**Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust** 


_**Number 221319**_ 

## **Annual Report and Accounts** 

31 August 2023 



## **Contents** 

## **Reports** 

|Reference and administrative details of the|Reference and administrative details of the|
|---|---|
|Charity, its Trustees and advisers|1|
|Trustees’ report|3|
|Independent auditor’s report|29|
|**Accounts**||
|Statement of financial activities|34|
|Balance sheet|35|
|Statement of cash flows|36|
|Principal accounting policies|37|
|Notes to the accounts|44|



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 (resigned 16 August 2023) Sister Anne Petit Sister Marina Santos (appointed 16 August 2023) **Sister Provincial** Sister Ana Maria Horta Correia Ramirez (resigned 16 August 2023) Sister Marina Santos (from 16 August 2023) **Provincial Bursar** Sister Marta Silva **Address** 25 Saint Edmund’s Terrace St John’s Wood London NW8 7PY **Charity registration** 221319 **number Independent 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 CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET **Solicitors** Pothecary Witham Weld 84 Eccleston Square London SW1V 1PX 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **2** 



**Trustees’ report** 31 August 2023 

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 2023. 

The accounts have been prepared in accordance with the accounting policies set out on pages 37 to 43 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 transferred 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, that closed in 2016. St Mary’s Catholic Primary School is now an academy trust limited by guarantee, having the Handmaids (who remain the owners of the land and buildings) as a Foundation Member, along with the Diocese of Southwark. The School was incorporated on 10 October 2014 and opened as an academy on 1 November 2014. 



**Trustees’ report** 31 August 2023 

## **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 Dublin 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 2022 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **4** 



**Trustees’ report** 31 August 2023 

## **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. 

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 before, the Charity owns the land and buildings of St Mary’s Primary School, Beckenham, Kent. One of the Sisters represents the Handmaids as a Foundation Member of the academy, and some others have regular contact with the School. The Trustees nominate three members of the Governing Body. 

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 work for unity between peoples as is stated in the School’s Mission Statement: 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **5** 



## **Trustees’ report** 31 August 2023 

## **OBJECTIVES AND ACTIVITIES** (continued) 

## **Mission and policies** (continued) 

## Education (continued) 

_“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. 

Three 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 

The 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, the Sisters prepare children for the sacraments, guide groups of prayer and provide spiritual education. 

In Bournemouth, the ACI Family (lay persons with the spirituality of the Handmaids) continue the activities initiated by the Sisters, assisted by them in frequent visits. 

## 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 developing 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. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **6** 



## **Trustees’ report** 31 August 2023 

## **OBJECTIVES AND ACTIVITIES** (continued) 

## **Mission and policies** (continued) 

- Grants and donations (continued) 

Within the Atlantic Europe Province, a preferential commitment with Fundação Santa Rafaela Maria substantiates 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), ShareAction (supporting part of the salary of an AGM activist), CrowdJustice and Avaaz Foundation. 

## **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”. At the present time, we have one Sister in the London community benefitting from twentyfour-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 the year to 31 August 2023, the Atlantic Europe Province had 9 Sisters at different stages of the Handmaid’s Formation Program: 

- Three juniors in Madrid, Spain. The Sisters continue to study in Universidad de Comillas; 

- Another Sister is finishing her studies in Madrid, also in Comillas, and another in Paris, in the Jesuits’ Centre Sèvres; 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **7** 



## **Trustees’ report** 31 August 2023 

## **OBJECTIVES AND ACTIVITIES** (continued) 

## **Formation of younger Sisters** (continued) 

- Three other Sisters are working before their final vows: one in Oporto, one in Paris and another one in Fonte da Prata (a deprived area south of Lisbon); and 

- One Sister made her Third Probation (final stage of the initial formation) in Rome and made her Perpetual Profession of Vows in August 2023. 

Over the years, from this large group, a significant number have spent many years dedicated to apostolic and social work in England, and with their youth helped give 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. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Education** 

The Governing Body of Saint Christina’s School 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. As part of our desire to empower the children and give them leadership opportunities, a training programme has been devised and implemented towards the end of Year 5 to help prepare the children for Year 6 and help create a good fit between child and role/responsibility. In addition to this in the academic year 2022-23 the ‘Children’s’ Chaplaincy’ was created to ensure greater participation in and voice around the spiritual life of the School. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **8** 

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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Education** (continued) 

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. Following the granting of planning permission in July 2021, the School completed phase one of the extension plan during the School year 2021-22. This has delivered to the School the following: a discrete Early Years Foundation Stage (EYFS) area comprising two Reception classes, one Nursery classroom, one small group room, separate toilet facilities and cloakroom areas, shower and utility room; two classrooms on the first floor; two classrooms on the second floor; outdoor learning spaces for the EYFS on the ground floor, Key Stage 1 on the first floor and Key Stage 2 on the third floor.  The academic year 2022-23 saw the School begin to utilise these spaces and plan for the resurfacing of the playground to include a multi-use games surface that will enhance onsite PE provision. 

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) and English as an Additional Language (EAL) support. In addition to the expansion of EAL provision as reported last year, the School added to resources to support its EAL provision in the academic year 2021-22 with a view to taking these forward to 2022-23. The ‘Higher Ability’ programme was successfully piloted during the academic year 2021-22 and successfully taken forward and developed into 2022-23 as ‘curiosity club’. 

