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2023-06-30-accounts

Conventus of Our Lady of Consolation Charitable Trust

Annual Report and Consolidated Accounts

30 June 2023

Charity Registration Number 1092065

Contents

Reports

Reports
Reference and administrative details of
the charity, its trustees and advisers 1
Trustees’ report 2
Independent auditor’s report 17
Accounts
Consolidated statement of
financial activities 22
Charity statement of
financial activities 23
Balance sheets 24
Consolidated statement of cash flows 25
Principal accounting policies 27
Notes to the accounts 33

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 2023

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 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 27 to 32 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 2023.

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.

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Trustees’ report Year to 30 June 2023

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governance (continued)

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.

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Trustees’ report Year to 30 June 2023

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governance (continued)

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.

The 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:

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.

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Trustees’ report Year to 30 June 2023

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-three members in the community, twenty-two of whom are in Solemn Vows and one who has taken Simple Vows. 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 authorised 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 continued to live at Colwich as a caretaker of the property. By a decree dated 8 June 2021, the Holy See authorised the affiliation of the abbey of Curzon Park, Chester, to the community of Stanbrook Abbey. By a decree dated 13 December 2022, the Holy See suppressed the Colwich monastery and the five surviving nuns were definitively incardinated into the Stanbrook community. The abbess of Stanbrook is the overall superior; she has appointed the resident member of the community as the local superior. The decree states that while the community of Curzon Park is affiliated to Stanbrook, its finances are to remain separate from Stanbrook.

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Trustees’ report Year to 30 June 2023

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

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 Covid were to spread widely in the community, even for a brief time, this would have a serious impact on the work of the charity. During this financial year no one in the community contracted Covid19.

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 other safeguarding officers and with the agencies. All those in community who 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. Following the completion of the abbey church, the trustees are assessing future use of funds. The monastery building needs to be completed: the library-archive remains to be built, and the guest house, the shell of which was built at the time of Phase II, is yet to be fitted out.

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 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.

Safeguarding

Stanbrook continues to provide a safe environment. The monastery is somewhere where all who live, work and visit can expect to be treated with dignity and respect. Thankfully, there have been no allegations or incidents to report.

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Trustees’ report Year to 30 June 2023

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Safeguarding (continued)

We continue to appreciate greatly our relationship with the RLSS and the support and training it provides. It is always good to know a telephone call or email will be answered promptly even when the matter is simply one of clarification.

The community’s Safeguarding Lead delivered training to the whole community on healthy boundaries. She

attended and contributed to a Safeguarding Day for Religious led by the Scottish CSSA, leading a time of reflection on the healing that is needed. The trustees took part in safeguarding training specifically for them and the community completed the basic safeguarding training. Both were delivered by the RLSS. The day was much appreciated by the community: Sarah Ward of RLSS delivered the training with clarity and great sensitivity, resetting our understanding of ‘Safeguarding’ to its full meaning, beyond the understandable focus on sexual abuse that there has been in recent years.

The Safeguarding Lead also attended a meeting of those involved in the Church with survivors of abuse. This was a powerful time of conversation and reflection that demonstrated the allpervading consequences of abuse and the, at times, disgraceful response by the Church to those brave enough to bring forward an allegation.

After attending the online input delivered by the CSSA on the audit process, the Abbess and Safeguarding Lead offered to take part in a pilot audit. It was an intense process but it was helpful to have our work in safeguarding scrutinised. We were much encouraged by the positive feedback and appreciated the points made to improve our safeguarding practice. We look forward to working with the CSSA in the future.

ACHIEVEMENTS AND PERFORMANCE

Introduction

As we entered the financial year we were able to look forward to a greater return to ‘normal’ life after the years of pandemic. Bookings for the lodges run by Crief Trading Limited had picked up very well and there were more visitors to the monastery and bookshop.

In August two elderly members of the community were in hospital. In September one of them went into a nursing home for respite care. It was later found that she needed more care than we could give her here, so she became a full-time resident. We have had two sisters in the same home for several years and are able to visit regularly.

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Trustees’ report Year to 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Introduction (continued)

The other sister came home to the monastery, where we were able to care for her until her death in November. She had given devoted service to the sisters for over fifty years and had had major roles in the community in that time. Her funeral took place here, attended by members of her family and friends.

In July 2022 three members of the community attended the General Chapter of the English Benedictine Congregation (EBC). Each community sends the superior and an elected delegate. The third Stanbrook nun acted, with a monk, as a co-facilitator, in which capacity she has served the EBC in recent years. There had been much preparation for the Chapter by the participants via zoom over the preceding twelve months. Several of the community travelled abroad as members of various commissions and working groups. One, who is a member of the administrative council of the Communio Internationalis Benedictinarum ( CIB) , has been to Spain and the USA. The same sister, who works with the Alliance of International Monasticism (AIM), participated in a meeting of Benedictine superiors, monks and nuns, of

India and Sri Lanka, in southern India. In November the executive committee of AIM met at Ampleforth.

One day the committee came over for lunch with the community. The sister in charge of formation was asked to help with a pre-Visitation meeting on formation in Australia. She also went to Sweden as part of the EBC Continuing Formation Commission. In June, the bursar participated in the EBC bursars’ meeting in the USA. As a member of the executive committee of the Association of Provincial Bursars, she also participated in various zoom and in-person meetings.

