2022-12-31-accounts - Congregation Of La Retraite CIO

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CONTE hfTS			PAGE
Reference and Administrative		details
Trustees' annual report
Independent auditors'	report
Statement offinancial	activities
Balance sheet			12
Cash flow statement			13
Notes to the financial	statements		14-23

CHARITY REGISTRATION	1'I60341
TRUSTEES	Avril O'Regan (Congregation Leader)
	Bridget Dunne (resigned 21u February		2023)
	Margaret Harlock
	I-lilary White (Chair of	Trustees 6Area	Leader)
	Aileen Murphy Barbara Stafford (from 1"Apnl 2023) Mary Bellekom (from 1"Apri! 2023)
FINANCIAL DIRECTOR end
SECRETARY TO THE TRUSTEES	Lynne Gregory (until I1n July 2022) Julia Ridgway (from 18e July 2022)
PRII4CIPAL ADDRESS	The Coach House
	127 Hampton Road
	Redland
	Bristol
	BS66JE
BANKERS	National Westminster	Bank Plc
	90 Regent Street
	Kingswood
	Bristol, BS152HR
SOLICITORS	Stone King
	Upper Borough Court
	Llpper Borough Walls
	Beth
	BA1 1RG
AUDITDRS	Bishop Fleming LLP
	10Temple Back
	Bristol
	BS1SFL
INVESTMENT ADVISORS	Brewm Dolphin Securities		Rathbones
	0Co(more Row		10Queen Square
	Birrnmg ham B33BJ		Bristol BS14NT

			General	Designated	Total	Total
			Funds	Funds	2022	2021
		Notes	6	E	6	6
INCOME FROM:
Donations end legacies:
Members' salaries and pensions			222,78T		222,787	291,027
Legacies and gifls			2,836		2,836	6,039
Charitable activities
Investments		3	471,457		471,457	489,688
Other income						89,482
Total income			697,080		697,080	876,236
EXPENDITURE ON
Raising funds		5	43,124		43,124	44,876
Charitable activities:		6
Care ofthe elderly			109,008		109,008	154,878
Community support snd	works:		480,235		480,235	440,544
Formation and training			9,004		9,004	8,181
Missions and charitable	giving		468,650		468,650	210,940
Total expenditure			1,110,021		1,110,021	859,419
Net (expenditure)/income
before net (losses)/gains	on
investment			(412,941)		(412,941)	16,817
Net (losses)/gains on investments				(2,120,162)	(2,120,162)	1,4T8,898
Revaluation of investinent	property			(100,000)	(100,000)
Net movement in funds			(412,941)	(2,220,162)	(2,633,103)	1,495,Tf5
Transfers between funds		16	572,867	(572,867)
Net movement in funds			159,926	(2,793,029)	(2,633,103)	1,495,T15
Fund balances at 1 January			482,224	23,412,619	23,894,643	22,399,128
Fund balances at 31 December			642,150	20,619,590	21,261,740	23,894,843

				2022		2021
		Notes	6
FIXEDASSETS
Tangible fixed assets		10	3,827,792		4,400,659
!nvestment property		11	550,000		650,000
Investments		12	16,881,541		18,794,046
				21,259,333		23,844,705
CURRENT ASSETS
Debtors		13	69,594		70,529
Cash at bank and in hand			418,873		532,570
			488,467		603,099
CREDITORS: amounts	falling
due within one year		14	(54,302)		(121,203)
NET CURRENT ASSETS				434,165		48f,896
TOTAL ASSETSLESS	CURRENT			21,693,498		24,326,601
1.IABILITIES
CREDITORS: amounts	falling
due after more than one	year	15		(431,758)		(431,758)
NETASSETS				21,261,740		23,894,843
Charity funds
Unrestricted Funds
Designated		16
- Fixed Assets Fund			3,827,792		4,400,659
- Retirement Fund			16,791,798		19,011,960
General			842,150		482,224
				21,261,740		23,894,843
				21,261,740		23,894,843

