**Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust**
_**Number 221319**_
## **Annual Report and Accounts**
31 August 2020
## **Contents**
## **Reports**
|**Reports**|**Reports**|
|---|---|
|Reference and administrative details of the||
|Charity, its Trustees and advisers|1|
|Trustees’ report|3|
|Independent auditor’s report|30|
|**Accounts**||
|Statement of financial activities|33|
|Balance sheet|34|
|Statement of cash flows|35|
|Principal accounting policies|36|
|Notes to the accounts|43|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust
## **Reference and administrative details of the Charity, its Trustees and advisers**
**Trustees** Sister Eileen O’Neill Sister Noella Pereira Sister Marta Silva Sister Ana Maria Horta Correia Ramirez Sister Anne Petit Sister Margaret Scott (appointed 18 November 2020) **Sister Provincial** Sister Ana Maria Horta Correia Ramirez **Provincial Bursar** Sister Marta Silva **Address** 25 Saint Edmund’s Terrace St John’s Wood London NW8 7PY **Charity registration** 221319 **number Auditor** Buzzacott LLP 130 Wood Street London EC2V 6DL **Bankers** National Westminster Bank plc 106 Finchley Road London NW3 5JN Barclays Bank plc 40 Wellington Road St John’s Wood London NW8 9TJ Lloyds Bank plc 4 Castle Street Christchurch Dorset BH23 1DU
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **1**
## **Reference and administrative details of the Charity, its Trustees and advisers**
**Bankers** (continued) Barclays Bank plc Beckenham South 167 High Street Market Square Bromley BR1 1NI Epworth Investment Management Limited 70 St George’s Square London SW1V 3RD Santander UK plc 100 Ludgate Hill London EC4M 7NJ **Investment managers** Charles Stanley Asset Management 25 Luke Street London EC2A 4AR BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London EC2N 2DL Tyndall Investment Manager 5-8 The Sanctuary London SW1P 3JS CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET **Solicitors** Pothecary Witham Weld 70 St George’s Square London SW1V 3RD
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **2**
## **Trustees’ report** 31 August 2020
The Trustees present the report and accounts of the Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust (the ‘Charity’) for the year ended 31 August 2020.
The accounts have been prepared in accordance with the accounting policies set out on pages 36 to 42 of the attached accounts and comply with the Charity’s trust deed, applicable laws and the requirements of 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 United Kingdom and Republic of Ireland (FRS 102).
The Charity is governed by a trust deed dated 2 July 1938 and is registered under the Charities Act 2011 (Charity Registration No 221319). The Trustees are incorporated under the name of ‘The Trustees of the Handmaids of the Sacred Heart of Jesus’.
## **CONSTITUTION**
The Handmaids of the Sacred Heart of Jesus (the ‘Congregation’) is a Roman Catholic religious congregation founded in Spain in 1877, with the aim of promoting peace and reconciliation and of providing education at all levels. It is an international congregation with communities in four continents: Europe, Africa, North and South America and Asia.
## **HISTORY**
The Congregation was founded in Spain, in 1877, and soon expanded throughout Spain, Rome and South America. The first house outside Spain was opened in England, in 1910, in Upper Belgrave Street, London. Here the Sisters ran a club providing formation for working girls and offered monthly retreats. In 1937 this Community was transferred to 8 Avenue Road NW8 and in 1980 to 25 Saint Edmund’s Terrace NW8.
The Congregation’s first school in the UK was opened in 1921, in Englefield Green, Surrey, and has had a chequered history: being transfered to Highcliffe-on-Sea, in Hampshire, in 1955 and expanding to include a secondary school. Later, in 1971, it merged with another Convent in Boscombe in order to form a larger school. In 1983, responding to the request of the Bishops, it merged with St Peter’s De la Salle Boy’s Independent School and Iford Secondary Modern School to form a large Comprehensive School. The Sisters remained teaching in that school until 1986. The Community had moved to a small house in Southbourne, Hampshire, returning to Boscombe in 2005.
In 1936, the Congregation established an Independent Day and Boarding School for 5 to 18 year old girls in Beckenham, Kent. In 1968, the primary department closed and St Mary’s State Primary School was built on land belonging to the Sister’s Convent. In 1987 Beckenham Convent Secondary School was closed and a new Community was opened in Village Way, Beckenham. This communirty closed in 2016. In 1999 the Trustees transferred St Mary’s Primary School to the control of the Diocese while remaining the ultimate owners of the land and buildings, and participating on the school’s Board of Governors.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **3**
## **Trustees’ report** 31 August 2020
## **HISTORY** (continued)
Between 1973 and 1984 the Handmaids of the Sacred Heart of Jesus had a small community in Rotherham, Yorkshire, and between 1987 and 1999, a parish community in Glasgow.
Saint Christina’s School was founded in 1949 as an independent Catholic school in the Archdiocese of Westminster. Since then, the school has grown considerably and continues to flourish, always seeking to meet the needs of pupils in an ever-changing world.
In 1957 the Congregation expanded to Ireland and opened a retreat house in Finglas, in the north of Dublin. In 1966 a University Residence was opened in the South of Dublin in Avoca Avenue, Blackrock. When, in 1971, at the request of the Archbishop, the Sisters took over the management of a primary and a secondary school in Stillorgan, in the south of Dublin, the University residence was also transferred there. While the whole school campus in the South of Ireland continues to flourish, the retreat house in Finglas was sold in 1996 and most of the resulting funds were donated to the English Charity in 2012.
In 2014, the Congregation began a new chapter of its history in England, with the establishment of the Atlantic Europe Province, in order to respond to the challenge of a New Evangelization of Europe. The Canonical union took place on 1 January 2014 but it has had no impact on the scope and governance of the Charity itself. The Province includes the communities and apostolic works in the United Kingdom, Ireland, Portugal and France.
Province Assembly – Palmela – October 2015
## **OBJECTIVES AND ACTIVITIES**
## **Mission and policies**
The Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust aims to sustain the religious, social and cultural works carried on by the Congregation; to support and care for the elderly members of the Congregation who have given many years of their life to the service of education or pastoral work; and to prepare and form its younger members, so they will be able to carry on the works of the Congregation in the years to come.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **4**
## **Trustees’ report** 31 August 2020
## **OBJECTIVES AND ACTIVITIES** (continued)
## **Mission and policies** (continued)
When setting the objectives and planning the work of the Charity for the year, and when supporting the work of individual Sisters, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. The works of the Charity can be defined under the following main areas:
- ♦ Education
The educational work carried out by the Charity in both School and Parish Ministry includes proclaiming the gospel, helping people to grow in faith, both as individuals and as members of a community, promoting human development, and entering into dialogue with those of different religious beliefs and cultural backgrounds. Further, it includes collaborating and networking in the promotion of reconciliation and peace, social justice and the care of the earth, with a strong emphasis on reconciliation.
As stated above, the Charity owns the land and buildings of St Mary’s Primary School, Beckenham, Kent. It is now run by the Diocese of Southwark. One of the Sisters is a member of the Governing Body and some others have regular contact with the school. The Trustees nominate three members of the Governing Body, one of whom at present is a Sister.
Several improvements have been made to the school building with the approval of the Trustees. St Mary’s continues to be an excellent school with a very high standard of education achieving a top ten position in national league tables. The Trustees are delighted that their response to the need they saw in 1968 for a state school in that area has had such a successful outcome. They also witness the Mission of the Congregation, i.e. reconciliation and understanding between nations, being fulfilled as the number of nationalities and cultures increases in the school.
The Charity owns and operates Saint Christina’s Preparatory School (the School) in London which educates children between the ages of 3 and 11.
Saint Christina’s continues to maintain a high standard of excellence, providing Catholic education, following the National Curriculum, together with extracurricular activities such as speech and drama, art, sport, Irish dancing and musical instruments.
The School community is international, with families from many different countries and religions. This builds up understanding and appreciation of other cultures and beliefs, and supports our working for unity between peoples as is stated in the school’s Mission Statement:
_“We respect diversity and individuality. We seek to excel in all that we do treating everybody like sister and brother. We learn tolerance and cooperation embracing people from every nation”._
The Trustees consider this to be an important part of the Congregation’s Charism of Reconciliation.
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## **Trustees’ report** 31 August 2020
## **OBJECTIVES AND ACTIVITIES** (continued)
## **Mission and policies** (continued)
- ♦ Education (continued)
Four of the Trustees are part of the Governing Body of Saint Christina’s Preparatory school. Two Trustees who live in the Convent adjacent to the School are in constant contact and know and interact with the children, staff and parents.
Conscious of the Health and Safety issues and wishing the best for the welfare of the children, the Trustees have permitted the use of the Convent’s kitchen by the School’s kitchen team. This has improved significantly cooking conditions on campus.
The School premises have always been available to the local community and it is the intention that this continues. At present the premises are used on a regular basis by drama groups, the Pioneer Association and others. A voluntary contribution is requested to cover the cost of heating, lighting and cleaning when these groups can afford it.
- ♦ Social and pastoral work
Several members of the Congregation are involved in community and parish based programmes in Great Britain. These include working in counselling, visiting the elderly, sick and dying.
In London and in Bournemouth, the Sisters prepare children for the sacraments, guide groups of prayer and provide spiritual education.
Another Sister regularly gives talks and workshops in Great Britain and abroad.
- ♦ Grants and donations
The Handmaids of the Sacred Heart of Jesus in England is part of an international Congregation with communities in 23 countries.
The Trustees are aware of their obligation to assist the Sisters’ mission in third world countries and, for this purpose, a contribution is sent each year to the Congregation’s general fund in Rome. The Mission Fund reflects this engagement, being ready to respond to any necessity brought to the Trustees from the Congregation in other countries.
Within the Atlantic Europe Province, a preferential commitment with Fundçào Santa Rafaela Maria consubstantiates the support given to projects aligned with our values and charisma.
Grants and donations are decided upon by the Trustees after having consulted other members of the Congregation.
The Trustees also continue to give some financial support to organisations within Great Britain whose work is consistent with the objects of the Charity such as CAFOD (the official aid agency of the Catholic Church in England and Wales and part of Caritas International) and ShareAction, Crowd Justice and Avaaz Foundation.
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## **Trustees’ report** 31 August 2020
## **OBJECTIVES AND ACTIVITIES** (continued)
## **Care of the elderly**
The Charity actively supports the aims of the legislation to provide quality care for the elderly. To achieve this objective, we carefully ensure that our elderly and sick Sisters are cared for lovingly and efficiently and, as much as possible, within their own communities, or “homes”. During the year, three Sisters in the London community benefitted from twenty-four hour care.
The Trustees’ policy to keep the Sisters in their care at home as long as possible is only changed to outside care if their condition deteriorates to such a degree that the proper care can no longer be provided at home.
## **Safeguarding**
All Sisters who are involved with children or vulnerable adults have an up to date Disclosure and Barring Service (DBS) check. The Sister in charge of the elderly attends regular courses on the safeguarding of vulnerable adults and on all aspects of health and safety.
