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← The Sisters Of Christian Instruction (St. Gildas) CIO

2024-08-31-accounts

The Sisters of Christian Instruction (St. Gildas) ClO

Report and Accounts

31 August 2024

Charity Registration Number 1173344

Contents

Reports

Reference and administrative details of the
charity, its trustees and advisers 4
Trustees’ report 2
Independentauditor'sreport 19

Accounts

Statement of financial activities 24
Balance sheet 25
Statement of cash flows 26
Principal accounting policies 27
Notestotheaccounts 32

The Sisters of Christian Instruction (St. Gildas) ClO

Reference and administrative details of the charity, its trustees and advisers

Trustees SisterAnne Hogan
Sister Odile Mahé
Sister Elizabeth McNiff
General Councillor Delegate Sister Dominique Guerin
Regional Bursar Sister Odile Mahé
Administrative address The Sisters of Christian Instruction (St Gildas)
36 Dickenson Road
Hornsey
London
N8 9ET
Charity registration number 1173344
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Principal bankers The Royal Bank ofScotland pic
49 Bishopsgate
London
EC2N 3AS
Investment managers Charles Stanley and Company Limited
55 Bishopsgate
London
EC2N 3AS
Solicitors Pothecary Witham Weld
84 Eccleston Square
London
SWiV1PX

The Sisters of Christian Instruction (St. Gildas) ClO i

Trustees’ report Year to 31 August 2024

The trustees present their statutory report together with the accounts of The Sisters of Christian Instruction (St. Gildas) ClO (the charity or the CIO) for the year to 31 August 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 27 to 31 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).

Introduction

The Sisters of Christian Instruction (St Gildas) (the Congregation) is a Roman Catholic religious congregation supporting 293 sisters. It was founded in France in 1820 where its generalate is still located and it is divided into three Regions, a delegation and the Mother House.

The accounts accompanying this report are the accounts of the charity through which the activities and net assets of the Congregation in England have been administered since 1 September 2017. The charity is governed by a constitution dated 30 May 2017 and is registered under the Charities Act 2011 — Charity Registration No. 1173344.

Principal aims and mission

The general objects of the charity during the period were the advancement of the religious and other charitable work carried on by the Sisters of Christian Instruction (St Gildas). This included the maintenance and support of the sisters themselves.

By caring for individual members of the Congregation throughout their lives with the Congregation, the charity aims to enable and support the sisters to live out their faith and to put that faith into practice through a variety of religious and other charitable works.

When setting the objectives and planning the work of the charity for the period, and when encouraging the work of individual sisters, the trustees give careful consideration to the Charity Commission’s guidance on public benefit.

The ministries of the sisters during the year fell into the following main areas:

The Sisters of Christian Instruction (St. Gildas) CIO 2

Trustees’ report Year to 31 August 2024

Principal aims and mission (continued)

Members of the Congregation are given the opportunity for private worship and to continue to develop their knowledge and trust in Jesus and the Church through quiet prayer, study of the Gospel and spiritual development. In addition, members of the Congregation celebrate and pray with the wider community including people of all faiths and none. They do this through the provision of spiritual guidance or by just being available to listen in times of need, through the celebration of the Liturgy, prayer groups and church services.

Activities, specific objectives and relevant policies

As stated under principal aims and mission above, the aims of the charity during the period were to care for individual members of the Congregation throughout their lives with the Congregation and so enable and support them to live out their faith and to put that faith in to practice through a variety of religious and other charitable works.

Caring for members of the Congregation

The Congregation has an obligation, both moral and legal, to provide care for its members, none of whom have resources of their own and all of whom have devoted a significant part of their lives to education. In common with many religious congregations, as the age profile of the members increases so too does the need to provide for the care of the sisters in the future. The age profile of the sisters who were in England during the year is shown graphically overleaf:

The Sisters of Christian instruction (St. Gildas) ClO 3

Trustees’ report Yearto 31 August 2024

Activities, specific objectives and relevant policies (continued)

Caring for members of the Congregation (continued)

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Age Profile 2023/2024
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50-59 60-69 70-79 80-89 90+
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At present, most ageing or ailing members live as members of various communities, receiving the care they need from the sisters of the community, making use of local facilities. As a consequence, the trustees of the charity have given careful consideration to the impact of this on the work of individual members of the Congregation and the financial implications. Therefore, the objectives of the trustees of the charity include:

Enabling and supporting members in a variety of religious and charitable works The religious and charitable works of individual members of the Congregation can be divided into three principal areas: worship and prayer, the social and pastoral work of the sisters and support of overseas missionary work. Each of these is considered in turn.

Worship and prayer

The sisters are involved in a number of activities which include:

The Sisters of Christian Instruction (St. Gildas) ClO 4

Trustees’ report Year to 31 August 2024

Activities, specific objectives and relevant policies (continued)

Enabling and supporting members in a variety of religious and charitable works (continued)

Worship and prayer (continued)

Social and pastoral work

The charity enables and supports individual members of the Congregation in ministry and outreach work, thereby furthering the message set out in the Gospel to help one another and love one’s neighbour.

