Charity number: SC006881 FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION CONTENTS Page Trustees. Report Independent Auditors. R8port on th• Financial Stat•monts statement of Flnanclal Actlvltles 10-13 14 Balanc• She•t 15 Statement of Ca8h Flows 16 Notes to tho Financial Statoments 17-32
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT FOR THE YEAR ENDED 30 DECEMBER 2024 The trustees psent their pOrt wth the financial statements of the Charity for the year ended 30 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporbng Standard applicable in the UK and Repuklic of Ireland IFRS 1021 (effective 1 January 2019). Obj•¢tivo8 and a¢tivitl•8 Oblgcts of thg charlty The Franciscan Sisters of the Immaculate Conception support the religious and other charitable works carried out by the members of the congregats.on and care for those members throughout their liv85 With the Congregation. The ministries of the Sisters, all of which benefit numerous members of the 9gneral putlic, cover educats'on, Social and pastoral work and Overseas missionary work and donations. Working with other Oryanisalions The Congregation works dosely wrth a number of other charities and public bodies including LcKal Authorities within whh the community houses are based. In some inStanS, Sisters are employed by these organisalions, while in other InStanS the relationships are more informal. In all cases. working together with other charities and public bodies enhances communication and understanding. thus enabling serVe5 lo be offered in a more efficient and effective way, avoiding duplication of efforL Protection of ¢hildren and vulnerable •duks Abng wilh all other organisats'ons who serve in the community, the tru$tee$ CognIse the absolute necessity of ensuring the protection and safety of all Ihose whom the Congregation serves. This means that all Sisters who are in any kind of ministry in Great Britain have to obtain dearance from Disdosure Scotland. The trustees are committed to implementing all policies and procedures recommended by the Catholic Church in Scotland. The Sisters in overseas mission5 have received this training and every Mission is expected to implement all Folcies and procedures as well as display all perbnent documentab'on. Achlevement8 and perforniance Rovlew of act5vltle8, 8peclfic oblect5ve8 and rnlevant pollcle8 As indicated above, the activities of the Congregation can be divided into a number of principal areas., caring for the members of the Congregation, the educational, social and pastoral work of the Sisters and the support of overseas missionary work Each of these is considered below.. al Canng for members of the Congregation In common wlh many religious ¢ongregats'ons in Great Britsin. the age profile of the members of the Congregation 1$ increasing, as existing members grow older and the number of new vcL*ions becomes minimal. The Congregation has an obligation, both moral and legal. to provide care for it$ members, none of whom have resources of their own, and all of whom have devoted a significant part of their lives to the care of the poor, the marginali$ed and the needy in $o¢iety. As the age profile of the COngg?110n in the UK in¢rea$e$, so too d5 the need to provide in¢asIng and In¢asInglY expenswe ¢are to the Sisters. At present most members of the Congregation re¢eive ¢are in our own houses. We have a purpose built house at Possilpark, Glasgow, where specialist fa¢litE$ such as lifts, di$abkd tolets and showers, a walk in bath, seating and walking aids are Page 1
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Achievements and perform•n¢e (¢ontinuedl available lo those who need that help. It has accomrnodation for 11 Sisters although only five reside there at this lime. As the Trustees expect the number of members requiring care to increase considerabty over the next decade, including many Nigerian Sisters, they are gNing careful consideratDn lo the impact of this on the work of individual members of the Congregation, the propety requirements of the Congregation and the financial implications. In this regard, the aims of the Trustees, over forthcoming years, indude.. Ensuring all members of the Congregation receive the high levd of care they require and enjoy the quality of fe they should rightty expect Reviewng the Congregation's properts'es used as communty houses and assessing their surtability as homes for Sisters who are elderty and frail. Where necessary, unsuitable properties will be sc4d and replaced with properties more appropriate for the elderty. Enabling all memters of the Congregation lo conb'nue with their indNidual ministries for as long as possible. Members of the congregation in need of care are cared for in the various houses of the congregation. (Two sisters are in nursing home, both in Scotlandl. When necessary, for parb'cular needs, sisters come to the convent in Possilpark to convalesce. The house is purpose built for this. Care within the other houses is undertaken by other members of the Congregation who are also empbyed or volunteering in their chosen ministy. . bl Educational, medical, scLial and pastoral work The following are examples of the educational, social and pastoral works undertaken by indNidual Sisters". Teaching in primary and secondary schocls and in schools for chilaren with special needs. Working in parishes, visiting homes and hospitals, helping with catechetical programmes, devek)ping liturgy. Helping parishioners develop their spiritual live5. Nursing in variou5 fields of rnedicine. Managing several hospitals and ¢linics. Providing primary health ca in MOte areas of Kenya and Nigeria. Administrative and secretarial support to Diocesan and Church organisations. Working wth people infecledlaffected by blood-borne viruses. Devebping prfrlrfe inilialives. Pastoral carel Chaplaincy in hospitals, hospices and nursing home& Community social work wth the homeless. Spiritual direction, retrtat work. guiding prayer group5. Helping many local cib'zens in Kenya and Nigeria begin income generab'ng projects. Bereavement ¢ounselling. The aim of tho trustees in this area includes- Enabling all members of the Congregab'on lo ¢arry out meaningful edu¢ationlmedi¢al$o¢iaVpastoral work within the mMunIty. after assessing their skills and the needs of the local area. Encouraging and motivating members to work with and assist the poor, the eertY and the marginalised. Wherever possible, ensuring the Sisters are remunerated for their work by way of salary or stipend. Such income Is donated to the Congregation and thereby ensures that the work of the Sisters and the Congregation may ntinue Into the future and develop. Throughout the year the Sisters continued to carry out various form$ of educational, pastoral and social work, in order to fulfil their individual ministries. This work enatles the conggation to a¢h out to those in need within Page 2
