**Charity registration number 1200216** ## **PRIORY OF OUR LADY CIO** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **PRIORY OF OUR LADY CIO** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Sister Susan Salter| |---|---| ||Sister Marina Dobson| ||Sister Ilona Klinger| |**Charity number**|1200216| |**Principal address**|Priory of Our Lady| ||Dove Cottage| ||Kingston Ridge| ||Kingston-near-Lewes| ||East Sussex| ||BN7 3JX| |**Independent examiner**|Darren Harding ACA FCCA DChA| ||Richard Place Dobson Services Limited| ||1-7 Station Road| ||Crawley| ||West Sussex| ||RH10 1HT| ## **PRIORY OF OUR LADY CIO** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of financial activities|5 - 6| |Balance sheet|7| |Notes to the financial statements|8 - 18| ## **PRIORY OF OUR LADY CIO** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## **Objectives and activities** The objects of the charity, as stated in the trust deed, are to undertake activities which advance the religious and other charitable work for the time being carried on in England and Wales by or under the direction of the Society as the Trustees with the approval of the Superior shall from time to time think fit. There was no change to this in the year. The charity's trustees have referred to the guidance in the Charity Commission's general guidance on Public Benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, they have considered how planned activities will contribute to the aims and objectives they have set. There are 9 sisters in the Community, 4 of whom are based in Rwanda. One of the Rwandan sisters is at present living in England. She is with the community at Dove Cottage. There are various nationalities including British, Belgian, German and Canadian. The 3 Rwandese sisters together with 1 Burundian sister from the Bruges Community have formed a small group in Rwanda where several from Rwanda have already joined them and others are interested. The activities carried out are those which advance the religious and other charitable work carried out under the direction of the society as the trustees think fit. A pastoral centre has been operated including hospitality for open retreats on prayer and scripture and accommodating Roman Catholic and ecumenical groups. ## **Achievements and performance** The community has an association of friends, a few of whom do voluntary work for the community. As has always been, the life of prayer of the community is the foundation for all other works undertaken. Thus by our prayer and our whole way of life we aspire to respond to the needs of the church and world today. Our prayer life permeates the whole day, starting with Morning Prayer at 7.30a.m followed by Mass. At midday the community meet for the Office of Readings and in the afternoon for Prayer of the Day. At 5.30 Evening Prayer is sung and the day concludes with Compline at 8.00 p.m. To all these offices the public are warmly invited. Prayers are offered for the needs of the world, the local community and the church. Quiet Days are organised, though on a smaller scale than that at Sayers Common, and individuals may also come to spend a day on their own. Some of the Sisters are available for those seeking spiritual direction or support. We maintain strong links with the local community and Ecumenism has always been a strong feature of the Order and members of other churches have attended Quiet Days. Closer contacts have been established with the local Parish in Lewes, and the community continues to host Parish group meetings. Further to the purchase of Bethel in 2016 it is now being put to good use. Having an adjacent property means that guests can more fully share in the prayer and monastic life of the Community. This house is designed for more multi-purpose hospitality e.g. being able to host bigger meetings. Being next to Dove Cottage has obvious implications for greater practicality in looking after the property. It is also accessible for the older members of the community to share more directly in the work of hospitality. The process of transferring our status of being a Registered Charity to being a Charitable Incorporate Organisation has now been completed. We are now a Charitable Incorporate Organisation under the name of Priory of Our Lady CIO charity number 1200216. page 1 ## **PRIORY OF OUR LADY CIO** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **Financial review** Net deficit of funds for the year totaled £129,695 (2022 Deficit - £655,977) as shown