Charlty Number: 1189341 CONGREGATION OF LA RETRAITE CIO ANNUAL REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2024 CONGREGATION OF LA RETRAITE CIO CONTENTS PAGE Reference and Administrative detsils Trustees, annual report Independent auditors, report Stslement of financial activr(ies 12 8alance sheet 13 Cash flow stslement 14 Notes lo the financial statemen15 15-25 CONGREGATION OF LA RETRAITE CIO REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS.. CHARITY REGISTRATION NUMBER 118S341 TRUSTEES Avril O'Regan (Congregation Leader) Margaret H8rlock (retired 31Sl December 20241 Hilary White (Chair of Trustees & Area Leader until 27 January 20251 Aileen Murphy Barbara Slafford (Chair of Trustees & Area Leader from 28th January 20251 Mary Bellekom FINANCIAL DIRECTOR and SECRETARY TO THE TRUSTEES Julie Ridgway PRINCIPAL ADDRESS The Coach House 127 Hampton Road Redland Bristol BS6 6JE BANKERS National Westminster Bank Pl 90 Regent Street Kingswood Bristol. BS15 2HR SOLICITORS Stone King Upper Borough Court Upper Borough Walls Bath BA1 1RG AUDITORS 8ishop Fleming LLP 10 Temple Back Bristol BSI 6FL INVESTMENT ADVISORS 8￿￿n Dolphin Securities 9 Colmore Row 8im)ingham 83 38J CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing instrument Charitable Incorporaled Organisation (Association Model Sole Memberl Charities Act 2011 Constitution of Congregation La Relraile CIO. Registered 4th May 2020. On 1 st January 2021, Congregation La Relraile Trustees, charity number 266160 transferred ils activity to Congregation ol La Relraite CIO, charity number 1189341. Objects The objects of the CIO are such charitable purposes which advance the religious and other charitable work of the Congregation 25 the Truslees with the approval ol the Congregational Leacler Shall from lime lo lime think fil and if at any time the Congregation shall cease lo exist or shall cease to carry on or direct any charitable work, then for Such lawful purposes connected with the advancement of the Roman Catholic religion as the Trustees shall decide. The Congregation of La Retraite is an intemalional religious congregation, founded in the 17th eenlury lo aid the movement for the revival of the Christian faith in Brittany. Ils special contribution was lo provide spiritual relreals, primarily but not exclusively, for women. Over the centuries the fields of work undertaken by the sisters have widened. particularly in the field of education, where the sisters were involved in both schools and adult formation. The sisters, constant aim has been "lo help the growth of persons and groups according lo the designs of God revealed in Jesus Christ and recognised in faith" (Rule of Life 1.51. The Congregatsonal leadership team is composed of the Congregational Leader and four councillors each with responsibility lor a specific country and for ￿TI81n tasks such as assemblies, animation. and mission. The Congregational central office is based in France. The Area Leader has a base in both England and in France. In Augu512006 the separate Dislricls of Eng13nd and Ireland were combined into La Retraiie Britain and Ireland" with the Area Leader having overall responsibility lor both. In 2012 this structure was modified so that though the Area Leader had overall responsibility She also worked in tandem with another councillor for certain tasks. The Area was renamed Irelandluniled Kingdom. In 2018119 we reverted to one councillor with overall responsibility. Unlil 2020 the Charity, the Congregation of La Relraile I'the Charity") was registered with the Charity Commission under No. 266160 and carried out the charitable activities of La Retraite England as well as holding all ils assets. During 2020 preparation was made for transition to CIO status lo commence on January 1 $12021. The Congregation of La Relraile CIO was regislered with the Charity Cornmission on 4th May 2020 with a registered charity number 1189431. The Governing Instrument ol the Charity in England is the conslitub.on ol the Congreoalion of La Relraile CIO dated 4 May 2020, the principal objective being 'such charitable purposes which advance the religious and other charitable work of the Congregalitsn as the Truslees with the approval of the Congregational Leader shall from time lo lirne think fil and if al any time thè Congregation shall cease lo exist or shall cease lo carry on or direcl any charitable work then for such lawful charitable purposes connected with the advancement of the Roman Catholic religion as the Trustees shall csecide." n October 2024 the Congregation held its six yearly Chapter This resulted in changes in the Congregational Leadership Team and consequently a new Area Leader for IrelandlUK wa5 appointed. In the Republic ol Ireland there is a presence of 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 does not form part of the English Charity. The charity currently has five Tru51ees, which consist of