Charlty Number: 1189341 CONGREGATION OF LA RETRAITE CIO ANNUAL REPORT AND FINANCIAL STATeiEiir8 31 DECEMBER 2026 CONGREGATION OF LA RETRAITE CIO CONTENTS PAGE Refmence and AdminIstr*p￿ detai18 Trustees, annual report Independent audito￿. report str1er￿nt of finanaal actNrttes 12 Balance sheet 13 Cash flow State￿nI 14 Notes to the finanual statements 15-24 CONGREGATION OF LA RETRAITE CIO REFERENCE AND ADMINISTrATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2025 REFERENCE AND ADMINISTRATIVE DETAILS: CHARITY REGISTRATION NUMBER 1189341 TRUSTEES Av￿1 O'Re9an (Congregation Leaderl Hilary While (Chair ofTrust8os and ￿ea Leader untll 2￿ January 20251 Aileen Murphy Barbara Slafford (Chalr of Trust8es and Ar88 Leoder from 28th January 20251 IA8ry Bellekom FINANCIAL DIRECTOR and SECREfARY TO THE TRUSTEES Julle Rldgway PRINCIPAL ADDRESS The Coach Pfouse 127 Hampton Road Redland Bristol BS6 6JE BANKERS N8Ional Westrninstar 88nk PIC 90 Regent Slreel Kingswoc4J Brfstol. 8S15 2HR SOLICITORS stone King Upper Borough Court Upper Borough Walls Bath 8A1 1RG Veale Wasbrough Vizard8 Narrow Quay House Narrow Quay Bristol BS14QA AUDITORS Bishop Fleming Audit Limited 10 Temple Back Bristol BS1 6FL INVESTMENT ADVISORS BrgMn Dolphln SeCjJr￿eS g Colrnore R Birmingham B3 38J CONGREGATION OF LA RETRAITE CIO TRLISTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing instrument Charitable Incorporated Organisalion IAssoGialion Model - Sole Member) Charities Act 2011 ConslÈtution of Congregation La Relraile CIO. Registered 4th May 2020. On Isl January 2021. COng￿gatIon La Retrdite Trustees. charity number 266160 transferred ils activity to Congregation of La R8traile CIO. charity number 1189341. Oblects The objects of the CIO are such charitable purposes which advan￿ the religious ancs other charitable work of the Congregation as the Trustee5 with the approval of the CDngre9alional Leader shall from lime to lime think fil and if at any lime the Congregation shall cease to 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 reloion as the Trustees shall decide. The Congregation of La Relralte Is an Inlemalional religlous congregation, founded in the 17th century lo aid the movement for the revival of the Christian faith in Brittany. Its special contribution was to provide spiritual relreats, primarily bul not exclusively, for women. Overthe centuries the field5 of work undertaken by the sisters have widened, particularfy in the field of edsJGalion, where the sisters were involved in both schoo15 and adult formation. The sisters. constant aim has been llo help the growth of persons and groups according lo the designs of God revealed in Jesus Christ and recognised in faith" (Rule 0¢ Life 1.51. The Congregation leadefship team is composed of the Congregational Leader and four counallors each with responsibility for a specific country and for certain 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 August 2006 the two separate Distr￿ts of England and Ireland were combined into La Relraile 'Britain and Ireland. with the Area Leader having overall responsibility for both. In 2012 thi5 structure was modified so that though the Area Leader had overall responsibilily she also worked in tandem with another councillor for certain tasks. The Area was renamed Irelan(VUniled Kingdom. In 2018119 the Area reverted lo one councillor with overall responsibility. Until 2020 the Charity. the Congregatson of La Retrailellhe ChariW} was fegistered with the Charity Commisston under No. 266160 and carried out the charitable aclivib.es of La Relraile England as well as holding all ils assets. During 2020 preparation was made for transition to CIO status to commence on January 1st, 2021. The Congregation of La Relraite CIO was regislered with the Charty Commission on 4th May 2020 with a registered charity number 1189431. The Governing Instrument of the Charity in England is the Constitution of the Congregath"on of La Relraile CIO ¢Jated 4 May 2020. the principal objective being 'such charitable purposes which advance the religious and other charitable work of the Congregation as the Trustees with the approval of the Congregational Leadershall from time lo time think fitand ifatany lime the Congregation shall cease to exist or shall cease to cairy on or direct any charitable work then for such lawful charitable purposes connected with the advancement of the Roman Catholic religion 25 the Trustees shall decide." In October 2024 the Congregalic)n held ils six yeady Chapter. This resulted in changes in the Congregational Leadership Team ani1 consequently a new Area Leader for IrelandlUK was appointed. In the Republic of Ireland there 15 a small group of 51slers engaged 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 Trustees. which consist of the Congregational Leader, the Area Leader for IrelandlUK and three other membgrs of the Congregation. The power of appointing new Trustees rests with the Congregational Leaderwho can. in consultation with her Council, remove any Trustee. All new Trustees receive the necessary training and induction following their appointment. Every year, some trustees attend training courses and share the information with other Trustees. The Chair of the Trustees liaises directly with the Congregational Leader and Congregational Bursar in France. The day to day financial and operational management of the Charity. is undertaken by a Finance Director who is directly responsible lo the Arèa Leader for t￿13ndIuK. Professional advice is sought as