on the statement of financial activities on page 5 of the accounts. All of the assets of the charity are used to carry out its objectives. The readily available resources of the charity are adequate for it to continue for another year. It is the policy of the charity that general funds which have not been designated for a specific use should be maintained at a level which equates to between 6 and 12 months expenditure. The trustees are aware that charity's general funds currently exceed 12 months expenditure and intend to use the surplus to pursue it's charitable objectives. In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. The trustees have engaged Investec Wealth Investments Limited as investment managers. The trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprising equities, fixed income stocks and cash. The trustees have also requested that Investec Wealth Investments Limited adopt an ethical policy when considering investments. The trustees have assessed the major strategic, business and operational risks to which the charity is exposed, and are satisfied that systems are in place to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. ## **Structure, governance and management** The origins of the community who follow the rule of St Augustine go back to the time when there was a strongly felt need for a return to the gospel, a closer following of Christ and genuine Christian fellowship in the community. From their number were drawn the first communities of Windesheim which developed rapidly. The monasteries became houses of prayer where those in need were welcomed and received the warmth of genuine hospitality. The close link with English history began in recusancy times when many relatives of English martyrs going into exile entered one of these monasteries for which a specifically English foundation was made in 1609 in Belgium. From this latter community sprang the Cloister of Nazareth, Bruges in 1629. The long awaited possibility of a return to England came in 1886 when the Bruges community, often known as 'The English Convent', decided to found a monastery in Haywards Heath, The Priory of Our Lady of Good Counsel. In 1978, the Priory moved to Sayers Common to the newly built monastery and pastoral centre and decided to express in monastic and contemporary terms the long tradition of the community. A variety of factors led to this decision, not least the Church's call to renewal and the adoption by the community of the work of hospitality, so vital an element in the life of the early monasteries of Windesheim. Thus linked to such roots and being part of a living tradition, the community hopes by prayer and its whole way of life, to respond to the needs of the Church and the world of our time. In 2008 the community moved to Dove Cottage in Kingston near Lewes to continue its work. The charity was registered with the Charity Commissioners and allocated the number 236981. The power to appoint and remove trustees rests with the Superior. The charity is regulated by a trust deed dated 14 August 1964. The investment powers rest with the trustees. Following a move to Kingston near Lewes the Charity changed its name to "Canonesses Regular of St. Augustine of the Priory of our Lady of Good Counsel". On 31 March 2023 the assets and liabilities of the unincorporated charity Canonesses Regular of Saint Augustine of the Priory of our Lady of Good Counsel charity number 236981 were transferred over to a Charitable Incorporated Organisation under a new name of Priory of our Lady CIO charity number 1200216. The CIO's governing document is a constitution created on 30 August 2022. The trustees who served during the year and up to the date of signature of the financial statements were: Sister Susan Salter Sister Marina Dobson Sister Ilona Klinger page 2 . PRIORY OF OUR LADY CIO TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EIYDED 311)ECEMBER 2023 The Iruste&8' report approvcd by thc B08EYi of Trustees. SisteL' Susarh Saltsr Trust¢¢ Date.. ,.i.