The following are examples of the social and pastoral work undertaken by individual sisters:

The objectives of the trustees of the charity included the following in respect to social and pastoral work:

The Sisters of Christian Instruction (St. Gildas) ClO 5

Trustees’ report Year to 31 August 2024

Activities, specific objectives and relevant policies (continued)

Overseas missionary work

The Congregation’s missions in West Africa are now jointly financed by the English Delegation and the Congregation in France. The financial support of the charity has been used to meet the personal and living expenses of the sisters and their work: literacy, primary evangelisation, religious education, health care (primary health care) and the formation of young African girls aspiring to religious life.

The support enables the sisters to continue to care for some of the poorest and most marginalised in society — an objective which is consistent with the values set out in the Gospel. The individuals who benefit include those of all faiths and none and the help they receive can often mean the difference between life and death for them and their dependents.

Review of activities

The following paragraphs outline the main achievements during the period in each of the charity’s principal activities.

Care of members of the Congregation

During the year the charity assisted members of the Congregation in their charitable and religious work, enabling them to work and volunteer in their chosen ministry. The Barnet community continued to visit Sister Paula in the care home until her death on 21° April 2024. Following the closure of the Birmingham community the property was put up for sale and the completion of the sale was completed on the 29" August 2024.

Worship and prayer

Following the General Chapter in July 23 and the election of a new leadership team Sister Francoise Superior General and Sister Dominique came to England and met with all the sisters in Barnet to share the outcome of the chapter.

At the end of May Sister Odile and Sister Anne Hogan travelled to the Mother House in France to represent Sister Breda unable to travel to celebrate with others 70 years of religious life. It was a celebration of life, of thanksgiving for all the years of faithful service. On the 4th May sisters Anne and Odile went to Lincoln to celebrate the diamond Jubilee of one Sister of the federation community.

During the year Sister Ann O’Sullivan was given the opportunity for a time away. Here is what she has to say about it.

The Sisters of Christian Instruction (St. Gildas) ClO 6

Trustees’ report Year to 31 August 2024

Review of activities (continued)

Worship and prayer (continued)

Reconnecting to the source!

“In January until the middle of September of this year, | had the opportunity from my congregation to take a break from my normal activities and working life as a Chaplain, in a residential unit for people living with Dementia and a Creative Psychotherapist to explore other terrains.

These terrains included the following:

Nearly 3 months at our Mother House in France

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----- Start of picture text -----
Of our sisters living away from France, returning to our Mother House is reconnecting to our
roots. Throughout my time in France, | had the real opportunity of getting to know our sisters
at the Mother House and surroundings areas, which was a real joyful experience. | also
profited from visiting historic sites and tasting a variety of French delicacies!!!
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The Sisters of Christian Instruction (St. Gildas) ClO 7

Trustees’ report Year to 31 August 2024

Review of activities (continued)

Worship and prayer (continued)

A 10 Week sabbatical program at An Tairseach, Co. Wicklow, Ireland

An Tairseach is a residential ecology centre, which has been founded by the Dominican sisters. The centre is a peaceful and tranquil building which is surrounded by spacious grounds and a 70-acre organic farm which overlooks Wicklow Bay. The word An Tairseach means — Threshold, crossing over. 20 participants from all over the world, participated in this unique and creative experience. Here are some of the themes we are exploring:

And more.......

This program is delivered through:

My time at An Tairseach was filled with bundles of nourishment, new concepts to explore, time to reflect on one’s journey, and like-minded people to share this unique experience with, it is 7 months, since | have returned from An Tairseach and | continued to be inspired and nourished from all | experienced.

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The Sisters of Christian Instruction (St. Gildas) ClO 8

Trustees’ report Year to 31 August 2024

Review of activities (continued)

Worship and prayer (continued)

A 30 day retreat at St, Beuno’s retreat house, Wales.

A 30-day retreat is not for the faint hearted they say!!!!_ This retreat is based on the spiritual exercises of St. Ignatius. The exercises are a time-honoured way and powerful way of a person deepening their relationship with God. This retreat is a profound and life changing experience, filled with silence and solitude.

This retreat provided me with the opportunity to reflect on my life to date,

To take time to listen and reconnect to my relationship with God and to have the space to dream anew!

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My time away was a sabbatical with a difference! and one | am truly grateful for.! It has enabled me to reconnect with all that | deeply value in life.

Having space to reflect and just are essential and vital elements to reconnecting to one’s deepest desires and longings. The challenge is how do we integrate these vital elements into to our daily life! | will leave you with a famous quote from St, Ignatius. Where he encourages us to:

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The Sisters of Christian Instruction (St. Gildas) ClO 9

Trustees’ report Year to 31 August 2024

Review of activities (continued)

Sister Paula O’Leary: 28" June, 1943 — 21% April, 2024

On the 21st April, 2024, Sisters, family and many friends gathered together in Barnet parish church to celebrate Sister Paula’s life.