required from 8 panel of advisors who are listed in the index to this report. CONGREGATION OF LA REfRAITE CIO TRUSTEES, ANNUAL REPORT I￿ntinued> FOR THE YEAR ENDED 31 DECEMBER 2025 Rlsk Revlw• The trustees have undertaken a risk review to identify the major risks lo which the charity is exposed, in particular, those related to Ihe operations and finances of the charity and the trustees are satisfied that systems are in pl&e to mitigate exposure to maior risks. The Iruslees will continue lo review m4or risks on an annual basis. OWECTIVES AND ACTMTIES La Retraite in England comprised twelve members C￿ 31 December 2025. the m84ority of ￿0M have given mosl of their working lives to the charitable activities of the Congregalron particularly in the area of education and spiritual accompaniment. When this is outside the Charity, any eamings are covenanted lo the Charity. The￿ are no new members Ihereft)Te the average age of the membership is increasing. To continue with the important charitable Obl￿tIveS of the Congregation younger members either ￿￿thin the chanty or accept to do voluntary work. These factors mean that for many years now there has been a general reduction in the income generated by members. The Charty has a continuing commrtment to support member5 of the CtyYJreg*ton, ffAny of wlK*m ¢ontinue to carry oul chartable work long past the nO￿nal retirement age. The principal area$ in vthich the charity 1$ involved are set below. Emmaus House - Sloep Lano, Whit¢hur¢h Thi5 Property wa$ PU￿haSed al the end of 2014 to continue to provide non-residential workshops, retreat and reflection days and professional training ¢ourse5 8pwcpri*e to the energies and resources of the sisters. The centre is c¢>run by a La Retraite sister and a retired Roman Catholic Diocesan pnesl. The Emmaus House Spirilualty Centre seeks to provide a spiritual reSoU￿e for people. It is Con￿rned vitth the formation and personal development for the laity and prowdes a venue for Diocesan, Deanery and Parish activitie5 At the end of 2025 this house was formally closed. Communltios Our Awslolic continues in Bristol and Keynshwn. Ireland The Congregation ha5 a separate juridical status in Ireland. There are 3 ststers currently living there.. they work in a variety of fields for little or no wages in retreat work. spirilual accompaniment. supwvision, pastoral work. facilitation. and translation. The one sister who h&J been ftsiding in a care home d￿d during 2025. The Congregation of La Retrarte CIO ha5 historically supported the mission in Ireland financially due to the low income of the sisters. In planning for the future, the trustees are considering how to rebalance the wrtfolios of the two entities to enable the Irish chanty to become 9elf-sufficth in the long tem. Pastoral ￿rk In England Members of the Congregatron undertake wDrk in a varty of pastoral settings.. rdreat woth. $UFervision, arKI spiritual guidance., counselling; visiting the elderly. sick and housebound.. Ictal parish work; help ￿th personal growlh and therapeutic vth. In this way all the sisters are errfjaged in the mission of the Congregation and seek to be available and to give service to the general public in whatever way I1￿Y Can to whomever in a spirit of openness to all. All the sisters are now at*)ve the age of professional ret1￿ment and give their services voluntan'ly lo the needy and vulnerable in our society. This is especially true of the aclive elderty sisters who continue to participate in pastoral and spiritual V•Drl(s. as their health and ¢ir¢umstances alkhv. Some have space to offer hospitality to individuals and small gn)ups at no cost to the publi¢. Public Benefit The trustees have referred to the guida￿ Contained in the Charity Commtssion's general guid8n¢e on public benefit when revwing our aims and objeelive$ and in planning our future activities. In parti¢ular, the trustees consider how planned activities will contribute to the aims and objectNes they have set. CONGREGATION OF LA REfRAtTE CIO TRUSTEES. ANNUAL REpofff Icontinugd) FOR THE YEAR ENDED 31 DECEMBER 2025 ACHIEvEME1￿s AND PERFORMANCE General During 2025 the sisters continued to develop different n￿n$ of offering Ihw'r seNi¢es in their different Ict*ions and vthin th￿r lirnils of age. energy and health. Binningham: Harborne High Slreet The sister who had been living in HaTtorne mved to Keynsham during 2025 vthen il was possib￿ to purchase another apartment in Thè ChcKolale Quarter complex. Bristol and Somerset Ernmaus House. Sleep Lane Whltchurch The property in Sleep Lane offers a peaceful and tranquil setting for those who wssh lo take time lo reflect and who seek meaning in life. All the activities a￿ underpinned by a sound biblical. and theological base and an integrated holistic approach to Spifituality. Creative and inclusive IFturgy is offered where appropriate and there is aNvays someone available to talk to when needed The team takes seriously the Papal Encyclical 'Laudalo Si, and seeks lo implement ils insightswherever possible. During the first period of lockdown the team undertcok further online training as part of the fifth anniversary year of the publication of 'Laudato Si, wlh the aim of encouraging groups lo explore and deepen commitment to integral ecology. As the Clifton Ditxese seeks to devew. renew and resFond to the demographic reality facing the Catholic Church, Emmaus House has become a significant support for the clergy and venue for formation of the laity. In 2025 small group discussions