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2022-03-31-accounts

Sisters of the Christian Retreat

Annual Report and Accounts Year ended 31 March 2022 Charitable Incorporated Organisation: 1174120

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Reference and Administrative Information

Charity Number 1174120 Registered Office House of Prayer 35 Seymour Road East Molesey Surrey KT8 0PB Trustees Sister Melanie Kingston Sister Anne Dunne Sister Mary O’ Neill Sister Christina Collins Sister Rose Marie Prongue Sister Margaret Buckley (1 March 22) Brijangana Waterfield Joanne Salters Navjyot Johal Edward Sparrow Regional Bursar Sister Anne Dunne Barclays Bank Plc Bankers PO Box No.193 8/12 Church Street Walton on Thames Surrey KT12 2YW Quilter Cheviot Asset Management Investment Managers 90 Long Acre, London, WC2E 9RA Cazenove Capital 1 London Wall Place, London, EC2Y 5AU Ruffer LLP 80 Victoria Street, London, SW1E 5JL Solicitors Stone King Sewell LLP 13 Queen Square Bath BA1 2HJ Independent Examiners Additude Ltd 9 Rhapsody Court Wakeman Road London NW10 5DF

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Contents

ontents
Pages
Report of the trustees 4 - 12
Independent Examiner’s report 13
Statement of financial activities 14
Balance sheet 15
Cash Flow statement 16
Notes to the financial statements 17 - 26

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Report of the Trustees

The Trustees present their report and audited accounts for the year ended 31 March 2022.

Reference and administrative information set out on page 1 forms part of this report. The financial statements and accounts comply with current statutory requirements, the Charity’s trust deed, and the principles set out in 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 UK and Republic of Ireland in accordance with FRS 102.

Introduction

The Congregation of the Sisters of the Christian Retreat is an international Roman Catholic Congregation supporting 18 Sisters worldwide. The Congregation was founded in 1789 by Venerable Father Anthony Sylvester Receveur (1750 – 1804) in north-east France, where its Generalate is located today. The Congregation is divided into three Regions: France, Belgium and Benin in West Africa; Great Britain; and the Republic of Ireland. The accounts accompanying this report are the accounts of the charitable trust on which the assets of the Congregation in Great Britain are held.

In 2018, the Congregation was instructed by the Dicastery for Religious Life in Rome to seek a merger with another Religious Congregation due to the small numbers of Sisters within the Congregation. In the same year, it was agreed at the General Chapter to seek a merger with another Congregation and the Superior General and her Council were given authority to take steps to this process. It is expected that the Sisters of the Christian Retreat will merge with the Sisters of Charity of St. Jeanne Antide Thouret in September 2022.

The Sisters of the Christian Retreat is a registered Charitable Incorporated Organisation (CIO) under the registration number 117410. The original Charity “The Sisters of the Christian Retreat” (registration number 232567) was closed in August 2017.

Mission

The aim and spirit of the Sisters of the Christian Retreat is to lead people to thoughts of faith and meditation on the Word of God and to spread the Gospel by all the means in its power, especially by Spiritual Retreats and Christian Education. The Charity supports the Sisters to carry out any pastoral work and ministry that they are capable of and as their health permits them to do. The Charity provides care and support for the Sisters throughout their lives, in accordance with the Constitutions of the Sisters of the Christian Retreat.

The Sisters of the Christian Retreat travelled from France to Britain in 1848, making Peckham the Foundation of the ‘Retreat’. They lived a simple life of prayer and meditation in silence and solitude. To meet the need for Christian education, they opened a small primary school and this became the focus of their ministry. As more women joined the ‘Retreat’ more communities were established in different parts of the country and set up further schools at Primary and Secondary level. In 1935, the Sisters moved to East Molesey following the closure of their convent and school in Clapham. A new school was opened, St Joseph’s Convent School, and it continued until the early 1990s when it was deemed unviable due to the diminishment in number of Sisters of working age and the lack of vocations to Religious Life. A decision to close the school was taken at the General Chapter in 1989.