## **Formation of younger Sisters**
Prior to joining the Congregation, those younger Sisters who are now in formation, had finished their school and university education and some had professional careers. However, their formation as Religious Sisters, and their experience of the mission in the Congregation takes several more years to acquire. During 2019/20, the Atlantic Europe Province had 13 Sisters at different stages of the Handmaid’s Formation Program:
- ♦ One postulant and two novices in Palmela, Portugal – the postulant passed to the noviciate in August 2020;
- ♦ Two juniors in Madrid, Spain – the Sisters keep studying in Universidad de Comillas;
- ♦ Another group of four juniors in Paris, France, studying in Centre Sèvres; and
- ♦ Four other Sisters working before their final vows – two in Bournemouth, one in Paris and one in Oporto.
It is expected that, from this large group, a significant number will spend most of their years dedicated to apostolic and social work in England, hopefully giving a new impetus and vibrancy to the mission of the Charity.
## **Fundraising policy**
The Charity aims to achieve best practice in the way in which it communicates with donors and other supporters. The Charity takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The Charity manages its own fundraising activities and does not employ the services of professional fundraisers. The Charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the Charity received no complaints about its fundraising activities.
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**Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE**
## **Education**
The Governing Body meets at the end of every term, when policies are ratified, compliance issues addressed, initiatives discussed, and decisions made. The Sub Committees, consisting of Finance and General Purposes, Health and Safety, and Curriculum and Welfare, also meet termly and provide additional forums for monitoring and oversight. Each term, different staff members report on their areas of responsibility. These Sub Committees report termly to the full Governing Body and decide, in conjunction with the Trustees and the Senior Leadership Team, upon key priorities for moving forward.
The School Council continues to meet twice every half term to discuss ideas and initiatives for the School and to ensure that the pupil voice is heard. Minutes are taken and actions follow meetings to ensure that matters discussed are fully considered and, where possible, implemented. This year we have decided to focus on empowering the children to make significant decisions that are then enacted. Examples of this include the Library Prefects being given the opportunity to rethink the physical layout and space that we have for the Library and make recommendations on how the Library might be used to encourage greater engagement with books. This has led to a reorganisation of the space and the introduction of an improved initiative about book reviews. Pupil Councillors had the opportunity to meet with members of the PTA to discuss new flooring tiles for the outdoor learning space around the Nursery and two girls were invited to be the Headteacher for the day, enjoying a busy schedule within which they were encouraged to make decisions.
The main strategic focus for the School currently remains the extension of co-education to ages 3-11 for all children and a move to two-form entry. In light of this decision, and to further the strategy, an application was lodged with Westminster for the addition of new classrooms above the Early Years Foundation Stage (EYFS) area and the reorganisation of space within and around the School. Permission was granted in July 2020.
The implications of the decision to extend co-education has led to the ongoing review and development of key elements in the School. This has included policy and the ongoing uplift around the curriculum to include the embedding of the decisions made within the 2018-19 curriculum review. There is a greater emphasis on stretch and challenge through the implementation of an Intellectual Curiosity framework and provision for children who have need for support to gain access to the curriculum e.g. Special Education Needs (SEN) / English as an Additional Language (EAL) support. In this, the School appointed a new SEN teacher to enhance and increase the capability of the Learning Support within School. Additionally, the School increased its support of EAL, adopted the Lexia learning platform, introduced a Picture Exchange Communication System (PECS) and provided training for EYFS staff in Makaton (sign language).
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **8**
## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Education** (continued)
An increased emphasis on Science, Technology, Engineering and Mathematics (STEM) related activities has been implemented both within and beyond the curriculum. Three separate STEM clubs operated after School and allowed children to explore Artificial Intelligence (AI) and robotics amongst other things. Whilst the activities and the emphasis is more technical at the top end of the School, allowing children to apply their coding skills to their creations, the younger children have been able to enjoy the Lego club as a gateway activity for the more advanced extra-curricular STEM programme. Curricular Science became more specialised in that a single lead in both Key Stage 2 and Key Stage 1 was appointed into the role. Links with London Zoo who began an outreach programme are being explored: currently we can visit as often as we like. However, our aim will be to see if we will be able to develop stronger links on the theme of conservation in future years. Unfortunately, the pandemic has put a hold on the programme.
Aside from the main curriculum, we have continued to add new elements to our provision of our over-arching philosophy of Intellectual Curiosity. In October 2019, we were asked to host the annual Gathering of the Handmaids, an event where all the Handmaid’s Schools across their province (Portugal, France, UK and Ireland) gather in one School for an education conference. Saint Christina’s took ‘Awe and Wonder in learning and leadership’ as its theme and showcased how we have implemented Intellectual Curiosity within our curriculum. As a whole staff, we enjoyed INSET in September that sought to provide ideas around the things that we could be doing to take our lessons that bit further in terms of stretch and challenge e.g. tarsia work, quopying etc. In addition to this, the following have remained our emphasis beyond the curriculum in the form of whole School challenges such as mastering the Rubik’s Cube, memorising Pi to as many decimal points as possible, code breaking and problem solving etc. The School has acquired a number of STEM Lego kits and material from the Sam Labs in order to facilitate the STEM clubs, coding and robotics competitions e.g. Robotics and AI design.
**Forest School:** 2019/20 saw the implementation of a popular new strand to our EYFS and Year 1 provision in the form of Forest School. The aim of Forest School is to work outdoors over a period of time, introducing responsible risk-taking, fostering achievement and cultivating a curiosity and interest in the world around the children.
A new Marketing Plan has been developed to complement the changes in the School that ultimately aims to ensure that the emphasis on full co-education, STEM, Intellectual Curiosity and the development of ‘growing’ the whole child.
Our key strategic objectives for marketing (as stated in November 2018) as follows:
1. To increase pupil numbers;
2. To establish Saint Christina’s as an aged 3-11 fully co-educational School; and
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Education** (continued)
3. To project a positive narrative about the quality of the education and experience of children within the School.
The ways in which we have met these objectives over this year are:
- ♦ Coffee Mornings for Parents: We have organised and run coffee mornings through the year for all the year groups. This is now something that is established in parents’ minds and will be something that we continue to organise and build on in the next academic year. The meetings have provided a formally informal venue to discuss the direction of the School and the plans that we have for the curriculum, co-education and the future in general. It has also given parents the opportunity to have a chat with their child’s class teacher.
- ♦ New website: The new website has been completed and delivered by FSE Design. It is now live and fully operational and feedback has been very favourable.
- ♦ The Weekly Bulletin is being used to ensure that parents are receiving appropriate information regarding activities but also pupil achievement and progress as appropriate. The weekly bulletin has been greatly appreciated by parents over the year. We have endeavoured to provide a variety of engaging articles, pictures and feedback as well as using the bulletin to feed into the School’s narrative on topical issues e.g. achievement in Maths, STEM etc. In addition to this, staff routinely send a weekly email to parents advising them on what their child has and will be doing over the week / following week.
- ♦ Professional photographer, Simon Jones’ photos from October 2019 have, since then, been extensively used, not only on the new website, but on the School’s Facebook and Twitter feeds. They have also adorned the Catholic Independent Schools’ Conference (CISC) annual meeting brochure, a variety of educational magazines and various other publications.
- ♦ The development of a ‘look book’ to supplement prospective parent information.
- ♦ Design of Fliers that will focus on particular aspects of Saint Christina’s. The Music Flier has been produced, and used within the packs that we give to prospective parents at our most recent Open Mornings. We have also developed booklets for Mathematics and English that show parents what they might expect their child to achieve / cover at any point between Year 1 and Year 6.
- ♦ Development of the use of Facebook, Twitter and Instagram to project the day-to-day narrative.
- ♦ Availability to all current parents morning and after-school and at any time that is convenient by appointment.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **10**
## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Education** (continued)
The School developed and implemented a new Relationships and Sex Education (RSE) policy in consultation with Governors, parents, staff and pupils. To have a compliant RSE policy is a statutory requirement from September 2020. The School has adopted a framework from the Child Sexual Exploitation, which is approved by the Department for Education (DfE). Therefore, we have been able to create a policy and programme of study that will retain the Catholicism that sits at the core of our School, whilst meeting the requirements of the Government around, in particular Sex Education. In tandem, we have adopted the Jigsaw Personal, Social and Health Education (PHSE) programme and conducted a full review of this.
As part of our commitment to providing ongoing professional development many courses were attended by our staff including Religious Education (RE) training, First Aid training, safeguarding training and Prevent training alongside training relating to the generation of greater stretch and challenge in the classroom.
We have continued to place a premium on both enrichment and the 'hidden' curriculum with the following activities:
- ♦ School Assemblies;
- ♦ Class, Key Stage and Instrumental Assemblies;
- ♦ Weekly Mass;
- ♦ Visits to London Zoo and either visits to or from many London Museums including the Victoria and Albert Museum, Museum of Brands, the Geffrye Museum, The Ragged School Museum, Natural History Museum, and Florence Nightingale Museum; and
- ♦ Visits further afield including Hampton Court Palace Verulamium Roman Museum, the Trust for Sustainable Living Rainforest Tour and the Roald Dahl Museum.
Our musicians attended a bright spark concert, Gamelan Workshop, and an LSO concert.
The Netball Tour, which would have been our first overseas tour, was cancelled due to the Covid-19 pandemic, as was the Year 5 / Year 6 residential that would have occurred in May.
One of our most exciting ventures this year has been an emphasis on conservation within the broader vision set out by the Pope in Laudato Si. We have, as a community, started to make and collect eco-bricks – plastic bottles rammed full of single use plastic. The aim is educate children around the need to think about single use plastic and consider ways that we can minimise its impact on the environment. The aim will be to use the eco-bricks to make a sculpture with a strong message and to see if they can be used to make structures that we might be able to use in play e.g. a den for the EYFS.
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Education** (continued)
To partner the eco-brisk initiative, we have engaged with a parent who works at Imperial and Westminster on better understanding air quality in London and seeing if there are ways in which we might improve our local environment This has led to:
- ♦ An audit by Westminster re our environmental credentials;
- ♦ An air quality survey by Westminster; and
- ♦ A liaison and link with Imperial post graduate students to come into School and set up an active research project around the School that the children can be a part of from both an intellectual curiosity and academic angle, as well as an environmental angle.
As part of this, we have also installed a green wall into the playground to raise awareness around the issue of air quality and that there are things that can be done as well as establishing a green space to support the provision we have to aid mental well-being.
The School has continued to stretch and encourage children to develop their mathematical understanding. Over the course of the year, the children have entered the Primary, Junior and Intermediate Maths challenges with several children certificating at the top end of the competitions. In both competitions, our primary aged children achieved bronze and silver certification - an outstanding outcome placing some of our 10-11 years old amongst the very best at both Key Stage 3 and in the case of the Intermediate Challenge, the very best of those of GCSE age.