An increased emphasis on Science, Technology, Engineering and Mathematics (STEM) related activities continues to be 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 are 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. The Independent Schools Examinations Board (ISEB) Science Curriculum has been adopted to enhance the level of rigour within teaching and allow for a greater level of stretch. The evidence from end of year data suggests that the course is a good addition to our provision. In addition to this, STEM was further enhanced with the introduction of the Formula 1 in Schools Engineering programme and racing competition. The children continue to achieve well within the competition. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **9** 

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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Education** (continued) 

Aside from the main curriculum, we have continued to add new elements to our provision of our over-arching philosophy of Intellectual Curiosity. The new ‘Higher Ability’ programme forms part of the provision. In addition to this, we continue to place 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 (the School record of 320 decimal places 2022 was broken in March 2023 by an innovative tag team approach used by two girls in Year 6), code breaking and problem solving etc. The School’s STEM clubs which use STEM Lego kits and material from the Sam Labs in order to facilitate their coding and robotics competitions e.g. Robotics and AI design, remain extremely popular and are often over-subscribed. The interactive ‘Curious Question Board’ has maintained a very positive level of engagement, with children encouraged to fathom an answer to a ‘big question’, puzzle or conundrum. What is particularly satisfying is the engagement of Year 1 with the challenges throughout 2022-23: many of the challenges are based on 11+ / reasoning.  Children continue to be entered for high level national competitions including Bebras (computing), Linguistics and the United Kingdon Mathematics Trust (UKMT) challenges, where Key Stage 2 children attempt the Junior (for ages 11-14) and Intermediate (for ages 14-16) challenges. Children were certificated at both levels in the year 2022-23, and in the Bebras a number of Year 6 pupils took spots in the ‘invitation round’ which comprises of children who have surpassed their national cohort in the first round. 

A new Marketing Plan was developed with Reed Brand during the Academic Year 2021-22 to complement the changes in the School that ultimately aims to ensure the continued emphasis on our Catholic education and the pedagogy of the heart, full co-education, STEM, Intellectual Curiosity and the development of ‘growing’ the whole child. In 2022-23 we worked to embed these principles whilst producing a School prospectus, developing our presence on social media and flowing our new branding through the School. 

Our key strategic objectives for marketing remain: 

1. To increase pupil numbers; 

2. To establish Saint Christina’s as an aged 3-11 fully co-educational School; and 

3. To project a positive narrative about the quality of the education and experience of children within the School. 

However, we have refined our message to include the emphasis on our Catholicity, STEM/intellectual curiosity, and stretch. The ways in which we have met these objectives over this year are: 

- Nurseries and school visits: A strong emphasis is laid on building up good relationships with feeder nurseries and schools, both for the secondary transition as well as for compatibility in partnership. In 2022-23 this included a number of London prep school settings, boys’/co-educational schools, and boarding settings alongside more traditional London school destinations. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **10** 



## **Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

**Education** (continued) 

- Co-education: The School’s offer is being well-received within our catchment and the number of boys within the School will exceed a third from September 2022. Boys are now in all year groups except for Year 6. Adjustments within the curriculum around STEM and Sports have been seen as very positive amongst prospective parents, and the refurbishment of the playground to include a Multi-Use Games Area (MUGA) will add to this by massively enhancing safer on-site provision in sport. 

- Pupil numbers: These continue to grow. In the year 2022-23 the School reached 165 pupils (Sept 2021: 159) and we are projected to exceed this figure in 2023-24. We now have very full year groups across the board and were slightly constrained in our effort to grow the School by the fact that we are on the cusp of being able to open second classrooms. Our journey to two-form entry has taken a very important step forward in the academic year 2023-24 as we welcome two Nursery classes which mean that in 202425, we anticipate that we will have two full Reception classes. 

As part of our commitment to providing ongoing professional development, many courses were made available to and attended by staff. Annual safeguarding, bi-annual Prevent and in-depth SEN training upskilling staff particularly around neurodiversity has been provided to all staff and Designated Safeguarding Lead (DSL) training has been provided to senior members of staff. Other training has been tailored to the needs of particular staff e.g. paediatric First Aid training, Food Hygiene etc. 

Much of our focus during the year 2022-23 has been to provide as normal an environment as possible as we reclaim the School following a year of building disruption. The aim has been to enjoy the new spaces that we now have and to learn how to use them effectively to the benefit of the children. The new EYFS setting, in particular, has been very well used with the all-year outdoor learning space and the kitchen. Whilst there was a delay in the use of the upper terrace areas due to snagging, these areas were able to be used once the weather improved enabling the introduction of horticulture within the club programme and class activity. In addition, 2022-23 saw the return to normal with club activity and provision: the reintroduction of externally provided clubs, such as Judo and Ballet alongside filmmaking and drama. We are pleased to see how well the children are engaging with these – in Judo we saw individuals begin to compete locally and achieve well within competitions. We look forward to more in 2023-24. Children have continued to achieve well within their solo instrumental learning too, following the reintroduction of full in-person peripatetic provision. 

