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← The Charity Of The Regular Canonesses Of The Order Of The Holy Sepulchre Of Our Lord

2024-09-30-accounts

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord

Annual Report and Accounts

30 September 2024

Charity Registration Number 1167869

Content

Reports

Reports Reports
Reference and administrative details of the
Charity, its Trustees and advisers 1
Trustees’ report 3
Independent auditor’s report 25
Accounts
Statement of financial activities 29
Balance sheet 30
Statement of cash flows 31
Principal accounting policies 32
Notes to the accounts 38

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord

Reference and administrative details of the Charity, its Trustees and advisers

Trustees Sister Moira O'Sullivan CRSS – Chair (ex-officio) Mrs Sheila Alder (reappointed March 2023) Ms Grainne Gilmore Sister Margaret Mary Horton CRSS Mrs Jane Swadling Mr John Graham Tomlins Mrs Christine Webb (appointed December 2023) Prioress Sister Moira O'Sullivan CRSS Bursar Sister Mary Christina Birmingham CRSS Financial administrator Mrs Anne Bray Principal address 74 Howe Close Colchester Essex C04 3XD Telephone 01206 867296 Charity (CIO) registration 1167869 number Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Bankers Reliance Bank Limited Faith House 23-24 Lovat Lane London EC3R 8EB

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 1

Reference and administrative details of the Charity, its Trustees and advisers

Investment advisers/ CCLA Investment Management Limited
managers Senator House
85 Queen Victoria Street
London
EC4V 4ET
Land agents Savills
Parkview House
Victoria Road South
Chelmsford
CM1 1BT
Solicitors Howes Percival Solicitors
The Guildyard
51 Colegate
Norwich
NR3 1DD
Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HR
Conveyancers Dyer and Crowe Limited
22 Duke Street
Chelmsford
CM1 1HL

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 2

Trustees’ report Year to 30 September 2024

The Trustees present the annual report and accounts of The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord (the “Charity”) (the CIO) for the year ended 30 September 2024.

The report includes details of the works and aspirations of the Community of the Regular Canonesses of the Holy Sepulchre of Our Lord in England (the “Community”) comprising 12 members being the one autonomous Community in England and part of an international Roman Catholic Religious Order which began in the 12th century.

The accounts accompanying this report are the accounts of the Charitable Incorporated Organisation (CIO) which is registered with the Charity Commission under Charity Registration Number 1167869 through which the assets of the Community in England are administered. The accounts have been prepared in accordance with the accounting policies set out on pages 32 to 37 of the attached accounts and comply with the Charity’s Constitution, applicable laws, applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the requirements of 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).

Objects, aims, objectives, activities and relevant policies

Charitable objects and aims

The Charity’s objects, as set out in its Constitution, are in connection with the Roman Catholic Religion, carried out in ways and places chosen by the Trustees.

Within these charitable objects, the Charity has sought:

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 3

Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Principal activities during the year

The Charity has continued to live according to its Constitution and Spirituality, within the increasingly restricted possibilities of an ageing Community.

Some of the aims of the Charity have been met in an increasingly more limited way than previously and Zoom remains a key means of reaching out to others for those of the Community who are physically restricted.

Volunteers

Throughout the year, members of the Community have given their time in a voluntary capacity to assist people who are in need. Almost all this work comes with no financial reward but contributes significantly to the overall objectives of the Charity. The work has been adapted to match the changing capacities and needs of the Community, but has continued to involve the following, albeit in a more measured way: education, spiritual guidance, parish work, local community outreach. In addition, some sisters are involved in the administration of the Charity.

We are equally aware that the Charity’s activities only function so well as a result of the many volunteers who give their time generously to further the objectives of the Charity. This includes those who support our outreach and also those who are part of our advisory groups supporting the Charity administration.

Conscious that we wish to report on the Community’s voluntary work at the level of the minimum wage, we have tried to give some overall sense this year of what that contribution is currently, from both Community members and volunteers.

We have estimated that on average we could claim that 80 hours a week voluntary work has been done on behalf of the Charity either by Community members or by our volunteers. The minimum living wage for 2024 was £12 per hour. This amounts to over £800 a week of time voluntarily given to build up our local communities and support those in the greatest need.

We have made the change over to the new safeguarding services for Religious and are members of both Religious Life Safeguarding Service (RLSS) and Catholic Safeguarding Standards Agency (CSSA). The checks for our volunteers are up to date.

This is our seventh year of working with a finance committee and the input of members has been key to our remaining in a good financial position despite the national and international uncertainties of the past 12 months.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Protection of Children and Vulnerable Adults

The Trustees recognise the absolute necessity of ensuring the protection and safety of all those people whom the Charity serves. All the sisters who are involved in any kind of ministry have been checked by the Disclosure and Barring Service (DBS), as have all the adult volunteers and members of staff working in the house. The Trustees are committed to the implementation of all the policies and procedures proposed by RLSS and CSSA.

We have a written policy for safeguarding our vulnerable beneficiaries, and that there have been no serious incidents in respect to safeguarding to report during this last year.

Public benefit

All the Trustees are conversant with the Charity Commission’s guidelines concerning Charities and Public Benefit and have given consideration to them when assessing our activities. We therefore believe that we have complied fully with the duty in Section 4 of Part 1 of the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Commission.

Fundraising policy

The Charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The Charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The Charity manages its own fundraising activities and does not employ the services of professional fundraisers.

We have effectively sought to monitor and assess the good use of monies given during the year through the hard and focussed work of one of the Trustees who has this as her particular responsibility.

The Charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the Charity received no complaints about its fundraising activities.

Investment policy

There are no restrictions on the Charity’s power to invest. At 30 September 2024, the Charity’s investments were managed by CCLA. The investment strategy is set by the Trustees with advice from their investment managers. It takes into account the Charity’s income requirements for the year, the risk profile and the investment managers’ views of the market prospects in the medium term.

The policy is to maximise total return through a diversified portfolio whilst providing a level of income as advised by the Trustees from time to time. The Trustees also have an Ethical Policy which precludes investment in any company, which after reasonable enquiry, clearly generates significant profits from an activity which is contrary to our ethical policy.

The performance of the portfolios and the Charity’s investment strategy are reviewed by the Trustees whose representatives meet with the investment managers on a regular basis.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Grants, donations and support of missionary work and ministry

The Charity has handed its major regular financial support of the African Priories to its legacy charity Elijah’s Pot CIO (Charity Registration Number 1195718).

Any donations or fundraising done through this Charity is sent directly to the nominated African project.

Whilst the Trustees give donations to United Kingdom organisations whose work is within the objects of the Charity, the Charity does not regard itself as a grant making entity and applications for grants and donations are not invited.

Social and pastoral work of the Community

The Community has continued its active ministry as far as possible. Our particular Ministries are chosen as expressions of the Community’s spirituality and charism, and stem directly from the essence of the identity as Canonesses of the Holy Sepulchre.

