a ‘Charitable Incorporated Organisation (CIO)’. Certain assets and liabilities were donated in the year, and the remaining donation was completed on 1 September 2025.
## **20 Related parties**
As noted in the trustees' report, Loreto Education Trust is an associated charity. Loreto Education Trust provides services to Loreto Preparatory School (Altrincham). During the year payments of £25,000 (2024: £nil) were made to the Trust.
The charity provided the land and buildings for the use of Loreto College (St Albans) and Loreto Grammar School (Altrincham) under supplementary agreements, rent free, throughout the year and previous year.
## **21 Capital commitments**
Capital commitments amounted to £nil (2024: £nil).
## **22 Post balance sheet events**
As described in note 20, subsequent to the balance sheet date but prior to the approval of these financial statements, the Trustees approved the transfer of the Charity’s activities, assets and liabilities to a newly established Charitable Incorporated Organisation (CIO).
This constitutes a non-adjusting post balance sheet event. Following this transfer, the operations of the Charity will cease and the Charity is expected to be removed from the register of charities.
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