At the same Chapter, a resolution was passed that the Congregation should once again offer retreats in response to the growing need for quiet spaces where people could ‘come away’ to renew themselves and deepen or find a relationship with God in silence and stillness. It was agreed that the then Regional Superior, Sister Melanie Kingston, could use the school building in East Molesey, an Edwardian family house, as a

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

space for people to make a spiritual retreat. Many people from all walks of life have come through the doors of the House of Prayer and have been uplifted and renewed by the experience of making a spiritual retreat. From the House of Prayer, the retreat team offer residential and day retreats, spiritual direction and accompaniment to those in need.

In East Molesey, the Sisters share the life of ‘Retreat’ with a married couple who were appointed to manage the business of the House of Prayer and who join them each day for prayer. With them and a wider community of spiritual directors, retreat leaders, employees and volunteers, we continue with the vital ministry of creating a welcoming space for the people who visit the House of Prayer.

Throughout the world, our Sisters live their Religious Life in communities where daily prayer and meditation, silence and retreat, recreation and friendship are important. The ‘Rule of Life’ is to live the entirety of our lives in ‘Retreat’. We are privileged to be able to share some small part of this with others who are seeking silence, stillness, and support in their own lives. All Sisters support the Congregation’s Mission by their fidelity to daily prayer and meditation and following the Rule established by our Founder, the Venerable Fr. Anthony Receveur, to be:

“In the way of him, who is Himself the Way, in the school of Him Who is himself the Truth, in the company of him Who is himself the Life”

Public Benefit

The trustees review the aims, objectives, and activities of the Charity each year. This report looks at what the Charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the Charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the Charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Objectives and Activities

The activities of the Charity can be divided into three principal areas which are considered below:

  1. Care of members of the Congregation:

In common with many religious congregations in Great Britain, the age profile of the members of the Congregation is increasing as existing members grow older and the number of new vocations becomes minimal. The age profile of the Congregation in Great Britain is shown below:

Over 80 3 71–80 0 61-70 1 Total 4

The Congregation has a moral and legal obligation to provide care for its members, none of whom have resources of their own and all of whom have devoted their adult lives to the education of

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

children, the care of the elderly and the financially, emotionally, and spiritually poor in society. As the age profile of the Congregation increases so too does the need to provide increasingly expensive care for the Sisters.

At present the Charity supports one Sister in Ireland but will be called upon in the future to support the others. The age profile of the Congregation in Ireland is:

Over 80 1
71–80 1
61-70 1*
Total 3

*Receives an annual pension payment from the Region

  1. Social and pastoral care:

The Congregation respond to the social and pastoral needs of the community by supporting and participating in the ministry at the House of Prayer in East Molesey. Through the House of Prayer, the retreat team offer spiritual direction and accompaniment to those in need, and facilitate retreats for individuals and groups (including parishes).

The Congregation provide financial donations to other Charities on an intermittent basis (e.g. Christmas) and to various relief agencies when the need arises (e.g. Disaster funds) or on a regular basis (e.g. CAFOD, Mary’s Meals). They contribute to the upkeep of the parishes where they worship and attend services. They may offer grants to employees or volunteers or employees who do not have the financial means to pursue educational or vocational courses, particularly in the field of Christian spirituality, spiritual direction and accompaniment, and counselling.

Spirituality and the ministry of the House of Prayer

The Congregation support the ministry of their retreat house, the House of Prayer, and provide meaningful work for employees and volunteers, including opportunities for development and training. The Sisters foster community life with those who live and work at the House of Prayer. Through the House of Prayer, the Congregation actively support and encourage the ministry of spiritual direction, accompaniment, and retreat-giving by supporting a community of spiritual directors and accompaniers, and by inviting guest speakers and facilitators to lead retreats and days. Bursaries and small concessions are made to individuals on low income or without financial means to make a retreat. The Congregation funds and supports the activities of the House of Prayer.

  1. Support of overseas educational and missionary work:

Grants, donations, and other payments in support of missionary work and ministry are decided on by the trustees in consultation with the Superior General. The Charity mainly supports the work of the Congregation in Benin and other European communities of the Congregation as need arises.

Achievements and Performance

Review of activities

Beginning the financial year 2021-2022, the COVID-19 pandemic continued to have far-reaching effects globally and for the Charity, affecting the Congregation, its activities, and beneficiaries. As the vaccination programme was rolled out and regular testing became available, the risk posed by Covid-19 reduced during

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

the financial year 2021-2022 and the Charity gradually resumed activities in line with government guidance. The following paragraphs outline the main achievements during the year in each of the Charity’s principal activities.