Paula was very proud of her Irish heritage, originating from the fine city of Cork.

Sister Paula entered the novitiate of the Sisters of St Gildas in 1963 in St Gildas-des Bois, France. On leaving the novitiate, she joined the community in Briston Grove, Crouch End, London. From there, she went on to train as a teacher and worked for several years in various state schools. She had a very successful career in teaching, and won the respect and affection of both staff and students.

Sr. Paula showed great concern for the marginalised which led her to get involved in a ministry known as ‘Women at the well’, reaching out to women who had suffered various forms of abuse and had been trafficked.

From 1999 until 2008, Sr Paula served as Regional superior for England, Ireland, with some communities in France.

The last years of her life were spent in Barnet. Her failing health required specialist care which she received in a local Care Home where she passed away peacefully, surrounded by her family and Sisters on 21st April, 2024.

Sister Francoise superior general and Sister Dominque, came over from France to support the Sisters especially those of the Barnet Community.

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The community of Dickenson Road welcomes a small group of “St Gildas Family” friends to share and pray together, about once every six weeks.

The Sisters of Christian Instruction (St. Gildas) ClIO 10

Trustees’ report Year to 31 August 2024

Review of activities (continued)

Overseas missionary work

During this period, the charity continued to support the work and the personal and living costs of the sisters working in West Africa. This was done via the annual contribution to the Generalate.

Volunteers

The members of the Congregation have gradually started again some of their activities assisting the poor and marginalised and those in need. The majority of members receive no financial reward for this work which contributes to the overall achievement of the CIO’s objectives. In addition, members are involved in administering the work of the Congregation and the CIO. Without their contribution neither would be able to function effectively.

Details of the areas in which members gave their time during the year are shown in the table below:

Parish work 2
Hospital visiting 4
Housebound visiting 2
Working with other groups/organisations 2
Administration 2
Education 1

Some sisters carry out voluntary work in more than one area as part of their mission and apostolate. Some activities had to stop or change because of health/age.

Protection of Children and Vulnerable Adults

Along with all other organisations which serve in the community, the trustees recognise the absolute necessity of ensuring the protection and safety of all those the charity serves. Where required under the terms of their ministries, sisters obtain clearance from the Disclosure and Barring Service (DBS). The trustees are committed to implementing all policies and procedures of The Catholic Safeguarding Standards Agency (CSSA). The trustees have been kept in touch by the new Religious Life Safeguarding Service to which they are members.

Donations and support of missionary work and ministry

Donations in support of the Congregation’s work overseas are decided on by the trustees in consultation with the Generalate of the Congregation. In the main, the charity has supported the work of the Congregation in overseas countries. Broadly, the policy is to give to the most needy areas.

During the period, the trustees continued to give financial support to charities approved by the trustees and whose work is consistent with the objects of the charity.

The Sisters of Christian Instruction (St. Gildas) ClO 11

Trustees’ report Year to 31 August 2024

Financial report for the period

Results for the period

A summary of the year’s results can be found on page 24 of the attached accounts. During the year to 31 August 2024, income amounted to £1,028,247 (2023 — £265,813). Income for the year includes donations (including pensions receivable from members of the Congregation under Gift Aid or Deed of Covenant) of £166,513 (2023 —£167,137) and investment income and interest receivable of £119,917 (2023 ~ £98,676). Expenditure totalled £428 439 (2023 — £387,345). Expenditure on maintaining the sisters and enabling them to carry out their work during the year amounted to £361,377 (2023 — £338,536). Charitable donations amounted to £46,544 (2023 - £29,108). The total donations given to the Generalate were £43,664 (2023 - £26,168).

Net income for the year before investment losses was £599,808 (2023 — net expenditure of £121,532 before investment losses). Net investment gains for the year totalled £208,971 (2023 — net investment losses of £232,923). Therefore, the net movement on funds and net income was £808,779 (2023 — net expenditure of £354,455)

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 eighteen to twenty-four months’ ongoing expenditure. The trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in income 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 reserves of £6,138,863 (2023 — £5,330,084). Of this, £1,716,579 (2023 —£1,754,693) represents the tangible fixed assets used to support the work of the sisters.

The retirement reserve of £4,000,000 (2023 —£3,400,000) consists of funds that the trustees have designated to provide for the sisters in their retirement. Though calculated using actuarial principles, the fund itself is limited to the resources available.

At the balance sheet date, free reserves amounted to £622,284 (2023 — £175,391). These free reserves are in line with the target range required by the reserves policy above.

The Sisters of Christian Instruction (St. Gildas) ClO 12

Trustees’ report Year to 31 August 2024

Financial report for the period (continued)

Investment policy and performance

The charity had a portfolio of listed investments with a market value at the end of the period of £2,885,421 (2023 — £2,442,019). The portfolio achieved an income yield of 4.1% (2023 — 3.6%) and a capital yield of 7.63% (2023 — a capital loss of 9.39%). At 31 August 2024, the investment managers were also holding cash awaiting investment of £248,680 (2023 — £101,472). The investments are managed by Charles Stanley and Company Limited, who operate within guidelines that are set and regularly reviewed by the trustees, who believe their investment policy remains appropriate.