					2022	2021
				Note	6	6
Cash flows from operating activities
Net cash used in operating activities				18	(839,442)	(409,193)
Cash flows from Investing activities:
Dividends, interest and rents from	investments				471,457	469,688
Investment management fees					(43,124)	(44,876)
Purchase of tangible fixed assets					(15,631)
Proceeds from the sale oftangible	fixed assets				520,700	167,121
Purchase of investments					(2,339,829)	(2,030,523)
Proceeds on sale ofinvestments					2 132172	2079649
Net cash provided by investing	activities				725,745	661,059
Increaser(decrease) in cash and	cash equivalents		in the year		(113,897)	251,866
Cash and cash equivalents at the	beginning	ofthe year			532,570	280,704
Cash and cash equivalents at the end of		the year			418,873	532,570

3.	INVESTMENT	INCOME		2022	2021
	Rental income			41,950	41,750
	Income from investments			428,667	447,876
	Bank interest			840	62
				471,457	489,688
4.	OTHER INCOME			2022	2021
				5
	Profit on sale	oftangible fixed assets			89,482
					89,482
5.	EXPENDITURE ON RAISING FUNDS			2022	2021
				E
	Investment	management	fees	43,124	44,876
				43,124	44,876

6a.	CARE OF THE ELDERLY	CARE OF THE ELDERLY					2022	2021
								6
	Nursing care						109,008	154,878
							109,008	154,878
6b.	COMMUNITY SUPPORT AND		WORKS				2022	2021
	Living expenditure	for sisters (rent, utilities,		food, mediane)			188,38D	171,897
	Service charges for properties						53,D72	56,974
	Counci I tax						20,508	22,909
	Communications	for sisters					17,461	20,031
	Support team staff costs (see note 8)						89,D70	87,398
	Travel costs						13,736	7,720
	Bank charges						1,240	1,130
	Professional fees						28,970	29,684
	Loss on disposal	of fixed assets					13,772
	Depreciation						54,026	42,801
							480,235	440,544
Sc.	FORMATION AND TRAINING						2022	2021
	Individual sisters'	expenditure					9,004	8,181
							9,0D4	8,181
6d.	MISSION AND CHARITABLE		GIVING				2022	2021f
	Project expenditure
	~ Care ministry						15,000	'I5,015
	~ Centre for Catholic Studies support and research						101,412	99,825
	~ Catherine	de Francheville					112,255	8,341
	~ Laudato	Si					100	201
	Generalate ofthe	Congregation	—internal	solidarity			17,814	13,050
	Generalate ofthe	Congregation	—arising	on safe ofproperties	during	the	169,540	55,707
	year
	Ireland Mission						25,000
	Donations to chosen external charities						27,529	18,801
							468,650	210,940

AUDITORS' REMUNERATION	AUDITORS' REMUNERATION		2022	2021
				E
Auditors remuneration
-accountancy				2,ODD
-audit			7,650	6,25D
			7,650	8,250
STAFF COSTS			2022	2021
			E	8
Employment costs comprise:
Wages and salaries			82,668	82,589
Social security (net ofemployment		allowance)	4,315	2,201
Pension costs			2,087	2,608
			89,070	87,398
The average number	ofemployees	was as follows	Number	Number
Administration
Care ofthe elderly

'TANGIBLE FIXEDASSETS			Fixtures
	Freehold	Leasehold	Fittings and	Motor
	Buildings 6	Buildings 6	Equipment 6	Vehicles 6	Total 6
COST OR VALUATION
At 1 January 2022	2,457,959	2,232,742	325,106	55,145	5,070,952
Additions				15,631	15,631
Disposals	(185,512)	(351,072)		(9,894)	(546,478)
At 31 December 2022	2,272,447	1,881,670	325,106	60,882	4,540,105
DEPRECIATION
At 1January 2022	261,811	32,547	321,602	54,333	670,293
Charge for the year	34,018	14,494	1,675	3,839	54,026
Eliminated on disposels		(2,112)	-	(9,894)	(12,006)
At 31 December 2022	295,829	44,929	323,277	48,278	712,313
NET BOOK VALUE
At 31 December 2022	1,976,618	1,836,741	1,829	12,604	3,827,792
At 31 December 2021	2,196,148	2,200,195	3,504	812	4,400,659

