**Conventus of Our Lady of Consolation Charitable Trust**
## **Annual Report and Consolidated Accounts**
30 June 2022
Charity Registration Number 1092065
## **Contents**
## **Reports**
|Reference and administrative details of||
|---|---|
|the charity, its trustees and advisers|1|
|Trustees’ report|2|
|Independent auditor’s report|15|
|**Accounts**||
|Consolidated statement of||
|financial activities|20|
|Charity statement of||
|financial activities|21|
|Balance sheets|22|
|Consolidated statement of cash flows|23|
|Principal accounting policies|25|
|Notes to the accounts|31|
Conventus of Our Lady of Consolation Charitable Trust
## **Reference and administrative details of the charity, its trustees and advisers**
|**Trustees**|Ann Brennan|
|---|---|
||Maura Savage|
||Andrea Simpson|
||Joanne Parkinson|
||Jean White|
|**Abbess**|Dame Anna (Ann) Brennan|
|**Bursar and Cellarer**|Dame Benedicta (Jean) White|
|**Address**|Stanbrook Abbey|
||Wass|
||Yorkshire|
||YO61 4AY|
|**Charity Registration Number**|1092065|
|**Auditor**|Buzzacott LLP|
||130 Wood Street|
||London|
||EC2V 6DL|
|**Bankers**|The Royal Bank of Scotland plc|
||PO Box 2027|
||Parklands|
||De Havilland Way|
||Horwich|
||Bolton|
||BL6 4YU|
|**Solicitors**|HallmarkHulme LLP|
||3-5 Sansome Place|
||Worcester|
||WR1 1UQ|
||Wrigleys Solicitors|
||3rdFloor|
||3 Wellington Place|
||Leeds|
||LS1 4AP|
Conventus of Our Lady of Consolation Charitable Trust **1**
## **Trustees’ report Year to 30 June 2022**
The trustees present their report together with the accounts of the Conventus of Our Lady of Consolation Charitable Trust and its subsidiary company for the year ended 30 June 2022.
The accounts have been prepared in accordance with the accounting policies set out on pages 25 to 30 of the attached accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
## **INTRODUCTION**
Conventus of Our Lady of Consolation Charitable Trust is a registered charity, Charity Registration No. 1092065, governed by a trust deed dated 28 March 2002. The charity has one trading subsidiary, Crief Trading Limited, a general trading company registered in England and Wales (Company Registration No. 05346466) and incorporated on 28 January 2005.
The attached accounts consolidate the results and net assets of the charity with those of its subsidiary for the year to 30 June 2022.
## **OBJECTIVES AND ACTIVITIES**
The primary objective of the Conventus of Our Lady of Consolation Charitable Trust is to enable the community of Stanbrook Abbey to lead a life of prayer according to the pattern laid down by monastic tradition, that is, 'to serve, praise and worship God in spirit and in truth' through the threefold means of prayer, work and lectio divina.
The community celebrates Mass and the Divine Office publicly every day, and guests are welcome to join the prayer.
Talks and retreats are given to local groups and schools, and sisters give guidance and spiritual direction to individuals who seek it. We also let Christian groups with their own leaders use our facilities. There is further outreach through the website, a twice-yearly magazine and contributions to publications. Members of the community produce and sell various arts and crafts.
## **GOVERNANCE, STRUCTURE AND MANAGEMENT**
## **Governance**
The power to appoint new trustees is vested in the abbess as superior of the community. The following individuals served as trustees during the financial year.
Conventus of Our Lady of Consolation Charitable Trust **2**
**Trustees’ report** Year to 30 June 2022
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
**Governance** (continued)
- **Ann Brennan** (Abbess), known in religion as Dame Anna Brennan Dame Anna became abbess of the monastery on 17 July 2019. She entered the monastery in 1992. From school she joined an apostolic congregation of sisters, where she remained for seven years. She has degrees from the universities of London and Bristol. After five years as a police officer with Greater Manchester Police, she took a law conversion course (Common Professional Exam) and obtained a place at the College of Law to complete training as a solicitor. However, she did not start the course but entered Stanbrook instead. Since joining the monastery she has been cellarer, prioress and trustee. She also served as a pontifical commissary to a monastery of nuns in Nigeria for several years. In November 2013 she returned from Nigeria, and in February 2014 she was appointed co-cellarer with Dame Scholastica. In January 2014 she was appointed again to the board of trustees. In May 2015 she became sole cellarer until her election as abbess.
- **Joanne Parkinson** , known in religion as Dame Josephine Parkinson Dame Josephine entered the monastery in 2001. She graduated from the University College of Ripon and York St John in French and Education. Before entering Stanbrook Abbey she taught for six years and was a school governor. Since 2007 she has served the community as assistant-cellarer and then as co-cellarer, and as infirmarian. In January 2012 she was appointed novice mistress, and in February 2014 she was appointed prioress. She is a member of the abbess’ council.
- **Maura Savage,** known in religion as Dame Andrea Savage Dame Andrea was abbess and superior of the community from July 2007 until 17 July 2019. Before entering Stanbrook in 1985 she worked for five years with a Scottish clearing bank. In community, she was zelatrix (assistant novice-mistress) for two years, but her main work up to her election as abbess in 2007 was in the cellarers’ department: she was assistant cellarer for five years before being appointed co-cellarer in 1998. With Dame Anna Brennan she oversaw the community's application for charitable status. She is now the Infirmarian and is a member of the abbess’ council.
- **Andrea Simpson** , known as Dame Petra Simpson Dame Petra entered Stanbrook Abbey, Worcester, on 1 November, 1987. Previously she had undergone two years of training as a registered sick children’s nurse (RSCN), before taking a degree in English and Education at Sussex University and then teaching in Catholic senior schools for eighteen years. Since her entrance she has served as prioress, infirmarian, zelatrix, abbess’s secretary and oblate mistress. She has also worked in the kitchen and as infirmary cook and had responsibility for the habit making department and another sewing room. Currently, she is serving as portress, works in the sewing department and is a member of the abbess’ council.
Conventus of Our Lady of Consolation Charitable Trust **3**
**Trustees’ report** Year to 30 June 2022
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
**Governance** (continued)
- **Jean White** (Bursar and Cellarer), known in religion as Dame Benedicta White Dame Benedicta came to Stanbrook in 1980, having spent a few years in another Benedictine community. She had previously trained as a teacher at Mary Ward College, Nottingham. At Stanbrook she has served the community as zelatrix, prioress, laundress, infirmarian, novice-mistress and has been in charge of the bookshop. She was also a member of the printing department. She was co-cellarer with Dame Josephine from September 2009 until January 2011, when she was appointed cellarer. In February 2014 she was appointed bursar; in July 2019 she became cellarer and bursar.
## **Key management personnel**
The key management personnel of the Conventus of Our Lady of Consolation Trust, responsible for directing and controlling, running and operating the charity on a day-to-day basis, comprise solely the trustees.
Trustees do not receive remuneration in respect to their services to the charity.
## **Trustees' responsibilities**
The trustees are responsible for preparing the trustees' annual report and accounts in the accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and the group at the year end and of its income and expenditure. In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts 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 which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Conventus of Our Lady of Consolation Charitable Trust **4**
**Trustees’ report** Year to 30 June 2022
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Structure and management reporting**
The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity and its activities, and to make important decisions. When necessary, they seek advice and support from the charity's professional advisers, including property consultants, investment managers, solicitors and accountants. The day-to-day management of the charity's activities and the implementation of policies are delegated to the appropriate members of the Roman Catholic religious community at Stanbrook Abbey or to staff. Management reporting lines are clearly defined and the trustees receive regular reports to enable them to fulfil their responsibilities.
The Conventus of Our Lady of Consolation at Stanbrook Abbey in Yorkshire is an autonomous community of Benedictine nuns who belong to the English Benedictine Congregation. There are twenty-four members in the community, twenty-three of whom are in Solemn Vows and one who has taken promises. All the work of the charity is based at Stanbrook Abbey, Wass. The charity has a trading company, Crief Trading Limited (Company No. 5346466) based at Crief Farm at Wass in North Yorkshire, on which site the monastery is situated. The company rents out nine Scandinavian lodges as self-catering units. Taxable profits (if any) are gifted to the charity under deed of covenant. The charity rents the lodges to the trading company.
In May 2020, the Holy See authorized the affiliation to the community at Stanbrook Abbey, Wass of the community of Benedictine nuns at Colwich, Stafford. The Stanbrook community was to support the Colwich community humanly and in its monastic life since that community had reduced to only five members. In November 2020, two Colwich nuns came to live permanently at Stanbrook; two others moved to a Staffordshire care home and one sister continues to live at Colwich as a caretaker of the property. In due course, the Colwich community will be suppressed by the Holy See.
## **Risk management**
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.
One particular risk relates to the aftermath of the Covid-19 pandemic. Although the lockdowns are over, we still retain a certain caution and anyone feeling unwell is tested. If it spread widely in community, it would have a serious impact on the work of the charity, even for a brief time. In March 2022 five sisters did contract Covid-19 but due to the rigorous measures put in place no else got it. However, for two weeks we did have to close our church for services and restrict contact with outsiders. Government guidance was followed in all respects.
