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← Sisters Of The Christian Retreat

2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1174120

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SISTERS OF THE CHRISTIAN RETREAT

Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA

SISTERS OF THE CHRISTIAN RETREAT

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Notes to the Financial Statements 16 to 25
Detailed Statement of Financial Activities 26 to 27

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The trustees present their report and audited accounts for the year ended 31 March 2024.

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. 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 support the former members of the Sisters of the Christian Retreat named in the CIO Constitution and their ongoing religious work and ministry. The former members are also members of the religious congregation Sisters of Charity of St Jeanne Antide Thouret. The Sisters of Charity of St Jeanne Antide Thouret are responsible for the pastoral care and welfare of the Sisters.

The Sisters of the Christian Retreat CIO continues to support the House of Prayer in East Molesey, Surrey.

Page 1

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

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 principle aims and activities of the charity are to:

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

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit 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.

Page 2

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENT AND PERFORMANCE

Review of activities, achievement, and performance

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

1. Provide support and care to members of the former Sisters of the Christian Retreat congregation

The Charity continues to provide support and care for the former members of the Sisters of the Christian Retreat. There is currently one Sister in residential care and two Sisters living in the House of Prayer in East Molesey. The Sisters living at the House of Prayer provide pastoral support and care 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 members of that Congregation.

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

During 2023-24, the trustees considered changes and upgrades to the Sisters' apartment on the second floor of the House of Prayer in East Molesey to ensure that the present and future needs of the two Sisters living there were taken care of. A planning application for a 3-bedroom dwellinghouse in the existing car park has been made to Elmbridge Borough Council. This is to be occupied by the Sisters should it be required.

In September 2023, the trustees made a grant payment of £100,000 to help fund the care of the former members of the Sisters of the Christian Retreat living in Les Fontanelles, France.

In March 2024, trustees made a final grant payment of £144,000 to a former Sister of the Christian Retreat living in Ireland in respect of their departure from religious life and in accordance with Canon 702. No further grants will be made to this individual by the Charity in the future.

2. Provide social and pastoral care by promoting Christian spirituality, retreats and spiritual direction through

the House of Prayer

The Charity responds to the social and pastoral needs of the community by funding and supporting the ministry of the House of Prayer, a retreat house located in East Molesey. The House of Prayer's vision statement is informed by the spirit of the Christian Retreat of the former congregation:

Our aim is to help people to explore and deepen their relationship with God through prayer, meditation, and retreat.

The 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

Page 3

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

During the year, the House of Prayer team continued to offer a silent space for retreat, meditation, and spiritual direction. Between April 2023 - March 2024, approximately 2,823 visitors accessed the services and ministry offered at the House of Prayer in-person and online. Income from retreats was affected by two significant closures in April and July 2023 for building renovations. Despite closures, income received from retreats generally exceeded budgeted expectations.

The House of Prayer welcomed individuals and groups for residential and day retreats. Spiritual direction was offered online and in-person. The House of Prayer offers a diverse programme of residential and day retreats throughout the year. Retreats included Individually Guided Retreats and other retreats led by the team or external facilitators on themes to encourage deeper engagement and encounter with Christian spirituality and prayer, including: Lent; Advent; Centering Prayer and focusing; the Labyrinth; the Principle and Foundation of the Spiritual Exercises; Discernment and Celtic spirituality; the Early Desert Fathers and Mothers; the Lord's Prayer; pastoral care of the sick, dying, and bereaved; and contemplative photography.

The House of Prayer holds several regular groups which meet weekly, monthly, or termly throughout the year. Regular groups included Advent Lectio Divina, the Prayer Journey, Centering Prayer, Christian Meditation, Artists' Discernment, Supervision Group for Spiritual Directors, and an Oil Painting Class.

Bursaries and small concessions are made to individuals on low income or without financial means to make a retreat.

The House of Prayer is run by a small team of paid staff (5) and supported by resident Sisters (2). It benefits enormously from the generosity of its wider community of facilitators and speakers, Community of Spiritual Directors, and volunteers (4). In November 2023, a lay Director of the House of Prayer was appointed and works closely with the Sisters and the Board to implement the mission, vision and strategy of the Charity for the House of Prayer.

FINANCIAL REVIEW

Financial position

The statement of financial activities for the year ending 31st March 2024 shows a deficit, before adjusting for investment gains, of £332,022 which included the £244,000 retirement grants (2023 - Deficit of £130,029). Total funds balance, after losses on investments, at the year-end was £11,999,570 (2023: £12,438,455).

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, and donations of £28532 (2023 - £42,097), income derived from retreats and providing spiritual guidance at the House of Prayer of £50,908 (2023 - £60,053) and investment income, including rents, of £168,805 (2023 - £147,657). Further details of funding are provided under notes 2, 3 and 4 of the financial statements.