and actiwltes took place particulariy in the study of Scripture until the end of December 2025. Bedminster. The Area leader maintains a base in BedminsteT. a localTh in easy reach of all the locations where the sisters Currently reside. Redfield. St Georye and Knowle The La Relraile presence established in Redfield has L￿n very effective in spiritual accompaniment. prayer support. supeNision and personal grth￿h work. Spiritual accompaniment and guidance afe offered with particular attention to the whole person in hislher life context. There is a strong ecumenical and other faith dimension In the work of accompaniment with an openness to all those searching for meaning in their lives. One sister offers pastoral and spiritual help lo indivlduals and groups in her thal area and parish. Another sister offers voluntary classroom SUPFQrt in a kKal pnmary sChc￿l, partiCiP3tes in Fair Share and has a chaplaincy role in Bristol Royal Infimiary. Sandford Retirement Vlllage, Somernet The one sister remaining in Sandford died during 2025. Keynsham: The Chocolate Quarter Since the first of the sisters moved into the Ch￿OIate Quarter in 2017 the range of sUPPOrtive servi￿$ available there have enabled the sisters lo continue their ministries in the f*lds of s￿ritUal accompaniment. education and pasloral support wthin the limits of their health and age. In 2025 tsvo sisters moved irsto apartments in the complex Nthilsl one sisler moved into Charterhouse nursing care. Sadly. one sister living in Charterhouse died in 2025. CONGREGATION OF LA RETRAITE CIO TRUSTEES. ANNUAL REpoirr Ic¢Jntlnuedl FOR THE YEAR ENDED 31 DECEMBER 2025 ACHIEVEMEP￿S AND PERFORMANCE (ctd) Other Apostollc Outreach Followsng on from the financ￿1 help grven to the 'Care Ministry. in Gqeberha {fomHly Port El￿abethI South Africa from 2019 to 2022, tIE Trugtees agreed to continue to provide funds in 2025 for three areas of work.. 1. Retreat1refi￿1onl￿spIte days for support workets. 2. Trauma counselling for support WOTkers. 3. Ongoing development for support workers. This enables the continuation of a work which our sisters SUPFOrted when they ￿re in South Africa. EncouragiThJ re￿tS on this work. including how they have reswnded to the acute care needs of the people have been received and shared with the sisters. The Tfuslees dechled to continue an annual contribution io thi8 work and have teen particularly impressed by the slress relief and trauma debriefing work sthich this funding has supported. in addition to the provision of swritual retreats for the carers. The Twstees made a decision in November 2017 to mark 10th anniversary of the esL7blishmenl ofthe Bede Chair and the Centre of Cathdic Studies ICCS) Durham in April 2018 by funding a La Retraile three-year research fellowship in Theology and S￿'ritUal1ty and prowding some core lunding for the CCS the following 2 years. In the course of 2018 Or Elizabeth Powell was appointed as La Retraite Fellow from Oct(*er 191 2018. A report vrds received on her second year of WOTk. as as a copy of a tKJok on her research which was pubSished in 2020. Because of an underspend in the first hvo years of this prc4ect. rt was possible lo extend Dr Pmll's cont￿1 until the end d the 2021-2022 academic year. Followng Ihe receipt of a subgtanlial legacy in 2018 the Congregation's financial p)sition strengthened and Trustees agreed to fund a￿ther Ihree-year Research Fellowship at the CCS Durham on 'Lived Theoicgy, Trauma and ReCO￿lI1atiOn". Dr Victoria Biggs tcok up this post in January 2020. Unfortunately, the restricts'ons on travel imposed by the pandemic prevented her original research plans. Her teaching of a mcrflule on post- Holocaust thedogy has led to a drfferent prgecL the writing of a book on Ihe Challenge of disabilty to F(JSt- Holocaust Ihought, which expbre5 Jewish and Christian theological responses to Ihe Holccausl in light of disabled people's experiences of Nazi persecution. RetKJrts on her work were received duTing 2022 and a request was made to extend her contract part-time until September 2023 to enable her lo complete the writing of her bool IDefi8nt Minds, Unruly Bothes." The Challenge of Disabilty to Post-Holocaust Theology) while She moved into medical training. The Lvik has n¢yw been fully drafted but still requires some final editsng. As part ofthe 400th anniversary olthe birth ofC*herine de Francheville. foundress ofLa Retraite, rtwas decided to fund a research project on her lrfe and the grovrth of retreats forwomen in 1W century Fran￿ in collaboialion vthh the CCS Durham Universty. Dr Sarah Barthelemy was ap￿inted as Catherine de Francheville research fellow from September 2021 to September 2024. During 2022 she continued her research in the Congregation archives in St Gemairtaen-Laye Nvilh additional visits to archNes in France, Rome and Belgium. She also contributed articles lo a¢*lemic joumal$ and came to an Area Assembly to share the pr(>Jress of her ￿earCh with the sisters. During 2023 tk Barthelemy completed her re5ear¢h by visiting Vatican archrve holdings arKI gave six monthly re[￿5 to a gTOUP of trustees. She is currently engJ3ed in wrsting up her research in b￿k foffn due to the need for fvrther edrting the publishing date is now in 2026. As a longFstanding supporter of the CCS in Dutham UnNersty. La Retraite along bwth othw religious congregations were asked to contribute to a fund lo ensure the long-temi conlinuation of the role of Director of the CCS and Administrative support. Signifjcant donatlons We￿ made in 2024 ty several congregations including La Retraite. A CCS Board of Trustees and Advisory Boafd were subsequently set up and currently the La Retraite Congregational Leader serve5 On toth the 8oard of Trustees and the Advisory Board. Another member of the C￿gregats.Dn of La Relraite also seNes on the Advisory Board. This not only ensures the continuation of the CCS but also enables La Relraile to continue to te involved in faith education. A La Retraite ￿treat ￿rSary is made available each year lo support those wfv￿ have limited means to make a retreat or train a$ spirilual dI￿torS. Four people benefitted from this in 2025. CONGREGATION OF LA RETRAtfE CIO TRUSTEES, ANNUAL REPORT {continuedl FOR THE YEAR ENDED 310ECEMBER 2025 ACHIEVEMEpifs AND PERFORMANCE {ctdl A group of sisters fonned a prc4ect in 2020 to study and promote integral ecology as part of the fifth anniversary year of the publtcalion of the papal encyclical 'Laudato Si, on Care for our Common Home. A Small budget lo support their activrties was approved by the trustees. The group continues to Trwl to explore themes inspired by the goals of'Laudalo Si,. They continue to report bxk annually to the trustees on their activities and submf( a small budget for approval. The Congregation continued to supwrt different prqects through its annual 'sharing" LK)th al home and abroad. These included CAFOD, Medecins Sans Fronlieres, Medaille Trust, St Mungo's Bristol, Borderlands. Hope and Homes for Children, MIND Bristol, The Trussell Trust. The World Land Trust and Fare Share (South Westl. Other Mattern The part-time Care Coordinator continues to manage the increasing need for sUPPOrt ID the health matters of the sisters. The active sisters continue to engage in ongoing formation through apkyopriate short courses and conferences and further study. FINANCIAL REVIEW During the year the Congregation was active in all the principal areas listed atove. A summary of developments is set out t*low. 1.Financial Position During 2025 total incoming resources increased slightiy from £862k lo £866k. Resources expended in the year decreased from £1,830k in 2024 to £1.045k in 2025. pnmarily due to a redl￿tiOn in mission and charitable gNing of£935k and increases in the care of the elderly amounling to £123k and community suptx)rt and works of £35k. The resulting deficit for 2025 £179k against a budgeted deficit of £199k. This is belore nel gains on investments of £512k. 2. Reserves Policy Al 31 December 2025, the charity's net assets st￿d at £20.508m. Ofthis £3.733m is represented by tangible fixed assets required for the conlinuing work of the charity and which could not therefore be realised wilhoul undermining its activtties. A designated fund has been sel up to refflecl this requirement. Funds of some £16.314m have b*n designated in reSF￿cl of the chartty's ongoing cK)mmilment to provide for the care of the Congreg*ion's members. The Trustees estimate that this fvnd is sufficient lo Gover the anticipated future costs of caring for the members and they are in the process of reviewlng the possible surplus level of lunds that may be available for other purposes. The balar￿ of General Funds is a sury)lus of £460k. As a rule of thumb. the trustees aim to maintain up to 6 months, worth of exFendilure in General Funds. The trustees will continue to keep the position and the level of funding under review. 3.Investment Policy and Perfomiance The Congregation has discretionary investment management agreements with Bre4vin Dolphin Securities. The Trustee5 and the Finance Director meet wilh the ftjnd managers on a regular basis and ensure Ihal the fund is managed wthin their Written guidelines and within the religious and ethical prsnciples of the Congregation. The largel sel for the fund managers is to achieve a certain return of both income and capil growth with ￿ more than a moderate level of risk and within the ethical guKlelines as described below. The overall market value of investments increased dufing the year, with a gain on investments of £512k being reported. In addition to ils bespoke portfolios, the Charity also has investments Nmth the Charities ProFerty •Y*f* rtir*A !r*r nh?rth+its¢ PCI 4'e fa!hn!ip Ir*ih?e+rnan+ Fi Ip.d. The Trustees have also developed an ethical investsnent F<>lioy in line with the intentsons of the Congregation of La Retraite. s￿lf￿ elements for the choice of investments coMmUn￿￿ted lo the Investment Manager i[￿l￿de.. Investments in c£4npanies whose production is not to be condemned. Investments in companies who respect their workets, Ikalth and the envifonmenL Investments where all or part of the interest is used for sharing wth needy people in order to prorTr)te development Those investments which encourage shareholders to participale in ItE wnning of an enterprise, and which call on the responsibility of shareholders. CONGREGATION OF LA REfRArrE CIO TRUSTEES, ANNUAL REPORT qcontlnued) FOR THE YEAR ENDED 31 t￿CEMBER 2025 FUTURE PLANS The Congregatky* seeks to utilise energi8s and resources appropriatety and ¢￿al￿elY in a group that continues to decline in heallh and numbers. In Icx)king to the futu￿, the cO￿regatIOn iegards collaboration with SI￿er8 within the communlty and others as being crLscial. This is particularty Fertinent when seeking lo develop relTeat work and adult fomation and ts nct general practice in all the activities of the sisters. In the fvIu￿, as VEII as continuing to develop present activities cooperats'on is being sought in various way5'. The General Chapter for the Congregation look place in Octotsr 2024 resulbng in a new Area Leader for England and Ireland The Tnjstees continue to contribute to the congregati￿'S Central Fund to support the WOTk of the Generalate. Reflection ccffitinues on the impact and consequences that lack of memtErship is having ￿ the Congregation. In 2026, it 1$ anticipated that 4 more $isters will move into the Millstream development at The Chocolate Quarter as part of a longer-term strategy. CONGREGATION OF LA RETRAITE CIO TRUSTEES. ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF TRUSTEES. RESPONSIBILMES The Trustees we resFonsible fcf tfeparirg the Trustees. Annu* Repyt and the finarrial statements in accordance with applicable law and Unf(ed King￿lM Aco)unting Slandafds (United Kingdcm Generalty Accepted ACCOL￿￿￿9 Prxticel. The law appI￿￿e lo chanhes in EngLand & Wales requires the Tftjstees to prepa￿ financial statements for each nancial yearWh￿h give a true and fair view of the state of affairs of the charity and of tt)e incc¢ming resour¢es and application of resources of the charity for that Feric*l. In preparing these financial statements, Ihe Trustees a required to." select suitable ￿COunt￿￿j polries and then apply them consistenuy., observe the methods and princi￿eS in the Charities SORP 2019 IFRS 1021. ma(ejudgements and estimates tr￿ are reasonable aThJ prudenL slate whether applicable accounting standards have teen fdlowed with any malefial departures disclosed and explained in the financol statements- prepare the financ￿1 statements on the going conc£rn basis unless it i% Miapprcfjriate to we5um8 that the charity wll continue in Opwallc￿. The Trustees are resF*insible for keeping proper accounting records that disclose wth reasonable accuracy al any time the financial positson of the charity and enable them to ensure that the finanelal statements comply ¥Mlh the Charities Act 2011. the Charity {Accounts and Repartsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding Ihe assets of the charity and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 27th April 2026 and signed as aulhorised on their behalf by.. ST Barbara Slafford Trustee INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF CONGREGATION OF LA RETRAITE CIO OPINION We have audited the financial statements of Congregation of La Retraiie Tnjstees (the 'CharrtYI for the year ended 31 December 2025 which comprise the Slalement of Financial Actiwtbes, the Balance Sheet, the Stalemenl of Cash Flow, and the related notes. including a summary of s￿nifiCant accounting pOI￿leS. The financial reporting ffamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial ReportirvJ Sland8rd applTcable in the UK and Republic of Ireland. (United Kingdom Generally A¢¢epted Accounting practi￿). In our opinion the ffinaneial slalements.. give a true and fair view of the stale of the Charity's affairs as at 31 December 2025 and of the Charity's incoming resources and application of resources, including ils income and expenditure for the year then ended.. have been properfy prepared in accordarKe tmih United Kingdom Generally Awted Accounting Practice., and have been prepared in accordance with the requirements of the Charities kl 2011 BASIS FOR OPINION We conducted our audit in accordano wth Inlemational Standards on Audiiing IUKI IISAS IUK)) and applicable I￿. Our responsibilities under those standards are further described in the Auditors, responsibilities for the eudit of the financial statements section of our report. We are independent of the Chanty in accordance with the elhic81 requirements that are relevant to our au¢th of the fin8neial slalements in the United Kingdom, including the Financial Reporting Council'5 Ethical Slarbdatd, and we have fvlfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo prowde a basis for our opjnion. CONCLUSIONS RELATING TO GOING CONCERN In auditing Ihefinancial slalements. we have concluded that the Trustees. useofthegoing concern basisofaccounling in the p￿paratiOn of the financial statements is apprepriate. Based on the work we have perfomied, we have nol identified any m*erial uncertainties relating to events or conditions that. In¢Jividual￿ or collectively, may cast signthcanl doubt on the Chanty's ability lo continue as a going concern fora peri¢yJ of at leasl Iwelve rrt)nths from when the financial Statements are authori$ed for issue. Our responsibilities and the responsibilitses of the Trustees with respect lo going ￿nCern are described in the relevant sections of this report. OTHER INFORMATION The other information comprbSes Ihg irrformation included in the Annual Report other than the finanoal statemenls and our Audilorfs Report thereon. The Trustees are responsible for the other information contained wrthin the Annual Report. Our opin￿n on the financial statements does not cover the other inf0M￿li0n and. except lo the extent otherwise eXplic￿Y stated in our report, we do not express any form of assurance conelusion Ihereon. Our responsibility is lo read the other infoFmalion and, in doing so, consider whether the other infomialion is materially inconsistent with the finaneial statements. orour knvwledge obtsined in the coutse of the audit, Of Othejwise appears lo be materially misstated. If we identify such material inconsislenoes or apparent mateiial misstatements, we are required lo detemine whether this gives rise to a material misslatemenl in the financial statements themselves. If. based on the work we have