Conventus of Our Lady of Consolation Charitable Trust **5**
**Trustees’ report** Year to 30 June 2022
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Risk management** (continued)
Another risk is safeguarding. Part of our work involves the running of the holiday lodges by Crief Trading Limited; we also run monastic experience days for students from both Ampleforth College and universities. This means that we have to ensure the charity takes responsible measures in regard to safeguarding. These measures need to be in line with the requirements of the Roman Catholic Church in this country, the Charity Commission and the English Benedictine Congregation. We are members of the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS). One sister is appointed to oversee safeguarding and to liaise with the safeguarding officers. All those in community who may come into contact with children and young adults are DBS (Disclosure and Barring Service) checked. We carry out DBS checks on our employees and helpers, where appropriate. Sisters also attend training sessions on safeguarding.
In the area of finance, the charity is careful to monitor the bank accounts and to work with the auditors and others involved in the financial affairs of the monastery. In recent years there has been a lot of activity in this area due to new buildings being erected. Following the completion of the abbey church, the trustees are re-assessing future use of funds.
## **Health and safety**
It is the policy of the charity to review health and safety issues regularly at the time of the annual audit. The cellarer is the specific person commissioned to deal with this. The fire safety system, including alarms and extinguishers, emergency lights and emergency generator are checked regularly, as are the lifts, kitchen equipment and lightning conductors. Careful watch is kept on electrical equipment, with annual PAT testing in the lodges and the monastery. Equipment which uses gas is designed to cut off immediately there is a problem. Gas certificates are up to date.
Employees receive training in the use of equipment and are forbidden to use equipment they are not trained for.
One sister is our safeguarding officer.
## **Safeguarding**
Stanbrook Abbey has made the transition from alignment with Leeds Catholic Diocese to joining and working with the RLSS and CSSA.
The Abbess and Safeguarding Lead have attended the regular, two-hour, on-line meetings hosted by the RLSS. These have given valuable information and promoted a sense of trust in the new safeguarding structures. The Safeguarding Lead has reported to the trustees and Community on the new way of working and highlighted again our roles and responsibilities in this area.
The Safeguarding Lead has attended on-line training for processing DBS checks and, in her work on formation, looked in detail at promoting healthy interpersonal boundaries within everyday community life and with those visiting the community.
Conventus of Our Lady of Consolation Charitable Trust **6**
**Trustees’ report** Year to 30 June 2022
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Safeguarding** (continued)
The EBC General Chapter held a day of prayer and reflection on the impact of abuse within the Church. The three sisters who were members of General Chapter attended this day, which included powerful presentations from Dani Wardman and Dr Catherine Sexton.
The day highlighted the need for our communities to be places where the impact of what has happened/is happening within the wider Church can be raised and sensitively discussed.
Stanbrook continues to provide a safe environment for all who visit the monastery, where each person is treated with dignity and respect. Thankfully, there have been no allegations or incidents to report.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Introduction**
The start of the current financial year (July 2021) coincided with a further release from lockdown as regards Catholic Church worship. We were pleased to welcome back our guests as they were allowed to join us for our services. It was good to be able to fulfil our public benefit in person. In September 2021 we re-opened the bookshop for in-person shoppers. Until then we had been operating a mailorder only system. This had a severe impact on the bookshop’s finances.
Hospitality in all its senses is very much part of the charity’s ethos and we have missed the inter-action with guests and visitors to the bookshop.
In May 2022 the community were able to celebrate the Golden Jubilee of one of the sisters which had been postponed in 2021. Thirty-eight of her family and friends were able to join us for the Mass and lunch. Sadly, the priest who was to be the main celebrant had to withdraw due to having contracted Covid. In June 2022 we mourned the death of one of our sisters, a talented weaver who had over the years made many beautiful vestments and hangings. She was Swedish and some members of her family joined us and other friends for the Requiem Mass, burial and lunch.
Now that people were able to travel more easily it also meant that we too were able to participate in annual conferences etc that had been relegated to Zoom during Covid. One sister was in Rome and Assisi for three months, taking part in an international course on formation in all its aspects. Another sister participated in the Association of Provincial Bursars Conference which is always such a treasure-house of information for matters financial. This sister is now on the Executive Committee of this Association. Members of the community visited other monasteries in our own country and in Europe and the USA. Quite often this has been in connection with the work of the English Benedictine Congregation to which we belong.
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**Trustees’ report** Year to 30 June 2022
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Introduction** (continued)
Pre-Covid we used to have people coming to use our facilities for a quiet day. Those who used to come regularly have not returned but we have had a couple of new people and there were eleven quiet days in total. A few retreats were held, one of these conducted entirely by means of walks in the forest. We have not had as many groups as before. Post-Covid we decided that we would restrict the numbers in a group as sometimes there were too many people for the space that we had. Amongst the groups that have come we were pleased to welcome students from Nottingham, architectural students from Newcastle (led by a Greek Orthodox priest), a Quaker group, Catholic deacons, a Lone Twin group (run by one of the community who is a Lone Twin), and a group of students from Ampleforth college. We have also welcomed fellow-Benedictines, including monks from Ampleforth and novices from Mirfield. The community joined with our oblates for a day of talks on St John Henry Newman which was given by Mgr Rod Strange, an authority on Newman, in June 2022 (having been postponed because of Covid).
During the year it was a joy to be able to welcome nuns from other Benedictine monasteries to stay in our enclosure, to learn something of our life as we also did of theirs. One nun came from the monastery of Montserrat in Catalonia. She was studying in England and visited us twice.
## **Vocation and formation**
Although Covid-19 restrictions eased during the summer of 2021, prudence and necessary caution continued throughout 2021 into 2022 with regard to travel and visits to the monastery.
Thankfully, we were able to welcome one discerner into the enclosure for short visits in January and April 2022, and then organise a full three-week aspirancy for July/August. In
the same period, three other women discerning a vocation made contact and have visited the monastery as guests. With the church and guest area now fully open, it has been possible to share more freely something of our life with those discerning a monastic vocation.
During the pandemic, on-line meetings for accompaniment became the norm. It was the only way to connect safely with those wanting to explore our way of life. This online yet face to face encounter remains a feature for those discerning with our community at present. It is not a substitute for visiting and sharing our life, but it provides a way of continuing dialogue and support in lectio and prayer, especially for those who live some distance from the monastery. We have two women hoping to make longer visits to the community.
There are currently four women at various stages exploring monastic life with us.
Throughout the Autumn of 2021, online Zoom meetings continued for those already in formation, ‘Formandi’. Monks and nuns across our EBC monasteries were able to meet and explore together the essentials of our way of life. One nun facilitated those meetings.
Conventus of Our Lady of Consolation Charitable Trust **8**
**Trustees’ report** Year to 30 June 2022
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Vocation and formation** (continued)
This nun also visited Mariavall, Sweden, to look at the formation provision there, as part of that community’s visitation process. It was an effective way to look together at the formation requirements of _Cor orans_ and reflect upon our own practice.
One sister attended the three-month Monastic Formators’ Programme in Rome/Assisi, from March to June. This explored areas of monastic teaching and practice that are integral to initial and on-going formation. Teaching was provided from a wide variety of disciplines; many teachers were experts in their field of interest.
## **Oblates**
The number of oblates and those interested in becoming oblates have continued to grow. During the autumn of 2021 two people became candidates, that is, they took the first formal step in becoming oblates and began their year of formation. One of these lives in the United States so the rite took place using the internet, a positive legacy from Covid times.
Meetings, usually monthly, continued
during the year, partly here at Stanbrook and partly by use of the internet, while the four annual newsletters provide another way of keeping in touch. Many oblates have visited the abbey in person during the year, most for the first time since the various lockdowns.
A group of between 15 and 20 oblates and those discerning whether to become oblates meets weekly by internet to read a book of the Bible together. This group includes some elderly oblates and those who would otherwise be unable to travel to the monastery.
In April 2022 the Oblate Mistress led the UK National Oblates’ retreat by Zoom.
## **Literary works and talks**
Sister Agnes contributed an article ‘Friends with Abraham’ to the online journal, St Moluag’s Chronicle, 24 July 2021.
23 October 2021 Sister Laurentia took part in a day conference via Zoom organised by the Margaret Beaufort Association, Cambridge, on Catholic Ethical Leadership and Management, contributing a talk, ‘The Rule of St Benedict: a Practical and Spiritual Model’.
16 December 2021 Sister Laurentia was invited by _The Tablet_ to give a webinar on the ‘O’ Antiphons. This was well attended with c. 45 participants from across the globe, and well received.
Conventus of Our Lady of Consolation Charitable Trust **9**
**Trustees’ report** Year to 30 June 2022
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Literary works and talks** (continued)
2 March 2022 Sister Laurentia was invited by _The Tablet_ to give a webinar on ‘The Way of Benedict: Eight Blessings for Lent’. The webinar focussed on the Word of God and included a shared lectio session. There were 23 participants from across the globe.
30 April Sister Laurentia led the UK Oblates’ National online retreat on ‘St Irenaeus of Lyons: Scripture, Unity and Synodality’. The day involved two talks, lectio and visio sessions and discussion groups.
