Chzrity Number.. 1189341 CONGREGATION OF LA RETRAITE CIO ANNUAL REPORT AND FINANCIAL STATEME[ 31 DECEMBER 2023
CONGREGATION OF LA RETRAITE CIO CONTENT5 PAGE Reference and Administrative detsils Trust&88' annual report Independent auditors, r8PQrt statement of f1nan¢ial activities Balance sheet Cash flow statement Notes lo the financial slalements 14-23
CONGREGATION OF LA RETRAITE CIO REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDD 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVS DETAILS: CHARITY REGISTRATION NUMBER 1189341 TRUSTEES Avril O'Regan (Congregation Leaderl Bridget Dunne Iresigned 21, February 20231 Margaret Harlock Hilary Vvhite (Cheir of Trustees & Area Leaderl leen Murphy Barbara Stafford Ifrom 1, April 20231 Mary Bellekom (from I" April 20231 FINANCIAL DIRECTOR and SECRETARYTO THE TRUSTEES Julie Ridgway PRINCIPALADDRESS The Coach House 127 Hampton Road Redland Bristol BS$ 6JE BANKERS Natlonal Vvestmlnstsr Bank PIC 90 Regent street Kingswood Bristol, BS15 2HR SOLICITORS Stone King Upper Borough Court Upper Borough Walls Bath BAI IRG AUDITORS Bishop Fleming LLP 10 Temple Back 8S1 6FL INVESTMENT ADVISORS Brewin Dolphin Securities 9 Colmore Row Birmingham Rathbones 10 Queen Square B3 3BJ BS14NT
CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing instrumenl Charitable Incorporated Organisation (Association Model - Sole Member) Charities A¢t 2011 Constitution of Congregation La Retralte CIO. Registered 4th May 2020. On 1st January 2021, Congregation La Retraite Trustees, charity number 266160 tranSferd ils acb'vity lo Congregation ol La Retraite CIO. charity number 1189341. Objects The objects of Ihe CIO are such charitable purFX)ses which advance the relioious and other charitable work ol the Congregation as the Trustee5 wlh the approval of the Congregational Leader shall from time lo time think fit and il al any time the Congregation shall cease lo exist or shall cease to Cary on or direct any charitzble work, then for such lavrful purposes connected with the advancement ol the Roman Catholic religion as the Tiustees shall decide. The Congregation ol La Retraite is an international religious congregation, founded in the 17th century lo aid the movement lor the revival of the Ghiislian faith in Brillany It5 special contribution was to provide spiritu81 retre31s. pritnarily but not exclusively, forwomen Overthe centuries the fields of work undertaken by the sisters have widened. particularly in the field of edutaiion, where the sisters were involved in both schools and adult lormalion. The 51sleis' constant aim has been to help the growth ol persons and groups according to the designs of God revealed in Jesus Christ and iecognised in faith (Rule of Life 1.51. The Congregational leadership team is composed of the Congregational Leader and four councillors e2ch with responsibility for a specific country and for certain tasks such as a55ernblies, anirnation, and mission. The Congregational central office is based in France. The Area Leader h35 3 b35e In both England and in France. In August 2006 the two separate Disliict5 01 England and Ireland were combined into La Retraile 'Britain and Iland, with the Area Leader having overall responsibility for both. In 2012 this structure was Modified so that though the Area Leader had overall responsibility she also worked in landem with another Councillor for certain tasks. The Area was renamed Irelandlunited Kingdom. In 2018119 we reverted to one Councillor with over311 responsibility. Until 2020 the Charity. the Congregation of La Relrgile I the Charity I was registered wlh the Charity Commission under No. 266160 and carried out the ch3rilable activities of La Retraile England as well as holding all ils assets. During 2020 preparation was made for Iransrtion to CIO statu5 to commence on January 1st 2021. The Congreg8tion ol La Retraite CIO was iegislered with the Charity Commission on 4th May 2020 wilh a iegisteied chaiity number 1189431. The Governing Instrument of the chartY In England is the Constitution of the CongrEg£tion of La Retraite CIO dated 4 May 2020. the principal objective being "such charitable purposes which advance the religious 3nd othei charitable work of the Congregation a5 the Trustees with the approval of the Congregational Leader shall trotn time to time think fil and If at any lime the Congregation shall cease lo exist or shall cease to Ctsrry on or direct any charitable work then lor such lawful charitable purposes connected wth the advancement of the Roman Catholic religion as the Trustees shall decide. In the Republic of Irelanc£ there is a presence ol five sisters, one in residential care and the others in active ministry in Dublin and Galway. The Congregational presence in Ireland Is a separate legal entity and doe5 not form part of the English Charity. The charity currently has six Trustees, which consist of the Congregational Leader, the Area Leader for IrelandlUK and four other members of the Congregation. The power of appointing new Trustees re$15 Wlth the Congiegalion21 Leaderwho can, in consultation with her Council, remove any Trustee. All new Trustees receive the necessary training and induction followng their appointment. Every year. sorne Iru51ees 211end training courses and share the infoim3tion with other Trustee5. The Chair ol the TIu5tees liaises direcuy wlh the Congregational Leader and Congregational Buisar in France. The day to day financial and operational management of the Charity, is undertaken by a Finance Director who is directly responsible to the Area Leader lor IrelandlUK. Profe5510nal advice is sought as required from a panel ol adv150rs who are Iisled in the Index to Ihis repDrt.
CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Review The trustees have undertaken a risk review to identity the major risks to which the charity is exposed, in particular. those related to the opetiOnS and finances of the Charity and the trustees are satisfied that systams are in place to miligale exposure to major rlsks. The Iiuslees will continue to review major risks on an annual basis. OBJECTIVES AND ACTIVITIES La Retraile in England now comprises of sotne fourteen members, the majority of whom have given most of their working lives io the charitable activities of the Congregation particularly in the 3rea of edLE¢31ion and spiritual accompaniment. VQhen this work is Ouiside the Charity. any earnings are covenanted to the Charity. The number of new vocations has declined and therefore the aver3ge age of the membership is increasing. In order to continue with the important charitable objectives of the Congregation younger members either work within Ihe Charity or accept to do voluntary work or work for salaries that are not ¢ommensurate bwth their qualifications. These factors mean that for many years now there ha5 been a general reduction in the incom2 generated by members. The Charity has a continuing comrnittnent to support members of the Congregab"cJn. many of whom continue to carry out charitable work long past the normal retirernent age. The principal areas in which the charity is involved are set out below. Emrnaus House - Sleep Lane, Whitchurch This propety was purchased at the end of 2014 to continue lo provide non-residential workshops, retreat and flection days and professional training courses appropriste to the energles and resour¢e5 of the sisters. The centre is co-run by a L8 Retr31te sister and a Roman Catholic Diocesan priest. The Ernmaus House Spirituality Centre seeks to provide a spiritual resource for people. It is concerned wrfth the fDfm8tion and personal development for the laity and provides a venue for Diocesan, Deanery and Parish activities. Communitles Our Apostolic work continues in Birmingham. Bristol. Keynsham. and Sandford. Ir8land The Congreg£tion has 2 separate juridical status in Ireland la charity and a company limited by gu8r8nleel. There are 5 sisters currently living there., they work in a variety of fields for little or rno wages in retreal work, 5Pllitual accompaniment, supervision, pastoral work, facilitation. and translation. Voluntary work is also undertaken witb. the elderly, migrant workers and refugees. One sister resides in a care home. The Congregation of La Retraite CIO has historically supported the mission in Ireland financially due to the low incorne of the sisters. In planning for the fvture, the trustees are considering how to rebalance the portfolios of the twu entities to enable the Iiish ch3rity to become self-sufficient in the long term. Pastoral work in England Members of the Congregation undertake work in a variety of pastoml seitings.. retreat work, supervision. and spiritual guidanGe,- education in a mulli-faith ecological context, counselling., visthng the elderty, sick and hou5ebound,' local parish work., help with personal growth and therapeutic work. In this way all the Si5iets are engaged in the mission of the Congregation and seek lo be available and to give service to the general public in whatever way they can and lo whomever in a spirit of openness to all. All the sisters are now above the age of prcfessional retirement and give their Services voluntarily to the needy and vulnerable in our society. This 1$ especially true of the zctive elderly sisters who continue to participate ln pastoral and spiritual works, as their health and circumstances allow. Some have space to offer hospitality lo individuals and small groups al no cost to the public. Public Benefit The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our fuiure 3Ctivities. In particular. the trustees consider how planned a¢b"vities wll contribute to the aims and objectives they have set.
CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT l¢ontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Gen8ral During 2023 th& sisters continued to live and develop different means of offering their services in their different locations and within their limits of age, energy and health. Birmingham: Harborne High Street The sister livino in Harborne contributes spiritual input to a zoorn group with which she Is in contact. Bristol and Somerset EFnmaus House, Sleep Lane Whitchurch The propety In Sleep Lane offers a peaceful and tranquil setting lor those who wish to take time lo reflect and who seek ffteaning in lrfe. Ml the activities are underpinned by a sound biblical, and theological base and an integrated holistic approach to spirituality. Greats-ve and inGlusive liturgy 15 offered where appropriate and there is always sorneone available to talk 10 when needed. The teaffl takes seriously the Papal Eff cyclical 'Laudalo Si, and seeks to implefflent its insights wherever possible. During the first period ol lockdown the team undedook further online training as part ol the fifth anniversary year of the publication ol 'Laudato Si, with the aim of encouraging groups to explore and deepen ¢ommilmenl to integral ecology. As the Clifton Diocese seeks lo develop, renew 3nd respond to the demographic reality facing Ihe Catholic Church. Emmaus House has become a significant support for the clergy and venue for forrnation ol the laity. Towards the ènd 012021, with the easing of pandetnic resliiction5. there was a gradu81 reluin to in-house activities and in 2022 the normal programme was re-established. In 2023 the welcome ol primary school groups took a special place in the work ol the house a5 the ohildren explored issues ol climate change and the futu of the planet. Bedminster Monica Wills House, Ipart ol the St Monica Ttustl provides ac¢ommodalion in a caring reliremenl Community lor one sister. The sister seeks to support the various activitie5 that take place in Monica Wills House and has supportive relationships with different residenl5 especially those In need. The Area Leader currently resides in a flat elsewhere in Bedminster. Redfield, St George and Brislington The La Retraile presence established In Redfield has been very effective in spiritual accompaniment, prayer support. supervision and person31 growth work. Spiritual aGcDfflpaniment and guidance are offered with particular attention to the whole person in hislher life context. The superyision ol prayer guide5 and spiritual direction ol deacons and calechists continues. There is a strong eeumenical and other faith dirnen5ion in the work ol accompaniment wtn an opennegs to all those searching for meaning in their lives. Support is also given lo MoxAlrica, a Birmingham based charity, through Tiusleeship. One sister offers pastoral and spiritual help to individual8 and groups In her lo¢al area and parish. Another sisier offers voluntary classroom support in a local primary school. Sandford Retirement Village, Somerset One 5151er remains in Sandfoid receiving full ts.me nursin9 care. Keynsham.. The Chtscolate QLJarter Six elderly sisters in need of a more supportive environment moved into The Chocolate Quarter. the St Monica Trust complex in Keynsham, in November 2017. As far as possible they continued their outreach by vislting other iesidenls and sUPPOrting variou5 activities. Since 2018 sever31 of these sisters have Moved into the Charteihou5e Care Home on the sarne site, as their Gale needs required. Two sisters from the West Midlands joined the group in The Chocolate Quarter in 2019 and 2020 moving into the flats left vacant by those who had moved inlo Charteihouse. Sadly. two sisters in the Charterhouse Care Home died in 2021. in January an¢J December. A sister from Ire18nd moved into a vacant flal in January 2021 and a sister from Monica Wills House, 8edminster moved inlo another in November 2021. Allother sister in Charterhouse died in April 2022. The currenl group of sisters continues to be active In spiritual accornpanirllent and pastoral support wlhin the limits of their health and age.
CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Icontinuedl Other Apostolic Outreach Following on from the financial help given to the C8re Ministry. in Gqeberha Ifomierly Port Elizabeth) South Africa from 2019 to 2022, the Trustees aged to continue to provide fund5 in 2023 for three areas of work.. 1. Retreaureflèctionlrespite days for support workers. 2. Trauma counselling for SUPPDrt workers. 3. Ongoing d8velopment leg capacitar course51 for support workers. This enables ihe continuation of a work which our sister5 SUPPDrted when they were in South Africa, Encouraging reports on this work, including how they have responded to the acute care needs of the pandemic, have been received and shared wth the sisters. In 2023 the Tru51ees decided to Gonlinue an annual contribution to this work and have been parbcularly impressed by the stress relief and trauma debriefing work which this funding has supported, in addition to the provision of spiritual retreats for the carer5. The Trustees made a dècision in November 2017 to mark the lo1 anniversary of the aslablishment of the Bede Chair and the Centre of Catholic Studies ICCS) in April 2018 by fjJnding a La Retr3rfLe three-year research fellowship in Theology and Spirituality 8nLfj providing some core funding for the CCS the followng 2 yeJrs. In the course of 2018 Dr Elizabeth Powell was appointed 8s La Relraite Fellow from October 1st 2018. A report was received on her second year of work, a5 well as 8 copy of 3 book on her research which wa5 published in 2020. Because of an underspend in the first two years of thi5 project it was possible to extend Dr Powell's contract until the end of the 2021-2022 ac3derni¢ year. Following :he receipt of a subs'i8ntl81 legacy in 2018 the Congregabon's financial position strengthened and Ttustees agreed LO fund another three-ye8r Re5e3rch Fellowship at the CCS Durham on Lived ThEology. Trauma and Reconciliation Dr VIGloria Biggs took up this post in January 2020. Unfortunatèly, the reslriclions on tTrvel irnposed by thp pandernic prevented her original research plans. Her teaching of a module on post- Holocaust theology h85 led to a different project.. the wrib'ng of 3 book on the challenge of disability to post- Holocaust ihought, which explores Jewish and Christian theological responses to the Holocaust in light ol disabled people's experiences of Nazi persecution. Reports on her work were received during 2022 and a request was made lo exieiE d her contract part-tirne until September 2023 to enable her to complete the wrrf(ing of her bool (Defiant Minds, Llnruly Bodies.. Tl?e Challenge of Disability to Post-Holocaust Theology) while she moved into medical training. The book has now been rully dr8fted but still qUIreS some final editing. As part of Ine 400th anniversary of the birth of Catherine de Francheville. foundress of La Retraite, itwas decided to fund a research project on her life and the growth of retreats for women in 17th century France in collaboration with the CCS Durham University. Dr Sarah Barthelemy was appointed as Catherine de Francheville research fellow from September 2021 to September 2024. During 2022 she continued her re$e3r¢h in the Congregation archives in St Germain-en-Laye wth addition31 visits to archives in France, RDme and Belgium. She also contributed articles to academic journals and came to an Aiea Assembly to share the progress of her research with the sisters. During 2023 Dr 88rtheletny completed her research by vis11ing Vatican archive holdings and gave six monthly reports to a group of trustees., She is currently engaged in writing up her research in book form due lo be completed by September 2024. A group of SSterS formed a project in 2020 to study and promote integral ecology as part of the frfth anniversary year of the publication ol the papzl encyclical 'Laudato Si, on Care for our Common Home. A small budgel to support their activits.es wa5 approved by the trustees. The group has met periodically, exploring themes inspired by the goa15 of 'Laudato Si,. They continue lo report back annually to the trustees on their activities ar,d 5ubrnil a small budget for approval. The Congregation continued to support differenl projects through its 2nnual"sharing both at home and abroad. These included CAFOD, Medecins Sans Frontieres, Medaille Tlust and Sl Mungo'5, 8ri5tol, Border13nds. Hope ancf Homes for Children, MIND, Bristol, The Trussel Twst and the World Lend Trust. In addition. donations were made to the DEC'S Turkeylsyria Earthquake Appeal and several other local charities.
CONGREGATION OF LA RETRAITE CIO TRUSTEES. ANNUAL REPORT Icontinuedl FOR THE YEAR ENOED 31 OECEM8ER 2023 Other Matters The part-time Care Coordinator continues to manage the increasing need for 5UPPOrt in the health matters of the sisters. The active sisters Continue to engage in ongoing formation through appropriate short courses and conferences 3nd further study. FINANCIAL REVIEW Ouiing the year the Congregation was 8¢tive in all the principa5 areas listed above. A summary of developments is set out below. 1.Flnan¢ial Position During 2023 total incoming resources increased frorn £697k to £1,051 k. prim81ily due to an increase in investraent income, together with a surplus rather than a loss on the disposal ol tangible fixed assets. Resource5 expended in the year Increased from £1.11 Ok In 2022 to £2,181k In 2023, primarily due lo the additional gift of £1.25m to the mission in Ireland as part funding ol their purchase ol Dew properties to house the sisters who will ietire in Ireland The resulting delicil for 2023 was £1.130k against a budgeted delicil of £295k. This Is before net gains on Investments of £523k. 2. Reserves Policy At 31 December 2023, the Charity's net 355els stood at £20.65m. Of Ihis £3.6m is represented by tangible fixed 3ssetS fequired lor the continuing work of the ¢harily and which could not therefore be realised w4lhout undermining its activities. A designated fund has been sel up lo reflect this requirement. Funds of some £16.6D1 m have been designated in respect of the charity'5 ongoing cotnmitment 10 provide for the care ofthe Congregation'5 members. The Trustees estimate that this fund is sufficient to Cover the anticipated future costs of caring lor Ihe members and they are in the process of reviewing the possible surplus level of funds that may be available lor other Purposes. The balance of General Funds is a Surplus of £460k. As a rule of thumb. the trustees aim to maintain up to 6 months, worth ol expenditure in Geneial Funds. The trustees will continue to keep the position and the level of funding under review. 3.Inv8stment Policy and Performance The Congregation has di5cretion3ry investment management agreement5 With Brewin Dolphin Securities and Rathbones. The Trustees and the Flnance DireGtor meet with the fund rnanagers on a regulai basis and ensure that the fund 15 managed wthin their written guiOe1ines and within the ieligious and ethical principles of the Congregation. The target set lor the fund managers is to achieve a cerEain return of both Income and capital growth with no MO than a moderate level ol risk and within the ethical guidelines as described below. The overall rnarket value ol investments increased during the year, with a gain on investments of £523k being reported. In addition to its bespoke portfolios, the Charity a150 hss investments with the Charities Property Fund. Mayfair Catal,$ Property Incorne Fund for Charities and CCLA'S Catholic Investment Fund. The Trustees have asso developed an ethical investment policy in line with the intentions of the Congregation of La Retr8ite. Specific elements for the choice ol investrllent5 communicated lo the Investment Manager include. Investments in companies whose production is not to be condemned Investments in cornpanies who respect their workers, health and the environment. Investments where all Of part of the interest is used for sharing wlh needy people in order to promote development. Those investments which en¢ourage shareholders to participate in the running of an enterprise, and which call on the responsibility of shareholders.