performed, we conclude that there 1$ o material ffisststement of this other information. we are to report that fact. We have nothing to ￿pOrt in this regard. MATfERS ON WHICH WE ARE REQUIREO TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the Charty and ils enmronment obtained in the COUTse of the audit, we have not idenlrfied material misstatements in the Trustees. AnnLtal Report. We have nothing to report in respect of the fr￿1￿+¥Ing matters in relation to which we to ￿port to you if, in our opinion: the Charity has not kept adequate and sufficient accounbng records. or retums adequate for our audit have not been received from branches not visited by us.. or the Charity financial statements are not in ag￿ement wth the accounting records and retums., or we have not received all the infom)ation and explanations we require for our audil. INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF CONGREGATION OF LA REfRAITE CIO Icontlnuodl RESPONSIBIUTIES OF TRUSTEES, As explained more fully in the trustee's responsibilitks st8lement, the trustees are ￿spOnsible for the p￿paratson of the financial sl*emenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misslalement. whelher due to fraud or error. In preparirbg the financial slalements. Ihe trustees are resw)nsible for assessFng the Charity's ability to eonlinue as a going con￿rn, disclosing. as applicable, matters Telated lo going ￿nCeffi and using the going concem basis of accounting unless Ihe trustees either intend lo liquidate the Chanty or to cease operations. or have no realist altemalive bul to do so. AUDITORS. RESPOMSI8IUTIES FOR THE AUDrr OF THE FINANCIAL STATEMENTS Our objectives are to obtsin reasonable assurance about whether the financial ststemenls as a whole are free from material misstaten￿nI, whether due to fraud or error. and to issue an Audilors. Report that includes our opinion. Reasonable assufance is a high level of assurance but is ¢v)t a guafantee that an audit conducted in accordance with ISAS IUK) wll a￿y$ detect a material misslalemenl when rt exists. Misslaten￿nts Can arise from fraud or error and are considered material if, individualty or in the aggregate, they could reasonably be expected lo inftuence the economic decision$ of users taken on the basis of these financial statements. Itregulaiilies, including fraud, are instances of non-coMpl￿nCe with laws and regulations. We design procedure5 in lino with our responsibilities, outlined above. lo delect material misslalements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detecting Ir￿g￿laritIeS. including fraud is detaited bel(AV'. We have considered the nature of the sector, control environment and financial perf0M￿nCe.. We have considered the results of enquiries v￿th management and trustees in relation to their own idenlifi¢alion and assessment of the risk of itregularrties wrthin the entity., and We have reviewed the d¢xumentalion of key processes and controls and perfomied walklhroughs of transactions lo Confimi that the systems are operating in line wilh documentation,. and As a result of these procedures, we have corssidered the opportunities and incenlives Ihal may exist wrthin the organisalion for fraud and identrfied the highest area of risk lo be in ￿latiOn to revenue recognition, with a particular risk in relation lo year-end cul off. In CoMr￿n with all audits under ISAS (UK) we are also required lo perforyn specific procedure5 to respond to the rtsk of management override. We have also obtained undefslanding of the legal and regulatory frameworks that the Charity operates in, focusirwj on provisions of those laws and regulations that had a direct effect on the delemiinalion of material amounts and disclosures in the financial statements. The key laws and ￿gUlationS we ConS￿ered in Ihis context included the Charities Act 2011. Charity SORP 2019, FRS 102 and the tems and conditions attaching lo material grants recetved by the Charity. In addition. we considered the provisions of other laws and regulations that do nol have a direct effect on the financi81 ststements but compliance with which may be fundarnenlal to the Charity's ability lo operate Of avoid a material penalty. These included data proleclion regulations, heallh an¢J safety regulalTons and employment legislation. Our prOcedu￿S to respond to risks identified included the following.. Reviewing the financi81 statement disclosures and lesling to supporting documenLition lo assess ¢omplianee with provisions of relevant laws and regulatior￿ described as having a direct effect on the financial statements., Perfoming analytical procedures lo identfy unusu81 or unexpected relationships that may indicate risks of material misstatement due to fraud". Reviewing board meeting minutes.. Enquiring of management in relalion lo acl(tal and potential claims or lrtigalions.. Performing detailed transactional testing in ￿latiOn to the recogniiion of revenue, specifically grants, wilh a In addressing the risk of fraud through management override of controls. testing the appropriateness of ioumal entries and other adjustments". assessing whether the judgments made in aceounling estim81es a indicative of potential bias,. and evaluating the business rationale of signthcant transactions that are unusual or outside the nonr￿1 course of business. We also communicated IdÈntrf￿ law5 and regulations and potential fraud risks lo all trustees of the engagement team and remained alert to possible indicators of fraud or nons$e$} on investments. in the ststemenl of Financ￿1 Activities. 