Chthty regsstrntion 1200216 IEDglaAd Wales} PRIORY OF OUR LADY CIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PRIORY OF OUR LADY CIO LEGAL AM> ADMINISTRATIVE tNFORMATION Trustee5 Si5ttt SiisJJ $81ter Sister Marina Dtsbson Stster lIoDa KIler Charhy lluber a0 Wales) 1200216 PrlncipHI #ddre$s Priory of Our Lady Dove Ctsttage Kingstott Ridge KiIigstoll-n¢ar-Lewe5 E)st Sussex BNI 3JX IndÈpeDdent examlller Datren Hardijg ACA FCCA DCbA Ric112Th1 Place Dobson S¢tViC¢8 LitKllted 1.7 StatKon Road Crawl¢ West Suss¢x RHIO IHT
PRIORY OF OUR LADY CIO CONTENTS Page Tntee$, rcEK)rt Staiement of finQXa1 activities Balance sh¢et Notes to the fiTWt*cÉal stat¢m¢nts 8- 18
PIUORY OF OUR LADY CIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee8 present the annual rtport and fina¢1 statements for th¢ y¢8r eLdEd 31 Decertsber 2024. Th¢ filknrial statements have been prepared in accordance with the coUnting poliGi¢s set note I to the finollcial statellkent5 and comply with the charitls consiinjtion, tbe Chaiiiies Act 2011 and "Accounting RepOrtig by Charities.. StateTnellt of K¢contfjded Prdctice eppts¢oble to ¢haTities preparing Ébeir accounts ac£oTdance WLth the FiEwi¢i21 RtportiTrg Stanltard applicable th¢ UK and Republic of Ireland IFRS 10?) (effective l January 20191 ObJectiYe5 #¢tivities Thc objeGts of the chgrity. as stated in the ¢Oll$tithtioo are to undertake activiti¢s which advance the religious other cbaTitable work for the tsme beiDE carried on in England anLIWales by or uDde¥ the direclioo tsf the Society a5 th¢ Trustees with the approval of the Ptioress shall fr( time to time think- fit. Public benefir The chaEity's tni8tccs have Eeferred to the guidance in the ChaTAry Commi55ioTh's B¢neral guidauce on Public Benefit whe re%ieFring the chatity'5 atlljs and objecti5 in planning Èt$ future actsinties. lo particlljar, they have collsdered bow pla]]D¢d a¢tiviÈÉes will ¢oLtribute to the aims and objectives they baNe seL Acrivtties There are 9 sist¢Th Ibe Couunutiiry. 4 of whLlm 3Te based in Rwall, One of tbc Riyandan sisterb is at prts¢nt living ID England. She 1$ with the CDDiThunity at Dove Cott&ge_ There are ¥i0V$ t)aiionalitl¢S IDLluding BtitisIL Belgiary Clerrnan and Canadian. The 3 Rwandese sisters tOBethcr with l Burundtan slster froin tILe Brugb comE[klty have fonned a small wup in Rtya where s¢Y¢ral frojn Rw'andi already jOiTLed thern others hre interested. Th¢ acliFities carried out Ère th08e which advznte the religitsu$ 2nd other ¢btAble work Colea out under th¢ dire¢tion of the soeiery as lh¢ tw%tee. think fit. A pastoral centre has b¢en operated includin¥ hospitality for open retr¢at5 praycr and ipturc and ac¢()mmodating Romau Cotbolic ami ecwnenical groups. A¢hievem¢Ats perfoFmanee SignifvaAi activities rffid achieveents agariJsl obj¢¢tiv Th¢ ¢ommiinity ha5 an asso¢iation of frienits. a few of do voluntary woTk for tbc cotDmunity. As has always been, the life of pTayeT of the cornrLuniry is ibe foiindation for all other works ldErtak¢ll. Thus by our pi&yer and our w'bolt wav of lÉft we aspire to respond to thc nccds of the churcb and world today. prayer life permeates the wlkole Ilay, startillg with LMorDing Ptayer at 7.30&m folloTred by Mass. At midday the rummutiity meet for the Office of lieadiny and in tbe aficrnoon for Prayer of the Day. At 5.30 Evejjing PTayer SUDg and the day concludes with Compli¢ at 8.00 p.m. To all these offices the public are wanlliy inlryted. Prdye15 are offered for the needs of the WOTld, the local comTnunity atsd the church. Qlliet Days ate organised, though OD A sm&ller scale tha that at SBy¢ts CoJJ¥non. and illdividua]s may &Eso ¢ome to 5peud a day on their own. Some of th¢ Sisters arc available fw those seeking 5Pititual dir¢ctitsn or SUPPOEI. W¢ mainta Stroug Jinks with the loc ¢OmmUDity and Ecu]ThenIS #lw'&ys been a sttong f¢gture of tbe Order and rnelnbers of tstber chur¢h¢8 h&ve 8tleDd¢d Qui¢1 Days. C.10sei conta¢ts have been e5tabli5hed with thr local ParislL in Lewes, and the CQllllnullity Co]nutS to host Patish group rneetings. Further to tke purcha of Bethel in 2016 it is now beillg pul to good vse. Having all tdjacettt property mcans that guests C2tt more fLY share in the prayer and monastic life of the Community. Tkns house is desigDed for mole multi-puEpose bo5Pltality e.g. beillg able to Ist kn"gg¢r meeting5. Being next to Dove Cottagt h?5 obYiou5 LDwlicatÈons for gteater practic#lity irl looking after the property. It 15 also 8ccessibk for tbe older m¢mbers of tbe coIniniinTty to share Tnore directly in the work of hospitaiAty.
