ST JOSEPH'S RETREAT IHIGHGATE) CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CHARITY COMMISSION NUMBER: 1173084
ST JOSEPH'S RETREAT IHIGHGATE) CIO FINANCIAL STATEMENTS FOR THEYEAR ENDED 31ST DECEMBER 2024 Contents Reference and Adminislrative Details Annual Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Accounts Pag• 10 12 13-19
ST JOSEPH'S RETREAT (HIGHGATE> CIO REFERENCE AND ADMINISTRATIVE DETAILS Trustees Father Terence Anthony Doherty (Resigned 20 February 2024) Father Miroslaw Lesiecki Father George Kolothumveettil Antony Sister Mary Philomena Bowers Father Paul Francis Spencer {Appoinled 20 February 2024) Falher Thomas Rocky Kanjarathungal (Appointed 20 February 20241 Key Management Personnel Trustees (see above) Prlncipal address St Joseph's Retreat, Highgate Hill, London N19 SNE Bankers HSBC UK Bank plc Level 6 71 Queen victor Street London EC4V 4AY Auditor8 Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SM12SW Solicitors Sintons LLP The Cube, Barrack Road. Newcastle Upon Tyne. NE4 6DB Legal Status The CIO is a registered charity (no. 1173084) governed by a Constitution. Page 1
ST JOSEPH'S RETREAT (HIGHGATE) CIO ANNUAL REPORT The Trllstees of the Charitable Incorporated Organisalion ( the CIO") present their Annual Report and Financial Statements for the year ended 31 December 2024. The accounts are prepared in accordance with the Accounting Regulations set out under the Charities Act 2011, and with the Charities Statement of Recommended Practice applbcable to charities preparing accounts in accordance with FRS102. Structure. govornanco and management The name of the CIO is St Joseph's Relrea! .(HiAha!e)..r1.Q.. It ig. rogist8red with thg..¢.harity. Cw¢miFjsion Lnumber 1173084).. Constitution The property of the CIO is vested in a trust, govemed by a declaration of Trust dated 17 May 2017, The Board set the overarching strategic approach and policy framework within which St Joseph's operates. The board of trustees meets monthly The Parish priest wilh the support of the Finance Committee, Parish Council and other volunteers carry out the daY-ldaY management of the charity. Appoinlment and training of frnstees Apart fiom the first charity trustees. every trustee musl be appointed for a lerm of 3 years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees. the charity Iruslees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Sl Joseph's has a standard induction and training programme for all new TTuslees. This includes meetings with members of the current and any outgoing members of the Board of Trustees. New trustees will also be meeting key volunteers and taking part in visits to learn about the work of the Charity. Trustees are encouraged lo tske up the opportunity to attend relevant external training courses arKI conferences. Key management personnel The key management personnel of the Charity as listed above are responsible for the running of the charity on a day-to-day basis. All members give their lime freely and no member received any remuneration in the year, including reimbursement of expenses incurred in Ihe normal course of the charity's operations. The pay of all staff is reviewed annually and nomially increased in accordance with average earnings. Pay awards are benchmarked In line wilh another similar charity (the Archdiocese of Soulhwark). Risk management The Truslees believe they are aware of the major risks lo which the charity is exposed and that controls are in place to mitigate them. A Risk Register is in use and the Trustees aim for robust management oversight. The Trustees consider the principal risks and uncertainties facing the charity, and the plans and strategies for rnanaging these risks. to be.. Financial health.. The income for the charily was mainly in the form of weekly donations from parishioners The reliability of this income is therefore dependent on the level of church attendance The charity has started to encourage parishioners to switch from weekly cash donations to monthly bank direct debil transfers thus improving the reliability of this source of Income. A Conservation and Development Committee has also been set UP lo oversee Income generation. Financi81 controls.. The financial syslems and controls were set up when St Joseph's was part of the Congregation of the Passion of Jesus Christ. As an independent charity. some of these legacy systems and controls may no longer be fil for purpose A financial procedures manual has been agreed. Budget and reporting system is introduced. Cloud based accounting is currently being used for financial reporting purposes. Page 2