Investment policy and objectives

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.

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.

Page 4

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

FUTURE PLANS AND DEVELOPMENTS

During 2024/2025 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. Four trustees are members of the religious congregation, the Sisters of Charity of St. Jeanne Antide Thouret. Canon Law, the Sisters of Charity of St. Jeanne Antide Thouret (the former members of the Sisters of the Christian Retreat) are governed by the Religious constitution of their Congregation.

Page 5

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees undertake regular reviews of the risks facing the Charity. 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. 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.

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 of the Sisters of the Christian Retreat Congregation 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 named in the CIO Constitution, 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 are reviewed and updated. The Charity seeks professional financial and legal advice from reputable individuals and organisations where appropriate. The trustees are confident that the Charity has the resources to meet its future financial obligations and commitments.

4. External:

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

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 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 lead to review and implement 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.

Page 6

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Trustees, volunteers, and staff are required to have undertaken appropriate safeguarding training and basic Disclosure and Barring Service (DBS) checks. 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.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number 1174120

Registered office

35 Seymour Road East Molesey Surrey KT8 0PB

Trustees

Sister Anne Dunne Gerard Ellul (appointed 22 February 2024) Nicola Mason (appointed 22 February 2024) Audrey Hamilton (appointed 22 February 2024) Brijangana Waterfield Margaret Buckley Christina Collins Sister Melanie Kingston

Auditors

Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA

Page 7

SISTERS OF THE CHRISTIAN RETREAT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES 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, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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.

Auditor

Chariot House was appointed as the Charity's auditor for 2023-24.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Sister Anne Dunne

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF THE CHRISTIAN RETREAT

Opinion

We have audited the financial statements of Sisters of the Christian Retreat (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF THE CHRISTIAN RETREAT

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF THE CHRISTIAN RETREAT

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and its activities, and through discussion with the trustees and management, we identified the principal risks of material misstatement both at the financial statement level and at the assertion level.

We considered these risks in the light of various factors including the level of complexity, subjectivity, uncertainty, potential management bias, fraud, materiality and any other relevant factors. We considered the extent to which these would have a material impact on the financial statements and designed our audit work accordingly.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

o Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

o Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates were indicative of a potential bias and tested significant transactions that were unusual or those outside the normal course of business.

We also:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF SISTERS OF THE CHRISTIAN RETREAT

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Chariot House Limited Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA

Date: .............................................

Page 12

SISTERS OF THE CHRISTIAN RETREAT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
28,532
Charitable activities
Social and Pastoral Care
50,908
Investment income
2
168,805
Other income
4,688
Total
252,933
EXPENDITURE ON
Raising funds
3
24,036
Charitable activities
4
Social and Pastoral Care
217,838
Support of Sisters and Pastoral
Ministry
47,081
Grants to sisters in retirement
-
Total
288,955
Net gains/(losses) on
investments
-
NET
INCOME/(EXPENDITURE)
(36,022)
Transfers between funds
18
58,217
Net movement in funds
22,195
RECONCILIATION OF
FUNDS
Total funds brought forward
98,186
TOTAL FUNDS CARRIED
FORWARD
120,381
Property
Fund
£
-
-
-
-
-
-
52,000
-
-
52,000
-
(52,000)
-
(52,000)
6,313,000
6,261,000
Investment
Fund
£
-
-
-
-
-
-
-
-
244,000
244,000
(106,863)
(350,863)
(58,217)
(409,080)
6,027,269
5,618,189		 2024

Total
funds
£
28,532
50,908
168,805
4,688
252,933
24,036
269,838
47,081
244,000
584,955
(106,863)
(438,885)
-
(438,885)
12,438,455
11,999,570		 2023
Total
funds
£
42,097
60,053
147,657
-
249,807
70,772
154,533
154,531
-
379,836
(153,033)
(283,062)
-
(283,062)
12,721,517
12,438,455

The notes form part of these financial statements

Page 13

SISTERS OF THE CHRISTIAN RETREAT

BALANCE SHEET 31 MARCH 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
12
4,225
Investments
13
-
4,225
CURRENT ASSETS
Debtors
14
16,593
Investments
15
-
Cash at bank
149,110
165,703
CREDITORS
Amounts falling due within one
year
16
(28,139)
NET CURRENT ASSETS
137,564
TOTAL ASSETS LESS
CURRENT LIABILITIES
141,789
CREDITORS
Amounts falling due after more
than one year
17
(21,408)
NET ASSETS
120,381
FUNDS
18
Unrestricted funds
TOTAL FUNDS
Property
Fund
£
6,261,000
-
6,261,000
-
-
-
-
-
-
6,261,000
-
6,261,000
Investment
Fund
£
-
5,618,182
5,618,182
-
7
-
7
-
7
5,618,189
-
5,618,189		 2024