Music and Drama have continued to flourish with successes in Associated Board of The Royal Schools of Music (ABRSM) and London Academy of Music and Dramatic Arts (LAMDA) examinations. This year the Music Department wanted to be more ambitious with the Easter Offering by planning a recital of Handel’s Messiah. The preparation work for this went very well and we have been able to record some of the final rehearsal for posterity. However, the pandemic prevented the concert from being able to proceed as planned in late March. Unfortunately, the School Production too, was not possible because of the national lockdown.
The sporting life of the School continued in the first half of the academic year and the girls won the League for the third year running. The School entered a number of IAPS competitions in netball. Unfortunately, from mid-February involvement in competitive sport began to slow and was not possible from March due to the pandemic.
Year 6 pupils achieved record academic outcomes as measured against the offers of places in the most competitive schools and the associated number of scholarships offered. Places were accepted at:
- ♦ Francis Holland School, Regent’s Park;
- ♦ Godolphin and Latymer;
- ♦ The Japanese School;
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Education** (continued)
- ♦ Latymer Upper School (3 pupils);
- ♦ Loreto Convent School;
- ♦ More House School;
- ♦ North Bridge House Schools;
- ♦ Queen’s College, London (2 pupils);
- ♦ Queen’s Gate School;
- ♦ South Hampstead High School (4 pupils),
- ♦ St Helen’s School;
- ♦ St Michael’s Catholic Grammar School; and
- ♦ St Paul’s Girls School.
An outstanding 12 scholarships (mainly academic) were secured by the children, including:
- ♦ Channing School (Academic);
- ♦ Francis Holland School, Regent’s Park (2 Academic, 1 Academic Exhibition and 1 Music Exhibition);
- ♦ Queen’s College, London (3 Major Academic and 3 Academic); and
- ♦ South Hampstead High School (Academic).
The total offers were:
- ♦ The American School in London;
- ♦ Channing School (7);
- ♦ Eaton Square Schools;
- ♦ Francis Holland School, Regent’s Park (8);
- ♦ Francis Holland, Sloane Square;
- ♦ Godolphin and Latymer (2);
- ♦ Highgate School (2);
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Education** (continued)
- ♦ The Japanese School;
- ♦ Latymer Upper School (3);
- ♦ Loreto Convent School;
- ♦ More House School (3);
- ♦ Maida Vale School (7);
- ♦ North Bridge House School;
- ♦ Northwood College for Girls;
- ♦ Portland Place School;
- ♦ Queen’s College, London (11);
- ♦ Queen’s Gate School (6);
- ♦ Queenswood;
- ♦ South Hampstead High School (5);
- ♦ St Helen’s School;
- ♦ St Mary’s School, Ascot;
- ♦ St Marylebone School;
- ♦ St Michael’s Catholic Grammar School; and
- ♦ St Paul’s Girls School.
The academic outcomes from this cohort have been extremely strong. To see schools such as South Hampstead High School, Godolphin and Latymer, St Paul’s Girls School, St Michael’s Catholic Grammar School and Latymer Upper School take most of the girls is an extremely strong signal that this was an incredibly successful year group. For so many academic scholarships to be offered, including a very rare offer from South Hampstead Hugh School is also very significant. This is all a very strong signal that the year group has performed to a very high level.
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**Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Education** (continued)
## _**Online Learning and Provision**_
The pandemic changed the plans of the nation and the School duly closed as instructed by the government on the 23 March 2020. This left a single week of School until the Easter holiday commenced and work was provided for the children electronically. Over Easter, the entire School pivoted to an online teaching and learning format through the adoption and use of the Google. From the beginning of the Summer Term, all children from Nursery through to Year 6 received live and recorded learning within a structured age appropriate timetable. Years 1 to 6 all had access to live lessons in English and Maths throughout the morning. In the afternoon specialist teachers, provided recorded or pre-prepared lessons for the children to complete at that point or later, should there be need. The aim was to support parents in their need for flexibility whilst applying a robust structure around the School day. All children attended their class at the start and end of the day allowing staff to register their attendance, talk about how they were feeling and keep an eye on their overall well-being for safeguarding purposes. In the EYFS the routine was slightly less but not greatly so. Phonics and Maths classes were prepared and recorded, enabling parents to help support their child’s learning and development.
The School was able to partially reopen after the Summer Half Term. However, years 2 to 4 were unable to return due to restrictions around the number of children permitted within any space (15). They continued to receive the full online provision.
All external events, sports fixtures, concerts, masses and School trips had to be cancelled due to the pandemic. Policies and risk assessments were adjusted and created to manage the pandemic environment and a detailed booklet outlining all the procedures in place issued to all parents. There were no cases of coronavirus within the School community within this reporting period.
## _**Fundraising and involvement in the community**_
Saint Christina’s Preparatory School does not fundraise for the School, but encourages the children to choose and raise money for other worthwhile charities, which are often local or Catholic charities.
Saint Christina’s School Preparatory raised money for many charities during the year including:
- ♦ The children’s anti-bullying charity, ‘Kidscape’;
- ♦ CAFOD;
- ♦ Father Terry’s Foodbank;
- ♦ Poppy appeal; and
- ♦ Our biggest fundraising initiative was for the Santa Maria Foundation Summer Camp for disadvantaged children in Portugal.
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**Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Education** (continued)
## _**Religious education**_
We are obliged as a Catholic School in the Diocese of Westminster to have 10% of the curriculum devoted to Religious Education. The School was inspected by the Westminster Diocese on 6 October 2017 and will expect the next inspection in 2022, although this may now be delayed due to the pandemic. They graded classroom religious education as good and the Catholic life of the School as outstanding. The inspectors acknowledged that there is a great deal of excellent practice in the School. The following quotes are taken from the report:
- ♦ ‘ _A major strength of the teaching provision is the cross-curricular approach, involving areas such as art, drama, music and the use of new technologies.’_
- ♦ _‘Pupils are very happy and secure at Saint Christina’s. They flourish, both academically and in their personal development. They understand why it is important to help others, especially those worse off than themselves. They contribute very well to the Common Good, locally, nationally and internationally_ .’
As noted in the text above, all teachers received RE training that introduced to the School the new standards and ways in which these might be best achieved and supported. Elaine Arundell, our Diocesan Advisor, led the training and visited the School to assess the quality of work in RE through a Book Scrutiny. Her feedback was favourable.
The Headteacher, and the Heads of Key Stage 1 / EYFS and Key Stage 2 attended the ‘Building the Kingdom’ training offered by EducareM at St Augustine’s Priory. The aim of the course, delivered over the year, was to explore ways in which the curriculum might be designed to be better infused with a Catholic essence.
## **Social and pastoral work**
The Sisters have continued their many pastoral and social activities both in the London and Boscombe communities and at the Provincial level.
In London, Mass in the Chapel was organised whilst following the rules issued for civil authorities and following the guidelines from the Diocese. Due to limitations to church liturgy and a drastic reduction in attendance, the usual donations were reduced significantly. Even though it has been opened as much as possible, using the Chapel to its full capacity for events such as the Carol Service hasn’t happened since the beginning of the pandemic.
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
**Social and pastoral work** (continued)
The support given to the School by the Sisters was clear, both in good times – like during the celebration of the 70[th] anniversary of Saint Christina’s, when the Provincial Superior came expressly to participate, and in bad times –when they joined all the teachers and staff for a video of support to the children when they first had to stay home.
At the end of the School year, the Sisters leading both communities switched roles. The appreciation from the School is obvious in the farewell letter written by the Headteacher regarding Sister Eileen’s departure:
In Bournemouth, life also changed overnight, and the constant visits of people to the Convent’s Chapel suddenly had to stop. However. the restrictions provided an opportunity through the creation of a Facebook account and a YouTube channel:
- ♦ Daily adoration has been streamed for one hour every day;
- ♦ The guided monthly adoration has also been broadcast, with people joining from very distant places;
- ♦ A family prayer time has been offered three times a week;
- ♦ Rosary was being prayed in different languages in an attempt to reach the different language groups; and
- ♦ Sunday readings and reflections were prepared and made available.
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Social and pastoral work** (continued)
During Holy Week, a special spiritual program was set, trying to provide a sense of community to the parishioners who had to spend that special time in their homes.
At all times, the Sisters were available to chat and actively tried to reach those who could be lonely.
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Grants and donations**
In 2018, a commitment was made to provide a donation of €100,000 to Fundação Santa Rafaela Maria to help in the recovery of an important building that the local Town Hall has ceded to the Fundação’s. As the first phase of the restoring of
the ceilings and prevention of further deterioration came to an end, the second tranche of £60,000 of the agreed donation has been released.
We continue to support several organisations whose work is aligned with our priorities. One of the Handmaids main concerns in the last years is human mobility, so we have chosen organisations dedicated with refugee relief, such as JRS (Jesuit Refugee Service) or RLS (Refugee Legal Support, through CrowdJustice), who express their gratitude below:
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## **Trustees’ report** 31 August 2020
## **ACHIEVEMENTS AND PERFORMANCE** (continued)
## **Formation of younger Sisters**
This has been a very peculiar year for the Sisters in formation!
- ♦ During the first year of the Noviciate, two Sisters completed the experience of the month of Spiritual Exercises, which is a Retreat in complete silence and isolation, in CES San Ignacio, Salamanca, Spain. They started this in March 2020, when most countries in Europe started their first lockdown. The world they found by the end of the experience was certainly very different from before!
- ♦ For the rest of the year, it has been very difficult to continue with the usual volunteering activities with children, so the efforts were directed to where they were most needed: care homes helping the exhausted staff and spiritual assistance to the lonely.
- ♦ The juniors, both in Madrid and in Paris, like most of University Students across Europe, have incorporated a system of distance learning, both for ordinary lectures and seminaries or discussion groups.
- ♦ During summer 2020, the usual pastoral activities with large groups of volunteers became impossible, because they would be mixing different households. The Sisters
- in formation then formed a “bubble” and managed to continue to provide assistance to a remote rural location in Algarve, Cachopo, where older people are always eager for pastoral animation and accompaniment.
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**Trustees’ report** 31 August 2020
## **FINANCIAL REVIEW**
## **Results for the year**
A summary of the year’s results can be found on page 33 of the attached accounts.
Total income for the year to 31 August 2020 amounted to £2,948,748 compared to £2,723,962 in 2019. Expenditure during the year totalled £2,746,789 (2019 - £2,669,037).
The Charity’s income includes £2,293,795 (2019 - £2,154,560) being the fees and charges of Saint Christina’s Preparatory School, £415,445 (2019 - £443,609) being income from investments and interest receivable and £167,514 (2019 - £75,621) being donations and legacies. Expenditure includes £2,262,537 (2019 - £2,165,221) relating to the school.
Net losses on investment assets of £648,085 (2019 – net gains of £162,193) resulted in a net decrease in funds for the year of £446,126 (2019 – net increase of £217,118). Total funds carried forward at 31 August 2020 were £18,591,454 (brought forward at 1 September 2019 - £19,037,580).
