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2023-03-31-accounts

Sisters of the Christian Retreat

Annual Report and Accounts Year ended 31 March 2023 Charitable Incorporated Organisation: 1174120

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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 (retired 17 August 2022) Sister Christina Collins Sister Rose Marie Prongue (retired 8 September 2022) Sister Margaret Buckley Brijangana Waterfield Joanne Salters Navjyot Johal (retired 27 April 2023) Edward Sparrow (retired 17 August 2022) Niall Foster (appointed 27 April 2023) Regional Bursar Sister Anne Dunne Treasurer / Financial Advisor Navjyot Johal Barclays Bank Plc Bankers PO Box No.193 8/12 Church Street Walton on Thames Surrey KT12 2YW Cazenove Capital Investment Managers 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 2023

Contents

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

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

Report of the Trustees

The trustees present their report and audited accounts for the year ended 31 March 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements and accounts comply with current statutory requirement, accounting policies 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 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.

The Sisters of the Christian Retreat was a Roman Catholic religious order supporting a small number of sisters worldwide. On 8 September 2022, the Sisters of the Christian Retreat congregation canonically merged with the Sisters of Charity of St Jeanne Antide Thouret and ceased to exist.

The Sisters of the Christian Retreat CIO adopted an amended constitution on 9 December 2022 which named the former members of the Sisters of the Christian Retreat as its beneficiaries. The Sisters of the Christian Retreat CIO trustees decided against a merger in civil law of the activities, liabilities and assets with the Sisters of St Jeanne Antide CIO as it was not in the best interests of the Charity. The Sisters of the Christian Retreat CIO continues to care for and support the former members of the Sisters of the Christian Retreat, and their ongoing religious work and ministry. The former members are also members of the religious congregation Sisters of Charity of St Jeanne Antide and live in harmony with their Rule of Life.

Principal aims and objectives

The object of the CIO is the advancement of the Roman Catholic religion through such religious and other charitable work as the charity trustees shall from time to time think fit. The primary aim of the Charity is the care of the former members of the Sisters of the Christian Retreat named in the Charity’s governing constitution. The Charity provides care and support for former members throughout their lives as they carry out any pastoral work and ministry that they are capable of and as their health permits them to do.

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.

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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

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

  1. Care of former members of the Sisters of the Christian Retreat:

The primary activity of the Charity is the care of the former members of the Sisters of the Christian Retreat (of the former Great Britain Region) who are named in the Charity’s constitution:

Sr Melanie Kingston Sr Mary O’Neill Sr Anne Dunne

In accordance with its constitution, the Charity has a moral and legal obligation to provide care for the three former members, none of whom have resources of their own and all of whom have devoted their adult lives to the education of children, the care of the elderly and the financially, emotionally, and spiritually poor in society. The Charity also supports another former member of the Sisters of the Christian Retreat living in Ireland who receives an annual pension payment from the Charity. The trustees ensure that each of the members receives the care and support they need, giving careful consideration to their health and care needs given the age profile of their members. The age profile of the former members is shown below:

Over 80 2 2
71–80 0
61-70
1
Total
2. Social and pastoral 3

care:

The Charity provides financial donations to other Charities on an intermittent basis 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 the Sisters worship and attend services. The Charity may offer grants to those who are in need, or 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 Charity responds to the social and pastoral needs of the community by funding and supporting the ministry the House of Prayer, a retreat house located in East Molesey. The House of Prayer provides meaningful work for resident Sisters, employees and volunteers, including

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

opportunities for development and training. The two resident Sisters foster community life with those who live and work at the House of Prayer. Through the House of Prayer, the Charity supports the ministry of spiritual direction and retreat-giving. Bursaries and concessions are made to individuals on low income or without financial means to make a retreat. In January 2022, the House of Prayer adopted a Vision statement informed by the spirit of the Christian Retreat of the former congregation:

The aim of our way of life is to follow Jesus Christ and to spread his Gospel of love. We are called to live the life of retreat – to pray, meditate and reflect each day - and so to seek deeper meaning in our lives.

Flowing from this practice of living retreat for ourselves, we accompany others to help them discern and discover deeper meaning in their own lives. Our House of Prayer offers a breathing space and everything needed for a retreat. We offer to others a way of nurturing their relationship with God through prayer, meditation, spiritual retreats and Christian education.

The House of Prayer is ecumenical and welcomes Christians of all denominations and people of good will.