One of the most important aspects of our identity as Canonesses of the Holy Sepulchre is to live alongside people in their ordinary lives - seeking to bring God to people in the everyday circumstances of life, as well as in heightened personal or liturgical experiences. We are Community people, living community and building community wherever we are. Our Community life of prayer and ministry seeks continually to find appropriate and effective ways of living and sharing the Gospel with the people around us.

Our whole life, therefore, has a particular accent on inclusivity. Our moments of shared prayer are open to all and our Ministries often focus on people who may find themselves on the margins or who are losing hope.

We give concrete expression to our charism in ways best suited to the area where we are living. We respond to local needs in ways appropriate to the situation and to our skills and experience. We have continued to engage in relevant training, have secured funding for some of these activities, and have always sought to work collaboratively.

Keeping abreast of developments and legislation relevant ministry is always a point of attention and all of this has been done via Teams or Zoom again this year. Some members of the Community have done online training related to protection of children for example. Two Trustees have also done the in person Buzzacott Trustee training.

As has already been mentioned, changes in safeguarding structures has been high on our agenda and we have been fully engaged with those movements and proposals.

Since January 8[th] 2024 Peter Twist has been working full time as the Operations Manager for the Community. His role will become evident through this report. He has taken on the safeguarding elements of the role and is fully conversant both with the structures of RLSS and CSSA and with their demands.

He has been preparing us for a possible audit and has put in place renewed training and paperwork.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Social and pastoral work of the Community (continued)

One of our Trustees ( Christine Webb) has taken on specific responsibility for Safeguarding and has been on several training courses run by both RLSS and the Charity Commission. Two other Trustees have also done online Safeguarding training.

Some of the Community members are also trustees of other charities which have been created as legacy CIOs – for example OODIL CIO (Charity Registration Number 1186851); Elijah’s Pot CIO (Charity Registration Number 1195719); and The Charity of the Cemetery of the Canonesses of the Holy Sepulchre CIO (“the Cemetery CIO”) (Charity Registration Number 1189656).

The Community always offers a place of open, inclusive welcome, and that particular gift was shared with the local Communities and parishes.

As Canonesses, the Community follows the Rule of St Augustine and finds inspiration in his dictum:

‘Since you cannot do good to all, you are to pay special attention to those who, by the accidents of time, or place, or circumstances, are brought into closer connection with you.’

This has demanded some creativity and change in order to be safe and keep others safe.

Meeting local needs

Some of the Community volunteer with other charities in Colchester – namely Beacon House; the Food Bank; the Korban project; a local Charity shop.

Apart from a weekly coffee group in Colchester, organised activities generated by ourselves are now confined to Melbourne where the Community runs a Homework Club (twice a week); the Toddler Group and the Wisdom Group for the elderly. These groups are run by the Community but involve upward of 20 volunteers each week.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Social and pastoral work of the Community (continued)

Meeting local needs (continued)

This year saw celebrations for the 20[th] year of active ministry in the Melbourne area of Chelmsford and this achievement was also marked by an article in the Essex Chronicle in December 2023. See photo below

Homework Clubs also engage local sixth form students as helpers.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Social and pastoral work of the Community (continued)

----- Start of picture text -----
Meeting local needs (continued)
----- End of picture text -----

----- Start of picture text -----
TODDLER
GROUP
WISDOM GROUP
OUTING
----- End of picture text -----

The Community also organised a week of summer activities for children which involved 40 children per day. This also engaged 9 young people – mostly from the estate – as team leaders – photos below.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Social and pastoral work of the Community (continued)

----- Start of picture text -----
Meeting local needs (continued)
----- End of picture text -----

The weekly friendship group – CCC – in Colchester has also met regularly.

Social and pastoral care for our sisters in Africa

As the Community is part of a wider Association of Communities worldwide, the Charity has continued to have a special care for sisters based in the Democratic Republic of Congo and in Rwanda.

They are supported through prayer and material care with their basic needs. We also involve our many contacts in getting to know about the political and social situations in both countries, particularly through our annual Africa newsletter which is always well received.

The Christmas Giving scheme - Light a Candle for Africa - was run for the eighth year and again raised £1,442.50 for particular named projects in Africa.

The money raised through these small fundraising events is sent directly to the African Priories.

The projects supported this year have included: the health provision in Goma; a school in Rwanda for children and young people with physical disabilities; and a health centre care in Kindu – representative photos below.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Social and pastoral care for our sisters in Africa (continued)

----- Start of picture text -----
~~ /
----- End of picture text -----

FROM GOMA FROM KINDU

Two of the Community travelled to Rwanda in July and saw projects first hand.

Two members of the Community were able to visit Africa in July and discussed the current situation and its needs.

There was a chance for shared liturgy and an update on the school funded by this Community in Rwanda.

SHARED LITURGY

THE SCHOOL IN RWANDA

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Finding opportunities to engage in reflection and discussion on spiritual questions

The Community continued to offer opportunities to pray and reflect together throughout the year. There are open prayer times four times a week. There is a weekly selection of readings and reflections sent every Saturday. During Advent and Lent there were reflective Zooms each week.

Sunday 3rd December – “What is God doing this Advent?” Sunday 10th December – “Lighting the Darkness” Sunday 17th December – “Opening the Door of our Hearts” Friday 22nd December – “Emmanuel”

For four weeks during Lent there was an opportunity to follow a Lent course -Act on Poverty. Approximately 30 people registered for this course.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Finding opportunities to engage in reflection and discussion on spiritual questions (continued)

The theme for the year has been ‘TODAY’S BIG QUESTIONS when we have addressed some of the burning questions that trouble today’s Christians:

We have examined difficult contemporary questions to do with migration; whether protest is a legitimate expression of Christian faith; how we manage and distribute the world’s resources; and the problems that global conflict may pose for us.

We have run five main sessions this year with input from eminent personalities: Professor Tina Beattie; Professor Jessie Rogers; Christine Allen (CEO of Cafod); Melanie Nazareth (Christian Climate Change) and Megan Knowles (Jesuit Refugee Service) Each session was followed by a further session for discussion and reflection.

Plans have also been laid for leading a pilgrimage along St Patrick’s Way after Easter 2025.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Finding opportunities to engage in reflection and discussion on spiritual questions (continued)

In April 2024 S Moira was installed as an Ecumenical Canon of the Anglican Cathedral of Chelmsford and was invited to preach on that occasion.

This was both a privilege and a momentous moment in the Community’s 382 year history.

Our annual mass for the Dead in Novemberat New Hall was extremely well attended and appreciated.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Work on our legacy

Doctor Cormac Begadon has been working further with the Community following archaeological discoveries made at the site of the last Community house in Liège from which the Community fled in 1794

On Friday 8 March 2024, Dr Cormac Begadon visited the Community in Colchester, to report back on the next stage of the excavations on the site where the Community had their house in Rue St Gilles.