*.l.c) 6.1.1 L4 page 3 PRIORY OF OUR LADY CIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRIORY OF OUR LADY CIO I report to the trustees on my L￿m￿natiOn of the tin9nci￿ stalemetEts of PrÉory of our Lady CIO (the charity) for the y ended 31 Decembcr 2023. Responslbllttie$ xrtd of ttptsi't As the tr￿let$ of the charity you are rtsronsible for Ihc prep￿all0n of the fil)8￿lI1 statunents in acwrdance with the rcquiirmcnls of thc Charities Ad 2011 {thc 2011 Act). I i¢tM)rt in resW of rny cKatnÉnatioll of the ch￿ity'S fitkatlcial 5tat6m¢nts caYri¢d oul under sertion 145 of ¢h¢ 2011 A¢t. Ill canyillg out my ￿t￿InatiO1] l have followed all the applicable DiiEctions given by the Charity Comtnission under 8e¢tion 145{5)Ib) of the 2011 Act. Indeptndtnt txgmikner's stgtemellt Youy attention ￿ drawn io tlie fact tlmt the charity has prep1￿ed fEnancial statcincnÉs in accordance with Accounting and Repojling by Charities preP￿ing their accourtls in acco¥détrJce with the Finattcial Reporting Stattdard applicable in the UK and Republic of IiEland (FRS 1021 in pretel￿￿e to tbe Accounting Repurtijjg by Lharities.. ￿ateMent of Recommended Practice i&%lled on l 2005 which is refeiyed to in the exiatki veg￿latiO￿$ but h&8 now been withdrawn. l undeJ%tsnd Ihi% h&s been done iTr order For fi[￿ICial statcnicnls to prt>vide a t￿e and fair vicw in accordan¢c witli Gen¢rdlly Accept¢dAccounlÈng Practice effectiv¢ for re￿￿rtitIg peiiod5 beginning on or aft￿ l JatLUqry 2015. I have completed my examination. I confllm thai no matters h&ve cone to Jny attention in eonn¢ctiotE with the examination giving me cause lo believe that in 8￿Y materiat respect.. a￿Ounting recoi'ds were lloi kept in ￿Spect ofihe ch8xity a5 required by section 130 of the 2011 AGt,' or th¢ fÉtwcial statements do not accoixl with those rewi￿$,. or thE fina￿1￿1 slattmcnts do not comply wilh ihc applitablc Ycqwrtmtrtls tortc¢rning the foi'm and content of &ccounts set out in tlie Ch8rities IA¢counls and RepDrt$) Regulaiion8 2008 other thon any requirement Ihat the accounts give * tru¢ fair vi¢w whi¢h is not A matter ton$idered as pwt of an indepe1￿ent ex2mDMtiott. I have no concerns have come aciy)ss no other matlers tn comcction witlk the examifiation to which attertlÈon should be drawD in this rewrt in orderto enable a pro￿1 understalldillg of the fin￿¢18[ statements to be r¢ach¢d. DArren HArdingACA FCCA Dch lknchard Plate Dobson Servites Limtied 1-7 Station Ro*d Cixwley West Sussex RHIO IHT pa8c 4 ## **PRIORY OF OUR LADY CIO** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Current financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
1,254
-
-
Activities in furtherance of the charity's
objectives
**4**
48,261
-
-
Investments
**5**
117,517
-
1,361
**Total income**
167,032
-
1,361
**Expenditure on:**
Raising funds
**6**
-
32,034
-
Charitable activities
**7**
115,081
59,937
224
**Total resources expended**
115,081
91,971
224
Net gains/(losses) on investments
**11**
-
257,534
-
**Net incoming/(outgoing) resources**
**before transfers**
51,951
165,563
1,137
Gross transfers between funds
(193,938)
193,938
-
**Net (outgoing)/incoming resources**
(141,987)
359,501
1,137
**Other recognised gains and losses**
Revaluation of tangible fixed assets
-
-
-
**Net movement in funds**
(141,987)
359,501
1,137
Fund balances at 1 January 2023
229,403
7,793,404
3,167
**Fund balances at 31 December 2023**
87,416
8,152,905
4,304|**Total**
**2023**
**£**
1,254
48,261
118,878
168,393
32,034
175,242
207,276
257,534
218,651
-
218,651
-
218,651
8,025,974
8,244,625|Total
2022
**£**
9,321
43,613
131,727
184,661
27,299
163,114
190,413
(660,058)
(665,810)
-
(665,810)
9,833
(655,977)
8,681,950
8,025,973| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. page 5 ## **PRIORY OF OUR LADY CIO** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**Prior financial year**
**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**designated**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
8,321
-
1,000
Activities in furtherance of the charity's objectives
**4**
43,613
-
-
Investments
**5**
131,689
-
38
**Total income**
183,623
-
1,038
**Expenditure on:**
Raising funds
**6**
-
27,299
-
Charitable activities
**7**
95,709
65,937
1,468
**Total resources expended**
95,709
93,236
1,468
Net gains/(losses) on investments
**11**
-
(660,058)
-
**Net incoming/(outgoing) resources before**
**transfers**
87,914
(753,294)
(430)
Gross transfers between funds
(71,028)
71,028
-
**Net (outgoing)/incoming resources**
16,886
(682,266)
(430)
**Other recognised gains and losses**
Revaluation of tangible fixed assets
9,833
-
-
**Net movement in funds**
26,719
(682,266)
(430)
Fund balances at 1 January 2022
202,684
8,475,670
3,596
**Fund balances at 31 December 2022**
229,403
7,793,404
3,166|**Total**
**2022**
**£**
9,321
43,613
131,727
184,661
27,299
163,114
190,413
(660,058)
(665,810)
-
(665,810)
9,833
(655,977)
8,681,950
