CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE CONTENTS CONTENTS Page No Legal and Administrative Details R8POrt of Trustees Independent Auditorfs Report 8-10 statement of Financial Activities Balance Sheet 12 Stalernent of Cashfiows 13 Notes to th8 Accounts 14-27
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE LEGAL AND ADMINISTRATIVE INFORMATION Principal Add$5 Cenacle Sisters 35 Holmewood Gardèns Brixton London SW2 3NA Trustees Si818r jaelIn Gui&u Sister Winfred Margaret Morl&y Sister Katharine Mary Slogdon SisterAnn Janel Turner Provincial Treasurer Sister J8cqueline Guie Charity Numbar 1180883 Independent Auditor Azets Audit Services First Floor River House 1 Maidslone Road Sidcup Kent DA14 SRH Principal Bankers The Royal Bank of Scotland p Parklands De Havilland Way Horwich Bolton BL6 47U Inv¢$tment Managers CBIS Global Fund$ pl¢ Guild House Guild Slieet IFSC Dublin 1 Evelyn Partneis 45 CshaM Street London EC2V 7BG Solicitors Poth8cary Withan Weld 84 E¢¢leslon Square Pimlico London SW1V1PX
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The truste&5 presellt Iheii report logelhef with the accounts of the Congregation of Our Lady of the Retreat in the Cenacle Ilhe"charily or the"CIO"I for the year ended 31 Detember 2025. Introdu¢tlon The Congregation of Our Lady of the Retreat in the Cenacle 15 a charitab Incorporated Organisalion ICIOI registered with the Charity Commission (Charity RÈgislr81ion Numbèr 11806831 and governed by 8 Constitution dated 14 Noverllber 201B. Previously, il was th8 Cenacle Charity with the r8gi51ralion n. 232928, which held the a55ets of the Congregation in England before 14 Novewber 2018 and the Cenacle Charity Incorporated In Ireland with thè registration n. 20012359, which tr)e a$sets of the conggatIOn In Iland until 11 August 2023. The COnggatIOn of Our Lady of the Retreat in the Cena¢le (the Congregalionl is an International Roman Catholic Congr&g81ion founded In 1826 by Saint Therese Couderc and Jean-Pierre Eli8nn& Term8 in the village of Lalouvesc France, with the fundamental mission of providin9 accommodation for retrea15 and promoting 5pirituality- Today the Congregation has its Generalate In Rome and ¢onlinues th& mission ofworking'for the Iransformalion of the world by awakening and deepening faith. with and for th& people of our lime5'. Oble¢tlves and Actlvltles object of the charity. as set out In Ils conslilution. is the advancem&nt of the Christian r&ligion through the religiOU$ and other charitable work of the Congr8galion as the Iruslee5 with the appioval of the Superior Shall from time to time think fit. The mission statement of the Congregation states.'We work for the transforrnation of the world by awakening and deepening faith, with and for the people of our limes" The charity'8 trustees will strive to ensure a 8piril of harmony beiween this mission slalemenl and the objects described in the charity's conslitulion. Collaboration is an important aspect of the charity's work. This takes variou5 fo¢m$ In working with other religious.clargy and laity within th& Christian tradition in a variety of field8- retreats given in other centres, in parishes and online, training in the arl of spirilual direction., working on local parish Deep&ning of Faith programme5-. 5UPPOrting local &venls by sharing the gifts and talents of individuals.- and wotking with other religlous on ¢ommill&es and diocesan projects. The ecumenical field is also an area where collaboration Is seen lo be enriching and important for a belter understanding and appreciation of each other. This 15 achieved through the various aclivilie5 being open lo all believers. Encouraging and supporting the laity is very important in training. en8bling Ihetn and encouraging them lo lake up various roles, especially in ¢hur¢h-fo¢used groups. whe possible. the laity work alongside the sisters. as equa15. This is Public bertelfjt Statement The Iruslees confirm that they hav& r8ferr8d to the guidanc& contained in the Charity Commission's general guaNCe on public benefit when rewewing the Twsl's aims and objective5 and in planning future a¢livilie$. Achiovements and Perforrnance rn the Year The eharily aim8 to support the religious and other charitable works carri8d on by th8 Congregation and 11$ sisters in England and Ir81and. When setting the airns of the chafity, the trustee5 have complied with their duty under section 17 of the Chaiilie5 Act 2011 to have regard lo the Chaiily Commission's guidanee on public b&nefit The Iruste&s believ& they have demonstrated, in d&lail throughout this report, how th8 charity has been faithful to this guidance. The charity's work falls into Iwo main area5'. caring for the Tnember5 of the Congregatitsn and aJvan¢ing religion by providin9 accommodation for treats and protnoting Splrituality through prayer and 8pirilual accompanirnent. In 2025, this wa5 divided beiween online and ts¢e-lo-fa¢e meetings. Ov8rvi8W There were len sisters in England and Ireland at the start of 2025, their a9e5 ranging frarn 76 to 102, the number of sisters a5 the year closed remain5 a5 len. Al th8 stsrt of 2025, there were three sisl&rs in the Brixton Cornmunity in London. antl three Sisters remain resident as the year closed. The Sisters a part of a European province and a Invofved in the b¢al Community, which is very Th8 house in Brixton is available for people seeking spiritual 1ctiOn and supemsion. and the sistets, when requested, give ietreats and days of prayer in other venues. Following the pandemic, there is still a mixture of face-ltrface and online ministy.
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Ovetview Icontinuedl They are involved in informal ways in their local Pansh and. when invited. kad small group m88tings. This past year, on sister led a pr8yer group an a month. all 3 5151ers led sorne evening5 of prayer for Advent. They 8re also re8ders and Eucharistic mini8lers in the Church. Two sisters parti¢ipale In Faiths Togethei in Lambelh. an inlerfailh group. On8 Sister volunteers at a small project for Refugees. One sister is also involved In the Medaille Trust, a project for women who have been trafficked. Anolh8r 81sler is a member of the Soulhwark diocesan spirituality cornm155ion. Two s151ers have been Involved in ) prograrnme ca118d 'Living Joyfully. which is an inter- cOngg811Ona1 proje¢l onlin& for schools. student$ have the opportunity lo find out about Religious Life. One sister is 8 member of the dioce$e of Arundel and Brighton supeNision team for priests. Ministry is evolving. and there is more n81working in various local community groups. e.g. CitiZ8ns U.K. and Lambelh Citizen$. In the house in Liverpool. there were twts sisters al the start of 2025. Both 51slers were fully able 8nd needed minimal care. As the year progressed, both $isler$ gradually started ltr need rnore care, although they were both still able as the year clos8d. In th8 firsl part of 2025. the hard decision was made to close Liverpool House 8nd re-house the two sister5 In residen. All 51aff working for the Liverpool House community We m2de redundant as of 3151 October 2025. One sister has Moved into 5UPPOrted housing. and one has moved into a ealholic nursing home, Nazareth House. both in the Liverpool area. Another sister still lives in rented accommodation in North Liverpool and is parl of the parish team there. So. al the end of 2025, the 3 $1sters in the Liverpool community all liv8 88paralely. and Liverpool House stands vacant. In Liverpool. up to the end of October 2025, one sister was available for spiritual d1ction and welcoming Individuals and groups who vh$hed lo avail Ihetnselves of a 5patr 10 '51op and ponderf in the midst of their busy lives, wheth&r il bè for a f&w hours or 8 few days. Several group5 of gue51s were welcomed to us& the space for r8treals