## **Reserves policy and financial position**
## _**Reserves policy**_
The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets and programme related investments; designated for specific purposes; or otherwise committed.
The Trustees are very aware of the importance of the annual income generated by the Charity’s investments to ensuring that there are sufficient incoming resources each year to support the members of the Congregation and their ministry, both now and in the long term. In order to meet the commitment to care for the Sisters, to provide for contingencies and enable the Charity to respond to unforeseen emergencies, the Trustees believe that free reserves of the Charity of up to £2.5 million may be held at any one time.
This level of reserves is deemed appropriate and the Trustees are content that the Charity is a going concern.
## _**Financial position**_
The balance sheet shows total reserves of £18,591,454 (2019 - £19,037,580). Of this, £4,973,858 (2019 - £5,189,868) represents the tangible fixed assets used in the day-to-day work at the Charity. These assets have been separated from the Charity’s general fund in recognition of the fact that they are fundamental to the Charity’s work. They therefore cannot be easily realised if needed to meet future contingencies.
£516,510 (2019 - £516,510) represents the programme related investment fund. This investment comprises land and buildings owned by the Charity but used by another charitable organisation with charitable objectives consistent with those of the Charity together with interest free loans advanced to organisations with objects consistent with those of the Charity. The value of these programme related investments should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.
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**Trustees’ report** 31 August 2020
## **FINANCIAL REVIEW** (continued)
## **Reserves policy and financial position** (continued)
## _**Financial position**_ (continued)
At 31 August 2020, the Charity did not hold any restricted funds as these had all been spent in the year (2019 - £nil). Further details are given in note 16 to the accounts.
The Saint Christina’s Preparatory School designated fund of £1,869,180 (2019 - £1,598,756) represents the accumulated surplus of income over expenditure of the school excluding the restricted monies referred to above. These monies have been designated, by the Trustees, for use by the school.
£803,680 (2019 - £803,680) has been set aside for the support of the charitable work of the Congregation worldwide. These funds are kept in a separate investment portfolio and are represented by listed investments and cash balances.
A further £2,000,000 (2019 - £2,000,000) has been set aside towards the future costs of the formation and the training of the Sisters of the Congregation.
Given the age profile of the Sisters and the commitment the Charity has to care for them for life, a further designated fund of £6,800,000 (2019 - £6,800,000), calculated using actuarial principles has been set aside in order to provide a modest sum towards the care of Sisters as they grow older.
Funds which are available, therefore, to support the work of the Sisters in future are those shown on the balance sheet as general funds and amount to £1,628,226 (2019 - £2,128,766). The Trustees are of the opinion that this level of free reserves is prudent and appropriate and consistent with the Charity’s reserves policy.
## **Investment policy and performance**
At 31 August 2020, the Charity held listed investments with a market value of £11,133,983 (2019 - £12,147,313) and, at that date, a further £521,477 was held as cash (2019 - £166,098).
All of the Charity’s investments are managed by professional investment managers who operate within specific guidelines which are set and regularly reviewed by the Trustees. The Trustees meet with the fund managers on a regular basis. The strategy is to maximise total returns, within acceptable levels of risk but with regards to certain ethical principles.
The investment objective is to maintain and enhance the real value of the Charity’s assets over the long term by investing in portfolios that comprise equities, fixed income stocks and cash. The Trustees have agreed a balanced investment objective between medium and low risk. However, because of the age profile of the Sisters they may need to change this to low risk in the near future.
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**Trustees’ report** 31 August 2020
## **FINANCIAL REVIEW** (continued)
## **Investment policy and performance** (continued)
The Trustees continue to have an ethically responsible investment policy. They aim to have a twofold approach: to boycott investment in companies which are predominantly involved in the production of armaments, birth control and anything contrary to the ethos of the Roman Catholic Church and hence not consistent with the Charity’s Trust Deed. Secondly, to be proactive as concerned shareholders of other companies to influence policy positively in favour of human rights etc.
The Trustees are satisfied with the performance of the investments and remain happy that their investment objectives will be met in the long term.
At the request of the Trustees, the fund manager at Charles Stanley, which manages the largest part of the Charity’s investment portfolio, is actively engaging with ShareAction and the Church Investors Group.
## **PLANS FOR FUTURE PERIODS**
## **Province**
The Covid-19 pandemic has continued to change the shape and nature of the world, and has continued much longer than expected. As the vaccination programme is being rolled out, hope of resuming activities grows.
Since the end of the financial year, step by step attempts are being made to regain rhythm in pastoral work, and efforts will be needed to bring people back to Church life. In addition, catchup work will need to be done regarding the Sacraments of Initiation: Baptisms, First Holy Communion and Confirmation.
The lockdown, and the travel restrictions we continue to experience, have greatly reduced the movement of the Sisters within the Province and many of the activities have been cancelled. Therefore, the two Sisters in formation that have been working in Bournemouth have seen the Third Probation – the last phase before Perpetual Vows – being postponed, but this has finally started in Rome.
Also, with the end of some restrictions at the borders, the Provincial Congregation it is expected to take place in the summer of 2021. This is a very important meeting for the Province, that takes place every five years, and prepares the General Congregation that is planned to happen in March 2022.
## **School**
The School has achieved permission for the extension to the back of the School that will include the redevelopment of the entire EYFS area with four new classrooms and two learning decks above it. Current outdoor space will remain intact which means that, as a consequence of the redevelopment, the School will have significantly increased outdoor learning space as well as the capacity to meet its ambitions to become two form entry across the School.
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**Trustees’ report** 31 August 2020
## **GOVERNANCE, STRUCTURE AND MANAGEMENT**
## **Governance**
The Trustees are appointed by the Provincial Superior of the Congregation. At any one time there must be a minimum of two Trustees. The names of the Trustees who were in office at the date of signing this report are set out on page 1 of this report and accounts.
## **Trustees**
**Sister Ana Maria Ramírez** is the Provincial Superior of the Atlantic Europe Province of the Handmaids since 9 July 2017. She has a degree in Chemistry and worked in Investigation and Research (I&R) for two years, as well as in teaching in secondary schools, before joining the Handmaids. She has extensive experience as a Local Superior in different social environments and also as a Provincial Consultant. Sister Ana Maria was the Head Teacher of two different private schools (in Oporto and Lisbon). From 2013 to 2016 she lived in East Timor as a missionary. Her apostolic work ranged from work with immigrants and refugees on integration into Europe to more pastoral work, guiding retreats, giving spiritual direction to individuals and groups, catechism and religion classes.
**Sister Eileen O’Neill** spent four years in ministry with the Congregation’s Sisters in Israel. For 17 years she managed the Congregation’s retreat house in Dublin where work with school children was a priority. For four years she was Home School Liaison person in the Congregation’s secondary school in Dublin and, for 19 years until her retirement in 2012, was a key worker for the homeless in Providence Row, London.
**Sister Noella Pereira** came to London in 2009 after retiring as Head of Dilkhush Special School for the intellectually handicapped for 14 years. She also headed the Teacher Training Centre and worked on the Government Body for curriculum planning and inspection of Special Schools. She also worked in the parish preparing children and young people for the sacraments and animated the Liturgy groups. In London she volunteers in Saint Christina’s School supporting those students who need help in Maths and English. She also works in the parish with the group preparing for confirmation. In the Convent she does the accounts and helps animate the Sunday Liturgy.
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## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Trustees** (continued)
**Sister Marta Silva,** Provincial Bursar from 1 January 2014, has a degree in Economics, and several years’ experience as Business Consultant in a worldwide consulting company, focused on Management Information Systems for Banking and Financial Services. Previously, she had worked as a lay missioner in Mozambique, in education programs for refugees, adult literacy and training of local leaders. She has a degree in Theology and has many years experience of pastoral work with young people, both in Spain and in Portugal, guiding groups and giving spiritual orientation. She was the Bursar in the Handmaids’ private schools in Portugal, first in Oporto and then in Lisbon, at the same time as she was teaching religion to different grades. She is part of the International Commission of Economic Affairs of the Handmaids of the Sacred Heart of Jesus.
**Sister Anne Petit** has been in London for the past 18 years as Infirmarian, caring for the sick and elderly Sisters. She is also the Delegate for the Congregation’s Sponsorship Licence. She is the Congregation’s safeguarding link for our Convents in England. She volunteers in St John’s Hospice. Prior to this, Sister Anne worked in Pastoral Ministry for 15 years in a deprived area in Glasgow. She has also spent time teaching. She has a teaching certificate and a diploma in Theology. Over the years she has given bereavement courses for both children and adults and
continued with her bereavement work.
**Sister Margaret Scott** (appointed 18 November 2020) has a Doctorate in Theology, an M.A. in International Relations, and a Bachelor’s Degree in Classics. She has wide experience in leadership both within the order and other International Organisations. She is currently the President of UNANIMA International, an NGO at the UN. Her ministry as a Sister has been mainly in education and spirituality, which she has carried out in many different countries. She is also a published author, of books and articles, and an experienced facilitator. She regularly gives talks and workshops on issues relevant to society and the Church.
The Trustees have kept up to date with their responsibilities by reading relevant literature and attending seminars whenever possible.
During the year, several meetings were held with the Charity’s investment managers, to ensure that the best return for the Charity’s investments was being achieved. Meetings have also taken place with the Charity’s auditor, Buzzacott LLP, to discuss the Charity’s financial situation. During the year, representatives of the Trustees met with the insurance brokers to ensure that all areas of insurance were sufficiently covered and to consider the Charity’s risk management policy.
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## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Trustees** (continued)
From March 2020, most of these and other Governance related meetings have migrated online such as the Board of Governors meeting in the School, Trustees’ meetings and Bursars and Superiors’ encounters. These still took place regularly and the participants quickly adapted to teleconference. It is likely that in the future, even when it is not strictly necessary to keep this format, some of it will be kept, because it has proven its advantages.
## **Key management personnel**
The Trustees consider that they together with the Governors and senior management team of Saint Christina’s Preparatory School comprise the key management of the Charity in charge of directing and controlling, running and operating the Charity and the School on a day to day basis.
All Trustees are members of the Congregation and whilst most of their living and personal expenses are borne by the Charity they received no remuneration or reimbursement of expenses in connection with their duties as Trustees.
The Governors of the School are appointed by the Provincial Superior.
The remuneration of the key management personnel of the School is set by the governing body. Note is taken of market conditions, national and local pay scales and levels of performance. The Head Teacher and Deputy Head Teacher have an Annual Performance Review, where their targets are agreed/reviewed. The Governors of the School receive no remuneration or reimbursement of expenses in connection with their duties as Governors.