In October 2022, the Abbot President of the EBC appointed the abbess canonical superior of the community of Benedictine nuns of Kylemore Abbey, Co. Galway, Ireland, for a period of two years. While the abbess visits the community periodically, two nuns resident in the community were appointed to act as joint superiors. Following the canonical visitation in August 2021, the community is going through a period of facilitation and discernment with a view to having an abbatial election, possibly by October 2024.

Over the twelve months we had monastic visitors from the UK, Sweden, Australia, USA, Germany and Ireland. At the General Chapter of the EBC (mentioned above) three monasteries of nuns were admitted as full members of the Congregation. This has resulted in more travel to these communities (in Australia, Sweden and Ireland) and also in our receiving more visiting nuns from these monasteries.

Over the year we welcomed fifteen individuals at different times for a quiet day. A good number are being given spiritual direction. One sister directed a retreat, and nine groups came, including a group of students from Oxford University Chaplaincy. At Easter we welcomed a group from Australia who work in schools run by the Good Samaritan Benedictine sisters. This is a regular visit which sadly had not taken place in recent years due to Covid. All are grateful for our giving them the space and peace to meet or simply to pray and be in our beautiful surroundings. We welcomed family and friends of an oblate when her ashes were buried in our cemetery. We also had groups of students from Ampleforth College for day retreats.

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Trustees’ report Year to 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Introduction (continued)

One sister teaches patristics to the novices from the Anglican Community of the Resurrection at Mirfield, West Yorkshire.

The community has received ongoing formation on a variety of topics throughout the year, including liturgy, the history of Ukraine and Shakespeare.

One of the greatest joys for the community was to welcome back many guests to the first ‘normal’ celebration of the Easter Triduum since 2019. There were faces old and new.

Vocation and formation

It has been a much livelier year with regard to vocations and the number of women reaching out for vocational support and guidance is encouraging.

In August 2022 we had an aspirant in the monastery for three weeks as part of the discernment process; prior to this, she had stayed for shorter periods within the enclosure. During the course of her discernment, she decided not to ask to enter the community.

At around the same time a woman in her early 40 s made a first visit to the community. Circumstances allowed her to return for a month in OctoberNovember 2022 as an ‘alongsider.’ She stayed in a lodge, where she had her own space, but joined us for the liturgy and meals, living as far as possible the rhythm of monastic life. After two weeks in a lodge, she was invited to move into a cell in the monastery for the remainder of

her visit. She decided after the experience to continue the discernment process and returned later for a three-week aspirancy over Holy Week and Easter. We are delighted that she has now asked to enter the community as a postulant later in the year.

The spring/summer 2023 saw an influx of women of all ages wanting to discuss the possibility of monastic life. A couple have been encouraged at this early stage to visit other communities to get a sense of the different charisms within the Church, and to return to explore a Benedictine vocation should the priority we place on liturgy and community be an attraction to them.

Six women have visited this year or booked to visit; their ages span from 26-60. A common thread in enquirers in recent years seems to be the desire to recommit to their faith and from this develops a sense of being called to explore monastic/religious life.

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Trustees’ report Year to 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Vocation and formation (continued)

Throughout the year the novice mistresses of the EBC – Stanbrook, Kylemore, Jamberoo and Mariavall - have been meeting on-line to discuss the impact of Cor orans on initial formation. This has proved a useful exercise as none of us has had anyone come through the new format of nine years in initial formation, rather than the five and a half years previously. It has been good to discuss our expectation of the different stages and share resources amongst ourselves.

The EBC novice masters and mistresses met for five days at Ampleforth in May 2023. The meeting was planned and organised by Ampleforth and Stanbrook and there were twelve participants. This was the first in-person meeting since the pandemic began and it was much enjoyed and appreciated by us all. We took the theme, ‘Strengthening the Vine’, and explored the different ways we can support one another through collaboration. We had a combination of outside speakers and group-led discussions to stimulate our thinking.

The EBC novice mistresses then came to Stanbrook for a further five days to continue the discussions specific to our needs and those expected by Cor orans . It is a great joy now to have other nuns as part of the EBC for this very reason.

Oblates

It has been good to have a full programme of meetings, including ‘live’ meetings at Stanbrook, for the first time since the pandemic. The September 2022 meeting plus the Advent and Lent Scripture days were well attended and input was given by community members. November saw an oblate pilgrimage to Ripon Cathedral to visit an exhibition on Creation. In May 2023 there was a 5-day retreat for oblates at the abbey which included a session on safeguarding led by our safeguarding lead and a calligraphy workshop guided by one of the nuns.

We have met monthly by zoom so enabling those who live at a distance or who are unable to travel through age or disability to attend. The weekly sessions of shared Lectio Divina by email have remained popular with 15-20 taking part each week.

Currently there are seven people discerning an oblate vocation, one of whom has taken the first step of becoming a candidate for oblation.

Literary works and talks

September 2022

December 2022

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Trustees’ report Year to 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Literary works and talks (continued)

April 2023

May 2023

Crief Lodges

This has been another good year at Crief Lodges with occupancy rates steady despite the economic crisis. Bookings were down in May 2023 but otherwise have regained pre-Covid levels for most of the year. To help meet rising costs an energy supplement was charged between October 2022 and April 2023 which people seemed happy to pay. This will be subsumed into the tariff in future.