Cormac had made a follow-up trip to Liège in December and was welcomed by the lead archaeologist, Guillaume Mora Dieu, and his colleague, Patricia Gillet. His talk gave an overview of the physical changes to the site and comment on what we can learn from these changes.

There followed an interesting article on the finds in the telegraph in June 2024.

.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Work on our legacy (continued)

The Trustees agreed some time ago to making a £1.2 million endowment to part fund a Chair in Catholic Studies at the Centre for Catholic Studies in Durham with the title of this Chair bearing the name of the Community Foundress. The discussions as to how and when to make this donation have been on-going with Durham, and the donation was made in November 2024. The Trustees believe that this Chair and its future will carry on the Community legacy well beyond the life of the sisters. A matched funder has been found and talks have gone on to establish a shared vision and way forward.

The Trustees used the services of Stone King to arrive at an acceptable agreement alongside four other major donors. The agreement was finalised in July and arrangements for transfer of funds made.

As reported last year, Trustees agreed to use the services of an experienced researcher to narrate all aspects of the last 35-40 years life of the Community This work has continued through long in-depth conversations and dialogues and will continue through the coming year.

Good stewardship of land sale monies

The Trustees have made good progress in creating the structures needed for the long term stewardship and legacy of the Community. There are now three new CIOs funded from the CIO’s money, namely the Cemetery CIO, OODIL and Elijah’s Pot.

One of the remaining projects in the CRSS portfolio was the gateway of Hope project in Inglis Road Colchester.

Trustees have continued to work with the Ministry of Justice and with Essex CC to find an alternative service provider which could deliver within budget. Despite best endeavours on all sides this has not been achieved as basic calculations showed an annual deficit in running costs of £100k. This had not been the case at the outset of the project when projections of income and expenditure balanced. This being the case, the Trustees reluctantly made the decision to bring the project to an end.

Advice was sought regarding the future of the building and a decision was taken to apply for permission to revert to single dwelling prior to resale. The property is currently on the market.

Care for our own Community members

In common with many Religious Orders and Congregations in England, the profile of our Community shows an increasing average age. Two elderly sisters have continued to need significant care and support. We have been well served by the National Health and local Care Services but have also felt the need to supplement that provision with further resources in order to give the fullest support and dignity to those two members of the Community. We have been engaged proactively in looking at how to meet welfare needs more fully going into the future.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Care for our own Community members (continued)

----- Start of picture text -----
3 SISTERS 3
UNDER SISTERS
80 OVER 90
6 SISTERS
BETWEEN 80 AND
90
----- End of picture text -----

The Community is committed, both morally and legally, to provide care for all its sisters, none of whom has resources of her own. The Trustees are aware of the need to make provision for the future care of each sister and therefore continue to give careful attention to the Community’s property requirements and financial needs both now and in the years ahead. The Trustees have continued to address the needs for good maintenance and repair for the properties already in their possession and occupied by the sisters. The Trustees are also conscious of the need to exercise good stewardship towards the planet and to leave a positive lasting legacy in favour of the environment.

During this last year, there has been a growing awareness of mobility and memory deterioration and this has meant looking at a full time Care manager position. In addition to general age related deterioration one sister had a serious fall which has left her with limited mobility. The Trustees have worked with the finance group to a further increased need for welfare support and this has been accounted for in the recommendations made by the finance committee to the Trustees.

One Trustees appointed Patrick Parsons to work as a second care support worker for two days a week alongside Linda Selway who works on three mornings a week. This has been a very helpful addition to the support staff and has given added security to Community members.

The Trustees agreed to the appointment of a full time Care Manager and this appointment was made in August 2024 with a probationary period of 6 months. It unfortunately became apparent that the person appointed did not meet the needs of the role and she terminated her employment with us in December. Trustees are currently working towards a further appointment.

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Trustees’ report Year to 30 September 2024

Objects, aims, objectives, activities and relevant policies (continued)

Key staff appointments

The appointment of an Operations manager has been a key strategical development in the last year. Peter Twist has had responsibility for safeguarding as previously mentioned and also property maintenance and development.

This has meant that the main property in Colchester where the more frail sisters live is kept under review on a daily basis and Peter is able to make immediate adjustments as changing needs demand.

Peter has also been dealing with our rented properties in terms of their condition and also tenancy agreements.

He has been exploring development potential for our land at New Hall on behalf of the Trustees.

It is an important appointment which has already brought rewards.

Financial review

Market volatility

This is the fifth year wherein our reporting narrative and financial results have been significantly affected by external world circumstances and the consequent changes in stock market fortunes and the cost of living crisis experienced in the UK.

Our finance committee has guided us through the volatilities of the stock market in a very able way and our financial recovery has been good, aided by the careful realigning of our assets. Whilst there will undoubtedly be challenges ahead, we do not expect material concerns to arise over the Charity’s financial position.

Results for the year

A summary for the results of the year ended 30 September 2024 can be found on page 29 of the accounts.

Total income for the year amounted to £586,935 (2023 – £611,424). Of the income £174,502 (2023 – £210,92) was received by way of donations and legacies. This figure includes salaries and pensions of the sisters amounting to £136,270 (2023 – £125,628) covenanted to the Charity and a legacy in 2024 of £61,328. Investment income and interest receivable totalled £377,788 (2023 – £111,386).

Expenditure totalled £673,300 (2023 – £799,809). Donations payable totalled £18,910 (2023 – £328,027). Reduction is donations payable for the year ended 30 September 2024 is due to the donation to Korban of £250,000 in 2023 (2024 – £nil). Expenditure incurred on maintaining the members of the Community and supporting them in their pastoral work and ministry amounted to £589,149 (2023 – £430,330) and includes expenditure on governance of £16,200 (2023 – £15,620). Support costs have increased as result of maintenance costs and the hiring of an operations manager.

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Trustees’ report Year to 30 September 2024

Financial review (continued)

Market volatility (continued)

During the year to 30 September 2024, gains of £681,389 (2023 –£281,433) arose on the Charity’s listed investments reflecting the continued recovery in stock markets after the previous decline. Net income for the year and net increase in funds was £595,026 (2023 – £278,048).

Investment performance

The Charity’s investments were held in income units in the year. During the year investments generated income of £191,654 (see note 2). This is consistent with the investments policy which aims to maximise returns through a diversified portfolio to provide income to the support the overall objectives of the charity.

Reserves policy and financial position

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, given the nature of the Charity’s work, the level of free reserves should be approximately equal to two to three years’ ongoing expenditure. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing differences in income flows, adequate working capital to cover core costs, and will allow the Charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented.

The balance sheet shows total funds of £14,806,132 (2023 – £14,211,108). Of these funds, £100,057 (2023 – £96,515) are restricted and are to be applied for specific purposes. £2,710,138 (2023 – £2,760,412) are represented by freehold properties, excluding the property representing the Gateway of Hope designated fund, and other tangible fixed assets. A decision was made to separate these funds from the general fund in recognition of the fact that assets are used in the day-to-day work of the Charity or by organisations for charitable purposes in line with the Charity’s objects, and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.

