## **THE GAUDETE TRUST**
(Registered Charitable Incorporated Organisation no. 1202070 (England & Wales))
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2025**
**THE GAUDETE TRUST**
## **REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **CONTENTS**
||Page|
|---|---|
|**Legal and administrative information**|1|
|**Trustees' Annual Report**|2|
|**Independent examiner's report**|9|
|**Statement of financial activities**|13|
|**Balance sheet**|14|
|**Statement of cash flows**|15|
|**Notes to the financial statements**|16|
**THE GAUDETE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 August 2025**
## **CIO reg. no. (England)**
**Principal address**
1202070
St. Aloysius Convent 32 Phoenix Road London, NW1 1TA
## **Trustees**
The trustees who served during the year and up to the date of this report were as follows:
Sister Brenda Mary Wallace, Chair Michael Jonathan Russell Dame Maura Regan Jane Maureen Mee Roisin Mary Maguire Professor Francis Thomas Davis
## **Members**
The Trust has six members, five appointed by the founding Religious Orders and an episcopal member appointed by the Bishops’ Conference of England and Wales. The Members of the CIO were:
Therese Browne SP Brid Liston FCJ Dominic Sassi CFC Jim Hayes FICP Margaret O’Reilly LSU Alan Williams SM (Episcopal Member)
## **Bankers**
Lloyds Bank Plc 25 Gresham Street London, EC2V 7HN
## **Independent Examiner**
Charles Ssempijja, FCA NfP Accountants Ltd 3rd Floor, 86-90 Paul Street London, EC2A 4NE
1
**THE GAUDETE TRUST**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
The Trustees present their Trustees' annual report, together with the financial statements of The Gaudete Trust for the year ended 31 August 2025. These are prepared in accordance with current statutory requirements, the requirements of the charity's governing document, and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The reference and administrative information set out on page 1 forms part of this report.
## **Objectives and activities**
The purpose of the charity, as set out in its governing document, is the advancement of the Catholic religion through the provision, maintenance, carrying on, oversight and development of Catholic schools in England and Wales, conducted in accordance with the teachings and Canon Law of the Catholic Church.
In fulfilling this purpose, the Gaudete Trust acts as the canonical and civil trustee body for schools founded by Religious Orders, ensuring that their distinctive charisms continue to be lived, safeguarded and developed. The Trust provides continuity of mission and governance at a time when the capacity of Religious Orders is diminishing, ensuring that their educational legacy remains vibrant and secure.
To further these aims, the Trust:
- Supports and develops the Catholic ethos and charism of each school, helping them articulate and live their founder’s story and the Gaudete Trust Vision of Education.
- Provides formation and guidance for Foundation Governors, Headteachers, senior leaders, chaplains and staff, with a particular focus on charism, governance, leadership and Catholic mission.
- Oversees key aspects of governance, including the appointment and reappointment of Foundation Governors, involvement in Reserved Post appointments, and participation in Ofsted, ISI and CSI inspections.
- Monitors standards across schools, including educational outcomes, finances, buildings, and the stewardship of property, ensuring that schools meet their responsibilities under their Occupation of Premises Agreements.
- Builds community and collaboration across the family of Gaudete schools, fostering a shared identity and belonging, brokering support between schools, and encouraging the sharing of good practice.
- Acts as a point of contact and support for schools facing challenges, including leadership recruitment, Local Authority issues, inspection preparation, and matters relating to reputational risk.
- Works in partnership with Religious Orders, the Laetare CMAT and ROE, ensuring coherence of mission and clarity of roles as the wider landscape of Catholic education evolves.
2
**THE GAUDETE TRUST**
**BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
## **Public Benefit**
The trustees confirm that they have had due regard to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives and in planning its activities.
The trustees also considered how the charity had succeeded in delivering its aims, including any public benefit, when reviewing the achievements for the year which are set out below.
## **Achievements & performance**
2024/25 was the first full operational year of the Gaudete Trust, during which significant progress was made in establishing the Trust’s identity, strengthening relationships with schools, and embedding the structures required to fulfil its responsibilities as a trustee body for Religious Order schools.