Inspired by God’s love and in the spirit of the Christian Retreat, we endeavour to:

‘I will make them joyful in my house of prayer and I will welcome them for my house will be called a house of prayer for all the peoples.’ Isaiah 56:7

3. Support of overseas educational and missionary work:

Grants, donations, and other payments in support of missionary work and ministry (especially that of the Sisters of Charity of St Jeanne Antide) are decided on by the trustees at their Board Meetings.

Review of activities, achievement and performance

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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

  1. Care of former members of the Sisters of the Christian Retreat Congregation:

The Charity continued to assist the Sisters in their charitable and religious work. There is currently one Sister in residential care. Sister Anne Dunne (Chair of Trustees) is responsible for taking care of her economic needs and offers pastoral support through regular visits. The Provincial of the Sisters of Charity of St. Jeanne Antide is responsible for the pastoral and social needs of the three former members of the Sisters of the Christian Retreat, who are now members of that Congregation.

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

During 2022 – 2023, the trustees considered changes and essential upgrades to the facilities and use of buildings in East Molesey to ensure that the present and future needs of the two Sisters living there were taken care of.

2. Social and pastoral care:

Spirituality and ministry of the House of Prayer

The House of Prayer team continued to offer a quiet space for retreats and spiritual direction throughout the year. Between April 2022 – March 2023, approximately 900 individual visitors accessed the services and ministry offered at the House of Prayer. Income from our retreats, particularly residential (programmed and individual) and group retreats, significantly increased compared to the previous financial year which had been affected by Covid-19 restrictions. Though in-person retreats and activities resumed normal pre-Covid levels, we continued to offer retreats online where possible. We upgraded and made improvements to our IT and equipment in the Conference Room to better support hybrid retreat days. Individual spiritual direction (including retreats from home) was also offered online and in-person throughout the year.

We continued to offer programmed Individually Guided Retreats led by the House of Prayer Team throughout the year and other themed retreats led by visiting facilitators exploring themes including Lent, Advent, Centering Prayer, Growing in God’s Life, Finding Your Bearings, and Christian Meditation. We offered retreat days on the last Saturday of the month throughout the year on themes such as the Carmelite mystics, hospitality, glimpsing God in everyday moments, Evagrius of Pontus and the poetry of Gerard Manley Hopkins and George Herbert.

We offered several regular groups throughout the year. The Prayer Journey met monthly online between April and December 2022, and moved back to in-person meetings from January 2023. The evening Centering Prayer group continued to meet online on weekday evenings throughout the year, supported by volunteers within the group and Sr Anne Dunne. The Christian Meditation group meets on Saturdays at the House of Prayer. The Artists’ Discernment Group meets on the third Friday of each month, and a new weekly Introduction to Oil Painting Class was offered by Andrew

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

Smith during February and March. The supervision group for Spiritual Directors continued to meet on eight Fridays throughout the year.

We offered an Open Day on Saturday 17 September which provided an opportunity for those who would like to find out more about the House of Prayer to visit us and meet the community and team. In December 2022, we held our first meeting of our Community of Spiritual Directors: a small group of spiritual directors who offer their ministry on our individually guided retreats throughout the year.

Bursaries and small concessions are made to individuals on low income or without financial means to make a retreat. During 2022 – 2023, we launched our Bursary Fund which raises funds to support those on low income and who need financial support to make a retreat at the House of Prayer.

The House of Prayer continues to benefit enormously from the generosity of its volunteers, including two garden volunteers and one cooking volunteer.

Future Plans and Developments

During 2023/2024 the Trustees anticipate the following activities and objectives:

Structure, Governance and Management

Governance

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 religious congregation, the Sisters of Jeanne Antide, and have a detailed knowledge of the work of the Charity and of its structure. In Canon Law, the Sisters of Jeanne Antide (former members of

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

the Sisters of the Christian Retreat) are governed by the constitution of the religious order.

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 Charity will review the Charity’s assets and liabilities, including property, investments and employees, deeds, wills, bank accounts, statutory accounts, taxation, and other considerations. The Charity continues to examine and consider arrangements regarding the future provision for the wellbeing of the former members named in its constitution, 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

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 in November 2020, an independent inquiry of the Catholic Church’s Safeguarding Structures and Arrangements in England and Wales, the Charity reviewed its safeguarding

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

structures and subscribes to the newly formed Religious Life Safeguarding Service (RLSS). In March 2022, the process of realignment from the Diocese of Arundel and Brighton Safeguarding Office to the RLSS was complete. The RLSS now serves as the Charity’s referral body for all safeguarding disclosures and the Charity 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 Charity’s structures. Trustees and staff are required to have undertaken appropriate safeguarding training and basic Disclosure and Barring Service (DBS) checks. 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.