Funds totalling £9,050,000 (2023 – £9,550,000) have been designated, or set aside, by the Trustees for specific purposes. £5,750,000 (2023 – £5,750,000) has been set aside to meet the costs for the care and welfare of the sisters in their old age. The amount set aside has been calculated, using actuarial methods, to provide a modest sum towards the upkeep and care of the sisters in years to come.

Following the sale of the investment property comprising land at New Hall in October 2014, funds totalling approximately £12.5 million were set aside in a ‘charitable donation fund’ to be used to finance grants and donations including new charitable projects overseas. The balance on this fund at 30 September 2024 was £2,000,000 (2023 – £2,500,000). A balance of £1,300,000 remained on the designated Gateway of Hope fund, to make provision of housing for women in the Criminal Justice system. Further details about these funds are given in note 18 to the accounts.

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Trustees’ report Year to 30 September 2024

Financial review (continued)

Reserves policy and financial position (continued)

Funds which are available to support the work of the sisters in the future are those shown on the balance sheet as the general fund and total £2,945,937 (2023 – £1,804,181). The Trustees believe that while slightly above the reserves policy these free reserves are adequate given current market volatility.

Future plans for the Charity and the Community

We see the need for an increased focus on the need for care of Community sisters in the year ahead. We aim at the same time to keep the Community as alive and engaged as possible in a holistic way. Within this context, the Community, supported by its Trustees, aims:

Structure, governance and management

The Charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution dated and agreed by the trustees on 15 June 2016 and registered with the Charity Commission on 27 June 2016. The Constitution was amended on 30 March 2021.

Members of the CIO and limitation of liability

The members of the CIO are its trustees for the time being.

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

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Trustees’ report Year to 30 September 2024

Structure, governance and management (continued)

Trustees

The names of the Trustees and details of changes during the year are given on page 1 of this annual report and accounts.

At any time there must be a minimum of three trustees. The Prioress for the time being is automatically, ex officio, a charity trustees for as long as she holds that office. The Conventual Chapter may appoint additional charity trustees by a resolution at a properly convened meeting of the Conventual Chapter for: (i) in the case of an individual who is a member of the Community for such period of office as the Conventual Chapter shall determine; and (ii) in all other cases for a term of three years or such other term as the Conventual Chapter shall decide.

Governance

In terms of Canon Law, the highest authority in the Community is the Conventual Chapter, which is made up of all the perpetually professed members of the Community. The Chapter elects a Prioress every 6 years and the Prioress is de facto a Trustee of the Charity. As is expected in the Community’s Constitutions, Community members meet regularly as a full Chapter to reflect on the mission and to examine the life style and finances of the Community. Community members are involved with many outside bodies – such as the Diocese of Brentwood, the Conference for Religious, the Provincial Bursars’ Association and the International Association of the Regular Canonesses of the Holy Sepulchre - from whom we derive both support and updated guidance on best practice and policy.

Our finance assistant is now the clerk to the Trustees and last year attended the Provincial Bursars’ Conference and cascaded back to the Trustees on the following:

During the year, the Conventual Chapter voted to accept a further lay Trustee onto the board, Mrs Christine Webb a former member of the teaching staff at New Hall, was invited to become a Trustee and she accepted.

Organisational Management

In terms of Civil Law, the Trustees of the Charity, are legally responsible for the overall management and accounting of the Charity and for safeguarding the assets of the Charity. They receive no remuneration or expenses for their service as Trustees. The Trustees meet once a month on average to review developments within the Charity, and to take decisions. The Trustees are supported by professional advisers, the most significant of these in daily management terms being our lay financial administrator. Other professionals, including investment managers, solicitors, and auditors are consulted as appropriate. Trustees have delegated responsibilities and try to keep updated within their areas on recommended best practice regarding appropriate policy requirements.

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Trustees’ report Year to 30 September 2024

Structure, governance and management (continued)

Organisational Management (continued)

The Community is involved with many outside bodies – such as the Diocese of Brentwood, the Conference for Religious, the Provincial Bursars’ Association and the International Association of the Regular Canonesses of the Holy Sepulchre - from whom we derive both support and updated guidance on best practice and policy.

Risk Management

The Trustees recognise their responsibility for the management of risks faced by the Charity, the Community and its individual members.

We continue to review and update our risks as well as the documents and procedures put in place the previous year under the guidance of our Operations Manager.

The areas identified for particular attention within our risk management strategy are:

The Trustees have continued to operate within the key areas of risk controls which include:

Time-frames exist for the annual monitoring of the risk assessments.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 22

Trustees’ report Year to 30 September 2024

Structure, governance and management (continued)

Risk Management (continued)

The key risks which faced the Charity during the year are as follows:

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 23

Trustees’ report Year to 30 September 2024

Structure, governance and management (continued)

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ report and accounts in 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 of the incoming resources and application of resources of the Charity for that period. In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the Charity’s Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Key management personnel

The Trustees consider that they comprise the key management of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis.

Certain of the Trustees are members of the Community whose living and personal expenses are borne by the Charity. None of the Trustees receive any remuneration or reimbursement of expenses in connection with their duties as Trustees or key management personnel.

Signed on behalf of the Trustees:

Approved by the Trustees on:

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 24

Independent auditor’s report Year to 30 September 2024

Independent auditor’s report to the Trustees of The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord

Opinion

We have audited the accounts of The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord (the ‘Charity’) for the year to 30 September 2024, which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and 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 Charity 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 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.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 25

Independent auditor’s report Year to 30 September 2024

Other information (continued)

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 course of 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 this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the 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.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 26

Independent auditor’s report Year to 30 September 2024

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

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:

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 Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. Audit procedures performed by the engagement team included:

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

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 27

Independent auditor’s report Year to 30 September 2024

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

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.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

2 July 2025

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 28

Statement of financial activities Year to 30 September 2024

Notes 2024
Unrestricted
funds
£		 2024
Restricted
funds
£		 2024
Total
funds
£		 2023
Unrestricted
funds
£		 2023
Restricted
funds
£		 2023
Total
funds
£
Income from:
Donations and legacies
1
Income from charitable activities
Other trading activities
. Fundraising events
Investments and interest receivable
2
Other sources
. Miscellaneous income
. Surplus on disposal of tangible
fixed assets
Total income
Expenditure on:
Raising funds
3
Charitable activities
. Grants, donations and support
of missionary work and ministry
4
. Support of members of the
Community and their ministry
5
Total expenditure
Net expenditure before investment
gains (losses)
8
Net gains on revaluation of
investment properties
12
Net gains (losses) on listed
investments
12
Net income (expenditure) before
transfers
Transfers between funds
Net income (expenditure) and net
movement in funds
Reconciliation of funds:
Total funds brought forward at
1 October 2023
Total funds carried forward at
30 September 2024
147,033
30,384
2,861
—