the Congregalional Leader, the Area Leader for IrelandlUK and three other members ol the Congregation. The power ol appointing new Trustees rests with the Congregational Leader who can, In consullalion with her Council. remove any Trustee. All new Trustees receive the necessary training and induction following their appoinlmenl. Every year, some Iruslees altend training courses and share the information with other Trustees. The Chair of Ihe Trustees Iiai5e5 directly with the Congregational Leader and Congregational Bursar in France. The day lo day financial and operational management of the Charity. Is undertaken by a Finance Director who is directly responsible to the Area Leader for IreSandlUK. Professional advice 15 sought as required from a panel of advisors who are listed in the index lo this report. CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Risk Review The Iruslees have undertaken ? risk review to identify the major risks lo which the charity 15 exposed, in particular. those related lo the operations and finances of the charity and the trustees are satisfied that systems are in place to miligale exposure lo major risks The Iruslees will continue to review major risks on an annual basis. OBJECTIVES AND ACTIVITIES La Relraile in England now comprises of some fourteen members, the majority of whom have given most ol their working lives to the charitable activib'es ol the Congregation particularly in the area of education and spiritual accompaniment. When this work is outside the Charity, any earnings are covenanted lo the Charity. The number ol new vocations has declined and therefore the average age ol the membership is increasing. In order lo continue with the important charitable objectives of the Congregation younger members either worl( within the charity or accept lo do voluntary work or work for salaries that are not commensurate with their qualifications. These factors mean that for many years now there has been a general reduction In the Income generated by members. The Charity has a continuing commitment lo support members of the Congregation. many of whom continue to carry out eharitable work long past the normal retirement age. The principal areas in which the charity is involved are set out below. Emmaus House- Sleep Lane, Whitchurch This property wa5 purchased al the end of 2014 to continue lo provide non-residential workshops, retreat and reflection days and professional training courses appropriate to the energies and resources ol the sisleTS. The centre is co-run by a La Relraite sister and a Roman Catholic Diocesan priest. The Emmaus House Spirituality Centre seeks to provide a spiritual resource for people. It is con￿rned with the formation and personal development for the laity and provides a venue for Diocesan. Deanery and Parish aclivilies. Communities Our Apostolic work continues in Birmingham, Bristol, Keynsham, and Sandford. Ireland The Congregation has a separate juridical status in Ireland la charity and a company limited by guaranteel. There are 5 sisters currently living there,. they work in a variety of fields for little or no wages in retreat work, spiritual accompaniment, supervision, pastoral work. facilitation, and lransl81ion. Voluntary work is also undertaken with the elderly, migrant workers and refugees One sister resides in a care home. The Congregation of La Relraile CIO has historically supported the mission in Ireland financially due to the low income of the sisters. In planning for the future. the Iruslees are considering how lo rebalance the portfolios of the two enlilies lo enable the Irish charity lo become self-sufficienl in the long term. Pastoral work In England Members of the Congregation undertake work in a variety of pastoral sèllings". retreat work, supervision, and spiritual guidance." education in a mulli-failh ecological context, coun5elling, visiting the elderly, sick and housebound,. local parish work., help with personal growth and Iherapeulic work. In this way all Ihe sisters are engaged in the mission of the Congregation and seek lo be available and lo give service lo the general public in whatever way they can and lo whomever in a spirit of openne55 lo all. All the sisters are now above the age of professional retirement and give their services voluntarily lo the needy and vulnerable in our society. This is especially true of the active elderly sisters who continue lo participate in pastoral 2nd spiritual works, as their health and circumstances allow. Some have space lo offer hospitality to individuals and small groups at no cost to the public. Publlc Bengfit The Iruslees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and obieclives and in planning our future activities. In particular, the trustees consider how planned activities will contribute lo the aims and objectives they have set. CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE General During 2024 