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Achievements and perform•n¢e (¢ontinuedl society generalty and benefft a very significant number of peoFIe. Whi15t those Sisters working in the fiekl of education or in the field of heathcare receive remuneralion for their services the majority of members receive no financial reward for their work in assisting the poor and marginalised through their very active role in parish ministy, particularty in areas of deprivation. With the growing number of one man parheS in the UK, Ireland and USA the contributs.on of the Sisters is crucial and very much appreaated. cl Overseas Missionary Work The Congregation provides financial support for the congregatvJn's missions in Kenya, Nigeria and Barbados, to support the Sisters working in education. medical, Sla1 and pastoral field& There are 30 Sisters of the Congregation, working in 6 difference missions in Kenya. The missions are under the control of members of the Congregation and financial support given by the Congregation is used to meet the Fersonal and living expenses of the Sisters and to provide support for their missionary endeavours Of the 6 missions in Kenya, one is a house of formation where young Kenyan and Ugandan women are trained. This house undertakes a lol of pastoral work in f(s local parish. Three houses support educational and pastoral care. One house is our HIVIAJDS Centre where our Sisters are invofved mainly in leaching, nursing, caring for orphans and organising a home based care programme. The sixth house is engaged in health care. pastoral work and Catholic media. With 80 members of the Institute based in Nigeria, the Nigerian Province and regions undertake a significant number of missions. tsventy four in the year under review. These include teaching in schods.. nursing in clinics, hospitsjs and a midwifery centre,. caring for orphaned and abandoned babies,. caring for those wlh HIVIAIDS. pastoral and social work,. administration and supwrt services. Funds are transferred on a regLAar basis lo Kenya and less frequenlty to Nigeria il being noted the trustees regularty visit these communities. The trustees also receive regular reports and updates from the Sisters, thus enabling them to be satisfied that the funds are used for the purwses intended. In addib'on. the Congregation in the UK accepts responsibility for paying the fees of the Sisters in Kenya undertaking studies in order to be able to enhance their work within the Congregation. It also fundraises on tehalf of these missions. During the year the Congregation has continued to support its missionary woth overseas by the direct transfer or donatson of funds, including assistance with builjing projects, and in supplying necessary rtems. It is the aim of the trustee to continue to provide fi'nancial support to the missions in Kenya and Nigeria. athough the Nigerian mission is moving towards financial stsbility. dl Granl, donations and support of overseas missionary Vrk and ministry The Congregation supports the work of the Institute in overseas countrie& With the payment of mission gifts to overseas missions the Congregation ensures that the vitsl missions undertaken in these countrE$ a able to Continue and the Congregation will ¢ontinue to provide su¢h finan¢ial support in future years. While the trustees give occasional support lo United Kingdom organisations whose work is within the objects of the Congregation, the Congregation does not ward itself a$ a grant making enb'ty and apFli¢alions for grants and donations are not invited. As the elected trustees of the Franciscan Sislets of the Immaculate Conception, we are proud of all that ha$ teen and continues to be achieved by the members of our Congregation throughout the workj. Page 3
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Achievements and perform•n¢e (¢ontinuedl We feel that this report accurately depicts the reality of our Congregation at this ts'me and accurately defines our targets and objectives for the year ahead. Employ$ and m•mbor8 of th• Congr•gation The truste8s wish to record their recognrtion of the professionalism and commitment of all those whom th8y employ and the individual members of the Congregation. Their deaats.0 and positive approach are very much appreciated. Flnanclal revlgw Financial position The audited financial statements that accompany this report detail the financial transactions and position of the Congregation, as defined within the Organisational structure paragraph. The tnjstees are acutely aware of the need for prudent management of their resources. The Statement of Financial Activitwts, on page 14, shows that income has decreased to £1,438,894 from £1.473,060 in the year lo 30 December 202 Overall the charity has a defial for the year of £176,904 12023 surplus= £320,848). The Balance Sheet, on page 15, shows that the charity has unrestricted funds of £4,575,363 {2023'. £4,752,267) and reslricled funds of £nil12023.' £nil). Principal funding sources A primary source of income on an annual basis is the salanes, pensions and stipends of the Sisters vthich as members of the Institute they give of freely to the charity. The Congregation is also indebted to.- those organisations that provide grants. including Misean Cara.. lo the donors responding to mission appeals that are undertaken through Mission Scotland and to donors of gifts and donatsons. Inve8tment pollcy and objectlvee There are no reStriCn5 on the Congregation's power to invest however there is an Ethical Pdicy preduding investment in any company which, after reasonable enquiry, cleady has significant profits from an acb'vity which is contrary to the objectives of the Catholic Church. The investrment strategy is sel by the trustees and takes into account income requirements, the risk profile and the investment managerfs view of the market prospects in the medium temi. The pclicy is to maximise tot retum while providing a level of in¢ome a¢¢eptable to and advised by the trustees from lime to time. The perfoman¢e of the inveslmenl portfol and the Congregation's inveslmenl strategy are wiewed by the Iruslees on an annual basis and by the General Bursar every six months. The Congregation's investments are m8n8ged by Intelligent Capital. The Iruslees are satisfied that the investment perfomance has met the obje¢tive$. The tru$tee$ ¢ontinue to VIeW the investment porttolio and are nSIdering other investsnent opportunities available to the Congwation. Page 4
