## 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: 

- hold prayer, retreat and spiritual accompaniment at the heart of our lives and our ministry; 

- build community and work together in a spirit of collaboration and co-operation; 

- give a warm welcome, generous hospitality and care to all who come to the House of Prayer; 

- create space conducive to prayer, silent meditation and reflection; 

- be kind and compassionate, honouring the worth and dignity of every person; 

- do our part to nurture and protect the earth and to care for our ‘common home’; 

- uphold safe, ethical and best practice in all areas of our work. 

_‘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: 

- To  implement  and  deliver  strategy  plans  for  the  future  care  and provision of the Sisters and activities at the House of Prayer. 

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

- To support the activities offered by the House of Prayer and ensure plans are in place to: prepare for succession 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 support the ministry of retreat-giving and spiritual direction. 

- To  build  a  strong  relationship  with  Sisters  of  Jeanne  Antide  and understanding of its spirit and charism in relation to the mission and activities of its members. 

## 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: 

- 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: 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: 

- 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:** 

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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:**<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>**fxed 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 2023**<br>**£**<br>**42,097**<br>**-**<br>**60,053**<br>**147,657**|Total 2022<br>£<br>38,192<br>-<br>64,256<br>116,555|
|---|---|---|
||**249,807**|219,003|
||**70,772**<br>**-**<br>**154,533**<br>**154,531**<br>**-**|39,095<br>-<br>135,979<br>135,979<br>-|
||**379,836**|311,053|
||**(130,029)**<br>**(153,033)**<br>**-**|(92,050)<br>545,838<br>-|
||**(283,062)**<br>**-**|453,788<br>-|
||**(283,062)**<br>**12,721,517**|453,788<br>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:**<br>Note<br>**£**<br>Tangible assets<br>11<br>Investments<br>12<br>**Current assets:**<br>Debtors<br>13<br>**17,001**<br>Cash held as short term<br>investments<br>**311,642**<br>Cash at bank and in hand<br>**108,813**<br>**Liabilities:**<br>**437,456**<br>Creditors: amounts falling due<br>within one year<br>14<br>**(19,812)**<br>**Net current assets**<br>**Total assets less current**<br>**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>**17,001**<br>Cash held as short term<br>investments<br>**311,642**<br>Cash at bank and in hand<br>**108,813**<br>**Liabilities:**<br>**437,456**<br>Creditors: amounts falling due<br>within one year<br>14<br>**(19,812)**<br>**Net current assets**<br>**Total assets less current**<br>**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>**2023**<br>**£**<br>**6,320,617**<br>**5,721,602**<br>**12,042,21**<br>**9**<br>**417,644**<br>**12,459,86**<br>**3**<br>**(21,408)**<br>**12,438,45**<br>**5**<br>**12,340,26**<br>**9**<br>**98,186**<br>**12,438,45**<br>**5**|£<br>15,326<br>248,557<br>101,130||31 March<br>2022<br>£<br>6,376,425<br>6,008,493|
|---|---|---|---|---|---|
