## 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 

2 



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|



3 



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 

4 



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 

5 



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_ 

2. 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. 

3. 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 

6 



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 

7 



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: 

- The Congregation of the Sisters of the Christian Retreat will canonically merge with another religious order and cease to exist. Charity Trustees will engage in negotiations with the merging order with the guiding aim to seek a better outcome for beneficiaries and use of charitable funds. 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. However, this merger is not likely to happen within the next Financial Year. Therefore, the Trustees will seek to amend the CIO Constitution with the Charity Commission to reflect that the relationship with the Sisters of the Christian Retreat will cease to exist. 

8 



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

- To approve and monitor the implementation of Strategic Plans developed for both the Sisters of the Christian Retreat and its activities at the House of Prayer in the context of organisational change and transition. 

- To ensure future plans are in place that consider the needs of Sisters as they grow older and, if necessary, adapt the Charity’s plans in respect of the use and needs of the premises, and provision of care to elderly members. 

- To continue to care for the Sisters and enable them to carry out any pastoral work and/or ministry as their health permits. 

- To continue to support the activities offered by the House of Prayer and to ensure plans are in place to: prepare for succession planning of the Director; increase income to cover staff costs; continue to deliver programme with maximum impact and outreach; and ensure facilities are fit for purpose and in good order. To consider and fund projects which maximise spaces and accessibility to the ministry and activities offered at the House of Prayer. 

- To develop creative ways to engage with the community around the Congregation, through the House of Prayer, to associate with and coordinate the work and ministry of the Congregation. To engage groups, including young people, in ways sympathetic to the Congregation’s Charism. 

## 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 

9 



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 

10 



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. 

11 



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: 

- Select suitable accounting policies and then apply them consistently; 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; 

- Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. 

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** 

12 



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: 

- examine the accounts under section 145 of the Charities Act; 

- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and 

- to state whether particular matters have come to my attention. 

## 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: 

- (1) which gives me reasonable cause to believe that in, any material respect, the requirements: 

   - to keep accounting records in accordance with section 130 of the Charities Act; and 

   - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act 

   - have not been met; or 

- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

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

**Date:** 10 August 2022 

13 



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

14 



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

## **BALANCE SHEET AS AT 31 MARCH 2022** 

|Fixed assets:<br>Note<br>£<br>Tangible assets<br>11<br>Investments<br>12<br>Current assets:<br>Debtors<br>13<br>15,326<br>Cash held as short term<br>investments<br>248,557<br>Cash at bank and in hand<br>101,130<br>Liabilities:<br>365,013<br>Creditors: amounts falling due<br>within one year<br>14<br>(7,006)<br>Net current assets<br>Total assets less current liabilities<br>Creditors: amounts falling due<br>after one year<br>15<br>Total net assets<br>The funds of the Charity:<br>Unrestricted income funds:<br>Designated funds<br>General funds<br>Total Charity funds<br>17|Fixed assets:<br>Note<br>£<br>Tangible assets<br>11<br>Investments<br>12<br>Current assets:<br>Debtors<br>13<br>15,326<br>Cash held as short term<br>investments<br>248,557<br>Cash at bank and in hand<br>101,130<br>Liabilities:<br>365,013<br>Creditors: amounts falling due<br>within one year<br>14<br>(7,006)<br>Net current assets<br>Total assets less current liabilities<br>Creditors: amounts falling due<br>after one year<br>15<br>Total net assets<br>The funds of the Charity:<br>Unrestricted income funds:<br>Designated funds<br>General funds<br>Total Charity funds<br>17|31 March<br>2022<br>£<br>6,376,425<br>6,008,493<br>12,384,918<br>358,007<br>12,742,925<br>(21,408)<br>12,721,517<br>12,545,302<br>176,215<br>12,721,517|£<br>14,917<br>199,550<br>155,853|31 March<br>2021<br>£<br>6,432,234<br>5,507,041<br>11,939,275<br> <br> <br> <br>349,862<br>12,289,137<br>(21,408)<br>12,267,729<br>12,051,464<br>216,265<br>12,267,729|
|---|---|---|---|---|
||365,013<br>(7,006)||370,320<br>(20,458)||
||||||



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


Sister Anne Dunne Chair 

15 



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



16 



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** 

- **1 Accounting policies** 

## **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: 

- Costs of raising funds relate to the costs incurred by the Charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. 