1. Care of members of the Congregation:

The Charity continued to assist members of the Congregation in their charitable and religious work. There are currently two Sisters in residential care. Sister Anne Dunne (Referent) is responsible for taking care of their pastoral, social and economic needs. Due to ongoing restrictions the Sisters in Molesey were unable to visit the Sisters in residential care but kept in contact by telephone.

The two Sisters who live and work at the House of Prayer receive regular spiritual direction and supervision for their spiritual direction and retreat-giving. They attend courses and seminars for their personal and professional development and make an annual retreat.

The Superior General visited the Sisters in the UK in February 2022 and informed the Sisters that the merger with the Sisters of Charity of St. Jeanne Antide Thouret had been agreed. An introductory Zoom call was arranged for the Sisters in Molesey, with the Superior General, to meet the Provincial for Europe of the Sisters of Charity and to ask any questions. Due to the ongoing pandemic, the Superior General was unable to visit the Sisters in residential care but communicated this news to them by telephone. Sr. Anne visited as soon as practically possible to offer pastoral support to the two Sisters.

2. Social and pastoral care:

Spirituality and ministry of the House of Prayer

In April 2021, the House of Prayer was affected by Covid-19 government restrictions applicable to the hospitality and accommodation sector. The House of Prayer was partially open in April 2021 for self-catered retreatants staying in the self-contained ground floor rooms. While the main House was closed to the public, staff concentrated on necessary re-decoration projects to improve facilities and address wear-and-tear.

Some staff were furloughed under the Job Retention Scheme from April 2021 to July 2021. Staff were placed on flexible furlough or returned to normal working hours as activities increased or could be resumed. Regular senior management meetings were arranged to review the situation and procedures. The welfare of the Sisters, staff and visitors were prioritised, and risk assessments and measures were put in place to minimise risks when returning to work. Where appropriate, staff were encouraged to work from home. The management team risk assessed the House of Prayer and enhanced all practices to ensure we met HSE’s Five Steps to Working Safely during Coronavirus. Social distancing, regular testing, mask-wearing and enhanced cleaning practices were some of the necessary practices adapted to ensure that retreatants and staff could visit the House safely.

From Monday 17 May, the House re-opened partially to welcome retreatants to the main part of the House. From this date, we welcomed individual retreatants for catered and self-catered retreats, smaller groups for residential retreats and days (up to six people), and Quiet Days. From Monday 19 July, we welcomed larger groups for day and residential retreats. We held an Open Day on Saturday 24 July 2021 for anyone interested in finding out more about our ministry and what we offer at the House of Prayer. The House of Prayer closed for a period of isolation after members of the community contracted Covid-19 from late August to early September 2021.

The House of Prayer community continued to offer their ministry of retreats, spiritual direction, and accompaniment online via Zoom. Individual spiritual direction, including retreats from home, and

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

supervision for spiritual directors were offered online throughout the year. Regular groups met online, including the Supervision Group for Spiritual Directors, the Prayer Journey, and Artists’ Discernment Group. An Evening Centering Prayer group was created in March 2021 in response for the growing need for such prayer groups and continued to meet on every weekday evening from 8.30pm – 9pm throughout the year. From January 2022, we offered a monthly Coffee Morning on the third Thursday of each month. Our supervision group for spiritual directors grew from one to two groups meeting on eight Fridays during the year from January 2022. Our Community of Spiritual Directors – a group of spiritual directors affiliated with the House of Prayer – grew during the year.

From June 2021, we resumed our programme of residential retreats. From 11 – 13 June 2021 the House of Prayer team led its first fully-residential Individually Guided Retreat since March 2020. On 25 September 2021, we offered our first programmed in-person retreat day since February 2020. In October 2021, we updated our Conference Room with a conference camera allowing us to offer hybrid retreats and days (both online and in-person). On 16 October, we offered our first hybrid retreat day with 24 people attending in person and 8 people attending online via Zoom. Though restrictions were being lifted, many prospective visitors were unable to safely visit the House of Prayer but could access our retreats and spiritual accompaniment through Zoom. Our online ministry enabled us to reach people living in far-flung geographical locations and/or those who would otherwise find it difficult to travel to the House of Prayer in person.