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Reserves policy The Congregation carries out a diverse range of activities and is also responsible for the ¢are and support of tho Sisters. The trustees have considered the need for free reserves i.e. unrestn.cted fvnds not invested in tangible fixed assets or investments, or designated for specific purposes or olherwse committed. The trustees consider that given the nature of the Congregats"on's work and ils commitments, the level of free reserves should be equal lo six months expenditure. A5 at 30 December 2024 wth free reserves. i.e. Unrestricted re5eNes not tied up in tangible assets, of £1,429,737 12023.. £1.757,8451 this target was met. The trustees, will strive to ensure that reserves continue to e retained to provide financial securty over the course of the next year. Golng concern The charity has cash resources and has no requirement for external funding. The trustees have a reasonable expectation that the charity has adequate resources to continue in operationa existence for the foreseeable future. They continue lo believe the going concern basis of accounting appropriate in preparing the annual financial statements. The Iruslees are aware of no known material uncertainties as to the charitys ability to continue as a going concem. Future plans As noted above the Congregation will continue to undertake its activities in educational, social and pastoral work and in undertaking overseas missionary work whilst ensuring the appropriate care is delivered to the members of the Congregation. Page 5
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Strudure, govemon¢e and man•gement Gov•mlng docurnont The Charity is Controlled by its governing document, a deed of trust and consblutes an unincorporated charity. Charity constitution The Franciscan Sisters of the Immaculate Conception, an international Roman Catholic religious Institute, is registered as having Charitab status with the Office of the Scotb'sh Charity Regulator (OSCRI. A declaration of Trust dated 16 October 1936 and registered in the Books of Council and Session on 17 November 1936 is the charivs founding document under ovil law. In temis of canon law, the Congregation was officialty recognised when its first conslitulions were approved by Rome in 1854.11 was estak4ished by pontifical decree in 1868, and is therefore iecognised as a Congregation of Fonlifical rite. Trustee appoinlm•nt. induction and traiTring By virtue of the nature of the charity being a religious Institute Iruslees are selected from and appointed by members of the Congregation. In order lo properfy discharge their duties the trustees are provided with detail as lo the structure and objectives of the Congregation and information to what their responsibilities are as Iruslee& Additional training is provided where necessary. Oryanlsatlonal structure The Franciscan Sisters of the Immaculate Conception is an international Roman Catholic rdigious Institute supporting a number of Sisters worljwide. Founded in Glasgow, where its Generalate is located, it has communities based in Scodand, England, Ireland. Kenya. Nigeria, the United States of America (USA), Barbados and Itaty. The financial statements accompanying this report aggregate the financial position and financial transactions of the Generalate (to indude USA) and the communities in Scodand, Enuqand. Ireland, Italy, Barbados, Kenya and Nigeria hereafter referred to as the Congregation. Page 6
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Strudure, govemon¢e and man•gement lcontinuedl Decision making The General Council is responsible for the governance of the charity and comprises the Superior General and a Council of four member& As all such persons are members of the Institute they have a detailed knoedge of the work of the charity and of its Structure. This group of five people are the trustee5 of the charity for the purposes of charity law and shall te referred to hereafter as the trustees. The trustees are ulb"mately responsible for the policies, acb"vilies and assets of the charity. They meet regulaTty to review developments with regard to the charity and its activrties and to make any important decisions. When necessary, the trustees seek advice and support from the chanty's professional advisers inCding property consultants, investment managers, solicitors and auditors. The day lo day management of the charTVs acliwties, and the imFlementats'on of policies, is delegated to the appropriate members of the Institute or senior staff. Responsibility for individual communities is delegated to one named person, at each community, having overall responsibility for the life and work of that community, for the care of the Sisters who live there. and for liaising with the Iruslee& Each communty is visited ty a member of the General Council at least once a year, and throughout the year there is a system of operational accountabilty. This ensures that the trustees are aware of the progress and development of the ministries carned out by the Sisters. Key management The trustees are the charity's key managemenL These personnel have ultimate responsibility for directing. controlling and operab'ng the charty. On a day to day basis responsibility is delegated as described abov& As members of the relyious Institute the trustees and other members of the Insb'lute receNe no remuneration. NJ members of the Institute have their living and personal expenses b)rne by the charity. Rlsk management The trustees have a duty to identify and review the risks lo which the charty is exposed and to ensure appropriate controls and in Flace to provide reasonable assurance against fraud and error. It is recognised that risk management is the responsibility of the trustees. The trustees regularly monitor the major risks associated with the Congregation's activities and have identffied five main areas where risks may Governance and management Operab'onal Financial Reputational Laws, regulations, external and environmental. The trustees have examined the major areas as detailed above, Considered the major risks which may arise in these areas and are of the opinion that systems are in place to mitigate there risks to an acceptaNe level. Page 7