We continue to place a premium on both enrichment and the 'hidden' curriculum and have sought to reassert key emphases to support the provision of our distinctive Catholic community. This has included the development of the children’s chaplaincy, the introduction of an excellent provision initiative from the Handmaids around Advent and Lent workshops – supporting the children’s greater liturgical and faith understanding – and the collection of Pupil voice for the Pope’s synod. Our provision includes: 

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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Education** (continued) 

- School Assemblies; 

- Class, Key Stage and Instrumental Assemblies; 

- Weekly Mass; 

School visits across the year groups recommenced, seeing children visiting a wide variety of locations from the Roald Dahl Museum, The William Morris Museum, Ragged School, the Regent’s Park Mosque and of course the Year 5/Year 6 PGL residential. EYFS have continued to enjoy their Forest School sessions as well as taking part in litter picking at Primrose Hill and looking after and observing ducklings hatching. 

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 Maths Challenge and the UKMT Junior and Intermediate Maths challenges with several children certificating at the top end of all of these competitions. 

The pupils in Year 5 and Year 6 participated in the annual linguistics competition. 

The School Production in 2022-23 was Oliver. As a representation of the strength of performance within the School, it was very strong involving all the children from Year 3 to Year 6 within the acting and performance as well as discrete use of instrumental groups with a particular impressive performance by the strings. 

The School has enjoyed a full year of undisrupted sporting provision. We have been delighted to enjoy a full and rich fixture programme across the academic year enabling children to apply their skills in netball, football and cricket, in particular. The Director of Sport has, in addition, continued to develop links with other schools and sporting clubs with a view to encouraging Higher Ability within this arena. He has also introduced ‘fencing’ to complement the cocurricular provision of Judo and has been fully involved in discussion and planning for the proposed MUGA. 

Year 6 pupils achieved excellent 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: 

- American School in London (2) 

- Channing 

- City of London School for Girls 

- Francis Holland School, Regent’s Park 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **12** 



## **Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

**Education** (continued) 

- Godolphin and Latymer 

- The Grey Coat Hospital 

- Henrietta Barnett School 

- Latyner Upper School 

- Mayfield School 

- Oundle School (2) 

- Queen’s College (2) 

- Queen’s Gate School 

- South Hampstead High School 

- St James School 

- St Michael’s Grammar School 

- Trevor Roberts Preparatory School (2) 

Seven scholarships and one discrete Headteacher Award were secured from the class of 17 children, including: 

- Seven Academic Scholarships 

- One Invitation to join the Linguistic Société de France. 

The year group of 17 girls received an outstanding number of 56 offers of places from which the above were selected. Offers received but not taken up included: 

- Haberdashers’ Girls’ School (2) 

- Maida Vale School (5) 

- North London Collegiate School 

- Queenswood 

- St Augustine’s Priory 

- St Helen’s School 

- St Marylebone 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **13** 



**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Education** (continued) 

The academic outcomes from this cohort have been extremely strong from a mixed cohort in a very challenging year as evidenced by the number of academic scholarships offered and the range of schools from which offers were made. Value Added, as represented in the destination of leavers list, is high. 

## _Fundraising and involvement in the community_ 

Saint Christina’s Preparatory School continued to encourage the children to choose and raise money for other worthwhile charities, which are often local or Catholic charities. In addition to this, the School launched a fundraising initiative to support the refurbishment of the playground. 

The School raised money for many charities during the year including: 

- **Mardi Gras Fundraiser for DEC Syria/Turkey Appeal: Funds Raised - £714.** This fundraising event proved successful in raising funds for the Disasters Emergency Committee Syria/Turkey Appeal, demonstrating the School's commitment to supporting humanitarian efforts in crisis regions. 

- **MacMillan Coffee Morning: Funds Raised - £1,332.** The MacMillan Coffee Morning event garnered substantial contributions towards cancer support, showcasing the School's dedication to supporting vital healthcare causes. 

- **Friendship Friday for Kidscape Charity: Funds Raised - £467.** The Friendship Friday initiative displayed the School's commitment to anti-bullying efforts and child safety, with proceeds directed toward the Kidscape charity. 

- **Nativity Collection for Christ Church Bentinck Primary School Library: Funds Raised - £265.** This collection during the Nativity play demonstrated solidarity with another local school, contributing to the development of their new library. 

- **"Boxes of Love" Collection for St. John’s Hospice: Number of Boxes Collected - 52.** The generous collection of "Boxes of Love" exemplifies the School's compassionate engagement with the local community and support for hospice care. 

- **Art Donations to Local Services** : Works of art donated to the library, hospice, and the Handmaids reflect the School's commitment to enriching the local cultural landscape. 

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**Trustees’ report** 31 August 2023 

## **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 2023-24. 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. Tony Gorton, our then Diocesan Advisor, led the training and visited the School as our new advisor, in September 2021. He has continued to train staff with upskilling around the new standards (April 2023) and the Prayer Toolkit (September 2023). The development of the RE provision over the year (2022-23) has been very good as articulated through the termly visitation reports from our current advisor, Flic Henson. In addition to this, the focus has been on preparing the School for the new inspection framework that will be introduced from September 2023. This work began in January 2023 and has continued through the sharing of a working Catholic Self-Evaluation Document (CSED) to the Board meeting in June 2023. The new emphases on child voice and Catholic Social Teaching have both met with a response through the full adoption of the Ten:Ten Plus teaching programme (PSHE / RSE) and Rooted in Love (CST) alongside the creation of the Children’s Chaplaincy. 