8,025,973| |---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. page 6 PRIORY OF OUR LADY CIO BALANCE SHEET ASA T31 DECEMBER 2023 2023 2022 Not¢5 Fixed llssets Tangible 8ssets lThvestJnents 13 14 2,859,744 5,057,982 2,899,245 4,660,067 7,917,726 7,559,312 Current A55ets Stocks Debtors C&8h at bank and in hand 15 16 250 19,798 318,77 150 16,418 461,810 338,826 478,378 Cndilors: anjoutsts dme withÉn one y￿r 17 {11,9271 Net curiEnt assets 326,899 466,661 TotHI Assets less eorrent 15abllitles ,244,625 &025,973 Income funds Resti"idcd furtds Ut)resiiict Designated funds Gettel￿ uwestricled futtds 18 4J04 3,166 19 8.152,905 87,416 7,793,404 219.570 8,240.321 8,022,807 8,244,625 8,025,973 Th¢ finan¢ial statements were approved by the Trustees ort... .. L4 Sislei. Susan Salter 'ustee page 7 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **Charity information** Priory of our Lady CIO is a public benefit entity. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Donations and similar incoming resources are included in the year in which they are receivable which is when the charity becomes entitled to the resource. Investment income is included in the year in which it is receivable which is when the charity becomes entitled to the resource. Other incoming resources include sister's pension income and any profit on sale of assets. These are included in the accounts when the charity becomes entitled to the resource. page 8 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, 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 of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent 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. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Charitable Activities** Cost of charitable activities are incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities. Governance costs include costs incurred in dealing with the legal and administration duties of the charity and are recognised when incurred. These are now included within support costs and allocated to direct charitable activities. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. All assets costing more than £1,000 are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Land and buildings 2% Straight line Fixtures, fittings & equipment 15% Straight line Motor vehicles 20% Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. No depreciation is charged on antique furniture and other valuables on the basis that they are appreciating in value with time and such depreciation will therefore be immaterial. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). page 9 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.9 Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. ## _**Basic financial assets**_ Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## _**Basic financial liabilities**_ Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.12 Taxation** As a charity, the trust is not subject to Corporation Tax or other taxes on income and gains arising from its charitable objectives. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Key sources for estimation uncertainty** - Valuation of investments at market value - based on calculation by the investment fund manager. The investments held are all shares listed on a recognised stock exchange and have an easily identifiable market value. - Depreciation - Management has made assumptions and estimated depreciation rates in respect of showing a true and fair view of the assets at the balance sheet date. page 10 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **3 Donations and legacies** |**Unrestricted**
**Unrestricted**
**Restricted**
**funds**
**funds**
**funds**
**general**
**general**
**2023**
**2022**
**2022**
**£**
**£**
**£**
Donations and gifts
1,254
2,321
1,000
Legacies receivable
-
6,000
-
1,254
8,321
1,000|**Total**
**2022**
**£**
3,321
6,000| |---|---| ||9,321| ## **4 Activities in furtherance of the charity's objectives** ||**Pastoral**|**Pastoral**| |---|---|---| ||**Centre**|**Centre**| ||**2023**|**2022**| ||**£**|**£**| |Sisters income|40,681|37,857| |Pastoral income|7,580|5,756| ||48,261|43,613| ## **5 Investments** |**Unrestricted**
**Restricted**
**funds**
**funds**
**general**
**2023**
**2023**
**£**
**£**
Income from listed
investments
102,672
-
Interest receivable
14,845
1,361
117,517
1,361
**Raising funds**
Investment management|**Total**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**general**
**2023**
**2022**
**2022**
**2022**
**£**
**£**
**£**
**£**
102,672
130,907
-
130,907
16,206
782
38
820
118,878
131,689
38