23 May Sister Andrea was one of the two keynote speakers at a CIB Zoom Meeting. She spoke on Synodality and the Rule of St Benedict. This will be published in a future CIB publication. (CIB is the international organisation for Benedictine women).
## **Crief Lodges**
During this year occupancy of the lodges has gradually returned to its pre-Covid levels, especially since Easter of 2022. Prior to this, demand was not lacking but we were deliberately keeping occupancy below maximum in order to maintain a level of safety and confidence for visitors while Covid 19 infection rates remained high in the North East of England.
In July 2021 we increased the tariff in line with other self-catering holiday home businesses in the area. However, we
have also introduced reductions on the tariff for those who prefer to bring their own linens. This is proving to be quite popular and has the advantage of reducing our workload and energy costs as well as making the tariff more affordable for people in these times of economic strain.
The lodges continue to be popular for people wanting to find peace and quiet and who wish to enjoy nature, while the proximity of the monastery, its services and bookshop and the opportunity of meeting with the nuns continue to be attractions for many.
## **Friends of Stanbrook Abbey**
Friends of Stanbrook Abbey continues to flourish as we have people writing in that they wish to become a Friend. They receive a twice-yearly newsletter which is much appreciated. We get many comments which show that people read it very carefully and find it helpful in their lives. Sometimes Friends do come and visit Stanbrook but often people just value the link and the fact that we are praying for them.
Conventus of Our Lady of Consolation Charitable Trust **10**
**Trustees’ report** Year to 30 June 2022
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Arts, craft and bookshop**
The bookshop did not open properly for actual customers until September 2021. Until then it was mainly mail orders that kept the bookshop ticking over. Visitors are now pleased to come in and browse and chat. It is so often the personal touch and recommendations for books that they value. The chocolate making has been minimal but now it is beginning to increase. Lockdown did give the nuns more opportunity to make items for the shop.
## **Alliance of International Monasticism (AIM)**
One sister continues to work with AIM. Since Covid, she participates by Zoom in meetings which are held live in Vanves, Paris, and corresponds by email with Benedictine communities in Nigeria and Uganda, keeping them informed with what is happening among Benedictine women worldwide and in the Benedictine world generally. Before Covid, she would visit these communities in person as a member of AIM. This sister is now a member of the administrative council of the CIB, the worldwide communion of Benedictine women, and so has plenty of Benedictine news to share with communities in Africa, since often these communities can be quite cut off from the broader monastic world.
## **CIB (Communio Internationalis Benedictinarum)**
This is an organisation which seeks, on an international level, to promote mutual support and the exchange of ideas and experience among Benedictine women, and to foster the development of women’s monasticism worldwide. One sister is the delegate to the organisation for the UK and Ireland region and at a recent meeting in Rome was appointed to the CIB administrative council. This is composed of Benedictine sisters from the USA, the Philippines, Spain and Britain. The current work of the CIB is, first, to restructure the CIB itself so that more communities worldwide are able to particate in meetings, and, secondly, to work with the Holy See so that the CIB becomes a recognised ecclesial body.
## **Website**
A new website is being built in preparation for the celebration of the 400[th] anniversary of the foundation of our community in 1625. Th e current website will remain live until the new, celebratory website is ready for uploading.
## **FUTURE PLANS**
Our guesthouse remains unfinished, that is the actual accommodation section. We are also still without a library. Until funds become available we cannot proceed with either of these.
Conventus of Our Lady of Consolation Charitable Trust **11**
**Trustees’ report** Year to 30 June 2022
## **FINANCIAL REVIEW**
## **Results for the year**
A summary of the income and expenditure for the group during the year is given on page 20 of the attached accounts.
Total income in the year amounted to £320,204 (2021 – £331,725). Donations, grants and legacies totalled £180,254 (2021 – £193,663), and included general donations of £38,551 (2021 – £60,767), donations of £127,047 (2021 – £115,787) being the pensions of individual members of the Community donated to the charity using Gift Aid, £6,017 (2021 – £14,083) of legacies and £2,859 (2021 – £3,026) of fundraised income towards the cost of Phase III of the capital development. £8,847 (2021 – £8,281) of the charity’s income derived from activities carried out in direct pursuit of its charitable objectives including the publishing and printing and other work carried out by individual members of the Community. Investment income and interest receivable totalled £45,823 (2021 – £45,471).
Miscellaneous income includes £nil (2021 – £2,489) claimed through the Government’s Coronavirus Job Retention Scheme in respect of staff placed on furlough.
Expenditure amounted to £590,052 (2021 – £561,798). £541,487 (2021 – £524,770) related to the care of members of the Community and to supporting them in their ministry. £3,861 (2021 – £1,448) was expended directly on the charity’s publications and printing work. Expenditure on raising funds, which includes the expenses of the trading subsidiary, totalled £34,558 (2021 – £18,292), reflecting the re-opening of the lodges following the Government restrictions for the Coronavirus pandemic ceasing in year.
The overall net decrease in funds for the year was £153,710 (2021 – net decrease of £99,562), after accounting for unrealised losses on listed investments of £48,862 (2021 – gains of £130,511). The results for the year ended 30 June 2022 also included unrealised gains on the revaluation of investment properties of £165,000 (2021 – £nil).
## **Reserves policy and financial position**
## _**Reserves policy**_
The trustees have examined the requirement for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that the nature of the charity’s work necessitates that the charity always retain a modest level of free reserves. However, given the continued development of the site at Wass, Yorkshire in order to meet the Community’s future work and needs, the trustees are of the opinion that the level of free reserves should be maintained at as high a level as possible. The trustees believe that this will enable them to continue to develop their new location and, at the same time, provide sufficient flexibility to cover temporary shortfalls in income and allow the charity to cope and respond to unforeseen emergencies.
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**Trustees’ report** Year to 30 June 2022
## **FINANCIAL REVIEW** (continued)
## **Reserves policy and financial position** (continued)
## _**Financial position**_
The consolidated balance sheet shows total net assets and total funds of £9,716,580 (2021 – £9,870,290).
## _**Total funds**_
These funds include £50,219 (2021 – £47,360) which is restricted. These monies have been donated, and their use restricted to specific purposes.
Funds totalling £7,614,001 (2021 – £7,821,161) comprise a tangible fixed assets fund. A decision was made to separate this fund from the general funds of the charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.
A further £800,000 (2021 – £800,000) has been designated by the trustees to provide for the sisters in their retirement. Given the increasing age profile of the sisters and the relative lack of new vocations, the sum will provide only minimal resources to look after the sisters, many of whom will need increasing and increasingly expensive care and support in the years ahead. Full details of the designated fund can be found in note 19 to the accounts.
Free reserves of the group, i.e. general funds at 30 June 2022 amount to £1,252,360 (2021 – £1,201,769).
## **Investment policy**
The investment policy is to maximise the total investment return (both capital and income), within a controlled risk framework and to seek to achieve a total return which is in accordance with an agreed expected total return.
The current investment manager, UBS AG has been set the task of achieving this return within an agreed ethical policy. Ethical considerations form an integral part of the Trust’s investment management process in keeping with its Christian witness and values. This has led to the development of an ethical investment policy as follows:
To not knowingly invest in those companies whose turnover in unethical operations exceeds 5% of group turnover.
Companies with unethical operations are deemed to be those that:
- Invest in hospitals / clinics providing abortion or euthanasia as a major role;
- Exploit the labour force in such a way that is unjustifiable in the light of local circumstances;
- Exploit vulnerable groups. Specifically, involvement in the production of tobacco or in the provision of online gambling facilities would preclude investment in the company;
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**Trustees’ report** Year to 30 June 2022
## **FINANCIAL REVIEW** (continued)
## **Investment policy** (continued)
- Have operations in areas of oppressive regimes where these operations contribute to the oppressive nature of these regimes;
- Manufacture tobacco products;
- Have the manufacture or sale of arms/weapons as a core activity. Specifically, involvement in the manufacture of anti-personnel mines; and
- Are involved in pornography or obscenity.
Due regard shall also be given to environmental concerns **.**
The investment powers of the charity are not restricted by the Trustee Act 2000.
## **Fundraising policy**
The charity aims to achieve best practice in the way in which it communicates with supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. The charity applies best practice to protect supporters’ data and never sells data, it never swaps data with other organisations, and ensures that its communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of Professional Fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2022, the charity received no complaints about its fundraising activities.
Approved by the trustees and signed on their behalf by:
Ann Brennan
Trustee
Approved by the trustees on: 23 January 2023
Conventus of Our Lady of Consolation Charitable Trust **14**
**Independent auditor’s report** 30 June 2022
## **Independent auditor’s report to the trustees of Conventus of Our Lady of Consolation Charitable Trust**
## **Opinion**
We have audited the accounts of Conventus of Our Lady of Consolation Charitable Trust (the ‘parent charity’) and of Conventus of Our Lady of Consolation Charitable Trust and its subsidiary (the ‘group’) for the year ended 30 June 2022 which comprise the group and parent charity statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows, the principal accounting policies and the notes to the accounts. 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 accounts:
- give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 30 June 2022 and of their 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 auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the accounts 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**
In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is 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 group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.