Total
funds
£
6,265,225
5,618,182
11,883,407
16,593
7
149,110
165,710
(28,139)
137,571
12,020,978
(21,408)
11,999,570
11,999,570
11,999,570		 2023
Total
funds
£
6,320,617
5,721,602
12,042,219
17,001
311,642
108,813
437,456
(19,812)
417,644
12,459,863
(21,408)
12,438,455
12,438,455
12,438,455

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 14

SISTERS OF THE CHRISTIAN RETREAT

BALANCE SHEET - continued 31 MARCH 2024

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Sister Anne Dunne

The notes form part of these financial statements

Page 15

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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

The Charity's functional and presentational currency is Sterling. All figures have been rounded to the nearest pound.

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.

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.

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.

Expenditure

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

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

Grants made

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

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.

continued...

Page 16

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

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 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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.

continued...

Page 17

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. INVESTMENT INCOME

INVESTMENT INCOME
Rents received
Investment Income		 2024
£
9,050
159,755
168,805		 2023
£
-
147,657
147,657
3.
RAISING FUNDS
Investment management costs
Portfolio management		 2024
£
24,036		 2023
£
70,772

4. CHARITABLE ACTIVITIES COSTS

Social and Pastoral Care
Support of Sisters and Pastoral Ministry
Grants to sisters in retirement		 Direct
Costs (see
note 5)
£
231,419
47,081
-
278,500		 Grant
funding of
activities
(see note
6)
£
-
-
244,000
244,000		 Support
costs (see
note 7)
£
38,419
-
-
38,419		 Totals
£
269,838
47,081
244,000
560,919

continued...

Page 18

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

5. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Insurance
Depreciation charge
Maintenance of property
Donations
Retreat cost
Sisters support cost
6.
GRANTS PAYABLE
Grants to sisters in retirement
7.
SUPPORT COSTS
Social and Pastoral Care
Support costs, included in the above, are as follows:
Trustees' remuneration etc
Auditors' remuneration
Accountancy and legal fees
Independent examination		 2024
2023
£
£
57,934
78,869
13,275
12,539
55,912
55,808
62,399
8,659
2,002
13,638
39,897
57,132
47,081
49,212
278,500
275,857
2024
2023
£
£
244,000
-
Governance
costs
£
38,419
2024
2023
Social
and
Pastoral
Total
Care
activities
£
£
1,004
-
9,000
-
28,415
30,457
-
2,750
38,419
33,207

continued...

Page 19

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration / Independent examination
Depreciation - owned assets
Surplus on disposal of other assets		 2024
£
9,000
55,392
(4,688)		 2023
£
2,750
55,808
-

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

Trustees' expenses
10.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
£
1,004
2024
£
52,898
3,584
1,452
57,934		 2023
£
-
2023
£
70,802
5,682
2,385
78,869

The average monthly number of employees during the year was as follows:

Administration and Operations 2024
5		 2023
5

No employees received emoluments in excess of £60,000.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Social and Pastoral Care
Investment income
Total		 Unrestricted
funds
£
42,097
60,053
147,657
249,807
Property
Fund
£
-
-
-
-
Investment
Fund
£
-
-
-
-
Total
funds
£
42,097
60,053
147,65
249,80

continued...

Page 20

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

EXPENDITURE ON
Raising funds
Charitable activities
Social and Pastoral Care
Support of Sisters and Pastoral Ministry
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 April 2023 and 31 March 2024
DEPRECIATION
At 1 April 2023
Charge for year
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Unrestricted
funds
£
70,772
102,533
154,531
327,836
-
(78,029)
176,215
98,186
Freehold
property
£
6,725,000
412,000
52,000
464,000
6,261,000
6,313,000
Property
Fund
£
-
52,000
-
52,000
-
(52,000)
8,123,721
8,071,721
Fixtures
and
fittings
£
21,987
14,370
3,392
17,762
4,225
7,617
Investment
Fund
£
-
-
-
-
(153,033)
(153,033)
4,421,581
4,268,548
Motor
vehicles
£
16,638
16,638
-
16,638
-
-
Total
funds
£
70,772
154,533
154,531
379,836
(153,033)
(283,062)
12,721,517
12,438,455
Totals
£
6,763,625
443,008
55,392
498,400
6,265,225
6,320,617

continued...

Page 21

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

13. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2023
Revaluations
Other movement
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
Valuation in 2024
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
15.
CURRENT ASSET INVESTMENTS
Cash - short term investments		 2024
£
9,013
500
7,080
16,593
2024
£
7		 Listed
investments
£
5,721,602
(106,863)
3,443
5,618,182
5,618,182
5,721,602
Listed
investments
£
5,618,182
2023
£
9,921
-
7,080
17,001
2023
£
311,642

continued...