the sisters conlsnued lo live and develop different means of offering their service5 in their different locations and within their limits of age. energy and health. Birmingham.. Harborne High Street The sister living in Harborne contributes spiritual input to a zoom group with which she is in contact. Bristol and Somerset Emmaus House, Sleep Lane Whitchurch The property in Sleep Lane offers 8 peaceful and tranquil selling for those who wish lo lake lime lo reflect and who seek meaning in life. All the activities are underpinned by a sound biblical, and theological base and an inlegraled holistic approach to spirituality. Creative and inclusive liturgy is offered where appropriate and there is always someone available lo talk to when needed The team lakes seriously the Papal Encyclical 'Laudalo Si. and seeks lo implement ils insights wherever possible During the first period of lockdown the team undertook further online Iraining as part of the fifth anniversary year ol the publication of 'Laudalo Si, with the aim of encouraging groups lo explore and deepen commitment lo integral ecology. As Ihe Clifton Diocese seeks lo develop, fenew and respond to the dernographic reality facing the Catholic Church. Ernmaus House has become a significant support for the clergy and venue for formation of the laity. Towards Ihe end of 2021, with Ihe easing of pandemic reslriclions. there was a gradual return lo in-house activities and In 2022 the normal programme was re-eslablished. In 2023 the welcome of primary school groups look a special place in the work of the house as the children explored issues of climate change and the future of the planet. In 2024 small group discussions and activities look place particularly in the study of Scripture. Bedminster In Summer 2024 the sister living in Monica Wills House In Bedminsler needed nursing supporl. She is now receiving care in the Charterhouse Care Home which is part of The Chocolate Quarter complex in Keynsham where there are other sisters present. The Area Leader continues lo have a base in Bedminsler. Redfield, St George and Brislington The La Relraile presence eslab115hed in Redfield has been very effective in spiritual accompaniment. prayer support, supervision and personal growth work. Spiritual accompaniment and guidance are offered with particular allenlion to the whole person in hislher life context The supervision ol prayer guides and spiritual direction of deacons and calechisls continues. There is a strong ecumenical and other lailh dimension in the work of accompaniment with an openness lo all those searching for meaning in their lives. Support 15 also given lo MoxAlrica, a Birrningham based charily, through Tru51ee5hip. One sister offers pastoral and spiritual help lo individua15 ancs groups in her local area and parish. Anolher sister offers voluntary classroom support in a local primary school. Sandford Retirement Village, Somerset One sister remains in Sandford receiving full time nursing care. CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE {ctdl Keynsham." The Chocolate Quarter 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 visiting other re51denls and supporting various activities. Since 2018 several of these sisters have moved into the Charterhouse Care Home on the same sile. as their care needs requ1red Two sisters from the West Midlands joined the group in The Chocolate Quarler in 2019 and 2020 moving into the flats left vacant by those who had moved into Charterhouse. Sadly, sisters in the Charterhouse Care Home died in 2021, in January and December. A sister from Ireland moved into a vacant flat in January 2021 and a slster from Monica Wills House, Bedminsler moved into another in November 2021. Another sister in Charterhouse died in April 2022. The current group ol sisters continues lo be active in spiritual accompaniment and pastoral support within the limits of their health and age. Other Ap05tolic Outreach Following on frorn the financial help given to the 'Care Ministry" in Gqeberha Iformerly Port Elizabeth) South Africa from 2019 to 2022, the Trustees agreed lo continue to provide funds in 2024 for three areas of work". RelreaVrelleclion/respile days for support workers. 2. Trauma counselling for support workers. 