PRIORY OF OUR LADY CIO TRUSTEESI REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FIDaThcAg1 rewlew Net surplus of fituds for tbe Y totaled £29&78? {2023 suxpltss- £218,651) as sbowll on th¢ srat¢m¢L¢ offiuancial activities on page 5 of the aceounts. All of the assets of the ChLty are used to cany out its obj¢¢iiv¢s. The re&dily avaiIable of the Charityate adequate for ti to contitme foranother yeas. During th¢ reporting pcrio¢L rhe ekarity were the W¢¢im tsf a push payment scam whi¢h resultcd irs £1 O.OIXI being tranSferd out of the cl)arity'S ballk accounL Tbe fraud ryorted to the ballk and the fjjnds were sllbsequefytly refided back to th¢ RÈsÉrwtpoli¢ Tt is the policy of die charity that general fvTtas which have not been dtsignated for a $pecsfJc use should b¢ mainrained ai a kvel lch equates to between 6 aud 12 months aYp¢llditur& TELe Irustees are awa¥e that eharsty's gencrai fjjnds allrendy ¢e¢d 12 months expendabc and intend to use the surplus topursue it's Chitable obJ'e¢tiv¢s. Iwenmentpolzcy tn accordaDce with the ttvst deed. the ttwte&% have the power to iovesi such stwks, shares, investents ar¢d propeny as tIKy sec fit. Thc trnstCC5 havc ¢lld Investec Wealth IrNe5tments Limiteil &4 investuieot mallagtts. The tDJst¢es that the valu¢ of their assets be ma?ntsintd ad ¢nhatt¢ed ov¢rth¢ longi¢xm by invesknefft iti a ptsrtfDlio compri5illg tquities, fixed in¢oTll¢ 5to¢kb' and cash. The mtstees have a150 requested tha¢ Investec Wealth ITwe5tments Limited adopÉ WJ tthicl policy when ConsidTrUg iuvestjnents. Alajijrnsks Tht ttusttss a5srsscd the Djajor strate8ic, busiA¢5s and op¢ratiotsal ti5k5 to which thc cbarity 1$ eXp)Se and are satisfi that syxem$ ar¢ in place to emble regular reports to b¢ prodllc¢d 50 that the nece5W Steps tran be tsken to lessen these risks. StructUT4 governxll¢e ADd mHMageJuent Tb¢ origns of the CODJmUDity who follow the rule of StAugus£ille go back to the tr]ne wheu there was a strongly felt need for a returLt to the a doser bllowingr of Christ and Cbristian fellowship in the ¢on)mutiity. From their nuothcr w¢r¢ drawn the first communities of Windesheim which developvd rnpidly. The rnonastelies be¢am¢ houses ofpraytrvknere those in need were welcomed 2nd ]Eteivrd the warnith of geUltie hospitslity. Tbe e105e IiDk with Engjtsb history began ill recusancy times when many relatives of Etsgltsh SoiDb¥ into exile etttered one of these monasteries for which a spe¢ifi¢ally EllJi5b foundaD(m was made in 1609 in Belgrum. FTOM this latter communiry sprang the clo1tr of NaTdreth, Bse& in 1629. The long awai¢ed possibility of a retum to Fg1alld iu 1886 when the Brnges cojjmwuty. ofteD a5 The Ejglish Convm¥, de¢id¢d to ftsund a OaStery1ll Haywarts Hexth. Th¢ Prioryof OurLady ofGood CouD5¢1. 1978. the Priory mov¢d to Say¢rs Coll]mon to the newly bllilt monastery and pasttsral centr¢ alld decided to expre55 iri monastic and contemporary tellS the long ttditiorl of the communiry. A variery of fa¢tots led to thi& decis10 tyot least tbe Church's ¢811 to renewal alld the a(loption by th¢ community of the work of hospitality, so wtal element in th¢ life of th¢ early roonL8teries of Wde$e1. Thus liDked to such roots and beiDg part of & living traditioAJ. the Comtnuttiryhopcs by prnyer and its wboleway of life. to respood to tbe tteeds of the Chur¢h audth¢ worldof ourtime. Ill 2008 the com]llurEity moved to Dove Cottage in Kin88ton nearLewes to ff>lltiENt its wo The Charity T¢Stered with the Chariry CommissioneT5 and allocatcd 1h¢ number 236981. The power io appoint renmve trnstets tests with the Superior. The charity is regulated by a lThst deed dated 14 August 1964. Th¢ invesknelll powa5 r¢stBryth the trustees. Following a EDove to Kingston nesr Lewes the Ch3rAty changed its name to "Catson¢ssrs Regular of SL Augustille of the Priory of DwLady of Good Counsel.. On 31 Mar¢h 2023 th¢ and liabilities of the vnin¢orpornted charity Can0neS Regular of Saint Augustine of the Priory of our Lady of Good Counsel chan.ty ttumber 236981 were traJth¢d over to a Ch1t&ble In¢orythted Organisation under a new of Priorv ofour Lady CIO ¢baTity llwllber 12(KI216. The CIO'S bFovemin8 docUEi is a mtitution creat¢d oll 30 August 2022.