1. Establishing the Gaudete Trust’s Identity and Presence
- A strong and growing sense of belonging to the Gaudete family of schools was evident across visits, events and communications.
- The Trust’s website was launched, with schools encouraged to link to it and to include information about their founder and the Gaudete Trust on their own sites to support CSI inspections.
- Regular newsletters, templates and communications helped build a shared language and understanding of the Trust’s mission.
2. Development of the Education Team
- The Education Officer and Charism Development Officer completed their first full year in post, establishing working practices, communication channels and relationships with schools, Religious Orders and diocesan partners.
- All Gaudete schools received at least one visit, with support provided for CSI inspections, Ofsted preparation, finance meetings, LA liaison, and school events.
- The team delivered formation, guidance and resources for schools, chaplains and governors, including work on charism, Catholic Social Teaching, and the Vision of Education.
3. Strengthening Governance Across the Trust
- A full protocol for the appointment and reappointment of Foundation Governors was implemented, including a new snapshot approval system to ensure timely appointments.
-
- A comprehensive database of Foundation Governors was created and maintained.
- The Trust supported schools with Reserved Post appointments, including involvement in Headteacher and Deputy Headteacher recruitment processes.
- Policies were reviewed and adapted, including safeguarding, governance, credit card use, risk management and reserves.
3
**THE GAUDETE TRUST**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
## 4. Major Trust-wide Events
- Governors & Headteachers Conference (October 2024) brought together leaders from across the Trust, strengthening relationships and deepening understanding of the Gaudete mission.
- Sixth Form Pilgrimage of Hope (2 July 2025) was delivered in both Liverpool and London as part of the Jubilee Year 2025, offering students a transformative experience of faith, leadership, vocation and hope.
5. Monitoring Standards and Supporting School Improvement
-
- A Directory of Good Practice began development to support peer-to-peer improvement across schools.
- Inspection outcomes were shared across the Trust community, with letters of congratulations issued and support provided where needed.
6. Strengthening Relationships with Religious Orders and Partners
-
- Agreements between the Gaudete Trust and each Religious Order were finalised and signed.
- The Trust supported RO schools with inspection preparation, governance issues, and leadership recruitment.
- Collaboration with the Laetare CMAT and ROE continued, including joint meetings, shared formation, and clarity of roles as schools joined the Laetare CMAT.
7. Financial Management and Investment Oversight
-
- Regular financial reporting was established, with quarterly updates to Trustees.
- Significant funds were invested in the CCLA long-term multi-asset fund, with additional transfers approved during the year.
-
-
- The Trust completed its first full set of audited accounts, meeting Charity Commission requirements.
- A Reserves Policy and Risk Management Policy were completed and approved.
## 8. Responding to Emerging Needs
- The Trust supported schools with Local Authority issues, property matters, diocesan levies, and reputational risk.
- Guidance was provided on Bishop’s Directives and diocesan levies, with further communication planned for 2025/26.
- The Trust engaged in international research on inclusive governance in a synodal Church, contributing to wider understanding of MPJP governance.
4
**THE GAUDETE TRUST**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
## **Financial review**
## _Financial Position_
The Charity reported net expenditure for the year of £102,044 (2024 - net income £3,985,544), details of which are shown in the Statement of Financial Activities on page 13. This net expenditure for the year includes investment losses of £134,863 (2024 - net income included investment gains of £315,890).
Total income for the year amounted to £156,180, (2024 - £3,719,218), which included grants and donations from the founding Religious Orders of £45,644; (2024 - £3,644,751). Total expenditure amounted to £123,361 (2024 - £49,564).
## _Reserves Policy_
The charity is currently formulating a reserves policy. However, at the year end unrestricted reserves totalled £154,986 (2024 - £94,512) which the Trustees considers is adequate to meet future short-term commitments.
## _Investment policy_
There are no restrictions on the charity’s power to invest. The charity’s investments were managed by professional investment managers during the year. The investment strategy is set by the trustees with advice from their investment managers. It takes into account the charity’s income requirements for the year, the risk profile and the investment managers’ view of the market prospects in the medium term.
The policy is to maximise total return through a diversified portfolio whilst providing a level of income as advised by the trustees from time to time. The trustees also have an Ethical Policy which precludes investment in any company, which after reasonable enquiry, clearly generates significant profits from an activity which is contrary to the objectives of the Catholic Church.