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Refertn¢e and admini8tr•tive detsils of the Charity, its tw$tee8 •nd •dvisers Trustees Charty registered number SC006881 Principal office Tweasurtr Independent auditors AAB Audit & Accountancy Limited Chartered Accountants 133 Finnieston Street Glasgow G3 8HB Bankevs Bank of Scoljand Corporate 2nd Fbor Penlland House 8 Lochside Avenue Edinburgh EH12 9DJ Sollcltors Lindsays 100 Queen Street Glasgow G1 3DN Page 8
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 DECEMBER 2024 Statement of Trustees. responsibilities The Trustees are Sponsible for preparing the Trustees, Report and the finan¢ial statements in accordance with apFlicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practi¢&l. The law applicable to ¢haritie$ in Scotland requires the Trustees to ppare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of ils incoming resources and apFlication of resources, including its income and expgnditure, for that period. In preparing these financial statements, the Trustees are required to.. select surtable accounb'ng pc4icies and then appty them consistenty.. observe the methods and principles of the Charitses SORP IFRS 1021., make judgements and accounting estimates that are reasonakle and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subjo¢t to any material departu¥ dis¢losed and explained in the financial statement$', prepa the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounlng records that are suffielent to show and explaln the Charity's transactions and disdose with 8$On¥ble a¢¢ura¢y at any time the financial posi(ion of the Charlty and enable them to ensure that the finan¢ial 5tatemenl$ compty with the Charities and Twstee Investment Iscotiandl Act 2005, the Charits'es A¢¢ounls IS¢otland} Regulations 2006 la$ amended) and the provisions of the Trust deed. They are also responsitle for safeguarding the assets of the Charity and hence for taking reasonable Steps for the pventIOn and detection of fraud and other irregularities. Dlsclosurg of Inforrnatlon to audltovs Each of the persons who are Trustees at the b'me when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charitys auditors are unaware, and that Trustee has taken all the $lep$ that ought to have been tsken as a Trustee in order lo be awa of any relevant audit information and to establish that the charitys auditors are aware of that infomation. Audilors The auditor5, AAB Audit & Accountancy Limited, have indicated their wllingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Approved by order of the members of the board of Truste•s and signed on thair behalf by.. ruslee Date.. 30 September 2025 Page g
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION Opinion We have audrted the financial statements of Franciscan Sisters of the Immaculate ConceptKJn (the 'charity'l for the year ended 30 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and the related notes, including a summary of significant accounting policies. 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 ¢harity'$ affairs a$ at 30 December 2024 and of rts incoming resources and application of resources for the year then ended", have been propety prepared in aCrdance wf(h United lQngdom Generalty Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities and Trustee Investsnent (Scotlandl Act 2005 and regulation 8 of the Charib'es Accounts Iscodandl Regulations 2006. Basls for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing {UKI IISAS (UK)) and applicable w. Our responsibilities under those standards are further described in the Auditors, SponSibl11t1eS for the audf( of the financial stslements 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 stslements in the United Kingdom, induding the Financial Reporting Council's Ethical Standard, and we have fLAfilled our other ethical responsibilities in accordance wf(h these requirements. We believe that the audit evidence we have obtained is suffiaenl and appropriate lo provide a basis for our opinion. conc810n$ relating lo going ¢oncern In audib'ng the financial statements, we have concluded that the Trustee$, use of the going concern ba$1$ of ac¢ounts'ng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relab'ng to events or nditDns that, individually or ¢olle¢b'vety, may ¢ast significant doubt on the ¢harity's ability to conb.nue as a going concern for a penod of at bast tsvelve months from when the finan¢i4 statements are authonsed for issue. Our responsibile$ and the re$pon$ibilllies of the Trustees respect to going ¢on¢em are des¢ribed In the relevant se¢tions of this porL Page 10
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION {CONTINUEDI other Information The other infomiation comprises the information induded in the Annual Report other th8n the financial statements and our Auditors, Report thereon. The Trustees are responsiNe for the other information contained within the Annual ReporL Our opinion on the financial statements does not covef the other information and, except to the extent otherwise explicilty staled in our report, we do not eXpsS any form of assurance conclusion Ihereon. Our responsibility is lo read the other infomation and, in doing so, consider whether the other infomialion is materialty inconsistent with the linancial statements or our knovAedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identfy such material inconsistenc5 or apparent material misstatements. we are required to determine whether this gives rise to a materia misstatement in the financial statements themsefves. If, based on the work we have performed, we ¢on¢lude that the is a material misstatement of this other information. we are required to report that facL We have nothing to report in this regar Mattor8 on whl¢h wo are requlrod to report by ex¢eptlon We have nothing to report in respect of the follovAng matters where the Charities Accounts (Scotlandl Regulations 2006 las amended) requires us to report to you if, in our opinion.. the infomatDn given in the Trustees, Report Is Inconsistent In any material respect with the financial Slalements., or proper aeeounting records have not been kept or the financial statements are not in agreement with the accounting records and returns., or we have not received all the infomiatson and explanations we require for our audiL Re8ponslbllltle8 of trustse8 As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial $talements whi¢h give a true and fair view, and for such internal ¢ontrcl as the Trustees delemine 1$ necessary to enable the pparatIon of ffinan¢ial statements that a free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsitle for assessing the charity's abilty to eontinue as a going toneern, disclosing, as applicaue, matter$ related to going concem and using the going contsm basi$ of ac¢ounling unless the Trustees either intend to liquidate the charty or to ¢ea$e operalions, or have no realist allernab've but to do so. Page11
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION {CONTINUEDI Auditor8. re8pon8ibilitie8 for the audit of the financial 8tatement8 We have been appointed as 8uditor under section 44(11{cl of the Charities and Trustee Investment Iscodandl Act 2005 and report in accordance with the Act and relevant regulab'ons made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financiaj statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will aNvays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected to influen¢e the ¥onomic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of norKompliance with laws and regLlations. We design procedures in line with our responsibilrties, ouuined above, to detect material misstatements in respect of irregularrties, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detaikd below.. We obtained an understanding of the legal and gUlatOry frameworks wthin which the ¢harity operates, frtusing on those laws and regulations that have a direct effe¢t on the detemiination of material amounts and disdosures in the financial slalement$. The laws and wulations we considered in this context were the FRS102 Sorp. We identified the greatest risk of material impact on the finan¢ial statements from irregularities induding fraud to Management override of contrc4s'. Timing and completeness of revenue recOgnOn', Compliance with relevant laws and regulations which direcdy impact the financial statements and those that the charity needs to compty wth for the purposes of trading. Our audit procedures to respond to these risks induded.. Testing of journal entries and other adjustments for approprialgness., Testing a sample of revenue Iransacts'ons and associated recognition of revenue on projects ongoing across the year end to ensure appropriate., Evaluating the rationale of significant transactions outside the nomal course of business., Enquines ol management about litigation and daims and inspection of relevant correspondence,. Reviewng legal and professional fees lo identsfy indications of actual or potential litigation, daims and any nOnmlIance with laws and regulations., Anatytica procedures to identfy any unusual or unexpected trends or relationship,. and Reviewing minutes of meetings of those charged with govemance to idenb'fy any matters indicating acbJal or potential fraud. Because of the inherent limitations of an audrt, there is a risk that we will not detect all irregularities, including those leading to a material misstalemenl in the financial statements or norKompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the evenls and transactions reflected in the financial statements, as we will te sS likely lo become aware of instances of nonMF11anCe. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud invthes intenb'onal concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibl1 ities for the audit of the financial statements is located on the Financia Reporting Council's website at.. www.frc.or -uklauditorsres nsibililies. This description forms part of our Page 12
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION {CONTINUEDI Auditors, Report. U8e of our report This report is made solety lo the charity's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might state lo the charitys trustees those matters we are required to stale to them in an Auditors, Report and for no other purpos& To the fullest extent permitted by law, we do not accept or assume responsibilty lo anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. AAB Audlt & A¢¢ountan¢y Llmltod Chartered Accountants 133 Finnieston Street Glasgow G3 8HB 30 September 2025 AAB Audit & Accountsncy Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 20CE. Page 13
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION STATEMENT OF FINANCIAL ACTWMES FOR THE YEAR ENDED 30 DECEMBER 2024 Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Incomt from: Donations and legacies charitab activities Inve$tmenl$ 709,534 399,265 63,865 709,534 665,495 63,865 889,888 549,495 33,677 266,230 Total income 266,230 1.172,664 1.438,894 1.473,060 Expendlture on: charitab activities 266,230 1,375,464 1,641,694 1,167,301 Total expendtture 266,230 1.375,464 1.641,694 1.167,301 Nel lexpenditurellincorne before nèt gains on investrnents Net gains on investments 1202,8001 25,896 1202,8001 25,896 305,759 15,089 Net movement In funds 1176,9041 1176,9041 320,848 Reconclllatlon of fund8: Tot4 funds brought forward Net movement in fvnds 4,752,267 1176,9041 4,752,267 1176,9041 4,431,419 320,848 Total funds carried forward 4.575,363 4.575,363 4.752,267 The Statement of Financial Activities indudes all gains and losses recognised in the year. The notes on pages 17 to 32 form part of these financial statements. Page 14