3. Ongoing development leg capacilar courses) for support workers. This enables the conlinualion of a work which Ouf sisters supported when they were in South Africa. Encouraging reports on this work, including h()w they have responded lo the acute care needs of Ihe pandemic, have been received and shared with the sisters In 2023 and again in 2024, the Trustees decided lo continue an annual conlribLJlion lo this work and have been particularly impressed by the stress relief and trauma debriefing work which thi5 funding has supported, in addition lo the provision of spiritual retreats for the carers. The Trustees made a decision in November 2017 to fnark the 10th anniversary of the establishment of the Bede Chair and the Centre of Catholic Studie5 ICCS} in April 2018 by fLJnding a La Relraile Ihree-year research fellowship in Theology and Spirituality and providing 50rne core funding for the CCS the following 2 years. In the course 012018 Dr Elizabeth Powell was appointed as La Relraite Fellow from October 1st 2018 A report was received on her second year of work, as well as a copy of a book on her research which wa5 published in 2020. Because of an underspend in the first years of this project il was possible lo extend Dr Powell's contract until the end of the 2021-2022 academic year. Following the receipt of a substantial legacy in 2018 the Congregation's financial position slrenglhened and Trustees agreed lo fund another Ihree-year Research Fellowship al the CCS Durham on 'Lived Theology. Trauma and Reconciliation Dr Victoria Biggs look up this post ln January 2020. Unfortunately. the reslriclions on travel imposed by the pandemic prevented her original research plans. Her leaching of a module on post- Holocaust theology has led lo a different project.. the writing of a book on the Challenge of disability to post- Holocaust thought, which explores Jewish and Christian theological responses lo the Holocaust in light of disabled people's experiences ol Nazi persecution. Reports on her work were received during 2D22 and request was made lo extend her conlract parl-lime until September 2023 to enable her lo complete the writing of her book, (Defiant Minds, Unruly Bodies.. The Challenge ol Disability lo Posl-Holocaust Theology) while she moved into medical training. The book has now been fully drafted but still requires some final editing. As part of the 400UI anniversary of the birth of Catherine de Francheville, foundress of La Relraite, il was decided to fund a research project on her life and the growth of retreats for women In 1 rh 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 conlinued her research in the Congregation archives in Sl Germain-en-Laye with additional visits lo archives in France, Rome and Belgium. She also contributed articles lo academic journals and came lo an Area Assembly lo share the progress ol her research with the sisters. During 2023 Dr Barlhelemy completed her research by visiting Vatican archive holdings and gave six rnonlhly reports to a group ol Iruslees.. she is currently engaged in writing up her research In book form due lo be completed by September 2024. Due lo the need for further editing the publishing date is now 2025. CONGREGATION OF LA RETRAITE CS0 TRUSTEES. ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 Other Apostolic Outreach lctdl As a long-standing supporter of the CCS in Durham University, La Relraile along with other religious congregations were asked lo contribute to a fund lo ensure the long-lerm conlinuabon of the role of Director of the CCS and Administrative support. Sign1ficanl donations were made in 2024 by several congregations including La Relraite. A CCS Board ofTruslees and Advisory Board were subsequently sel LJP and currently the La Retraile Congregational Leader serves on both the Board of Trustees and the Advisory Board. Another member of the Congregation of La Relraile a150 serves on the Advisory Board. This not only ensures the conlinualion of the CCS bul also enables La Relraile lo continue to be involved in faith education. A group of sisters formed a project in 2020 to study and promote integral ecology as part of the fifth anniversary year of the publication of the papal encyclical 'Laudalo Si, on Care for our Common Home A srnall budget to support their activities was approved by the Iruslees. The group has met periodically, exploring themes inspired by the goals of 'Laudalo Si.. They continue lo report back annually lo the Iruslees on their activities and submit a small budget for approval. The Congregation continued lo support different projects through ils annual'sharing. both at home and abroad These included CAFOD. Medecins Sans Frontieres, Medaille Trust and Sl Mungo's. Bristol, Borderlands, Hope and Homes for Children, MIND, Bri5101. The Trussel Trust and the World Land Trust Other Matters The parl-lime Care Coordinator continues lo manage the increasing need lor support in the health matters of the sistèrs. The active sisters continue lo engage in ongoing formation through appropriate short courses and conferences and further study. FINANCIAL REVIEW During the year the Congregation was active in all the principal areas listed above. A summary of developments is sel out below. 1.Flnaneial Posltion During 2024 lotsl incoming resour￿$ decreased from £1,051 k lo £862k, primarily due to Ihere being no propety $21es during 2024. Resources expended in the year decreased from £2.181 k in 2023 to £1,830k In 2024. primarily due lo a reduction In mission and charitable giving of £424k. The resulting delicil for 2024 was £968k which Included a gift of £1 m to Durham University's Centre lor Catholic Siudies. This is before nel gains on investments of £638k. The budgeted delicil for 2024 was £168k which csid not include the gift to Durham University. 