17 



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

## **1       Accounting policies (continued)** 

- Expenditure on charitable activities includes the costs of caring for the members of the Congregation, residential care home, social and pastoral care and support of overseas educational and missionary work undertaken to further the purposes of the Charity and their associated support costs Irrecoverable. 

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**<br>**For the year**<br>**ended**<br>**31 March**<br>**2022**<br>Unrestricted<br>**Total**<br>£<br>**£**<br>Residential Care Home fees<br>378,980<br>**-**<br>Social and Pastoral care<br>49940<br>**64,256**<br>1,735,811<br>**64,256**<br>**For the year**<br>**ended**<br>**31 March**<br>**2022**<br>Unr<br>estri<br>cted<br>**Total**<br>£<br>**£**<br>Sisters' pension donations<br>24794<br>-<br>**26,890**<br>Donations from individuals<br>23585<br>-<br>**6,216**<br>Sundry income<br>25361<br>-<br>**5,086**<br>41,6<br>24<br>**38,192**<br>|**3 Income from charitable activities**<br>**For the year**<br>**ended**<br>**31 March**<br>**2022**<br>Unrestricted<br>**Total**<br>£<br>**£**<br>Residential Care Home fees<br>378,980<br>**-**<br>Social and Pastoral care<br>49940<br>**64,256**<br>1,735,811<br>**64,256**<br>**For the year**<br>**ended**<br>**31 March**<br>**2022**<br>Unr<br>estri<br>cted<br>**Total**<br>£<br>**£**<br>Sisters' pension donations<br>24794<br>-<br>**26,890**<br>Donations from individuals<br>23585<br>-<br>**6,216**<br>Sundry income<br>25361<br>-<br>**5,086**<br>41,6<br>24<br>**38,192**<br>|<br> For the year ended<br> <br>31 March Y<br> <br>2021<br>Total<br>£<br>-<br>17,216<br>17,216<br> <br>For the year ended<br>31 March<br>2021<br>Total<br>£<br>27,140<br>9,005<br>50,920<br>87,065<br>|
|---|---|---|
||**38,192**||
||**For the year**<br>**ended**<br>**31 March**<br>**2022**<br>**Total**<br>**£**<br>**-**<br>**64,256**<br>||
||**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**<br>**For the year ended**<br>**31 March**<br>**2022**<br>Unrestricted<br>**Total**<br>£<br>**£**<br>Bank interest receivable<br>16<br>6<br>**-**<br>Dividends from equity shares<br>142,385<br>**116,555**<br>133,082<br>**116,555**|For  the year<br>ended<br>31 March<br>2021<br>Total<br>£<br>-<br>143,392<br>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)<br>Running costs<br>Insurance<br>Depreciation<br>Independent Examination fee<br>Legal and professional fees<br>Investment costs<br>Donations<br>Maintenance of property<br>Governance costs<br>**Total expenditure 2022**<br>Total expenditure 2021|Cost of<br>raising funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>39,095<br>-<br>-||Charitable activities|Charitable activities||<br> <br> <br>Governance<br> <br>costs<br>£<br>-<br>-<br>-<br>-<br>2,100<br>4,267<br>-<br>-<br>-|**For the year**<br>**ended 31**<br>**March 2022**<br>**£**<br>**72,496**<br>**109,439**<br>**13,417**<br>**55,809**<br>**2,100**<br>**4,267**<br>**39,095**<br>**1,892**<br>**12,538**|For the<br>year<br>ended 31<br>March 2021<br>£<br>79,676<br>82,453<br>12,681<br>55,808<br> <br>2,000<br>3,868<br>36,319<br>880<br>2,667<br>276,352<br>-<br>276,352<br>|
|---|---|---|---|---|---|---|---|---|
|||Residential<br>Care Home<br> <br>operating<br> <br>costs<br> <br>£<br> <br>-<br> <br>-<br> <br>-<br> <br>-<br> <br>-<br> <br>-<br> <br>-<br> <br>-<br> <br>-|<br> <br>Social and<br>Pastoral care<br>£<br>36,248<br>54,719<br>6,709<br>27,905<br>-<br>-<br>-<br>946<br>6,269|Support of<br>Sisters and<br> <br>pastoral<br> <br>ministry<br>£<br>36,248<br>54,720<br>6,708<br>27,904<br>-<br>-<br>-<br>946<br>6,269|Supporting<br>Overseas<br>missionary<br>work<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||||
||39,095<br>-|<br>-<br> <br>-|132,796<br>3,183|132,795<br>3,184|-<br>-|6,367<br>(6,367)|**311,053**<br>**-**||
||**39,095**|**-**|**135,979**|**135,979**|**-**|**-**|**311,053**||
||36,319|<br>-|<br>120,017|<br>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<br>Independent Examiner’s fee|**For the year**<br>**ended 31**<br>**March**<br>**2022**<br>**£**<br>**55,809**<br>**2,100**<br>|For the<br>year ended 31<br>March<br>2021<br>£<br>55,808<br>2,000<br>|
|---|---|---|