The policy of the charity is to achieve a combination of income and capital growth within acceptable levels of risk.

There are no restrictions on the charity’s power to invest.

The performance of the portfolio and the investment strategy are reviewed by the trustees who meet with the investment manager at least once a year. The trustees are content that their policy will be achieved in the medium to long term.

Future plans

The trustees do not anticipate any significant change to the charity or its activities over the next two to five years. It is their intention to continue to meet the following objectives:

Governance, structure and management

Governing document

The charity is a Charitable Incorporated Organisation (CIO) governed by a Constitution agreed by the trustees on 30 May 2017 and registered with the Charity Commission on 9 June 2017.

Liability of the member

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

The Sisters of Christian Instruction (St. Gildas) ClO = 13

Trustees’ report Year to 31 August 2024

Governance, structure and management (continued)

Governance

In terms of Canon law, the Congregation is governed at an international level by the Superior General and her General Council in Nantes, France. They are elected every six years at a General Chapter or meeting of delegates of all the regions of the Congregation.

Since the 2017 General Chapter, England and Ireland are now a delegation with a General Councillor having overall responsibility, assisted by a Delegate living in England who works in close collaboration with the General Councillor. After consultation with the sisters of the delegation, the Superior General names the Delegate with the consent of her council.

The Assistant Delegate communicates with the General Councillor responsible for the Delegation. Once or twice a year she meets with the Superior General and her Council to give an account of the progress and development of the ministries in which the sisters are engaged.

In terms of Civil Law, the charity is governed by a constitution dated 30 May 2017 and is registered under the Charities Act 2011 — Charity Registration No, 1173344. The trustees are appointed by the Superior General in her capacity as sole member of the ClO. As members of the Congregation, the trustees are aware of the work of the charity and of its structure. With the help of professional advisers, and through attendance at seminars, conferences etc, they update their knowledge of charity law and its requirements.

Trustees

The names of the trustees are set out within the reference and administrative details on page 1 of this report and accounts and brief biographical details on each of the trustees in office at 31 August 2024 are given below.

Sister Anne Hogan

Sister Anne joined the Congregation in 1962. She is a qualified teacher but her main involvements have been in the areas of formation and administration. She has been responsible for novices both here in the UK and also in Burkina Faso, West Africa. She served as Regional Superior for twelve years and then as General Councillor for six years. As Regional Superior she was a trustee of the charity. Presently, Sister Anne is Assistant Delegate for England and Ireland.

Sister Elizabeth McNiff

Sister Elizabeth joined the Congregation 57 years ago. After training in child care she worked in the Social Services departments for Haringey, Solihull and Birmingham (1971-1996), caring for disadvantaged young people, mainly adolescents in the residential setting. She has been bursar in the Birmingham Community and is now bursar of the Barnet Community and continues to be actively involved in Parish life supporting people in need as well as looking to the welfare of the Barnet community.

The Sisters of Christian Instruction (St. Gildas) ClO 14

Trustees’ report Year to 31 August 2024

Governance, structure and management (continued)

Trustees (continued)

Sister Odile Mahé

Sister Odile is the Bursar for the Delegation with overall responsibility for the finances of the charity. She joined the Congregation 63 years ago and, after graduating and qualifying as a teacher, spent 20 years of her religious life in education. She was also Bursar of her community. Before taking up the post of Regional Bursar she did some further training in IT.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and regulations.

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. Under that law, the trustees have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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.

All the trustees are members of the Congregation and, whilst their living and personal expenses are borne by the charity, they receive no remuneration or reimbursement of expenses in connection with their duties as trustees or key management personnel.

The Sisters of Christian Instruction (St. Gildas) CIO 15

Trustees’ report Year to 31 August 2024

Governance, structure and management (continued)

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet when necessary to review the activities, possible developments, make important decisions and to seek advice and support from professional advisers including solicitors, investment managers, accountants and property consultants. They delegate the day-to-day management of the activities, and the implementation of policies, to members of the Congregation.

At the end of August 2024, the Delegation of England comprised 10 sisters, The sisters live in two communities in London. The community houses are located in areas and parishes where their proximity to the people among whom they dwell, enables the sisters to respond most effectively to needs, either working alone, or in partnership with other organisations. As stated above, each community has a Leader appointed by the General Councillor Delegate.

St Gildas Schools in Yeovil and London, formerly the property of the Sisters of Christian Instruction (St Gildas), are administered by the Dioceses of Clifton and Westminster respectively. The sisters continue to maintain an interest in the life of the schools and support their work. [ , (Wee ie a i

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

The Sisters of Christian Instruction (St. Gildas) ClO 16

Trustees’ report Year to 31 August 2024

Governance, structure and management (continued)

Risk management

In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Congregation currently faces and have reviewed the measures already in place to deal with them.