PRIORY OF OUR LADY CIO TRUSTEES, REPORT {CONTll¥UED) FOR THE YEAR ENDED 31 DECEMBER 2024 Th¢ Èrustees WILO seEved duEillg t&¢ y¢ar up to the date of signatLLr¢ of tbe finatciai statemeTrt5 were.. Sister Susan Salter Sisterfvlarina Dobsoll Sister Klu)w The tn)ste¢8' report was approved by the Board of Tniste¢s. S2st¢r Su$3n Salter Trustee Date..
PRIORY OF OUR LADY CIO INDEPENDENT EXAMIN'ER'S REPORT TO THE TRUSTEES OF PRIORY OF OUR LADY CIO I report to the t1¢£5 on my examinatioa of th¢ fjnanciai statements of Priory of our Lady CIO (the dwily) for the year ended 31 Drfember 2024. ReOnSIble5 and b45is of report As thc tnJ5te¢s of the ¢harity you are respon51ble Dr the pr¢pariott of the fiTncIal statemthrs in a¢¢orthce with th¢ requIrn¢llts of Lhe C12aritiesAci 2011. I report r¢sp¢rt of rny examtnation of the chartty'ts fiTIarl4l staiem¢nts caTricd OUE under secti¢m 145 of the Charities Act 2011. In caTrying oui my ¢xatllillati(m I hav¢ followed Ihe Directions given by the Charity CoJDJr¥i5sioJ under section 145{5)(bl of the Ch8ritiesAct2011. Tndtp¢nden¢ examiner's $ttement Your attention Is drawn to the fact that the charity prepared the financial staiemcnts in a¢cordattce with th¢ relcvart versjon of the stat¢ent of Recommended Practt¢e applicable to clwitie5 pre1¥ their fjnancial sta(emwts in a¢¢ordance with the Finallcial Reporting Stadard 2pplicable In the UK and Republic of Ire]and (FRS 102) An preference to the Accounting 8nd Rtporting by cha[ties.. ststeml of liecoromended PFacti¢¢ 3&wed on l April 2(Ki5 whÉckn is rtftEred to in the ext2nt regtEarioDS but ha5 llow been withthawn. l ullder6tand that this bas been done in order for the fit)ancial $tatemeJffjs lo provid¢ a trne and fairTriew IL accordallc¢ UK GtrauyACceptedACcountitig Practie¢. I hav¢ cornplcrtd my ex4Thillation. l ¢onfimi that no rnatL¢ts have come to my attention in conn¢£tion Ibith the cxamiation giYiDO Jne tau5e to believe thaL iJJ ally matial Tespert: accoulltiu¥ records were noi kept illSpt of the ¢knity &s required by sectiOD 130 of the CharitiesA¢t 2011. the financial statements do not accord with tkose records- or the financial stst¢m¢Trt5 dv not Comply the app17C2bl£ requTran¢iit5 ¢onc¥rning ihe and ¢ontent (Ff financial Stalen1 set out ID the Ch11]¢& (Accounts and R¢potts) Regulations 28 other r]wi &kyrequ2renwit that the fillallcial StstEellts giv¢ a lThe and fair view. wbich ismot a nJaÉtLT COn5ider¢d as pan of illdependent exami10. T hav¢ llo concerns and have Come actoss llo other Tnatrers £onDe¢tion the ttamiJJatioD to which att¢lltioll should be drawn ID this report itL ord¢rto ¢nable a p¢ underdittg ofthe finallci815thteJJears to be rea¢b Darrut HrdingACA FCCA DChA RÉcbard Place Dobsoo Servi¢¢s Limited 1-7 Sr2ti0ll lioad Créwley West Su5SCX RHIO Ddie.. une 2025
PRIORY OF OUR LADY CIO STATEMENT OF FINANCIAL ACTIVITtES INCLUDtNG INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Tot Current fillgll£iJl yExr trICted [reStrict¢d nds lunds getttral deslgnated 20Z4 2024 Restricted lund5 Tht41 2024 2024 2023 Notes Donativlls and legacies chlble artivities OtbeE tradllJ8 aetivities Inveslmellts 1.683 47.879 200 1,883 47,879 4.219 191,144 1.254 48.261 187.349 3.795 118.878 Totxl iMc8rne 241,130 3,995 245,125 168,393 ExpendItU on.. RaJsin8 funds CIMritable activities 29,210 74,158 292lQ 1&1.077 32.034 175.242 81,620 8,299 Totsl txpendltsre 81.620 103.368 8299 193,287 207,276 'et bTainOOos5¢s) on Investtn¢ots 13 ?44,944 244,944 257.534 Net Irme1(eld1tsTe) 1$9,510 141.576 (4,304) 296,782 218,651 Transfers between fid9 (148,9791 148.979 Net movement fujlds io 10,531 290,555 (4,304) 296.782 218,6SI R¢eoD¢ili2tiort •f fuod3= Fwid balaC¢S at l January 2024 87,416 8,152.905 4,304 8244.625 8.025,974 bxlance5 at 31 De¢¢mber 2024 97.947 8,443,460 8.541,407 8,244,625 Th¢ statement of finaD¢i&l 8Gtivities ill¢ludes all gains and 1055¢$ Yeco¥nised ill the yea¥. All ill¢ome and expedItre d¢rive from contiuuu)8 actLvisies. The TSOt¢s on pagE5 8 to 18 forn3 part of these finaiictal 8tat¢Tneiits.