CONGREGATION OF LA RETRAITE CS0 TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 FUTURE PLANS The Congregation seeks to ulili5e energies and resources 3ppfopTlStely and creatwely in a group Ihat continues to decline in health and numbers. In looking to the future, the Congregation regards collaboration with sisters within the community and others as being crucial. This is particularty pertinent when seeking to develop retreat work and adult formation and is now general pracliGe in all the activities of the sisters. In the future, as well as conlinuirTg to develop present activities cooperation 15 being suught in various ways.. The General Chapter for the Gongreg3tion took place in July 2018 resulting in a new orientation to provide a framework for future projects and development. It was also noted that there will be a need for allocating funds foi the future pensions of Ihe"youngEr sisters The Trustees continue to contribute lo the Con9regation's Central Fund lo support the work of the Genera18te. Reflection continues on the impact and consequences that lack of new membership is h8ving on the Congregation. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees ar£ responsible for preparing the Trustees, Annual Report and the financial statetnents in accordance with applicable18w and Ullited Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting PracEicel. The law applic8ble to charities in England & Wales requi$ the Trustees to prepare fin8neial stalements for each Iin2ncial yearwhich give a true and fairview of the stale olaffairs of the charity and ofthe incoming resources and application of resource5 of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable awountins policies ancl then apply them consistently.. observe the methods 2nd principles in the Chariti'es SORP 2D19 IFRS 1021., m3ke judgements and estimates that are reasonable and prudent., state whethEr applicable accounting standards have been followed wth any material departures disclosed and expl2ined in the financial statements., prepare the financial statements on the going concern basis unles5 it is inappropriate to presume that the charity will continue in opeotion. The Trustees are responsible for keeping proper accounting records that disclose wth reason8b1e aecura¢y at any time the financial position of the charity and enable them to ensure that the financial st3terllent5 conpty with the Charities Act 2011. the Gharity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence fortaking reasonable steps for the prevention and detection of fraud and other irregvlaritiès. Approved by the Trustee5 on 251N April 2024 and slgned as authorised on their behalf by.. Sr Hilary Wmite Trustee
INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF C014GREGATION OF LA RETRAITE CIO OPINION We have audited the finan¢i318lalemenls of Congfftg21ion of La Relraile TrustÈes Ilhe 'Charily'l for the year ended 31 Decetnber 2023 which compri$e the SlatEtnent of Financial Activilies, the Balance Sheet, the Slatetnent of Cash Flow, and the relaied note5, including a Summary of significant accounting policies. The financial reporting framework th8t has been applied in their preparation Is applicable law and United Kingdom Accounting Slandaids, including Fb18nci81 Reporting Slandaid fj02 'The Financial Reporling Standard applicable in the UK and Republic ol Ireland. (United Kingdom Generally Accepied AGcDunling PiactiEel. In our opinion the financial stalernents-. give 8 true and fair view of the state of the Charity's affairs as al 31 De¢ernb8r 2023 and of the Charilws incoming r?50urces applicalion of resource5, including its incorne and expendilure for the year Ihen ended., have been properly prepared in ac¢ordance wth United Kingdom Generally Accepted Accountlng Piaclice,. and have been prepared In accordance with tt)è requirements of the Chaiitie5 Act 2011 BASIS FOR OPINION We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities uDder those standards are further described in the Auditors, responsibilities for the audit of the finan¢i81 slalements section of our report. We are independent of the Charty in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical r8spoTrsibililies in accordance with these requiiements. We believe that the audit evidence we have Dbtained is sufficient and appropriate to Provide a bssis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded that IheTrustees' use of the going concern b8si5 of accounting in the preparalion of the financial siatemenls 5S 2ppropriale. B8sed on the work w& have perforrned, we have nol identified any material un¢ert8inlies relatsng lo events or conditions that, individualty or colSectively, may cast significant doubl on the Chaiily's ability lo continue as a going ¢oncern for a period of al leasl bNelve months from when the financial slalement5 are aulhorised for Issue Our responsibilities and the responsibilities of the Trustees with SpeCt lo going concern are dpscribed in the r8levant sections of this report. OTHER INFORMA TION The other information comprises the infotmation included in the Annual Report other than the financial statenEnts and our Auditor's Report thereon. The Trustees are iesponsible for the olher information contained within the Annual Report. Our opinion on the financial statements does not cover the other informalion and, except to the extent olhew¢ise explicitly staled in our port. w& do not expres5 any form of assuiance conclusion Ihereon Our responsibility Is lo lead the other information and, in doing so, consider whether the other information is rnaierially inconsistent with the financial slateFnents, or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misst31ed. 11 we Identify such material inconsistencies or 8PP8rent matenal misstalemenis, we are requid to determine whether this gives iise to a rn3teri81 misslalemenl in th& financi815131emÈn15 themselves. If, b8sed on the work we have performed. we conclude that there Is a material rni$st8iement of this other information. e are required lo report thai fact. We have nothin9 to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT 8Y EXCEPTION In the light oi our knowledge and undeislanding of the Charity and It5 environment obtained in the wurse of the audit. we have not identified material tnisslatemenls in the TIu5tees' Annual Report. We have nothing to report in respeci of the following matters in relation lo whlch we lo report lo you if, In our opinion.. the Charity has not kept adequatÈ and sufficienl accounting records. or returns adequate for oui 8udil have not been received from blanches not visited by us., or the Charity financial sialemenls are not in agfeement with the accounting r8cord5 and returns., or we have not received all the information ancl explanations we iequiiè for our audit.