ST JOSEPH'S RETREAT (HIGHGATEI CIO ANNUAL REPORT IcontinLAed} Slalutory and legal compliance.. The charity has prioritised reviewing Safeguarding, GDPR and Health & Safety policies and practices to ensure legal compliance Review of policy compliance will become standing agenda items in both Finance Committee and Parish Council meetings Objects and activities The objects of Ihe CIO are the advancement of religion and education as follow5.. "To advance the Christian failh for the public berEfit' Nothing in this constitution shall aulhorise an application ol the property of the CIO for the purposes which are not charitable In accordance with section 7 of the Charities and Trustee Investment (Scotland) Acl 2005 arsd section 2 of the Charities Acl (Northern Ireland) 2008. Public Benefil Trustees have had regard to Charity Commission guidance on public benefit, set out in section 4 of the Charities Act 2006. and we consider that all our work complies in very tangible ways with the concept of public benefit Trustees are convinced the work of ils membership fulfils every criteria of public benefit and that significant impact is attained through our direct work and the work we support through others. Achievements and pertorniance Tbe year 2024 was characterized by grNth, collaboration, and compassion within our community. 1. Change of Trustee Members On 20 February 2024, a resolution was passed lo appoint Falhers Paul Francis Spencer and Father Thomas Rocky Kanjarathungal as new Iruslees. Father Paul Francis Spencef was elected as the Chair of Trustees, while Father Jenish Maria Ethwin look on the role of Secretary. A heartfelt vote of thanks was extended lo Father Tiernan Doherty fof his exemplary service over the past eight years, both as rector of the monastery and Chair of Tiustees. Falher Tiernan resigned from his roles following a new ministry appointment In Australia, 2. Safeguarding Initialives Adherence lo the Westminsler DK)cese's safeguarding policies was emphasized. with Sister Una being designated as the contact for cases involving religious members The CIO remains compliant with Westminster Diocese safegLiarding policies, supported by safeguarding represenlalives Lorraine Redmond and Hannah Sullivan. A diocesan Inspection affirmed Ihe CIO'S commitment to safeguarding standards 3. CommLJnity Engagement and Education A series ol educational sessions were held on tOPiCS such as Parenting, Ecology, Mindfulness, Spiriluality, and Sacred Scripture. catering to the diverse needs of our community. 4. Outreach and Community Support A strong emphasis was placed on outreach programs for ihe housebound. reinforcing the CIO'S ethos of ompassiori and community spirit. Events were organized to enhance gfOUP dYnamS and engageme.nt in praise and worship Regular sessions for meditation and yC#Ja practice were also conducted. Pre-marriage and marriage counselling pr()Jrams gained positive recognition and high attendance. The weekend gatherings for seniors, featuring Ceilidh dance and social interaction, saw enthusiast£ participation. Page 3
ST JOSEPH'S RETREAT IHIGHGATE) CIO ANNUAL REPORT (continued) 5. Lunch Club for the Elderly In collaboration with another charity, the newly established Lunch Club brought nourishment and Joy lo senior citizens, fostering a sense of community 6. Garden Project. A Tribut8 to Ecological Stewardship The Garden Project has not only promoted environmental care but also strengthened community bonds, reflecting the CIO'S commitment to ecological stewardship 7. Youth and Healthcare Workers.. Acknowledged and Appreciated Programs dedicaled to supporting and recognizing the contributions of our youth and healthcare workers were successfully Implemented. 8. Olher Significant Achievemenls The CIO'S involvement with Sl Joseph's School resulted in Ihe school being adjudged 'Outsianding' by the Ofsled inspection. The CIO actively engaged wilh the Islington Faith Forum, celebrating the diversity of our society The CIO participation In the 'Churches Together in Highgate, Initiative. along with activities during Advent and Lent, received widespread acclaim In conclusion, the efforts of Ihe CIO in 2024 have strengihened our c¢ynmunity, fostering an environment of growth. care, and spiritual enfichment The Finance clMittee met regularly. overseeing a number of activities and initiatives, including,, Co-ordination and oversighl of the drafting and approval of the Parish CIO Financial report for the financial year ending 2024 Monitoring and maintenance of the Risk Register to identify and manage Risks and Issues Regular review of finance systems and controls relating to all parish finances and Gift Aid records Close monitoring of the funding for conservation projects and the progress of work carried out Introduction of credit card reader, Stripe and Paypal lo make it easier for donations to be made. Flnanclal revlow The CIO raises the funds which it needs to carry on rts aclivities from within ils own membership and congregalion. No wider public appeal is made for funds. The CIO expresses its part in the life of the wider church by making grants to national and international Christian organisations and societies with Christian aims and objectives compatible with the CIO'S own charitable purpose The CIO is heavily dependenl on its membership working as volunteers in all aspects of the CIO'S activities, many of which run with lillle or no impacl on the CIO'S expenditure, but nevertheless contribute subslantially to the achievement of the CIO'S objectives. The financial results for the year, together with a summary of the accounting policies adopted are set out in the accompanying financial statements. Page 4