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

Financial Review

The statement of financial activities for the year ending 31st March 2023 shows a deficit, before adjusting for investment gains, of £130,029 (2022 – Deficit of £92,050). Total funds balance, after losses on investments, at the year-end was £12,438,455 (2022: £12,721,517).

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 £42,097 (2022 - £38,192), income derived from retreats and providing spiritual guidance at the House of Prayer of £60,053 (2022 - £64,256) and investment income of £147,657 (2022 - £116,555). 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

Ruffer LLP and Cazenove Capital manages the Charity’s investments. There are no restrictions on the Charity’s power to invest. The Charity’s investment policy was reviewed in the year. The Charity has adopted a responsible investment policy to ensure that its investments do not conflict with its aims.

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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: Chair of Trustees

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

Independent Examiner’s Report

We report on the accounts of the Charity for the year ended 31 March 2023, 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:

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

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
fxed 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 2023
£
42,097
-
60,053
147,657		 Total 2022
£
38,192
-
64,256
116,555
249,807 219,003
70,772
-
154,533
154,531
-		 39,095
-
135,979
135,979
-
379,836 311,053
(130,029)
(153,033)
-		 (92,050)
545,838
-
(283,062)
-		 453,788
-
(283,062)
12,721,517		 453,788
12,267,729
12,438,455 12,721,517

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 2023

BALANCE SHEET AS AT 31 MARCH 2023

Fixed assets:
Note
£
Tangible assets
11
Investments
12
Current assets:
Debtors
13
17,001
Cash held as short term
investments
311,642
Cash at bank and in hand
108,813
Liabilities:
437,456
Creditors: amounts falling due
within one year
14
(19,812)
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
17,001
Cash held as short term
investments
311,642
Cash at bank and in hand
108,813
Liabilities:
437,456
Creditors: amounts falling due
within one year
14
(19,812)
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
2023
£
6,320,617
5,721,602
12,042,21
9
417,644
12,459,86
3
(21,408)
12,438,45
5
12,340,26
9
98,186
12,438,45
5		 £
15,326
248,557
101,130		 31 March
2022
£
6,376,425
6,008,493
437,456
(19,812)		 365,013
(7,006)

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

Approved by the trustees on 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 2023

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
For the period ended
31
Note
March 2023
Cash fows from operating activities
£
£
Net cash used in operating activities
18
(210,747)
Cash fows from investing activities:
Dividends and interest from investments
147,657
Purchase of fxed assets
-
Proceeds from sale of investments
3,047,627
Purchase of investments
(2,913,769)

Net cash provided by investing activities
281,515
Change in cash and cash equivalents in
the year
70,768
Cash and cash equivalents at the beginning of
the
349,687
year
Cash and cash equivalents at the end of
the year
420,455
Analysis of cash and cash equivalents
At 1 April
2022
Cash fows
£
£
Cash at bank and in hand
101,130
7,683
Cash held with investment managers
248,557
63,085
Total cash and cash equivalents
349,687
70,768		 STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
For the period ended
31
Note
March 2023
Cash fows from operating activities
£
£
Net cash used in operating activities
18
(210,747)
Cash fows from investing activities:
Dividends and interest from investments
147,657
Purchase of fxed assets
-
Proceeds from sale of investments
3,047,627
Purchase of investments
(2,913,769)

Net cash provided by investing activities
281,515
Change in cash and cash equivalents in
the year
70,768
Cash and cash equivalents at the beginning of
the
349,687
year
Cash and cash equivalents at the end of
the year
420,455
Analysis of cash and cash equivalents
At 1 April
2022
Cash fows
£
£
Cash at bank and in hand
101,130
7,683
Cash held with investment managers
248,557
63,085
Total cash and cash equivalents
349,687
70,768		 STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
For the period ended
31
Note
March 2023
Cash fows from operating activities
£
£
Net cash used in operating activities
18
(210,747)
Cash fows from investing activities:
Dividends and interest from investments
147,657
Purchase of fxed assets
-
Proceeds from sale of investments
3,047,627
Purchase of investments
(2,913,769)

Net cash provided by investing activities
281,515
Change in cash and cash equivalents in
the year
70,768
Cash and cash equivalents at the beginning of
the
349,687
year
Cash and cash equivalents at the end of
the year
420,455
Analysis of cash and cash equivalents
At 1 April
2022
Cash fows
£
£
Cash at bank and in hand
101,130
7,683
Cash held with investment managers
248,557
63,085
Total cash and cash equivalents
349,687
70,768		 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 31
Other
March
changes
2023
£
£
-
108,813
-
311,642
-
420,455		 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 31
Other
March
changes
2023
£
£
-
108,813
-
311,642
-
420,455
At 1 April
2022
£
101,130
248,557		 Other
changes
£
-
-
420,455 349,687
Cash fows
£
7,683
63,085		 At 31
March
2023
£
108,813
311,642
349,687 70,768 - 420,455

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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:

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Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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:


depreciation rates in use are as follows:
50
Freehold buildings years
Fixtures & Fittings 5 years
Motor Vehicles 4 years
3-5
Computer Equipment years

k) Listed Investment

19

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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.