2. Reserves Policy Al 31 December 2024, the charity's nel assets stood al £20.3m. Of this £3.63m is represented by tangible fixed assets required for the continuing work ol the charity and which could not therefore be realised wilhoul undermining Ils activities A designated fund has been sel up lo rellecl this ￿quIrernent. Funds of some £16.23m have been designated in respect of the charity's ongoing commitment lo provide for the care of the Congregation's members The Trustee5 estimate that this fund is sufficient lo cover the anlicipaled future costs of caring lor the members and they are in the process of reviewing the possible surplus level of funds th81 may be available for other purposes. The balance of General Funds is a surplu5 of £466k. As a rule ol thumb, the Iruslees aim lo maintain up lo 6 months, worth ol expenditure in General Funds The Iruslees will continue to keep the position and the level of lund5ng under review. CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Iconlinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEWlctdl 3.Investment Pollcy and Performance The Congregation has discretionary investment management agreements with Brewin Dolphin Securities and during the year decided lo close the Rathbone5 Portfolio. The Trustees and the Finance Director meet with the fund manager5 on a regular basis and ensure that the fund is managed within their written guidelines and within the religious and ethical principle5 of the Congregation. The largel set for the fund managers is lo achieve a certain return of both income and capital growth with no more than a moderate level ol risk and within the ethical guidelines as described below. The overall market value of investments increased during the year, with a gain on investments of £638k being reported. In addition lo its bespoke portfolios, the Charity also has investments with the Charities Property Fund, Mayfair Capital's Propety Income Fund for Charities and CCLA'5 C21holic Investment Fund. The Truslees have also developed an ethical investment policy in line with the intentions of the Congregation of La Relraite. Specific elements for the choice of investments communicated lo the Investment Manager nclude.. Investments In companies whose production is not lo be condemned. Investments in companies who respect their workers, health and the environment. Investments where all or part of the interest IS Used for sharing with needy people in order lo promote development. Those investments which encourage shareholders lo participate in the running of an enterprise, and which call on the responsibility of shareholders. FUTURE PLANS The Congregation seek5 to ulilise energies and resources appropriately and creatively in a group that continues ID decline In health and numbers. In looking lo the future, the Congregation regards collaboration with sisters within the community and others a5 bein9 crucial. Thi5 IS particularly pertinent when seeking to develop retreat work and adult formation and is now general practice in all the activities of the sisters. In the future, as well as continuing lo develop present activitie5 cooperation is being sought in variotjs ways.. The General Chapter for the Congregation took place in October 2024 resulting in a new Area Leader for England and Ireland The Trustees continue lo contribute lo the CongregatlOTI'5 Central Fund lo support the work of the Generalale. Reflection continues on the impact and consequence5 that lack of new membership is having on the Congregation. CONGREGATION OF LA RETRAITE CIO TRUSTEES, ANNUAL REPORT Icontinuedl FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are restM)nsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees to prepare ftnancial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and applicalion of resource5 of the charity for that period In preparing these financial slatemenls, the Trustees are required to.. select suitable accounting policies and then apply them consislenlly,. observe the methods and principles in the Charib'es SORP 2019 IFRS 1021", make judgerrenls and estimates that are reasonable and prudent.. stale whether applicable accounting standards have been followed with any material departures disclosed and explained in the financial ststemenls., prepare the financial slalements on the going concern basis unless (t Is inappropriate to presume that the charity will conb.nue in operation. The Trustees are responsible for keeping proper accounting fecords that disclose with reasonable aCcUr￿Y al any time the financial position of the charity and enable them lo ensure that the financi21 sl2lements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also ￿spOnsible for safeguarding the assets of the charity and hence for taking reasonable slep5 for the prevention and detection of fraud and other irregularities Approved by the Trustees on 2025 and signed as aulhorised on their behalf by.. .I.,I Sr Barbara Slafford Trustee INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF CONGREGATION OF LA RETRAITE CIO OPINION We have audited the financial slalemenls of Congregation of La Relraile Trustees Ilhe 'Charity'l for the year ended 31 Decernber 2024 which comprise the Statement of Financial Aclivilies, the Balance Sheet. the Slalernenl of Cash Flow, and the related nDtes. including a summ2ry of significant accounting policies. The financial reporting framework that has been applied in their preparalion 15 applicable law and United Kingdom Accounling Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of ITeland' Iuniled Kingdom Generally Accepted Accounting Pr2Cticel. In our opinion the financial slalemenls.. give a true and fair view of the slate of the Charity's affairs as at 31 December 2024 and of the Charity's incoming resources and application of resource5, including ils income and expenditure for the year Ihen ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accoréance with the requirements of the Charits"es Act 2011 BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5ponsibililies under those standards are further described in the Auditors. responsibilities for the audit ol the rinancial slalemenls section of our report. We are independent of the Charity in accordance wth the ethical requirements that a￿ relevant to our audit of the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In audiling Ihe financial 51alemenls. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriale. Based on the work we have pertormed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, m8y casl significant doubl on the Charity's ability lo continue as a going concern for a period of al least twelve months from when the financial slatemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of Ihis report. OTHER INFORMATION The other information cornprises the Inforrnalion inclucled in the Annual Report other than the financial slalemenls and our Auditor's Report thereon. The Trustees are ￿S￿nSIble for the other information contained within the Annual Report. Our opinion on the financial slalemenls does not cover the olher information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our re5pon5ibilily is to read the other information and. in doing so, consider whether the other infomialion is materially inconsi51enl ￿rith the financial stslements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material mis51atemenls, we are required lo determine whether this gives rise lo a material mis51alemenl in the financial statements themselves. If, based on the work we have perfornied. we conclude that there Is a material misstalement of this other inforrnalion. we are required lo report that facl. We have nothing lo report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the right of our knowledge and understanding of the Charity and ils environment obtained in Ihe course of the audit, we have not idenb'fied material misstalemenls in the Trustees, Annual Report. We have nothing lo report in respect of the following matters in felalion lo whi¢h we lo report lo you il, in our opinion.. the Charity has not kept adequate and sufficient accounting records. or returns adequate for our audit have not been received from branche5 not visited by us." or the Charity financial slalemenls are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CONGREGATION OF LA RETRAITE CIO Icontlnuedl RESPONSIBILITIES OF TRUSTEES, As explained more fully In the trustee's responsibilities statement, the Injslees are responsible for the prep8r8ts.on of the financial slalements and for being satisfied that they give a true and fair view. and lor such internal control as the Iruslees determine is necessary lo enable the preparation ol financial statements that are free trom material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, mailers related to going concern and using the going concern basis of accounting unless the Iruslees either Intend to liquidate the Charity or lo cease operations, or have no realistic alternab.ve bul lo do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error. and to issue an Auditors, Report that Includes our opiniDn. Reasonable assurance is a high level of assurance bul is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists Missiatemenls can arise from fraud or error and are considered malenal if, individually or in the aggregate. they could reasonably be expected to irifluence the economic decisions of users taken on the basis of these financial slalemenls. Irregulari(ies, including tsaud. are instances of non-compliance wlh laws and regulalions. We design procedures in line with our