Conventus of Our Lady of Consolation Charitable Trust **15**
**Independent auditor’s report** 30 June 2022
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Consolidated Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. 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 Act 2011 requires 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 accounts; or
- sufficient accounting records have not been kept by the parent charity; or
- the parent charity accounts are not in agreement with the accounting records and returns; 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, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the group’s and the parent 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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.
Conventus of Our Lady of Consolation Charitable Trust **16**
**Independent auditor’s report** 30 June 2022
## **Auditor’s responsibilities for the audit of the accounts**
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
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.
## _**How the audit was considered capable of detecting irregularities including fraud**_
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011) and safeguarding regulations.
- We understood how the group and charity are complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the minutes of trustees’ meetings and reports from regulatory bodies.
We assessed the susceptibility of the group’s and charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
Conventus of Our Lady of Consolation Charitable Trust **17**
**Independent auditor’s report** 30 June 2022
## **Auditor’s responsibilities for the audit of the accounts** (continued)
_**How the audit was considered capable of detecting irregularities including fraud** (continued)_
- Identifying and testing journal entries;
- Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the relevant accounts item to which they relate.
- To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- performed substantive testing on expenditure; and
- tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- reading the minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Conventus of Our Lady of Consolation Charitable Trust **18**
**Independent auditor’s report** 30 June 2022
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. 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.
Buzzacott LLP 20 March 2023 Statutory Auditor 130 Wood Street London EC2V 6DL
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Conventus of Our Lady of Consolation Charitable Trust **19**
## **Consolidated statement of financial activities** Year to 30 June 2022
|Notes|
**Unrestricted**
**funds**
**£**
|
**Restricted**
**funds**
**£**|
**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|**Income from:**
Donations and legacies
1
Investment income and interest
receivable
2
Other trading activities
9
Charitable activities
3
Other sources
5
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
. Support of members of the
Community
7
. Publications and printing
4
. Chapel and chaplaincy
**Total expenditure**
**Net (expenditure) income**
**before investment (losses)**
**gains**
10
**Net (losses) gains on listed**
**investments**
**Net gains on investment**
**properties**
**Net (expenditure) income and**
**movement in funds**
**Reconciliation of funds:**
Fund balances brought forward
at 1 July 2021
**Fund balances carried forward**
**at 30 June 2022**|
**169,643**
**45,823**
**56,015**
**8,847**
**29,265**|
**10,611**
**—**
**—**
**—**
**—**|
**180,254**
**45,823**
**56,015**
**8,847**
**29,265**|
184,124
45,471
54,822
8,281
29,488|
9,539
—
—
—
—|
193,663
45,471
54,822
8,281
29,488|
||**309,593**|
**10,611**|
**320,204**|
322,186|
9,539|
331,725|
||
**34,558**
**533,735**
**3,861**
**10,146**|
**—**
**7,752**
**—**
**—**|
**34,558**
**541,487**
**3,861**
**10,146**|
18,292
522,870
1,448
17,288|
—
1,900
—
—|
18,292
524,770
1,448
17,288|
||**582,300**|
**7,752**|
**590,052**|
559,898|
1,900|
561,798|
||
**(272,707)**
**(48,862)**
**165,000**|
**2,859**
**—**
**—**|
**(269,848)**
**(48,862)**
**165,000**|
(237,712)
130,511
—|
7,639
—
—|(230,073)
130,511
—|
||**(156,569)**
**9,822,930**|
**2,859**
**47,360**|
**(153,710)**
**9,870,290**|
(107,201)
9,930,131|7,639
39,721|
(99,562)
9,969,852|
||**9,666,361**|
**50,219**|
**9,716,580**|
9,822,930|
47,360|9,870,290|
All the figures included in the above statement of financial activities derive from the continuing activities of the charity and its subsidiary.
Conventus of Our Lady of Consolation Charitable Trust **20**
## **Charity statement of financial activities** Year to 30 June 2022
|Notes|
**Unrestricted**
**funds**
**£**
|
**Restricted**
**funds**
**£**|
**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|**Income from:**
Donations and legacies
1
Investment income and interest
receivable
2
Charitable activities
3
Other sources
5
**Total income**
**Expenditure on:**
Raising funds
6
Charitable activities
. Support of members of the
Community
7
. Publications and printing
4
. Chapel and chaplaincy
**Total expenditure**
**Net (expenditure) income**
**before investment (losses)**
**gains**
10
**Net (losses) gains on listed**
**investments`**
14
**Net gains on investment**
**properties**
14
**Net (expenditure) income and**
**movement in funds**
**Reconciliation of funds:**
Fund balances brought forward
at 1 July 2021
**Fund balances carried**
**forward at 30 June 2022**|
**186,398**
**45,823**
**8,847**
**36,765**|
**10,611**
**—**
**—**
**—**|
**197,009**
**45,823**
**8,847**
**36,765**|
217,350
45,471
8,281
36,988|
9,539
—
—
—|
226,889
45,471
8,281
36,988|
||**277,833**|
**10,611**|
**288,444**|
308,090|
9,539|
317,629|
||
**7,373**
**529,775**
**3,861**
**10,146**|
**—**
**7,752**
**—**
**—**|
**7,373**
**537,527**
**3,861**
**10,146**|
6,245
520,206
1,448
17,288|
—
1,900
—
—|
6,245
522,106
1,448
17,288|
||**551,155**|
**7,752**|
**558,907**|
545,187|
1,900|
547,087|
||
**(273,322)**
**(48,862)**
**165,000**|
**2,859**
**—**
**—**|
**(270,463)**
**(48,862)**
**165,000**|
(237,097)
130,511
—|
7,639
—
—|(229,458)
130,511
—|
||**(157,184)**
**9,823,546**|
**2,859**
**47,360**|**(154,325)**
**9,870,906**|
(106,586)
9,930,132|
7,639
39,721|
(98,947)
9,969,853|
||**9,666,362**|
**50,219**|
**9,716,581**|
9,823,546|
47,360|9,870,906|
All the figures included in the above statement of financial activities derive from the continuing activities of the charity.
Conventus of Our Lady of Consolation Charitable Trust **21**
**Balance sheets** 30 June 2022
|Notes|**2022**|**2022**|2021|2021|
|---|---|---|---|---|
||
**Group**
**£**|**Charity**
**£**|Group
£|Charity
£|
|**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
**Liabilities**
Creditors: amounts falling due
within one year
17
**Net current assets**
**Total net assets**
**The funds of the charity:**
**Funds and reserves**
**_Income funds:_**
Restricted funds
18
Unrestricted funds
. Tangible fixed assets fund
19
. Designated fund
20
. General funds
**_Non charitable trading funds_**
9|
**7,614,001**
**1,863,468**|**7,614,001**
**1,863,469**|7,821,161
1,725,005|7,821,161
1,725,006|
||**9,477,469**|**9,477,470**|9,546,166|9,546,167|
||
**7,455**
**28,143**
**512,663**|
**7,455**
**44,064**
**491,501**|8,879
24,178
685,909|
8,879
31,706
666,501|
||**548,261**
**(309,150)**|
**543,020**
**(303,909) **|718,966
(394,842)|
707,086
(382,347)|
||**239,111**|
**239,111**|324,124|
324,739|
||**9,716,580**|
**9,716,581**|9,870,290|9,870,906|
||
**50,219**
**7,614,001**
**800,000**
**1,252,360**
**—**|
**50,219**
**7,614,001**
**800,000**
**1,252,361**
**—**|47,360
7,821,161
800,000
1,201,769
—|
47,360
7,821,161
800,000
1,202,385
—|
||**9,716,580**|**9,716,581**|9,870,290|9,870,906|
Approved by the trustees and signed on their behalf by:
Ann Brennan Trustee
Approved on: 23 January 2023
Conventus of Our Lady of Consolation Charitable Trust **22**
## **Consolidated statement of cash flows** Year to 30 June 2022
|Notes|
**2022**
**£**|2021
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash (used in) provided by operating activities
**A**
**Cash flows from investing activities:**
Investment income and interest received
Purchase of tangible fixed assets
Disposal of listed investments
Purchase of listed investments
**Net cash provided by (used in) investing activities**
**Cash flows from financing activities:**
Repayment of borrowings
Interest paid
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 July 2021**
**B**
**Cash and cash equivalents at 30 June 2022**
**B**|
**(95,220) **|5,608|
||
**45,823**
**(1,523)**
**276,823**
**(313,951) **|45,471
(64,474)
421,947
(430,066)|
||**7,172**|(27,122)|
||
**(100,000)**
**—**|(200,000)
(50,807)|
||**(100,000) **|(250,807)|
||
**(188,048)**
**706,833**
|(272,321)
979,154|
||**518,784**|706,833|
## **Notes to the statement of cash flows for the year to 30 June 2021.**
**A Reconciliation of net movement in funds to net cash (used in) provided by operating activities**
|**activities**|||
|---|---|---|
||**2022**
**£**|2021
£|
|**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation charge
Loss on disposal of tangible fixed assets
Investment income and interest receivable
Net (gains) losses on listed investments
Net gains on investment properties
Loan interest payable
Decrease (increase) in stock
(Increase) decrease in operating debtors
Increase in operating creditors
**Net cash(used in) provided by operating activities**|**(153,710)**
**208,684**
**—**
**(45,823)**
**48,862**
**(165,000)**
**5,589**
**1,424**
**(5,383)**
**10,137**|(99,562)
210,791
6,972
(45,471)
(130,511)
—
11,186
(1,580)
39,253
14,530|
||**(95,220)**|5,608|
Conventus of Our Lady of Consolation Charitable Trust **23**
## **Consolidated statement of cash flows** Year to 30 June 2022
## **B Analysis of changes in net debt**
|**Analysis of changes in net debt**|||||
|---|---|---|---|---|
||2021
£|
Cash Flows
£|
Other Non-
cash
movements
£|
**2022**
**£**|
|**Cash and cash equivalents**
Cash at bank and in hand
Cash held by investment managers
**Borrowings**
Loans due within one year
**Total**|685,909
20,924|(173,246)
(14,803)|—
—|**512,663**
**6,121**|
||706,833|(188,049)|—|**518,784**|
||(205,373)|100,000|(5,589)|**(110,962)**|
||501,460|(88,049)|(5,589)|**407,822**|
Conventus of Our Lady of Consolation Charitable Trust **24**
**Principal accounting policies** 30 June 2022
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## **Basis of preparation**
These accounts have been prepared for the year to 30 June 2022 with comparative information provided in respect to the year to 30 June 2021.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
## **Critical accounting estimates and areas of judgement**
Preparation of the accounts requires the trustees to make significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made include:
- the estimates of the useful economic life of tangible fixed assets for the purposes of calculating depreciation;
- estimating the fair value of investment property;
- the assessment of the probability of the receipt of legacy income;
- the assumptions applied in determining the retirement reserve, created in order to provide for the continuing care of the members of the community;
- determining the appointment of expenditure between the charity and its trading subsidiary; and
- estimating future income and expenditure for the purpose of assessing going concern.