The trustees recognise their responsibility for the management of risks faced by the charity and the sisters. The areas identified for particular attention within the charity’s risk management strategy are:

Governance and management: looks at the risk of the Congregation, and hence the charity, suffering from a lack of direction, at the skills and training of its members, and the good use of its resources.

An analysis of the age profile of the sisters shows that the average age at 31 August 2024 was 83 years. The trustees are aware that there is both a moral and legal obligation to care for the sisters. None of the sisters have resources of their own as all earnings, pensions and any other income have been donated to the charity under a Gift Aid compliant Deed of Covenant.

As the age profile increases, so too does the need to provide care for the sisters. Key elements of the management of this risk are: a) ensuring that the charity has the available financial resources to finance this care both now anc in the future by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and b) ensuring that processes are in place to review the ministries and needs of individual sisters encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.

Operational: looks at the risks inherent in the activities of the charity, particularly pastoral care.

The trustees recognise the absolute necessity of ensuring the protection and safety of all whom the charity serves. This means that all sisters who are in any kind of ministry have obtained clearance from the Disclosure and Barring Service. The trustees are committed to implementing all policies and procedures of the Catholic Safeguarding Standards Agency (CSSA). The charity does not work with children, but it does work with adults who may need help at particularly vulnerable momentsin life.

Financial: looks at risks including those arising as a result of poor budgetary control, poor accounting and poor management ofthe investment portfolio.

The principal asset of the charity comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet regularly with the investment managers and the manager’s performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity’s needs both now and in the future.

The Sisters of Christian Instruction (St. Gildas) ClO 17

Trustees’ report Year to 31 August 2024

Governance, structure and management (continued)

Risk management (continued)

Reputational: looks at possible damage to the Congregation and hence the reputation of the charity.

Laws, regulations, external and environment: looks at the effect of government policies and the consequences of non-compliance with laws and regulations in so far as they are applicable to the Congregation’s activities.

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced, they have established effective systems to mitigate those risks.

Working with other organisations

The charity has worked closely with other charities and public bodies in the fields of social and pastoral care and education, including working with the vulnerable and the marginalised. One sister receives a salary, while the others work on a voluntary basis. In all cases, working together enables the sisters to be more effective and avoid duplication of effort in providing services to the people they serve. Examples of the organisations for which members have worked and with which the charity has co-operated during the period are as follows:

Employees, volunteers and members of the Congregation

The members of the Congregation continue to give unsparing service and dedication to all the Congregation’s works and the trustees wish to record their appreciation.

Signed on behalf of the trustees:

. yp 7 Trustee O. Mate Approved by the trustees on: Ik/0' bie. r)Bh | L023Gnmar*

The Sisters of Christian Instruction (St. Gildas) CIO 18

Independent auditor’s report 31 August 2024

Independent auditor’s report to the members of The Sisters of Christian Instruction (St. Gildas) Charitable Incorporated Organisation (CIO)

Opinion

We have audited the accounts of The Sisters of Christian Instruction (St. Gildas) ClO (the ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the 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.

The Sisters of Christian Instruction (St. Gildas) ClO 19

Independent auditor’s report 31 August 2024

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.

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 set out on page 15, 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.

The Sisters of Christian Instruction (St. Gildas) ClO 20

Independent auditor’s report 31 August 2024

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.

Irregularities, including fraud, are instances of non-compliancewith laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Sisters of Christian Instruction (St. Gildas) ClO = 21

independent auditor’s report 31 August 2024

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

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

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Sisters of Christian Instruction (St. Gildas) CIO 22

12 February 2025

Statement of financial activities Year to 31 August 2024

2024 2023
Notes £ £
Income from:
Donations and legacies 4 589,437 167,137
Investments and interest receivabie 2 119,917 98,676
Other sources:
. Gains on disposal oftangible fixed assets 318,893 —_
Total income 1,028,247 265,813
Expenditure on:
Raising funds
. Investment management costs 20,518 19,701
Charitable activities
. Support ofmembers ofthe Congregation and their ministry 3 361,377 338,536
. Charitable donations 4 46,544 29,108
Total expenditure 428,439 387 345
Net income (expenditure) forthe year before investment gains
(losses) 599,808 (121,532)
Net investmentgains (losses) 208,971 (232,923)
Net income (expenditure) and netmovement in funds 808,779 (354,455)
Reconciliation of funds:
Balances broughtforward at 1 September 2023 5,330,084 5,684,539
Balancescarriedforwardat 31August2024 6,138,863 5,330,084

The statement of financial activities includes all recognised gains and losses recognised in the year.

All activities of the charity derived from continuing operations during the above two financial periods.

All of the charity’s funds were unrestricted in the above two financial periods.