and quiet days. Th8 hou8& was a180 available lor ongoing trainin9 programmes for spiritual director5 and supervision in conjunction with the Liverpool Anglican Diocese, and one sister is a m&mber of the spirituality team and Is Involved in training programmes. One 5iSt8r continu8s lo give spiritual direction and ministry via Zoom following her move out of Liverpool House. There was a busy Prayer Enrolmenl office open to the public in Liverpool up to the 8nd of Oct 2025. Visitors carne and chose mas8 and prayer tard$ and v1511ed the Chapel on weekdays. Ther& wa5 also an online and phone facility. so all access levels were mel and were av211able fats-lTrface meeting5. by phone and online. Often, whilst visiting, visitors requ&sted a chal with on8 of the 8isler8. particularly during times of stress or cr151s In their live5. and they gained comfort from this ministry. This falIty lor the public came to an end with Ihe ¢ltssuFe of Liverpool House. There are 4 sisters in Ireland during the period ThrÈ& of whom are living in Dublin. Iwo of them are in a local care home. where they receive full-lirn8 nursing care Another si81er is livino in Cork. In common with many reliqious congregation8 in Great Britain. the age profile of the members of the Congregation in England is increasing as 8stIng members grow old&r. and the number of new vtrcalions becvTne5 minitnal. The Cong¢gatson has a legal and moral oblualion lo provid8 care for ils members. none of whom has resources of their own, and 811 hav& devoted a significant part of their lives to work for the Congregation. including pastoral work with poorer members of society As the age profi of the sister5 Increases, so too d085 the cost of providing care. Th& re- housing of the sisters in Liverpool and ¢ltrsvre tsf Liverpool House will still provid8 for the individual care r8quired by Èach Slster whilst saving the exp8nse of running and staffing a large property. Advancgrnent tsl religion The charity's properties are available lo the publi¢ as places where they can call in for a lime of quiet and p&ac&ful refl&clion, with a sister on hand lo l&nd a listening e2r should they wish. In Liverpool, the telephone was a great mean5 of offering 5UPPOrt and sympathy. prayer, and a listening e8r lo the many ¢allers who ¢ontinue(J lo call al all lime5 of day and night. During the year al Liverpool House, one pe150fi availed Ihem581ves of a r&lreat for six nights, and 68 people came for sojourn stays of bebween one and three nights- 45 people for I night, 14 people for 2 nights and 9 p&ople for 3 nights. Thère were 16 Days of Prayèr. followed by 120 people and 20 Evening meetings, followed by 131 peop18. 38 people 8vailed Ihemselv&s of 6 SupeNision sessions. and there were 3 Planning foi Workshop sessions attended by 3 p80pIe. one Slster hosted meetings for the Spiritual Dire¢lion co Team. In the year, there were 3 meetings for 23 peopl?. one of which was online. Also, at Liverpool House. one sister gave spiritual direclioTTr lo 83 people up to October 2025 and thereafter continued to 9ive direction online from Nazareth House lor 8 people In NovemberlDecember 2025.
CONGREGAfioN OF OUR LADY OF THE RETREAT IN THE CENACLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 The Prayer Enrolmenl Te3m in Liverpool consisted o151x staff frorn the local lay coFnmunity, and they covèred weekdays for Callers. telephone and web requests for prayer cards predominantly up to October 2025. Callers were also able to Iiisil the Chapel orto SP68k lo the si518rs confid8ntially. Sever21 s5Sters r&pr85ent the Congre9alion at yenÈral meeting$ of major sup8110rs and bursars in England. Two sisters in England serve 88 Iw8lees for thè charity leadership team and meèt regularly. and one 818ter hold8 the lead role for safeguarding in Eng13ndllreland. The sister5 at Liverpool house a150 covered the reception and spon{led to callers over the phone at the weekend alld outside o151aff working hours up until the dosure ol the house. Flnanclal Revlew During the year to 31Derntser 2025. the charity supported an average of 10 51Ster5 in England & Ireland. A $ummary of the charity's results for the y8ar can be found on pa98 11 of this report and accounts. During the year lo 31 December 2025, income amounted lo £435.776 12024- £511,744). the decrease against the prior year being due to the closing of th8 LIv8rpool Hous8 al the end of October 2025. One of the prinpaI components of inGome in 2025 was donations antl legacies linGluding pen$ion$ and other earned income of members of the Congregalion donated to the Gharity under Gift Ai(1 or deed of covenant), which amounted lo £190.173 12024 £168,885). Other categories of income comprised Income from prayer enrolmenls lolalling £119,29812024. £198.9531, and invastment income and interest receiv8b18 lotalling £107,822 12024 £116.6961. Total expenditure amounl8d to £677,55212024 £741.7901. The costs of supporting the 5i5ter5 of the Congregation and thèir ministry amounted lo £515.630 12024 . £568.9211. and expenditure on the provision of retreats and prayer enrolmen15 lolallèd £127.501 12024 £144,286). Expendilufe on rn3naging the inv8sbnents of the charity totalled £32.06212024. £25.6981. Nel expenditure of the charity before investment gain5 W85 £241,77612024 £230.0461- Gains on listed Investments for the year ¥rNounled lo £414.386 12024 £433,838). After accounting for the 10s5es on the revaluatiofj of tsngible fixed assets of £1,165,000 12024 gains of £27.7531, exchange 1088es of £46.727 on listed investments 12024_ losses of £43.3281, the nel decrease In fund$ wa$ £1,039.11712024- net Increase In funds of £188,219). Investm8ntperfom7ance The Gharily had two portfolios of listed inve$itnent5 wlh a markèt value on 31 December 2025 of £5,364,71812024- £5,033.9941, including cash awaiting re-investment of £145,76512024- £257,352). One portfg1iD 15 Tnanaged by Evelyn Partners, and one is invested in CBIS Global Funds plo Throughout the year, the investrntnt managers Gonlillued lo invest in a¢cordanr* th the trustees, Investment policy set out earlier in thi5 report. Further details of the investment portfolio are detailed in note 15 to the attarhed acGounl$. R¢$Èrves pollcy The trustees tonsid8rthal. given the nature of the thariws work. the level of fre8 reserves should be sufficient to gefjerale enough income lo ¢over approxirnalely nine months lo one year's ongoing Èxpenditure and lo provide for contingencies. unevenness in future incom8 and volatility in the value of investmen15. Thi5 approximates lo belween £510.000 and £680,000. A5 of 31 OeceTnber 2025, the total funds of the char& amounted to £7,928,296 Of thes8 total funds. £73,326 related to an endowment fund, further d8tai1s of which are given in note 18 to the attached aG¢ounl$. The tangibl8 fixed assets fund repr8s?nt8d the tangibk fixed ass&15 of the charity used lo support the work of the sistery and totalled £2,664,226. A further £4,250,000 represented a retirement ieserve designated by the IrusleÈ8 to provide incom8 to communities wlh elderty sister5 to care for. and lo provide for sisters generally in their retirement. Where sislets are employed by org8nisalions Indfrpendenl of th8 charity, any e8rnings are covenanted lo the charity. The number of new vocations to the Congrpgation Is negligible and, as a iesull, the average age of the tnembèrship is increasing. Young8r members. although takin9 up Irnportanl Gharilable ¥vork, tend either lo work within the charily or. if working outside, are in low-paid jobs. As a consequence, in the future. it 18 anticipated that there will be a general reduction in the income earned by $i$tets. The charity has a continuing commitment to support members of th8 Congregation. many of whom continue to carry out charitable work long past the norynal age of retirement.