In 2022 the Headteacher completed the National School of Formation (NSF)’s Headteacher programme and is now a member of the NSF. 

## **Care of the elderly** 

From the Summer of 2021, one of our elderly Sisters, previously living in Bournemouth, moved permanently to London. She is able to take advantage of the better conditions that the house in London has to offer with respect to mobility, and thanks to the proximity of the School, there are increased opportunities for sacramental and social life. 

One of the Sisters who is more directly involved in her care, also volunteers seven days per week at St John’s Wood Hospice, where her work and presence are very appreciated. There, she has contact with the most advanced practises of end-of-life care that is thus applied at home. This Sister gives thorough support to the families of the sick and the dying in their process of bereavement. 

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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Care of the elderly** (continued) 

The Sisters frequently spend time visiting elderly and lonely people, both at home and in hospitals, taking Communion and providing them with company. 

## **Social and pastoral work** 

In the Summer of 2023, the Sisters that were part of the **Bournemouth** community had to move to other communities in the Province. Considering the combination of the lack of personnel to replace them and the uncertainty regarding our mission in Boscombe, it was decided to suspend the presence of the Handmaids there for one year, until a more permanent decision was taken. The Sisters have carefully passed all the information and responsibilities they had to local leaders, for instance, helping to implement different groups in the Portuguese community which are now taking charge of the liturgy, of the coffee sessions, various announcements and social media responsibilities, etc. They keep in touch with these groups and give occasional assistance. 

More regularly, normally once a month, the Sisters from London continue to come and participate in the ACI Family reunions. This very strong group keeps the spirit of the Handmaids alive, for instance participating in the daily adoration and parish life in Corpus Christi. 

In October 2022, they promoted a pilgrimage to Marydale, including a visit to the graves of so many Sisters that left a lasting impression by giving their lives to the service of the people. 



In **London** , the community keeps the mission of accompanying the work of Saint Christina’s School, for instance by giving one-to-one attention to children who have difficulty paying attention in a large class situation, but mainly by always being ready to listen to every member of the School and offering advice and a space of welcoming. 

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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Social and pastoral work** (continued) 

In April 2023, we had the great joy of receiving the **visitation of the Superior General** of the Handmaids of the Sacred Heart of Jesus, Sister Rosario Fernández-Villarán, accompanied 


by two of her General Assistants, Sisters Belén Escauriaza and Marcela Sáenz. The General Team enjoyed the opportunity of meeting some of the people who participate in the Sunday Eucharist, since they always come to the Sisters’ dining room for tea after the Mass. This simple custom helps to create community among them, and they strongly appreciate it. 


These formal visits, held at least once every 10 years, are always special moments of communion with the worldwide Institute and opportunities for profound dialogue with for the Sisters, both individually and in community, with the Head of the Congregation. This visitation, in particular, helped in the discernment towards the designation of the new Provincial Superior to replace Sister Ana Maria Ramírez, whose mandate ended in August 2023. 

The visit also allowed discussion about the **Planning Process** that was being undertaken. During the year, although recognising the presence of some seeds and small fruits in the past 


years of mission in Bournemouth and the significant presence of the ACI family, we do not believe it possible for the Sisters to maintain a community there. With the shortage of Sisters to send, it is very difficult to maintain a permanent community in order to give consistency to the mission that could arise. Economically, it seemed difficult to keep the independence and sustainability of the community there. For these reasons it was decided to close the Bournemouth Community, with canonical effect from October 2023. 

After six years living in our **house in Beckenham** , the Salesian Sisters have seen they were no longer able to proceed with their mission with asylum seekers, and therefore decided not to renew their lease with us. From the moment they communicated their intentions, the Trustees started searching for a similar organisation that could continue to make good use of the building, aligned with our own objectives. Contacts with different potential interested persons were taken, but the ideal tenant was not found. The Trustees thus decided to put the house on the market and have contacted local estate agents. 

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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Social and pastoral work** (continued) 

Unfortunately, right after that, an incident with the piping system caused a major leak, with extensive damage to the building. Talks and discussions with the insurance company extended for the following months, and though recognising the extent of the damage, the repair works did not start until 2024, therefore deferring the opportunity to sell the property. 






Pastorally, the major event of the year was the participation on **World Youth Day** (WYD) – an international encounter of the youth with the Pope, that took place in Lisbon. The Handmaids led some of the different events of the official programme, like organised prayers, street concerts or conferences. They also had a permanent stand on the “City of Joy”, a Vocation Fair where the Congregation gets to be known by young people from all over the world. 




During the ten days leading up to the WYD, the Sisters participated in the Magis Experience (to whom some of them were also involved in the organisation), a life-changing gathering of young adults sharing the Ignatian Spirituality that happens every time a WYD is announced. These days are full of experiences that help to celebrate in a space of sharing and prayer, and from the Handmaids’ experience, the fruit of these days last for many years after, many times leading to an important decisions to commit a life to faith and service. 