responsibilities. outlined above, lo delect material misslatemenls In respect of irregularities, including fraud. The extent to which our procedures are capable of cjelecling Irregularities, including fraud is detailed below.. We have considered the nature of the seclor. control environment and financial pertormance," We have considered the resulls of enquiries with management and trustees in relation lo their own identification and a5ses5ment of the risk of irregularibes within the enlily". and We have reviewed the documentation of key processes and controls and performed walkthroLsghs of Iransaclions to confirm that the systems are operating in line with documentation, and As a result of these procedufes. we have considered the opportunities and incentives that may exist within the organisalion lor fraud and identified the highest area ol Iisk lo be in relation to revenue recognition. wilh a particular risk in relation to year-end cul off. In common with all audits under ISAS IUKI we are also required lo perform specifi procedures lo respond lo the risk of management override. We have also obtained understanding ol the legal and regulatory frameworks that the Charity operates in. focusing on provisions of thosè laws and regulation5 that had a direct effect on the determination of material amounts and disclosures in the financial sl8lemenls. The key laws and regulations we considered In this context included the Charities Act 2011. Charity SORP 2019, FRS 102 and the terms and conditions altaching lo material grants re￿iVed by the Charity. In addition, we considered the provisions Df olher laws and regulations that do not have a direct effect on the financial slalemen15 bul compliance with which may be fLJndamenlal lo the Charity's ability to operate or avoid a malerial penalty. These included data protection regulations, health and safety regulations and employment legislation. Our procedure5 to respgnd lo risks identified included the following". Reviewing the financial 51alemenl d15closures and le51ing lo supporting documentation lo assess complian with provisions of relevant law5 and ￿gUSatIonS de5cnbed as hawng a direct effect on the financial statements., Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.. Reviewing board meeling minutes.. Enquinng of managemenl in relation lo actual and potential claims or liligalions.. Performing detailed Iransaclional lesling in relation lo the recognition of revenue. specifically grants, with a particular focus around year-end cul off,. and In addressing the risk of fraud through Tnanagernenl override of controls. lesling the appropriateness ol journal entries and other adjuslment5,' a5se5sing whether the judgments made in accounting eslimales are Indicative of potential bias", and evaluating the business rgiionale of svJnificant transactions that are unusual or oulside the normal course ol busine5S. We also communicated identified laws and regulations and potential fraud risks to all trustees of the engagement team and remained alert lo possible indicators of fraud or non-compliance wth laws and regulations throughout the 10 INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF CONGREGATION OF LA RETRAITE CIO Icontinuedl As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial slalemenls or non-compliance with regulation, will be detecled by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected In the financial sialemenls, given we will be less likely lo be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error. as this may involve intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities ft)r the audit of the financial stslemenls is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is Thade solely lo the Iruslees, as a body. in accordance with seclion 144 of the Charities Act 2011 and regulations made under section 154 of that Act Our audit work has been undertaken so that we might stsle ID the trustees those rnatters we are required lo slate lo them in an Auditors. Report and for no other purpose. To the fulle51 extent permitted by law, we do not accept or assume responsibility lo anyone other than the trustees. as a body. for our audit work, for this report. or for the opinions we have formed. Chri5 Tranlham FCA (Senior Slalulory Audilorl for and on behalf ol Bishop Fleming LLP Chartered Accounlanls StalLJtory AudilL)rs 10 Temple 8ack Bristol BS1 6FL Dale. Z&suNJF 20 Bishop Fleming LLP are eligible lo act as auditors In terms of section 1212 of the Companies Act 2006. CONGREGATION OF LA RETRAITE CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 General Funds Designated Funds Total 2024 Total 2023 Notes INCOME FROM: Donations and lega¢ies.' Members, salaries and pensions Legacies and gifts 235,448 11,876 235,448 11,876 221.385 11,408 Charitable activities Investments 614,225 614,225 696.892 Other income 410 410 217,250 Total income 861.959 861,959 1,050,935 EXPENDITURE ON Raislng funds 47,412 47,412 50.132 Charltable activities.. Care ol the elderly Community support and works.. Formation and training Missions and ¢haiilable giving 180.314 483.916 7,648 1,110,362 180.314 483.916 7.648 1,110,362 124,857 461,929 9, 764 1,533,874 Total expenditure 1,829,652 1,829.652 2. 