Conventus of Our Lady of Consolation Charitable Trust **25**
**Principal accounting policies** 30 June 2022
## **Assessment of going concern**
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
Free reserves of the group, i.e. general funds including non-charitable trading funds at 30 June 2022 amount to £1,252,360 (2021 – £1,201,769).
As a result of the Government’s social distancing guidelines the Abbey, chapel shop and lodges were closed to visitors for part of the year, but the community has adapted well to the challenges it has faced.
As the country adapts to the aftermath of the pandemic, the trustees do not believe that there are any material concerns over the charity’s financial position or its ability to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. In particular, the level of reserves is deemed sufficient when considered in the light of the current macroeconomic and geopolitical climate. The trustees will continue to make economies where possible and to monitor the charity’s financial position carefully.
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
With regard to the next accounting period, the year ending 30 June 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment returns. The trustees seek to mitigate this risk through monitoring investment performance throughout the year.
## **Basis of consolidation**
The statement of financial activities and balance sheet consolidate the accounts of the charity and its subsidiary undertaking, Crief Trading Limited, made up to the balance sheet date. Intragroup transactions are eliminated in full.
## **Income recognition**
Income is recognised in the period in which the group or charity is entitled to receipt and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the group or charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.
Income comprises donations, grants, legacies, investment income and interest receivable, income from other trading activities, income from charitable activities, rental income and miscellaneous income.
Conventus of Our Lady of Consolation Charitable Trust **26**
**Principal accounting policies** 30 June 2022
## **Income recognition** (continued)
Donations, including pensions and similar income of individual members of the community which are gifted to the charity, are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity.
Interest on funds held on deposit, interest on loans and income from unlisted investments are included when receivable and the amount can be measured reliably by the charity.
Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due.
Rental income, income from charitable activities and income from other trading activities are recognised to the extent that it is probable that the economic benefits will flow to the group or charity and the income can be reliably measured. They are measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Miscellaneous income is recognised to the extent that it is probable that the economic benefits will flow to the group or charity and the income can be reliably measured.
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Conventus of Our Lady of Consolation Charitable Trust **27**
**Principal accounting policies** 30 June 2022
## **Expenditure recognition** (continued)
All expenditure is accounted for on an accruals basis. Expenditure comprises expenditure on raising funds, supporting members of the community, production of publications and printing and chaplaincy and divine service. Expenditure on raising funds includes the costs in connection with the charity’s trading subsidiary. Expenditure on supporting members of the community includes all direct and indirect costs (including governance) associated with enabling the members to carry out the charitable and religious work of the charity.
All expenditure is stated inclusive of irrecoverable VAT.
## **Allocation of support and governance costs**
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel, provision of office services and equipment and a suitable working environment.
Governance costs are the costs associated with the governance of the charity and its assets.
All support and governance costs incurred by the charity are allocated to the cost of supporting members of the community whereas those of its trading subsidiary are allocated to the cost of raising funds.
## **Tangible fixed assets**
All assets costing more than £1,500 with an expected useful life exceeding one year are capitalised.
## _Freehold land and buildings_
- Freehold land and buildings are shown on the balance at cost. The land and buildings comprise certain properties sited on Crief Farm and have been subject to significant refurbishment and major construction work, the first phase of which was completed in April 2009. Depreciation at a rate of 2% per annum based on cost has been charged on these buildings with effect from the date on which the construction work was completed.
Depreciation on improvements to freehold land and buildings is charged at a rate of 2% to 10% per annum, depending on the nature of the asset.
- _Fixtures, fittings and equipment_
- Expenditure on the purchase and replacement of fixtures, fittings and equipment is capitalised and depreciated over a period between four and ten years (depending on the nature of the asset) on a straight line basis. At the end of this period the value of such assets is deemed negligible and they are eliminated from the accounts.
- _Motor vehicles_
- Motor vehicles are capitalised and depreciated over a four year period on a straight line basis in order to write off each vehicle over its estimated useful life.
Conventus of Our Lady of Consolation Charitable Trust **28**
**Principal accounting policies** 30 June 2022
## **Investments**
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
The charity does not acquire put options, derivatives or other complex financial instruments.
As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Investment properties are included in the accounts at fair value which is determined as the estimated current market value of the properties based on open market value. The valuation has been determined by the trustees with reference to appropriate sources including local estate agents and databases.
Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value where the investment is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
## **Stocks**
Stocks comprising publications and sundry supplies are valued at the lower of cost and net realisable value.
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
Conventus of Our Lady of Consolation Charitable Trust **29**
**Principal accounting policies** 30 June 2022
## **Creditors**
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## **Fund accounting**
Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.
Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.
The tangible fixed assets fund comprises the net book value of the charity’s tangible fixed assets net of loans advanced to the charity specifically for application towards the cost or construction of such assets. The existence of the tangible fixed assets is fundamental to the charity being able to perform its charitable work and thereby achieve its charitable objectives. The value represented by such assets should not be regarded, therefore, as realisable.
General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objectives.
Non-charitable trading funds consist of the accumulated losses from those activities conducted through the non-charitable trading subsidiary.
## **Pension costs**
Contributions in respect to defined contribution schemes are charged to the statement of financial activities in the year in which they are payable to the schemes.
## **Services provided by members of the Community**
For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Community.