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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Grants and donations** 

Taking advantage of being a worldwide Congregation with a strong set of shared values and trust and recognising that the participation in the **World Youth Day** has proved to be a life changing experience for many people, the Trustees have decided to sponsor 50% of the travel expenses for youngsters from developing countries who were recommended and accompanied by the Sisters of those countries. 11 youngsters benefited from this grant: 4 from Argentina, 4 from Peru, 2 from Cuba and 1 from Ecuador. 

Also, in a broader sponsorship, the Charity helped reduce the costs of accommodation in a Handmaids’ retreat house. Over 120 youngsters from more than 15 countries benefited from it, most of them members of pilgrimages organised by our Sisters. 










As an expression of our continuous support to the work of Fundação Santa Rafaela Maria, a further donation of €150,000 was granted. The construction of the Pavilions part of the Tasse Project was completed and opened in September 2022. Tasse is a project that promotes school inclusion for children, many of whom are migrants or descendants of migrants. The new space for the Pavilions has five classrooms, one of them designed for computer workshops, and a multipurpose room, designed to improve the quality of learning, the relationship between child/monitor, and leverage the available resources. 


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**Trustees’ report** 31 August 2023 

## **ACHIEVEMENTS AND PERFORMANCE** (continued) 

## **Formation of younger Sisters** 

Taking the opportunity of having so many young Sisters from all over the world gathered in Lisbon for the World Youth Day, our Province invited all of them to an extra three day stay in Palmela, in a house of retreats, for resting and to have quality time with each other. This was a unique, maybe once in a lifetime occasion of formation in the universality of our mission, strengthening the bonds between the Sisters and reaffirming each other in their common vocation. 



The days culminated with the joy of celebrating the final Profession of Vows of one of the Sisters of the Province, perpetually committing her life in poverty, chastity and obedience. _“I realise this is only the second, and very likely the last, celebration of this kind that I have witnessed in my life – and the first time has been my own Perpetual Profession in the Institute.”_ – commented a Japanese Sister that attended. 



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**Trustees’ report** 31 August 2023 

## **FINANCIAL REVIEW** 

## **Results for the year** 

A summary of the year’s results can be found on page 34 of the attached accounts. 

Total income for the year to 31 August 2023 amounted to £3,312,325 compared to £3,109,515 in 2022. Expenditure during the year totalled £3,289,238 (2022 - £3,137,156). 

The Charity’s income includes £2,851,968 (2022 - £2,665,613) being the fees and charges of Saint Christina’s Preparatory School, £344,260 (2022 - £371,081) being income from investments and interest receivable and £107,801 (2022 - £62,279) being donations and legacies. Expenditure includes £2,765,541 (2022 - £2,499,443) relating to the School. 

Net losses on investment assets of £341,553 (2022 - losses of £1,066,019) resulted in a net decrease in funds for the year of £318,466 (2022 - decrease of £1,093,660). Total funds carried forward at 31 August 2023 were £19,353,610 (2022 - £19,672,076). 

## **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. 

## _**Financial position**_ 

The balance sheet shows total reserves of £19,353,610 (2022 - £19,672,076). Of this, £8,081,215 (2022 - £7,715,343) 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. 

£59,152 (2022 - £516,510) represents the programme related investment fund. At 31 August 2022, these investments comprised a property owned by the Charity but used by another charitable organisation for purposes consistent with the objects of the Charity. During the year to 31 August 2023, the charitable organisation vacated the property and it was reclassified as a tangible fixed asset being used by the Charity for its own purposes. The remaining balance at 31 August 2023 comprised 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 2023 

## **FINANCIAL REVIEW** (continued) 

## **Reserves policy and financial position** (continued) 

## _**Financial position** (continued)_ 

At 31 August 2023, the Charity held no restricted funds (2022 - £4,877). Further details are given in note 16 to the accounts. 

The Saint Christina’s Preparatory School designated fund of £1,499,866 (2022 - £1,354,084) 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. 

£1,109,738 (2022 - £1,004,908) 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 £1,785,592 (2022 - £1,856,796) 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 £4,100,000 (2022 - £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 £2,718,047 (2022 - £419,558). The Trustees are of the opinion that this level of free reserves is acceptable and not inconsistent with the Charity’s reserves policy. 

## **Investment policy and performance** 

At 31 August 2023, the Charity held listed investments with a market value of £9,874,815 (2022 - £10,019,847) and, at that date, a further £221,622 was held as cash (2022 - £332,381). 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. 

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**Trustees’ report** 31 August 2023 

## **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 given the current macroeconomic and geopolitical climate 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** 

As previously mentioned, one of the outcomes of the Planning Process was the decision to close the Bournemouth community. Although the canonical closure happened in October 2023, the Trustees decided to continue to assist the ACI Family in Bournemouth for at least another year. The formal ceremony of farewell and thanksgiving will take place in June 2024. The strong friendship bond with the members of the ACI Family persist, and their visit to Portugal is still a project to fulfil. 

The Trustees see the need and opportunity of selling the properties both in Beckenham and Bournemouth – the first to happen as soon as the repair works come to an end, and the second only after the formal farewell event. 