From April 2021 – March 2022, the House of Prayer welcomed 125 retreatants online alone and approximately 800 individual visitors in total accessed the services and ministry offered by the House of Prayer. Bursaries and small concessions are made to individuals on low income or without financial means to make a retreat.

4. Other:

While the House of Prayer was closed to visitors or activities were partially resumed, we used the time to strengthen the Charity, organisation, and premises. We focused on upgrading and re-decorating rooms in the House of Prayer, tackling wear and tear, and the Rose room office was restored as a bedroom increasing our bedroom capacity. The Charity reviewed its financial, human resources, and health and safety policies and procedures. Following the Trustees review of the investment policy and arrangements, the Charity terminated their contract with Quilter Cheviot Asset Management on 1 July 2021 and moved investment funds to Ruffer LLP and Cazenove Capital. In March 2022, the Charity began work on a three-year strategic plan for the Sisters of the Christian Retreat and the House of Prayer. The Administrative and Facilities Managers were confirmed in their posts having completed their probationary periods in May 2021. Throughout the year, the House of Prayer benefited enormously from the expertise and skill of their gardening volunteer who has worked hard to ensure that the garden is a welcoming space for rest and reflection.

Future Plans and Developments

During 2022/2023 the Trustees anticipate the following activities and objectives:

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Structure, Governance and Management

Governance

The Sisters of the Christian Retreat is an international Roman Catholic religious order of women and is governed by its own constitution. In terms of Canon Law, the Superior General and her Council from the Generalate house in France govern the Congregation at an international level. They are elected every six years at a General Chapter or meeting of the representatives of all the regions of the Congregation. Sister Anne Dunne as Referant to the Superior General oversees the communities in the UK.

The British Region includes four Sisters; two Sisters are based in Surrey at the House of Prayer, and two Sisters are resident in a care home in south-east Kent. The Sister Referent is responsible for the needs and the care of the Sisters in the communities and regularly liaise with the trustees and Superior General.

The trustees are ultimately responsible for the policies, activities, and assets of the Charity. They meet regularly to review developments regarding the Charity and its activities and make any important decisions. When necessary, the trustees seek advice and support from the Charity’s professional advisers including property consultants, investments managers, solicitors, and accountants. Some of the trustees are members of the Congregation and have a detailed knowledge of the work of the Charity and of its structure.

Sister Margaret Buckley was appointed as a new trustee on 1 March 2022 by the Superior General in consultation with the Chair of Trustees (also Referent) and the Board.

Risk Management

The trustees undertake regular reviews of the risks facing the Charity and have risk assessed the principal risks the Congregation currently faces in Britain. The trustees have reviewed the measures in place and those needing to be put in place to deal with ongoing or future risks, to establish policies, systems, and procedures to mitigate those risks identified in the annual review. The trustees have identified five main areas where risks may occur:

  1. Government and management:

The congregation of the Sisters of the Christian Retreat will canonically merge with another religious order and cease to exist. Failure to execute Charity organisational change effectively could lead to inefficient use

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

of Charity resources, compromising Charity aims, objectives, finances and assets. The Charity Trustees will engage in negotiations with the guiding aim to seek a better outcome for beneficiaries and use of charitable funds.

The Charity will review the Charity’s assets and liabilities, including property, investments and employees, deeds, wills, bank accounts, statutory accounts, taxation, and other considerations. Dependent upon negotiations, the Charity will work towards an integration plan and timelines, considering Charity governance, restructures, and changes to the Charity’s objects, charitable works, and relationship with the Congregation’s Mission.

The Charity continues to examine and consider arrangements regarding the future provision for the wellbeing of the sisters and the good use of its resources by (a) ensuring adequate financial resources are designated for the future care of the Sisters, and (b) ensuring processes are in place to review the needs and work of individual Sisters.

2. Operational:

The Charity continues to monitor the use and needs of the properties in fulfilling the aims and objectives of the Charity. Trustees ensure there are plans for the properties to be regularly maintained and upgraded. Security arrangements are regularly assessed and recommendations implemented. Health and safety policies and procedures are regularly reviewed and risk assessed annually. An external risk management company provides support and advice and conducts an annual visit to assess health and safety procedures.