Conventus of Our Lady of Consolation Charitable Trust **30**
**Notes to the accounts** 30 June 2022
## **1 Income from: Donations and legacies**
|**Group**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Donations
Legacies
Pension income
Fundraising
Grants|**36,579**
**6,017**
**127,047**
**—**
**—**|**1,972**
**—**
**—**
**2,859**
**5,780**|**38,551**
**6,017**
**127,047**
**2,859**
**5,780**|
54,254
14,083
115,787
—
—|
6,513
—
—
3,026
—|
60,767
14,083
115,787
3,026
—|
||**169,643**|**10,611**|**180,254**|
184,124|
9,539|
193,663|
|**Charity**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|Unrestricted
funds
£|Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Donations
Legacies
Pension income
Fundraising
Grants
Trading subsidiary profits
donated under deed of
covenant|**36,579**
**6,017**
**127,047**
**—**
**—**
**16,755**|
**1,972**
**—**
**—**
**2,859**
**5,780**
**—**|
**38,551**
**6,017**
**127,047**
**2,859**
**5,780**
**16,755**|54,254
14,083
115,787
—
—
33,226|
6,513
—
—
3,026
—
—|
60,767
14,083
115,787
3,026
—
33,226|
||**186,398**|
**10,611**|
**197,009**|217,350|
9,539|
226,889|
## **2 Investment income and interest receivable**
|**Group & Charity**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|**_Investment income_**
**_receivable_**
. Rental income
. Listed investment income
_..UK fixed interest bonds_
_..UK equities_
_..Overseas equities and_
_unitised funds_
**_Interest receivable_**
. Bank interest
. Interest on investment
manager cash deposits|**20,792**
**1,697**
**17,533**
**5,509**
**182**
**110**|
**—**
**—**
**—**
**—**
**—**
**—**|
**20,792**
**1,697**
**17,533**
**5,509**
**182**
**110**|
20,420
1,949
18,480
3,557
217
848|
—
—
—
—
—
—|
20,420
1,949
18,480
3,557
217
848|
||**45,823**|**—**|
**45,823**|45,471|
—|
45,471|
## **3 Income from: Charitable activities**
|**Group and charity**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Publications and printing
(note 4)
Literary and art income
Other income|**8,704**
**143**
**—**|**—**
**—**
**—**|
**8,704**
**143**
**—**|
6,337
1,678
266|
—
—
—|
6,337
1,678
266|
||**8,847**|**—**|
**8,847**|
8,281|
—|
8,281|
Conventus of Our Lady of Consolation Charitable Trust **31**
**Notes to the accounts** 30 June 2022
## **4 Publications and printing**
|**Publications and printing**|||
|---|---|---|
|**Group and charity**|**2022**
**Total**
**£**|2021
Total
£|
|Income (note 3)
Purchases and related expenditure after adjusting for opening and closing stock|**8,704**
**(3,861)**|6,337
(1,448)|
||**4,843**|4,889|
## **5 Miscellaneous income**
|**Group**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Renewable heat incentive
Coronavirus Job Retention
Scheme
Other income|**24,301**
**—**
**4,964**|**—**
**—**
**—**|
**24,301**
**—**
**4,964**|
25,542
2,489
1,457|
—
—
—|
25,542
2,489
1,457|
||**29,265**|**—**|
**29,265**|
29,488|
—|
29,488|
|**Charity**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|Renewable heat incentive
Crief Trading management
charge
Coronavirus Job Retention
Scheme
Other income|**24,301**
**7,500**
**—**
**4,964**|**—**
**—**
**—**
**—**|
**24,301**
**7,500**
**—**
**4,964**|
25,542
7,500
2,489
1,457|
—
—
—
—|
25,542
7,500
2,489
1,457|
||**36,765**|**—**|
**36,765**|
36,988|
—|
36,988|
## **6 Expenditure on: Raising funds**
|**Group**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Crief Trading expenses
Investment manager fees|**27,185**
**7,373**|**—**
**—**|
**27,185**
**7,373**|
12,047
6,245|
—
—|
12,047
6,245|
||**34,558**|**—**|
**34,558**|
18,292|
—|
18,292|
|**Charity**
Investment manager fees|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
||**7,373**|**—**|
**7,373**|
6,245|
—|
6,245|
Conventus of Our Lady of Consolation Charitable Trust **32**
**Notes to the accounts** 30 June 2022
## **7 Expenditure on: Support of members of the Community**
|**Group**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Premises costs (excluding
depreciation of property)
Depreciation of property
Loss on disposal of tangible
fixed assets
Community living and
personal expenditure
Loan interest payable
Other costs
Governance costs (note 8)|**220,448**
**187,941**
**—**
**84,626**
**5,589**
**12,149**
**22,982**|**—**
**—**
**—**
**7,752**
**—**
**—**
**—**|
**220,448**
**187,941**
**—**
**92,378**
**5,589**
**12,149**
**22,982**|
212,689
182,615
6,972
71,124
11,186
5,364
32,920|
—
—
—
1,900
—
—
—|
212,689
182,615
6,972
73,024
11,186
5,364
32,920|
||**533,735**|**7,752**|
**541,487**|
522,870|
1,900|
524,770|
|**Charity**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Premises costs (excluding
depreciation of property)
Depreciation of property
Loss on disposal of tangible
fixed assets
Community living and
personal expenditure
Loan interest payable
Other costs
Governance costs (note 8)|**220,448**
**187,941**
**—**
**86,546**
**5,589**
**12,149**
**17,102**|**—**
**—**
**—**
**7,752**
**—**
**—**
**—**|
**220,448**
**187,941**
**—**
**94,298**
**5,589**
**12,149**
**17,102**|
212,689
182,615
6,972
72,059
11,186
5,215
29,470|
—
—
—
1,900
—
—
—|
212,689
182,615
6,972
73,959
11,186
5,215
29,470|
||**529,775**|**7,752**|
**537,527**|
520,206|
1,900|
522,106|
## **8 Governance costs**
|**Governance costs**|||||||
|---|---|---|---|---|---|---|
|**Group**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|Auditor’s remuneration
. Current year cost
. Prior year cost
. Taxation services|**19,713**
**—**
**3,269**|
**—**
**—**
**—**|
**19,713**
**—**
**3,269**|
20,596
2,674
9,650|
—
—
—|
20,596
2,674
9,650|
||**22,982**|**—**|
**22,982**|
32,920|
—|
32,920|
|**Charity**|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
Unrestricted
funds
£|
Restricted
funds
£|
2021
Total
funds
£|
|---|---|---|---|---|---|---|
|Auditor’s remuneration
. Current year cost
. Prior year cost
. Taxation|**15,754**
**—**
**1,348**|
**—**
**—**
**—**|
**15,754**
**—**
**1,348**|
17,146
2,674
9,650|
—
—
—|
17,146
2,674
9,650|
||**17,102**|**—**|
**17,102**|
29,470|
—|
29,470|
Conventus of Our Lady of Consolation Charitable Trust **33**
**Notes to the accounts** 30 June 2022
## **9 UK trading subsidiary**
On 28 January 2005, Crief Trading Limited, a company registered in England and Wales, was incorporated. The Conventus of Our Lady of Consolation Charitable Trust owns the entire called up ordinary share capital of Crief Trading Limited, a general trading company.
A summary of the trading results of Crief Trading Limited for the year is given below:
||**2022**
**£**|2021
£|
|---|---|---|
|**Crief Trading Limited**
Turnover (including income receivable from the charity of £1,920 (2021
– £1,436)
Covid-19 Small Business Grant
Administrative expenses (including management charge and interest
payable to the charity of £7,500 (2021 – £7,500)
Operating profit
Gift Aid payment
Profit before taxation
Taxation
Profit after taxation for theyear|**57,320**
**—**
**(40,565)**|38,827
17,431
(23,032)|
||**16,755**
**(16,755)**|33,226
(33,226)|
||**—**|—|
||**—**|—|
At 30 June 2022, Crief Trading Limited had retained profits of £nil (2021 – £nil) and called up share capital of £1 (2021 – £1). All figures have been consolidated on a line by line basis.
## **10 Net movement in funds**
This is stated after charging:
|**Group**|**2022**
**Total**
**funds**
**£**|2021
Total
funds
£|
|---|---|---|
|Staff costs (note 11)
Auditor’s remuneration (note 8)
Depreciation(note 13)|**56,343**
**22,982**
**208,684**|53,969
32,920
210,791|
|**Charity**|**2022**
**Total**
**funds**
**£**|2021
Total
funds
£|
|Staff costs (note 11)
Auditor’s remuneration (note 8)
Depreciation(note 13)|**56,343**
**17,102**
**208,684**|53,969
29,470
210,791|
Conventus of Our Lady of Consolation Charitable Trust **34**
**Notes to the accounts** 30 June 2022
- **11 Staff costs and trustees’ remuneration** Staff costs during the year were as follows:
|**Group and charity**|**2022**
**£**|2021
£|
|---|---|---|
|Wages and salaries
Social security costs
Pension costs|**53,001**
**2,668**
**674**|50,744
2,480
745|
||**56,343**|53,969|
No employee earned in excess of £60,000 per annum (including taxable benefits) or more during the year (2021 – none).
The average number of employees during the year was as follows:
|**Group and charity**|**2022**
**Number**|2021
Number|
|---|---|---|
|Support of members of the Community|**5**|5|
The key management personnel of Conventus of Our Lady of Consolation, responsible for directing and controlling the operations of the charity on a day to day basis, comprise the trustees.
As members of the Community, the trustees’ living and personal expenses during the year were borne by the charity but they received no remuneration or reimbursement of expenses in connection with their duties as trustees or members of key management (2021 – £nil).
## **12 Taxation**
Conventus of Our Lady of Consolation Charitable Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
During the year to 30 June 2022, the charity’s trading subsidiary committed to Gift Aid £16,755 (2021 – £33,226) to the Conventus of Our Lady of Consolation Charitable Trust via a Gift Aid compliant deed of covenant.
Deferred taxation has not been provided for in these financial statements because the trustees do not consider it to have a material impact on the group overall results for the year.