The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees whose representatives meet with the investment managers every six months.
Conscious of how the future of the planet can be jeopardised by investing in fossil fuels the trustees have continued to engage with their investment managers requesting a shift to invest in companies which facilitate the transition from fossil fuels to renewables and cleaner energy.
5
**THE GAUDETE TRUST**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
The investment managers have been given instructions to ensure that the funds of the charity are:
- protected from inflationary pressures;
- used in a manner consistent with its aims and objectives as a Society;
- available to meet future commitments; and
- earning a reasonable rate of return.
## _Risk Management_
The major risks to which the charity is exposed have been identified and are reviewed by the Trustees on a quarterly basis. Prior to the Board’s quarterly reviews, the Finance & Risk Committee scrutinises the Risk Register and make recommendations to the Board on actions to be taken and the status given to each risk. The Trustees are satisfied that appropriate controls are in place to mitigate the major risks facing the charity.
## _Going Concern_
After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
## **Structure, governance and management**
The organisation is a Charitable Incorporated Organisation (CIO), incorporated and registered at the Charity Commission in England and Wales on 24 February 2023.
The CIO was established under and is governed by its Constitution.
## **Governance and management**
The trustees are responsible for the strategic direction and policy making of the Charity. The recruitment of an Education Officer, a Charism Development Officer and an Administrator was successfully executed. These Officers take over the day to day running of the Charity.
All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts.
6
**THE GAUDETE TRUST**
**BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
## **Recruitment, appointment and induction of new Trustees**
Trustees are identified by asking colleagues and associates in Catholic education to recommend someone.
Recruitment is effected by a personal conversation and invitation to apply if appropriate. The process for seeking references and approval by the Members is followed.
A new trustee is given a copy of the Constitution, the Charter, the Roles & Responsibilities, the Policies, the Agreement between the Gaudete Trust and the member Religious Orders and is accompanied by a serving trustee who clarifies process and practice.
## **Related parties and relationships with other organisations**
The CIO is a collaborative trust for Religious Orders in England and Wales, and has been entirely funded by those Religious Orders, as shown in Note 2. The CIO has the authority to take on those legal, financial, and inspirational responsibilities of educational trusteeship that were formerly exercised by individual Religious Orders. The success of the CIO's mission, and indeed its very existence, depends on how well it achieves this objective, from the perspective of those individual Religious Orders.
## **Statement of responsibilities of the trustees**
The trustees are responsible for preparing the Board of Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources, including the income and expenditure, of the CIO for that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
7
**THE GAUDETE TRUST**
## **BOARD OF TRUSTEES' REPORT For the year ended 31 August 2025**
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the CIO and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the CIO's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Approval of the report**
This report was approved by the Board of Trustees on ….........................
## **Sr Brenda Wallace**
Chair
8
**THE GAUDETE TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES**
## **For the year ended 31 August 2024**
I report on the accounts of the charity for the year ended 31 August 2025.
## **Respective responsibilities of the Board of Trustees and examiner**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below) which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Charles Ssempijja, FCA**
NfP Accountants Ltd Chartered Accountants 3rd Floor, 86-90 Paul Street London EC2A 4NE Date: ………………………….