377,788
—
—
1,400		 27,469
—
—
—
—
—
—
—		 174,502
30,384
2,861
—
377,788
—
—
1,400		 187,310
29,130
3,566
111,386
151
255,764		 23,611
—
506
—
—
—		 210,921
29,130
4,072
111,386
151
255,764
559,466 27,469 586,935 587,307 24,117 611,424

65,241

18,910

581,610		 —
—
7,539		 65,241
18,910
589,149		 41,452
276,250
418,393		 —
51,777
11,937		 41,452
328,027
430,330
665,761 7,539 673,300 736,095 63,714 799,809

(106,295)

—

681,389		 19,930
—
—		 (86,365)
—
681,389		 (148,788)
185,000
281,433		 (39,597)
—
—		 (188,385)
185,000
281,433
575,094
16,388
591,482		 19,930
(16,388)
3,542		 595,024
—
595,024		 317,645
—
317,645		 (39,597)
—
(39,597)		 278,048
—
278,048
14,114,593 96,515 14,211,108 13,796,948 136,112 13,933,060
14,706,075 100,057 14,806,132 14,114,593
96,515		 14,211,108

All recognised gains and losses are included in the above statement of financial activities.

All of the Charity’s activities derived from continuing activities in each of the above two financial years.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 29

Balance sheet 30 September 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible assets 11 3,621,760 3,665,880
Investments 12 11,098,258 10,560,361
Programme related investments 13 — —
14,720,018 14,226,241
Current assets
Debtors 14 75,766 38,950
Cash at bank and in hand 202,629 155,998
278,395 194,948
Current liabilities
Creditors: amounts falling due
within one year 15 (192,281) (210,081)
Net current liabilities 86,114 (15,133)
Total net assets 14,806,132 14,211,108
The funds of the Charity:
Unrestricted income funds
. General fund 2,945,937 1,804,181
. Tangible fixed assets fund 16 2,710,138 2,760,412
. Programme related investments fund 17 — -
. Designated funds 18 9,050,000 9,550,000
14,706,075 14,114,593
Restricted funds 19 100,057 96,515
14,806,132 14,211,108

Approved Approved by the Trustees by the Trustees and and signed on their behalf by: signed on their behalf by:

Trustee Trustee

Approved Approved on: on:

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 30

Statement of cash flows Year to 30 September 2024

Notes 2024
£		 2023
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Investment income
Purchase of tangible fixed assets
Proceeds from the disposal of tangible fixed assets
Proceeds from the disposal of listed investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 30 September 2023
Cash and cash equivalents at 30 September 2024
B		 (439,443) (359,763)
336,392
(6,954)
1,400
7,516,334
(6,967,783)		 111,135
(6,052)
553,052
—
—
879,389 658,135
439,946
2,645,025		 298,372
2,346,653
3,084,971 2,645,025

Notes to the statement of cash flows for the year to 30 September 2024

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

2024
£		 2023
£
Net movement in funds (as per the statement of financial
activities)
Adjustments for:
Depreciation charge
(Gains) losses on listed investments
Gains on revaluation of investment properties
Non cash donations (2023: write off of loan (Notes 4 and 13))
Surplus on disposal of tangible fixed assets
Investment income and interest receivable
Decrease (increase) in debtors
(Decrease) increase in creditors
Net cash used in operating activities		 595,024
51,074
(681,389)
—
—
(1,400)
(377,788)
4,581
(29,545)		 278,048
57,833
(281,433)
(185,000)
250,000
(255,764)
(111,386)
(2,205)
(109,856)
(439,443) (359,763)

B Analysis of cash and cash equivalent

Analysis of cash and cash equivalent
At 1
October
2023		 Cash flows At 30
September
2024

202,629

2,884,537
—

3,087,166
Cash at bank and in hand
Cash instruments - COIF Charities deposit fund
Cash held by investment managers
Total cash and cash equivalents		 155,998
2,489,027
—		 46,631
395,510
—
2,645,025 442,141

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 31

Principal accounting policies 30 September 2024

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 September 2024, with comparative information given in respect to the year to 30 September 2023.

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:

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 acknowledge and recognise the impact of the macroeconomic and geopolitical climate and have concluded that there may be some negative consequences such as the volatility in investment values and any consequential impact on investment income.

The Trustees continue to communicate with their investment managers and, whilst there are concerns over the volatility in world stock markets, they acknowledge also that the Charity is a long term investor. The Charity’s Trustees keep a watching brief over the markets.

Undoubtedly there will be challenges ahead but the Trustees do not expect material concerns to arise over the Charity’s financial position or going concern. The Trustees have concluded that the Charity will have sufficient resources to meet its liabilities as they fall due.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 32

Principal accounting policies 30 September 2024

Income

Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received.

Income comprises donations, legacies, income from other trading activities i.e. fundraising events, investment income, interest receivable and income from other sources, including any surplus on disposal of tangible fixed assets.

Donations, including salaries and pensions of individual religious received under Gift Aid or deed of covenant, are recognised when the Charity has confirmation of both the amount and settlement date. In the event of donations and grants pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation or grant 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 or 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.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Income from charitable activities includes rental income from property rented to individuals whose needs fall within the Charity’s objectives,

Income from small scale fundraising events is accounted for when the Charity has confirmation of the amount due and receipt of the funds is probable. This will normally be on the date of the relevant fundraising event itself.

Investment income is recognised once the dividend or similar distribution has been declared and notification has been received of the amount due.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 33

Principal accounting policies 30 September 2024

Income (continued)

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.

The surplus on the disposal of tangible fixed assets is calculated as the difference between the sale proceeds net of sale costs and the net book value of the asset immediately prior to disposal. It is accounted for once legal completion of the disposal has taken place.

All other income is recognised to the extent that it is probable that the economic benefits will flow to the Charity and the revenue can be measured reliably. It is measured at fair value and accounted for on an accruals basis.

Expenditure

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 stated inclusive of irrecoverable VAT.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs.

The costs of raising funds include direct costs and overheads associated with managing investment property, managing listed investments, and organising small scale fundraising activities.

The costs of charitable activities comprise expenditure on the Charity’s primary charitable purposes as described in the Trustees’ report. Such costs include:

Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise both single year payments and multi-year grants. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants meeting this criteria but which are not paid at the end of the financial year are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued for but are disclosed as financial commitments in the notes to the accounts.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 34

Principal accounting policies 30 September 2024

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 development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs are the costs associated with the governance arrangements of the Charity including audit costs and the necessary legal procedures for compliance with statutory requirements.

The majority of expenditure on support and governance is allocated to the charitable activities of care of members of the Community and enabling their ministry, with a small proportion allocated to expenditure on raising funds and provision of donations and grants. The allocation is based on the time spent on individual activities.