ST JOSEPH'S RETREAT (HIGHGATE) CIO ANNUAL REPORT (continued) Reserves policy The main source of income for the charity is voluntary donations. This has been in the fomi of weekly donations from parishioners attending church ServiS. The reliability of this income is therefore dependent on the level of church attendance. The charity has started to encourage parishioners lo switch from weekly cash donations to monthly bank direct debit transfers thus Improving the reliability of this source of income. The Trustees reviewed their reseNes policy during the year. The Pfincipal risk to the charity is any unexpected sudden drop in regular donations leading to unfunded outgoing expenditure. In order lo mitigate this risk. the trustees have agreed that the chaiily should aim to hold free reserves equivalent to 9 months, unrestricted expenditure. The free reserves held at 31 December 2024 were £403,366 {2023'. £398,031) against an expected annual unrestricted expenditure ofaround £300,000. Restricted income funds were £284,84012023.' £270,929) and designated funds were £9.206,94712023. £9,212,767). The policy will be reviewed every year while the charity improves the reliability of its main source of income. Fundraising In line with the reporting requirements included in the Charities Act 2016 the Trustees are pleased to confirm that all fundraising is done in compliance with best fundraising practice. All fundraising activities follow traditional methods within the Catholic Church which have been recognised as ethical for many years During the year we did nol employ any professional fundraisers There were no complaints or criticisms during the year about our fundraising activities. Plan8 for th• futuro We shall continue to focus on addressing priorities previously idenlified.. Ongoing review and continued improvement of the independent systems. procedures and policies over Parish Finances Ongoing review and monitoring to ensure full compliance with all stalutory and legal requirements in carrying out Parish activities Ongoing review and monitoring lo Identify ways to establish more secure and reliable income sources for the Parish Ongoing review and monitoring of Health and Safety Complian in all parish aclivilies, and site security on the parish grounds Ongoing review and monitoring lo identify ways to continue to adapt and serve the Parishioners and the wider community. Trustees, Respon8lbllltle8 The trustees are responsible lor preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wale5 requires the trustees lo prepare financial slalements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charily for that yeaf, In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP, make judgments and estimates that are reasonable and prudent", state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business Page 5
ST JOSEPH'S RETREAT IHIGHGATE) CIO ANNUAL REPORT Icontinuedl 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 Ihe financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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. FOR AND ON BEHALF OF THE TRUSTEES er George Kolothumveettil Antony 2025 Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOSEPH'S RETREAT (HIGHGATE) CIO Opinion We have audiled the financial statements of St Joseph's Retreat (Highgate) CIO for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Fltr4V Statement and notes to the financial statements. including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland {Unrted Kingdom Generally Accepted Accounting Practi1. The 2020 financial statements were not audited. In our opinion, the financial statements. give a true and fair view of the slate of the CIO'S affairs a5 al 31 December 2024 and of its incoming resources and application of resources for Ihe year then ended, have been Pfoperly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice, have been prepared in accordance with the requirements of the Charities Act 2011. 8asi8 for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the CIO in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the CIO'S use of the going concern basis of accounting in the preparation of the financial slatemenls 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 Slgnificanl doubt on the CIO'S ability lo continue as a going concern for a period of at least 12 months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the CIO with respect to going concern are described in the relevant secbons of this report. Other infomiation The other information comprises the information included in the annual report, including the Iruslees, report. other than the financial statements and our auditor's report thereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other inlormalion and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we Identify such material Inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have perfomed, we conclude that there is a material misstatement of this other Information. we are required lo report that fact. We have nothing to report in this regard. Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOSEPH'S RETREAT {HIGHGATE) CIO (continued) Matters on which we are required to report by exceplion In the light of Ihe knowledge and understanding of the CIO and ils environment obtained in the course of Ihe audit, we have not identified material misstatements in the Irustees, report. We have nothing to report in respect of the following matters in relation to which Ihe Charities Act 2011 requires us to report to you if. in our opinion adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or the financial statements are not In agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of the trustees As explained more fully in the trustees, responsibilities statement. the Iruslees are responsible for the preparation of Ihe financial statements and for being salisfied that they give a true and fair view. and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the linancial slalements, the trustees are responsible for assessing the CIO'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 CIO or to cease operations, or have no realistic alternative but to do so. Auditor'8 responslbllltles for the audit of the flnanclal 8tatament$ We have been appointed as auditor undef section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and lo 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 IUKI will always detect a material misslalement when It exists. Misstatements can arise from fraud or error and are considered malerial if, Individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on Ihe basis of these financial statements. The extent to which our procedures are capable of detecting irfegularilies. including fraud is detailed below: Based on our understanding of the charity, we identifEd that the principal risks of non-compliance with laws and regulations reL8led to employmenl, financial reporting legislath)n and health and safely regulations and we considered the extent to which non-compliance might have a material effect on the financial slalements. We also considered Ihose laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We assess the susceptibility of the charity's financial slalemenls to material misslatemenl. including oblaining an understanding of how fraud might Ixcur. by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team, We determined that the principal risks were related lo management bias in accwnting estimates. presentation of separately disclosed items and management override of controls. Page 8
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOSEPH'S REfREAT (HIGHGATE) CIO {continued) In response to the risks identified we designed procedures which included. but were not limited to challenging significant accounting estimates, agreeing financial statement disclosures lo underlying supporting documentation, identifying and testing journal entries, reviewing trustee meeting minutes and evaluating the charity, internal controls. There are inherent limitations in the audit procedures described above The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Material misstalements 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 financial statements is located on the Financial Reporting Council's website al. lwww.frc org uklauditorsresponsibilitiesj. This description forms part of our auditor's report. Usa of our report This report is made solely to the trustees. as a body. in accordance Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been underlaken so that we might stale lo the Trustees those matters we are required lo slate 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, trustees as a body. for our audit work, for this report, or for the opinions we have formed. Xeinadin Audit Limlted Statutory Auditor Chartered Accountants S Robin Hood Lane Sutton Surrey SM12SW Xein8din Audil Limileo is elwible fy8ppointmenl as 8uditorof the ch•rityby virtu• ofils eli91'l1ty for4ppoinlm•nl as audilorola company underse¢fron 1212 of the Gompanies Act 2LX)6 Page 9
ooa) ¢D w o UJ'E
ST JOSEPH'S RETREAT (HIGHGATEI CIO BANNCE SHEET AS AT 31ST DECEMBER 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 9,206,947 808 9.207,755 9,212,767 900 9,213,667 Curront a$80ts Stocks Debtors Cash at bank and in hand 3,085 55,633 1,000 45,936 7C6,999 698,195 Croditors: Amounts falling due within one year 19601 Net current asuts 668 060 Net assets Funds Unreslncted Designated 403,386 20 398,031 9,610,313 9,610,798 Restricted 10 284.840 Total funds 12 Approved by the Trustees on - 2025 and signed on their behalf by.. Geor eellil Antony Page11