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Reserves poll¢y l¢ontlnuedl Fe reserves as of 31 Deomber 2025 were £940,835. This 15 51ighlty 9realer than the target, bul deemed acceptable by the Iruslees, given the continuing volalilily of the invesiment markets 2nd the currÈnl geopolitical climate. Investment policy The charity h2$ listed invesimenl$. In respect lo these investments. the tru51ees aim to maximise the total inve51menl returns whilst maintaining Income and ¢onlinuing to preserve the 0[ value of the totsl investments. The 3clivilies of the inve$lmenl manager5 ar& reviewed fegularly by the IIu51ees to ensure that the investments are managed in accordance with the Iruslees, written guidelines and with the religlOU$ and ethical principle8 of the Congregation. Risk managernent The trustees carry out an annual and 51ruclufed review of the principal iisks and uncertainlie5 facing the charity, ¢alegorising them across governan¢e, operational. finan¢ial, reputslional and ethrnal fa¢iors. They regularly asse$s 8xis1ing controls and implement or strenglh&n policies, systems and proc8dur&8 to mitigate identified risks. ensuring that appropriate a¢ligns are taken where nece55ary. Overall, the tru51ees consider that 8ffecliv& risk management systern5 are in place. supported in particular by monitoring SeNe levels. mainlalning robvst rinanaal ¢onlrols and reviewing operational an¢t business risks. .A key risk relates lo the ageing profile of the members, with an 8verage agè exceeding 87. which increases the need for care and create5 both moial and le9al obligations for the charity. Thi5 risk is manag8d by maintaining a designated liremenl fund. calculated on an actuarial ba$is, and by regularly ieviewing the ministrie$ and individual needs of the S1818rs to 8nsure appropriate support and care arrangements ar& In place. .Th8 chaiity also face5 Safeguarding risk5 due to 115 work with children and vuln&rab18 adu115. To rniligale this, all rel&vanl personnel are required lo obtain DBS ¢learan¢e, and the tru$lees are fully ¢ommitted lo Complying with the policies of the Catholic Safeguarding Standards Agency. .Financial iisks arise from the ¢harity'5 reliance on listed investment5. whose value is subject lo market flu¢tuaiions. ThÈ$È investments are managed by profes$ional investment managers under Iru5tee-approved policies, with perfonnan monitored regularly and strategy reviewed periodically to ensure continued alignment with the charity's n8eds. .In addition, th& tharily must ensuie that its properties remain safe. secure and properly maintained. This Is atldr&ssed through fegular inspections by charted surveyors, al lea$1 every three years. and the Imements110n of a rolling maintenance prograrnme based on their recornmendalions. The trJ$lee$ recognise their overall respon$ibility for risk management and are Satisfied that the mea$ure$ in place are sufficiènt lo mitsg81e the main risks faced by the charity and its members. Going ¢on¢ern The Iru5tee5 have 855e55ed whether the use of the going conc&rn 8ssumplion is appropriat8 in pr&paring these accounts. The Irusiees have made this assessment in respe¢1 lo a period of al lea51 one year from the dale L>f approval of these accounts. The Iruslees have concluded that th& charity has adequate SOurceS lo ¢ontinue In oporalional exi8l&nce for the forÈs8eable future, and Ih8re are no material uncertainties aboill the charity's ability lo continue as a going conc&rn', therefore, they Continue to adopt the going concem basi5 of accounting in preparing the accounts. With regard to th8 next accounting period li.e. the year ending 31 D8cemb8r 20261. the most stqnificant areas that affect the carrying value of the a55ets held by th8 charity ar8 th8 level of investment return and the performance of the investment market and the sales pri¢e of the Liverpool house. The ¢harity'$ inveslmenl In¢ome may be adversely affected because of the volatility in listed investments. and there may ¢onlinue lo be increases in costs generally. both in response lo the current getrpolitical and tnacroeconomic situation The trus18es will continu8 to keep both income and expendilure und&r revi. bul do not 8ntitipale that the impact on the charity'5 finance5 will be material or have an impact on the charity's goin9 conc&rn a5se55menl noted above. Plans for the future Due to the number of Si$ter$ r&$ident in England 8 Iieland reducing lo 10, there will be reduced fund$ available from pension8 and salaries going forward. The Iru$lees d&¢ided on the di$po$al of the Liverpool house. where there is an 8xcess of capacity by way of spac8 and manpow8r in thi8 location.
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Structure, governance and management Governlng document The charity is 8 Charitable Incorporated Organisation ICIOI. governed by a Constitution and registered ryth the Charity Commission on 14 November 2018. As stated previously, the object of the CIO, as 58t out in its constitution, is the advancement of the Christian ieligion through the religious and other charitable work ol the Congregation, as the trustees, with the approval ol the Superior, shall from time to time think fit. The part of the congatiOn known as the English Group is part ol the EuropeanlTogo province and has two permanent locations in England. Member Th8 so18 m8fflbei of the Charitable Incorpor2t8d Organi5ation ICIOI 15 th8 Provincial Superior. 11 the CIO is wound up. the member ol the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabiliti88. Trustees The charity has four trustees. The trustees are a sell-supporting body and are legally responsible for the overall management and control of the part of the province ¢overing the activities in England and houses therein. The trustees hsd no physical Tneetings In 2025 and made great use of the telephone and electronic tneans to consult and evaluate activities ol the charity, to plan in conjunction with the wider Provincial Council. Truste8s end8avour to k88P UP to dat8 with developments affecting charrtie5 and attend any appropriat8 training for trustees. The trustees a ultimately responsible for the day-to-day work ol the charity and work wth the Proin¢la1 Council to manage the affairs of the houses in England and the concerns affecting the sisters in Liverpool. During the year. much was made of electronic ffleans for tho sharing of financial tnatters and buclgeting. During the year 2025. the following w8r8 trust88s of the charity . SlsterKatharlne StO9don is the chairperson of the trustees from Sept 2022, residing in Paris. France. She has been a member of the Congregation for over 30 years. She has taken up the role of Provincial Superior in Septemb8f 2022 Sister Winifred Morf•y lives in Liverpool and, for many yoars, was thè treasurer for tha charity. She has given active support to the Cenacle for over 60 years. SlsterAnn Tum•r sIdeS in London and has been a Sister of the Cenacle for over 50 years. She has served as the chairperson ol the English charity. Sl$¢erJa¢queline Guieu lives in Paris and. for many y88rs, was the tr8a5urer for all legal entities within th8 prownce where the charity b81ongs. Sh8 has giv8n activ8 SUPPOrt to the C8nac18 for over 10 years Sh8 joined the Board in Octobei 2022.
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees responsibilities The Iruslees are fesponsible for preparing the Irus18es' report and accounts in accordanee with applicabl8 law and United Kingdom A¢counling Standards (United Kingdom Generally Accepted Accounting Practic81. The law appli¢able lo ¢harilies In England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the situation ol the charity and of the income and expenditu of the charity for that period in pparIng Ihe8e accounts, the Iru$lees a requi tv. Select suitsble accounting policies and then apply them consistendy., Observe the methods and prillopl85 in AccoLJnting 8nd Reporting by Charities. Statement of recommend&d Practice applicable lo charities preparing IheiF accounts in accordance with the Financial Reporting Standards applicable in th8 United Kingdom IFRS 1021, Make judgements and eslimales that are reasonable prudent, Slate whelher applicable United KinydomA¢¢ounling Standards have been followed. subject to any material departure5 disclosed and exp18ined in th& accounts-. and Prepare the account8 on thè going concern basis unle$$ it is Inappropriate lo presume that the charity will continue to operat&. The trus1885 are responsible for keeping adequate accounting ¢tsrds that are suffioenl to show and Èxplain the charity's Iransaclion5 and disc1058 with reasonable aeeuracy al any tsme the finan¢ial position of the charity and enable them lo ensure that the accoun15 comply with th& Charities Act 2011. the applicable Ch8rily (Aecounts and R8POrtingl Regulations and the provisions of the charity s trust deed. They are also responsible for s8f&guarding the assels of th8 ¢harily and hence lor taking asonable 51ep5 for the prevention and detection of fraud and other irr&gularilies. Di8closure of information to tho auditors We. The Iruslees of the Charity who held office at th8 date of approval of these Finanaal Slalements as set out above each confirm, $0 far as we a awafe, that. there is no relevant audit information of which the charity's auditors are unaware,. and we have taken all the Steps that we ought lo have taken as trustees in order lo make ourselves aware of any relevant audit information and lo eslabli$h that IhE charity's auditor5 are awa of that information. A $¢ItIon proposing thatAzels Audit S?rv5ces be appoInted as auditor of the charity will be put to the Tw51ees. Approved by the frustees o 12 May 2026 and 519ned on their behalf by..