Tangible fixed assets

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised.

Fixed 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.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 35

Principal accounting policies 30 September 2024

Fixed asset investments (continued)

As noted in the Trustees’ report, 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 property, comprising land and buildings, is included in the accounts at fair value which is deemed to be open market value as at the year end date as determined by the Trustees after seeking appropriate professional advice (see note 11 to these accounts for further details).

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value 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.

Programme related investments

Programme related investments comprised a loan to another organisation to finance the purchase of land, in order to be used for purposes consistent with the Charity’s objectives. Further details are given in note 14 to the accounts.

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 with the intention that it is held for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions 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 and provisions 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 structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the Charity and which may be applied at the discretion of the Trustees.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 36

Principal accounting policies 30 September 2024

Fund structure (continued)

The tangible fixed assets fund represents the net book value of the Charity’s tangible fixed assets.

The programme related investment fund represented the net book value of the Charity’s programme related investments.

The designated funds are monies set aside out of general funds and designated for specific purposes by the Trustees.

The restricted funds represent monies raised for a specific purpose or monies subject to donor imposed restrictions.

Details of designated and restricted funds are given in the notes to the accounts.

Pension costs

The Charity offers its employees membership of a defined contribution pension scheme administered by Legal and General.

Employer’s contributions in respect to defined contribution pension schemes are charged to the statement of financial activities in the year in which they are payable to the scheme.

Services provided by members of the Community

For the purposes of these accounts, no monetary value has been placed on administrative and other services provided by the members of the Community.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 37

Notes to the accounts Year to 30 September 2024

1 Income from: Donations and legacies

2024 2023
Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£
Salaries and pensions of
individual religious received
under Gift Aid or Deed of
Covenant
Voluntary income –
Greenstead project
Voluntary income – Melbourne
Project
Other donations and similar
income
Legacies receivable		 136,270
—
—
10,763
—
—
—
18,123

9,346
—		 136,270
—
18,123

20,109
—		 125,628
—
—
354
61,328		 —
200
10,196
13,215
—		 125,628
200
10,196
13,569
61,328
147,033
27,469
174,502		 187,310 23,611 210,921

2 Income from: Investments and interest receivable

2024 2023
Unrestricted
funds
**£ **		 Restricted
funds
**£ **		 Total funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£
Interest on cash instruments
Rental income from investment
properties
Interest receivable
Investment income from
income units
Income from programme
related investments		 141,629
40,675
3,830
191,654
—		 —
—
—
—
—		 141,629
40,675
3,830
191,654
—		 69,723
31,759
7,716
—
2,188		 —
—
—
—
—		 69,723
31,759
7,716
—
2,188
377,788 — 377,788 111,386 — 111,386

3 Expenditure on: Raising funds

2024 2023
Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£
Rental property expenses
Investment management fees
Activities for generating funds
Allocation of support costs
(note 6)		 14,965
—
1,861
48,415
—

—

—

—		 14,965
—
1,861
48,415		 26,272
(701)
1,383
14,498		 —
—
—
—		 26,272
(701)
1,383
14,498
65,241
—		 65,241 41,452 — 41,452

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 38

Notes to the accounts Year to 30 September 2024

4 Expenditure on: Grants, donations and support of missionary work and ministry

2024 Total
funds
£		 2023
Un-
restricted
funds
**£ **		 Restricted
funds
£		 Un-
restricted
funds
£		 Restricted
funds
£		 Total
funds
£
Support of missionary work and ministry
. Grants in support of overseas
missions
Donations of £1,000 or more to
institutions
. CAFOD
. Art for Becton
. Colchester Korban Project
Other donations to institutions
Donations to individuals
Allocation to support costs (note 6)		 360
360
 — 50,837 50,837
1,540
—
—		 —
—
—		 1,540
—
—
1,540		 3,910
1,000
250,000
254,910		 140
—		 4,050
1,000
250,000
1,540 140
800
—
—		 255,050
1,500
294
20,346
1,261
—
15,749
—

—		 1,261
—
15,749		 700
294
20,346
18,910
—		 18,910 276,250 51,777 328,027

No Donations were made to individuals (2023 – 2).

The Trustees agreed to make a £1.2 million endowment to part fund a Chair in Catholic Studies at the Centre for Catholic Studies in Durham with the title of this Chair bearing the name of the Community Foundress. The discussions as to how and when to make this donation have been on-going with Durham, and the donation was made in November 2024.

5 Expenditure on: Support of members of the Community and their ministry

2024 2023
Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total funds
£
Premises
Depreciation
Living and personal expenses
Healthcare costs
Retreats, spiritual direction,
formation and other similar
expenses
Melbourne Project
Greenstead Project
Allocation of support costs
(note 6)		 120,223
51,074
72,994
34,670
2,463
—
—
300,186		 —
—
—
—
—
7,539
—
—		 120,223
51,074
72,994
34,670
2,463
7,539
—
300,186		 97,613
57,833
66,137
66,608
2,213
—
—
127,989		 —
—
—
—
—
11,634
303
—		 97,613
57,833
66,137
66,608
2,213
11,634
303
127,989
581,610 7,539 589,149 418,393 11,937 430,330

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 39

Notes to the accounts Year to 30 September 2024

6 Support costs

Support costs
2024
Raising
Funds
£		 Grants and
donations
£		 Support of
members
and their
ministries
£		 Total funds
£
Staff costs (note 9)
Other costs
Professional fees
Governance costs (note 7)		 28,734
4,005
11,626
4,050		 4,481
625
7,403
3,240		 239,192
33,338
18,746
8,910		 272,407
37,968
37,775
16,200
48,415 15,749 300,186 364,350
2023 2023
Raising
Funds
£		 Grants and
donations
£		 Support of
members
and their
ministries
£		 Total funds
£
Staff costs (note 9)
Other costs
Professional fees
Governance costs (note 7)		 4,714
1,346
4,623
3,815		 4,714
1,346
11,234
3,052		 80,473
22,972
16,151
8,393		 89,901
25,664
32,008
15,260
14,498 20,346
127,989		 162,833

The Charity has allocated its support costs on a basis consistent with the use of resources.

7 Governance costs

Governance costs
Unrestricted
funds
£		 Restricted
funds
£

—		 2024
Total funds
£
16,200		 Unrestricted
funds
£
15,260		 Restricted
funds
£		 2023
Total funds
£
Professional fees 16,200 — 15,260

8 Net income (expenditure) and net movement in funds

This is stated after charging:

Net income (expenditure) and net movement in funds
This is stated after charging:
2024
£		 2023
£
Staff costs (note 9)
Depreciation
Auditor’s remuneration (including VAT)
. Statutory audit current year
. Statutoryauditprioryear		 272,407
51,074

16,200
—		 89,901
57,833
14,000
1,260

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 40

Notes to the accounts Year to 30 September 2024

9 Staff costs and key management personnel

Staff costs during the year were as follows:

Staff costs and key management personnel
Staff costs during the year were as follows:
2024
£		 2023
£
Wages and salaries
Social security costs
Other pension costs
Agency Staff		 157,729
8,325
6,801		 83,347
2,401
4,153
172,855 89,901
99,552 —
272,407 89,901

The number of employees during the year was as follows:

The number of employees during the year was as follows:
2024
No.		 2023
No.
Support of members of the Community and their ministry
. Average
. Full time equivalent		 —
4.9
5.2		 —
3.0
1.8

No employee earned £60,000 per annum or more (including taxable benefits) during the year to 30 September 2024 and 2023.