ST JOSEPH'S RETREAT (HIGHGATEI CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 ST DECEMBER 2024 2024 2023 Cash (used inl I provided by operating activities (see below) (4,315) 71,301 Cash flow5 from Investing activitl8s Interest and dividends received Payments to acquire tangible fixed assets 3,836 2,499 2,951 Cash provided by investing actlvltlas 1,337 2.951 Not cash Inflowl(ouffiow) 12,9781 74.252 Cash and cash equivalents at 1 January 651,259 577,007 Cash and cash equlvalents at 31 December 648 281 651,259 Cash flows from operatlng actlvltles Net Income Interest and dividends received shown in investing activities Depreciation Lossiigain) on revaluatron of fixed asset inve51menls Decreasel{increasei in stocks De¢ase/lln¢rease) in debtors Increaselldecrease) in creditors 13,426 39,148 {3,8361 8,319 92 (2.951) 9.299 152) (2,085) (9,697} (10.5341 26.165 1308) Cash (u8•d in) I provided by operatlng activities 14,3151 71,301 Page 12
ST JOSEPH'S RETREAT IHIGHGATEI CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024 ACCOUNTING POLICIES The name of the CIO Is St Joseph's Retreat (Highgale) CIO. It is registered with the Charity Commission (number 1173084) The property of the CIO is vested in a trust. governed by a declaration of Trust dated 17 May 2017. The CIO'S registered office is Highgate Hill, London N19 SNE. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparatson of the financial statements are as follows. Accounting convention The financial statements have been prepared under the Charities Act 2011 and in accordance wilh the Chantses. Slalement of Recommended Praclice (Charilies SORP IFRS 102) and Financial Reporting Standard 102 IFRS 1021 The financial ststements are drawn up on the historical cost basis of accounting as modified for the revaluation of investments. St Joseph's Retreat (Highgate) CIO meets the definition of public benefit entity under FRS 102. The financial statements are ppared in Sterfing, which ig Ihe functional currency of the CIO Monetary amounts in these financial statements are rounded lo Ihe nearest pound. Going Concem There are no material uncertainties about the charity's ability to continue as a going concem. Income Voluntary incon* and donations (including legacies) are accounted for once Ihe charity has entitlement to the income, il is probable the income will be received and the amount of income receivable can be liablY measured. Income from listed investments and sundry income is credited to the Statement ol Financial Activities when receivable. Donated a$$ets are recognised al their fair value when ¢£ved. Expenditure Expenditure is accrued as soon as a liability is consK1ed probable, discounted lo present value for longer term liabilities. Governance Costs of the Charrty include expenditure on compliance with eonsth'tutional, legal and statutory requirements, and these have been allocated directly to expenditure inCUrd on charitable actsvitses. FSxed Assets Fixed assets are reco9nised at cost or fair value when donated Freehold land is not depreciated No depreciation has been charged for freehold property where the residual values are not likely to be materially less than the carrying values, such Ihal depreciation is immaterial. Other assets are deprecialed over their expected useful lives at the following rates.. Building improvements.. Other assets.. 20A on cost 25% reducing balance Page 13
ST JOSEPH'S RETREAT IHIGHGATEI CIO NOTES TO THE FINANCIAL STATEMENTS R TH AR ACCOUNTING POLICIES {conlinued) Fund accountlng The general funds comprise those monies lch may be used towards meeting the charitable objectives of the Charity al the discretson of the Trustees. Designated funds are the amounts set aside out of general funds and designated for specific purposes by the Trustees. Restricted funds are monies raised for, and their use restricted to, a specific purpose. or donations received which are subject to donor imposed conditions. D8biors Sundry debtors are included al the settlement amount due. Prepayments are valued al the amount prepaid. Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening ofthe deposil. Credltors and provisions Creditors and provisions are recognised Whe the charity has a present obligation arising from a past event that will probably result in the Iransfer of funds to a third party and the amount due to settle the obligation can be measured or estimated liablY Creditors and provisions are recognised at their settlement amount. Flnanclal instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. INCOME FROM DONATIONS AND LEGACIES Unrestrlcted Funds 2024 Restrlctsd Funds 2024 Total Funds 2024 Total Funds 2023 Donations Tax recoverable Legaaes 204,298 19,545 29,260 2,168 233,558 21,713 255,091 21,038 Page 14
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS THE YEAR ENDED 31 TDE EMBER2 24 continued EXPENDITURE ON CHARITABLE ACTIVITIES Llnrestrlcted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Pastoral cosls Premises costs Support costs Govemance costs.. Audit fees Accountancy work and other fees 80,383 99,495 58,648 7,112 10,250 155 87,495 109,745 58,803 100.131 101.818 56,118 6,720 6,720 6,300 984 SUPPORT COSTS Unrogtrlcted Funds 2024 R88trlctèd Funds 2024 Total Fund8 2024 Total Funds 2023 Administration Depreciation Legal and professional Travel 39,211 8,319 155 39,366 8.319 38,383 9,299 STAFF AND TRUSTEES 2024 2023 Gross salanes During the year there were 3 employees12023.' 3). No trustee or member of key management personnel ceived remuneration or reimbursement of expenses during the year12023 nil) No employees received more than £60,000 remuneration. Page 15