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION BALANCE SHEET AS AT 30 DECEMBER 2024 2024 2023 Note Flxed •88et8 Tangible assets Investments 13 14 3,145,626 537,817 2.994,422 296,921 3,683,443 3,291,343 Curront ass•ts Debtors Cash at bank and in hand 15 50,181 947,522 49,606 1,654,C60 997,703 1,703.666 Current Ilabllltles Creditors.. amounts falling due within one year 16 1105,7831 1242,7421 Net current assets 891,920 1.460,924 Total assets less current Ilablltles 4,575,363 4.752,267 Total not as80ts 4,575,363 4,752,267 Charlty funds Restrieled funds Unrestricted funds 17 17 4.575,363 4.752,267 Total funds 4,575,363 4.752,267 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Trustee Treasurer Date.. 30 September 2025 Date.. 30 September 2025 The notes on pages 17 to 32 fom part of these financial statements. Page 15
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 1276.1001 302,544 Ch flows from Investlng •dlvltles Proceeds from the sale of tangib fixed assets Purchase of tangible fixed assets Purchase of investments Interest received 329,121 1271.7741 1243,7601 1215.0001 56.336 6,375 Net cash (used invprovided by investing activitie8 1430.4381 91,738 Change in ¢agh and ¢a$h equivalents in the year Cash and cash equivalents at the beginning of the year 17C6.5381 1,654.CfjO 394,280 1.259,780 Ca8h and ca8h equlvalents at the end of the year 947.522 1.654,060 The notes on pages 17 to 32 form part of these financial statements Page 16
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 General Infomiatlon Franciscan Sisters of the ImmacLlate Conception is a registered Scottish charty (Charity Number SC0068811 and constitutes an unincorporated charity. The principal address of the charity is 90 Saracen Street, Glasgow G22 SAD. Accountlng pollcle8 2.1 Basis of preparation of financial statomgnts The principal accounting policies adopted, judgements and key sources of estimats'on uncertainty in the preparation of the financial statements are as follows.. The financial statements of the charity have been prepared in accordance wth the Charities SORP IFRS 1021 'Accounting and Reporb'ng by Charikn'es.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Reputlic of Ireland. leffectNe 1 January 2019}, Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The financial statements have been prepared under the historical cost convention with the exception of investment induded al market value. Franciscan Sisters of the Immaculate Conception meets the definition of a public benefit entity under FRS 102. Assets and liabil'iies are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern The charity has cash resources and has no requirement for external funding. The trustees have reasonat4e expectation that the charity has adequate resources lo continue in operation81 existence for the foreseeaL4e future. They continue to believe the going concem basis of accounting appropriate in preparing the annual financial statements. The trustees are aware of no known material uncertainties as to the charitys ability to conb'nue as a going concern. 2.3 Income Al income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2A Expendlturn Costs relating to ¢haritsble activitie$ are ¢harged lo the Statement of Financial Activbties on an accruals basis, indusive of irre¢overable Value Added TaL Expenditure is Cognised when the is a legal or ¢onstru¢tive obligats'on to pay for expenditure. Page 17
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 Accounting policie8 Icontinuedl 2A Expendbture (continued) Charitatle activities costs compnses expenditure incurred on the defined charitable purposes of the charity and support costs incurred in support of direct expenditure. Support costs are those functions that assist the work of the charty and include governance costs. Governance costs, a category of support costs, are trjsls attributable to compliance with the charitys ¢onstitutional and statutory requiremen 2.5 Tangible fixed assets and depreciation Tangitle fixed assets are initially recognised al cost. After recognitn, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. Al costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cost. Depreciation is provided at the following annual rates in order to write off each asset over ils estimated useful lrfe. Freehold propety Assets under eon$tw¢lion Land Motor vehides Fixtures and fittings 2% on Cost Not depre¢iated Not depreciated 25Yo on reducing balan¢e 15% on reducing balan¢e 2.6 Toxollon The ¢harty is exempt from tax on its charitable activitie 2.7 InvoStm•nts Investments are initially recognised al their transaction value and subsequendy mèasured at their market value as at the balance sheet date using the closing quoted market value. The Statement of Financial Activities includes n&t gains and losses arising on revaluation and disposal throughout thè year. 2.8 Reallsedl unreallsod galns and lossgs I gains and losses are taken to the Statement of Financial Actiwties as they arise. Realised gains and losses on investments are calculated as the difference betsveen sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calcLAated as the difference beeen the market value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activib'es. Page 18
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 Accounting policie8 Icontinuedl 2.9 Debtorn Debtors are recognised at the settlement amount due with appropriate allowances for any irrecoveratle amounts when there is Obl've evidence that the asset is impaired. 2.10 Cash at bank and In hand Cash and cash equivalents in the balance sheet comprise cash on hand and cash at bank wth a short term of maturity. being 1ve months or less, from opening of the deposit or similar accounL 2.11 Creditorg Credrtors are recognised where the charity has a present obligation resulb'ng from a past event that VAII probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated rdiatfy. Creditors are re¢ognised at their settlement amount after allowng for any discounts due. 2.12 Financial instrumenis The Charity On has financial assets and financial liabilities of a kind that qu81fy as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequenily meaSUd at their settlement vdue. 2.13 Fund a¢¢ounting Unrestri¢led fvnd$ ¢an be used in a¢¢ordan¢e wth the ¢harilable obje¢lives at the di$¢tIOn of the trustees. Designated fvnds ¢ompris& unreslrictsd funds Ihal have been set asid& by th& Trustees for particular purpose$. The aim and use of each designated fund is set out in the notes lo the financial $tatemenl& Restricted funds Can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular Stricted purposes. Furthèr oxplanation of the nature and purpos• of e*h fund is induded in thè notès to the financial statèments. 2.14 Forolgn curroncl88 Assets and liabilities in foreign currencies are translated into sterlng at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into steding at the annual average rate of exchange. Exchange differences are taken into account in arriving at the opening result. 2.15 Services providod by mombers of tho Congregation For the purposes of these financial statements, no monetary value has been placed on the care. administrative and other services provided by members of the Congregation. Page 19