||**437,456**<br>**(19,812)**||365,013<br>(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**<br>**FOR THE YEAR ENDED 31 MARCH 2023**<br>**For the period ended**<br>**31**<br>Note<br>**March 2023**<br>**Cash fows from operating activities**<br>**£**<br>**£**<br>**Net cash used in operating activities**<br>18<br>(210,747)<br>**Cash fows from investing activities:**<br>Dividends and interest from investments<br>147,657<br>Purchase of fxed assets<br>-<br>Proceeds from sale of investments<br>3,047,627<br>Purchase of investments<br>(2,913,769)<br> <br>**Net cash provided by investing activities**<br>281,515<br>**Change in cash and cash equivalents in**<br>**the year**<br>70,768<br>Cash and cash equivalents at the beginning of<br>the<br>349,687<br>year<br>**Cash and cash equivalents at the end of**<br>**the year**<br>420,455<br>**Analysis of cash and cash equivalents**<br>At 1 April<br>2022<br>Cash fows<br>£<br>£<br>Cash at bank and in hand<br>101,130<br>7,683<br>Cash held with investment managers<br>248,557<br>63,085<br>**Total cash and cash equivalents**<br>349,687<br>70,768|**STATEMENT OF CASH FLOWS**<br>**FOR THE YEAR ENDED 31 MARCH 2023**<br>**For the period ended**<br>**31**<br>Note<br>**March 2023**<br>**Cash fows from operating activities**<br>**£**<br>**£**<br>**Net cash used in operating activities**<br>18<br>(210,747)<br>**Cash fows from investing activities:**<br>Dividends and interest from investments<br>147,657<br>Purchase of fxed assets<br>-<br>Proceeds from sale of investments<br>3,047,627<br>Purchase of investments<br>(2,913,769)<br> <br>**Net cash provided by investing activities**<br>281,515<br>**Change in cash and cash equivalents in**<br>**the year**<br>70,768<br>Cash and cash equivalents at the beginning of<br>the<br>349,687<br>year<br>**Cash and cash equivalents at the end of**<br>**the year**<br>420,455<br>**Analysis of cash and cash equivalents**<br>At 1 April<br>2022<br>Cash fows<br>£<br>£<br>Cash at bank and in hand<br>101,130<br>7,683<br>Cash held with investment managers<br>248,557<br>63,085<br>**Total cash and cash equivalents**<br>349,687<br>70,768|**STATEMENT OF CASH FLOWS**<br>**FOR THE YEAR ENDED 31 MARCH 2023**<br>**For the period ended**<br>**31**<br>Note<br>**March 2023**<br>**Cash fows from operating activities**<br>**£**<br>**£**<br>**Net cash used in operating activities**<br>18<br>(210,747)<br>**Cash fows from investing activities:**<br>Dividends and interest from investments<br>147,657<br>Purchase of fxed assets<br>-<br>Proceeds from sale of investments<br>3,047,627<br>Purchase of investments<br>(2,913,769)<br> <br>**Net cash provided by investing activities**<br>281,515<br>**Change in cash and cash equivalents in**<br>**the year**<br>70,768<br>Cash and cash equivalents at the beginning of<br>the<br>349,687<br>year<br>**Cash and cash equivalents at the end of**<br>**the year**<br>420,455<br>**Analysis of cash and cash equivalents**<br>At 1 April<br>2022<br>Cash fows<br>£<br>£<br>Cash at bank and in hand<br>101,130<br>7,683<br>Cash held with investment managers<br>248,557<br>63,085<br>**Total cash and cash equivalents**<br>349,687<br>70,768|For the period<br>ended 31 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 31**<br>Other<br>**March**<br>changes<br>**2023**<br>£<br>**£**<br>-<br>**108,813**<br>-<br>**311,642**<br>-<br>**420,455**|For the period<br>ended 31 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 31**<br>Other<br>**March**<br>changes<br>**2023**<br>£<br>**£**<br>-<br>**108,813**<br>-<br>**311,642**<br>-<br>**420,455**|
|---|---|---|---|---|
||At 1 April<br>2022<br>£<br>101,130<br>248,557||Other<br>changes<br>£<br>-<br>-||
|||420,455||349,687|
|||Cash fows<br>£<br>7,683<br>63,085||**At 31**<br>**March**<br>**2023**<br>**£**<br>**108,813**<br>**311,642**|
||349,687|70,768|-|**420,455**|



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

17 



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: 

18 



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

- 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. 