PIUORY OF OUR LADY CIO STATEMENT OF FINANCIALACTlVtTIES {coNfiNuED) LYCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE AR ENI)ED 51 DECEMBER 2024 PrfiorfinaDcial yer Unrestricted Unre5tsI¢tEd Restricted fThThds funds d[goated 2U2J Total general 2023 21123 2023 Notes TntDYue frnm: Donations and lewi Chtritsbl¢ actiKties 1,254 48.261 117,517 1254 48,261 118,878 Totsl in¢om¢ 167.03? lJ61 168,393 ExpeTrdityre on: Raising funds ch118b1¢ a¢tiviti¢s 32.034 59,937 32,034 175242 115,081 224 Tot1 expendlth 115.081 91,971 224 207276 NetgaixOO5Ses) on txvcsth)¢itts 13 257.534 257534 Net illtome 51,951 165.563 l.l37 218.6SI TSfer$betWeell fiJnds {193,938) 193,938 Net movement in funds 1141.987) 359,501 1.137 218.651 Reconulf#tion of fvnds". Fund balanttra at l January 2023 229.403 7,793.404 3,167 8.025,974 b2¢¢9 at 31 December2023 87,416 8.152,905 4.304 8244.625
PRIORY OF OUR LIIDY CIO BALANCE SHEET ASA T 31 DECEMBER 2024 2024 2Q23 Not Flxed assets Tangible assets lttvesttnelltg 14 15 2.820.266 5,374282 2,859.744 5,057.982 8.194.548 7,917,726 Current assets Stocks DebtOFS Cash at bank and in band 16 17 200 15,862 343,187 250 19,798 318,778 359.249 338,826 Credttors: f8]lkng due one yeAr 18 (12,3901 (11,9271 F4et currellt assets 346.859 326.899 Totsl agsets le5$ eurreDt 1Sfibllitie¥ 8.541,407 8.244,625 The fthttd$ of tbe ch#rity Restsi¢tedinLoTh funds UJre$tricttd furLds- general UleStrIcted liind5- d¢swted 4,304 87.416 8.15? 905 21 20 97.947 8,443.460 8,541.407 8,244.625 The fillanciAI $tsteme]Lts were approved by ilir trustees on ..*.Js1p&..g.. s.sa sier Susm Salte¥ Trnstte
PRIORY OF OUR LADY CIO NOTES TO THE FINATr4CIAL STATEMENTS (CONTINUED) FOR THE YE4R EIVDED 31 DECEMBER 2024 Attountityg ptslicies {Continued} 1.5 Expenditure Exp¢ndtture is recogrtised oThce there is a legal orcgnstru¢tive obligatiollto IransfeT economic benefft athird paty. it i5 probabl¢ that a transfeT of e¢oJwniic benefits will b¢ required in settlemetsL and the amouttt of th¢ Obli110 can be JLea8wed reliably. Expetidittsre is classifiEd by activity. The costs of ¢a¢h activity ate up of the total of dirert costs Jd 5bared costs. including support ¢osts involved in mkrjn8 each actiwty. Dirett Costs ¥ttnThutrdble io a singl¢ a¢tivity are allocated diEectty to that activkty. Sha4 costs whicb colltnTrute to more than one artiyity aod support Cl)Sts whirh aE¢ not attributable to a single a¢tiviry are ap101 betwtcn thosc activities on 2 basis tonsisttnt with the use of Trsour¢¢s. CentraL 5tsff costs ate allocated on th¢ b&sis of ti¢ spenL and depreciation ch8rges are aUo¢ated on tILe portion of the asset's w¢. Lrabs1itie$ are recwised a5 expenditure as soon as there is a legal or construettve obb"garioJJ Committing the cbaTÉty that ¢xpellditure, it is probable that a transfer of economxc bellefits will b¢ Tequued in settlemet and the amouot of the obligatioa b¢ mEasur¢d reliably. Expenditure is 2¢¢C¥UOt¢d for on an a¢¢tua]s basis j bas been Classifi undet headings that aggTegate all ¢ost related to the category. Where costs canttot be directIy atiributed ts PTtieulaT beathngs thcy havc been allocated to actimties a ba%is ronsisteDt with tbe Use of tesources. CharitsbleAetivtties Cost of ¢Fthritable activitie5 are incurted on the cbaritys operations. in¢luding swort eosts 8nd costs relatimg to tb¢ gov¢rJall¢¢ of th¢ chlty apportiolled to charitable activities. Govern8nce costs Costs iticutted in dedsng with the legal and adJJinimtion dwies of thc cknity and recOLIStd vthen 5llcuTre¢L These are now includedwithill support costs aDd allocaTrd to dir¢ct¢haritsble lciivities. 1.6 Tangible fixed assets TIllble ftKed assets aTe initially measured at c<)$t atsj subsequently uw&5Ud at ¢ost or V8htion. nei of depreciatio Ail assets costing more thao £l.000 are ¢apitalist Tangible fixed &8sets a stated at less depreciatioo. Depreciation is provided at 13tes calculated to lte off the cost less cstiDuted residual value of each asset ova its expected u8eful life, &$ follows". I2Thdd buildings Fixturcs, fittings & equipment Motor vehicles 20/D Straight litie 15/0 Straighi liu¢ 20/Tr lieducing balance The gain or 1055 aTisiDg ¢)n the dposal of aL asset is deterniined the diJTeK¥nce b¢lween the sale proceeds th¢ carryingvalue of the asse( is rew8nised iti th¢ stAt¢Tll¢Dt of fillallciat activities. No depreciatioll is charged on alltiqu¢ fgmiftJr¢ and othei valuablcs on tbe basis tbAt they 2re appre¢i4ttng in value with time artd su¢b dePTation will tbcrcfor¢ be lo)ttE181. 1.7 red %TsetRDTrTStments Fixed asset investsjmis are initially measured at traJstioD PTiC¢ ¢Acluding IraD5action costs. and are subsequently e&8ured at fair vaiue at ea¢b repxtillg date. Changes Èn fair value are r¢¢ogoised in net 1neojj(¢AptttdIUtt} for the year. Trdusaction costs ar¢ expensedas in¢uTrd. IS of e assets At eackn reporting end date, the th&ity r¢vi¢ws the caTrying amoLuts of its tallgibEe io detlle W1ber tbete is any indirntion that those assets bave suffered an irnpsirnient loss. Jf any such indieati<m ¢xists. the re¢overnble amount of the asset is estiuthd in order to deteThDle the exteut of th¢ imp?ErLent loss lif auy}.