The Sisters of Christian Instruction (St. Gildas) CIO 24

Balance sheet 31 August 2024

2024 2024 2023 2023
Notes £ £ £ £
Fixed assets
Tangible assets 8 1,716,579 1,754,693
Investments 9 3,134,101 2,543,491
4,850,680 4,298,184
Current assets
Debtors 10 2,599 13,239
Cash at bank and in hand 1,355,552 1,120,287
1,358,151 1,133,526
Liabilities
Creditors: amounts falling due
within one year 11 (69,968) (101,626)
Net current assets 1,288,183 1,031,900
Total netassets 6,138,863 5,330,084
The funds ofthe charity:
Funds and reserves
Unrestricted funds
. Tangible fixed assets fund 12 1,716,579 1,754,693
. Designated funds 13 4,000,000 3,400,000
. General funds 422,284 175,391
6,138,863 5,330,084

Approved by and signed

on behalf of the trustees:

Trustee O.Mafie Approved by the trustees on: byf / OL1ZPy ‘Ay OLSAw j=

The Sisters of Christian Instruction (St. Gildas) ClO 25

Statement of cash flows Year to 31 August 2024

==> picture [390 x 414] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£| |Cash|flows|from|operating|activities:| |Net cash|provided|by|(used|in)|operating|activities|A|167,643|(161,911)| |Cash|flows|from|investing|activities:| |Investment|income|and|interest|received|119,990|97,786| |Proceeds|from|the|disposal|of investments|190,193|131,822| |Purchase|of|investments|(424,624)|(300,775)| |Purchase|of tangible|fixed|assets|(14,897)|—| |Net|proceeds|from|the|disposal|of|tangible|fixed|assets|344,169|—| |Net cash|provided|by|(used|in)|investing|activities|214,831|(71,167)| |Change|in|cash|and|cash|equivalents|in|the year|382,474|(233,078)| |Cash|and|cash|equivalents|at|1|September 2023|1,221,759|1,454,837| |Cash|and|cash|equivalents|at|31|August|2024|B|1,604,233|1,221,759| |Notes|to|the|statement|of cash cash|flows|for the the|year to to|31|August|2024| |Reconciliation|of|net|movement|in|funds|to|net|cash|used|in|operating|activities| |2024|2023| |—____£. _E| |Net movement|in|funds|(as|per the|statement|of financial|activities)|808,779|(354,455)| |Adjustments|for:| |Depreciation|charge|34,236|35,661| |Gains|(losses)|on|investments|(208,971)|232,923| |Gains|on|disposal|of tangible|fixed|assets|(325,392)|—| |Investment income|and|interest|receivable|(119,917)|(98,676)| |Decrease|(increase)|in|debtors|10,566|(9,797)| |Decrease|(increase)|in|creditors|(31,658)|32,433| |Net cash|provided|by|(used)|in|operating|activities|167,643|(161,911)|

----- End of picture text -----

Notes to the statement of cash cash flows for the the year to to 31 August 2024

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

B_ Analysis of cash and cash equivalents

==> picture [392 x 81] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |At|1|At|31| |September|August| |2023|Cash|flows|2024| |FE| |Cash|at|bank|and|in|hand|1,120,287|235,265|1,355,552| |Cash|held|by|investment|managers|101,472|147,208|248,680| |Total|cash|and|cash|equivalents|1,221,759|382,473|1,604,232|

----- End of picture text -----

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 Sisters of Christian Instruction (St. Gildas) CIO

26

Principal accounting policies 31 August 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 ended to 31 August 2024 with comparative information provided in respect to the year ended 31 August 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) 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 such 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 potential impact of the current macroeconomic and geopolitical climate on the charity and have concluded that there may continue to be some negative consequences as investment markets remain volatile, However, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

The Sisters of Christian Instruction (St. Gildas) ClO 27

Principal accounting policies 31 August 2024

Assessment of going concern (continued)

The most significant areas of judgement that affect items in the accounts are detailed above.

With regard to the next accounting period, the year ending 31 August 2025, the most significant areas that affect the carrying value of the assets held by the charity are the performance of the investment market. However, the trustees have considered the possible impact on the charity and have concluded that, although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, investment income, interest receivable and income from other sources including the surplus on the disposal of tangible fixed assets.

Donations, including salaries and pensions of religious individuals 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 pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

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

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

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.

Any 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.

The Sisters of Christian Instruction (St. Gildas) CIO 28

Principal accounting policies 31 August 2024

Income recognition (continued)

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses are allocated to the applicable expenditure headings. The majority of expenditure is directly attributable and any apportionment between headings is negligible.

Expenditure on raising funds includes the fees paid to investment managers in connection with the management of the listed investments.

Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities and includes: © Expenditure on the support of members of the Congregation and their ministry. Such expenditure enables the members to carry out the work of the charity in the areas of the advancement of the Roman Catholic faith, the advancement of education and the provision of social and pastoral work.

All expenditure is stated inclusive of irrecoverable VAT.

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 financial procedures, provision of office services and equipment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

All expenditure on support and governance is allocated to the charitable activities of care of members of the Congregation and enabling their ministry as any costs in relation to provision of donations or raising funds is considered to be minimal.

The Sisters of Christian Instruction (St. Gildas) CIO 29

Principal accounting policies 31 August 2024

Tangible fixed assets

All assets costing more than £1,500 and with an expected useful life exceeding one year are capitalised.