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE Opinton We have audited the financial statemen15 Of The Congregation of Our Lady of the Retreat in the Cenael& (the 'charity'l for the year ended 31 Decetnber 2025 which comprise the Slalemenl of Financi81 Activities, the Balanc& Sheet and notes lo the financial slalemenls. in¢luding a surnmary of Significant accounting polici8s. The finanaal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial R8POrting Standard 102 The Finantial Reporting Standard applicable In the UK antl Republi¢ of Ireland Iunilgd Kingdom Generally Accepl&d Accounting Praclicel. In our opinion the financial 8tstemenl$'. give a true and fair view of the slate of the charity's 2ffairs as 81 31 Decernb8r 2025, and of the ¢hariV$ in¢oming resources 3ncf application of resources for th8 year then ended., have been properly prèpared in 8ccordan¢e with United Kingdom Generally AcTrpted Accounting Practice,. and have been properly prepad in accordance with the requirements of Charities Act 2011. 8asis for opinio We condu¢led our audit in a¢¢ordan¢e with Inlernatsonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our SponSibl1111e$ under those slandar(l$ are further described in the Auditor's re8ponsibilities for the audit of the rinan¢1al 81alements section of our report. We af& independent of the charity in accordance with the ethical reouiierDentS that are relevant to our audit of the finanei81 s181&menls in thè UK, including the FRC'S Elhi¢al Standard. and w& have fulfill8d our other ethical re5ponsibiliti&5 in accordance wlh these requirements. We believe that the audit evidenee we have obtained 15 5uffiuenl an(f appropriate lo provide a basis for our opinion. Conclusions rolating to going concern In auditing the finan¢ial slalements. we have condud8d that the Iru31888' us& of th8 going concern basis of accounting In the pparatiOn of the financial 81alemenls Is appropriate. Based on the work we have performed. we have not identified any material un¢ertainti&s relating to events or conditions that. Individually or ¢ollectively, may ¢ast $1gnificant doubl on the charity's ability lo continu8 as a going concern for period of al lea$1 fftlve months from when the finanoal stalernent5 are aulhorised lor 15SU&. Our responsibilitie5 aTTrd the responsibilities of the trustees with respect to going nrTh are described in the relevant sections of thi5 report. Other information The other information comprises the information Included In the trustees annual report, other than the financial statements and our auditor's report theon. The Iru$tees are responsible for the other information contained within the annual r8POrt. Our opinion on the financial statements does not Cover the other information and, ex¢epl lo the exienl otherwise explicitly staled in our report. we do not expr8s8 any fom of a$suran¢e ¢on¢lusion Ihereon. Our respon8ibility is to r&ad th& other infomalion and, In doing $0, Consider whether the other inforrnation 1$ malerialty intonsis18nl with the financial slal&m8n18 or our knoedge obtained In the course of the audit or olherwi$e appears lo be ma18rially misstsled. If we Identify such materi81 inconsistenues or apparent malenal mis$tatemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenl$ themselves. If. based on the work we have performed, we conclude that Ih&r8 is a material misstatement of this other inlorrnation, we are r8quired lo report that fact. We have nothing lo report in thi5 r8gard.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE Mattels on which we are required to report by exception We have nothing lo report in respect of the following matters in relation lo which the Charities (Accounts and Reports) R8gul81ions 2008 require u8 lo report to you if, in our opinion.. the information given In the finanual slalements is incon5iStenl in any material respect the trustees. reporl.- Dr 8ufficienl accounting record$ have not beèn kèpl.. or the financial slalements ar8 not in agreement with the accounting records and returns,. or we have not 1Ve all the information and explanations we require for our audil. Responsibilities of trustees As eKplained rn0 fully In the trustees, responsibilities slalemenl sel out on page 4, the Iru$tee$ are responsible for the prep8ralivn 91 finan¢ial slalomenls whith give a true and fair view. and for such Iternal Control a$ the trustees determine is netessary lo enable the preparation of financial statements that are free from material misststemenl, whether due lo fraud or error. In preparing the financial 51alemenls, the trustees ar& responsible for assessing Ihg charity'5 ability to continue as a going concern, disclosing. as applicabb. mall&rs relaled lo going concern and usin9 the going concern bas15 of accounting ufiless the Iluslees eilhei intend lo liquidate the charity or to cease operations, or have no realisti¢ alternative bul lo so. Auditor's r88pon8ibilitl88 for the audit ol the linancial ststements We have been appointed as audiloi under section 144 of the Charities Act 2011 and report in accordan with iegu5alion5 made under section 154 of IhatAcl. Our obieclive5 are lo obtain reasonable assurance about whether Ihe financial slalewents as a whole are Ie from material (nisslalemenl, whether due lo fraud or error. and lo Issue an auditor's report that In¢ludes our opinion. R&asonablÈ assurance is a high levèl ol a$surano. bul is not a guaranteÈ that an audit conducted in accordance with ISA8 IUKI will always delect a material misstatement when il exists Misstatements c8n arise from fraud or error and ar& eon8ider&d material if, individually or in the agggate, they could reasonably be expected lo influ&nce the economic decisions of us&rs lak6n on tha basis of these financial stal8m8nts. Irr8gularilies, including fraud. are instances of non-compliance with laws and r8gulations. Wa design procedure5 In line with our responsibilitie5, Outlined above and on th8 Financial Reporting Council's website, lo detect material mi$statemenls In resped ol Irregularities, including fraud. We obtain and update our understanding ol the entity, 11$ a¢bvilie$, its control environment. and likely fuiure developments. including in r&121ion lo the legal and glatOry framework applicab and how the entity is complying with that framework. Based on this understanding. we identify and assess the risks of material misstatem&nl of th8 financial slalemenls. whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provid8 8 basis for our opinion. This includes consideration of the ri3k of acts by th8 entity that Were contrary to applicable laws and regulations, includin9 fraud. In responsE to the nsk of irregularities and non-MpliaN with laws #nd regulations. induding fraud. we designed procedu$ which induded. Enquiry of management and those charged with governance around actual and pct8ntial li119alion and claims as w8118s actval, su8pecled and alleged fraud.. Reviewng minute5 of meeting5 af Ih05e charged with governance", A55e5sing the exlenl of Complian wth the laws and regulations considetsd lo have a direct material effed on the finanoal 5talemenls or the operations of the cornpany through enquiry and Inspection, Reviewing finan¢ial statement dis¢lo$ure$ and lesling lo supporting do¢umenlalion to assess compliance with applicable laws and re9vlation$-. Performing audit work over the ri$k of management bias and override of contro18. Including lesling of journal Èntries and other adju$lmenl$ for appmpri8lenes$. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimat85 for indicators of