2.8 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any tfade discounts dve. 2.9 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-tem highly fiquid investments v*th a short m*urity of three months or less from the date of acquisition or opening of the deposrt or similaf account 16 CONGREGATION OF LA RETRAITE TRUSTEES NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POUCIES (contlnued} 2.10 LIABILMES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a pagt evenl. il is probable that a transfer of economi¢ tenefft will be requir&J in settlement the amount of the settlemenl can be estimated ￿lIablY. Liabilities a￿ recognised at the amount the Charity anticipates rt will pay lo settle Ihe debt orthe amount it has re￿iVed a$ advan￿ payments for the goods or services it must provide. Provisions are measured at the best estirnate of the amunls required to settle the obligation. Where the eff&t of the lime value of money is material, the provision is based upon the present value of those amounts. discounled at the pre-tax discount rate that reflects the risk$ $peufi¢ lo Ihe liability. The unbmnding of the discount 15 recognised in the Statomenl of Financ￿ Acts'wties as a finarKe cost. 2.11 PENSIONS The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by Itr￿ Charty in resFect of Ihe year. 2.12 FUND ACCOUNTIN General funds are unrestricted funds which are available for uge at the discretion of the Twstees in furtherance of the general objec*ves of Ihe charity and which have not been designated for other purposes. Designated fund5 comprise unrestricted funds that have been set aside by the Trustees for particular PUIF#)se5. The aim and use of each designated fund is sel out in the r￿te$ to the financi81 statements. Investment incorne. gains and10sses are allccated lo the appropriate fund. 113 FOREIGN CURRENCIES Monetary assets and liabilities denominated in foreign currencies are translated into sterling al rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterh'ng at the rate njling on ts date of the trans8Ctk)n. Ex¢harye gains and losses a￿ recognised in the S￿t￿￿ent of FinancHI Activities. 2.14 FINANCIAL INSTRUMENTS The charity only has financial assets and ffinancial lia￿.1￿tIeS of a kind that qualify as basic financial instruments. Basic financial instruments are iniknally recognised at I￿saCtIon value and subsequently measured at Iheir settlement value. 17 CONGREGATION OF LA REfRAITE CIO NOTES TO THE FINANCIALSTATEMENTS (continu￿) FOR THE YEAR ENDED 31 DECEMBER 2025 INVESTMEKf INCOME 2025 2024 Rèntal incoff Incom8 from invesknents Bank interest 41,950 580.849 7,773 41.950 562,421 9,854 630,572 614,225 OTHER INCOME 2025 2024 Other income 410 410 EXPENDrruRE ON RAISING FUNDS 202S 2024 Investment man4ement fees 40.311 47,412 40,311 47.412 18 CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 DECEMBER 2025 CARE OF THE ELDERLY 2025 2024 Nursing care 303,139 180,314 303.139 180.314 6b. COMMUNrrY SUPPORT AND WORKS 2025 2024 Living expenditure for sisters (rent, utilitie5. food, medicine} Service charges for prOp￿leS Council tax Communications for sisters SupF)Ort team staff costs (see note 8} Travel costs Bank charges Professional fees Loss on disposal of tangible fixed assets Depreciation 234,196 62,254 20,863 19,443 75,571 11.448 1,061 30,628 6,386 57.580 210,038 58,078 21.133 79,936 70, 735 73.753 1.047 34. 785 54,417 519,430 483,9t6 FORMATION AND TRAINING 2025 2024 Indivtdual sisters, exFendilure 6,556 7.648 7.648 6d. MISSION AND CHARITABLE GIVING 2025 2024 Project expenditure Care ministy Centre for Catholtc Studies Catherine de Francheville Laudato Si 20,024 20,000 t,000,000 73 Generalate of the Congregation - intemal solidarity Generalate of the Congregation- arising on sale of properties during the year Ireland Mission Donations to chosen external charities 18,157 59.722 32,639 49,000 28,221 30.450 27,273 175,197 I, t 10,362 19 CONGREGATION OF LA RETRArrE CIO NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 310ECEMBER 202S AUDITORS. REMUNERATION 2025 2024 Auditors remuneration - audit of slalutory accounts 10.800 10,776 10,800 10,776 STAFF COSTS 2025 2024 Employment costs comprise.. Wages and salaries Social security Inel of employment allowance) Pension costs 71,434 565 3,572 66.387 998 3,350 75,571 70, 735 The average numter of employees was as follows.. Number Number Administration Care of the eldedy No employee eamed £60,000 pa or more during the year12024.' Nil}. The total employee benefits of key management Fersonnel in the year amounted to £35.08512024.. £34,125). TRUSTEES REMUNERATION AND EXPENSES The Trustees of the charity are also members of the charity and as such have taken vows of FX)vety under which they have renoUn￿d all personal rights lo income and capital. The charity provides for the essential needs of all members of the charity. The living costs of the Tnjstees are therefore borne by the charity. The Trustees received no remuneration or other benefits including expenses in connection with their duties as Trustees during the year. 12024". £nill. 20 CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS (¢ontinuedl FOR THE YEAR ENDED 31 DECEMBER 2025 10. TANGIBLE FIXED ASSETS Fixtures Fitlings and EquipmBnt Freehold Buildings Leasehold Buildings Motor Vehicles Total COST OR VALUATION At 1 January 2025 Additions Disposals 2.154,647 17,424 1185.553) 1,881,670 327.197 326,692 54.482 20,684 4.417,491 365.305 1185,5531 At 31 December 2025 1.986.518 2,208.867 326,692 75.166 4,597,243 DEPRECIATION At 1 January 2025 Charge for the year Eliminated on disposals 333,918 36.011 75.966 16.239 324,065 595 50.369 4.735 784.318 57,580 At 31 De￿mter 2025 369,929 92.205 324,660 55.104 841,898 NET BOOK VALUE At 31 Oecember 2025 1.616,589 2.116,662 2.032 20.C62 3,755.345 At 31 December 2024 1,820,729 1,805,704 2,627 4,113 3,633,173 Included wthin freehold trrttildings ¢o$115 £185.987 (2024.. £371.5401 of buildings not depreciated. 