It has been encouraging to welcome back some groups which have not visited since Covid: the Oxford University Chaplaincy retreat in March 2023 and the Ampleforth Year 12 Students residential retreat in June 2023.

This year we have focussed on improving our green profile. In March 2023 a dedicated recycling area was opened. Informal recycling has been carried out at the lodges for some years but now there are proper facilities concealed behind a tasteful wooden screen designed by our creative maintenance manager.

The North York Moors National Park in which we are privileged to live has some of the darkest skies in the country. As the older site lights at the lodges wear out, having done sterling service for almost thirty-five years, they are being replaced by lighting which meets the standards recommended for dark sky areas.

Along pathways stone chippings are being replaced by eco-friendly wood chippings, and a gentler mowing regime has been introduced. This allows grasses and wildflowers to seed naturally and insects, such as butterflies, to complete key stages in their life cycle undisturbed.

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Trustees’ report Year to 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Crief Lodges (continued)

On the domestic front, we are asking people to bring their own towels, as far as possible, in order to save energy, and there is an option for visitors to bring their own linens which reduces the tariff. As the saying goes, ‘every little helps’.

In September 2022 Crief Lodges accommodated a professional photographer from Paris who was working on photos for a book on European monasteries, including Stanbrook. She was enthralled by the setting and the light of this area.

In June we welcomed at the lodges a young Muslim woman researching religious life in different cultural contexts.

There have also been several longer-term visitors staying at the lodges to discern a possible vocation to the abbey. These have helped with tasks around the lodges – a welcome addition to the workforce.

Friends of Stanbrook Abbey

Each year we get more requests from people wishing to become a ‘Friend of Stanbrook’. They enjoy having a link with the community, even if it may be no more than receiving our bi-annual newsletter. We pray regularly for our Friends and benefactors.

Arts, craft and bookshop

The bookshop has picked up more trade due to an increase in visitors, whereas during Covid we had to rely heavily on mail orders. We have a good selection of knitted goods, thanks to the creativity of some members of the community. We also sell cards made from artwork by members of the community or photos taken around our site. The annual calendar is eagerly looked forward to.

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Trustees’ report Year to 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Alliance of International Monasticism (AIM)

One nun continues to work with AIM. She participates by Zoom in meetings of the International Team and of the Executive Committee. In February, she flew to Kerala, India, to participate in and contribute to the annual meeting of the superiors, monks and nuns, of ISBF, the Indian and Sri Lankan Benedictine Federation. Because of pressure of time and work (she is the superior of Stanbrook), participation in the annual meeting of the Executive Committee (to which she was appointed in November 2022), to be held in November in Subiaco, north of Rome, must be by Zoom.

CIB (Communio Internationalis Benedictinarum)

At the meeting of delegates held in Rome in September 2022, the abbess was appointed to the administrative council of the CIB, an organisation which seeks to foster communion among Benedictine women worldwide and to help their needs and aspirations. Superiors from every continent participate in the annual meeting of delegates. Currently, CIB is organised in regions, and the abbess of Stanbrook is the elected delegate of Region 4, UK and Ireland. Most meetings of the administrative council are held by Zoom, but once a year an in-person meeting is held in a regional monastery. The 2023 meeting was held at Montserrat Abbey, Catalonia; next year’s meeting will be at a monastery in Montreal, Canada.

Website

The community’s website needs renewing. Castlegate IT Limited, web-designers based in York, was engaged to build a completely new site.

Before work began with the designers, the community was consulted about ideas and wishes for the new site. We await the finished product with eager anticipation!

FUTURE PLANS

The community would very much like to go ahead with building work (the library and also the furnishing of the shell guesthouse) but that is not possible in the current economic climate.

FINANCIAL REVIEW

Results for the year

A summary of the income and expenditure for the group during the year is given on page 22 of the attached accounts.

Total income in the year amounted to £362,512 (2022 – £320,204). Donations, grants and legacies totalled £221,174 (2022 – £180,254) and included general donations of £28,133 (2022 – £38,551), donations of £132,758 (2022 – £127,047) being the pensions of individual members of the Community donated to the charity using Gift Aid, £53,019 (2022 – £6,017) of legacies, grants of £4,500 (2022 – £5,780) and £2,764 (2022 – £2,859) of fundraised income towards the cost of Phase III of the capital development.

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Trustees’ report Year to 30 June 2023

FINANCIAL REVIEW (continued)

Results for the year (continued)

£10,493 (2022 – £8,847) 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 £53,908 (2022 – £45,823).

Expenditure amounted to £636,855 (2022 – £590,052). £585,947 (2022 – £541,487) related to the care of members of the Community and to supporting them in their ministry. £3,952 (2022 – £3,861) was expended directly on the charity’s publications and printing work. Expenditure on raising funds, which includes the expenses of the trading subsidiary, totalled £35,765 (2022 – £34,558.

The overall net decrease in funds for the year was £250,590 (2022 – net decrease of £153,710), after accounting for unrealised gains on listed investments of £23,753 (2022 – losses of £48,862). The results for the year ended 30 June 2023 also included unrealised gains on the revaluation of investment properties of £nil (2022 – £165,000).