131,727
**Unrestricted**
Unrestricted
**funds**
funds
**designated**
designated
**2023**
2022
**£**
£
32,034
27,299
32,034
27,299|**Total**
**2022**
**£**
130,907
820| |---|---|---| |||131,727| |||27,299| ## **6 Raising funds** page 11 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **6 Raising funds** **(Continued)** ## **7 Charitable activities** ||**Community**|**Community**| |---|---|---| ||**expenditure**|**expenditure**| ||**2023**|**2022**| ||**£**|**£**| |Staff costs|5,845|5,803| |Depreciation and impairment|39,501|39,527| |Rates and water|7,126|7,371| |Insurance|9,926|8,460| |Light and heat|13,916|5,563| |Telephone, postage and stationery|3,210|2,550| |Sundries|3,204|2,737| |Old girls association|115|1,235| |Retirement expenditure|2,248|2,091| |Rwanda sisters expenditure|17,765|16,687| |Repairs, maintenance, household and garden costs|8,877|14,274| |Travel costs|2,759|4,386| |Gifts, alms and retreats|31,707|10,160| |Catering|8,486|7,948| |Computer costs|1,000|993| |Church expenditure|7,973|8,137| ||163,658|137,922| |Share of support costs (see note 8)|406|392| |Share of governance costs (see note 8)|11,178|24,800| ||175,242|163,114| |**Analysis by fund**||| |Unrestricted funds - general|115,081|95,709| |Unrestricted funds - designated|59,937|65,937| |Restricted funds|224|1,468| ||175,242|163,114| page 12 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **8 Support costs** |**Support costs**
**Governance**
**costs**
**£**
**£**
Bank charges
406
-
Accountancy
-
5,100
Legal and professional
-
6,078
406
11,178
Analysed between
Charitable activities
406
11,178|**2023 Support costs**
**Governance**
**costs**
**£**
**£**
**£**
406
392
-
5,100
-
5,400
6,078
-
19,400
11,584
392
24,800
11,584
392
24,800|**2022**
**£**
392
5,400
19,400| |---|---|---| |||25,192| |||25,192| Governance costs includes payments to the independent examiner of £5,100 (2022: £5,400) for independent examination fees. ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or were reimbursed any expenses during the year. The trustees are members of the community. Members of the community are maintained by the charity and premises, meals and other living expenses are paid by the charity. ## **10 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Priory staff|1|1| |**Employment costs**|**2023**|**2022**| ||**£**|**£**| |Wages and salaries|5,845|5,803| ## **Key Management Personnel** There is one member of staff and is not deemed as key management personnel. There were no employees whose annual remuneration was more than £60,000. page 13 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **11 Net gains/(losses) on investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**designated**|**designated**| ||**2023**|**2022**| ||**£**|**£**| |Revaluation of investments|176,547|(490,194)| |Gain/(loss) on sale of investments|80,987|(169,864)| ||257,534|(660,058)| ## **12 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **13 Tangible fixed assets** |**Cost or valuation**
At 1 January 2023
At 31 December 2023
**Depreciation and impairment**
At 1 January 2023
Depreciation charged in the year
At 31 December 2023
**Carrying amount**
At 31 December 2023
At 31 December 2022|**Land and**
**buildings**
**Fixtures, fittings**
**& equipment**
**Motor vehicles**
**£**
**£**
**£**
3,267,104
93,987
6,500
3,267,104
93,987
6,500
443,392
19,427
5,527
39,355
-
146
482,747
19,427
5,673
2,784,357
74,560
827
2,823,712
74,560
973|**Total**
**£**
3,367,591| |---|---|---| |||3,367,591| |||468,346
39,501| |||507,847| |||2,859,744| |||2,899,245| Revaluation reserves of £0 (2022: £9,833) are included within general unrestricted funds page 14 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **14 Fixed asset investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |**Cost or valuation**|| |At 1 January 2023|4,660,067| |Additions|3,340,085| |Valuation changes|176,547| |Disposals|(3,118,716)| |At 31 December 2023|5,057,983| |**Carrying amount**|| |At 31 December 2023|5,057,983| |At 31 December 2022|4,660,067| |Historic Costs:|| |2023: £4,694,582|| |2022: £3,919,019|| There were no investments held at the end of the reporting period which had a market value of over 5% of the portfolio's total market value. Revaluation reserves of £363,401 (2022: £1,106,660) are included within designated funds. |**15**
**Stocks**
Finished goods and goods for resale
**16**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**17**
**Creditors: amounts falling due within one year**
Other taxation and social security