3. Financial:

The Charity continues to monitor and assess possible risks arising from poor budgetary control, inappropriate spending, poor accounting, and inappropriate investment policies. The Charity regularly reviews its insurances policies to ensure adequate insurance cover is provided. Financial processes continue to be reviewed and updated.

4. External: including COVID-19

The Charity continues to monitor and assess possible risks and damage to the Congregation’s and/or Charity’s reputation, changes in government policy, and changes in the political or economic environment.

The trustees are confident that the Charity has the resources to meet its future financial obligations and commitments.

5. Compliance with law and regulation:

Following the publication of the Elliott Report, an independent inquiry of the Catholic Church’s Safeguarding Structures and Arrangements in England and Wales, in November 2020, the Charity has reviewed its safeguarding structures. The Congregation contributed to the forum setting up the new Religious Life Safeguarding Service (RLSS). In March 2022, the process of realignment from the Diocese of Arundel and Brighton Safeguarding Office to the Religious Life Safeguarding Service was complete. The RLSS now serves as the Congregation’s referral body for all safeguarding disclosures and the Congregation subscribes to the Catholic Safeguarding Standards Agency (CSSA) which replaced Catholic Safeguarding Advisory Service (CSAS).

The Charity takes its safeguarding responsibilities seriously and has appointed a trustee and a safeguarding officer to take a lead on reviewing and implementing safeguarding procedures. Safeguarding is a regular agenda item at trustee and management meetings to ensure any issues are raised and any changes or amendments to regulations or safeguarding structures are effectively communicated throughout the

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Charity’s structures. Trustees and staff are required to have undertaken appropriate safeguarding training and basic Disclosure and Barring Service (DBS) checks. Regular visiting spiritual directors are required to demonstrate appropriate professional training and have completed safeguarding training and DBS checks. Safeguarding policies and procedures are reviewed annually and as change occurs.

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

Financial Review

The statement of financial activities for the year ending 31st March 2022 shows a deficit, before adjusting for investment gains, of £92,050 (2021 – Deficit of £28,679). Total funds balance, after gains on investments, at the year-end was £12,721,517 (2021: £12,267,729).

Principal financial management policies

The Charity closely manages its finances. A budget is approved before the beginning of the year. All expenditure is monitored against budget and authorised by the Director and Chair at the House of Prayer, who are responsible for ensuring that the expenditure remains within agreed limits.

Principal funding sources

The principal funding sources for the Charity are derived from income generated from Sisters' pension, rent and donations of £38,192 (2021 - £50,259), salary refund through government job retention scheme NIL (2021: 36,806), income derived from retreats and providing spiritual guidance at the House of Prayer of £64,256 (2021 - £17,216) and investment income of £116,555 (2021 - £143,392). Further details of funding are provided under notes 2, 3 and 4 of the financial statements.

Reserves Policy

It is the policy of the Charity that unrestricted funds, which have not been designated for a specific use, should be maintained at a level equivalent to 3-6 months of the expenditure. The Trustees have reviewed the level of reserves, included those set aside as designated funds, as set out in notes 17 and 18 to the financial statements and consider these to be adequate.

Investment Policy

Quilter Cheviot Asset Management manages the Charity’s investments. There are no restrictions on the Charity’s power to invest. During the year the board reviewed the Charity’s investment policy was reviewed in the year. The Charity adopted a responsible investment policy to ensure that its investments do not conflict with its aims. The board also reviewed Charity’s investment managers. An Investment Management Review Committee was set up and tasked with the process. Four investment management firm, including Quilter Cheviot (current manager) were invited to submit tender and for interview. After thorough review and interviews the committee decided to transfer funds from Quilter Cheviot to two newly appointed investment managers, Cazenove and Ruffer, and split the fund equally between them.

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Statement of Trustees Responsibilities

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the Charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

There is no relevant audit information of which the Charity’s auditors are unaware; and the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

Independent Examiner

Additude Ltd was appointed as the Charity's independent examiner during the year and has expressed its willingness to continue in that capacity.

On Behalf of the Board of Trustees

Sister Anne Dunne Date: 18 Augsut 2022 Chair of Trustees

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

Independent Examiner’s Report

We report on the accounts of the Charity for the year ended 31 March 2022, which are set out on pages 14 to 26.