11. INVESTMENT PROPERTY Valuation Al 1 January 2025 Transfers Deficit on revaluation 550,000 1150,0001 Al 31 December 2025 400.000 The prcy)erty valuation has been detemiined by a $uNeyor al £400k. 21 CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 12. INVESTMEKrs 2025 2024 Market Value al 1 January 2025 Additions Released lo cash Disposals Revaluations 15,618,120 3,462.126 76, 555,988 3.584, 604 (1,596,329) (3,564,287) 638, 144 13,410,593) 511,847 Market Value at 31 December 2025 16,181,500 15,618, 120 Nel bwk value at 31 December 2025 16,181,500 15,618, 120 Nel t￿k value al 31 December 2024 15,618,120 16, 881,547 Investments comprlse UK Fixed Interest Stocks UK Equities Overseas equities other Cash dealing accounts held within portfolios 1,239.897 1,289,144 4,653,171 2,373.934 2,209.683 1,54T.270 1,646,800 5, 657,629 2,095, 133 223.928 11.765,829 1,347,710 2,114,175 953,786 11,170,760 1,424,818 2.086.875 935,667 CCLA Catholic Investment fund Charities Property Fund Property Income Trust for Charities IPITCHI 16,181.500 15,6t8, 120 13. DEBTORS 2025 2024 Other debtors Prepaymenls and accrwl income 31,383 81.473 35,851 73.024 112,856 108.8T5 14. CREDITORS: amounts falling due wilhin one year 2025 2024 Trade creditors TaxatDn and social security Other creditor5 Accruals and delerfed income 14.834 865 38,306 35,950 8,018 676 36, 849 36,077 89.955 81,620 15. CREDITORS: amounts falling due after mre than one year 202S 2024 Interest free loans from memt*rs of the Congregation 431.758 431. 758 22 CONGREGATION OF LA RETRAITE CIO NOTES TO THE FINANCIAL STATEMENTS {contiTruedl FOR THE YEAR ENDED 31 DECEMBER 2025 16. STATEMENT OF FUNDS The Trustee5 have designated funds of the unrestricted funds for sFeCrf￿ purpose5 as folhJ*8: FixedAssets Fund In order to fulfil its charrta￿e objectives the c￿lty needs a number of properties. These proF¢rtie5, although they are unrestricted assets, cannot be realised without undermining the charity's work. The Trustees therefore feel that it is appropriate to refiect the investment in fixed a$sels ty means of a designated fund. Transfers represent the net movement in tsngitrAe fixed assets during the year. Refrrnment Fund A fund has been designated in respect of the chantys commitment to provide for the rdirement and care in okl age and sickness of the Congregation's memters. During 2025, the expenditure on the eare of the elderly has teen allocated lo this fvnd, along with the gains arising from the investment p)rtfolio, the Investment income teing allocated lo general funds. During 2025, a transfer of £130k was made from the general fund to the retirement fund lo align to the approved reserves policy. STATEMENT OF FUNDS- CURRENT YEAR Balan 1 January 2026 Balance 31 D￿ember 202S Ineomo ExpeThIl￿ro Galn91 Ilossesll tran8fer8 Dgslgnated funds Fixed Assets Fund Reti￿rnent Fund 3,626,433 16,232,424 106,818 385.275 3.733.251 16.314.560 (303,1391 19,858,857 (303,1391 492,093 20.047.811 General funds 466,694 865.740 {741.4941 (130,2461 460,694 Total unre8lrlctsd funds 20,325.551 865,740 11.044,6331 1.847 20,508.505 STA TEMENT OF FUNDS- PRIOR YEAR Balance l January 2024 Balance 31 December 2024 In￿rne Exp•ndllurn Galn (lossesy Tr•n$f Deslgnated lurnls Fixed Assets Fund Retirement Fund 3,594,389 16.600.711 32,044 3,626,433 1368.287) 16,232.424 20, 195, 100 1336.243} 19,858,857 General funds 460,000 861,959 (1,829.652) 974,387 466,694 Total unrestrlcted lunds 20,655, 100 861,959 (1,829.652) 638,144 20,325,551 23 CONGREGATION OF LA RETRAITE CIO NOTÉS TO THE FINANCIAL STATEMENTS {continuedl FOR THE YEAR ENDED 31 DECEMBER 2025 17. ANALYSIS OF NET ASSETS BY FUND- CURRENT YEAR Designated Funds Fixed Assets Fund General Fund Rotirement Fund Total Balances at 31 December 2025 are represented by.. Fixed assets Investment property Investments Current assets Current liabilities Non-ojrrent liabilities 22,094 3.733,251 3,755,345 400.000 400,000 16.181.500 16.181,500 164,818 693,373 189,9551 (431,7581 528,555 189,9551 1431,7581 460.694 3.733,251 16.314.560 20.508,505 ANAL YSIS OF NET ASSETS B YFUND- PRIOR YEAR Deslgnated Funds Fixed Assets Retirement Fund Fund Gen¢ral Fund Total 8alances at 31 De￿mber 2024 are rep￿sented by." Fixed assets Investment property Investments Current assets Current liabilit￿S Non-Cu￿6nÈ liabilit￿S 6.740 3,626,433 3,633, 173 550,000 550,000 15.618,120 15,616.120 4*,C62 1,037.636 181,6201 1431,7581 541,574 181,6201 1431,7581 466.694 3.626,433 16.232.424 20.325.551 18. RECONCILIATION OF MOVEMENT IN FUNDS TO CASH FLOW FROM OPERATING AcTIV￿lEs 2025 2024 Net incomellexpenditurel for the year Adjustments for: Depreciation charges (Gainslllosses on Investments Revaluation of investment property Dividends, interest and rent from investments less fees Lossllprolitl on sale of tangible fixed assets IInc￿aseIIdecrease in debtors Increaselldecrease} in creditors 182.954 {329,5491 57,580 {511,8471 150.000 1590,2611 6,387 {3,9831 8,335 54,411 {638,1441 {566.8131 16551 167,6911 NET CASH USED IN OPERATING ACTIVITIES {700,8351 11,548.4411 24