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE Audltor's responsibilities for the audit of the linancial ststsments Icontinuedl Because of the inherent Iimitslions of an audit, there is a r15k that we wll not detect all IrgUlaritIes. Including th088 ading lo a mateiial mis51ateTnenl in the financial staletnen15 or non-¢ompli?nce with re9ulalion. This risk increases the more that cotnpliance with a law or regulation is removed from the Èvents and transactions reflected in th& financial statements, as w& will be less likely to become 8ware of instances ol non-compliance. The risk of not delecling a material misslalement re8ulling from fraud is higher th8n for one resultin9 from error, as fraud may involve collusion. forgery. in18nlional omissions, misrepresentations, or the override of internal control. As part of an audit in accordance wlh ISAS IUKI. we exer¢ise professional jutlgmenl and maintain prof885iona1 scepticistn throughout the audit. We al$o.- Identify and assess the risks of maleiial mis51alemenl of the financial statements. whett)er due to fraud or error. de51gn and perftrrm audit procedu$ responsive lo those risks. and obtain audit evid8ne8 that 18 Suffr1eI and appropriate lo provide a basis for our opinion. The risk of not delecling 8 material misslalèmenl resulting from fraud is higher than for one resulting from error. as fraud may involve collu510ll. forg&ry. intentional omissions, misr8pr8senl81ions, or the overrid& ol internal control. Obtain an undèrstanding of intem21 control rel&vanl lo the audit In order lo design audit procedures that are 8ppropriale in the circumstsnces, but not for the purpos& of 8xpressing an opinion on the effecliveness of the charitabl& company's internal control. Evaluate the appropriateness of accounting policies used arEd the reasonablene5$ of atrouftling estimate$ and related di5c105ure5 made by the trustees. Conclude on the appropriateness of the twstees, use of the going conr basis of accounting and. based on the audit Èvidence obtained, whethèr a material uncertainty e%ists related lo events or condition5 that may ¢a$l significant doubl on the ch2rilabl& comp8ny's ability to continue as a going concem. If we eonelude that a material uncertainty exists, we are required to draw attention in our auditor's report to th related di8closur6s in the financial statement5 or, if such disc105ures are inadequate, lo modify our opinion. Our condusions are based on the audit eviden¢e obtained up lo the dale tsf our auditorfs pport. However. futu events or ¢onditions may ¢avse the ¢harilable ¢ompany lo ¢ea$e to eontinue as a going concern. valuate the overall presentation, slruclur8 and conl&nl ef the financial 51al8m8nts. including the diselosures. 8nd whether the financial slalemenls represent th& underlying Iran5aclion5 and events in a manner that achi8Ve5 fair pr£5&ntation li8. give5 a tru8 and fair vi8wI. WÈ eommunicale with those charged with governanc8 regarding, arnong other ma118rs. the planned scope and timing of the audit and significant audit finding5, induding any significant deficEncies in internal coTTrlrol that we Identify during our Use of report This report is rnad8 solely to the charity's tru51ee5, as a body. in accordance with Part 4 of the Charities IAccount8 and R&ports1 Regulations 2008. Our audit work has been undertaken $0 that we might slate lo the ¢h2rily's trustees thos8 mallers we are required to slate lo them in an auditorfs report and for no other purposè. To the fu11È81 extent p&rmitted by law, we do not a¢pt or assum& SponsIti1lIlY to anyone other than the charity and the charity'8 twstees as a body, for our audit work. for this report, Of for the opinions we have fonned. 1st Floor River House 1 Maidslone Road Sid¢up, Kent. DA14 5R Azets Audit SeNice$ Statutory Auditor Dale'.12.May.2086.......... zets Audit Servi¢e$ is el[ble lo act as an auditor in terms of 88clion 1212 of the Companies Act 2006. 10-
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEM8ER 2025 Unrestrlcted Funds 202S 2024 Total Totsl Note Income from.. Don8tions and legacies Investments and interest receivable Charitable activities Retreat and conf8r8nee centre income Prayer enrolments Apostolic wotks other sources Surplus on disposal of tangible fixed assets Foreign 8xchange gains Total income 190.173 107.822 168.885 116.696 1,844 119,298 18,694 4, 164 198,953 12,772 1.445 3,5001 435.776 2,523 7.751 511,744 Expenditure on.. Raising funds Charitable activities Support of metnbars of the Congregation and their rninistry Charitable works. Prayer enrtslm8nt5 and retreats Donations Total expenditurè 32,062 25,698 515,630 127,501 2.360 677.552 568.921 144.286 2,885 741,790 Net In¢ome befo galns and losse¥ on Investments 10 1241.7761 1230,0461 Other re¢ognlsed galn$ and losses Net investsnent gainslllossesl on listed Investrll8nt5 Exchange losses on listed investments Gainslllossesl on the revlualion of tangible fixed assets Net incomellexpendlturel and n•t movement in funds 16 15 14 414,386 146.7271 1.165.0001 11,039.1171 433.838 143.3261 27.753 188,219 Reconciliation ol funds.. Fund balances brought forward 01 Janurary 2025 Fund balancas carried forward 31 December 2025 8,967.413 8.779,194 7,928,296 8,967,413 The statement of financial activities includes all gains and losses recognised in each of the financial years. All of the charity's atlivities derived from continuing operations during both the above financial years.
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE BALANCE SHEET AS A T 31 DECEMBER 2025 2025 2024 Note Flxed assets Tangible fixed assets Investments 14 2,884,225 5,364.718 8,028,943 3,814.812 5.033.994 8,848,806 urrent assets Stock 8,428 21,143 156,156 337,034 $22,761 Debtors 16 41.797 120,271 111.448 Short term deposits Cash at bank and in hand 273,516 Creditor$: amounts falling due within one year 17 1374,1631 1404.1541 Net Current 288ets 1100.6471 118.607 Tt>tsl as8ets 188S Current liobilitle$ 7,928.296 8.967.413 R8pre$onted by.. The funds ol the charity Endowment fund Unreslriclad funds Tangible fixed asset fund Designated fun General funds 18 73.236 73.23e 19 20 2,664,225 4,250,000 940,835 3.814,812 4.250,000 829,365 7,855.060 8.894,177 21 7.928,296 8,967.413 The finanoal $tatem8nls were approved and authorised for issue by th& Board o 12 May 2026 Sign8d on behalf of th8 board of Trustees *a¢queline Guieu Sister The note5 on pages 14 to 27 form part of these finanaal ststements. 12
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE STATEMENT OF CASHFLOWS AS A T31 DECEMBER 2025 Note 2025 2024 Ne* cash flt>w from opÈratlng a¢tivltie$ 1379.4131 1253.4391 Cash flow from investing activitle8 Inv8slm8nl income and int8r8sI received Proceeds from the disposal of tangible fixed assets Purchase of tangible Iixed a55ets Proceeds from the d15P05al of li51ed inv851menls Purchase ol listed Investments Nel ¢ash redeemed from Iinv&sled Inl short terrn d8posIIs Net cash flow from Investing attivlties 107,822 124,917 3,771 15,8671 4,897,025 14,937,717) 193,844 275,973 123,3161 1.809,459 11.626,7591 1104,6971 162,509 Net increase in cash and cash equivalents 1216,9041 22,534 ¢a5h and cash oquivalents at 1 January 2025 594.386 571,852 Cash and cash 8quivalont8 at 31 Decembei 2025 377.482 594.386 Noto$ to thè ststomènt of ca$h Ilt>w$ forthe year to 31 December 2025 A Reconciliation of net income to net ca$h now5 from operating activities 2025 2024 Net income for the year la$ p&r the statement of linancial activitie81 Adjustments for.. Depreciation charge Gains on disposal of tangible fixed assets Loss88 Igains) on the r8valualion of tangible fixed assets Non-cash donation Foreign 8xchang8 gains Foreign exch3nge105se5 on li51ed investments Gains on the revaluation and disposal of listed inveslmenl$ Invesltnent incorne and interest receivable Decrease In slo¢ks Ilncreosel I decrease In debtors Decrease in ¢redilors Net cash used in operating activitios 11.039,1171 188,219 8,902 57,020 12,5231 127,9541 2,885 17,7511 43,326 1433,8381 1116.6961 221 78.752 135.1001 1,165,000 3,500 46.727 1414.3861 1107.8221 8.428 120,8541 129.9911 379,413 B Gash ind ¢a$h equival&nts ¢on$ists of.. Cash at bank and in hand Cash held by investment manager lor lVeStm9nt Cash and cash oquivalent8 at 31 December 2025 231,717 145,76S 377,482 337.034 257.352 594,366 Analysis of change$ in n•t dgbt The ¢harty held no extsrnal debt finan at either the stsrt or the end of the financial year. 13