9
## **THE GAUDETE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
**(incorporating Income and Expenditure Account & Statement of Total Realised Gains and Losses) For the year ended 31 August 2025**
|**Unrestricted**
**Funds**
**Note**
**2025**
**£**
**INCOME FROM**
Donations and legacies
2
**45,644**
Charitable activities
**108,813**
**1,723**
**-**
**TOTAL INCOME**
**156,180**
**EXPENDITURE ON:**
Charitable activities
Managing the endowment
**-**
Oversight and development of
schools
**95,706**
**95,706**
**TOTAL EXPENDITURE**
**95,706**
**60,474**
**-**
**60,474**
**RECONCILIATION OF FUNDS**
TOTAL FUNDS AT 1 SEPTEMBER 2024
_94,512_
**TOTAL FUNDS AT 31 AUGUST 2025**
**154,986**
**£ **
**NET INCOME/(EXPENDITURE) FOR THE**
**YEAR**
Investment income: dividends
Net gains / (losses) on investments
Net income / (expenditure) before
net gains / (losses) on investments
Investment income: bank interest
Other income|**Unrestricted**
**Funds**
**Note**
**2025**
**£**
**INCOME FROM**
Donations and legacies
2
**45,644**
Charitable activities
**108,813**
**1,723**
**-**
**TOTAL INCOME**
**156,180**
**EXPENDITURE ON:**
Charitable activities
Managing the endowment
**-**
Oversight and development of
schools
**95,706**
**95,706**
**TOTAL EXPENDITURE**
**95,706**
**60,474**
**-**
**60,474**
**RECONCILIATION OF FUNDS**
TOTAL FUNDS AT 1 SEPTEMBER 2024
_94,512_
**TOTAL FUNDS AT 31 AUGUST 2025**
**154,986**
**£ **
**NET INCOME/(EXPENDITURE) FOR THE**
**YEAR**
Investment income: dividends
Net gains / (losses) on investments
Net income / (expenditure) before
net gains / (losses) on investments
Investment income: bank interest
Other income|**Restricted**
**Endowment**
**Funds**
**2025**
**£**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2025**
**£**
**45,644**
**108,813**
**1,723**
**-**|_Unrestricted_
_Funds_
_2024_
_£_
_44,750_
_71,843_
_2,624_
_-_|_Restricted_
_Endowment_
_Funds_
_2024_
_£_
_3,600,001_
_-_
_-_
_-_|_Total_
_Funds_
_2024_
_£_
_3,644,751_
_71,843_
_2,624_
_-_|
|---|---|---|---|---|---|---|
||**156,180**|**-**|**156,180**|_119,217_|_3,600,001_|_3,719,218_|
||**-**
**95,706**|**27,655**
**-**|**27,655**
**95,706**|_-_
_24,705_|_24,859_
_-_|_24,859_
_24,705_|
||**95,706**|**27,655**|**123,361**|_24,705_|_24,859_|_49,564_|
||**95,706**|**27,655**|**123,361**|_24,705_|_24,859_|_49,564_|
||||||||
||**60,474**|**(27,655)**|**32,819**|_94,512_|_3,575,142_|_3,669,654_|
||**-**|**(134,863)**|**(134,863)**|_-_|_315,890_|_315,890_|
|||**(162,518)**|**(102,044)**|_94,512_|_3,891,032_|_3,985,544_|
||_94,512_|_3,891,032_|_3,985,544_|_-_|_-_|_-_|
||**154,986**
**£ **|**3,728,514**
**£ **|**3,883,500**
**£ **|_94,512_
_£ _|_3,891,032_
_£ _|_3,985,544_
_£ _|
All income and expenditure has arisen from continuing activities
The annexed notes form part of these financial statements
10
## **THE GAUDETE TRUST**
## **(Charitable Incorporated Organisation number 1202070)**
## **BALANCE SHEET As at 31 August 2025**
|**Notes**
**FIXED ASSETS**
Investments
**CURRENT ASSETS**
Cash at bank and in hand
**CREDITORS: amounts falling due**
**within one year**
11
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Restricted endowment funds
12
General fund
12|**2025**
**£**
**£**
**3,795,513**
**89,579**
**(1,592)**
**87,987**
**3,883,500**
**£ **
**3,728,514**
**154,986**
**3,883,500**
**£ **|_£_
_515,028_
_(7,515)_|_2024_
_£_
_3,478,031_
_507,513_|
|---|---|---|---|
|||||
||||_3,985,544_
_£ _|
||||_3,891,032_
_94,512_|
||||_3,985,544_
_£ _|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved, and authorised for issue, by the Board of Trustees on
….........................