Respective responsibilities of trustees and examiner

The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of CIPFA.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Andi Dollia, CPFA ADDITUDE LTD 9 Rhapsody Court Wakeman Road London NW10 5DF

Date: 10 August 2022

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Income from:
Note
2
Donations and legacies
Charitable activities
Residential Care Home fees
3
Social and Pastoral care
3
Investments
4
Total income
Expenditure on:
5
Raising funds
Charitable activities
Residential Care Home operating costs
5
Social and Pastoral care
5
Support of Sisters and pastoral ministry
5
Supporting Overseas missionary work
5
Total expenditure
Net expenditure before net gains/(losses) on
fixed assets
6
Net gains/(losses) on investments
Net loss on property revaluation
Net income/(expenditure)
Transfer of discontinued activities
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Total 2022
£
38,192
-
64,256
116,555		 Total 2021
£
87,065
-
17,216
143,392
219,003 247,673
39,095
-
135,979
135,979
-		 36,319
-
120,017
120,016
-
311,053 276,352
(92,050)
545,838
-		 (28,679)
1,175,768
-
453,788
-		 1,147,089
-
453,788
12,267,729		 1,147,089
11,120,640
12,721,517 12,267,729

All of the above results are derived from continuing activities except where noted, and are unrestricted. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statement.

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

BALANCE SHEET AS AT 31 MARCH 2022

Fixed assets:
Note
£
Tangible assets
11
Investments
12
Current assets:
Debtors
13
15,326
Cash held as short term
investments
248,557
Cash at bank and in hand
101,130
Liabilities:
365,013
Creditors: amounts falling due
within one year
14
(7,006)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after one year
15
Total net assets
The funds of the Charity:
Unrestricted income funds:
Designated funds
General funds
Total Charity funds
17		 Fixed assets:
Note
£
Tangible assets
11
Investments
12
Current assets:
Debtors
13
15,326
Cash held as short term
investments
248,557
Cash at bank and in hand
101,130
Liabilities:
365,013
Creditors: amounts falling due
within one year
14
(7,006)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after one year
15
Total net assets
The funds of the Charity:
Unrestricted income funds:
Designated funds
General funds
Total Charity funds
17		 31 March
2022
£
6,376,425
6,008,493
12,384,918
358,007
12,742,925
(21,408)
12,721,517
12,545,302
176,215
12,721,517		 £
14,917
199,550
155,853		 31 March
2021
£
6,432,234
5,507,041
11,939,275



349,862
12,289,137
(21,408)
12,267,729
12,051,464
216,265
12,267,729
365,013
(7,006)		 370,320
(20,458)

Approved by the trustees on 18 August 2022 and signed on their behalf by:

Sister Anne Dunne Chair

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
Note
Cash flows from operating activities
Net cash used in operating activities
18
Cash flows from investing activities:
Dividends and interest from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of
the
year
Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalents
Cash at bank and in hand
Cash held with investment managers
Total cash and cash equivalents		 For the period ended 31
March 2022
£
£
(166,657)
116,555
-
6,296,518
(6,252,132)
160,941
(5,761)
355,403
349,687
At 1 April
2021
Cash flows
£
£
155,853
(54,724)
199,550
49,007
355,403
(5,717)		 For the period
ended 31 March 2021
£
£
(134,745)
143,392
(19,042)
778,719
(576,996)
326,073
191,328
164,075
355,403
At 31
Other
March
changes
2022
£
£
-
101,130
-
248,557
-
349,687
Other
changes
£
-
-
349,687 355,403
Cash flows
£
(54,724)
49,007		 At 31
March
2022
£
101,130
248,557
(5,717) - 349,687

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

a) Statutory information

Sisters of the Christian Retreat is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England & Wales. The registered office address (and principal place of business, if different from the registered office) is 35 Seymour Rd, East Molesey KT8 0PB.

b) Basis of preparation

The financial statements 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (September 2015).

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The Charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Sisters' salaries and pensions are received under the deeds of covenant and stated inclusive of income tax, but net of any deductions for social security payments and contributions to occupational pension schemes.

Income from residential care home fees is taken into account on a receivable basis with all unpaid fees shown as debtors.

f) Interest receivable

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.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

17

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

1 Accounting policies (continued)

VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity, including the cost of overall direction and administration of the Charity, comprising the salary and overhead costs of the central function.