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

2. Income from donations
and legacies
For the year For the year
ended ended
31 March 31 March
2023 2022
Unr
est
rict
ed Total Total
£ £ £
Sisters' pension donations 24794 - 31,511 26,890
Donations from individuals 23585 - 5,018 6,216
Sundry income 25361 - 5,568 5,086

20

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

4
42,097
3. Income from charitable
activities
For the year
ended
31 March
2023
Unrestricted
Total
£
£
Residential Care Home fees
378,980
-
Social and Pastoral care
49940
60,053
1,735,811
60,053
4. Income from investments
For the year
ended
31 March
2023
Unrestricted
Total
£
£
Bank interest receivable
166
-
Dividends from equity shares
142,385
147,657
133,082
147,657		 38,192
For the year
ended
31 March
2022
Total
£
-
64,256
64,256
For the year
ended
31 March
2022
Total
£
-
116,555
116,555

21

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023 22

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

5. Analysis of expenditure (current year)

Staf costs (Note 7)
Running costs
Insurance
Depreciation
Independent Examination
fee
Legal and professional fees
Investment costs
Donations
Maintenance of property
Governance costs
Total expenditure 2023
Total expenditure 2022		 Cost of
raising
funds
£
-
-
-
-
-
-
70,772
-
-		 Charitable activities Charitable activities Governanc
e
costs
£
-
-
-
-
2,750
30,457
-
-
-		 For the
year
ended 31
March
2023
£
78,869
106,344
12,539
55,809
2,750
30,457
70,772
13,637
8,659		 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
Residential
Care Home
operating
costs
£
-
-
-
-
-
-
-
-
-		 Social and
Pastoral
care
£
39,434
53,172
6,270
27,905
-
-
-
6,818
4,330		 Support of
Sisters and
pastoral
ministry
£
39,435
53,172
6,269
27,904
-
-
-
6,819
4,329		 Supporting
Overseas
missionary
work
£
-
-
-
-
-
-
-
-
-
70,772
-		 -
-		 137,929
16,604		 137,928
16,603		 -
-		 33,207
(33,207)		 379,836
-		 311,053
-
70,772 - 154,533 154,531 - - 379,836 311,053
39,095 - 135,979 135,979 - - 311,053

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

23

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

6. Net expenditure for the year

This is stated after charging:

6.
Net expenditure for the year
This is stated after charging:
For the
year For the
year ended
ended 31 31
March March
2023 2022
£ £
Depreciation 55,809 55,809
Independent Examiner’s fee 2,100 2,100

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 defned contribution pension
schemes		 For the
year
ended 31
March
2023
£
70,802
5,682
2,385		 For the year
ended 31
March
2022
£
65,473
4,847
2,176
78,869 72,496

No employee earned more than £60,000 during the year (2022: nil).

The total employee benefits including pension contributions of the key management personnel were £21, 962.17 (2022: £19,798).

The Charity trustees were not paid or received any other benefits from employment with the Charity in the year (2022: £nil). No Charity trustee received payment for professional or other services supplied to the Charity (2022: £nil). The Sister trustees named in the CIO’s constitution 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 6 (2022: 5).

24

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

9. Related party transactions

There are no related party transactions to disclose for 2023 (2022: 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). 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

Tangible fxed 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
-		 Fixtures and
fttings
£
19,042
-
19,042
7,617
3,808
11,425
7,617
11,425		 Total
£
6,744,042
-
6,725,000 6,744,042
360,000
52,000		 367,617
55,808
412,000 423,425
6,313,000 6,320,617
6,365,000 6,376,425

Land with a value of £4,125,000 (2022: £4,125,000) is included within freehold property and not depreciated.

All of the above assets are used for charitable purposes.