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS THE YEAR ENDED 31 T DECEMBER 2 24 continued TANGIBLE FIXED ASSETS Frnehold land and buildings Plant and machinery Offlce equlpment Motor vehlcl8s Total Cost or fair valuo when gifted At l January 2024 Additions 9,207,232 44,384 12,232 3,924 9,267,772 At 31 December 2024 9 207 232 46.8 Depreclatlon At 1 January 2024 Charge for the year 13,106 30,276 8,630 2,993 55,005 At 31 December 2024 226 Net booklfalr value At 31 December 2024 At 31 December 2023 Freehold land and buildings gifted were recognised as at 31 December 2018. at the fair value advised by Nigel Smith FRICS of Smith and Knight Property Consultants. INVESTMENTS Listed investments Falr value At 1 January 2024 Revaluation At 31 December 2024 900 92 Carrying amount Al 31 December 2024 At 31 December 2023 DEBTORS 2024 2023 Tax recoverable Loan receivable Other deblors and prepayments 9,124 500 9.980 Page 16
ST JOSEPH'S RETREAT (HIGHGATEI CIO NOTES TO THE FINANCIAL STATEMENTS ELR THE YEAR END TDE EMBER 2024 continued CREDITORS: Amounts falling duewithin one year 2024 2023 Interest free loans Olher credilors and accruals 3,100 4,167 10 RESTRICTED FUNDS 2024 Brought for•vard on 1 Jan 2024 Galn Carried (losses) and foThvard on transfers 31 Dec 2024 Incomo Expendituro 100 Club Cardinal Hume Centre Chile Fund Distress Fund Generalale. kitchen refurbishment Growing in Faith Haiti Fund India Mis&on Other appeals Priests, Training SOS Fund Grant for PA system 29,954 371 140 9,923 11,250 15,076) 36,128 371 140 9.923 828 29,947 1,340 1 828) 791 3,899 33,767 1,340 { 2.112) 1,948 { 1,9481 9,184 625 188,617 7,236 625 191,310 12,115 19,4221 (ll1) 2023 Brought forward on 1 Jan 2023 Galnsl Carrled 11088es) and forKdrd on transfors 31 De¢ 2023 Income Exp•ndltur• 100 Club Cardinal Hume Centre Chile Fund Distress Fund Generalate kitchen refurbishment Growing in Faith Haiti Fund India Mission Other appeals Priests. Training Social Club SOS Fund 25,182 371 140 9.923 10.800 (6,0281 29,954 371 140 9,923 7,328 26,024 1,340 { 6,500) { 66) 828 29,947 1,340 3,989 (3.200} 3,200 9,184 625 9,184 625 2,200 12,200) 17 Page 17
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS REND EMBER 2 The purposes of the above restricted income funds are.. 100 Club.. Cardinal Hume Centre." Chile Fund.. Distress Fund.. Generalate Fund.. Growing In Faith Fund.. fundraising specific offerings taken for this project support of Chile parish support of members suffering from financial or physical hardship for kitchen refurbishment fundraising scheme with aim of identifying potential parish donors f the redecoration and repair of Highgate church Telief for victims of the earthquakes In Haiti specific offerings taken for the construction of a church In Randham Korattur village any smaller fundraising appeals taking place throughout the year specific offerings taken for this appeal donatn$ taken by Social Club towards its upkeep fundraising for repair and renovation works grant received to support the projecl of upgrading the PA system Haiti Appeal. India Mission.. Other appeals. Priests. Training.. Social Club.. SOS Fund.. Grant lor PA sys¢em.' The transfers Into restricted funds were made to meet restricted expenditure not expecled to be covered by future receipts. 11 DESIGNATED FUNDS 2024 Brought forward on 1 Jan 2024 Galn81 C•rrled 1108s•sl and forward on Iran810rn 31 D•c 2024 In¢om• Expondlture Fixed asset fijnd 2023 Brought fOrard on1Jan 2023 Gainsl Carried (losses) forward on and 31 Dec 2023 transfers Income Expenditure Fixed asset fund The Fixed Asset Fund comprises all tangible fixed assets held by the charity. Page 18
ST JOSEPH'S RETREAT (HIGHGATE) CIO NOTES TO THE FINANCIAL STATEMENTS TH ED 1ST DECEMBER 2024 con inued 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Tangible flxed assets Invest- monts Currnnt assets Current Ilabilitles Tolal Funds Restricted Unreslricted general Designated 284.840 422,159 284,840 403,366 808 (19,601) At 31 December 2024 2023 Tangible fixed assets Invest- ménts Current assets Current Ilabilities Total Funds Restricted Unrestricted general Designated 274,826 423,369 13,8971 (26,238) 270,929 398,031 900 At 31 December 2023 13 RELATED PARTY TRANSACTIONS During the year a total of £8,768 expenses were reimbursed lo three trustees12023. £5,562 to hvo trusleesl in respect of travel, hospitality, healthcare and books No other transactions with related parties took place during the year (2023 none) The Iruslees receive no special benefit as trustees other than their care and maintenance as members of the Congregation. OPERATING LEASE COMMITMENTS 14 Al 31 December 2024 there were operating lease commitments of £661 due within one year (2023.. £8811 and £0 due in tsvo to five years (2023. £661}. Lease charges in Ihe year were £881 12023.. £8811. Page 19