The Trustees of the Charity comprise the Charity’s key management personnel. They received no remuneration in connection with their duties as Trustees or their role as key management personnel during the year (2023 – none).

10 Taxation

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 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.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 41

Notes to the accounts Year to 30 September 2024

11 Tangible fixed assets

Land and buildings Furniture,
fittings,
equipment &
computers
£		 Motor
vehicles
£		 2024
Total
£
Specialised
property
£		 Non-
specialised
property
£
Cost
At 1 October 2023
Additions
Disposals
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
Released on disposal
At 30 September 2024
Net book values
At 30 September 2024
At 30 September 2023		 3,041,929
6,954
—		 1,243,354
—
—		 34,191
—
—		 64,523
—
(6,145)		 4,383,997
6,954
(6,145)
3,048,883 1,243,354 34,191 58,378 4,384,806
638,592
42,729
—		 5,312
—
—		 27,727
1,508
—		 46,486
6,837
(6,145)		 718,117
51,074
(6,145)
681,321 5,312 29,235 47,178 763,046
2,367,562 1,238,042 4,956 11,200 3,621,760
2,403,337 1,238,042 6,464 18,037 3,665,880

Land and buildings include a property subject to a long lease originally of 150 years, commencing on 1 March 2007. The net book value of this property at 30 September 2024 and 2023 was £202,410. All other land and buildings owned during the year were freehold.

It is likely that there are material differences between the open market values of the Charity’s land and buildings and their book values. These arise from the specialised nature of the property and the effects of inflation. The amount of such differences cannot be ascertained without incurring cost, which, in the opinion of Trustees, is not justified in terms of the benefit to the users of the accounts. However, they are satisfied that their residual value is not materially less than their book value.

12 Fixed asset investments

Fixed asset investments
Investment
properties
£		 Listed
investments
£
2024
Total
£		 2023
Total
£
Market values
At 1 October 2023
Disposal of accumulation units
Addition of income units
Additions at cost
Disposals (see below)
Transferred to Elijah’s Pot CIO (Charity
Registration Number 1195718)
Net unrealised investment gains (losses)
At 30 September 2024
COIF Charities deposit fund (cash instrument)
Cash held by investment manager for
reinvestment
Total investments at 30 September 2024
Cost of investments at 30 September 2024		 1,355,000
—
—
251,449
—
—
—		 6,716,334
(6,716,334)
6,716,334
(533,755)
—
424,690		 8,071,334
251,449
(533,755)

—
424,690		 12,080,247
—
—
(4,483,313)
474,400
1,606,449
—
—		 6,607,269
2,884,540
—		 8,213,718
2,884,540
—		 8,071,334
2,489,027
—
1,606,449 9,491,809 11,098,258 10,560,361
545,707 5,303,327 5,849,034 5,841,479

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 42

Notes to the accounts Year to 30 September 2024

12 Fixed asset investments (continued)

Disposals at book value included above are made up of the following:

2024
£		 2023
£
Proceeds
Realised losses
Disposals at book value		 800,000
**(266,245) **		 —
—
533,755 —

Investment properties

The investment property comprises four residential properties:

Listed investments

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

At 30 September 2024, listed investments and cash held by investment managers for reinvestment included £142,424 (2023 – £185,878) representing amounts administered on behalf of individual members of the Community (note 15). Included within the net gains on investments for the period are net gains of £9,031 relating specifically to these investments (2023 – net gains of £7,967). The net gains are reflected in the amount due to individual members of the Community and hence they are not accounted for through the statement of financial activities.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 43

Notes to the accounts Year to 30 September 2024

13 Programme related investments

At 30 September 2024, the Charity held investments which were held directly in pursuit of the organisation's charitable activities as follows:

Programme related investments
At 30 September 2024, the Charity held investments which were
the organisation's charitable activities as follows:		 held directly in pursuit of
2024
£		 2023
£
At 1 October 2023
Released following conversion to a donation in the year
At 30 September 2024		 —
—		 250,000
(250,000)
— —

During the year to 30 September 2018, the Charity advanced a loan of £250,000 to Colchester Korban Project (Charity Registration Number: 1125617) to assist in purchasing a property. This property was to be used to provide shelter to young homeless adults, a purpose consistent with the Charity’s objects. The loan was secured by a charge over the property and is subject to a fixed interest rate of 3.5% and was repayable by December 2027.

The Trustees decided in January 2023 to convert the loan into a gift. This gift was disclosed as a donation in year ended 30 September 2023.

14 Debtors

Debtors
2024
£		 2023
£
Investment income and interest receivable
Sundry debtors
Prepayments		 58,482
3,124
14,160		 17,901
4,388
16,661
75,766 38,950

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£		 2023
£
Monies administered by the Charity on behalf of individual members of
the religious Community
Expense creditors
Accruals		 142,424
33,237
16,620		 185,878
10,203
14,000
192,281 210,081

Monies administered by the Charity on behalf of individual members of the religious Community comprise listed investments.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 44

Notes to the accounts Year to 30 September 2024

16 Tangible fixed assets fund

Tangible fixed assets fund
2024
£		 2023
£
At 1 October 2023
Net movement in the year
At 30 September 2024		 2,760,412
(50,274)		 3,101,027
(340,615)
2,710,138 2,760,412

The tangible fixed assets fund represents the net book value of the Charity’s tangible fixed assets, excluding the property representing the Gateway of Hope designated fund. A decision was made to separate this fund from the general fund 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.

17 Programme related investment fund

Programme related investment fund
2024
£		 2023
£
At 1 October 2023
Net movement in the year
At 30 September 2024		 —
—		 250,000
(250,000)
— —

The programme related investment fund represented the value of the Charity’s programme related investments. Whilst they existed, their value was not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

18 Designated funds

The income funds of the Charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for a specific purpose:

At
1 October
2023
£		 New
designations
£		 Utilised/
released
£		 At 30
September
2024
£
Charitable donation fund
Gateway of Hope fund
Sisters’ retirement fund		 2,500,000
1,300,000
5,750,000		 —
—
—		 (500,000)
—
—		 2,000,000
1,300,000
5,750,000
9,550,000 — (500,000) 9,050,000
At
1 October
2022
£		 New
designations
£		 Utilised/
released
£		 At 30
September
2023
£
Charitable donation fund
Gateway of Hope fund
Sisters’ retirement fund		 3,150,180
1,300,000
5,450,000		 —
—
300,000		 (650,180)
—
—		 2,500,000
1,300,000
5,750,000
9,900,180 300,000 (650,180) 9,550,000

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 45

Notes to the accounts Year to 30 September 2024

18 Designated funds (continued)

The charitable donation fund comprises assets set aside with the broad intention of using them to finance grants and donations to third parties both within the UK and overseas. This fund was set up with the unspent proceeds receivable from investment land which was sold in October 2014. The monies were invested to generate funds and are being applied as grants and donations.