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.

Financial position

The consolidated balance sheet shows total net assets and total funds of £9,465,990 (2022 – £9,716,580).

Total funds

These funds include £52,983 (2022 – £50,219) which is restricted. These monies have been donated, and their use restricted to specific purposes.

Funds totalling £7,421,599 (2022 – £7,614,001) 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.

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Trustees’ report Year to 30 June 2023

FINANCIAL REVIEW (continued)

Reserves policy and financial position (continued)

Total funds (continued)

A further £800,000 (2022 – £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 2023 amount to £1,191,408 (2022 – £1,252,360). This level is deemed adequate but not excessive by the trustees.

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:

Due regard shall also be given to environmental concerns .

The investment powers of the charity are not restricted by the Trustee Act 2000.

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Trustees’ report Year to 30 June 2023

FINANCIAL REVIEW (continued)

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 2023, the charity received no complaints about its fundraising activities.

Approved by the trustees and signed on their behalf by:

A Brennan

Trustee

Approved by the trustees on: 20 March 2024

Conventus of Our Lady of Consolation Charitable Trust 16

Independent auditor’s report 30 June 2023

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 2023 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:

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 17

Independent auditor’s report 30 June 2023

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:

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 18

Independent auditor’s report 30 June 2023

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:

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:

Conventus of Our Lady of Consolation Charitable Trust 19

Independent auditor’s report 30 June 2023

Auditor’s responsibilities for the audit of the accounts (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 20

Independent auditor’s report 30 June 2023

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 22 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 21

Consolidated statement of financial activities Year to 30 June 2023

Notes
Unrestricted
funds
£
Restricted
funds
£		 2023
Total
funds
£		 Unrestricted
funds
£


Restricted
funds
£
2022
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 gains
(losses)
10
Net gains (losses) on listed
investments
14
Net gains on investment
properties
Net (expenditure) income and
movement in funds
Reconciliation of funds:
Fund balances brought forward
at 1 July 2022
Fund balances carried forward
at 30 June 2023
213,910

53,908

51,451

10,493

25,486

7,264
—
—

—

—		 221,174
53,908
51,451
10,493
25,486
169,643

45,823

56,015

8,847

29,265
10,611

—

—

—

—
180,254
45,823

56,015

8,847

29,265
355,248
7,264
362,512		 309,593
10,611
320,204

35,765

581,447

3,952
11,191
—
4,500

—

—

35,765

585,947
3,952
11,191		 34,558
533,735
3,861
10,146
—

7,752

—

—
34,558
541,487

3,861

10,146
632,355
4,500
636,855		 582,300
7,752
590,052

(277,107)

23,753
—
2,764

—
—
(274,343)
23,753
—		 (272,707)
(48,862)
165,000
2,859

—

—		 (269,848)

(48,862)
165,000
(253,354)
9,666,361
2,764

50,219		 (250,590)

9,716,580		 (156,569)
9,822,930
2,859

47,360		 (153,710)
9,870,290
9,413,007
52,983

9,465,990		 9,666,361
50,219		 9,716,580

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 22

Charity statement of financial activities Year to 30 June 2023

Notes
Unrestricted
funds
£
Restricted
funds
£		 2023
Total
funds
£		 Unrestricted
funds
£
Restricted
funds
£
2022
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 gains (losses) 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 2022
Fund balances carried
forward at 30 June 2023
228,187

53,908

10,493

32,986
7,264

—

—

—

235,451
53,908
10,493
32,986
186,398

45,823

8,847

36,765

10,611

—

—

—
197,009

45,823

8,847

36,765
325,574
7,264
332,838
277,833
10,611
288,444

7,161

580,377

3,952
11,191
—

4,500

—

—

7,161


584,877
3,952
11,191		 7,373
529,775
3,861
10,146
—

7,752

—

—
7,373

537,527

3,861

10,146
602,681
4,500
607,181		 551,155
7,752
558,907

(277,107)

23,753

—
2,764

—
—
(274,343)
23,753
—		 (273,322)
(48,862)
165,000
2,859

—

—
(270,463)

(48,862)

165,000
(253,354)
9,666,362
2,764

50,219		 (250,590)

9,716,581		 (157,184)
9,823,546
2,859

47,360
(154,325)
9,870,906
9,413,008
52,983

9,465,991		 9,666,362
50,219		 9,716,581

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 23

Balance sheets 30 June 2023

Notes 2023 2023 2022 2022

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
7,421,599

1,906,792		 7,421,599
1,906,793		 7,614,001
1,863,468		 7,614,001
1,863,469
9,328,391 9,328,392 9,477,469 9,477,470

6,602

25,875
421,851

6,602

47,791

392,204		 7,455
28,143
512,663
7,455

44,064

491,501
454,328


(316,729)
446,597
**(308,998) **		 548,261
(309,150)
543,020
(303,909)
137,599
137,599		 239,111
239,111
9,465,990

9,465,991		 9,716,580 9,716,581

52,983

7,421,599

800,000
1,191,408

—




52,983

7,421,599

800,000
1,191,409

—		 50,219
7,614,001
800,000
1,252,360
—
50,219
7,614,001

800,000
1,252,361

—
9,465,990 9,465,991 9,716,580 9,716,581

Approved by the trustees and signed on their behalf by:

A Brennan Trustee

Approved on: 20 March 2024

Conventus of Our Lady of Consolation Charitable Trust 24

Consolidated statement of cash flows Year to 30 June 2023

Notes
2023
£		 2022
£
Cash flows from operating activities:
Net cash used in 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 investing activities
Cash flows from financing activities:
Repayment of borrowings
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 July 2022
B
Cash and cash equivalents at 30 June 2023
B
**(114,207) **		 (95,220)


53,908
(10,942)
604,863
**(574,376) **		 45,823
(1,523)
276,823
(313,951)
73,453 7,172


—		 (100,000)
— (100,000)

(40,754)

518,784
 (188,048)
706,833
478,030 518,784

Notes to the statement of cash flows for the year to 30 June 2023.

A Reconciliation of net movement in funds to net cash used in operating activities

2023
£		 2022
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Investment income and interest receivable
Net (gains) losses on listed investments
Net gains on investment properties
Loan interest payable
Decrease in stock
Decrease (increase) in operating debtors
Increase in operating creditors
Net cash used in operating activities		 (250,590)
203,344
(53,908)
(23,753)
—
3,911
853
2,268
3,668		 (153,710)
208,684
(45,823)
48,862
(165,000)
5,589
1,424
(5,383)
10,137
(114,207) (95,220)

Conventus of Our Lady of Consolation Charitable Trust 25

Consolidated statement of cash flows Year to 30 June 2023

B Analysis of changes in net debt

Analysis of changes in net debt
2022
£		 Cash Flows
£		 Other Non-
cash
movements
£		 2023
£
Cash and cash equivalents
Cash at bank and in hand
Cash held by investment managers
Borrowings
Loans due within one year
Total		 512,663
6,121		 (90,812)
(50,058)		 —
—		 421,851
56,179
518,784 (40,754) — 478,030
(110,962) — (3,911) (114,873)
407,822 (40,754) (3,911) 363,157

Conventus of Our Lady of Consolation Charitable Trust 26

Principal accounting policies 30 June 2023

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 2023 with comparative information provided in respect to the year to 30 June 2022.

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:

Conventus of Our Lady of Consolation Charitable Trust 27

Principal accounting policies 30 June 2023

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.

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 2024, 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.

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.

Conventus of Our Lady of Consolation Charitable Trust 28

Principal accounting policies 30 June 2023

Income recognition (continued)

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.

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.

Conventus of Our Lady of Consolation Charitable Trust 29

Principal accounting policies 30 June 2023

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.

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.

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.

Conventus of Our Lady of Consolation Charitable Trust 30

Principal accounting policies 30 June 2023

Investments (continued)

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.

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.

Conventus of Our Lady of Consolation Charitable Trust 31

Principal accounting policies 30 June 2023

Fund accounting (continued)

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 32

Notes to the accounts 30 June 2023

1 Income from: Donations and legacies

Group Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Donations
Legacies
Pension income
Fundraising
Grants		 28,133
53,019
132,758
—
—		 —
—
—
2,764
4,500		 28,133
53,019
132,758
2,764
4,500
36,579

6,017

127,047

—

—
1,972

—

—

2,859

5,780
38,551

6,017

127,047

2,859

5,780
213,910 7,264 221,174
169,643
10,611
180,254
Charity Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£
2022
Total
funds
£
Donations
Legacies
Pension income
Fundraising
Grants
Trading subsidiary profits
donated under deed of
covenant		 28,133
53,019
132,758
—
—
14,277		 —
—
—
2,764
4,500
—		 28,133
53,019
132,758

2,764

4,500
14,277
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
228,187 7,264
235,451
186,398		 10,611
197,009

2 Investment income and interest receivable

Group & Charity Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
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		 20,700
1,630
16,770
7,185
6,475
1,148
—
—
—
—
—
—		 20,700

1,630
16,770
7,185
6,475
1,148
20,792
1,697
17,533
5,509

182

110
—

—

—

—

—

—
20,792

1,697

17,533

5,509

182

110
53,908 — 53,908 45,823
—
45,823

3 Income from: Charitable activities

Group and charity Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Publications and printing
(note 4)
Literary and art income
Other income		 9,166
806
521		 —
—
—		 9,166
806
521
8,704

143

—
—

—

—
8,704

143

—
10,493 — 10,493
8,847
—
8,847

Conventus of Our Lady of Consolation Charitable Trust 33

Notes to the accounts 30 June 2023

4 Publications and printing

Publications and printing
Group and charity 2023
Total
£		 2022
Total
£
Income (note 3)
Purchases and related expenditure after adjusting for opening and closing stock		 9,166
(3,952)		 8,704
(3,861)
5,214 4,843

5 Miscellaneous income

Group Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Renewable heat incentive
Other income		 25,486
—		 —
—		 25,486
—
24,301
4,964
—

—
24,301

4,964
25,486 — 25,486
29,265
—
29,265
Charity Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Renewable heat incentive
Crief Trading management
charge
Other income		 25,486
7,500
—		 —
—
—		 25,486
7,500
—
24,301

7,500
4,964
—
—

—
24,301

7,500

4,964
32,986 — 32,986
36,765
—
36,765

6 Expenditure on: Raising funds

Group Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Crief Trading expenses
Investment manager fees		 28,604
7,161		 —
—		 28,604
7,161
27,185