## **Statement of Trustees’ responsibilities**
The Trustees are responsible for preparing the Trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these accounts, the Trustees are required to:
- ♦ select suitable accounting policies and then apply them consistently;
- ♦ make judgements and estimates that are reasonable and prudent;
- ♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Statement of Trustees’ responsibilities** (continued)
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the Charity’s trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Risk management**
In line with the requirement for Trustees to undertake a risk assessment exercise and report on the same in their annual report, the Trustees have looked at the risks the Congregation currently faces in Britain and have reviewed the measures already in place, or needing to be put in place, to deal with them. The Trustees have identified five main areas where risks may occur:
- ♦ Governance and management;
- ♦ Operational;
- ♦ Financial;
- ♦ Reputational;
- ♦ Laws, regulations, external and environment.
**Governance and management** looks at the risk of the Congregation, and hence the Charity, suffering from a lack of direction, and at the skills and training of its members and staff, and the good use of its resources.
**Operational** looks at the risks inherent in the Charity’s activities including the operation of its school – the members engaging in inappropriate activities, the unsuitability of buildings, poor maintenance, shortcomings in the services provided, difficulties with staff, poor health and safety, lack of a disaster recovery policy, etc.
**Financial** risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc.
**Reputational** looks at possible damage to the Congregation’s and/or Charity’s reputation.
**Laws, regulations, external and environment** looks at the effects of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment in the Charity’s school.
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## **Trustees’ report** 31 August 2020
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Risk management** (continued)
Having assessed the major risks to which the Charity is exposed, the Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the Charity, they have established effective systems to mitigate those risks.
The key risks for the Charity, as identified by the Trustees, are described below together with the principal ways in which they are mitigated:
- ♦ An analysis of the age profile of the members of the Congregation shows that the average age at 31 August 2020 was 73 years. The Trustees are aware that there is both a moral and legal obligation to care for the older members. None of the Sisters have resources of their own as all earnings, pensions and other income have been donated to the Charity under a Gift Aid compliant Deed of Covenant. As the age profile increases, so too does the need to provide care for the Sisters. Key elements of the management of this risk are: (a) ensuring that the Charity has the available financial resources to finance this care both now and in the years ahead by setting aside assets in a designated fund, the value of which has been based on actuarial principles; and (b) ensuring that processes are in place to review regularly the ministries and needs of individual Sisters encouraging those who need it to take on less demanding ministries and for identifying those who need extra care and help.
- ♦ Operationally, the Charity works with children. The Trustees recognise the absolute necessity of ensuring the protection and safety of all those that the Charity serves. This means that Sisters engaged in any ministry in Great Britain and all those who work or volunteer for the Charity and work with children or vulnerable adults must obtain clearance from the Disclosure and Barring Service (DBS). The Trustees are committed fully to implementing the policies of the Catholic Safeguarding Advisory Service (CSAS). One of the Sisters is responsible for ensuring this policy is adhered to in respect to all Sisters, employees and volunteers. In addition, a Safeguarding Officer is nominated at the school operated by the Charity. Safeguarding training is compulsory for all staff.
- ♦ The Charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the Trustees. The performance of the portfolio is monitored and the investment strategy is assessed regularly to ensure it remains appropriate to the Charity's needs – both now and in the future.
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**Trustees’ report** 31 August 2020
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Risk management** (continued)
- ♦ With regards to Saint Christina’s Preparatory School, long term accurate forecasting of student numbers continues to be difficult and Governors are mindful of the continuing need to raise the profile of the School and to maintain and further enhance good working relationships with local authorities. A strategic group has been set up to oversee marketing strategies and ensure that they are aligned with the key strategic aims.
Approved by the Trustees and signed on their behalf by:
Marta Silva
Trustee
Approved by the Trustees on: 18 June 2021
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**Independent auditor’s report** 31 August 2020
## **Independent auditor’s report to the Trustees of Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust**
## **Opinion**
We have audited the accounts of Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust (the ‘Charity’) for the year ended 31 August 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion, the accounts:
- ♦ give a true and fair view of the state of the Charity’s affairs as at 31 August 2020 and of its income and expenditure for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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## **Independent auditor’s report** 31 August 2020
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- ♦ the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
- ♦ the Trustees have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- ♦ the information given in the Trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records and returns; or
- ♦ we have not received all the information and explanations we require for our audit.
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**Independent auditor’s report** 31 August 2020
## **Responsibilities of Trustees**
As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the accounts**
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL
25 June 2021
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **32**
## **Statement of financial activities** Year to 31 August 2020
|Notes|**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**2020**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
2019
£|
|---|---|---|---|---|---|---|
|**Income from:**
Donations
1
Investments and interest receivable
2
Charitable activities
. Education fees and related charges
3
Other trading activities
4
Other sources
. Coronavirus Job Retention Scheme
**Total income**
**Expenditure on:**
Raising funds
. Investment managers’ fees
Charitable activities
. Donations and support of missions
5
. Provision of education
6
. Support of members of the
Congregation and their ministry
7
**Total expenditure**
**Net income for the year before net**
**(losses) gains on investments**
8
**Net investment (losses) gains**
12
**Net (expenditure) income**
Transfers between funds
16
**Net movement in funds**
**Reconciliation of funds:**
Balances brought forward
at 1 September 2019
Balances carried forward
at 31 August 2020|
**156,516**
**415,445**
**2,293,795**
**25,992**
**46,002**|**10,998**
**—**
**—**
**—**
**—**|**167,514**
**415,445**
**2,293,795**
**25,992**
**46,002**|69,701
443,609
2,154,560
47,404
—|5,920
—
—
2,768
—|75,621
443,609
2,154,560
50,172
—|
||**2,937,750**|**10,998**|**2,948,748**|2,715,274|8,688|2,723,962|
||**45,425**
**93,976**
**2,253,743**
**342,647**|**—**
**2,204**
**8,794**
**—**|**45,425**
**96,180**
**2,262,537**
**342,647**|72,067
70,722
2,159,301
358,259|—
2,768
5,920
—|72,067
73,490
2,165,221
358,259|
||**2,735,791**|**10,998**|**2,746,789**|2,660,349|8,688|2,669,037|
||
**201,959**
**(648,085)**|**—**
**—**|**201,959**
**(648,085)**|54,925
162,193|—
—|54,925
162,193|
||**(446,126)**
**—**|**—**
**—**|**(446,126)**
**—**|217,118
3,664|—
(3,664)|217,118
—|
||**(446,126)**
**19,037,580**|**—**
**—**|**(446,126)**
**19,037,580**|220,782
18,816,798|(3,664)
3,664|217,118
18,820,462|
||**18,591,454**|**—**|**18,591,454**|19,037,580|—|19,037,580|
All of the Charity’s activities derived from continuing operations during the above two financial years.
All recognised gains and losses are included in the above statement of financial activities.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **33**
**Balance sheet** 31 August 2020
|Notes|**2020**
**£**|**2020**
**£**|2019
£|2019
£|
|---|---|---|---|---|
|**Fixed assets**
Tangible assets
11
Investments
12
Programme related investments
13
**Current assets**
Debtors
14
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due
within one year
15
**Net current assets**
**Total assets less current liabilities**
**Creditors:**amounts falling due
after one year
. Fee deposits from pupils
**Total net assets**
**The funds of the Charity:**
Restricted funds
16
Unrestricted funds
. Tangible fixed assets fund
17
. Programme related investment
fund
18
. Designated funds
19
. General funds|**132,753**
**2,074,514**|**4,973,858**
**11,655,460**
**516,510**|181,797
1,665,134|5,189,868
12,313,411
516,510|
|||**17,145,828**
**1,733,126**||18,019,789
1,308,791|
||**2,207,267**
**(474,141)**||1,846,931
(538,140)||
||||||
|||**18,878,954**
**(287,500)**||19,328,580
(291,000)|
|||**18,591,454**||19,037,580|
|||**—**
**4,973,858**
**516,510**
**11,472,860**
**1,628,226**||—
5,189,868
516,510
11,202,436
2,128,766|
|||**18,591,454**||19,037,580|
Approved by the Trustees and signed on their behalf by:
## Marta Silva
Trustee
Approved by the Trustees on: 18 June 2021
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **34**
**Statement of cash flows** Year to 31 August 2020
|Notes|
**2020**
**£**|2019
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Investment income and interest received
Purchase of tangible fixed assets
Proceeds from the disposal of tangible fixed assets
Purchase of listed investments
Proceeds from the disposal of listed investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 September 2019**
B
**Cash and cash equivalents at 31 August 2020**
B|
**(44,268) **|(34,825)|
||
**447,922**
**(4,140)**
**—**
**(3,383,634)**
**3,748,879**|414,679
(36,394)
1,502
(410,642)
319,832|
||**809,027**|288,977|
||
**764,759**
**1,831,232**
|254,152
1,577,080|
||
**2,595,991**|1,831,232|
## **Notes to the statement of cash flows for the year to 31 August 2020.**
|**A**
**B**|**Reconciliation of net movement in funds to net cash used in operating activities**
**2020**
**£**
**Net movement in funds (as per the statement of financial activities)**
**(446,126)**
**Adjustments for:**
Depreciation charge
**215,728**
Losses (gains) on investments
**648,085**
Investment income and interest receivable
**(415,445)**
Deficit on disposal of tangible fixed assets
**4,422**
Decrease in debtors
**16,567**
(Decrease) increase in creditors
**(67,499)**
**Net cash used in operating activities**
**(44,268)**
**Analysis of cash and cash equivalents**
**2020**
**£**
Cash at bank and in hand
**2,074,514**
Cash held by investment managers
**521,477**
**Total cash and cash equivalents**
**2,595,991**|**Reconciliation of net movement in funds to net cash used in operating activities**
**2020**
**£**
**Net movement in funds (as per the statement of financial activities)**
**(446,126)**
**Adjustments for:**
Depreciation charge
**215,728**
Losses (gains) on investments
**648,085**
Investment income and interest receivable
**(415,445)**
Deficit on disposal of tangible fixed assets
**4,422**
Decrease in debtors
**16,567**
(Decrease) increase in creditors
**(67,499)**
**Net cash used in operating activities**
**(44,268)**
**Analysis of cash and cash equivalents**
**2020**
**£**
Cash at bank and in hand
**2,074,514**
Cash held by investment managers
**521,477**
**Total cash and cash equivalents**
**2,595,991**|2019
£|
|---|---|---|---|
||**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation charge
Losses (gains) on investments
Investment income and interest receivable
Deficit on disposal of tangible fixed assets
Decrease in debtors
(Decrease) increase in creditors
**Net cash used in operating activities**|**(446,126)**
**215,728**
**648,085**
**(415,445)**
**4,422**
**16,567**
**(67,499)**|217,118
217,632
(162,193)
(443,609)
848
1,105
134,274|
|||**(44,268)**|(34,825)|
||**Analysis of cash and cash equivalents**|**2020**
**£**|2019
£|
||Cash at bank and in hand
Cash held by investment managers
**Total cash and cash equivalents**|**2,074,514**
**521,477**|1,665,134
166,098|
|||**2,595,991**|1,831,232|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **35**
## **Principal accounting policies** 31 August 2020
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.