SR BRENDA WALLACE, Chair
The annexed notes form part of these financial statements
11
**THE GAUDETE TRUST**
## **STATEMENT OF CASHFLOWS For the year ended 31 August 2025**
|**£**
**£**
Cash flows from operating activities
**(102,044)**
Add back/(less) investment losses/(gains)
**134,863**
Net cash provided by / (used in) operating activities
(Increase)/decrease in debtors
**-**
Increase/(decrease) in creditors
**(5,923)**
Investment income recognised in the SOFA
**(110,536)**
**(116,459)**
Cash flows from investing activities
Purchase of CCLA Catholic Investment Fund
units
**(480,000)**
Investment management fees
**27,655**
Investment income recognised in the SOFA
**110,536**
**(341,809)**
Cash flows from financing activities
**-**
Change in cash and cash equivalents in the year
**(425,449)**
Cash and cash equivalents at the beginning of the year
**515,028**
Cash and cash equivalents at the year end
**89,579**
**£ **
**2025**|_2024_|_2024_|
|---|---|---|
||_£_
_-_
_7,515_
_(74,467)_
_(3,187,000)_
_24,859_
_74,467_|_£_
_3,985,544_
_(315,890)_
_(66,952)_
_(3,087,674)_
_-_|
|||_515,028_
_-_|
|||_515,028_
_£ _|
12
**THE GAUDETE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **1. ACCOUNTING POLICIES**
## _**Basis of preparation of financial statements**_
The accounts have been prepared under the historical cost accounting rules, and in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Companies Act 2006.
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.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
Judgements and key sources of estimation uncertainty are detailed in the accounting policies where applicable.
## _**Public benefit entity**_
The charity meets the definition of a public benefit entity under FRS 102.
## _**Going concern**_
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Key judgements that the charity has made which have a significant effect on the accounts include estimating income and expenditure for the next 12 months, in particular the likelihood of various contracts and grants being awarded.
## _**Income**_
Income is recognised when the charity has entitlement to the funds: this is when any performance conditions attached to the income have been met, it is probable that the income will be received, and that the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income is only deferred when: the donor specifies that the grant or donation must only be used in future accounting periods; or for performance related grants, where these are received in advance of the performances or specific event to which they relate.
## _**Interest receivable**_
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## _**Company status**_
The Gaudete Trust is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
13
**THE GAUDETE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## _**Fund accounting**_
Restricted funds, including endowment funds, are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
## _**Expenditure and irrecoverable VAT**_
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
## _Charitable activities_
Expenditure on charitable activities includes the costs of delivering services and reading activities undertaken to further the purposes of the charity and their associated support costs.
## _**Allocation of support costs**_
Resources expended are allocated to the particular activity where the cost relates directly to that activity. Staff costs are stated on the basis of staff time. Support costs which cannot be directly attributed to charitable activities are allocated in proportion to staff costs.
Where information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of the area of literature occupied by each activity.
## _**Investments**_
Investments held as fixed assets are valued at market value at the balance sheet date and the gain or loss taken to Statemnt of Financial Activities. Any realised gain or loss on sale or disposal of investment is taken to Statement of Financial Activities.
## _**Tangible fixed assets and depreciation**_
Tangible fixed assets (excluding investments) are stated at cost less depreciation. The cost of minor additions or those costing less than £2,000 are not capitalised. Other fixed assets with an expected life of more than one year are included at cost and depreciated over three years.
## _**Debtors**_
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## _**Cash at bank and in hand**_
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. Cash balances exclude any funds held on behalf of service users.
## _**Creditors and provisions**_
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 trade discounts due.
14
**THE GAUDETE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## _**Pensions**_
The charity operates a defined contributions pension scheme, which is a Group Stakeholder Pension Scheme. During the year, the charity contributed up to 5% of gross pay for all staff. The contributions made during the year are treated as an expense and were £892 (2024 - Nil).