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 Income from donallons and legacles Unrestricted fijnds 2024 Total funds 2024 Total funds 2023 Donatlons and legacl Gifts and donations Gift Aid Salaries Pensions and disabilty allowances 144,450 6,138 336,531 222,415 144.450 6.138 336.531 222,415 144,705 6,672 372,085 366,426 709,534 709,534 889,888 In¢ome from ¢harilable a¢tivitiOS Restricted Unrestricted funds fvnds 2024 2024 Total funds 2024 Total funds 2023 Grants Hospital Project & other income School other income 266,230 108,701 74,968 102,232 101,550 11,814 374,931 74.968 102,232 101,550 11.814 102,415 117,518 197,998 131,564 266,230 399,265 665,495 549,495 The charitys charitatle activity is congregational aclivilies. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Deposit account interest Rents received 56,336 7,529 56,336 7.529 6,375 27,302 63,865 63.865 33,677 Page 20
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 Investment Income (contlnued Anafys18 of expendlture on charltable actlvltle8 Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Congregational activities 266,230 1,375,464 1,641,694 1,167,301 Analysls of expendlture by actlvlti ActThiibes undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Congregational activities 1,620,328 21,366 1,641,694 1,167,301 Page 21
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 Anatysls of expendlture by actlvltles (contlnuedl Anatysls of dlrect costs Congregat? nal activities 2024 Total funds 2024 Total funds 2023 Staff costs 123,541 117,571 74,433 181,386 61,093 149,964 52,522 94,373 123,541 117.571 74.433 181.386 61,093 149,964 52.522 94,373 123,545 114,543 114,319 194,691 59,316 80,262 64,528 46,512 Depreciation Mission, gifts and donations Household and provisions Personal budget$ Rent. rates and insurance Heat and Light Repairs and maintenance Lill Car and travel Foreign exchange (gains) I losses Education, courses and retreats Pastoral and medi1 General adminislrats'on Bank interest and charges Operating ¢o$ls of $¢hocl Hospital costs Accountancy fees Project costs Building and ¢on$tru¢tion Lossl {Gainl on disposal of assets15ee note 101 143,672 229,881 28,957 65,152 74,461 5,455 22,803 35,1C6 30,790 90,747 35,422 2,999 143.672 229.881 28.957 65,152 74.461 5.455 22.803 35,106 30.790 90.747 35.422 2,999 133,652 159,873 20,473 59,800 45,953 4,981 31,457 40,398 11,400 66,242 14,783 1271,6141 1,620,328 1,620,328 1.115,114 Analysis of support costs Congregal*J nal activities 2024 Total funds 2024 Total funds 2023 Auditors, remuneration Professional & lega fees 21,366 21.366 22,700 29,487 21,366 21.366 52,187 Page 22
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other tenefils12023- £NILI. During the year ended 30 December 2024, no Trustee exFenses have been incurred (2023- £NIL). The trustees received no reimbursement of expenses in connection with their duties as trustees during the year. As members of the Congregation, the trustees living and persona expenses during the year and previous year were bome by the charity. Governance matters are addressed by memters of the Congregation. Staff costs 2024 2023 Salary costs- UK & Europe Salary costs- Kenya Salary costs- Nigeria 500 64,335 37.006 123 541 No empbyees received employee benefits in excess of £60,000 {2023.' Nil). The average monthly number of employees during the year was as follows: 2024 2023 Employees- Kenya Employees- Nigeria Total 27 27 113 113 10. Galnl{loss) on salg of flxed assets 2024 2023 Gainl{los$) on disposal of tangible fixed assets 274113 Page 23
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 11. Comparatlves for the Statement of Flnanclal Actlvltles Restricted Unrestricted Funds Funds Totsl Funds Income and endowmonts from: Donations and legacies 889,888 889,888 Charitablg activiti08 Congregational a¢llvllie$ 93,323 456,172 33,677 549,495 33,677 Investment income Totsl In¢omo and endowmfrnts Expondlturo on: Charitable a¢tivities Congregational aclivrties Total Expendlture Net gains on investment Net Incomel (expendlture Reconclllatlon of funds: Total funds brought forward 93,323 1,379,737 1,473,060 93,323 1,073,978 1,167,301 93,323 1,073,978 1,167,301 320 848 4431419 4 431419 Total fund8 Carried forward 4,752,267 4,752,267 12. Net Income I (Expenditure Nel incomel {expenditurel is Stated after charging I Icreditingl.. 2024 2023 Auditors, remuneration (net of VAT}- Audit fees Auditors, remuneration (net of VAT)- Accountancy services Depreciation Lossl {Gainl on disposaj of assets Unrealised (gainll loss on investments 14,140 12,900 117,571 2,999 25 896) 12,163 12,337 104,809 1271,6141 Page 24
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 13. Tanglble fixed assets Freehold property Motor Fixtures and A55et5 under vehides fitb'ngs construction Total Cost or valuation At 31 December 2023 Additions Disposal$ 3,222,1¢)4 402,317 47,243 (21,0991 420,935 34.677 461,092 189,854 4.506,448 271,774 121,0991 At 30 December 2024 3,222,104 428,461 455,612 650,946 4,757,123 Depreciation At 31 December 2023 Charge for the year On disposa 943,784 63,291 241,710 36.721 (18,1001 326,532 17,559 1.512,026 117,571 118,1001 At 30 December 2024 1,007,075 260,331 344,091 1,611,497 Not book valug At 30 December 2024 2,215,029 168,130 111,521 650,946 3,145,626 At 30 Dec8mber 2023 2,278,320 160,607 94,403 461,092 2,994,422 Minor expenditure on fixtures and frttings for the individual houses is charged to revenue as the trustees have taken the view that such rtems have a very limited useful lrfe. Asset split across regions.. 2024 2023 UK and Europe USA Kenya Nigeria Net book value 1,225,542 99,412 483,115 1,246,955 102,988 401,369 Page 25