780,556 Net lexpenditure)fincome before net Ilossesllgains on investment 1967,6931 1967,6931 (1, 129.621) Nel gainslllossesl on investments 638,144 638,144 522, 981 Net movement in funds 1967,6931 638,144 1329,5491 (606,640) Transfers be￿een funds 16 974,387 1974,387} Nel movement in funds 6,694 1336,2431 1329.5491 (606,640) Fund balances at 1 January 460,000 20,195,100 20.655.100 21, 261, 740 Fund balances al 31 December 466,694 19,858,857 20.325,551 20, 655. 700 The Statement of Financial Activities include5 811 gains and losses recognised in the year. The notes on pages 15 10 25 form parl of these financial stalemenls. 12 CONGREGATION OF LA RETRAITE CIO BALANCE SHEET AT 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible fixed assets Investment property Investments 10 11 12 3,633,173 550,000 15,618,120 3,602.411 550,000 16,555,988 19,801.293 20. T08.399 CURRENT ASSETS Debtor5 Cash at bank and in hand 13 108,875 928,761 108.220 419.550 1.037,636 527. 770 CREDITORS: amounts falling due within one year 14 181,6201 (149,311) NET CURRENT ASSETS 956,016 378,459 TOTAL ASSETS LESS CURRENT LIABILITIES 20,757,309 27,086.858 CREDITORS: amounts falling due after more than one year 15 1431.7581 (431, 758) NET ASSETS 20,325,551 20. 655, 100 Charity funds Untsstrfcted Funds Designated Fixed Assets Fund Retirement Fund General 16 3,626,433 16,232,424 466.694 3.594,389 76.600,711 460, 000 20.655,too 20,325.551 20.655, 100 The financial 51alements were approved and authorised for issue by the Trustees on were signed below on its behalf by.. 2025 and Zoz Sr Barbara Stafford Tlustee The notes on pages 15 10 25 form part of these financial stslemenls. 13 CONGREGATION OF LA RETRAITE CIO CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows frorn operatlng actlvltles Nel cash used in operating activities 18 {1,548.441} (1, 785,000) Cash flows from Investlng activities: Dividends, interest and rents from investments Investment management fees Purchase of tangible fixed assets Proceeds from the sale of tangible fixed assets Nel movement in investments Investment released to cash Net cash provided by investlng a¢tlvltles 614,225 {47.412} 185.173) 606,892 (50. 132) 383, 023 (404, 106) 1250,000 1, 785, 677 (20,3171 1.596,329 2.057,652 Increase in cash and cash equlvalents In the year Cash and cash equivalents al the beginning of the yeaf Cash and cash equlvalents atthe end of the year 509,211 419.550 928,761 677 418,873 419,550 The notes on pages 15 to 25 form part of these financial stalements 14 CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 GENERAL INFORMATION The Congregation of La Retraite CIO is registered with the Charity Commission of England and Wale5. The principal office is The Coach House. 127 H8mplon Road, Redland, Bristol BS6 6JE 2. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared In accordance with the Statement of Recommended Practice applicable lo charities preparing their accounts in accorclance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 31 sl January 20221 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Practice as il applies from 1 January 2019. The Congregation of La Relraite CIO meets the definition of a public benefit entity as defined by FRS 102 Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 INCOME All income 15 recognised once the CIO has entitlement to the income, il Is probable that the income will be received. and the amount of ineome receivable can be measured reliably. Members, salaries and pensions are received under deeds of covenant and gift aid from members of the Congregation. Donations of property, investments or other gifts in kind are included at market value. Income tax recoverable in relation to donations received under gift aid or (Jeeds of covenant is recognised al the time of the donation. Income lax recoverable in relation lo investment income is recognised al the lime the investment income is receivable. Other income is recognised In the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the service. 2.3 EXPENDITURE Expenditure is reccEnised once there is a legal or constructive obligation lo transfer economic benefit to a third paty. il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity The costs of each activity are made up of the total ol direct costs and shared costs, including support Costs involved in undertaking each activity. Direct costs atlribulable to a single activity are allocated directly lo that activity. Shared costs which contribute lo rnore than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and Includes costs of all fundraising acb'vities, events and non