## **Basis of preparation**
These accounts have been prepared for the year to 31 August 2020 with comparative information provided in respect to the year ended 31 August 2019.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.
The accounts have been prepared 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
## **Critical accounting estimates and areas of judgement**
Preparation of the accounts requires the Trustees to make significant judgements and estimates.
The items in the accounts where these judgements and estimates have been made include:
- ♦ the estimates of the useful economic life of tangible fixed assets used to determine the annual depreciation charge;
- ♦ the provision required for any bad or doubtful debts in respect to fees receivable by Saint Christina’s Preparatory School. Any such provision has been determined following an assessment of the likelihood of recovery on long-standing debts;
- ♦ assumptions adopted by the Trustees in determining the value of any designations required from the Charity’s unrestricted funds, in particular the Sisters’ retirement fund; and
- ♦ estimation of future income and expenditure flows of the Charity for the purpose of assessing going concern (see below).
## **Assessment of going concern**
The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **36**
## **Principal accounting policies** 31 August 2020
## **Assessment of going concern** (continued)
The Trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.
Saint Christina’s Preparatory School is dependent on students applying to it and on parents to pay their fees. Long term forecasting of student numbers continues to be difficult but work continues to raise the profile of the School and to maintain and enhance relationships with parents. In light of the Covid-19 pandemic, the need to maintain strong student numbers is especially important. During lockdown periods, the School successfully uses an online teaching and learning format to enable all children to receive live and recorded learning within a structured age appropriate timetable.
Whilst acknowledging the challenges that Covid-19 will no doubt present not just for the School but also the overall Charity because of the closure of churches and falls in investment income, the Trustees believe that Charity has sufficient reserves to be able to withstand the pressures.
Consequently, their belief is that Covid-19 will not cast any significant doubt on the ability of the Charity to continue as a going concern especially given its reserve levels.
The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. With regard to the next accounting period, the year ending 31 August 2021, the most significant areas that affect the carrying value of the assets held by the Charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the Trustees’ report for more information).
## **Income recognition**
Income is recognised in the period in which the Charity has entitlement to the income, the amount of income can be measured reliably and it is probably that the income will be received.
Income comprises donations, legacies, investment income, interest receivable, income from programme related investment, income from the operation of an independent school and other trading activities (principally income from hiring out school facilities).
Donations, including salaries and pensions of individual religious persons received under Gift Aid or deed of covenant, are recognised when the Charity has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **37**
## **Principal accounting policies** 31 August 2020
## **Income recognitio** n (continued)
Legacies are included in the statement of financial activities when the Charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the Charity.
Entitlement is taken as the earlier of the date on which either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probably when the amount can be measured reliably and the Charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the Charity or the Charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset disclosed is material. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the Charity.
Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. Income from programme related investment comprises rental income from the property used by another registered Charity for purposes consistent with the objects of the Charity, and is recognised when due under the arrangement with the entity. Income from all investments is accounted for only when the receipt of such income is probable and the amount can be measured reliably.
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.
Fees from the provision of education comprise tuition and related fees paid in accordance with agreements between the school and individual pupils’ parents. Such income is recognised when the school is entitled to receipt under the relevant contractual agreements. This is usually at the point at which the school has commenced the provision of education in respect to the relevant student at the start of each academic term.
Income from other trading activities comprises in the main income from the hiring out of school facilities. Such income is recognised on an accruals basis with the Charity becoming entitled to the income on the date on which the facilities are used. The amount due is measured at fair value less any discounts granted.
Income from the Coronavirus Job Retention Scheme is credited to the statement of financial activities when the charity is entitled to the funding and when the amount receivable has been quantified.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **38**
## **Principal accounting policies** 31 August 2020
## **Expenditure recognition**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment to a third party, it is probably that a transfer or economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis and includes any attributable VAT which cannot be recovered. All expenses are allocated or apportioned to the applicable expenditure headings. The classifications between activities are as follows:
- a. The costs of raising funds include the fees paid to investment managers in connection with the management of the Charity's listed investments.
- b. Charitable expenditure comprises expenditure on the Charity's primary charitable purposes and relates to:
- (i) Donations relate, in the main, to the support of the Congregation’s own work overseas and the support of other charitable organisations whose objects are consistent with those of the Charity.
- (ii) Expenditure incurred in the provision of education carried out at Saint Christina’s Preparatory School.
- (iii) Expenditure on the support of members of the Congregation and their ministry. Such expenditure enables the members to carry out the work of the Charity in the areas of the advancement of the Roman Catholic faith, the provision of education and the relief of poverty.
All expenditure can be attributed directly to the above categories and hence there has been no apportionment between headings.
Governance costs which comprise the costs directly attributable to the governance of the Charity, including audit costs and the necessary legal procedures for compliance with statutory requirements, are allocated directly to the charitable activities to which they relate.
## **Tangible fixed assets**
All computer equipment costing £1,000 or more and all other assets costing more than £1,500 which have an expected useful life exceeding one year are capitalised.
## _**Freehold land and buildings**_
The Trustees are the legal owners of land and buildings used exclusively by a school founded by the Congregation, but which is now under separate control and publicly funded. Such assets are regarded as having a nil value for the purposes of the accounts, since they cannot be disposed of in the open market or put to alternative use while such occupation continues.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **39**
**39**
## **Principal accounting policies** 31 August 2020
## **Tangible fixed assets** (continued)
## _**Freehold land and buildings** (continued)_
Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are shown on the balance sheet at a valuation determined by the Trustees at 31 August 1999 based on replacement value for existing use with additions since that date being included at cost. As permitted under the transitional provisions of FRS 102 (section 35), the Trustees have elected to use the 31 August 1999 valuations as deemed cost. Such buildings are not depreciated. Their value and condition are reviewed annually by the Trustees, who are satisfied that their residual value is not materially less than their book value.
Specialised buildings are defined as those comprising the Congregation’s educational establishments and large residential Convents. The buildings comprising Saint Christina’s Preparatory School are included in the accounts at a Trustees’ valuation made in 1994 on the basis of replacement cost for existing use with additions since 1 September 1994 being included at cost. Other specialised buildings are stated at cost, or where cost is not available, at a Trustees’ valuation made in 1999 based on replacement cost for existing use. As permitted under the transitional provisions of FRS 102 (section 35), the Charity Trustees have elected to use the 1994 and 1999 valuations as deemed cost. Depreciation is provided at 2% per annum on a straight-line basis to write the buildings off over their estimated useful economic life to the Charity.
## _**Plant and building improvements**_
Expenditure on plant and property improvements, excluding those of a major structural nature, are capitalised and depreciated over a twenty year period on a straight line basis.
## _**Furniture and equipment**_
Expenditure on the purchase and replacement of furniture and equipment for use within Saint Christina’s Preparatory School is capitalised and depreciated over a ten year period on a straight line basis.
All other expenditure on the purchase and replacement of furniture and equipment is capitalised and depreciated over a five year period on a straight line basis.
## _**Computer equipment**_
Expenditure on the purchase and replacement of computer equipment is capitalised and depreciated over a three year period on a straight line basis.
## _**Motor vehicles**_
Motor vehicles are capitalised and depreciated over a four year period, on a straight line basis in order to write off each vehicle over its estimated useful life.
## **Fixed asset investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **40**
## **Principal accounting policies** 31 August 2020
## **Fixed asset investments** (continued)
The Charity does not acquire put options, derivatives or other complex financial instruments.
One of the main forms of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sun sectors.
All gains and losses on investments are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds are their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
## **Programme related investments**
Programme related investments include land and buildings owned by the Charity but used by another organisation for purposes consistent with the Charity’s objectives. The assets are stated at deemed cost. The original cost of the land building classified as programme related investment is not known. Before the reclassification as programme related investment the book value of the freehold land and building was based on valuations made in 1994 and 1999 with subsequent additions and improvements included at cost. As permitted under the transitional provisions of FRS 102 (section 35), the Charity Trustees had elected to use these valuations as deemed cost. Any loss arising from disposal or any loss arising from impairment is recognised as expenditure on charitable activities and is charged to the statement of financial activities. Any gain arising from disposal is credited to the statement of financial activities.
Programme related investments also comprise loans advanced to organisations with objects consistent with those of the Charity. Such loans are often interest free and any financial return is not the primary reason for advancing the loan. The recoverability of the loan is assessed each year and any amount irrecoverable is converted into a donation payable.
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **41**
## **Principal accounting policies** 31 August 2020
## **Creditors and provisions**
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
## **Fund accounting**
The restricted funds are assets or monies raised for, and their used restricted to, a specific purpose, or donations subject to donor imposed conditions on use.
The tangible fixed assets fund represents the net book value of the Charity’s tangible fixed assets held on unrestricted funds.
The programme related investment fund represents the combined value of land and buildings owned by the Charity but used by another organisation for purposes consistent with the Charity’s objectives, together with the amount outstanding on loans granted to another organisation for purposes consistent with the Charity’s objectives.
Designated funds comprise monies set aside by the Trustees out of general funds for a particular purpose or project.
The general fund comprises those monies which are freely available for use in furtherance of the Charity’s objectives at the discretion of the Trustees.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account at arriving at the net movement in funds.
## **Services provided by members of the Congregation**
For the purposes of these accounts, no value has been placed on administrative and other services provided by the members of the Handmaids of the Sacred Heart of Jesus.
## **Pension costs**
Contributions in respect of the defined benefit scheme are charged to the statement of financial activities so as to spread the cost of pensions over the employees’ working lives at Saint Christina’s Preparatory School.