7,373
—

—
27,185

7,373
35,765 — 35,765
34,558
—
34,558
Charity
Investment manager fees		 Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
7,161 — 7,161
7,373
—
7,373

Conventus of Our Lady of Consolation Charitable Trust 34

Notes to the accounts 30 June 2023

7 Expenditure on: Support of members of the Community

Group Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Premises costs (excluding
depreciation of property)
Depreciation of property
Community living and
personal expenditure
Loan interest payable
Other costs
Governance costs (note 8)		 208,122
185,234
152,848
3,911
7,290
24,072		 —
—
4,500
—
—
—		 208,122
185,234

157,318
3,911
7,290
24,072
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
581,477 4,500
585,947
533,735
7,752
541,487
Charity Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Premises costs (excluding
depreciation of property)
Depreciation of property
Community living and
personal expenditure
Loan interest payable
Other costs
Governance costs (note 8)		 208,122
185,234
157,208
3,911
7,290
18,612		 —
—
4,500
—
—
—		 208,122
185,234

161,708
3,911
7,290
18,612
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
580,377 4,500
584,877
529,775
7,752
537,527

8 Governance costs

Governance costs
Group Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Auditor’s remuneration
. Current year cost
. Taxation and advisory
services		 20,052
4,020
—
—		 20,052
4,020

19,713

3,269
—
—
19,713

3,269
24,072 — 24,072
22,982
—
22,982
Charity Unrestricted
funds
£		 Restricted
funds
£		 2023
Total
funds
£
Unrestricted
funds
£
Restricted
funds
£
2022
Total
funds
£
Auditor’s remuneration
. Current year cost
. Taxation services		 17,622
990
—
—		 17,622
990

15,754

1,348
—

—
15,754

1,348
18,612 — 18,612
17,102
—
17,102

Conventus of Our Lady of Consolation Charitable Trust 35

Notes to the accounts 30 June 2023

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:

2023
£		 2022
£
Crief Trading Limited
Turnover (including income receivable from the charity of £4,390 (2022
– £1,920)
Covid-19 Small Business Grant
Administrative expenses (including management charge and interest
payable to the charity of £7,500 (2022 – £7,500)
Operating profit
Gift Aid payment
Profit before taxation
Taxation
Profit after taxation for theyear		 55,841
—
(41,564)
57,320
—
(40,565)
14,277
(14,277)
16,755
(16,755)
—
—		 —
—
— —

At 30 June 2023, Crief Trading Limited had retained profits of £nil (2022 – £nil) and called up share capital of £1 (2022 – £1). All figures have been consolidated on a line by line basis.

10 Net movement in funds

This is stated after charging:

Group 2023
Total
funds
£		 2022
Total
funds
£
Staff costs (note 11)
Auditor’s remuneration (note 8)
Depreciation(note 13)		 57,090
24,072
203,344		 56,343
22,982
208,684
Charity 2023
Total
funds
£		 2022
Total
funds
£
Staff costs (note 11)
Auditor’s remuneration (note 8)
Depreciation(note 13)		 57,090
18,612
203,344		 56,343
17,102
208,684

Conventus of Our Lady of Consolation Charitable Trust 36

Notes to the accounts 30 June 2023

11 Staff costs and trustees’ remuneration

Staff costs during the year were as follows:

Staff costs and trustees’ remuneration
Staff costs during the year were as follows:
Group and charity 2023
£		 2022
£
Wages and salaries
Social security costs
Pension costs		 53,093
3,226
771		 53,001
2,668
674
57,090 56,343

No employee earned in excess of £60,000 per annum (including taxable benefits) or more during the year (2022 – none).

The average number of employees during the year was as follows:

Group and charity 2023
Number		 2022
Number
Support of members of the Community 4 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 (2022 – £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 2023, the charity’s trading subsidiary committed to Gift Aid £14,277 (2022 – £16,755) 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 37

Notes to the accounts 30 June 2023

13 Tangible fixed assets

Tangible fixed assets
Group and charity Freehold
land and
buildings
£
9,465,098
—
9,465,098
2,003,092
180,102
2,183,194
7,281,904
7,462,006		 Freehold
land and
building
improvements
£
Fixtures
fittings &
equipment
£		 Motor
vehicles
£		 Total
£
Cost
At 1 July 2022
Additions
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
At 30 June 2023
Net book values
At 30 June 2023
At 30 June 2022		 125,649
3,620
228,121

7,322		 26,881
—		 9,845,749
10,942
129,269
235,443		 26,881 9,856,691
12,509
5,132
197,686

14,962		 18,461
3,148		 2,231,748
203,344
17,641
212,648		 21,609 2,435,092

111,628

22,795		 5,272 7,421,599
113,140
30,435		 8,420 7,614,001

14 Investments

Group – 2023 Investment
properties
£

Listed
investments
£
Unlisted
investments
£
Total
2023
£
Market value at 1 July 2022
Additions
Disposals at book value (proceeds:
£604,863; losses: £11,560)
Net unrealised gains
Market value at 30 June 2023
Cash held by investment managers
Total investments at 30 June 2023
Cost of investments at 30 June 2023
(excludingcash held for reinvestment)		 885,000
—
—
972,347