25

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

1
2. Listed investments
31
March
31 March
2023
2022
£
£
Fair value at the start of the year
6,008,49
3
5,507,041
Additions at cost
2,913,76
9
6,252,132
Disposal proceeds
(3,047,6
27)(6,296,518)
Net gain / (loss) on change in fair value
(153,03
3)
545,838
Fair value at the end of the year
5,721,60
2
6,008,493
1
3. Debtors
31
March
31 March
2023
2022
£
£
Prepayments
7,080
7,080
Other Debtors
9,921
8,246
17,001
15,326
14. Creditors: amounts falling due within one year
31 March
31 March
2023
2022
£
£
Trade creditors and accruals
19,812
7,006
15. Creditors: amounts falling due after one year
31 March
31 March
2023
2022
£
£
Sisters' dowries and legacies
21,408
21,408		 1
2. Listed investments
31
March
31 March
2023
2022
£
£
Fair value at the start of the year
6,008,49
3
5,507,041
Additions at cost
2,913,76
9
6,252,132
Disposal proceeds
(3,047,6
27)(6,296,518)
Net gain / (loss) on change in fair value
(153,03
3)
545,838
Fair value at the end of the year
5,721,60
2
6,008,493
1
3. Debtors
31
March
31 March
2023
2022
£
£
Prepayments
7,080
7,080
Other Debtors
9,921
8,246
17,001
15,326
14. Creditors: amounts falling due within one year
31 March
31 March
2023
2022
£
£
Trade creditors and accruals
19,812
7,006
15. Creditors: amounts falling due after one year
31 March
31 March
2023
2022
£
£
Sisters' dowries and legacies
21,408
21,408		 1
2. Listed investments
31
March
31 March
2023
2022
£
£
Fair value at the start of the year
6,008,49
3
5,507,041
Additions at cost
2,913,76
9
6,252,132
Disposal proceeds
(3,047,6
27)(6,296,518)
Net gain / (loss) on change in fair value
(153,03
3)
545,838
Fair value at the end of the year
5,721,60
2
6,008,493
1
3. Debtors
31
March
31 March
2023
2022
£
£
Prepayments
7,080
7,080
Other Debtors
9,921
8,246
17,001
15,326
14. Creditors: amounts falling due within one year
31 March
31 March
2023
2022
£
£
Trade creditors and accruals
19,812
7,006
15. Creditors: amounts falling due after one year
31 March
31 March
2023
2022
£
£
Sisters' dowries and legacies
21,408
21,408		 1
2. Listed investments
31
March
31 March
2023
2022
£
£
Fair value at the start of the year
6,008,49
3
5,507,041
Additions at cost
2,913,76
9
6,252,132
Disposal proceeds
(3,047,6
27)(6,296,518)
Net gain / (loss) on change in fair value
(153,03
3)
545,838
Fair value at the end of the year
5,721,60
2
6,008,493
1
3. Debtors
31
March
31 March
2023
2022
£
£
Prepayments
7,080
7,080
Other Debtors
9,921
8,246
17,001
15,326
14. Creditors: amounts falling due within one year
31 March
31 March
2023
2022
£
£
Trade creditors and accruals
19,812
7,006
15. Creditors: amounts falling due after one year
31 March
31 March
2023
2022
£
£
Sisters' dowries and legacies
21,408
21,408
5,721,60
2
31
March
2023
£
7,080
9,921
17,001
31 March
2023
£
19,812
31 March
31 March
2023
2022
£
£
21,408
21,408

26

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

16. Analysis of net assets between funds

Current year

Tangible fxed assets
Investments
Net current assets
Long term liabilities
Net assets at the end of the year
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
£
8,123,721
4,421,581		 General
unrestricte
d
£
7,617
-
111,977
(21,408)		 Designate
d
£
6,313,000
5,721,602
305,667
-		 Total funds
£
6,320,617
6,008,493
358,007
(21,408)
98,186 12,340,269 12,438,455
Income
and
gains
£
-
(153,033)		 Expenditur
e
and losses
£
(52,000)
-		 At the end
of
the year
£
8,071,721
4,268,648
12,545,30
2		 (153,033) (52,000) 12,340,269
176,215 249,807 (327,836) 98,186
12,721,51
7		 96,774 (379,836) 12,438,455

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.

27

Sisters of the Christian Retreat Annual Report and Accounts for year ending 31 March 2023

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

Reconciliation of net expenditure to net cash fow
operating activities
Net expenditure for the reporting period
(as per the statement of fnancial 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
2023
2022
£
£
(283,062
)
453,788
55,808
55,809
153,033
(545,838)
-
-
(147,657
)
(116,555)
(1,675)
(409)
(12,806)
(13,452)
(210,747
)
(166,657)

28