Inspired by the example of many other Religious Congregations in England, the Trustees are considering the possibility of changing the legal nature of the Charity to a CIO – Charitable Incorporated Organisation. The aim is to make the structure lighter, in a context of decreasing number of members. Apart from the indispensable expertise brought by appropriate professionals, the Trustees want to involve different lay people who share the charism of the Handmaids of the Sacred Heart in the process, in particular when discerning the future of St Christina’s School. 

## **School** 

Following the full refurbishment of the playground in the summer of 2023 and replacement of the front entrance doors to improve security and appearance, the School is now very well appointed and equipped. Phase 2 of the building project – reversing the School Hall and relocating the kitchens, remains on hold for now as the School considers the need to do these in light of the transformation achieved through Phase 1. 

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**Trustees’ report** 31 August 2023 

## **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** was the Provincial Superior of the Atlantic Europe Province of the Handmaids until 16 August 2023. 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 Marina Santos** is the Provincial Superior of the Atlantic Europe Province of the Handmaids since 16 August 2023. She has a degree in History, a baccalauréat in Theology and a Master in Spirituality. Sister Marina worked as a teacher for 10 years and was the Head Teacher of the Handmaid's School in Lisbon from 2006 to 2009, and the representative of the Institute in Oporto’s School from 2022 to 2023. From 2009 to 2016, and again from 2019 to 2022, she was in charge of a House of Retreats. She has extensive experience in pastoral work (guiding retreats, giving spiritual direction to individuals and groups, catechism and religion classes), in formation of younger Sisters (Mistress of Juniors) and in leadership within the Institute (served as Local Superior, Provincial Consultant and Provincial Secretary). She was also the Chair of the Board of Fundação Santa Rafaela Maria. 


**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. 

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**Trustees’ report** 31 August 2023 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) 

## **Trustees** (continued) 

**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. 

**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 20 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. 

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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**Trustees’ report** 31 August 2023 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) 

## **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. 

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. 

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**Trustees’ report** 31 August 2023 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) 

## **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. 

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: 

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## **Trustees’ report** 31 August 2023 

## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) 

## **Risk management** (continued) 

- An analysis of the age profile of the members of the Congregation shows that the average age at 31 August 2023 was 78 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 Standards Agency (CSSA). 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. 

- 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 oversees marketing strategies and ensures that they are aligned with the key strategic aims. 

Approved by the Trustees and signed on their behalf by: 

Trustee 

Approved by the Trustees on: 

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**Independent auditor’s report** Year to 31 August 2023 

## **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 2023 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). 

In our opinion, the accounts: 

- give a true and fair view of the state of the Charity’s affairs as at 31 August 2023 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. 

## **Conclusions relating to going concern** 

In auditing the accounts, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 



**Independent auditor’s report** Year to 31 August 2023 

## **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. 

## **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. 

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**Independent auditor’s report** Year to 31 August 2023 

## **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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 

## _**How the audit was considered capable of detecting irregularities including fraud**_ 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- We identified the laws and regulations applicable to the Charity through discussions with representatives from the Trustees and from our knowledge and experience of the charity sector; 

- We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the Charity. These included but were not limited to the Charities Act 2011, 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); and 

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of representatives from the Trustees and review of minutes of Trustees’ meetings. 

We assessed the susceptibility of the Charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- Making enquiries of representatives from the Trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **31** 



## **Independent auditor’s report** Year to 31 August 2023 

## **Auditor’s responsibilities for the audit of the accounts** (continued) 

To address the risk of fraud through management bias and override of controls, we: 

Performed analytical procedures to identify any unusual or unexpected relationships; 

- Tested and reviewed journal entries to identify unusual transactions; 

- Carried out substantive testing of expenditure including the authorisation thereof; 

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

Investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- Agreeing accounts disclosures to underlying supporting documentation; 

- Reading the minutes of meetings of Trustees; and 

Enquiring of as to actual and potential litigation and claims. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

We did not identify any irregularities, including fraud. 

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. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **32** 



## **Independent auditor’s report** Year to 31 August 2023 

## **Use of our report** 

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’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Date: 26 June 2024 

