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 END￿D 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 tranSfer￿d 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
I￿land, 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 char￿tY 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 ope￿tiOnS 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 ag￿ed 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 S￿SterS 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 Ca￿tal,$ 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
requi￿d 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$8¢tions to confirm that the systems are operating in line with documentation.- and
As a resuli of these procedures, we have considered the opportunities and in￿￿tiveS th81 may exist within the
organi5ation for fr3ud and identifieLI the highest are8 of risk to be in relation to revenuE recognition, with a particulai
risk in relation 10 yearénd cut off. In common with all audits under ISAS IUKI we t￿ also required to perform specific
procedures to respond to the risk of man8gement override.
We have also obtained ynderstaftding of the legal and ￿gUlatOry frameworks th8t the Charity operales in, focusing
on provisions Df those 18ws and regulations that had a direct effect on the delermin2tiDn of material amounts and
disclosures in the financial slatemenls. The key laws 2nd regulations we considered in this context included the
Charities Act 2011. Charity SORP 2019, FRS 102 and the lertns and conditions allaching to rnaleri81 grant$ 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￿(deC￿asel 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.
PrepayMe￿tS 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
c￿LA 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 C￿ditorS
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 tangIb￿e 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
Ret1￿ment 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 ￿preSent￿GI 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
(Inc￿aSe1/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

THE FOLLOWING PAGES DO NOT FORM PART OF THE STATUTORY ACCOUNTS.
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