## **2. GRANTS AND DONATIONS**
|La Sainte Union
Faithful Companions of
Jesus
Sisters of Charity of
Saint Paul
La Mennais
Individual donors
Major donors
Christian Brothers|**Unrestricted**
**Funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**45,644**|**Restricted**
**Endowment**
**Funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**45,644**|_Unrestricted_
_Funds_
_2024_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_44,750_|_Restricted_
_Endowment_
_Funds_
_2024_
_£_
_1,500,000_
_1,500,000_
_250,001_
_350,000_
_-_
_-_
_-_|_Total_
_Funds_
_2024_
_£_
_1,500,000_
_1,500,000_
_250,001_
_350,000_
_-_
_-_
_44,750_|
|---|---|---|---|---|---|---|
||**45,644**
**£ **|**Nil**
**£**|**45,644**
**£ **|_44,750_
_£ _|_3,600,001_
_£ _|_3,644,751_
_£ _|
## **3. ANALYSIS OF EXPENDITURE**
|Managing the
endowment
Oversight and
development of schools
Governance costs
Support costs|**Staff costs**
**£**
**-**
**81,859**|**Direct costs**
**£**
**27,655**
**5,192**|**Governance**
**costs**
**£**
**-**
**5,723**|**Support**
**costs**
**£**
**-**
**2,932**|**Total**
**2025**
**£**
**27,655**
**95,706**|_Total_
_2024_
_£_
_24,859_
_24,705_|
|---|---|---|---|---|---|---|
||**81,859**
**-**
**-**|**32,847**
**5,723**
**2,932**|**5,723**
**(5,723)**
**-**|**2,932**
**-**
**(2,932)**|**123,361**
**-**
**-**|_49,564_
_-_
_-_|
||**81,859**
**£ **|**41,502**
**£ **|**Nil**
**£**|**Nil**
**£**|**123,361**
**£ **|_49,564_
_£ _|
15
**THE GAUDETE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
_Note 3 - ANALYSIS OF EXPENDITURE - 2024_
|_Managing the_
_endowment_
_Oversight and_
_development of schools_
_Governance costs_
_Support costs_|_Staff costs_
_£_
_-_
_-_|_Direct costs_
_£_
_24,859_
_3,042_|_Governance_
_costs_
_£_
_-_
_8,742_|_Support_
_costs_
_£_
_-_
_12,921_|_Total_
_2025_
_£_
_24,859_
_24,705_|
|---|---|---|---|---|---|
||_-_
_-_
_-_|_27,901_
_8,742_
_12,921_|_8,742_
_(8,742)_
_-_|_12,921_
_-_
_(12,921)_|_49,564_
_-_
_-_|
||_Nil_
_£_|_49,564_
_£ _|_Nil_
_£_|_Nil_
_£_|_49,564_
_£ _|
Of the total expenditure, £95,706 was unrestricted (2024 - £24705) and £27,655 was restricted (2024 - £24859).
## **4. NET INCOME / EXPENDITURE FOR THE YEAR**
This is stated after charging / crediting:
|Independent examination / Audit fee
**5.**
**STAFF COSTS AND NUMBERS**
**Unrestricted**
**Funds**
**2025**
**£**
**Salary costs**
Wages and salaries
**42,222**
Pension costs
**892**
**43,114**
**Other staffing costs**
Self employed staff
**38,745**
**81,859**
**£ **|Independent examination / Audit fee
**5.**
**STAFF COSTS AND NUMBERS**
**Unrestricted**
**Funds**
**2025**
**£**
**Salary costs**
Wages and salaries
**42,222**
Pension costs
**892**
**43,114**
**Other staffing costs**
Self employed staff
**38,745**
**81,859**
**£ **|**Restricted**
**Funds**
**2025**
**£**
**-**
**-**|**Total**
**Funds**
**2025**
**£**
**42,222**
**892**|_Unrestricted_
_Funds_
_2024_
_£_
_-_
_-_|**2025**
**£**
**720**|_2024_
_£_
_5,100_|
|---|---|---|---|---|---|---|
||||||_Restricted_
_Funds_
_2024_
_£_
_-_
_-_|_Total_
_Funds_
_2024_
_£_
_-_
_-_|
||**43,114**
**38,745**|**-**
**-**|**43,114**
**38,745**|_-_
_-_|_-_
_-_|_-_
_-_|
||**81,859**
**£ **|**Nil**
**£**|**81,859**
**£ **|_Nil_
_£_|_Nil_
_£_|_Nil_
_£_|
The average number of employees (head count based on number of staff employed) during the year was 2 (2024 - Nil).
The total employee benefits, including pension contributions, of the key management personnel were £38,745 (2024 - Nil). KMPs include the CEO and the Director of Business Support.
During the year, no employee earned above £60,000 (2024 - the same).