Page 22

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Payments on account
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses		 2024
£
-
988
2,011
11,485
13,655
28,139		 2023
£
10,862
1,765
3,380
-
3,805
19,812

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditors 2024
£
21,408		 2023
£
21,408

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Property – Land and building Fund
Investment/Retirement Fund
TOTAL FUNDS		 At 1/4/23
£
98,186
6,313,000
6,027,269
12,438,455
12,438,455		 Net
movement

in funds
£
(36,022)
(52,000)
(350,863)
(438,885)
(438,885)		 Transfers

between
funds
£
58,217
-
(58,217)
-
-
At
31/3/24
£
120,381
6,261,000
5,618,189
11,999,570
11,999,570

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property – Land and building Fund
Investment/Retirement Fund
TOTAL FUNDS		 Incoming
resources
£
252,933
-
-
252,933
252,933		 Resources
expended
£
(288,955)
(52,000)
(244,000)
(584,955)
(584,955)		 Gains and
Movement
losses
in funds
£
£
-
(36,022)
-
(52,000)
(106,863)
(350,863)
(106,863)
(438,885)
(106,863)
(438,885)

.

continued...

Page 23

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Property Fund
Investment Fund
TOTAL FUNDS		 At 1/4/22
£
176,215
8,123,721
4,421,581
12,721,517
12,721,517		 Net
movement

in funds
£
(78,029)
(52,000)
(153,033)
(283,062)
(283,062)
At
31/3/23
£
98,186
8,071,721
4,268,548
12,438,455
12,438,455

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property Fund
Investment Fund
TOTAL FUNDS		 Incoming
resources
£
249,807
-
-
249,807
249,807		 Resources
expended
£
(327,836)
(52,000)
-
(379,836)
(379,836)		 Gains and
Movement
losses
in funds
£
£
-
(78,029)
-
(52,000)
(153,033)
(153,033)
(153,033)
(283,062)
(153,033)
(283,062)

Property Fund

From 2023, this fund represents the value of the physical freehold land and buildings held by the charity.

Investment Fund

From 2024 onwards, this fund represents the value of the investments held by the charity and includes inter alia, the £1,8m proceeds from the disposal of property in 2019 and funds held in separate accounts in respect of pension retirement funds for two of the Sisters. The movement on the fund includes amounts granted as retirement or other assistance to Sisters during the year, plus other funds drawn down to support the charity which are shown as transfers to the general fund.

continued...

Page 24

SISTERS OF THE CHRISTIAN RETREAT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024

19. RELATED PARTY DISCLOSURES

During the year to 31 March 2024, the board approved expenditure of £47,081 (2023 £49,212) to support the Sisters of the congregation. This included care home fees of £8,875 for one Sister who is in a care home in Kent and interim payments of £8,000 as pension for one sister in Ireland. . The remainder of the support costs were made up of food, clothing, health and personal welfare costs for the two sister who live and work within the House of Prayer.

Two other Sisters are now resident with communities in Ireland and the board is currently considering making lump sum payments in respect of their care for the future.

During the year to 31 March 2024, the board approved a lump sum grant of £100,000 for the care of Sisters now part of a French congregation and £144,000 for the final support payment to a Sister who has withdrawn from the religious congregation.

Page 25

SISTERS OF THE CHRISTIAN RETREAT DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
No description
Investment income
Rents received
Investment Income
Charitable activities
No description
Other income
Gain on sale of tangible fixed assets
Total incoming resources
EXPENDITURE
Investment management costs
Portfolio management
Charitable activities
Wages
Social security
Pensions
Insurance
Depreciation charge
Maintenance of property
Donations
Retreat cost
Sisters support cost
Grants to individuals
Support costs
Governance costs
Trustees' expenses
Auditors' remuneration
Carried forward		 2024
£
5,657
22,875
28,532
9,050
159,755
168,805
50,908
4,688
252,933
24,036
52,898
3,584
1,452
13,275
55,912
62,399
2,002
39,897
47,081
244,000
522,500
1,004
9,000
10,004		 2023
£
10,586
31,511
42,097
-
147,657
147,657
60,053
-
249,807
70,772
70,802
5,682
2,385
12,539
55,808
8,659
13,638
57,132
49,212
-
275,857
-
-
-

This page does not form part of the statutory financial statements

Page 26

SISTERS OF THE CHRISTIAN RETREAT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Governance costs
Brought forward
Accountancy and legal fees
Accountancy fees
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net expenditure		 2024
£
10,004
28,415
-
38,419
584,955
(332,022)
(106,863)
(438,885)		 2023
£
-
30,457
2,750
33,207
379,836
(130,029)
(153,033)
(283,062)

This page does not form part of the statutory financial statements

Page 27