574,376

(616,423)
35,313
—

—

—

—		 1,857,347
574,376
(616,423)
35,313
885,000
—
965,613

56,179
—

—		 1,850,613

56,179
885,000
1,021,792
—
1,906,792
425,031
807,547
—
1,232,578
Charity – 2023 Investment
properties
£

Listed
investments
£
Unlisted
investments
£
Total
2023
£
Market value at 1 July 2022
Additions
Disposals at book value (proceeds:
£604,863; losses: £11,560)
Net unrealised gains
Market value at 30 June 2023
Cash held by investment managers
Total investments at 30 June 2023
Cost of investments at 30 June 2023
(excludingcash held for reinvestment)		 885,000
—
—
972,347

574,376

(616,423)
35,313
1

—

—

—		 1,857,348
574,376
(616,423)
35,313
885,000
965,613
56,179
1

—		 1,850,614
56,179
885,000
1,021,792
1		 1,906,793
425,031
807,547
—		 1,232,578

Conventus of Our Lady of Consolation Charitable Trust 38

Notes to the accounts 30 June 2023

14 Investments (continued)

Group– 2022 Investment
properties
£

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)		 720,000
—
—
165,000
984,081

313,951

(257,242)

(68,443)
—

—

—
—
1,704,081

313,951

(257,242)

96,557
885,000
—
972,347

6,121
—

—
1,857,347

6,121
885,000
978,468
—
1,863,468
425,031
887,089
—
1,312,120
Charity– 2022 Investment
properties
£

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)		 720,000
—
—
165,000
984,081

313,951

(257,242)

(68,443)
1

—

—
—
1,704,082

313,951

(257,242)

96,557
885,000
—
972,347

6,121
1

—
1,857,348

6,121
885,000
978,468
1
1,863,469
425,031
887,089
1
1,312,121

Listed investments held at 30 June 2023 comprised the following:

Listed investments held at 30 June 2023 comprised the following:
2023
£		 2022
£
Short term deposits
UK fixed interest bonds
UK equities
Overseas equities and unitised funds		 —
—
353,250
441,728
170,635		 10,349
223,493
432,326
306,179
—
965,613 972,347

Conventus of Our Lady of Consolation Charitable Trust 39

Notes to the accounts 30 June 2023

14 Investments (continued)

At 30 June 2023 listed investments included the following individual holdings deemed material when compared with the overall portfolio valuation as of that date:

2023
Market
value of
holding
£
—
—
—
48,916
83,847
86,777		 2023
Percentage
of portfolio
%		 2022
Market
value of
holding
£		 2022
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
UBS ETF PLC MSCI UK SOC RES UCITS
ETF
KEY MULTI MANAGER GBP 0.001
DIVERSIFIED
KEY MULTI MANAGER HEDGE FD
FOCUSED LTD A GBP		 —
—
—
5.07%
8.68%
8.99%		 77,786
53,651
58,948
—
—
—		 6.1%
5.5%
6.1%
—
—
—

All listed investments were dealt in on a recognised stock exchange.

Unlisted investments

At 30 June 2023 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 (2022 – £1).

15 Stock and work in progress

Stock and work in progress
Group and charity 2023
£		 2022
£
Publications and sundry printingsupplies 6,602 7,455

16 Debtors

Debtors
Group
2023
£		 Charity
2023
£		 Group
2022
£		 Charity
2022
£
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		 2,994
555
19,533
2,793
—		 2,994
555
16,783
2,793
24,666		 3,079
1,000
22,246
1,818
—		 3,079
1,000
22,830
1,818
15,337
25,875 47,791 28,143 44,064

Conventus of Our Lady of Consolation Charitable Trust 40

Notes to the accounts 30 June 2023

17 Creditors: amounts falling due within one year

Group
2023
£		 Charity
2023
£		 Group
2022
£		 Charity
2022
£
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		 114,873
43,149
5,045
952
7,732
144,979		 114,873
43,149
5,045
952
—
144,979		 110,962
40,689
4,938
512
7,070
144,979		 110,962
42,518
4,938
512
—
144,979
316,730 308,998 309,150 303,909

The loan balance due to the Benedictine nuns of Curzon Park at 30 June 2023 was £114,873 (2022 – £110,862). The loan accrues interest at 3.5% per annum. The accrued interest amounted to £5,954 as at 30 June 2023 (2022 – £1,939). 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
2022
£		 Income
£		 Expenditure
£		 At
30 June
2023
£
Development fund
Courses fund
Respite care fund		 50,219
—
—		 2,764
2,000
2,500		 —
(2,000)
(2,500)		 52,983
—
—
50,219 7,264 (4,500) 52,983
Groupand 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

The development fund comprises unexpended monies given specifically towards the costs of the development of the charity’s land at Wass, Yorkshire.

The courses fund comprises grants received to support educational purposes, including courses for the Sisters.

The respite care fund comprises a grant received from a charitable trust, in relation to contributing to the cost of the respite care of one of the Sisters.