PRIORY OF OUR LADY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 DECEMBER 2024 Accounttttg polieie5 Charity informarfon Priory of our Lady CIO is a public benefit ¢nllty. The financial ststeTnents have bcen Epar in a¢¢otdance with the charity'5 con5tithtion. (he Chaiities Act 2011 and "Accountiug Reporting by Charities.. Statetnent of Recoll¢ded PraLtice appb"cable to cliarities pr¢p85ing th¢ir a¢couJts in IOrdance the Fitwicial Rq)ortitsg St2ndard applible in the UK atid liepublic of Ireland (FRS 102) ieffective l January 20191" The chariry 15 a Public B¢nefit Entiry as defined by FRS 102. The Chlty has taken advJDtage of the provi5&0nS in tbe SORP for chartties applying FRS 102 Upd&Ee BuIletill i not to Prepare a Stement of Cash Flo$. The fillaucial tht¢m¢Jts have departed fraJJ the ChaEiii¢S [AolltS and Reports} Regulations 20(Yd onty to the extertt requiTed lo pruvidr a The alld fair iryem., This departUT¢ has involvrd folloTrg tht State¢1 of R¢¢¢Jsnmendtd Practice for charities applyEng FRS 102 lather than the versioll of tbe Siatemeat ofRecomtnended Pra¢ti¢e wkn.ch is referted to in th£ RB8lllationg but whicb has sityte beett withdravni. The fin#n¢ial statenients are prepared in stcrlTngy which is the fvnaional CUTrency of th¢ ¢harity. Mopdary amounts in these fInaCIal statements are rollTrded 10 the £. The fimaucial 5t&t¢m¢ttts have beeD PTepar¢d undtr the lJistor3c6L w$t convention. rQdified to includc the revaluation of freehold properues and to illclude investnient PToyerties and ¢enaiti financEai insttitsnenrs at fair valuc. Thr prillcipal a¢¢ountin8 policie5 adopted sei below. 1.2 Golng toneer At the time of apprnving the financial ststements, the truste hpv¢ a f¢asonable expectation that the charity ha5 &d¢quate r¢50urces to conttiiue operaliot]al existence for the foreseeable future. Thu5 the In]ste¢s eontinue to adopt thv 8oin8 o]ern b8SiE of a¢counting in preparinu the titWL¢io1 statements. IJ Charitable ftsnds Unrestri¢t¢d thnds are available foruse at the discrelion of the tStee5 fvrther2nce of their charitsbl¢ objeaives. Designated fuTMb aT¢ Ultst[sCted ndS ¢armHrkcd by the TnLStces forparti¢ularpuw¢s. Re5tri¢td fiknjds are subject to sp¢cifi¢ c£tndiuolls by dollor8 or grantors Is tti bow m8y be used, Th¢ purposes 4ryd 115es of ihe resDicted funds are sd out in the notes io the fi17ancial statsFn¢frts. 1.4 I¢0m¢ Ill¢ome is recognised Wh tbe charity is legally ets¢itied to it afier ally perfonllanc¢ condittotjs hèvtr bcen the amounts can be mt45ured rdiably, and it 15 probabl¢ that incorne wll bc reccivcd. In¢ome from tradiug activities includes incon)e rece]ble from the s81e of ene¥gy s¢nerated by $012r panels locaÉed on thc prop¢rty held by the ch81ity and 16 r¢Gp8nis¢d wheft tke charity btcomes entitled to the resource. I)onation5 and sinjilar iacomitsg r¢sources aEC included iti the year in which they are re¢eivable which is Wh the cbariry becomes tniitled to the KBQUF¢e. It]vtstmeot incoM¢ is included in tlke year IJJ whiek xt is receivable whEch 18 wben the chaTity brtojnes entitlcd to the resource. tneome from ¢h&rithble activities includc sistevs per)sion illCOllLe Trl]ich is included in the accounts Tr4lJen the charin. bt¢oThes tntitld ID thE resource.