Contributions to defined contribution schemes are charged to the statement of financial activities in the period in which they are payable to the scheme.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **42**
## **Notes to the accounts** 31 August 2020
## **1 Income from: Donations**
|**Income from: Donations**|||||||
|---|---|---|---|---|---|---|
||**Unrestricted**
**funds**
**£ **|
**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£ **|
Unrestricted
funds
£|
Restricted
funds
£|Tota
funds
2019
£|
|Salaries and pensions of individual
religious received under Gift Aid
General donations
Legacies|**43,851 **
**12,567 **
**100,098 **|
**—**
**10,998**
**—**|**43,851 **
**23,565 **
**100,098 **|
47,316
22,385
—|
—
5,920
—|
47,316
28,305
—|
||**156,516 **|
**10,998**|**167,514 **|
69,701|
5,920|
75,621|
## **2 Income from: Investments and interest receivable**
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**
**2020**
**£**|Total
2019
£|
|**Income from listed investments**
. Unitised funds
. UK fixed interest
. Common investment funds
. UK equities
. Foreign investment trusts
. Charities property fund
**Interest receivable**
. Bank interest
**Income from programme related investments**
**Total**|**39,820**
**29,050**
**102,238**
**168,596**
**36,832**
**3,964**|38,891
28,416
84,688
207,165
43,222
6,015|
||**380,500**|408,397|
||**4,945**|5,212|
||**30,000**|30,000|
||**415,445**|443,609|
## **3 Income from: Education fees and related charges**
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**
**2020**
**£**|Total
2019
£
2,093,542
(39,275)|
|Tuition fees
Less: Discounts and bursaries
Other fees and charges|**2,279,133**
**(56,613)**||
||**2,222,520**
**71,275**|2,054,267
100,293|
||**2,293,795**|2,154,560|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **43**
## **Notes to the accounts** 31 August 2020
## **4 Income from: Other trading activities**
||**Unrestricted**
**funds**
**£**|**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
funds
2019
£|
|---|---|---|---|---|---|---|
|Hire of facilities
Miscellaneous
Fundraising|**14,596**
**11,396**
**—**|
**—**
**—**
**—**|**14,596**
**11,396**
**—**|39,376
8,028
—|—
—
2,768|39,376
8,028
2,768|
||**25,992**|
**—**|**25,992**|47,404|2,768|50,172|
## **5 Expenditure on: Donations and support of missions**
||**Unrestricted**
**funds**
**£ **|
**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|
Restricted
funds
£|Total
funds
2019
£|
|---|---|---|---|---|---|---|
|Handmaids of the Sacred Heart -
Rome
Handmaids of the Sacred Heart -
Dublin
CAFOD
Catholic Trust for England and
Wales
Fundaҫão Santa Rataela Maria
Fundaҫão Goncab de Silveira
Share Action
Rede Xavier (Lebanon)
Mission News
Donations under £1,000 each to
institutions|**64,032 **
**6,559 **
**— **
**— **
**6,155 **
**— **
**2,000 **
**1,887 **
**1,202 **
**12,141 **|
**—**
**—**
**—**
**—**
**—**
**—**
**—**
**—**
**—**
**2,204**|
**64,032**
**6,559**
**—**
**—**
**6,155**
**—**
**2,000**
**1,887**
**1,202**
**14,345**|47,139
7,209
4,025
1,200
—
1,782
2,000
—
—
7,367|
—
—
—
—
—
—
—
—
—
2,768|47,139
7,209
4,025
1,200
—
1,782
2,000
—
—
10,135|
||**93,976 **|
**2,204**|
**96,180**|70,722|
2,768|73,490|
## **6 Expenditure on: Provision of education**
||**Unrestricted**
**funds**
**£ **|
**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|Restricted
funds
£|Total
funds
2019
£|
|---|---|---|---|---|---|---|
|Teaching costs
Welfare
Premises
Support costs (see below)|**1,254,000**
**204,415**
**372,919**
**422,409**|
**8,794**
**—**
**—**
**—**|**1,262,794**
**204,415**
**372,919**
**422,409**|1,221,142
222,365
389,789
326,005|5,920
—
—
—|
1,227,062
222,365
389,789
326,005|
||**2,253,743**|
**8,794**|**2,262,537**|2,159,301|5,920|
2,165,221|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **44**
## **Notes to the accounts** 31 August 2020
## **6 Expenditure on: Provision of education** (continued)
Support costs comprise:
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**
**2020**
**£**|Total
2019
£|
|Staff costs
Printing, postage, stationery, telephone
Courses
Insurance
Chaplaincy
Subscription and inspection costs
Professional fees including property related
Miscellaneous expenses
Bad debts
Governance costs|**152,615**
**24,426**
**15,151**
**20,312**
**—**
**12,436**
**168,624**
**1,830**
**11,715**
**15,300**|142,099
36,432
12,293
21,534
690
11,993
87,643
1,021
—
12,300|
||**422,409**|326,005|
Governance costs include audit and accountancy fees and other professional fees pertaining to the governance of the school.
## **7 Expenditure on: Support of members of the Congregation and their ministry**
||Unrestricted funds|Unrestricted funds|
|---|---|---|
||**Total**
**2020**
**£**|Total
2019
£|
|Premises
Sisters' personal expenses
Education, training and spiritual renewal
Depreciation of property
Other support costs
Governance costs|**70,758**
**72,989**
**108,131**
**50,433**
**26,356**
**13,980**|80,700
96,114
106,223
50,433
12,099
12,690|
||**342,647**|358,259|
## **8 Net income for the year before net gains on investments**
This is stated after charging (crediting):
||**Total**
**funds**
**2020**
**£**
**1,464,126**
**17,900**
**14,260**
**(2,880)**
**4,422**
**215,728**|Total
funds
2019
£|
|---|---|---|
|Staff costs (note 9)
Auditor’s remuneration
. Statutory audit services
.. Current year
. Non statutory audit services
.. Current year
.. Prior year
Deficit on disposal of tangible fixed assets
Depreciation||1,416,806
17,550
12,330
(4,890)
848
217,632|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **45**
## **Notes to the accounts** 31 August 2020
## **9 Staff costs, remuneration of key management personnel and Trustees’ remuneration**
|**Staff costs, remuneration of key management personnel and**
**remuneration**|**Trustees’**||
|---|---|---|
||**Total**
**funds**
**2020**
**£**|Total
funds
2019
£|
|Staff costs during the year were as follows:
Wages and salaries
Social security costs
Other pension costs
Contractors’ fees
Staff costs per function were as follows:
Provision of education
Support of members of the Congregation and their ministry|**1,109,249**
**115,745**
**172,775**|1,125,155
113,702
126,703|
||**1,397,769**
**66,357**|1,365,560
51,246|
||**1,464,126**|1,416,806|
||**1,440,911**
**23,215**|1,393,073
23,733|
||**1,464,126**|1,416,806|
The number of employees who earned £60,000 per annum or more (including benefits but excluding pension contributions) during the year was as follows:
||**2020**
**No.**|2019
No.|
|---|---|---|
|£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000|**1**
**—**
**1**|1
1
—|
Employer contributions were made on behalf of one of the above employees to a defined benefit scheme and on behalf of the other employee to a defined contributions scheme. Total contributions to the defined benefit scheme amounted to £153,504 (2019 - £108,860) and total contributions to the defined contribution schemes amounted to £19,271 (2019 - £17,843).
The average number of employees during the year, analysed by function, was as follows:
||**2020**
**No.**|2019
No.|
|---|---|---|
|Provision of education
Support of members of the Congregation and their ministry|**30**
**2**|33
2|
||**32**|35|
As members of the Congregation, the Trustees’ living and personal expenses during the year were borne by the Charity, but they received no remuneration or reimbursement of expenses in connection with their duties as Trustees during the year (2019 - £nil).
From time to time the children of Governors may be educated at the school. In such cases all financial and other transactions are conducted on an arm’s length basis on terms consistent with those available to all other parents.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **46**
**Notes to the accounts** 31 August 2020
## **9 Staff costs, remuneration of key management personnel and Trustees’ remuneration** (continued)
The key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis comprise the Trustees and the Governors and senior management team of the school, including the Head Teacher and the Bursar.
The total remuneration including employer pension and National Insurance contributions and other benefits of the key management personnel was £200,233 (2019 - £182,881).
## **10 Taxation**
The Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust is a registered Charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.
## **11 Tangible fixed assets**
||Freehold land and
buildings|Freehold land and
buildings|Plant and
building
improvements
£|
Furniture
and
equipment
£|
Computer
equipment
£|Motor
vehicles
£|**Total**
**£**|
|---|---|---|---|---|---|---|---|
||Residential
£|
Educational
£||||||
|**Cost or valuation**
At 1 September 2019
Additions
Disposals
At 31 August 2020
At cost
At deemed cost –
1994 and 1999
valuations
**Depreciation**
At 1 September 2019
Charge for the year
On disposals
At 31 August 2020
**Net book values**
At 31 August 2020
At 31 August 2019|3,169,221
—
—|
2,970,658
—
—|1,115,441
—
—|
342,903
—
(10,736)|
139,124
4,140
(13,325)|29,481
—
—|**7,766,828**
**4,140**
**(24,061)**|
||3,169,221|
2,970,658|1,115,441|
332,167|
129,939|29,481|**7,746,907**|
||741,451
2,427,770|
1,721,408
1,249,250|1,115,441
—|
332,167
—|
129,939
—|29,481
—|**4,069,887**
**3,677,020**|
||3,169,221|
2,970,658|1,115,441|
332,167|
129,939|29,481|**7,746,907**|
||997,439
50,433
—|
841,280
59,413
—|375,443
55,775
—|
224,484
30,217
(6,314)|
113,330
18,388
(13,325)|24,984
1,502
—|**2,576,960**
**215,728**
**(19,639)**|
||1,047,872|
900,693|431,218|
248,387|
118,393|26,486|**2,773,049**|
||**2,121,349 **|
**2,069,965**|**684,223 **|
**83,780**|
**11,546**|**2,995**|**4,973,858**|
||2,171,782|
2,129,378|739,998|
118,419|
25,794|4,497|5,189,868|
As permitted under FRS 102, the Charity has continued to adopt a policy of not revaluing its tangible fixed assets. The book value of the freehold land and buildings is based on valuations made in 1994 and 1999 with subsequent additions and improvements included at cost. As permitted under the transitional provisions of FRS 102 (section 35), the Charity Trustees have elected to use these valuations as deemed cost. Other tangible fixed assets are stated at cost.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **47**
## **Notes to the accounts** 31 August 2020
## **12 Investments**
|**Investments**|||
|---|---|---|
||**2020**
**£**|2019
£|
|**Listed investments**
Market value at 1 September 2019
Additions at cost
Disposals at book value (see below)
Net unrealised investment (losses) gains
Market value at 31 August 2020
**Cash held by investment managers**
**Cost of listed investments at 31 August 2020**|**12,147,313**
**3,383,634**
**(3,846,793)**
**(550,171)**|11,894,310
410,642
(339,068)
181,429|
||**11,133,983**
**521,477**|12,147,313
166,098|
||**11,655,460**|12,313,411|
||**8,524,161**|8,836,834|
Disposals at book value included above are made up of the following:
||**2020**
**£**|2019
£|
|---|---|---|
|Proceeds
Losses
Disposals at book value|**3,748,879**
**97,914**|319,832
19,236|
||**3,846,793**|339,068|
Listed investments held at 31 August 2020 comprised the following:
||**2020**
**£**|2019
£|
|---|---|---|
|UK fixed interest
Common investment funds
UK equities
Foreign investment trusts
Charities property fund|**715,338**
**4,229,088**
**4,013,506**
**2,079,172**
**96,879**|949,248
4,233,010
4,494,042
2,328,579
142,434|
||**11,133,983**|12,147,313|
At 31 August 2020 listed investments included the following holdings, which represented material holdings relative to the market value of the total listed investments portfolio held at that date:
||**Market**
**value of**
**holding**
**£**|**Percentage**
**of portfolio**
**%**|
|---|---|---|
|BlackRock Catholic Charities Growth and Income Fund
COIF Charities Ethical Funds|**2,933,780**
**1,295,308**|**26.35**
**11.63**|
All listed investments were dealt in on a recognised stock exchange.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **48**
## **Notes to the accounts** 31 August 2020
## **13 Programme related investments**
At the year-end, the Charity held investments which were held directly in pursuit of the organisation's charitable activities as follows:
|organisation's charitable activities as follows:|||
|---|---|---|
||**2020**
**£**|2019
£|
|Land and buildings
Interest free loan|**457,358**
**59,152**|457,358
59,152|
||**516,510**|516,510|
The land and buildings comprise a property owned by the Charity but used by another charitable organisation for purposes consistent with the objects of the Charity. As explained under principal accounting policies, the above property is included on the balance sheet at the value at which it was included in tangible fixed assets immediately prior to its reclassification as a programme related investment in 2017. The value was based on a Trustees’ valuation determined in 1994 and 1999 adjusted for the costs of subsequent additions to the property.