The Trustees have set aside £1.3m to fund a project to provide housing for women in the criminal justice system. Part of the funds have been used to purchase a property which, following the granting of planning permission for change of use, may be used for this purpose.

The Sisters’ retirement fund represents monies set aside to make provision for the support of the Religious in their retirement and to support their ministries. The value of the fund has been calculated using actuarial methods, to provide a modest sum towards the upkeep and care of the Sisters in years to come.

19 Restricted funds

The income funds of the Charity include restricted funds comprising the following unexpended balances of donations held on trusts to be applied for specific purposes.

At 1
October
2023
£		 Income
£		 Expenditure
£		 Transfers
£		 At 30
September
2024
£
Melbourne Project fund
Greenstead Project fund
Overseas Missions fund		 55,990
37,714
2,811		 18,123
—
9,346		 (7,539)
—
—		 —
(16,388)
—		 66,574
21,326
12,157
96,515 27,469 (7,539) (16,388) 100,057
At 1
October
2022
£		 Income
£		 Expenditure
£		 Transfers
£		 At 30
September
2023
£
Melbourne Project fund
Greenstead Project fund
Overseas Missions fund
Other restricted funds		 57,428
37,817
20,611
20,256		 10,196
200
—
13,721		 (11,634)
(303)
(17,800)
(33,977)		 —
—
—
—		 55,990
37,714
2,811
—
136,112 24,117 (63,714) — 96,515

The Melbourne Project fund and the Greenstead Project fund comprises monies received specifically for the support of community-led activities in Melbourne (Chelmsford) and Colchester respectively.

The Overseas Missions fund comprises monies received specifically for the support of the members of the Community and their missionary work in Africa.

Other restricted funds comprise monies received for several specific purposes.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 46

Notes to the accounts Year to 30 September 2024

20 Analysis of net assets between funds

Fund balances at 30 September are represented by:

General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Total
2024
£
Tangible fixed assets
Investments
Net current (liabilities) assets
Total net assets		 —
2,959,880
(13,943)		 2,710,138
—
—		 911,622
8,138,378
—		 —
100,057		 3,621,760
11,098,258
86,114
2,945,937 2,710,138 9,050,000 100,057 14,806,132
General
fund
£		 Tangible
fixed
assets
fund
£		 Designated
funds
£		 Restricted
funds
£		 Total
2023
£
3,665,880
10,560,361
(15,133)
14,211,108
Tangible fixed assets
Investments
Net current (liabilities) assets
Total net assets		 —
1,915,829
(111,648)		 2,760,412
—
—		 905,468
8,644,532
—		 —
—
96,515
1,804,181 2,760,412 9,550,000 96,515

The total unrealised gains as at 30 September 2024, constituted movements on revaluation and were as follows:

and were as follows:
2024
£		 2023
£
Total unrealised gains included above:
On listed investments
On investment properties
Reconciliation of movements in unrealised gains
Total unrealised gains at 1 October 2023
On disposal of investments
On transfer of investments
Net gains (losses) arising on revaluation of listed investments in the year
Net gains arising on revaluation of investment properties in the year
Total unrealisedgains at 30 September 2024		 1,303,942
1,060,742		 1,169,113
1,060,742
2,364,684 2,229,855
2,229,855
—
(289,861)
424,690
—		 1,360,626
—
394,829
289,400
185,000
2,364,684 2,229,855

20 Members of the CIO and limitation of liability

The members of the CIO are its trustees for the time being.

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 47

Notes to the accounts Year to 30 September 2024

21 Related party transactions

As members of the Community, certain of the Trustees have no resources of their own as all earnings, pensions and other income have been donated to the Charity under a Deed of Covenant. During the year, the total amount donated by the Trustees who were members of the Community to the Charity was £26,362 (2023 – £35,308).

Sister Moira O’Sullivan is also a Trustee of a Charitable Incorporated Organisation, Elijah’s Pot CIO incorporated on 6 September 2021 Charity Registration Number 1195718. Elijah’s Pot CIO is a grant-making charity that supports those that are disadvantaged, oppressed or discriminated against in the UK and elsewhere. During the year ended 30 September 2024 the Charity made a donation of £nil (2023 - £nil).

Sister Moira O'Sullivan, a trustee of the Charity is also a Trustee of a Charitable Incorporated Organisation, OODIL CIO incorporated on 9 December 2019 Charity Registration Number 1186851. OODIL's objects are to provide and manage housing and give assistance to help house people and to provide associated facilities, amenities and services related to such housing for people in necessitous circumstances, people in financial need or for the relief of older, disabled (whether physically or mentally) or chronically sick people in the city of Chelmsford, the town of Colchester. During the year to 30 September 2024 the Charity donated £nil (2023 – £2,000) to OODIL CIO.

Sister Margaret Mary Horton, a trustee of the Charity is also a Trustee of a Charitable Incorporated Organisation, The Charity of the Cemetery of the Canonesses of the Holy Sepulchre CIO, incorporated on 26 May 2020, Charity Registration Number 1189656. The Charity donated £nil (2023 – £800) to The Charity of the Cemetery of the Canonesses of the Holy Sepulchre CIO to help enable it to fulfil its charitable objectives of maintaining the Cemetery where the Community members are laid to rest (note 4).

During the year, the husband of Mrs Sheila Alder, a trustee of the Charity, provided consultancy services to the Charity in return for fees totalling £5,280 (2023 – £14,680). In addition, he was reimbursed £270 (2023 – £862) for out-of-pocket expenses.

During the year the year travelling expenses of £645 were reimbursed to two trustees (2023 - £240).

There were no other related party transactions requiring disclosure (2023 – £nil).

22 Post Balance Sheet events

On 29 November 2024 a grant of £1.2m was paid to the University of Durham. The grants purpose is to establish the Chair in Catholic Studies at the University of Durham, the aim being to support the advancement of the education of students at the University of Durham and the general public for the public benefit in the Catholic faith and Catholic theology, through the work of the Centre for Catholic Studies as part of the Department of Theology and Religion at the University of Durham (the Centre for Catholic Studies).

There were no other post balance sheet events requiring disclosure.

The Charity of the Regular Canonesses of the Order of the Holy Sepulchre of Our Lord 48