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting Policies General Informatlon and ba$ls of preparatlon The Congiegalion of Our Lady of the Retreat in the C8nacl8 15 a r8gistei8d charity 1th the Charity Commission in the United Kingdom. The address of the giStered office is given in the charity information on page 1 01 these financial statements. Th8 natur8 of th8 charity's operations 8nd principal activitles 8re detailed in the Trustees Report on page 2 01 the financial statements, under the heading 'Objectives and Actiwties,. The financial ststements have been prepared in accordance with Accounting and Reporting by Chaiitie5'. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Octob8r 2019. th8 Fin8ncial Reportsng Standard applicable In the UnitEd Kingdom and Republic of Iielsnd IFRS 1021, the Charities Act 2011 and UK Generally Accepted Awounting Practi. Th8 financial statements 8r8 piepared on a going conc&rn basis under the historical cost convents"on, modif18d lo include certain items 81 fair value. The financial ststements are ppad in sterling which is the functional ourrency of the charity and rounded to th8 nearest £. The significant accounting policies applied In the preparation of these financial Statements are set out b&low. These policies have been consistently applied to all years presented unless otherwisè staled. The charity Constitutes a public benefit entity as defined by FRS 102. Fund accounting The endowment fund comprises monies which tnost be held Indefinitely although any income generated therelror may be used for general purposes. The tangible fixed assets fund preSentS the net book value ol the charity's tangible fixed assets. De5ignat8d funds comprisè moniès set 8sid8 Out of unr8strict8d g8n8ral fund5 foi specific future purposes or projects. Income reeognltlon Income is recognised in the period in which the charity has entitlement to the income, the amount ol income can be measured reliably and it 15 probab18 that the ineorn8 will b8 received. Income comprises donations and legacies, investment incorne. interest receivable. income from charitsble actiwties li.e. retreat Trntre iricome and income frorn pray8r enrolrn8ntsl and incom& from rniscellaneou5 sourc8S. Donations. including salaries and pensions of individual religious received under Gift Aid or deed of covenant. a recognised when th8 charity has confimialion of both the amount and settlement dale In the 8vent of donations pledged but not reived, the amount Is accrued ft)r where the reIpt is con51dered probable. In the evènt that a donation is subject to conditions that require a level ol perforMarn before the charity is entitled to the funds, the income is deferred and not re¢ognised until either those conditions are fully met, or the fulfilment of those conditions Is wholly within th8 Control of th8 charity and It is prob8b18 th8t th058 condits-ons will be fulfill8d in th8 reporting period. In accordance with th8 Charit185 SORP FRS 102 volunteer time 13 not recognised. Legacies are included in the ststement of financial actiirities when the charity is entitled to the legacy. the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attach8d to the legacy ala within th8 control of thg chaiity. 14
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng Policies Income recognitlon leontinuedl Enlillement is taken as the earlier of the dale on which eilhei.- the charity is aware that probate has been granted, the e5tat8 has been fina115ed and notification has been made by the 8XeCUtor lo the charity thsl 8 distribution will made, or when a distribution Is received from the estate. Receipt ol a legacy, in whole or in part, Is only considered probable when the amount can be measured reli8bly and the ch8rily has been notified of the executor's intention to make s distribution. VVh8re legacies have been notified to the charity. or the charity Is aware of the granting of probate, but the criteria lor income recognition have not been mel, then the legacy is treated as a contingent assot and disclosed if material. In the event that the gift is in the form of 8n asset other than cash or a financial asset traded on 8 recognised stock exchange. cognItion is subject lo the value of the gift being reliably measurable with a degree of reasonable accuracy and the tide of the asset having being tran5f8ired to the charity. Inv65tment income from 115ted investments 15 recognised once the divid8nd or similar distribution has been declared and notification has been received of the amount due. Interest on funds h81d on deposit is included when receivable and the amount can be ffl885ured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Retreat ntre in¢oTn8. incorne from prayer enrolments and similar in¢orne is recognised lo the extent that it is probable that economic benefits will flow to th8 ch8rily and the income 15 Capable of financial mea5urement.11 Is rneasud at fair value of the consideration CeIVed or reivable. excluding any relevant discounts or value added tax. Any surplus 01 deficit on the d15POS81 of either tangible fixed assets is calculated Ss the differen betwe8n the disposal prOed5 and the nel book value of the asset Imtnedialely prior to disposal les5 8ny direct costs of disposal. 11 is recognised on completion of the disposal. All other income Is recognised to the extent that it is probable that the enoMiC benefits wll flow to the chsrity and the ievenue can be maasured reliably. It is me85ured 8t lair value and accounted for on an accrua15 basis. Expendlture COgnitIOn Liabilities 8r8 recognised a5 expenditure as soon as there is a legal or eonstruclive obligation committing the charity to make a payment to a third party. it is probable that a transfer ol econoTnic benefits will be required in s8td&menl and the amount of the obligation can be measured reliably. All expenditu is accountecl for on an 8ccruals basis. All 8xpenses a allocal8d to the applicable expenditure h&ading$. The majority of expenditure Is directly attributable and any 8PPOrtionm6nt betsveen headings is negligible. Expenditure on charit8ble activitie5 Includes all costs associated with furtherino the charitsble purposas of the charity through the prov15ion of its charitable 8cb'vities and include5.- + Expencfiture on the 3UPPOrt of m8mb&rs of the Congregation and their min15try. Such expenditurè enables the members to carry tsul the work ol the charity in the aa$ of the advancement ol the Rofflan Qatholic faith. • Expenditure on charitable activities includes costs asso¢iated with offering retreats and prayer enrolmenls. • The provision of grants and donations relating, in the main, to the support of the Congregation's own work and the support of other Roman Catholic charitable organi5ations. Charitable grants and donations are made where the tiustees believe there is 8 al need following a review of the details of each particular case ancl comprise single y881 payments rather than mulli-year grants. Grants and donations are included in the statement ol financial acts'vilies wh8n approved for payment. Provision is made for any 9rants and donations approved bul unpaid at the end of the financial year. All expenditure is $taled indusive of irrecoverable VAT. 15
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting Poll¢le$ Allocation of gov8rnanee costs Support costs repsent indirect charitable exp8nditure. to enable the charity to carry out the primary purposes of the charity it is necessary to provide support In the form ol personnel, financial procedures, provision of offi services and equipment and a suitable wort<ing environrnent. Goveinance costs comprise the costs Involving the public accountability of the charity (including audit cost51 and costs in SpeCt to it5 compliance with regulation and good practice. Such costs are not directly identifiable in respect to each charitable activity and hence they are apportioned using percentages based on the expenditure Incurred directly on the charitable activities olthe charity. No support or governance Costs hav& b&èn allocated to donations payable as these are considered to b8 Tan9lble fixed a$set5 Tangible fixed assets 8re stated at cost18ss deprgcistion. Fixed assets below £1,000 a not capitalised. Motor vehicles 25% ieducing balance basis Fixtures. fittings and computer equipment 20- 25Yo straight line basis Freehold18nd and buildings The trustees are the legal owners ol a burial ground at the form8r Cenade Convent 8djoining St Joseph's Roman Catholic Church, Headley Road, Graysholl The land is regarded as having a nil value for the purposes ol these accounts Sin it will not and cannot be disposed ol In the open market. Fieehold lancl and building$ are included in the accounts at valuation based on 8Xi5ting use or depreciated replacement cost basi5. depending on the nature ol the property to reflect their lair value. Valuation5 are updated on a rolling basis" wth each property's value being updated al least every live years. Spe¢ialised buildings comprise large sIdential convents. Depreciation Is provided a12O/o Per annum on a straight- line basis In order to write off the buildings over their estiTnated useful ewnomic life to the Congregation. Non-specialised buildings i.e. those designed as, and used wholly or mainly for. private residential accommodats.on are nol depreciated. Their value and condition ar8 rewewed annually by the tiust8es. to confirm that their residual value 1$ not rnaterially le5S than their book value. Where this is not deemed to be the Case. an impairment provision is made. Property improv8m8nts ar8 depreciated on a straight-line basis in order to write off the improvements Over their Molor v8hiclgs. fixtutss, fjittings and computer equipment Motor vehicles. fixtures, fittings and computer equipment 8r8 included at cost. Depreciation is provided on a Straight line basis on assets held at the end of th8 year at the following annu81 rates in order to write off each asset over Ils estimated useful life. * Motor vehicles- 25.kn reducing balan¢e + Fixtu$, fittings and computer equipment- 20% to 25•k reducing bal8n¢e 1.7 Foreign ¢urren¢les Assets and liabilities are translated at the rate5 of exchange ruling at the balan sheet date. Transactions in fo1gn currencies are translated into sterling at the rate ol exchange ruling at the date ol the transaction Exchange differences are taken into account In arriving at the nel movement in funds. 16