## **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: 

|<br>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**<br>**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<br>**42,097**<br>**3. Income from charitable**<br>**activities**<br>**For the year**<br>**ended**<br>**31 March**<br>**2023**<br>Unrestricted<br>**Total**<br>£<br>**£**<br>Residential Care Home fees<br>378,980<br>**-**<br>Social and Pastoral care<br>49940<br>**60,053**<br>1,735,811<br>**60,053**<br>**4.   Income from investments**<br>**For the year**<br>**ended**<br>**31 March**<br>**2023**<br>Unrestricted<br>**Total**<br>£<br>**£**<br>Bank interest receivable<br>166<br>**-**<br>Dividends from equity shares<br>142,385<br>**147,657**<br>133,082<br>**147,657**|||38,192<br>For the year<br>ended<br>31 March<br>2022<br>Total<br>£<br>-<br>64,256<br>64,256<br>For  the year<br>ended<br>31 March<br>2022<br>Total<br>£<br>-<br>116,555<br>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)<br>Running costs<br>Insurance<br>Depreciation<br>Independent Examination<br>fee<br>Legal and professional fees<br>Investment costs<br>Donations<br>Maintenance of property<br>Governance costs<br>**Total expenditure 2023**<br>Total expenditure 2022|Cost of<br>raising<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>70,772<br>-<br>-||Charitable activities|Charitable activities||Governanc<br>e<br>costs<br>£<br>-<br>-<br>-<br>-<br>2,750<br>30,457<br>-<br>-<br>-|**For the**<br>**year**<br>**ended 31**<br>**March**<br>**2023** <br>**£**<br>**78,869**<br>**106,344**<br>**12,539**<br>**55,809**<br>**2,750**<br>**30,457**<br>**70,772**<br>**13,637**<br>**8,659**|For the<br>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|
|---|---|---|---|---|---|---|---|---|
|||Residential<br>Care Home<br>operating<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Social and<br>Pastoral<br>care<br>£<br>39,434<br>53,172<br>6,270<br>27,905<br>-<br>-<br>-<br>6,818<br>4,330|Support of<br>Sisters and<br>pastoral<br>ministry<br>£<br>39,435<br>53,172<br>6,269<br>27,904<br>-<br>-<br>-<br>6,819<br>4,329|Supporting<br>Overseas<br>missionary<br>work<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||||
||70,772<br>-|-<br>-|137,929<br>16,604|137,928<br>16,603|-<br>-|33,207<br>(33,207)|**379,836**<br>**-**|311,053<br>-|
||**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.**<br>**Net expenditure for the year**<br>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<br>Social security costs<br>Employer’s contribution to defned contribution pension<br>schemes|**For the**<br>**year**<br>**ended 31**<br>**March**<br>**2023**<br>**£**<br>**70,802**<br>**5,682**<br>**2,385**|For the year<br>ended 31<br>March<br>2022<br>£<br>65,473<br>4,847<br>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**<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>-|Fixtures and<br>fttings<br>£<br>19,042<br>-<br>19,042<br>7,617<br>3,808<br>11,425<br>7,617<br>11,425|**Total**<br>**£**<br>**6,744,042**<br>**-**|
||6,725,000||**6,744,042**|
||360,000<br>52,000||**367,617**<br>**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**<br>**2. Listed investments**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Fair value at the start of the year<br>**6,008,49**<br>**3**<br>5,507,041<br>Additions at cost<br>**2,913,76**<br>**9**<br>6,252,132<br>Disposal proceeds<br>**(3,047,6**<br>**27)**(6,296,518)<br>Net gain / (loss) on change in fair value<br>**(153,03**<br>**3)**<br>545,838<br>Fair value at the end of the year<br>**5,721,60**<br>**2**<br>6,008,493<br>**1**<br>**3. Debtors**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Prepayments<br>**7,080**<br>7,080<br>Other Debtors<br>**9,921**<br>8,246<br>**17,001**<br>15,326<br>**14. Creditors: amounts falling due within one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Trade creditors and accruals<br>**19,812**<br>7,006<br>**15. Creditors: amounts falling due after one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Sisters' dowries and legacies<br>**21,408**<br>21,408|**1**<br>**2. Listed investments**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Fair value at the start of the year<br>**6,008,49**<br>**3**<br>5,507,041<br>Additions at cost<br>**2,913,76**<br>**9**<br>6,252,132<br>Disposal proceeds<br>**(3,047,6**<br>**27)**(6,296,518)<br>Net gain / (loss) on change in fair