Conventus of Our Lady of Consolation Charitable Trust 41

Notes to the accounts 30 June 2023

19 Tangible fixed assets fund

Tangible fixed assets fund
Group and charity 2023
£		 2022
£
7,821,161
(207,160)
7,614,001
At 1 July 2022
Net movement in year
At 30 June 2023		 7,614,001
(192,402)
7,421,599

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
2022
£		 Designated
in year
£		 Utilised/
released
£		 At
30 June
2023
£
Care of ElderlySisters fund 800,000 — — 800,000
Groupand charity At
1 July
2021
£		 Designated
in year
£		 Utilised/
released
£		 At
30 June
2022
£
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 42

Notes to the accounts 30 June 2023

21 Analysis of net assets between funds

Group Restricted
funds
£		 Tangible
fixed
assets
fund
£		 Designated
fund
£
General
funds
£		 Non-
charitable
trading
funds
£		 2023
Total
funds
£
Fund balances at 30 June 2023
are represented by:
Tangible fixed assets
Investments
Net current assets		 —
—
52,983		 7,421,599
—
—
—
800,000

—		 —
1,106,792
84,616		 —

—

—		 7,421,599
1,906,792

137,599
52,983 **7,421,599 **
**800,000 **		 1,191,408
—		 9,465,990
Charity Restricted
funds
£		 Tangible
fixed
assets
fund
£		 Designated
fund
£


General
funds
£		 2023
Total
funds
£
Fund balances at 30 June 2023
are represented by:
Tangible fixed assets
Investments
Net current assets		 —
—
52,983		 7,421,599
—
—
—
800,000
—		 —
1,106,793
84,616		 7,421,599
1,906,793
137,599
52,983 7,421,599
800,000		 1,191,409 9,465,991
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

Conventus of Our Lady of Consolation Charitable Trust 43

Notes to the accounts 30 June 2023

21 Analysis of net assets between funds (continued)

The total unrealised gains as at 30 June 2023 constitute movements on revaluation of listed investments and investment properties and are as follows:

investments and investment properties and are as follows:
Groupand charity 2023
£		 2022
£
Unrealised gains:
On listed investments
On investment properties
Total unrealised gains at 30 June 2023
Reconciliation of movements in unrealised gains:
Total unrealised gains at 1 July 2022
Add: in respect to disposals in the year
Add (less): net gains (losses) arising on revaluation of listed investments
Add: net gains arising on revaluation of investment properties
Total unrealisedgains at 30 June 2023		 214,245
459,969		 85,258
459,969
674,214 545,227
545,227
93,674

35,313
—		 404,592
44,078
(68,443)
165,000
674,214 545,227

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 2023, the trading subsidiary owed the parent charity £24,666 (2022 – £15,337) 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 £14,277 (2022 – £16,755).

During the year to 30 June 2023 the charity paid £4,390 (2022 – £1,920) to the trading subsidiary in respect to charity related use of the Crief Lodges in the year, whilst the trading subsidiary paid £7,500 (2022 – £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 £38,877 (2022 – £30,282).

There were no other related party transactions during the year requiring disclosure (2022 – none).

Conventus of Our Lady of Consolation Charitable Trust 44

04/07/2023

Conventus of Our Lady of Consolation

Detailed income and expenditure

30 June 2023

Charity Registration Number

1092065

Detailed income Year to 30 June 2023

2023
£		 2023
£		 2022
£		 2022
£
Income
Donations, legacies and similar income
Donations
Legacies
Pensions of members of the Community
Fundraising
Grants
Charitable work
Crief Farm receipts
Publications and craftwork
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
Miscellaneous
Total income		 28,133
53,019
132,758
2,764
4,500		 221,174
61,944
53,908
25,486		 38,551
6,017
127,047
2,859
5,780		 180,254
64,862
45,823
29,265
51,451
9,166
806
521		 56,015
8,704
143
—
25,585
20,700
1,148
6,475		 24,739
20,792
110
182
25,486 29,265
362,512 320,204

Conventus of Our Lady of Consolation Charitable Trust

Detailed expenditure Year to 30 June 2023

2023
£		 2023
£		 2022
£		 2022
£
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 and grounds expenses
. Household expenses
. Clothing, house linen and personal
Depreciation of property
Community living and personal
expenditure
. Medical (including infirmary and care
costs)
. Alms and donations
. Library
. Conference and tuition expenses
. National insurance contributions
. Telephone, postage, stationery and
carriage
. Computer
. 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)		 25,404
14,962
57,090
4,605
45,028
15,516
37,635
1,925
4,581
1,376		 208,122
185,234
157,318		 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
102,586
3,193
948
4,509
1,648
11,701
10,160
10,479
3,148
—
4,942
—
4,004		 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
550,674 496,567

Conventus of Our Lady of Consolation Charitable Trust

Detailed expenditure Year to 30 June 2023

2023
£		 2023
£		 2022
£		 2022
£
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
Publications and printing
Purchases and related expenditure
(adjusted for stock figures)
Chapel and Chaplaincy
Divine service
Other costs
. 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		 2,103
1,583
11,300		 14,986
13,618		 1,788
1,441
10,733		 13,962
13,223
10,138
1,924
1,556		 9,847
1,600
1,776
7,161
3,911
1,740
4,784
687
79		 7,373
5,589
1,467
10,363
167
152
28,604 27,185
3,952
11,191
18,362
24,072		 3,861
10,146
25,111
22,982
636,855 590,052

Conventus of Our Lady of Consolation Charitable Trust