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CONGREGA TION OF LA RETRAITE CIO Icontinuedl RESPONSIBILITIES OF TRUSTEES, As explained more fully in the trustee's spOnsibl]it1eS statement. the trustees 2re spOnsIble for ihe prepaF81ion of the finan¢.'al siaiements 8nd for being satisfied that they give a true and fair view. and for such internal conl.'ol as IhE trustees determine is ne¢&ssary to enable the preparation of finan¢ial statements thot 8re free from material rnisstalement, whether due to fraud or error. In preparing the fin8n¢ial staternents. th& Iruslees are responsible for assessing the Charity's ability to ¢ontinU2 as a going concern. disclosing. a5 applicable. matters related lo going concern and usin9 th& going ¢on¢ern basis of accounting unless the Iru5tee5 either iniend to liquidate th8 Charity or to cease operation5, or have no re81istic allernatN& but to clo so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our obje¢lwes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalempnt, whether due to fraud or error. and io issue an Auditors, Report that includes our opinion. Re2sonable assuran is a high level of assurance but 15 not a guar8nleÈ th2t an audit cop.ducted in 8ccordan¢e with ISAS IUKI w.:11 alviays delecl a material misstatement when il exists. Misstatements can arise fiorn Tf8ud or error and are considered tnsteri81 if. indivicfually or In the aggregate, they ¢ould reasonably be expected Ic infiuenre the economic decisions of useis taken on the basis of IhESe fin?ncial slat&ments. Irregularities. including fraud. ale instanctrs of non-compliance wth laws an(5 gulatiOnS. We design procedures in line with Dur r&sponsibililies, outiinEd abov8, lo detect m8teri81 misslètements in respect of irregularities, including Imud. The extent to which our procedure5 are capable of d&tecting irregularities. including fr8ud is detailed below.. We have considered the nature of the sector. control environment and fin8ncial performance., We have considered the results of enquiries with management 8ncS trustees in relaoon to their own idenlific8tion 8nd 8ssessmenl of the risk of irregularities within the Èntity.. anL% W& have reviewed the documentation of key process&s and controls and performed walklhroughs of tran$8¢tions to confirm that the systems are operating in line with documentation.- and As a resuli of these procedures, we have considered the opportunities and intiveS th81 may exist within the organi5ation for fr3ud and identifieLI the highest are8 of risk to be in relation to revenuE recognition, with a particulai risk in relation 10 yearénd cut off. In common with all audits under ISAS IUKI we t also required to perform specific procedures to respond to the risk of man8gement override. We have also obtained ynderstaftding of the legal and gUlatOry frameworks th8t the Charity operales in, focusing on provisions Df those 18ws and regulations that had a direct effect on the delermin2tiDn of material amounts and disclosures in the financial slatemenls. The key laws 2nd regulations we considered in this context included the Charities Act 2011. Charity SORP 2019, FRS 102 and the lertns and conditions allaching to rnaleri81 grant$ received by the Ch8riiy. In addition, we considÈred the provisions of other laws and r&gulalions th81 do not have a direct effe¢t on the financi81 statements but Compliance with which tnay be ftjndamentai to the Charity's 8bility to operate or avoid a fflalerial penalty. These includEd data protection regulations. health and safety regulations and employment Our procedures to responcl to risks identified included the following.. Fieviewing the fin8ncial statement disclosures and lesling to supporting documentation to 8ssess cornplianc th provisions of relevant laws and gUrationS described as having a diréct &ffecl cin the financi81 statEmenls', Perfonning analyts.cal pro¢edure6 to identify unusual or unexpected relationship5 that may indicate risks of material misslat&menl due to fraud.. Reviewing board meetina minutes.. Enquiring of management in re18tion to actual and potential claims or lilig8lions.. Performing detailed transactioTral testing in re18tion to the recognition of VefiUe. specifically 9rants, wlh a particular focus around year-end cut off,. and In addressing the risk trf fraud through management override of controls, testiTrg the appropN81ene5s of journsl entries and other adjustment8,' assessing whether the judgments made in accounting estimates a indicative of potential blas.. and evaluating the buslness rallonale of significant transactions thot are unusual or outside the norrnal course of busines5. We also cornmunicated identified laws and regulations and potential fraud risks to 311 truslees of the engagement team and remained alert to possible indicatcirs of fraud or non-compliance with laws and regulations throughout the audit.
INDEPENDENT AUDITORS, REPORT TOTHE TRUSTEES OF CONGREGATION OF LA RETRAITE CIO Icontinuedl As a result of the inherent limilalions of an audit. there is 8 iisk that not all irregularities, including 3 tnaterial misstatement in financial statements or non-compliance wilh regulab-on, will be detected by us. The risk in¢re8ses the fwLbier removed compliance with a law and regulation is from the events and transactions reflected in the financial stat8mentS, given we will be less likely lo be aware of ii. or should the irregularity occur as a result of fraud r31h&r than a one-off error, as Ihis may involve intentional concealment, forgery. collusion. omission 01 misrepresentation. A further des¢riplion of our re5ponsibililies for the audlt ol the financi81 slalements is located OD the Financial Reporting Council's website at." ww.frc.org.uklaudilor51esponsibililies. Thi5 description loitns part of our Auditors. Repori. USE OF OUR REPORT This report is made soldy to the trustees. as a body. in accordance with section 144 of the Charities Act 2011 and regulations made undei section 154 of that Acl. Our audit work has beeTr undertaken so Ihal we mighl slate lo the Iruslees those matlers we ale required to slate lo them in an Audltors. Report and for no other purpose. To the fullest extent permitted by 18w we do not accept or assume responsibility to anyone other than the trustees, a$ a body. for our audit work. for this report, or for the opinions we have forffled. Chns Trantham FCA (Senior Statutory Auditor) for and Dn behalf of Bishop Fleming LLP Chartered Accountsnts Statutory Auditors 10 Temple Back 8SI 6FL Date.. 1 j Bishop Fl&ming LLP ale eligible lo act as audit015 in terms of Section 1212 of the Compani&s Act 2008. 10
CONGREGATION OF LA RETRAITE CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 General Funds Designatèd Funds Totsl 2023 Total 2022 Notes INCOME FROM.. Donations and leyacie5.- Members, salaries and pension5 Legacies and gift5 221,385 11,408 221.385 11,408 222. 787 2.836 Charitable activitiès Investments 606,892 606,892 411,45T Other income 211,250 211,250 Total in¢ome 1,050.935 1,050.935 697.080 EXPENDITURE ON Raising funds 50.132 50,132 43, 124 Charitable activities.- Care of the elderly Community 5UPPOrt and works.. Formation and training Missions 3nd charitable giving 124,857 461,929 9.784 1,533.874 124.857 461.929 9,764 1,533,874 109.008 480.235 9,004 468,650 Total expenditure 2,180,556 2,180,556 1, 110.021 Net lexpenditurellincome before net Ilossesllgains on invèstment 11,129,621) 11,129.6211 1412,941) Net gainslllossesl on investments Revaluation of investment propery 522,981 522,981 (2, 120. f 52) (ioo,000) Nèt movement in ftjnds 11,129.6211 522,981 1606,6401 (2,633, 103) Transfers between funds 16 947,471 1947,4711 Net movement in funds 1182,1501 1424.4901 lu06,6401 [2,633, 103) Fund balances at 1 January 642,150 20,619.590 21,261,74Q 25.894,843 Fund balances aL 31 Decetnber 460,000 20,195,100 20,655,100 21,261, 740 The Statement of Financial Actiiities includes all gains and losses recognised in the year. The notes on pages 14 to 23 forrn part of these financlal statements.