¢ Freehold buildings

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are stated at cost, or, in the case of older properties where cost is not available, at a trustees’ valuation made in 1996 based on market value for existing use. As permitted by FRS 102, with effect from 1 September 2014, the value assigned to those properties valued in 1996 is now deemed to be cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the trustees, who are satisfied that their residual value is not materially less than their book value.

Specialised buildings comprise a large residential convent stated at cost. Depreciation is provided at 2% per annum ona straight-line basis to write the building off over its estimated useful economic life to the Congregation.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

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.

The Sisters of Christian Instruction (St. Gildas) ClO 30

Principal accounting policies 31 August 2024

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors 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.

Funds structure

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's objects.

The tangible fixed assets fund represents the net book value of the charity's tangible fixed assets.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects. Details of these are provided in note 13.

Services provided by members of the Congregation

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

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

The Sisters of Christian Instruction (St. Gildas) ClO 31

Notes to the accounts 31 August 2024

1 Income from: Donations and legacies
2024 2023
EE
Salaries and pensions of individual religious received under deed of
covenant or GiftAid 166,513 167,137
Other donations (note 17) 422,924 —
589,437 167,137
2 Income from: Investments and interest receivable
2024 2023
£ £
Income from listed investments 100,864 88,726
Interest receivable
. Cash held by investment managers 6,276 995
. Bank interest 12,777 8,955
119,917 98,676

2 Income from: Investments and interest receivable

3 Expenditure on: Support of members of the Congregation and their ministry

2024 2023
£ £
Premises (excluding depreciation) 88,447 65,017
Sisters’ living and personal expenses 96,309 68,634
Nursing home fees 89,793 127,400
Education, training and spiritual renewal 22,996 15,874
Depreciation 34,236 35,661
Support costs
. Governance (professional fees) 18,371 14,274
. Other costs 11,225 11,676
361,377 338,536

4 Expenditure on: Charitable donations

The donations payable during the year were to institutions and were for the following

purposes:

2024 2023
EE
Support ofthe Congregation’s work overseas 904 922
Support ofthe Congregation’s Generalate 43,664 26,168
Other donations of less than £1,000 each 1,976 2,018
a 46,544 29,108

The Sisters of Christian Instruction (St. Gildas) CIO 32

Notes to the accounts 31 August 2024

2024 2023
neeTOOT. TOOT.2
Auditors remuneration, including VAT
. Statutory audit services
.. Current year 17,580 13,609
.. Previous period 791 665
Depreciation 34,236 35,661
Gain on disposal oftangible fixed assets 318,893 —_
Operating lease payments
.Officeequipment 3,176 2,867

As members of the Congregation, the trustees’ living and personal expenses during the year were borne by the charity, but they received no remuneration or reimbursement of expenses in connection with their duties as trustees or as members of key management during the year.

The charity did not have any employees during the year (2023 — none).

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.

None of the trustees have resourcesoftheir own as all earnings, pensions and other income has been donated to the charity. During the year, a total of £49,676 (2023 — £45,538) was donated by the trustees to the charity.

7 Taxation

The Sisters of the Christian Instruction (St. Gildas) ClO 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 Sisters of Christian Instruction (St. Gildas) CIO 33

Notes to the accounts 31 August 2024

8 Tangible fixed assets

Tangible fixed assets
Freehold land and buildings
Furniture,
fittings
Non-
Motor
and
Specialised
specialised
vehicles
equipme t
Total
eeeEEE
Cost or deemed cost
At 1 September 2023 1,578,817 645,342 19,426 30,983 2,274,568
Additions _— — — 14,897 14,897
Disposals _ (13,000) —_— (9,626) (22,626)
At 31 August 2024 1,578,817 632,342 19,426 36,254 2,266,839
Depreciation
At 1 September 2023 488,613 _ 19,426 11,836 519,875
Charge for the year 31,576 _ — 2,660 34,236
Disposals _ _ _ (3,851) (3,851)
At 31 August2024 520,189 —_ 19,426 10,645 550,260
Net book values
At 31 August 2024 1,058,628 632,342 —_ 25,609 1,716,579
At31August2023 1,090,204 645,342 —_ 19,147 1,754,693

It is likely that the open market values of certain of the charity’s land and buildings are materially greater than their book values. The amount of such differences cannot be ascertained without incurring significant costs, which, in the opinion of trustees, is not justified in terms of the benefit to the users of the accounts.