The interest free loan of €65,000 was advanced in July 2018 to Quinta de Casa Velha to assist with activities consistent with the objects of the Charity, The loan is repayable within 15 years of the date of advance but with the borrower “making best efforts” to repay €5,000 per annum from 2023 onwards.
## **14 Debtors**
|**Debtors**|||
|---|---|---|
||**2020**
**£**|2019
£|
|School fees receivable
Investment income receivable
Prepayments and accrued income
Other debtors|**9,364**
**101,387**
**20,158**
**1,844**|15,906
133,864
32,027
—|
||**132,753**|181,797|
## **15 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2020**
**£**|2019
£|
|Expense creditors
Accruals
School fees in advance and fee deposits from pupils
Donations payable
Taxation and social security|**11,243**
**52,966**
**353,226**
**9,301**
**47,405**|18,778
60,014
364,708
49,988
44,652|
||**474,141**|538,140|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **49**
**49**
## **Notes to the accounts** 31 August 2020
## **16 Restricted funds**
|**Restricted funds**||||||
|---|---|---|---|---|---|
||**At 1**
**September**
**2019**
**£**|**Income**
**£**|**Expenditure**
**£**|**Transfers**
**£**|
**At 31**
**August**
**2020**
**£**
**—**
**—**|
|Sundry funds|**—**|**10,998**|**(10,998)**|**—**||
||**—**|**10,998**|**(10,998)**|**—**||
||At 1
September
2018
£|Income
£|Expenditure
£|Transfers
£|
At 31
August
2019
£
—
—
—|
|Kitchen fund
Sundry funds|3,664
—|—
8,688|—
(8,688)|(3,664)
—||
||3,664|8,688|(8,688)|(3,664)||
Transfers reflect capital expenditure incurred in the current and the prior years and applied for the purposes of the school in accordance with the terms of the restriction imposed. The transfer reflects the fact that the terms under which the monies were given have been met in full by the school. These and other tangible assets are represented by the tangible fixed assets fund (note 17).
The **Kitchen fund** represents donations to be used in respect to improvements to the school’s kitchen.
**Sundry funds** represented donations to be used in respect to specific purposes and have been spent in accordance with these restrictions.
## **17 Tangible fixed assets fund**
|**Tangible fixed assets fund**|||
|---|---|---|
||**2020**
**£**
**5,189,868**
**(216,010) **
**4,973,858**|2019
£|
|At 1 September 2019
Net movement in year
At 31 August 2020||5,373,456
(183,588)|
|||5,189,868|
The tangible fixed assets fund represents the net book value of the Charity’s tangible fixed assets held on unrestricted funds. A decision was made to separate this fund from the general funds of the Charity in recognition of the fact that the tangible fixed assets are essential to the day-to-day work of the Charity and as such their value should not be regarded as funds that would be realisable with ease, in order to meet future contingencies.
## **18 Programme related investment fund**
|**Programme related investment fund**||
|---|---|
||**Total**
**£**|
|At 31 August 2019 and 31 August 2020|**516,510**|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **50**
**Notes to the accounts** 31 August 2020
## **18 Programme related investment fund** (continued)
The programme related investment fund represents the value of the Charity’s programme related investments. These investments comprises land and buildings owned by the Charity but used by another charitable organisation with objectives consistent with those of the Charity, together with interest free loans advanced to organisations with objects consistent with those of the Charity. The value of these programme related investments should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.
## **19 Designated funds**
The income funds of the Charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:
||**At 1**
**September**
**2019**
**£**
**New**
**designations**
**£**
**Utilised/**
**released**
**£**
**803,680**
**—**
**—**
**1,598,756**
**2,613,372**
**(2,342,948)**
**2,000,000**
**—**
**—**
**6,800,000**
**—**
**—**
**11,202,436**
**2,613,372**
**(2,342,948)**|
**At**
**31 August**
**2020**
**£**|
|---|---|---|
|Mission fund
Saint Christina’s Preparatory School fund
Formation fund
Sisters’ care fund||
**803,680**
**1,869,180**
**2,000,000**
**6,800,000**|
|||**11,472,860**|
||At 1
September
2018
£|New
designations
£|Utilised/
released
£|
At
31 August
2019
£|
|---|---|---|---|---|
|Mission fund
Saint Christina’s Preparatory School fund
Formation fund
Sisters’ care fund|803,680
1,378,294
2,000,000
6,800,000|—
2,467,360
—
—|—
(2,246,898)
—
—|
803,680
1,598,756
2,000,000
6,800,000|
||10,981,974|2,467,360|(2,246,898)|11,202,436|
## _**Mission fund**_
This fund was created following the receipt of a donation from the Irish Province of the Handmaids of the Sacred Heart of Jesus and will be used to support the charitable activities of the Congregation worldwide.
## _**Saint Christina’s Preparatory School fund**_
This fund represents the accumulated surpluses of income over expenditure of Saint Christina’s Preparatory School, together with monies designated by the Trustees for use by the school.
## _**Formation fund**_
This fund represents monies set aside to be applied in future years towards the cost of formation and training of members of the Congregation.
## _**Sisters’ care fund**_
This fund represents reserves, calculated using actuarial principles, that have been set aside in order to provide a modest sum towards the care of Sisters as they grow older.
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **51**
**Notes to the accounts** 31 August 2020
## **20 Analysis of net assets between funds**
||**General**
**fund**
**£**|**Tangible**
**fixed assets**
**fund**
**£**|**Programme**
**related**
**investment**
**fund**
**£**|**Designated**
**funds**
**£**
**—**
**10,898,988**
**—**
**1,295,529**
**(434,157)**
**(287,500)**
**11,472,860**|**Total**
**20120**
**£**|
|---|---|---|---|---|---|
|**Fund balances at 31 August 2020**
**are represented by:**
Tangible fixed assets
Investments
Programme related investments
Current assets
Creditors: amounts falling due
within one year
Creditors: amounts falling due after
one year
**Total net assets**|**—**
**756,472**
**—**
**911,738**
**(39,984)**
**—**|**4,973,858**
**—**
**—**
**—**
**—**
**—**|**—**
**—**
**516,510**
**—**
**—**
**—**||**4,973,858**
**11,655,460**
**516,510**
**2,207,267**
**(474,141)**
**(287,500)**|
||**1,628,226**|**4,973,858**|**516,510**||**18,591,454**|
||General
fund
£|Tangible
fixed assets
fund
£|Programme
related
investment
fund
£|Designated
funds
£
—
10,858,337
—
1,079,240
(444,141)
(291,000)
11,202,436|Total
2019
£|
|Fund balances at 31 August 2019
are represented by:
Tangible fixed assets
Investments
Programme related investments
Current assets
Creditors: amounts falling due
within one year
Creditors: amounts falling due after
one year
Total net assets|—
1,455,074
—
767,691
(93,999)
—|5,189,868
—
—
—
—
—|—
—
516,510
—
—
—||5,189,868
12,313,411
516,510
1,846,931
(538,140)
(291,000)|
||2,128,766|5,189,868|516,510||19,037,580|
|||||**2020**
**£**|2019
£|
|**Total unrealised gains included above:**
On investments
**Reconciliation of movement in unrealised gains**
Unrealised gains at 1 September 2019
In respect to disposals in year
Net (losses) gains arising on revaluation in the year
Unrealisedgains at 31 August 2020||||**2,609,822**|3,310,479|
|||||**3,310,479**
**(150,486)**
**(550,171) **|3,181,697
(52,647)
181,429|
|||||**2,609,822**|3,310,479|
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **52**
**Notes to the accounts** 31 August 2020
## **21 Pension schemes and related commitments**
## _**Teachers’ Pension Scheme**_
## _Introduction_
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers. All teachers have the option to opt-out of the TPS following enrolment.
The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
## _Valuation of the Teachers’ Pension Scheme_
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:
- ♦ employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy);
- ♦ total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22,000 million; and
- ♦ the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI. The assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45%.
Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme. For the period 1 September 2019 to 31 August 2020, the employer contributions amounted to £153,504 (2019 – £108,860).
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **53**
**Notes to the accounts** 31 August 2020
## **21 Pension schemes and related commitments** (continued)
## _**Scottish Widows**_
This is a defined contribution scheme and contributions paid by the Charity amounted to £8,698 (2019 - £8,698).
## _**Standard Life Pension Scheme**_
This is a defined contribution scheme and contributions paid by the Charity amounted to £nil (2019 - £1,001).
## _**The Pensions’ Trust**_
This is a defined contribution pension scheme and contributions paid by the Charity amounted to £10,573 (2019 - £8,144).
## **22 Ultimate control**
The Charity, which is constituted as a trust, was controlled throughout the period by the Handmaids of the Sacred Heart of Jesus by virtue of the fact that the Provincial Superior appoints all of the Trustees. The Congregation in Great Britain does not hold any assets, incur liabilities or enter into any transactions in its own right. The assets and liabilities of the Congregation in Great Britain are vested in the Trustees of the Charity, who undertake transactions entered into in the course of the Congregation’s charitable activities.
## **23 Related party transactions**
As members of the Congregation, none of the Trustees have resources of their own as all earnings, pensions and other income have been donated to the Charity under a Deed of Covenant. During the year, the total amount donated by the Trustees to the Charity was £6,245 (2019 - £5,755).
During the year to 31 August 2018, the Charity committed to donate an amount of £86,210 to the Fundaҫão Santa Rataela Maria. During the year to 31 August 2019, the Charity paid £36,397 towards this commitment with the remainder of £49,813 being paid in the year to 31 August 2020. An additional amount of £6,155 was paid to the Fundaҫão Santa Rataela Maria in the year to 31 August 2020. One of the Trustees of the Charity is on the Board of Governors of the Fundaҫão Santa Rataela Maria and one of the Trustees of the Charity is the Chair of Trustees of the Fundaҫão Santa Rataela Maria.
In the year to 31 August 2020, the Charity paid £6,559 (2019 - £7,209) to the Handmaids of the Sacred Heart – Dublin. Two of the Trustees of the Charity are also Trustees of the Handmaids of the Sacred Heart – Dublin.
There were no further related party transactions requiring disclosure in the year to 31 August 2020 (2019 - none).
Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **54**