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL 

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 **33** 



## **Statement of financial activities** Year to 31 August 2023 

|Notes|**Unrestricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**Total**<br>**2023**<br>**£**|Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>2022<br>£|
|---|---|---|---|---|---|---|
|**Income from:**<br>Donations<br>1<br>Investments and interest receivable<br>2<br>Charitable activities<br>. Education fees and related charges<br>3<br>Other trading activities<br>4<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>. Investment managers’ fees<br>Charitable activities<br>. Donations and support of missions<br>5<br>. Provision of education<br>6<br>. Support of members of the<br>Congregation and their ministry<br>7<br>**Total expenditure**<br>**Net income (expenditure) income for**<br>**the year before net losses on**<br>**investments**<br>8<br>**Net investment losses**<br>12<br>**Net (expenditure) income**<br>Transfers between funds<br>16<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Balances brought forward<br>at 1 September 2022<br>Balances carried forward<br>at 31 August 2023|**41,418**<br>**344,260**<br>**2,851,968**<br>**8,296**|**66,383**<br>**—**<br>**—**<br>**—**|**107,801**<br>**344,260**<br>**2,851,968**<br>**8,296**|57,402<br>371,081<br>2,665,613<br>10,542|4,877<br>—<br>—<br>—|62,279<br>371,081<br>2,665,613<br>10,542|
||**3,245,942**|**66,383**|**3,312,325**|3,104,638|4,877|3,109,515|
||**57,584**<br>**172,001**<br>**2,765,541**<br>**294,112**|**—**<br>**—**<br>**—**<br>**—**|**57,584**<br>**172,001**<br>**2,765,541**<br>**294,112**|61,555<br>141,015<br>2,499,443<br>435,143|—<br>—<br>—<br>—|61,555<br>141,015<br>2,499,443<br>435,143|
||**3,289,238**|**—**|**3,289,238**|3,137,156|—|3,137,156|
||**(43,296)**<br>**(341,553)**|**66,383**<br>**—**|**23,087**<br>**(341,553)**|(32,518)<br>(1,066,019)|4,877<br>—|(27,641)<br>(1,066,019)|
||**(384,849)**<br>**71,260**|**66,383**<br>**(71,260)**|**(318,466)**<br>**—**|(1,098,537)<br>—|4,877<br>—|(1,093,660)<br>—|
||**(313,589)**<br>**19,667,199**|**(4,877)**<br>**4,877**|**(318,466)**<br>**19,672,076**|(1,098,537)<br>20,765,736|4,877<br>—|(1,093,660)<br>20,765,736|
||**19,353,610**|**—**|**19,353,610**|19,667,199|4,877|19,672,076|



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 **34** 



## **Balance sheet** 31 August 2023 

|Notes|**2023**<br>**£**|**2023**<br>**£**|2022<br>£|2022<br>£|
|---|---|---|---|---|
|**Fixed assets**<br>Tangible assets<br>11<br>Investments<br>12<br>Programme related investments<br>13<br>**Current assets**<br>Debtors<br>14<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: amounts falling due<br>within one year<br>15<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Creditors:**amounts falling due<br>after one year<br>. Fee deposits from pupils<br>**Total net assets**<br>**The funds of the Charity:**<br>Restricted funds<br>16<br>Unrestricted funds<br>. Tangible fixed assets fund<br>17<br>. Programme related investment<br>fund<br>18<br>. Designated funds<br>19<br>. General funds|**181,232**<br>**2,016,015**|**8,081,215**<br>**10,096,437**<br>**59,152**|167,105<br>2,077,106|7,715,343<br>10,352,228<br>516,510|
|||**18,236,804**<br>**1,489,406**||18,584,081<br>1,441,488|
||**2,197,247**<br>**(707,841)**||2,244,211<br>(802,723)||
||||||
|||**19,726,210**<br>**(372,600)**||20,025,569<br>(353,493)|
|||**19,353,610**||19,672,076|
|||**—**<br>**8,081,215**<br>**59,152**<br>**8,495,196**<br>**2,718,047**||4,877<br>7,715,343<br>516,510<br>11,015,788<br>419,558|
|||**19,353,610**||19,672,076|



Approved by the Trustees and signed on their behalf by: 

Trustee 

Approved by the Trustees on: 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **35** 



## **Statement of cash flows** Year to 31 August 2023 

|Notes|**2023**<br>**£**|2022<br>£|
|---|---|---|
|**Cash flows from operating activities:**<br>Net cash used in operating activities<br>A<br>**Cash flows from investing activities:**<br>Investment income and interest received<br>Purchase of tangible fixed assets<br>Proceeds from the disposal of tangible fixed assets<br>Purchase of listed investments<br>Proceeds from the disposal of listed investments<br>**Net cash used in investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and cash equivalents at 1 September 2022**<br>B<br>**Cash and cash equivalents at 31 August 2023**<br>B|**(42,537)**|(40,078)|
||**332,284**<br>**(353,874)**<br>**88,798**<br>**(536,839)**<br>**340,318**|391,853<br>(2,698,232)<br>—<br>(775,667)<br>3,001,020|
||**(129,313)**|(81,026)|
||**(171,850)**<br>**2,409,487**|(121,104)<br>2,530,591|
||**2,237,637**|2,409,487|



## **Notes to the statement of cash flows for the year to 31 August 2023.** 

## **A Reconciliation of net movement in funds to net cash used in operating activities** 


**----- Start of picture text -----**<br>
2023  2022<br>£  £<br>Net movement in funds (as per the statement of financial activities) (318,466) (1,093,660)<br>Adjustments for:<br>Depreciation charge  268,196  204,132<br>Losses on investments  341,553  1,066,019<br>Investment income and interest receivable  (344,260) (371,081)<br>(Surplus) deficit on disposal of tangible fixed assets  (1,889) 48,509<br>Increase in debtors  (2,151) (19,155)<br>Increase in creditors  14,480  125,158<br>Net cash used in operating activities  (42,537) (40,078)<br>B  Analysis of cash and cash equivalents<br>2023  2022<br>£  £<br>Cash at bank and in hand   2,016,015  2,077,106<br>Cash held by investment managers  221,622  332,381<br>Total cash and cash equivalents 2,237,637  2,409,487<br>**----- End of picture text -----**<br>


No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the above cash and cash equivalents. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **36** 



## **Principal accounting policies** 31 August 2023 

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 2023 with comparative information provided in respect to the year ended 31 August 2022. 