Where information about the aims, objectives and projects of the Charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on percentage of direct expenditure attributable to each activity

Residential care home 0%
Social and pastoral care 50%
Support of Sisters and pastoral ministry 50%
Supporting overseas missionary work 0%

Governance costs are the costs associated with the governance arrangements of the Charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the Charity’s activities.

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price of single item exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold buildings 50 years
Fixtures & Fittings 5 years
Motor Vehicles 4 years
Computer Equipment 3-5 years

k) Listed Investment

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. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

In addition, the Charity has established a pension scheme for certain sisters. The scheme is a deferred annuity contract whereby a certain guaranteed sum is payable to the Charity at a fixed future date. No value can be attributed to the contract as future returns are dependent on the bonuses which in turn depend on investment returns and inflation. Therefore the asset is included in the balance sheet at aggregate value of the premiums paid to date.

On maturity, proceeds are credited to the Statement of Financial Activities net of premium paid in respect of the relevant member or members.

18

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

1 Accounting policies (continued)

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Assets held for sale

Assets held for sale represent freehold property held for sale in the normal course of business, recorded at the lower of historical cost and fair value.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.

o) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

p) Financial instruments

The Charity only has financial assets and financial 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.

2 Income from donations and legacies

3 Income from charitable activities
For the year
ended
31 March
2022
Unrestricted
Total
£
£
Residential Care Home fees
378,980
-
Social and Pastoral care
49940
64,256
1,735,811
64,256
For the year
ended
31 March
2022
Unr
estri
cted
Total
£
£
Sisters' pension donations
24794
-
26,890
Donations from individuals
23585
-
6,216
Sundry income
25361
-
5,086
41,6
24
38,192
 3 Income from charitable activities
For the year
ended
31 March
2022
Unrestricted
Total
£
£
Residential Care Home fees
378,980
-
Social and Pastoral care
49940
64,256
1,735,811
64,256
For the year
ended
31 March
2022
Unr
estri
cted
Total
£
£
Sisters' pension donations
24794
-
26,890
Donations from individuals
23585
-
6,216
Sundry income
25361
-
5,086
41,6
24
38,192
For the year ended

31 March Y

2021
Total
£
-
17,216
17,216

For the year ended
31 March
2021
Total
£
27,140
9,005
50,920
87,065
38,192
For the year
ended
31 March
2022
Total
£
-
64,256
64,256

3 Income from charitable activities

19

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

4 Income from investments

ncome from investments
For the year ended
31 March
2022
Unrestricted
Total
£
£
Bank interest receivable
16
6
-
Dividends from equity shares
142,385
116,555
133,082
116,555		 For the year
ended
31 March
2021
Total
£
-
143,392
143,392

20

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

5. Analysis of expenditure (current year)

Staff costs (Note 7)
Running costs
Insurance
Depreciation
Independent Examination fee
Legal and professional fees
Investment costs
Donations
Maintenance of property
Governance costs
Total expenditure 2022
Total expenditure 2021		 Cost of
raising funds
£
-
-
-
-
-
-
39,095
-
-		 Charitable activities Charitable activities


Governance

costs
£
-
-
-
-
2,100
4,267
-
-
-		 For the year
ended 31
March 2022
£
72,496
109,439
13,417
55,809
2,100
4,267
39,095
1,892
12,538		 For the
year
ended 31
March 2021
£
79,676
82,453
12,681
55,808

2,000
3,868
36,319
880
2,667
276,352
-
276,352
Residential
Care Home

operating

costs

£

-

-

-

-

-

-

-

-

-

Social and
Pastoral care
£
36,248
54,719
6,709
27,905
-
-
-
946
6,269		 Support of
Sisters and

pastoral

ministry
£
36,248
54,720
6,708
27,904
-
-
-
946
6,269		 Supporting
Overseas
missionary
work
£
-
-
-
-
-
-
-
-
-
39,095
-
-

-		 132,796
3,183		 132,795
3,184		 -
-		 6,367
(6,367)		 311,053
-
39,095 - 135,979 135,979 - - 311,053
36,319
-
120,017
120,016		 - - 276,352

All the expenditure above for both the current and previous year was unrestricted.