CONGREGATION OF LA RETRAITE CIO BALANCE SHEET AT31 OECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible fixed assets Investment property Investments 10 3,602,411 550,000 18.555,988 3,827. 792 550,000 16,881.541 20,708,399 21,259,333 CURRENT ASSETS Oebtors Cash al bank and in hand 108,220 419,550 69,594 418,873 527,770 488,467 CREDITORS: amounts falling due within one year 14 (54,3021 NET CURRENT ASSETS 378,459 434, 165 TOTALASSETS LESS CURRENT LIABILITIES 21,086,858 21,693,498 CREDITORS: amounts falling due after rnore than one year 1431,7581 (431, 758) NET ASSETS 20,655,100 21,261, 740 Charity funits Unrestricted Funds Designated Fixed Assets FLJnd Reliretnelll Fund Gener31 16 3,594,389 16.600,711 460.000 3,827, 792 76, 791, 798 642, 150 21.261, 140 20.655,100 21,261, 74 The financial statements were approved and authorised for iSSLJe by the Trustees on 251h April 2024 and were 519ned below on its behalf by.. Sr Hilary White Trustee The notes on pages 14 10 23 form part of these Iinancial slatemenls.
CONGREGATION OF LA RETRAITE CIO CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operating activities Net Gash used in operating activities 18 11,785,000) (839,442) Cash flows from investing activities.. Dividends, Interest and rents fmm inve5trnents Investment management fee5 Purchase of tangible fixed assets Proceeds from the sale OT t2ngible fixed assets Net movement in investments Investment released to cash 606,892 150,1321 471,457 (43, 124) (15,637) 520, 700 (207,6571 383,023 1404.1061 1250 000 1,785,677 Net cash provrded by investing activities 725,745 In¢ase(deCasel in cash and Cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 677 1113,697) 532, 570 478,873 418,873 419,550 The note5 on pag85 14 to 23 form part of these financial statements 13
CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The Congregation of La Retraite CIO 15 registered with the Charity Commission of England and Wales. The prinapal office is The Coach House. 127 Hampton Road, Redland. Bristol BS6 SJE. 2. AGCOUNTING POLICIES 2.1 8ASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance wth the Statement of Recommended Practice applitable to chaiilies prep3ring their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 31st January 20221 and the Financial Reporting Standard applic3ble in the United Kingdom and Republic ol Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Acoounting Practice as Il applies from l January 2019. The Congregation ol La Retraite CIO tneels the definition of a public benefit entity as defined by FRS 102. Assets and liabilities are initially recogni5ed at historic81 cost or tiansaction value unless otherwise staled in the relevant accounting policy. 2.2 INCOME l income is CogniSed once the CIO ha5 enlillemenl lo the income, il is probable that the Income will be received, and the 8mDunt of incorne receivable can be tneasured ieliably. Members, salaries and pensions are rèceived under deeds of covenant and gift aid from metnbers of the Congregation. Donations of property, investments or other gifts in kind are included at market value. Income tax recoverable in relation lo donations received under gift aid or deeds ol covenant Is recognised at the time of the donation. Income tax recoverable in relation to investment income is recogni5ed at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.3 EXPENDITURE Expenditure 55 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il Is probable that a transfer of economic benefits wi11 be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The ¢os15 of each activity are made up of the total of direct costs and shared costs, including support costs Involved In undertaking each activity. Oirect Gosts attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support ¢osts which are not allributable to a single activity are apportioned between those aclivilies on a ba51s con51slent with the use of resources. Certtial staff cosls are allocated on the basis of time spent, and depreciatlDn charge$ are allocated on the portion ol the asset's use. Expenditure on raising funds includes all expendituie incurred by the Charity to raise funds for its charitable purposes and include5 costs of all fundraising activities, events and non-charitable trading. Expenditure on charitable activitie5 15 Incurred on directly undertaking the activities which further the Charity's objectives as well as any associated support costs. All expendrture is inclusive of iirecoverable VAT. 14
CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS Icontinuetll FOR THE YEAR ENDED 31 DECEMBER 2023 2. ACCOUNTING POLICIES Icontinuedl 2.4 INTEREST RECEIVABLE Interest on funds held on deposit is included when receivablè and the amount can be measured reliably by the Charity. This 15 usually upon notification of the intere51 paid or payable by the institution with whom the funds are invested. 2.5 TANGIBLE FIXED ASSETS Freehold land and buildings owned at 1 January 1997 are staled at their then estirnated Existing Use Value. The valuations are based on a report prepared by Stanley Hicks & Son, Chartered Surweyors. purely for the purposes of providing a value for inclusion in the ch3rity's accounts. Subsequent additions are capitalised at cost. Other fixed assets are capitalised at cost. All assets costing more than £500 a capitali5ed. Tangible fixed assets are stated at ctsst less depreciation and recognised when future economi¢ benefits are probable and the cost or value Or the asset can be measured reliably. Depreciation is provided at rates calculated to Mtyite off the cost of f5xed assets. less their estimated residual v31ue. over theirexpecled useful lives on the following bases.. Freehold Buildings Leasehold Buildings Fixtu$ and Fittings Motor Vehicles 2Vo straight line per annum Over the length of the lease 20'A straight line per annum 25% straight line per annum 2.6 INVESTMENT PROPERTIES Investment properties are initially recognised 8t cost which includes purchase cost and any directly attributable expenditure. Investment properbes whose fair vslue can be measured reliably are me8sured at fair value. The surplus or deficit on revaluation is recognised in the STtternent of Financial Acliwlies. 