value<br>**(153,03**<br>**3)**<br>545,838<br>Fair value at the end of the year<br>**5,721,60**<br>**2**<br>6,008,493<br>**1**<br>**3. Debtors**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Prepayments<br>**7,080**<br>7,080<br>Other Debtors<br>**9,921**<br>8,246<br>**17,001**<br>15,326<br>**14. Creditors: amounts falling due within one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Trade creditors and accruals<br>**19,812**<br>7,006<br>**15. Creditors: amounts falling due after one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Sisters' dowries and legacies<br>**21,408**<br>21,408|**1**<br>**2. Listed investments**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Fair value at the start of the year<br>**6,008,49**<br>**3**<br>5,507,041<br>Additions at cost<br>**2,913,76**<br>**9**<br>6,252,132<br>Disposal proceeds<br>**(3,047,6**<br>**27)**(6,296,518)<br>Net gain / (loss) on change in fair value<br>**(153,03**<br>**3)**<br>545,838<br>Fair value at the end of the year<br>**5,721,60**<br>**2**<br>6,008,493<br>**1**<br>**3. Debtors**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Prepayments<br>**7,080**<br>7,080<br>Other Debtors<br>**9,921**<br>8,246<br>**17,001**<br>15,326<br>**14. Creditors: amounts falling due within one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Trade creditors and accruals<br>**19,812**<br>7,006<br>**15. Creditors: amounts falling due after one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Sisters' dowries and legacies<br>**21,408**<br>21,408|**1**<br>**2. Listed investments**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Fair value at the start of the year<br>**6,008,49**<br>**3**<br>5,507,041<br>Additions at cost<br>**2,913,76**<br>**9**<br>6,252,132<br>Disposal proceeds<br>**(3,047,6**<br>**27)**(6,296,518)<br>Net gain / (loss) on change in fair value<br>**(153,03**<br>**3)**<br>545,838<br>Fair value at the end of the year<br>**5,721,60**<br>**2**<br>6,008,493<br>**1**<br>**3. Debtors**<br>**31**<br>**March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Prepayments<br>**7,080**<br>7,080<br>Other Debtors<br>**9,921**<br>8,246<br>**17,001**<br>15,326<br>**14. Creditors: amounts falling due within one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Trade creditors and accruals<br>**19,812**<br>7,006<br>**15. Creditors: amounts falling due after one year**<br>**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>Sisters' dowries and legacies<br>**21,408**<br>21,408|
|---|---|---|---|
||**5,721,60**<br>**2**|||
||**31**<br>**March**<br>**2023**<br>**£**<br>**7,080**<br>**9,921**|||
||**17,001**|||
||||**31 March**<br>**2023**<br>**£**<br>**19,812**|
||||**31 March**<br>31 March<br>**2023**<br>2022<br>**£**<br>£<br>**21,408**<br>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<br>Investments<br>Net current assets<br>Long term liabilities<br>**Net assets at the end of the year**<br>**17. 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<br>start<br>of the<br>year<br>£<br>8,123,721<br>4,421,581|General<br>unrestricte<br>d<br>£<br>7,617 <br>- <br>111,977<br>(21,408)|Designate<br>d <br>£<br> 6,313,000<br> 5,721,602<br>305,667<br>-|**Total funds**<br>**£**<br>**6,320,617**<br>**6,008,493**<br>**358,007**<br>**(21,408)**|
|---|---|---|---|---|
|||98,186|12,340,269|**12,438,455**|
|||Income<br>and<br>gains <br>£<br>-<br>(153,033)|Expenditur<br>e<br> and losses<br>£<br>(52,000)<br>-|**At the end**<br>**of**<br>**the year**<br>**£**<br>**8,071,721**<br>**4,268,648**|
||12,545,30<br>2|(153,033)|(52,000)|**12,340,269**|
||176,215|249,807|(327,836)|**98,186**|
||12,721,51<br>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. 

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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**<br>**operating activities**||
|---|---|
|**Net expenditure for the reporting period**<br>**(as per the statement of fnancial 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**<br>**year** For the year<br>**ended 31**<br>ended 31<br>**March**<br>March<br>**2023**<br>2022<br>**£**<br>£<br>**(283,062**<br>**)**<br>453,788<br>**55,808**<br>55,809<br>**153,033**<br>(545,838)<br>**-**<br>-<br>**(147,657**<br>**)**<br>(116,555)<br>**(1,675)**<br>(409)<br>**(12,806)**<br>(13,452)|
||**(210,747**<br>**)**<br>(166,657)|



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