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 Accounting Policle¥ Flxed assel Investments Lisl&d investments are g form of basic financial instrument and a initially 18cognised al th8ir transaction value and subsequently measured at Iheii fair value as al the balance sheet date using the closing quoted market prits. The charity does not acquire put options. derivatives or other complex fin8ncial instrurnents. As note(l above the main fortn of fin8ncial risk fa¢ed by the charity is that ol volatility in equity markets and investment markets due lo wder economic conditions. the attitud8 of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised gains lor losses) on investment assets ar6 calculat8d as the differen between disposal proceeds and th8ii OnIng carrying value or their purchase value is acqui subsequent lo the first day of the financial year. Unrealised gains and losses are calculated 8S the difference betseen the lair value at the year end and thèir carrying value 8t that dale. Realised and unrea115Ed invgstment gains lorlossesl are combined in the statement ol financi81 activities and are Credited lor debiledl in the year in which they aris8. Stocks Stock of supplies for prayer enrolments are valued at the lower ol cost and net iealisable value. 1.10 Debtors and creditors Teceivable I payable wllhln ono yèar Debtors and ¢dItorS with no stated interest rate and reIV8b1e or payable within one year are recorded at Iransa¢tion price. Any losses arising from impaimient are recognised in 8XP8nditur8. 1.11 Tax The charity Is an exempt thaiity within the meaning ol schedule 3 01 the Charities Act 2011 and is considered to pass the lesls set out in Paragraph 1 Schedu18 6 Finan Act 2010 and therefore it meets the definition ol a charitable cornpany for UK ¢orporalion tax purposes. 1.12 Golng concern The tiustees hav8 as585S8d wh8ther the use of the going concern assumption is appropriate In preparing th85e accounts. The trustees have macse this assessment in respect to a period of at least one year from the date ol approval of these accounts. The trustees have concluded that the charity has adequate resources to continue in opeiational existence for the fores88able future and there are no material uncertainties about the charity's ability to continue as a goino concern and, theief018. they continue to adopt the going concern basis of accounting In preparing the awounts. With regard to the next accounting period li.8 the year ending 31 December 20251, the most significant aa$ that affect the carrying value of the assets held by the charity ar8 the level of investrnent return and the pèrforman of the investm8nt market. The charity's investment income may be adver58ly affected caUse of the volatility in listed investments and there may continue to be increases in costs generally, both a ie5POn58 to the current geopolitical and rnacroeconomic situation. The trustees will continue to keep both income and expenditure under ieview but do not anticipate that the Impact on the eharity'5 finan5 will be materi81 or impa¢t on the charity's goin9 concern assessment noted above. 1.13 Judgements and key sources of estlmatlon un¢ertalnty Preparation ol the accounts fequire5 the trustees to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made includ8. + The allocation of governance costs betrveen those categones of exped1tu comprising expenditure On charitable activities, + The useful economic lives attributed to tangible fixed ass8ts and used to determine the annual depciall0n ch81ge". • The valuation ol freehold land and buildings that form part of tangible fixed assets.. • The assumptions adopted by the trustees in determining the value ol any designations required from the charity'5 general unrestricted funds,. and • Eslimaling future income and exp8nditure flows for the purpose of assessing going concern. 17
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 Accounting Policies 1.15 Servlce$ provSded by members of the ¢ongie9atlon For the purposes of these accounts. no monetary value has been placed on re, administrative and other sery1$ provided by members ol the Congregation. 1.16 Pension costs The ¢harily offer their Staff membership of a d8fin8d contribution pension scheme adminiSted by the National Empltsyment Savings Trust INESTI. ConlriLiutions lo the scheme a debited lo the slalement of financi818clivity.es in the year in which they are payable lo the s¢heme. The as58ts of the scherne are held by an independent corporate tiustee, whose activities are goveined by the National Employment Savings Trust Order 2010, made by the Secretary of State in exerase ol powers confirmed under the Pensions Act 2008. ontributioris are also paid in re5P8Ct of one member to personal pension plan held with Aviva. 18
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 Income frorn.. Donations and legacles 2025 2024 UnrestrS¢ted fund8 Unr8Stricted funds Total 2025 Total 2024 Si$lers' pensions and salaries Other donations i&ceived Legacies Missions alms 151,726 20.290 18.083 74 190,173 151,726 20,290 18,083 74 190,173 158.259 9,456 1,000 170 168,88S 158.259 9.456 1.000 170 168,885 Income from= Investments and Intsrèst roeelvablè 2025 2024 Unrestrl¢ted funds Unrestricted funds Total 2025 Total 2024 Incom& frorn listed inveslrnents Interest receivable 101.472 6,350 107,822 101,472 6.350 107,822 102,327 14,369 116,696 102.327 14.369 116,696 Income from.. Charitsbl8 activltie¥ 2025 Unrestricted funds 2024 Total 2025 Unrestricted funds Total 2024 Retreat Incorne Prayer enrolments Other apostolic works 1.844 119.298 18,694 139.836 1,844 119.298 18.694 139,836 4.164 198.953 12.772 215,889 4,164 198,953 12,772 215,889 19
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 Expenditure on.. Ralslng funds 2025 Unre$trltted funds 2024 Totsl 2025 Unrestricted fund$ Total 2024 Investment manager fees- listed inv8Stmenls Allocated support and adrninistralive costs Inote 71 24,796 24,798 19,858 19.858 7,266 32,062 7.266 32.062 5,838 26,696 5,838 25,696 Expenditure on.. Support of members of the Congregation and their fflinistry 2025 Unre$trl¢ted funds 2024 Total 2025 Unrestricted funds Total 2024 Staff costs Agency Staff costs Premises Sisters. living and per80nal expenses Allocated support and administration costs (note 81 179.541 6.663 39,205 129.290 179,541 6,663 39,205 129,290 212,101 9,642 97,961 119,920 212,101 9,642 97,961 119.920 160.931 515,630 160,931 515.630 129,297 668.921 129,297 568,921 Expenditure on= Charitable works- Prayer enrolrnent5 and tats 202$ 2024 Unrestricted funds Total 2025 Unre8trict8d funds Total 2024 Staff ¢0818 Prayer enrolmenls Piemises Allocated 5UPPOrt and administration costs Inote 81 65,065 4,000 17,641 65,065 4,000 17,641 79,698 11,006 20.7g1 79,698 11,006 20,791 40,796 127,501 40,796 127,501 32,780 144,275 32,780 144,275 -20