2.7 INVESTMENTS Fixed asset investments are a form of financial inslrurnent and are Initially r8cognised at their transaction cost and subsequently me3sured at fair valt5e at the 88lance Sheet date, unless the value c8nnot be measured reliably in which case it is measured at Gosl less imp8iiment. Invèsttllent gains and losses, whether realised or unrealised. are combined and presented as gaillslllossesl on investments. in the statement of Financial Activities. 2.8 DEBTORS Trade and other debtors are recognised at the selllement 8mDunt after any trade discount offered. PrepayMetS are valued at the amount prepaid nel of any trade discounts due. 2.9 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-terrn highw liquid investments wth a short maturity of three rnonths or less from the date of 8cquisition or opening tsf the deposit or similar account. 15
CONGREGATION OF LA RETRAITE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Icontinuedl 2.10 LIABILITIES AND PROVISIONS Liabilitie5 are recognised when there is an obligation at the Balance Sheet dale a5 a result of a past event. it is probable that a Iransler of economic benefit will be required in selllemenl and the amount of the settlement can be estimated reliably. Liabilitie5 are recognised al the amount the Charity anticipates it wi15 pay lo settle the debt or the amount It has received as advanced payments for the goods or services il rnust provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based upon the present value of those amounts, discounted at the pre-tax discount rate that reflects the risk5 specific to the liability. The unwinding of the discoLJnl is recognised in the Statement ol Financial Activities as 3 finance cost. 2.11 PENSIONS The Charity operates 3 defined contribution pen510n scheme and the pension charge represent5 the amounts payable by the Charity in respect of the year. 2.12 FUND ACCOUNTING General fullds are unrestricted funds which are available far use ai the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each design8ted fund Is set oul in ihe nole5 10 the financial statements. Investment income, gain5 and 1055es are allocated to the appropriate fund. 2.13 FOREIGN CURRENCIES Monetary assets and liabilities denorninated in foreign currencies are tran51ateiJ into sterling at rates of exchan9e rulillg at the balance sheet date. Transacb"ons in foreign ¢urren¢ies are translated Into sterfing at the rate ruling on ihe date of the transacb"on. Exchange gains and losses are recognised In the Statement of Financial Activities. 2.14 FINANCIAL INSTRUMENTS The charity only has financial assets and financial liabilities of a kind that qualify as basic fillancial instruments. Basic financial instrumenls are initially recognised at Iransaolion value 3nd subsequently tneasured at their settlement V31ue. 16
CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INGOME 2023 2022 Rental income Income from investments 8ank interest 41,950 559,042 5,900 41.950 428,66T 840 606.892 471.457 OTHER INCOME 2023 2022 Prolit on sale of tangible fixed assets Oth8r incorne 210.989 281 211,250 EXPENDITURE ON RAISING FUNDS 2023 2022 Invesbnent management fee5 50,132 43,734 50,132 43,124
CONGREGATION OF LA RETRAITE CIO NOTES To THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 CARE OF THE ELDERLY 2023 Z022 Nursing care 124.857 109,00 124.857 709.008 6b. COMMUNITY SUPPORT AND WORKS 2023 2022 Living expendiiure lor sisters (rent, utilities, food, medicinel Service charges for Properties Council taK Communications for sisters Support team staff costs (see note 81 Travel costs Bank ¢harge5 Professional fees Loss on disposal of fixed a55els Depreciation 198,028 50,565 19,710 19,530 77,931 14.302 1,270 24,606 188,S80 53.072 20.508 17.461 89,OTO 73, 736 7,24Q 28,970 13, T72 54,026 55,987 461,929 480, 235 6c. FORMATION AND TRAINING 2023 2022 Individual sisters, expenditure 9.764 9,004 9,764 9,004 6d. MISSION AND CHARITABLE GIVING 2023 2022 ProJect expenditure Care min5sIry Centre for Catholic Studies support and research Catherine de Francheville Laudato Si 20.000 75.000 107.472 7 72,255 too 59,404 229 Generalale ol the Congreg31ion- internal solidarity Generalale of the Collgreg8tion- arising on sale of properties during the year Irelano Mission Donations to chosen extern31 charities 28,354 127,689 77,814 169, 540 1.275,015 23.183 25.000 21.529 1,533.874 458.650 18
CONGREGATION OF LA RETRAITE CS0 NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 AUDITORS, REMUNERATION 2023 2022 Auditors remuneration audit of statutory 8ccountS 9,650 7,650 9.650 7,550 STAFF COSTS 2023 2022 Employment costs cornprise.. W3ges and salaries SgCi81 security (net of employment 311owancel Pension costs 74.511 82,658 4,315 2,087 3,420 77,931 89,QTO The average numb8r of employees was 8s follows.. Number Number Admiftistration C3re of the elderly No employee earned £60.000 pa or more during the year12022." Nill. The total employee benefits of key management personnel in the year amounted to £31, 125 12022.. £42,6391. TRUSTEES REMUNERATION AND EXPENSES The Trustees of thè charty are also members of the charity and a5 such have taken vow5 01 poverty under which they h8ve renoun¢ert all personal rights lo income and capital. The ch8rity provicles Tor the essential needs of all members of the chaiity. The living ¢osls of the I rustees are therefore bornè by the charity The Trustees received no remuneration or other benefits including expenses In connection with their dLrties as Trustees during the year.12022". £nill. 19
CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STA TEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 10. TANGIBLE FIXED ASSETS Fixtures Fitting5 and Equipment Freehold Buildings Leasehold Buildings Motor Vehicles Total COST OR VALUATION At 1 January 2023 Additions Disposals 2,272.447 1,881,670 325, 106 60,882 4,540,105 12DO.0001 11,3871 1201,3871 At 31 December 2023 2,072,447 1,881,670 323,719 60.882 4,338.718 DEPRECIATION Al l January 2023 Charge foi the year Eliminaled on disposals 295,829 34,018 131,5911 44.929 16,543 323,277 843 14021 48,278 4,583 712,313 55,987 131,9931 At 31 DeGembei 2023 298,2S6 61,472 323.718 52.861 736,307 NET BOOK VALUE At 31 December 2023 1,774.191 1,820,198 8,021 3,602.411 At 31 Decembar 2022 1.976.618 1,836,741 1,829 12,604 3,827,792 Included within freehold buildings CDSt is £385,55312022". £385.5531 of buildings not depreciated. These are buildings purchased from St. MDnica Trust under1ong term lease with a guaranteed buy back. INVESTMENT PROPERTY 11. Valuation At 1 January 2023 Transfers Deficit on revaluation 550,000 At 31 December 2023 550,000 The property valuation has been determined by the Tnstees at £550k. 20
CONGREGATiof4 OF LA RETRAITE CIO NOTES TO THE F1NANCIAL STATEME[s Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 12. INVESTMENTS 2023 2Q22 Market Value at 1 January 2023 Additions Released to cash Disposals Revaluations 16.881,541 3,698,446 11,250.0001 13.296,9801 522,981 78,794,046 2,339,829 12, 132, 1721 (2.120, 7621 Market Value at 31 December 2023 16,555,988 16,881,541 Net book value at 31 0eTrrnber 2023 16,555,988 16,887,541 Net book value at 31 December 2022 16,881.541 18,794,046 Investrnents comprise UK Fixed Interest stocks UK Equities Overseas equities Other Gash dealing accounis held within portFoliDS 1,697.730 1.879,618 5,89d 992 2,319,602 337,787 1,234,Q75 2,215,330 5,894,568 2,951,574 464,285 12,129,729 1,404,648 2,D75.500 946,111 12,759,832 905, $25 2,207,800 1,010,284 cLA Catholic Investment fund Charities Property Fund Property Income Trust for Charities IPITCHI 16,555,988 16,881,541 2022 13. DEBTORS 2023 Trade debtors Other debtors Prep3yrnenls and accrued income 90 17,327 52,177 19,520 88.700 108,220 69,594 2023 2022 14. CREDITORS.. arnounts falling due within one year Trade CditorS Taxation and soci81 security Other creditors Accruals and deferred income 15.482 1.806 37,936 94,087 8, 129 34.300 11,873 149.311 54,302 15. CREDITORS= amount5 falling due after more than one year 2023 2022 Interest free108ns from members of the Congregation 431,758 431, 758 21
CONGREGATION OF LA REfRAITE CIO NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2023 16. STATEMENT OF FUNDS The Tru51ees have designated funds out ol the unrestricted funds for specific purposes as follows". Flxed Assets Fund In order lo lulfil its charitable objectives the charity needs 3 nurnber of properties. These pioperties, alihough they are unreslriGted assets. cannot be realised without undermining the ch8rily's work. The Tiuslees therefore feel that it is appropriate lo reflect the investment in fixed assets by rneans of a de51gnated fund. Transfer5 represent the net movement in tangIbe fixed 3s5els during the year. Retirement Fund A fund has been designated in respect of the charity's commitment lo provide for the retirement and care in old age and sickness of the Congregation's mernbers. Tho gainslllossesl arising from the investment portFolio, together with any revaluation of the investment properly are allocated to this fund. with the Investment income being allocated lo general funds. Dufirlg 2023, a transfer of £714k was made from the retirement fund to the general fund due lo the gener81 fund otheFwise being in deficit and at odds with the approved reserves policy. STATEMENT OF FUNDS- CURRENT YEAR Balance 1 January 2023 BalancE 31 December 2023 IncoEne Expenditure Gainsl Ilossesll transfers Designated funds Fixed Assets Fund Retirement Fun 3,827.7g2 16,791,798 1233,4031 1191,0871 3,594,389 16,600,711 20,619,59D 1424.4901 20,195,100 General funds 642,150 1,050,935 12,180,556) 947,471 460,000 Total unrpstricted fund5 21,261.740 1,050,935 {2.180,5561 522.981 20,655,100 STA TEMENf OF FUNDS- PRIOR YEAR Balance l January 2022 Balance 31 December 2022 Income Exp&nditure Gain (losses) Designated funds FixedAssets Fund Ret1ment Fund 4,400,659 19,011,960 1572,867) (2,220. 162) 3,827, 792 t6, 797, 798 23,412.619 (2,793,029 20,679,590 General funds 482,224 697,080 (1. 110,0271 572,867 642, 150 rotal unrestrictèd funds 23,894,843 697,080 (1.110.021) (2,220, 162) 21,261, 740 22
CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2023 17. ANALYSIS OF NET ASSETS BY FUND- CURRENT YEAR Designated Funds Fixed Assèts Fund General Fund Retirement Fund Total Balance5 at 31 December 2023 are represented by.. Fixed assets Investrnent property Investments Curient assets 8,022 3,594,389 3,602,411 550.000 550,000 16,482,469 16,555,988 527,77D 1149,3111 1431,7581 73,519 527,770 (149,3111 Non-current liabilitiès 1431,7581 460.000 3,594,389 16.600.711 2]6,1C0 ANAL YSIS OFNET ASSETS B Y FUND- PRIOR YEAR Designated Funds Fixed Assets Fund General Fund Retirement Ftsnd Total Balances at 37 DeGemOer 2Q22 are preSentGI by.. Fixed assets InvestmentprDperty Investments CuKrent assets Cijrrent liabilities Non-curr8nl liabilities 3,827,792 3,827, 792 550,OOQ 550.000 16,673,556 16,881,541 488,467 (54,302) 14S1, 758) 207,985 488,467 (54,302) (431, 758) 642, 150 3,827, 792 16, 791,798 21.261, 740 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net lexpenditurellincome for the year AdjustThents for.. Depreciation. charges (Gainslllosses on investments Revaluation of investment property Oividends, interest and rent from investments less fees IProfitlllos5 on sale of tangible fixecl assets (IncaSe1/deCrease in debtors In¢reaseJloecreasel in creditor5 1606.6401 12,833,1 D31 55,987 1522,9811 54,026 2,120.162 100,000 1428,3331 13,772 935 166,9011 1556,7601 1210,9891 138,6261 95,009 NET CASH USED IN OPERATING ACTIVITIES 1,785.000 1839,4421 23
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