Conventus of Our Lady of Consolation Charitable Trust **35**
**Notes to the accounts** 30 June 2022
## **13 Tangible fixed assets**
|**Tangible fixed assets**||||||
|---|---|---|---|---|---|
|**Group and charity**|Freehold
land and
buildings
£|Freehold
land and
building
improvements
£|Fixtures
fittings &
equipment
£|Motor
vehicles
£|**Total**
**£**|
|**Cost**
At 1 July 2021
Additions
At 30 June 2022
**Depreciation**
At 1 July 2021
Charge for the year
At 30 June 2022
**Net book values**
At 30 June 2022
At 30 June 2021|9,465,098
—|125,649
—|226,598
1,523|26,881
—|**9,844,226**
**1,523**|
||9,465,098|125,649|228,121|26,881|**9,845,749**|
||1,822,989
180,103|4,670
7,839|180,093
17,593|15,313
3,148|**2,023,065**
**208,684**|
||2,003,092|12,509|197,686|18,461|**2,231,748**|
||7,462,006|113,140|30,435|8,420|**7,614,001**|
||7,642,109|120,979|46,505|11,568|**7,821,161**|
## **14 Investments**
|**Group – 2022**|Investment
properties
£
720,000
—
—
165,000
885,000
—
885,000
425,031|
Listed
investments
£|
Unlisted
investments
£|
**Total**
**2022**
**£**|
|---|---|---|---|---|
|Market value at 1 July 2021
Additions
Disposals at book value (proceeds:
£276,823; gains: £19,581)
Net unrealised gains (losses)
Market value at 30 June 2022
Cash held by investment managers
Total investments at 30 June 2022
Cost of investments at 30 June 2022
(excludingcash held for reinvestment)||
984,081
313,951
(257,242)
(68,443)|
—
—
—
—|**1,704,081**
**313,951**
**(257,242)**
**96,557**|
|||
972,347
6,121|
—
—|**1,857,347**
**6,121**|
|||
978,468|
—|
**1,863,468**|
|||
887,089|
—|
**1,312,120**|
|**Charity – 2022**|Investment
properties
£
720,000
—
—
165,000
885,000
—
885,000
425,031|
Listed
investments
£|
Unlisted
investments
£|
**Total**
**2022**
**£**|
|---|---|---|---|---|
|Market value at 1 July 2021
Additions
Disposals at book value (proceeds:
£276,823; gains: £19,581)
Net unrealised gains (losses)
Market value at 30 June 2022
Cash held by investment managers
Total investments at 30 June 2022
Cost of investments at 30 June 2022
(excludingcash held for reinvestment)||
984,081
313,951
(257,242)
(68,443)|
1
—
—
—|**1,704,082**
**313,951**
**(257,242)**
**96,557**|
|||
972,347
6,121|
1
—|**1,857,348**
**6,121**|
|||
978,468|
1|**1,863,469**|
|||
887,089|
1|**1,312,121**|
Conventus of Our Lady of Consolation Charitable Trust **36**
**Notes to the accounts** 30 June 2022
## **14 Investments** (continued)
|Group– 2021|Investment
properties
£|
Listed
investments
£|
Unlisted
investments
£|
Total
2021
£|
|---|---|---|---|---|
|Market value at 1 July 2020
Reclassification of tangible fixed asset
Additions
Disposals at book value (proceeds:
£421,947; gains: £42,520)
Net unrealised gains (losses)
Market value at 30 June 2021
Cash held by investment managers
Total investments at 30 June 2021
Cost of investments at 30 June 2021
(excludingcash held for reinvestment)|720,000
—
—
—|
845,451
—
430,066
(379,427)
87,991|
—
—
—
—
—|
1,565,451
—
430,066
(379,427)
87,991|
||720,000
—|
984,081
20,924|
—
—|
1,704,081
20,924|
||720,000|
1,005,005|
—|
1,725,005|
||425,031|
874,458|
—|
1,299,489|
|Charity– 2021|Investment
properties
£|
Listed
investments
£|
Unlisted
investments
£|
Total
2021
£|
|---|---|---|---|---|
|Market value at 1 July 2020
Transfer from fixed assets
Additions
Disposals at book value (proceeds:
£421,947; gains: £42,520)
Net unrealised gains (losses)
Market value at 30 June 2021
Cash held by investment managers
Total investments at 30 June 2021
Cost of investments at 30 June 2021
(excludingcash held for reinvestment)|720,000
—
—
—
—|
845,451
—
430,066
(379,427)
87,991|
1
—
—
—
—|
1,565,452
—
430,066
(379,427)
87,991|
||720,000
—|
984,081
20,924|
1
—|
1,704,082
20,924|
||720,000|
1,005,005|
1|
1,725,006|
||425,031|
842,900|
1|
1,267,932|
## _**Listed investments**_ held at 30 June 2022 comprised the following:
||**2022**
**£**|2021
£|
|---|---|---|
|Short term deposits
UK fixed interest bonds
UK equities
Overseas equities and unitised funds|**10,349**
**223,493**
**432,326**
**306,179**|—
178,190
433,874
372,017|
||**972,347**|984,081|
Conventus of Our Lady of Consolation Charitable Trust **37**
**Notes to the accounts** 30 June 2022
## **14 Investments** (continued)
At 30 June 2022 listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as of that date:
||**2022**
**Market**
**value of**
**holding**
**£**
**77,786**
**53,651**
**58,948**|**2022**
**Percentage**
**of portfolio**
**%**|2021
Market
value of
holding
£|2021
Percentage
of portfolio
%|
|---|---|---|---|---|
|UBS ETF SICAV BLB Barclays MSCI US
UBS ETF SICAV MSCI EMRGNG MRKTS
SOC RES
Blackrock FXD Inc Ishares Green Bid IDX-
D HGD||
**6.1%**
**5.5%**
**6.1%**|60,178
79,047
59,339|
6.1%
8.0%
6.0%|
All listed investments were dealt in on a recognised stock exchange.
## _**Unlisted investments**_
At 30 June 2022 Conventus of Our Lady of Consolation Charitable Trust owned the entire called up share capital of Crief Trading Limited, a general trading company registered in England and Wales. This amounted to £1 (2021 – £1).
## **15 Stock and work in progress**
|**Group and charity**|**2022**
**£**|2021
£|
|---|---|---|
|Publications and sundry printingsupplies|**7,455**|8,879|
## **16 Debtors**
|**Debtors**|||||
|---|---|---|---|---|
||**Group**
**2022**
**£**|**Charity**
**2022**
**£**|Group
2021
£|Charity
2021
£|
|Taxation recoverable
Legacy receivable
Prepayments and accrued income
Miscellaneous debtors
Amount due from subsidiary undertaking
including amount due under gift aid
compliant deed of covenant|**3,079**
**1,000**
**22,246**
**1,818**
**—**|**3,079**
**1,000**
**22,830**
**1,818**
**15,337**|3,109
—
18,718
2,350
—|3,109
—
14,040
2,350
12,207|
||**28,143**|**44,064**|24,177|
31,706|
Conventus of Our Lady of Consolation Charitable Trust **38**
**Notes to the accounts** 30 June 2022
## **17 Creditors: amounts falling due within one year**
||**Group**
**2022**
**£**|**Charity**
**2022**
**£**|Group
2021
£|Charity
2021
£|
|---|---|---|---|---|
|Loan from The Benedictine Nuns of
Curzon Park (see below)
Expense creditors and accruals
Other creditors
Social security and other taxes
Deferred income
Amounts administered on behalf of
individual members of the Community of
the Conventus of Our Lady of Consolation
Corporation tax payable|**110,962**
**40,689**
**4,938**
**512**
**7,070**
**144,979**
**—**|**110,962**
**42,518**
**4,938**
**512**
**—**
**144,979**
**—**|205,373
30,530
2,791
489
10,680
144,979
—|205,373
28,715
2,791
489
—
144,979
—|
||**309,150**|**303,909**|394,842|
382,347|
The loan balance due to the Benedictine nuns of Curzon Park at 30 June 2022 was £110,862 (2021 – £205,373). The loan accrues interest at 3.5% per annum. The accrued interest amounted to £5,589 as at 30 June 2022 (2021 – £11,186). The loan has no fixed repayment date.
## **18 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes:
|purposes:|||||
|---|---|---|---|---|
|**Group and charity**|**At**
**1 July**
**2021**
**£**|**Income**
**£**|**Expenditure**
**£**|**At**
**30 June**
**2022**
**£**|
|Development fund
Courses fund|**47,360**
**—**|**2,859**
**7,752**|**—**
**(7,752)**|**50,219**
**—**|
||**47,360**|**10,611**|**(7,752)**|**50,219**|
|**Group and charity**|At
1 July
2020
£|Income
£|Expenditure
£|
At
30 June
2021
£|
|Development fund
Courses fund|39,721
—|7,639
1,900|—
(1,900)|47,360
—|
||39,721|9,539|
(1,900)|47,360|
The development fund comprised unexpended monies given specifically towards the costs of the development of the charity’s land at Wass, Yorkshire.
The courses fund comprised a grant received to support the cost of one of the Sisters to attend the Monastic Formators' Programme in Rome, as well as a donation given to the Community to be spent on educational purposes which was spent on a course for one of the Sisters.
Conventus of Our Lady of Consolation Charitable Trust **39**
**Notes to the accounts** 30 June 2022
## **19 Tangible fixed assets fund**
|**Tangible fixed assets fund**|||
|---|---|---|
|**Group and charity**|**2022**
**£**
**7,821,161**
**(207,160)**
**7,614,001**|2021
£
7,974,453
(153,292)
7,821,161|
|At 1 July 2021
Net movement in year
At 30 June 2022|||
The tangible fixed assets fund represents the net book value of the group’s and charity’s tangible fixed assets. A decision was made to separate this fund from the general fund of the group and charity in recognition of the fact that the tangible fixed assets are essential to the day to day work of the group and charity. As such, their value should not be regarded as funds that could be realisable with ease, in order to meet future contingencies.
## **20 Designated fund**
The income funds of the group and charity include the following designated fund which has been set aside out of unrestricted funds by the trustees for specific purposes:
|**Group and charity**|**At**
**1 July**
**2021**
**£**|**Designated**
**in year**
**£**|**Utilised/**
**released**
**£**|**At**
**30 June**
**2022**
**£**|
|---|---|---|---|---|
|Care of ElderlySisters fund|**800,000**|**—**|**—**|**800,000**|
|**Group and charity**|At
1 July
2020
£|Designated
in year
£|Utilised/
released
£|**At**
**30 June**
**2021**
**£**|
|Care of ElderlySisters fund|800,000|—|—|800,000|
The Care of Elderly Sisters fund represents monies which the trustees have set aside in order to meet the cost of the care and welfare of the sisters in their retirement and old age.