INVESTMENT PROPERTY
Valuation
At 1 January 2022	650,000
Transfers
Deficit on revaluation	(100,000)
At 31 December 2022	550,000

12.	INVESTMENTS	INVESTMENTS
								2022	2021
	Market Value	at 1 January			2022			18,794,046	17,315,140
	Additions							2,339,829	2,030,586
	Disposals Revaluations							(2,132,172) (2,120,162)	(2,030,578) 1,478,898
	Market Value	at 31 December 2022						16,881,541	'I8,794,046
	Net book value at 3'I December					2022		16,881,541	18,794,046
	Net book value at 31 December					2021		18,794,046	17,315,140
	Investments	comprise
	IJK Fixed Interest Stocks							1,234,075	2,291,861
	IJK Equities							2,215,330	3,098,877
	Overseas equities							5,894,568	6,939,908
	Other							2,951,574	1,651,664
	Cash dealing	accounts		held within			portfolios	464,285	407,133
								12,759,832	14,389,443
	COLA Catholic Investment				fund			903,625	793,397
	Charities Properly Fund							2,207,800	2,396,450
	Property Income Trust for				Charities		(PITCH)	1,010,284	1,214,756
								16,881,541	18,794,046
13.	DEBTORS							2022	2021
								E	6
	Trade debtors							90	180
	Other debtors							17,327	19,483
	Prepayments	and accrued			income			52,177	50,866
								69,594	70,529
14.	CREDITORS:	amounts		falling due			within one year	2022	2021
	Trade creditors							8,129	14,161
	Other creditors							34,300	46,797
	Accruals and deferred		income					11,873	60,245
								54,302	121,203
15.	CREDITORS:	amounts		falling due			after more than one year	2022	2021
								8	6
	Interest free loans from		members			of	the Congregation	431,758	431,756

1?.	ANALYSIS OF		NET	ASSETSBYFUND —CURRENT	ASSETSBYFUND —CURRENT	ASSETSBYFUND —CURRENT	ASSETSBYFUND —CURRENT	ASSETSBYFUND —CURRENT
	YEAR
									Designated	Funds
									Fixed
								General	Assets	Retirement
								Fund	Fund	Fund	Total
								6		6	6
	Balances at 31	December			2022
	are represented		by:
	Fixed assets								3,827,792		3,827,792
	Investment property									55D,DDD	550,000
	Investments							207,985		16,673,556	16,881,541
	Current assets							488,467			486,467
	Current ltabilities							(54,302)			(54,302)
	Non-current liabilities									(431,758)	(431,758)
								642,15D	3,827,792	16,791,798	21,261,74D
	ANALYSIS OF		NET	ASSETS BYFUND —PRIOR YEAR
									Designated	Funds
									Fixed
								General	Assets	Retirement
								Fund	Fund	Fund	Total
								6	9	6	6
	Balances at 31	December			2021
	are represented		by:
	Fixed assets								4,400,659		4,400,659
	Investment property									65D,000	650,000
	Investments									18,794,046	18,794,046
	Current assets							603,099			603,099
	Current liabilities							(120,875)		(328)	(121,203)
	Non-current liabilities									(431,758)	(431,758)
								482,224	4,400,659	19,011,960	23,894,843
8.RE	CONCILIATION	OF NET MOVEMENT					IN FUNDS TO NET CASH		FLOW FROM OPERATING
CTtV	ITIES
										2022	2021
										8	6
	Nst (expenditure)/income				for the year				(2,633,103)		1,495,715
	Adjustments	for:
	Depreciation charges									54,026	42,801
	Losses/(gains)		on investments							2,120,162	(1,478,898)
	Revaluation of		investment		property					100,0DD
	Dividends, interest and rent from investments							less fees		(428,333)	(444,812)
	Loss/(profit) on		sale	oftangible		fixed	assets			13,772	(89,482)
	Decrease/(increase			in debtors)						935	(11,364)
	(Decrease)/increase			in creditors						(66,901)	76,847
	NET CASH USED IN OPERATING ACTIVITIES									(839,442)	(4D9,193)