16
**THE GAUDETE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **6. TRUSTEES' REMUNERATION AND EXPENSES**
The charity trustees were not paid and did not receive any other benefits from association with the charity in the year (2024 - £nil). No charity trustee received payment for professional or other services supplied to the charity (2024 - £nil).
Trustees' expenses, representing the payment or reimbursement of travel and subsistence costs, totalled £1,010 (2024 - £0), incurred by 5 trustees (2024 - None).
## **7. OTHER RELATED PARTY TRANSACTIONS**
The CIO is a collaborative trust for Religious Orders in England and Wales, and has been entirely funded by those Religious Orders, as shown in Note 2. The CIO has the authority to take on those legal, financial, and inspirational responsibilities of educational trusteeship that were formerly exercised by individual Religious Orders. The success of the CIO's mission, and indeed its very existence, depends on how well it achieves this objective, from the perspective of those individual Religious Orders.
## **8. TAXATION**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## **9. SUPPORT AND GOVERNANCE COSTS**
|Support costs
Launch
Members expenses
Other personnel costs
Payroll admin
Bank charges
Office costs
Governance costs
Trustees' meetings
Trustees' expenses
Governors and Heads conference
Independent examination / Audit
Audit preparation
Other governance costs
Support staff costs|**2025**
**£**
**-**
**899**
**-**
**528**
**178**
**1,327**|_2024_
_£_
_10,542_
_-_
_2,319_
_-_
_60_
_-_|
|---|---|---|
||**2,932**
**494**
**1,010**
**3,499**
**720**
**-**
**-**|_12,921_
_220_
_2,222_
_-_
_5,100_
_1,200_
_-_|
||**5,723**
**-**|_8,742_
_-_|
||**8,655**
**£ **|_21,663_
_£ _|
17
**THE GAUDETE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **10. INVESTMENTS**
|**Market value**
At 1 September 2024
Additions
Gross gains/(losses)
Less management fees
At 31 August 2025|**Other**
**investments**
**£**
**3,478,031**
**480,000**
**(134,863)**
**(27,655)**|**Total**
**£**
**3,478,031**
**480,000**
**(134,863)**
**(27,655)**|
|---|---|---|
||**3,795,513**
**£ **|**3,795,513**
**£ **|
The CIO's Trustees have invested £3,187,000 of the initial contributions from the founding Religious Orders in the Catholic Investment Fund, managed by CCLA. The fund aims to provide growth in capital and income, to achieve a gross total return of 5% per annum net of inflation (as measured by the increase in the UK Consumer Price Index) over the long term (defined as five years).
The investment manager's fees are deducted directly from the fund. These fees are calculated as a total ongoing charges figure of 0.78%. During the year, the investment manager's fees charged were £27,655.
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|Social security and other taxes
Pensions due
Other creditors
Accruals|**2025**
**£**
**608**
**174**
**90**
**720**|_2024_
_£_
_-_
_-_
_1,215_
_6,300_|
||**1,592**
**£ **|_7,515_
_£ _|
18
**THE GAUDETE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **12. STATEMENT OF FUNDS**
|||||||
|---|---|---|---|---|---|
|**STATEMENT OF FUNDS**
**RESTRICTED FUNDS**
Restricted endownment fund:
Contributions endowment
**SUMMARY OF FUNDS**
General Funds
Restricted Funds|**Brought**
**Forward**
**£**
**3,891,032**|**Incoming**
**Resources**
**£**
**-**|**Investment**
**gains/(losses)**
**Resources**
**& transfers**
**Expended**
**£**
**£**
**(27,655)**
**(134,863)**
**(27,655)**
**£**
**(134,863)**
**£**
**(95,706)**
**-**
**(27,655)**
**(134,863)**
**(123,361)**
**£**
**(134,863)**
**£**||**Carried**
**Forward**
**£**
**3,728,514**|
||**3,891,032**
**£**|**Nil**
**£**|**(27,655)**
**£**|**(134,863)**
**£**|**3,728,514**
**£**|
||**94,512**
**3,891,032**|**156,180**
**-**|**(95,706)**
**(27,655)**|**-**
**(134,863)**|**154,986**
**3,728,514**|
||**3,985,544**
**£**|**156,180**
**£ **|**(123,361)**
**£**|**(134,863)**
**£**|**3,883,500**
**£**|
## _Restricted funds_
Upon setting up the CIO, 4 of the founding Religious Orders contributed a total of £3.6m, to be placed in an investment endownment, and from which, income can be used by the CIO's trustees to deliver its activities. There is no further restriction on the original contribution and there's no expectation that these original contributions will in future be returned to the founding Religious Orders. In the event that the CIO is to be wound up, any remaining assets will be donated to another charity with similar objectives.