PRIORY OF OUR LADY CIO NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE FE4R ENDED 31 DE(EMBER 2024 A¢¢oUtin¢
polides (Continued) IS Stoeks Stocks ar¢ iTrlucd at the lower of cost aftd nctT¢alisabl¢ valu< after rnaking due allowance for obsolet¢ and slow moviTtg items 1.10 Ffn%Dcia] fnstmments The charity has elected to apply the prow$ions of Sectioft I I 'Basic Financial Tnstrum¢nts' and Section 12 '0ther FiJaClaI JJt5truments Issues, of FRS 102 to all of its flljallcial insllwlletsts. C2th ai bank and cash in haod includes cash athl Short terni higbty liquid iJvesttnents with a short mawity of three months or from th¢ date of acquisition or opening of th¢ dcwksit or SiTnilar aceowL Debt0 are r¢¢ogtii5ed tt settlernent ajnoullt duc afttr any discount off¢r¢d. PEepaymellts are valued at the att)(NJnt prepaidnet of aTry tr4(k discounts due. 4slefmwi¢io1114brlilies Craitors 2ttd provisions are rewgwsed Whe the clty Iw & present obligation resulting frcw a p45t event that wftll probably result ID the transfer of funds to a third party alld the amouttt due to settle the obligation can be me&8urcd or estimdced reliably. Credilors #nd pD)vision$ 2r¢ nOTma]ly rccogni5ed at their s¢ttlement aTllount afttt allowing for any dis¢ouuts due. 1.11 Employee benefits The cosÉ of ally utmsed holiday entitle xs re¢osnised ill the p10d in wbich the enwloye¢'5 senTices ¢ rttciiTri Temiuation benefits ar¢ i£CoglStd AtJmediately au expense wh¢n th¢ charÉty is demonsirably wtnn]itted terminate the enwIoyCllt of CP10yet or to prolude termination benefiL5. 1.12 Taxstion As z charity, th¢ trust is ftot subje¢t to CotyoratioJ] or other taxe& in¢ornc and 8ait)s arisiTt8 from its ¢hariÉabl¢ obje¢tiYe$. Critical a¢e01tillg t5that0 aDd Judgements the appltcatAOll of thc chatity's accountirys policies. the mastees rcquired to e iud8¢meItts, &stItit¢S and 3SSilttlPtions about the Cay1g mOTJnt of &8sets •Jd liabilities are not readily apparent from other sources. The estimates and asso¢tared a&8umptions arc based on hi#orical expttiCllCE and other fa¢tOT5 that art ¢OttSTdered to be rela.A¢lUal results nwy difftr from these estilnates. The estimatts 2nd underlvin8 arnptions art rvY1¢w OJJ an ongoitig basi& Revision5 lo accoutititig ¢stimatts aEe recognised in the period in uthich the eiMat¢ is rewsed where th¢ revision aff¢¢ts that period, or iTt th¢ p¢riod of the rtvision attd fjjtltrtplods wbete the revision aff¢¢ts IM>th cuzrellt and fjjtttrc perÈcxti- Key50urces for esdmation untertxlnty - Valuatiou of Ènvestsnents at rAarket valu¢- bas on eal¢ulation by the xnvesttnEat fund mauager. The iuvestjneuts held arc shares list¢d on are¢ogni5cd stock exchang¢ and hav¢ on ¢asily identifiable makn s7lue. - Deprttiatioll - Man2gemeTht has made SUon5 alld estimated depreciatioL te$ iti respe¢t of showiDg a and faTrMew of the assets atthe balance sheet date.
PRIORY OF OUR LADY CIO NOTES TO THE FINANCtAL STATEI¥IENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2024 Income from F4nd legAcses Unrestricted fuud$ 2024 Restricted funds 2024 Tot UnEestri¢ted fttllds 2013 R¢strhtted fllnds 2023 Totsi 2024 2013 Donations and ft$ 1.683 1,883 1,254 1,254 llleo]ne frorll cbxTltable actSlties UDrestriet¢d Unr¢#ricted Z024 2023 Pas¢oY81 centre Sisicrs Ellton. Pastoral iticomc 42,454 40,681 7.580 47.879 Illcome from other tradlng tltIeS Utsrestrxcted Unrestriet¢d fund$ flllld$ 2024 2023 Solar ¢n¢T iTome 4,219 lo¢ome from Iny95tetsts bDre$trlcted fund$ 2024 Restricted fullds 2024 Totsl Unttstricted fund5 2023 R¢stricted fuad$ 2023 Tot 2024 2023 Income frollh listed vestmcnts Intet¢st receivabl¢ l72,7ry3 14.626 172,723 18.491 102.672 14.845 102,672 16,206 3,795 1.361 187.349 3,795 191,144 117.517 1,361 118,878