Conventus of Our Lady of Consolation Charitable Trust **40**
**Notes to the accounts** 30 June 2022
## **21 Analysis of net assets between funds**
|**Group**|**Restricted**
**funds**
**£**|**Tangible**
**fixed**
**assets**
**fund**
**£**|**Designated**
**fund**
**£**|**General**
**funds**
**£**|**Non-**
**charitable**
**trading**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
|---|---|---|---|---|---|---|
|**Fund balances at 30 June 2022**
**are represented by:**
Tangible fixed assets
Investments
Net current assets|**—**
**—**
**50,219**|**7,614,001**
**—**
**—**|
**—**
**800,000**
**—**|
**—**
**1,063,468**
**188,892**|
**—**
**—**
**—**|**7,614,001**
**1,863,468**
**239,111**|
||**50,219**|**7,614,001**|
**800,000**|**1,252,360**|
**—**|**9,716,580**|
|**Charity**||**Restricted**
**funds**
**£**|**Tangible**
**fixed**
**assets**
**fund**
**£**|**Designated**
**fund**
**£**|
**General**
**funds**
**£**|**2022**
**Total**
**funds**
**£**|
|---|---|---|---|---|---|---|
|**Fund balances at 30 June 2022**
**are represented by:**
Tangible fixed assets
Investments
Net current assets||**—**
**—**
**50,219**|**7,614,001**
**—**
**—**|
**—**
**800,000**
**—**|
**—**
**1,063,469**
**188,892**|**7,614,001**
**1,863,469**
**239,111**|
|||**50,219**|**7,614,001**|
**800,000**|**1,252,361**|**9,716,581**|
|Group|Restricted
funds
£|Tangible
fixed
assets
fund
£|Designated
fund
£|General
funds
£|Non-
charitable
trading
funds
£|2021
Total
funds
£|
|Fund balances at 30 June 2021
are represented by:
Tangible fixed assets
Investments
Net current assets|—
—
47,360|7,821,161
—
—|
—
800,000
—|
—
925,005
276,764|
—
—
—|7,821,161
1,725,005
324,124|
||47,360|7,821,161|800,000|1,201,769|—|9,870,290|
|Charity||Restricted
funds
£|Tangible
fixed
assets
fund
£|Designated
fund
£|
General
funds
£|2021
Total
funds
£|
|Fund balances at 30 June 2021
are represented by:
Tangible fixed assets
Investments
Net current assets||—
—
47,360|7,821,161
—
—|
—
800,000
—|
—
925,006
277,379|7,821,161
1,725,006
324,739|
|||47,360|7,821,161|
800,000|1,202,385|9,870,906|
Conventus of Our Lady of Consolation Charitable Trust **41**
**Notes to the accounts** 30 June 2022
## **21 Analysis of net assets between funds** (continued)
The total unrealised gains as at 30 June 2022 constitute movements on revaluation of listed investments and investment properties and are as follows:
|Group and charity|**2022**
**£**|2021
£|
|---|---|---|
|**Unrealised gains:**
On listed investments
On investment properties
Total unrealised gains at 30 June 2022
**Reconciliation of movements in unrealised gains:**
Total unrealised gains at 1 July 2021
Add (less): in respect to disposals in the year
Add (less): net gains (loss) arising on revaluations of listed investments
Add: net gains arising on revaluations of investment properties
Total unrealisedgains at 30 June 2022|**85,258**
**459,969**|109,623
294,969|
||**545,227**|404,592|
||**404,592**
**44,078**
**(68,443)**
**165,000**|297,520
19,081
87,991
—|
||**545,227**|404,592|
## **22 Related party transactions**
With effect from its incorporation on 28 January 2005, Crief Trading Limited has been a wholly owned subsidiary of the Conventus of Our Lady of Consolation Charitable Trust.
At 30 June 2022, the trading subsidiary owed the parent charity £15,337 (2021 – the trading subsidiary owed the parent charity £12,207) including the balance due under a profit shedding gift aid compliant deed of covenant. During the year, Crief Trading Limited committed to make payments under the gift aid compliant deed of covenant of £16,755 (2021 – £33,226).
During the year to 30 June 2022 the charity paid £1,920 (2021 – £935) to the trading subsidiary in respect to charity related use of the Crief Lodges in the year, whilst the trading subsidiary paid £7,500 (2021 – £7,500) to the charity as a management fee for the provision of staff and rent of premises.
The total value of donations made by the trustees to the charity during the year was £30,282 (2021 – £28,019).
There were no other related party transactions during the year requiring disclosure (2021 – none).
Conventus of Our Lady of Consolation Charitable Trust **42**
**Conventus of Our Lady of Consolation**
## **Detailed income and expenditure**
30 June 2021
Charity Registration Number 1092065
## **Detailed income** Year to 30 June 2022
||**2022**
**£**|**2022**
**£**|2021
£|2021
£|
|---|---|---|---|---|
|**Income**
**_Donations, legacies and similar income_**
Donations
Legacies
Pensions of members of the Community
Fundraising
Grants
**_Charitable work_**
Crief Farm receipts
Publications and craftwork
Vestment income
Literary and art income
Chocolate factory income
**_Investment income and interest_**
**_receivable_**
Dividend income
Rent receivable
Interest on deposits held by investment
manager
Bank interest
**_Other income_**
Furlough grants
Miscellaneous
**Total income**|**38,551**
**6,017**
**127,047**
**2,859**
**5,780**|**180,254**
**64,862**
**45,823**
**29,265**|60,767
14,083
115,787
3,026
—|193,663
63,103
45,471
29,488|
||**56,015**
**8,704**
**—**
**143**
**—**||54,822
6,337
1,250
428
266||
||**24,739**
**20,792**
**110**
**182**||23,986
20,420
848
217||
||**—**
**29,265**||2,489
26,999||
||||||
|||**320,204**||331,725|
Conventus of Our Lady of Consolation Charitable Trust
**Detailed expenditure** Year to 30 June 2022
||**2022**
**£**|**2022**
**£**|2021
£|2021
£|
|---|---|---|---|---|
|**Support of members of the Community**
**_Premises costs_**
. Repairs and replacement of furniture and
equipment
. Depreciation of equipment
. Wages and salaries
. Rates
. Light and heat
. Insurance
. Provisions
. Garden expenses
. Household expenses
. Clothing, house linen and personal
**_Depreciation of property_**
**_Community living and personal_**
**_expenditure_**
. Medical (including infirmary and care
costs) and funeral costs
. Alms and donations
. Library
. Conference and tuition expenses
. National insurance contributions
. Telephone, postage, stationery and
carriage
. Computer
. Members living outside of the Community
. Motor and travel
. Depreciation of motor vehicles
. Sundry expenses
. Safeguarding
. Course expenditure funded by grant
. Other expenses
**Total support of members**
**of the Community (direct expenditure)**|**17,614**
**17,595**
**56,343**
**4,490**
**50,764**
**12,102**
**40,394**
**13,907**
**5,535**
**1,704**|**220,448**
**187,941**
**92,378**|27,694
22,776
53,969
5,138
38,215
12,596
39,113
6,788
4,587
1,813|212,689
182,615
73,024|
||**40,004**
**3,392**
**1,380**
**4,393**
**1,800**
**11,012**
**6,481**
**—**
**9,312**
**3,148**
**53**
**3,323**
**5,780**
**2,300**||28,358
4,719
1,542
5,225
995
12,401
6,095
—
5,765
5,400
80
—
—
2,444||
||||||
|||**496,567**||468,328|
Conventus of Our Lady of Consolation Charitable Trust
## **Detailed expenditure** Year to 30 June 2022
||**2022**
**£**|**2022**
**£**|2021
£|2021
£|
|---|---|---|---|---|
|**Crief Trading direct expenditure**
**_Premises costs_**
. Repairs and maintenance
. Rates
. Light and heat
**_Household and miscellaneous_**
**_expenses_**
. Household expenses
. Insurance
. Sundry expenses
**Total Crief Trading direct expenditure**
**_Corporation tax payable_**
**_Publications and printing_**
Purchases and related expenditure
(adjusted for stock figures)
**_Chapel and Chaplaincy_**
Divine service
**_Other costs_**
. Losses on disposal of tangible fixed
assets
. Investment management fees
. Loan interest payable
. Bank and other charges
. Legal and professional fees
. Other expenditure
. Art and crafts purchases
**_Governance costs_**
Auditor’s remuneration
**Total expenditure**|**1,788**
**1,441**
**10,733**||2,271
1,498
(2,389)||
||**13,962**
**9,847**
**1,600**
**1,776**||1,380
6,857
1,722
2,088||
||**13,223**
**—**
**7,373**
**5,589**
**1,467**
**10,363**
**167**
**152**||10,667
6,972
6,245
11,186
1,491
2,680
523
670||
|||**27,185**||12,047|
|||**3,861**
**10,146**
**25,111**
**22,982**||1,448
17,288
29,767
32,920|
||||||
|||**590,052**||561,798|
Conventus of Our Lady of Consolation Charitable Trust