## _STATEMENT OF FUNDS - 2024_
|_RESTRICTED FUNDS_
_SUMMARY OF FUNDS_
_General Funds_
_Restricted Funds_
_Restricted endownment fund:_
_Contributions endowment_|_Brought_
_Forward_
_£_
_-_|_Incoming_
_Resources_
_£_
_3,600,001_|_Resources_
_Expended_
_£_
_(24,859)_|_Transfers_
_£_
_315,890_|_Carried_
_Forward_
_£_
_3,891,032_|
|---|---|---|---|---|---|
||_Nil_
_£_|_3,600,001_
_£ _|_(24,859)_
_£_|_315,890_
_£ _|_3,891,032_
_£ _|
||_-_
_-_|_119,217_
_3,600,001_|_(24,705)_
_(24,859)_|_-_
_315,890_|_94,512_
_3,891,032_|
||_Nil_
_£_|_3,719,218_
_£ _|_(49,564)_
_£_|_315,890_
_£ _|_3,985,544_
_£ _|
19
**THE GAUDETE TRUST**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025**
## **13. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**2025**
Fixed asset investments
Net current assets
_2024_
_Fixed asset investments_
_Net current assets_|**Unrestricted Funds**
**Designated**
**General**
**Funds**
**Funds**
**£**
**£**
**-**
**317,482**
**-**
**(162,496)**
**Nil**
**£**
**154,986**
**£ **
_Unrestricted Funds_
_Designated_
_General_
_Funds_
_Funds_
_£_
_£_
_-_
_-_
_-_
_507,513_
_Nil_
_£_
_507,513_
_£ _|**Unrestricted Funds**
**Designated**
**General**
**Funds**
**Funds**
**£**
**£**
**-**
**317,482**
**-**
**(162,496)**
**Nil**
**£**
**154,986**
**£ **
_Unrestricted Funds_
_Designated_
_General_
_Funds_
_Funds_
_£_
_£_
_-_
_-_
_-_
_507,513_
_Nil_
_£_
_507,513_
_£ _|**Restricted**
**Endowment**
**Funds**
**£**
**3,478,031**
**250,483**|**Total**
**Funds**
**£**
**3,795,513**
**87,987**|
|---|---|---|---|---|
||**Nil**
**£**|**154,986**
**£ **|**3,728,514**
**£ **|**3,883,500**
**£ **|
||||_Restricted_
_Funds_
_£_
_3,478,031_
_-_|_Total_
_Funds_
_£_
_3,478,031_
_507,513_|
||_Nil_
_£_|_507,513_
_£ _|_3,478,031_
_£ _|_3,985,544_
_£ _|
## **14. ANALYSIS OF THE NET MOVEMENT IN FUNDS**
|Net movement in funds|**Unrestricted**
**Funds**
**2025**
**£**
**60,474**|**Restricted**
**Endowment**
**Funds**
**2025**
**£**
**(162,518)**|**Total**
**Funds**
**2025**
**£**
**(102,044)**|_Total_
_Funds_
_2024_
_£_
_3,985,544_|
|---|---|---|---|---|
||**60,474**
**£ **|**(162,518)**
**£**|**(102,044)**
**£**|_3,985,544_
_£ _|
## **15. OPERATING LEASE COMMITMENTS**
The charity had no lease commitments at the year end (2024 - the same).
## **16. OTHER COMPANY INFORMATION**
The Gaudete Trust is a Charitable Incorporated Organisation (CIO), registered in England and Wales with registration number 1202070. Its registered office address is St. Aloysius Convent, 32 Phoenix Road, London NW1 1TA. The accounts are presented in GBP rounded to £1.
20