PRIORY OF OUR LADY CIO NOTES TO THE FtNANCIAL STATEMENTS {CONTINUED) FOR THE IEAR ENDED 31 DECEMBER 2024 Eend5thre on rat5fitiE fuods L7Threstricted Unrestricted funds designated 2024 deslgnated 2023 Investtnent management 29,210 31034 Expelldith on eh8rit4ble adivlties C(tmmunÈty Commvnfty expenditure expellditure 2024 2023 Dlrert costs Staff costs Depreciation and ixDpairni¢llt Rates & water 5.849 39,479 7,822 11,400 10.552 4.157 2.284 5.845 39JOI 7,126 9,926 13.916 3210 3204 115 2248 17,765 8.877 2,759 31.707 8,486 Light attd heat Telephone, p)sta8e 2nd statiot)ery Sw2dri¢s Old Girls association Retirerne &yeJses Rwanda sister5 expeDscs Repairs. maititEuaDce alld housthold & gardettexpeDS¢S Trayellwg expe] Gi115 & alms, medical and ¢l0th7g Catering Computer ¢xpenscs 3.426 14598 10.906 2,924 23,696 8,870 660 9.713 7.973 156,336 163,658 of 5tsPPOrt Ind govern8n¢t eo$t5 (see Thote 9) sOrt Govcmallte 7,741 11.178 164,077 175242 Abatysis by fmid UJJrestrict¢d funds. bieuerdl UDTtstri¢ied fimds. dtsi Restrtcted thds 81.620 74,158 8299 115.081 59.937 224 164,077 175242
PRIORY OF OUR LADY CIO NOTES TO THE FllYANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDEIJ 31 DECEMBER 2024 Support Costs xllocat¢d to ICtitReS 2024 2023 311 7.430 406 11,178 Bank charges GoveT]w]¢¢ costs 7,741 11,584 An#lvsed between: Coknmuttity expendituse 7,741 l L.584 2024 2023 Governanet Costs cothprtse: Independeot exaninatiott fees Legal and professioual 5.IIM) 2,330 5,100 6.078 7,430 11.178 2024 2023 10 NEt movement in fund5 The ll¢t movuntnt in fwLd5 l5 ststed After Ghargin{credits8j.' Fees payablc for tht ii)dependellt examination of the charity's fllwicial slatetnettts DepTEciation of tangible fixrd assets 5,100 39,479 s.ioo 39,501 li Trustee5 Non¢ of the trhjstecs (or any pcrsons cos]llpxied with them) received any reniusatioTr or w¢ reimbursed any exp¢Dse$ dllring theyear. Thc trusiees ai¢ memb¢ES of the cotDmuoity. Mernbers of tbe communiry are tnailltdiued by the charity preiSeS. meals and otbet living eXSe5 are paid by the charity. 12 Employees Thc awernge onthlY number of ¢P1Ye¢S dunng the year was.. 2024 2023 Nwnber Priotv staff 2024 2023 Employment costs 5.845 Wages and saIAeS 5,849
PRIORY OF OUR LADY CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YE4R EJVDED 311)ECEMBER 2024 12 Employees {Cfrntlnued) Key M#ngemeTrt PerwAtI There is one ]llember of sitff and is not d¢ellLed &s keyllni8enxeoÉpersouud. Th¢r¢ were no employees who% nal Yemut5cr4tion wasTnore than £60,000. 13 Gains 3nd 105SeS 0]k Investments U•re5tri¢ted Unrestrfeted funds fwids duigJated de5ignat¢d 21124 2023 G2(1055e5) arising on.. RevaIuation of inve5knenls S8le of iuvestsueDts 223.484 21,460 176.547 80,987 244.944 257,534 14 Tangxble fixed assets Lwnd aDdF5xfvTC4 M•tDTvebftT¢s Cost tsr valuAtion At l Janutry 20?4 3,267.104 93,987 6,500 3J67.591 At 31 Decemb¢r 2024 3,267,104 93387 6300 3J67.591 Deprer&atson aDd impgirJDent At l JaTkUary 2024 Depreci&tion ¢baTged inthe year 482.746 19.427 5.673 124 507.846 39.479 At 31 Decemit 20A? 522,101 19.427 5,797 547325 Cm?mg amount 31 December 2024 ?,745.003 74,560 703 2,820266 AtDI Decemb2025 ? 784,357 74.560 8?7 2.859.744 R¢valuation reserves of £9.833 (2023: £9,833) are inch]dedwithin g¢n¢ral [C51ct¢d fill$.