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 Expenditure on.. Support ¢osts 2025 2024 Unre$trl¢ted fund5 Unrestricted fund$ Total 2025 Total 2024 staff costs Office costs Water, ele¢tricily, gas etc. GovernanTr Costs Professional 188s Depreci8tion Management charges Other expen5e5 57,531 4,508 43.816 23.630 25,875 8.902 14.158 30.572 208,992 57,531 4,508 43,816 23,630 25,875 8.902 14.158 30,572 208,992 53.490 39.324 18,257 18,808 12,632 7,720 4,384 13,315 167,930 53.490 39.324 18.257 18.808 12,632 7,720 4,384 13,315 167,930 Allocated as follows.. Raising fuTrds Support of members of the COnggatIoN and their ministry Charitable works.. Prayer enrolmerlts and ret81$ 7,266 7,266 5.838 5,838 180.931 160,931 129,312 129,312 40.796 208,992 40,796 208.992 32,780 167,930 32.780 167,930 Governance costs 2026 Unre$tri¢ted funds 2024 Total 202S Unrestricted funds Total 2024 ProlessKinal fees 23,630 23,63 23,f 30 23,630 18,808 18,808 18,080 18,080 10 Net Income lexpendilurel before investment gains Ilossesl 2026 Unrestricted funds 2024 Unrestricted fund$ Total 2026 Total 2024 This 1$ Stated after charyirbg.. Staff costs Auditors remuneration Slalutory audit current year statutory audit prior year Depre¢iation 308,801 308,801 354.490 354.490 19.800 3.830 8.902 341,333 19.800 3,830 8,902 341.333 18,000 808 57,020 430,318 18.DOO 808 57,020 430,318 21
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2Q25 Staff costs 202S 2024 Unre8tricted funds Total 2025 unrestricted lunds Total 2024 Wagès and 5alarie5 Sooal 5e¢urity costs Other pension cost8 248.789 24.719 3.838 277,346 135 e,663 24,657 308.801 248.789 24.719 3.838 277.346 135 6.663 24.857 308.801 314.031 24.518 5.051 343.600 1.690 9.642 314.031 24.518 5.051 343.600 1.890 9.842 other stsff lated costs Agency staff costs Redundancy costs 354,932 354,932 The average number of per50n5 employed by the charity during the yearwas 1312024.. 151. No employees eamed £60,000 pei annurn 01 more (including taxable benefits but exduding the employei pension conlributionsl during the year12024. none). As noted in the tru$lee$' fftport. the trustees consider that they alone comprise the key management personnel of the charity in charge of dife¢ting and controlling, running and operating the ¢hanty on a day-to- day basis. The Iruslee8 are all members of the COnggatIon and whilst their livin9 8nd personal expen$e$ are bome by the ¢harily. they re1ve no remuneration or additional reimbursement of expenses in ¢onne¢lion with their duties to th8 charity. 12 Trste8 r8munoration No trus188 received any remuner81ion or reimbursement of Èxpenses in connection with Ih&ir duties as truslees12024_ £nill. Cons151enl with olh&r rn8mbers of th8 Congr8galion, as b&n8fiaarK95 of the charity. the personal and living ¢05ts of the trustees are bom8 by the charity. 13 Taxallon The Cenade Charity 15 a r8gi51èr8d charity and. therefore, is not liabla lo income tsx or corporation tax on income gain5 derived from ils charitable activities. as they fall Mthin the various exemptions available to r&gislered charitse5. -22
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 14 Tangibl8 fixed a8SOt8 Freehold land and buildings Fixture$. fittings and Compter equipment Non- specialised Motor vehiclÈ$ Specialised Totsl Cost or valuation Al 1 January 2025 Additions Disposals Revaluation At 31 December 2025 2,465.000 1,356,088 79,748 23,315 164,8611 46,016 3,946,852 23,315 1108,0761 11,165,000) 2,697,091 143,2151 11.165,OlX)I 1,300,OOD 1,356,088 38,202 2,801 Depreclation At 1 January 2025 Charge lor year ElirTrinated on disposal Al 31 December 2025 16,088 74,365 7.795 164.8611 17,299 41.587 1,107 143,2151 15211 132,040 8,902 1108.076 32.866 16.088 Not book value At 31 December 2025 At 31 December 2024 1.300,000 1,340,000 20.903 3,322 2.664.225 Freehold land and buildings owned as at 31 Dec8mb8r 2025 were revalu&d al that date by Rutter Green in March 2026. The Liverpool pioperty. classified as a specialised propety, was valued on a fair value basis given the trustees deosion to vscale the property. at £1.300.000. The non-$pecialised property. situated in London, was valued on a market value basis with vacant possession a$5uming existing use at £1,340,000. The historic cost of the freehold land and building5 includèd above al 31 December 2025 and 2024 wa$ £1,333,927. -23
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 1S Investments Total 2025 Totsl 2024 Listed Investment$ at rnarket value Al 1 January 2025 Additions Disposals 5.033,994 1,626,759 11.809,4591 4,8S1,294 148.7271 414,386 5.218,953 145.765 5.364,718 4.345,438 4,937,717 14,897,025) 4.386.130 143,3261 433,838 4,776,642 257,352 6,033.994 Foreign exchange losses Nel gainsllosse5 Cash held by investment manager At 1 31 December 2025 Listed investments he at 31 December comprised of the followng. Total 2025 Total 2024 Equities- UK Equities- overseas Fixed interest- UK Alternatives 595.664 2.740.715 1,442.141 440,433 5,218,953 513,286 2,728,063 1,297,032 238,261 4,776,642 All listed investments were deatt on a recognised stock exchange. -24-
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 37 DECEMBER 2025 16 DebtorJ Totsl 2025 Total 2024 Investment income receivable Prepayments Othèr debtors 10,950 25.795 5.052 41,797 10,950 10,193 21,143 17 ¢1¢or$ Total 2025 Total 2024 Amounts held on behalf of induvidual tnembers of the Congregation Social security cr8dilor Acciuals 335,809 2,170 36,184 37d,163 353.892 7.365 42,897 404,154 18 Endowment fund Total 2025 Total 2024 McLaughlan Trust Fund Al 1 January 2025 Inv8slm8nl Ilosse81 gains in the year Al 31 ebe1 2025 73.236 74,456 11.2201 73,236 73,236 Under a trust di$position and deed of Settment of Jame$ M¢Laughlan dated 15 July 1935, the charity holds monies lo be held as permanent èndowmènt to fom a fund in rnemory of Sistef Lidwina, her parents. and h&r brothers and si5ter5. The annual income from this fundis lo be used for the gen&ral purposes of the charity. 19 Tanglble fixed a$$et5 fund Total 2025 Totsl 2024 At 1 J8nu8ry 2025 Net movement in year At 31 Decefflber 2025 3,814.812 11,150.5871 2,664,22S 3.839,459 124,6471 3,814.812 The tsTrgible fixed assets fund represen18 the net book value of the charrty's langibFe fixed assets and has been established in recognition of the fad that the tangibl& fixed assets are required for the charity's on*oing work of the charity and as such their value should not be regarded as funds that WOU be realisable with eas8. in ord8r to meet future contingen¢ie5. -25-
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 20 Dtslgnated fund Total 2025 Totsl 2024 Al 1 January 2025 Nel movement in year Al 31 December 2025 4,250,000 4.250.000 4.250,000 4,280,000 The income funds of the charity Intlude the desrgnaled fund which has been sel asid& out of unrestricted fund5 by the trus18es for a specific purposes. Th8 retirement reSee consi51s of monie5 de5ign31ed by the tru5tee5 to provide for the 5iSter5 as they grow 01der and their needs ch8ngÈ in r&lalion lo support 8nd care. The c81culalion8, ba88d on actuarial pnncip5es, are reviewed annually by the Iruslees in the light of the resour¢e$ ?vailable. The amountdesign)Itd Is conslrain8d by the fesourcÈs available. 21 Analysis of net a55et5 between funds 2025 General ILsnds Fixed a55èt funds De$ignattrd Endowment funds funds Totsl Tangible fixed assets Current assets 2,664,225 2.664.225 5.638.234 374.1631 7.928.296 1.314.998 1374.1631 940,835 4.250.000 73.236 2,664.225 4.250,000 73.236 2024 General funds Fixed asset funds esignated Endtswment funds funds Tangible fixeLI assets Current assets 3.814.812 3,814.812 5.033.994 118.607 8.967.413 710,758 118,607 829,365 4.250.000 73.236 3,814.812 4.250,000 73.236 22 Rèlated party transactions Transactions with trtlstees No trustee received any remuneration or reimbursement of expenses in connection with their duties as trustees12024- £nill. Consistent with other members of the Congregation. as beneficiaiies of the chaiity, the personal and living costs of the trustees are borne by the charity. A5 membèrs of the Congration, non8 of the trust8es have r&sourc&s of their own as all 8arnings. pensions and other income have been donated lo the charity under a Gift Aid compliant Deed of Covenant. During the year. the lolal 3mtsuni donatèd by these trustees lo the charity was É34.19712024- É51.0661. other relatèd party transactions Thele were no other relatsd party transactions during the year requiring disclosure 12024- none). -26-
CONGREGATION OF OUR LADY OF THE RETREAT IN THE CENACLE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 23 MÈmbershlp, ultlmatè control and liability of rnember5 The Provincial Superior lor Ihe lime being is aulomalically. by virtue of holding th31 offi, is ex-officio the so member ol the charity for as long as she holds office. If tha CIO is wound up, th8 membèr of IhÈ Clo ha$ no liabilty to contribute lo ils assets and no personal 27-