Accruals|**2023**
**£**
250
**2023**
**£**
19,798
**2023**
**£**
292
11,635
11,927|**2022**
**£**
150| |---|---|---| |||**2022**
**£**
16,418| |||**2022**
**£**
292
11,425| |||11,717| page 15 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **18 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 January 2022**|**resources**|**expended**|**1 January 2023**|**resources**|**expended**|**31 December**| ||||||||**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**|**£**| |The Old Girls|||||||| |Fund|992|1,000|(1,235)|757|-|(115)|642| |The Library|||||||| |Fund|2,604|38|(233)|2,410|1,361|(109)|3,662| ||3,596|1,038|(1,468)|3,167|1,361|(224)|4,304| The Old Girls Fund was established by former members of a School previously run by the Sisters in order to provide ongoing links with the Community. The Library Fund was set up to provide books for the Community library from donations made by individuals. page 16 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ ## **19 Designated funds** |**Balance at**
**1 January 2022**
**£**
Property Fund
2,863,066
Retirement Fund
675,000
Investment Fund
4,692,604
Cemetery Fund
20,000
Maintenance Fund
175,000
Rwanda Fund
50,000
8,475,670|**Resources**
**expended**
**£**
(39,355)
-
(27,299)
-
(9,895)
(16,687)
(93,236)|**Transfers**
**Investments**
**gains/losses**
**Balance at 31**
**December 2022**
**£**
**£**
**£**
-
-
2,823,712
-
-
675,000
44,446
(660,058)
4,049,692
-
-
20,000
9,895
-
175,000
16,687
-
50,000
71,028
(660,058)
7,793,404|**Transfers**
**Investments**
**gains/losses**
**Balance at 31**
**December 2022**
**£**
**£**
**£**
-
-
2,823,712
-
-
675,000
44,446
(660,058)
4,049,692
-
-
20,000
9,895
-
175,000
16,687
-
50,000
71,028
(660,058)
7,793,404| |---|---|---|---| ||||7,793,404| |**Balance at 1**
**January 2023**
**£**
Property Fund
2,823,712
Retirement Fund
675,000
Investment Fund
4,049,692
Cemetery Fund
20,000
Maintenance Fund
175,000
Rwanda Fund
50,000
7,793,404|**Resources**
**expended**
**£**
(39,355)
-
(32,034)
-
(2,817)
(17,765)
(91,971)|**Transfers**
**Investments**
**gains/losses**
**Balance at 31**
**December 2023**
**£**
**£**
**£**
-
-
2,784,357
-
-
675,000
173,356
257,534
4,448,548
-
-
20,000
2,817
-
175,000
17,765
-
50,000
193,938
257,534
8,152,905|**Transfers**
**Investments**
**gains/losses**
**Balance at 31**
**December 2023**
**£**
**£**
**£**
-
-
2,784,357
-
-
675,000
173,356
257,534
4,448,548
-
-
20,000
2,817
-
175,000
17,765
-
50,000
193,938
257,534
8,152,905| |---|---|---|---| ||||8,152,905| The Property Fund represents the funds necessarily set aside for the charity's occupation of the land and buildings. The Retirement Fund has been designated for the charity's commitment to provide for the retirement and care in old age and sickness of the community's members. The Investment fund has been set aside to to represent the funds tied up in the investments of the charity from which the income generated will be used to further the charitys objectives. The Cemetery Fund represents an amount set asidefor the upkeep of the cemetery grounds. The Maintenance Fund represents an amount set aside for the maintenance of the fabric of the building as it ages. The Rwanda Fund represents an amount set aside for the Rwandan sisters living and medical expenses. page 17 ## **PRIORY OF OUR LADY CIO** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2023**_ |**20**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Fund balances at 31 December 2023 are represented
by:
Tangible assets
75,387
2,784,357
-
Investments
(9,178)
5,067,160
-
Current assets/(liabilities)
21,207
301,388
4,304
87,416
8,152,905
4,304
**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Fund balances at 31 December 2022 are represented
by:
Tangible assets
75,533
2,823,712
-
Investments
-
4,660,067
-
Current assets/(liabilities)
153,870
309,625
3,166
229,403
7,793,404
3,166|**Total**
**2023**
**£**
2,859,744
5,057,982
326,899| |---|---| ||8,244,625| ||**Total**
**2022**
**£**
2,899,245
4,660,067
466,661| ||8,025,973| ## **21 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). ## **22 Transfer to CIO** On 31 March 2023 the assets and liabilities of the unincorporated charity Canonesses Regular of Saint Augustine of the Priory of our Lady of Good Counsel charity number 236981 were transferred over to a Charitable Incorporated Organisation under a new name of Priory of our Lady CIO charity number 1200216. The CIO's governing document is a constitution created on 30 August 2022. page 18