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 14. Flxed asset Investments Listed investments Cost or valuatlon At 31 December 2023 Additions RevalUatn$ 296,921 215,000 25,896 At 30 December 2024 537,817 Net book value At 30 December 2024 537,817 At 30 December 2023 296,921 There were no investment assets outside the UK The investments of the Congregation as at 30 December 2024 mPriSe monies invested with Intelligent Capital stated at market value in the financial statements. The investment is hebj as cash and in a personal portfdio comprising of mUltaSSet and specialist money market instruments. 15. Dobtors 2024 2023 Due wllhln one year PPayMents and accrued income 50,181 49,606 16. Credltors: Amounts falllng due w5thln ong year 2024 2023 Other creditors and deferred income 105.783 242,742 Included in other creditors is deferred income of £72,57012023.' £212,455}. The 2024 deferred income is in respect of grants all received before 30 December 2024 but in relation to activities to be delivered in the next acuunts'ng period. Page 26
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 17. Statement of funds statement of fund$- current year Balance at 31 December 2023 Balance at 30 December 2024 Transfers inlout Gainsl {Losses) Income Expenditure Unrgstrlctgd funds Designatod funds Fixed assets 2,994.422 1117,5711 268,775 3.145,628 General funds General funds 1,757.845 1,172,664 {1,257,8931 1268,7751 25.896 1,429,737 Total Unrestrlcted funds 4,752.287 1.172,664 {1,375,4641 25.896 4.575,363 Restricted funds Misean Cara- Empowering Baraka Misean Cara- Covi(k19 support Misean Cara- Health & Wellbeing Kenya Misean Cara- Improving Access, Quality & Efficiency Nigeria Misean Cara- Oplimizing Management of Highty Infectious Diseases Misean Cara- Santa Chiara Inclusive Primary Edu¢alion 52,442 152,4421 2,154 {2,1541 20,605 120,6051 92,672 192.6721 33,920 133,9201 37,298 137,2981 Page 27
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 17. Statement of funds (contlnued) statement of fund$- current year (contlnuedl Balance at 31 December 2023 Balance at 30 December 2024 Transfers inlout Gainsl {Losses) Income Expenditure Misean Cara- Expanding OrganisatKJnal Capacity.. Becoming More Effective and Reaching the Point of Long- term Viability. Misgan Cara- Expanding Organisatnal Capacity.. Becoming More Effeckn"ve and Reaching the Point of Long- term Viability. 5,937 (5,9371 21,202 121,2021 266,230 1266,2301 Total of funds 4,752,267 1,438,894 {1,641,6941 25,896 4,575,363 Designated fiJnds- This is the nel book value of the fixed assets balance in the accounts. Restricted funds - The restricted funds are made up of the Misean Cara grant income provided and the expenditure relatsng lo the spend of grant ftJnd& Misean Cara support the aid of missionaries in developing countries. Page 28
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 17. Statement of funds (contlnued) statement of fund$- prlor year Balance at 30 December 2023 Balance at 1 December 2022 Transfers inlout Gainsl {Losses) Income Expenditure Unrgstrlctgd funds Designatod funds Fixed assets 2.994,422 2.994,422 General funds General Fund5 4,431,419 1,379,737 {1,073,9781 (2.994,4221 15.089 1,757,845 Total Unrestrlcted funds 4,431.419 1.379,737 {1,073,9781 15.089 4.752,267 Balance at 30 December 2023 Balance at 1 December 2022 Transfers inlout Gainsl {Losses) Income Expenditure Rostrfctod funds Misean Cara- Empowering Baraka Misean Cara- St Lukes 21,601 121,6011 12,617 112,6171 Misean Cara- Covid-19 support Misean Cara- Heajth & Wellbeing Kenya Misean Cara- Human Rights Kenya 10,808 110,8081 5,283 (5,2831 21,946 121,9461 Page 29
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 17. Statement of funds (contlnued) statement of fund$- prlor year Icontlnuedl Balance at 30 December 2023 Balance at 1 December 2022 Transfers inlout Gainsl {Losses) Income Expenditure Misean Cara- strengthening IPC Measures Nigeria Misean Cara- Supporting & Reinforcing Ex¢ellen¢e Nigeria 10,534 110,5341 10,534 110,5341 93,323 193,3231 Total of funds 4,431,419 1,473,060 {1,167,3011 15.089 4.752,267 Designated hJnds- This is the nel book value of the fixed assets balance in the accounts. Restricted fijnds - The restricted funds are made up of the Misean Cara grant income provided and the expenditure relatsng lo the spend of grant hJnd& Misean Cara support the aid of missionaries in developing countn'es. 18. Anafysis of net assets between funds Anatysis of net assets between funds - current period Restricted Unreslricled funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 3,145.626 537.817 925.703 {33,7831 3.145,626 537,817 997,703 1105,7831 72,000 172,0001 Total 4,575.363 4.575,363 Page 30
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 18. Anatysls of net assets between funds {contlnued) Anatysls of net assets between funds - prlor perlod Unreslricled funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,994,422 2.994,422 296,921 296,921 1,703.666 1.703,666 1242.7421 1242,742) Total 4,752,267 4,752,267 19. Reconclllatlon of net movement In funds to net cash Ih>w from operatlng actlvltles 2024 2023 Net incomelexpenditure for the period las per Statement of Financia Activities) 1176,9041 320,848 Adjustments for: Depreciation charges Gain on investments Lossllprofil} on the sale of fixed assets Increase in debtors Increasel{decreasel in creditors Interest received 117.571 {25,8961 2.999 15751 1136.9591 {56.3361 114,543 (15,0891 {271,6141 17411 160,972 16,375) Net cash provided byllused in) operating activities 1276.1001 302,544 Anatysls of cash and cash equlvalenis 2024 2023 Cash in hand 947.522 1.654,060 Total cash and cash equlvalents 947.522 1.654,060 Page 31
FRANCISCAN SISTERS OF THE IMMACULATE CONCEPTION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024 21. Anatysls of changes In net debt At31 December 2023 Cash Ilows At30 December 2024 Cash al bank and in hand 1.654,060 17C6.5381 947,522 1,654,060 17C6,5381 947,522 Capital commitments The charity has no capital commitments as at 30 December 2024 {rne for 2023). Related party dlsclosures There were no related paty transactions for the year ended 30 December 2024 (none for 20231. Page 32