PIUORY OF OUR LADY CIO NOTES TO THE FINAINCIAL STATEMENTS (CONTI¥UED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Flxed asset inve$twents Ltsted investmellts Cost or valu*tEon At l January 2024 Additivtts Valuation chan Disposals 4 057,989 812.633 2?3.484 1719,817) At 3l Deten)ber 2024 5,374.282 C&rryillg smount At 31 December 20Yt 5.374.282 At 31 Deccmber 2023 5.057,982 Historic Costs." 2024.. £4,727.193 20?3.. £4.694.582 There were no illi'¢8mLellts beld at ftE¢ elld of the ieponiryg period which had a k¢tValUe of oveE 5fj/o of th¢ portfolio, total market value. Revaluation reserves of £651,090 (2023: £363,401) aEe included within designated fvnds 16 Stocks 2024 20 FIl$hed sd$ and 8oods for xesale 2W 250 17 Debtors 2024 2023 AD]ouDts fAUing due Orte >e4r: PrepayEn¢ntS 2nd aceftd incorne 15,862 19,798 18 Creditors. flg 41ue with¥J) one yeÈr 2024 2023 OtheE taxation 8Jd social secuiity Accwals and deferwl illCoe 292 2,098 292 11.635 12.390 11,927
PRIORY OF OUR LADY CIO NOTES TO THE FINANCIAL sTATEMErs (coNriNUED) FOR THE FE4R ENDED 31 DECEhfBER 2024 19 Restrirted funds The restricted ndS of ilJ¢ charity comprise the un¢xpmdcd balanc¥ of donions and grn]ts held on subject to specifi¢ conditions by douoKS as to bow th¢y may b¢ used. At l January 2(124 ResourtesAt 31 December eeTrd¢d 2024 re50urcÉs The Old GÈrfs FuThJ The 642 3,662 (642) {7,657) 3.995 4,304 3.995 (8,299) Pr10$ ye4r: At l Jxnllry 2023 R¢wurce5At31 December expended 2023 resollrces Th¢ Old Girls FuTtd The Fwid 757 2,410 642 3.662 1,361 (1091 3,167 1,361 (224) 4,304 The Old Girls Futtd was ¢5tablished by foull¢r elDber$ of a School prewou51y nin by th¢ SISt in order ro provide ongoing lluks wrtbth¢ Co]llrtMwty. Th¢ Lil)ratv Fwid was setup to provioebooks forthe CoTllTTwnity liknry from donatioTJs made by indiv1th&
PRIORY OF OUR LADY CIO NOTES TO THE FINANCIAL STATE)IENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 UDTestrictsd funds- deslgnated These are unr¢stricted fDnds which are to the chatity$ activitl¢5. At l J#ttllY4ry 2024 Resources ¢xpended TrAn5fers Gaill5 DdAt 31 De£ember losses 2024 Propety fund Retiraneot fd Invesknent fund Cemetery fits Maintellance fund Rwanda futld ?.784.357 675,000 4,448,548 20.0 175,(X)O S0,IK)O 139,355) (14,8191 (29.210} 2.745.002 660.181 4.793.7 1 20,000 175.0(Xl 50.000 128,995 244,944 15,386) 114.i98) 5.386 14,598 8.142,905 (103,368) 148,979 244,944 8.443.460 Prevlous year: At l Januars. 2023 Resources expended Tran5fer5 G&TnS aDdAt 31 Dteember losses 2023 Prop¢ty fvnd Retirement fvnd Inv¢$trnent fL]lld Cenkeiery fwhd MalmerLCc tiitsd Rwalldd fund 2,8?3,712 675.000 4,049.692 20.0 l75.000 50.000 139.355) 2.784,357 675,1)00 4,448.548 20.(J(X] 175.(K)O 50.000 (32.034) 173.356 257,534 (2,8171 (17,765} 2,817 17,765 7.793.404 191,9711 193.938 257,534 8,152.905 The Property Fund represents tkn fund5 necessarily set asi(le for the chaTlty's ¢Uptio of the land 2nd buildiAgs. Th¢ Retireent Fiind ha5 been designated for the chxritys comlImellt provide for the retirement aThd cat¢ in old age siekn¢s$ of the ctrn]llJullity'S Ellemb¢rs. The Investment fiiDd h8s been set aside to to represeni the fiillds tied up in the 2nvestllLents of the ¢brity frotn which the incowe geDtrated will be used w further tbe ¢hariiys objectives. The C¢ttery Fund represents all amount Set J5idefor the upkeep of tbe cetery grounds. The MainteFJance Fund represettts an aTnount8et asidt fc>K the Tnaintenance of the fabric of ttke buitding as it ages. The Rwand& Fund represents an amou]Lt set aside for the Rwalldan sisters Living attd medical expen5rs. 21 UDrestri<ted fund5 At l Jalluar). 2024 Re50urcE5 expended TrAll$fÈr$At 31 D¢¢ember 2024 resou¢5 G¢D¢ral fund5 87.416 241.l30 (81.620) {148,9791
PRIORY OF OUR LADY CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED SI DECEMBER 2024 21 Unrestrlettd funds (Continued) At l Jnu8ry 21)23 Incoming resources Resobrtes e4Knde41 Tr¥nsftrsAt 31 Dtt¢mber 2023 Genera] funds 229.403 167,032 {IT5,081) (193,938) 87.416 22 y515 of llet assets betweth fJxnd5 Ubre5tricted UMr&stiicted Restricted fvftd$ get)Èral 2024 de51gDated 21124 2024 2024 At 31 Dtttrnber 2024: Tangibleassets Invesknents Cutrcnt w¢rsl{liabilitir5) 35,909 2.784,357 5,374 982 284.821 2,820266 5.374282 346.859 97,947 8.443,460 8,541.407 Unrestricted Unrestridtd funds general 21123 Rstricted fuDds dt#TgXeted Z023 2023 2013 At 31 Deeember 2023: Tangibleassets 75?87 (9.178) 21207 2.784.357 5,067.160 301,388 2,859.744 5.057,982 326.899 Currettt 2ssetsl(liabslitiE5) 4,304 87,416 8,152,905 4J04 8,244.625 Related party tr*Ds?¢tiOllS Ther¢w¢r¢ disclosabl£ rcltsdpaty transactions dutintp th¢ year (?023- nonc}. Tranrfer to CIO On 31 March 2023 the a&%tÉs and liabilities of th¢ llttinGoTrmred charity Canoness¢s Regular of Saittt Augustine of the Priory of Lady of Good Counsel cfrLarity nutnber 236981 wKe transfeed over to & Charitable Incorporated Orgatiisation under a new u3me of Tri¢)ry of our TAdy CIO ¢barity twmber 1200216. The CIO'S gov¢rniD8 docume is a constilution CTeateéon 30 August 2022.