21

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

6 Net expenditure for the year

This is stated after charging:

Depreciation
Independent Examiner’s fee		 For the year
ended 31
March
2022
£
55,809
2,100
 For the
year ended 31
March
2021
£
55,808
2,000

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 For the year
For the year
ended 31
ended 31
March
March
2022
2021
£
£
65,473
73,043
4,847
5,315
2,176
1,318
72,496
79,676

No employee earned more than £60,000 during the year (2021: nil).

The total employee benefits including pension contributions of the key management personnel were £19,798 (2021: £21,762).

The Charity trustees were not paid or received any other benefits from employment with the Charity in the year (2021: £nil). No Charity trustee received payment for professional or other services supplied to the Charity (2021: £nil). The trustees are beneficiaries of the Charity with this benefit being provided as set out in the report of the trustees.

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 5 (2021: 4).

9 Related party transactions

There are no related party transactions to disclose for 2022 (2021: none).

There are no donations from related parties other than donations made by the Sisters of their state pension income (see Note 2 for details).

22

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

10 Taxation

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Tangible fixed assets
Cost
At the start of the year
Additions in the year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Freehold
property
£
6,725,000
-
6,725,000
308,000
52,000
360,000
6,365,000
6,417,000		 Fixtures and
fittings
£
19,042
-
19,042
3,808
3,809
7,617
11,425
15,234
Total
£
6,744,042
-
6,744,042
311,808
55,809
367,617
6,376,425
6,432,234

Land with a value of £4,125,000 (2021: £4,125,000) is included within freehold property and not depreciated.

All of the above assets are used for charitable purposes.

23

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

12 Listed investments

31 March 31 March
2022 2021
£ £
Fair value at the start of the year 5,507,041 4,532,997
Additions at cost 6,252,132 576,995
Disposal proceeds (6,296,518) (778,719)
Net gain / (loss) on change in fair value 545,838 1,175,768
Fair value at the end of the year 6,008,493 5,507,041
13 Debtors
31 March 31 March
2022 2021
£ £
Prepayments 7,080 7,830
Other Debtors 8,246 7,087
15,326 14,917
14 Creditors: amounts falling due within one year
31 March 31 March
2022 2021
£ £
Trade creditors and accruals 7,006
 20,458
15 Creditors: amounts falling due after one year
31 March 31 March
2022 2021
£ £
Sisters' dowries and legacies 21,408
 21,408

24

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

16 Analysis of net assets between funds

Current year

Tangible fixed assets
Investments
Net current assets
Long term liabilities
Net assets at the end of the year		 General
unrestricted
£
11,425
-
186,198
(21,408)
Designated
£
6,365,000
6,008,493
171,809
-
12,545,302
 Total funds
£
6,376,425
6,008,493
358,007
(21,408)
176,215 12,721,517
17
Movements in funds
Current year
Unrestricted funds:
Designated funds:
Property Fund
Retirement Fund
Total designated funds
General funds
Total funds		 At the start
of the year
£
8,175,721
3,875,743
Income and

gains

£

-

545,838		 Expenditure

and losses

£

(52,000)

-
At the end of

the year
£
8,123,721
4,421,581
12,051,464
545,838
(52,000)		 12,545,302
216,265
219,003
(259,053)		 176,215
12,267,729
764,841
(311,053)		 12,721,517

Purposes of designated funds

Property Fund represents the value of freehold land and buildings held by the Charity.

Retirement Fund: The trustees consider that part of the Charity's fund should be designated to provide for the care of sisters in retirement. No formal pension scheme has been established, and no actuarial valuation of potential costs has been carried out and as such the trustees have estimated the amount.

25

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2022

18 Reconciliation of net expenditure to net cash flow from operating activities

Net expenditure for the reporting period
(as per the statement of financial activities)
Depreciation charges
(Gains)/losses on investments
Losses on property revaluation
Dividends and interest from investments
Increase in debtors
Decrease in creditors
Net cash used in operating activities		 For the year
For the year
ended 31
ended 31
March
March
2022
2021
£
£
453,788
1,147,089
55,809
55,808
(545,838)
(1,175,768)
-
-
(116,555)
(143,392)
(409)
(7,761)
(13,452)
(10,721)
(166,657)
(318,395)

26