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

|Salaries and wages<br>Social security costs<br>Employer’s contribution to defined contribution pension schemes|**For the year**<br>For the year<br>**ended 31**<br>ended 31<br>**March**<br>March<br>**2022**<br>2021<br>**£**<br>£<br>**65,473**<br>73,043<br>**4,847**<br>5,315<br>**2,176**<br>1,318|
|---|---|
||**72,496**<br>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**<br>**Cost**<br>At the start of the year<br>Additions in the year<br>At the end of the year<br>**Depreciation**<br>At the start of the year<br>Charge for the year<br>At the end of the year<br>**Net book value**<br>**At the end of the year**<br>At the start of the year|Freehold<br>property<br>£<br>6,725,000<br>-<br>6,725,000<br>308,000<br>52,000<br>360,000<br>6,365,000<br>6,417,000|Fixtures and<br>fittings<br>£<br>19,042<br>-<br>19,042<br>3,808<br>3,809<br>7,617<br>11,425<br>15,234|<br> **Total** <br>**£**<br>**6,744,042**<br>**-**|
|---|---|---|---|
||||**6,744,042**|
||||**311,808**<br>**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<br>|
|**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**<br>|20,458|
|**15**|**Creditors: amounts falling due after one year**|||
|||**31 March**|31 March|
|||**2022**|2021|
|||**£**|£|
||Sisters' dowries and legacies|**21,408**<br>|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<br>Investments<br>Net current assets<br>Long term liabilities<br>**Net assets at the end of the year**|General<br>unrestricted<br>£<br>11,425<br>-<br>186,198<br>(21,408)|<br>Designated<br>£<br>6,365,000<br>6,008,493<br>171,809<br>-<br>12,545,302<br>|**Total funds**<br>**£**<br>**6,376,425**<br>**6,008,493**<br>**358,007**<br>**(21,408)**|
|---|---|---|---|
||176,215||**12,721,517**|



|**17**<br>**Movements in funds**<br>**Current year**<br>**Unrestricted funds:**<br>Designated funds:<br>Property Fund<br>Retirement Fund<br>Total designated funds<br>**General funds**<br>**Total funds**|At the start<br>of the year<br>£<br>8,175,721<br>3,875,743|<br>Income and<br> <br>gains<br> <br>£<br> <br>-<br> <br>545,838|Expenditure<br> <br>and losses<br> <br>£<br> <br>(52,000)<br> <br>-|<br>**At the end of**<br> <br>**the year**<br>**£**<br>**8,123,721**<br>**4,421,581**|
|---|---|---|---|---|
||12,051,464|<br>545,838|<br>(52,000)|**12,545,302**|
||216,265|<br>219,003|<br>(259,053)|**176,215**|
||12,267,729|<br>764,841|<br>(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**<br>**(as per the statement of financial activities)**<br>Depreciation charges<br>(Gains)/losses on investments<br>Losses on property revaluation<br>Dividends and interest from investments<br>Increase in debtors<br>Decrease in creditors<br>**Net cash used in operating activities**|**For the year**<br>For the year<br>**ended 31**<br>ended 31<br>**March**<br>March<br>**2022**<br>2021<br>**£**<br>£<br>**453,788**<br>1,147,089<br>**55,809**<br>55,808<br>**(545,838)**<br>(1,175,768)<br>**-**<br>-<br>**(116,555)**<br>(143,392)<br>**(409)**<br>(7,761)<br>**(13,452)**<br>(10,721)<br>**(166,657)**<br>(318,395)|
|---|---|



26