9 Investments

Investments
2024 2023
EE
Listed investments
Fair (market) value at
1 September 2023		 2,442,019 2,505,989
Additions at cost 424,624 300,775
Disposals at book value (see below) (167,547) (129,510)
Net unrealised investment gains (losses) 186,325 (235,235)
Fair (market) value at 31 August 2024 2,885,421 2,442,019
Cash held by investment managers for re-investment 248,680 101,472
3,134,101 2,543,491
Costoflistedinvestmentsat31August2024 2,309,047 2,057,496

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

2024 2023
EE
Proceeds 190,193 131,822
Realised gains (22,646) (2,312)
167,547 129,510

The Sisters of Christian Instruction (St. Gildas) ClO 34

Notes to the accounts 31 August 2024

9 Investments (continued)

Listed investments held at 31 August 2024 comprised the following:

2024 2023
EE
. UK Equities 1,076,806 866,001
. Overseas Equities 812,084 601,501
. Fixed interest 342,892 287,728
. Property 132,116 138,376
. Alternatives 474,967 500,165
. Mixed Investment 46,556 48,248
2,885,421 2,442,019

At 31 August 2024 there were no individual holdings deemed material when compared with the overall portfolio valuation as at that date.

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

10 Debtors
2024 2023
EE
Investment income receivable 1,121 1,194
Donations receivable (pensions ofindividual religious) ~~ 10,138
Prepayments and other debtors 1,478 1,907
2,599 13,239

==> picture [227 x 11] intentionally omitted <==

----- Start of picture text -----
11 Creditors: amounts falling due within one year
----- End of picture text -----

11 Creditors: amounts falling due withinwithin one year
2024 2023
EE
Amounts held on behalf of individual members ofthe Congregation 52,338 §2,338
Accruals 17,630 13,640
Other creditors _— 35,648
69,968 101,626
12 Tangible fixed assets fund
2024 2023
SSSEE
At 1 September 2023 1,754,693 1,790,354
Net movement in the year (38,114) (35,661)
At31August2024 1,716,579 1,754,693

The tangible fixed asset fund represents the net book value of the charity’s tangible fixed assets. It has been identified separately in recognition of the fact that the tangible fixed assets are required for the charity’s work and are not available as a reserve to fund day to day activities or meet future contingencies.

The Sisters of Christian Instruction (St. Gildas) ClO 35

Notes to the accounts 31 August 2024

13 Designated funds

The income funds of the charity include the following designated fund which had been set aside out of unrestricted funds by the trustees for specific purposes:

2024 2023
Retirement reserve: £ £
At1September 3,400,000 3,400,000
New designations 600,000 _—
At31August 4,000,000 3,400,000

The retirement reserve is calculated using actuarial principles and was created in order to assist in providing for the sisters in their retirement. The amount designated is restricted to the resources available and is unlikely to be sufficient to support completely the needs of an ageing community of sisters, particularly if specialist care is required.

14 Analysis of net assets between funds

At 31 August 2024, the fund balances are represented by the following assets and liabilities:

Tangible
fixed
General assets Designated Total
fund fund funds 2024
a
Fund balances at 31 August 2024
are represented by:
Tangible fixed assets _ 1,716,579 — 1,716,579
Investments _ _ 3,134,101 3,134,101
Net current assets 422,284 _ 665,899 1,288,183
Total netassets 422,284 1,716,579 4,000,000 6,138,863
Tangible
fixed
General assets Designated Total
fund fund funds 2023
£ £ £ £
Fund balances at 31 August 2023
are represented by:
Tangible fixed assets ~ 1,754,693 — 1,754,693
Investments —_ _— 2,543,491 2,543,491
Net current assets 175,391 —_ 856,509 1,031,900
Totalnetassets 175,391 1,754,693 3,400,000 5,330,084

The Sisters of Christian Instruction (St. Gildas) CIO 36

Notes to the accounts 31 August 2024

14 Analysis of net assets between funds (continued)

The total unrealised gains at 31 August 2024 constitute revaluation of listed investments and the movements on the unrealised gains are as follows:

2023 2022
ee,
Unrealised gains included above on listed investments
Total unrealised gains at 31 August 2024 576,374 384,523
Reconciliation ofmovements in unrealised gains
Total unrealised gains at 1 September 2023 384,523 649,572
In respect to disposals in the year 5,526 (29,814)
Net (losses) gains arising on revaluation in the year 186,325 (235,235)
Totalunrealisedgainsat 31August2024 576,374 384,523

15 Operating leases

At 31 August 2024, the charity had total future commitments under non-cancellable operating leases in respect to certain assets as follows:

Operating lease payments payable: Equipment Land and buildings
2024 2023 2024 2023
EL
Amounts due within one year 3,164 2,880 —_ oe
Amounts due between two and five years 4,756 7,920 —_ —
7,920 10,800 _ _

16 Ultimate control and liability of the member

The Superior General of the Congregation for the time being shall automatically, by virtue of holding that office, be ex officio the sole member of the ClO. The sole member is responsible for the appointment of the trustees.

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

17 Related party transactions

During the year, the charity received a donation from the Congregational charity in Ireland of £422,924 following the sale of a property by that charity. Sister Odile Mahé and Sister Anne Hogan are both trustees of the Congregational charity in Ireland.

Other than the above and the donations received from trustees disclosed in note 6 to these accounts, there were no related party transactions requiring disclosure (2023 — none).

The Sisters of Christian Instruction (St. Gildas) ClO 37