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), 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 **37** 



**Principal accounting policies** 31 August 2023 

## **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. 

During the year to 31 August 2023, the School moved into its new extension and refurbished accommodation illustrating the confidence in the School’s future held by both governors and trustees. The trustees of the overall charity are committed to support St Christina’s Preparatory School financially and provided loan finance to help finance the work to the property. 

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 2024, 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. 

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. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **38** 

**38** 



## **Principal accounting policies** 31 August 2023 

## **Income recognition** (continued) 

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 probable 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 and disclosed if 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 been 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. 

## **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 probable 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: 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **39** 

**39** 



## **Principal accounting policies** 31 August 2023 

## **Expenditure recognition** (continued) 

- 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. 

Non-specialised buildings are those designed as, and used wholly or mainly for, private residential accommodation. They are shown on the balance sheet deemed cost. As permitted under the transitional provisions of FRS 102 (section 35), in determining deemed cost, the Trustees elected to use the 31 August 1999 valuations of the freehold nonspecialised land and buildings owned as at that date with additions since that date included at actual cost.  Non-specialised 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. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **40** 



## **Principal accounting policies** 31 August 2023 

## **Tangible fixed assets** (continued) 

## _**Freehold land and buildings** (continued)_ 

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 deemed cost based on 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 deemed cost based on 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 of the specialised land and buildings owned as at that date. 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. 

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 sub sectors. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **41** 



**Principal accounting policies** 31 August 2023 

## **Fixed asset investments** (continued) 

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 and their opening carrying value or their purchase value if 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 and 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 **42** 



**Principal accounting policies** 31 August 2023 

## **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 **43** 



**Notes to the accounts** 31 August 2023 

## **1 Income from: Donations** 

|**Income from: Donations**|||||||
|---|---|---|---|---|---|---|
||**Unrestricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|**Total**<br>**funds**<br>**2023**<br>**£**|Unrestricted<br>funds<br>£|<br> <br> <br>Restricted<br>funds<br>£|<br> <br> <br>Total<br>funds<br>2022<br>£|
|Salariesand pensions of individual<br>religious received under Gift Aid<br>General donations|**31,732**<br>**9,686**<br>**41,418**|**—**<br>**66,383**<br>**66,383**|**31,732**<br>**76,069**<br>**107,801**|30,416<br>26,986<br>57,402|<br>—<br> <br>4,877<br> <br>4,877|30,416<br> <br>31,863<br> <br>62,279|



## **2 Income from: Investments and interest receivable** 

|**Income from: Investments and interest receivable**|||
|---|---|---|
||Unrestricted funds||
||**Total**<br>**2023**<br>**£**|Total<br>2022<br>£|
|**Income from listed investments**<br>. Unitised funds<br>. UK fixed interest<br>. Charity specific unitised funds<br>. UK equities<br>. Foreign investment trusts<br>. Charities property fund<br>**Interest receivable**<br>. Interest on cash held by investment managers<br>. Bank interest<br>**Income from programme related investments**<br>**Total**|**22,801**<br>**27,747**<br>**54,136**<br>**132,833**<br>**65,925**<br>**3,166**|27,201<br>17,944<br>74,301<br>169,964<br>46,242<br>2,805|
||**306,608**|338,457|
||**2,968**<br>**27,184**|—<br>2,624|
||**30,152**|2,624|
||**7,500**|30,000|
||**344,260**|371,081|



## **3 Income from: Education fees and related charges** 

|**Income from: Education fees and related charges**|||
|---|---|---|
||Unrestricted funds||
||**Total**<br>**2023**<br>**£**|Total<br>2022<br>£|
|Tuition fees<br>Less: Discounts and bursaries<br>Other fees and charges<br>Funding from local authorities|**2,746,377**<br>**(59,385)**|2,551,917<br>(65,025)|
||**2,686,992**<br>**132,039**<br>**32,937**|2,486,892<br>145,784<br>32,937|
||**2,851,968**|2,665,613|



Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **44** 



## **Notes to the accounts** 31 August 2023 

## **4 Income from: Other trading activities** 


**----- Start of picture text -----**<br>
Unrestricted funds<br>Total Total<br>2023  2022<br>£ £<br>Hire of facilities  5,069 4,186<br>Miscellaneous  3,227 6,356<br>8,296 10,542<br>**----- End of picture text -----**<br>


## **5 Expenditure on: Donations and support of missions** 


**----- Start of picture text -----**<br>
Unrestricted funds<br>Total  Total<br>2023  2022<br>£  £<br>Handmaids of the Sacred Heart – Dublin  5,642  7,328<br>Handmaids of the Sacred Heart – Paris  —  1,689<br>Handmaids of the Sacred Heart – Portugal  17,583  —<br>Funda o Santa Rataela Maria   132,191  127,915<br>Avaaz Foundation  500  500<br>Crowd Justice  1,000  1,000<br>Share Action  4,000  —<br>KIVA  1,977  —<br>Other donations under £1,000 each to institutions  9,108  2,583<br>172,001  141,015<br>**----- End of picture text -----**<br>


## **6 Expenditure on: Provision of education** 

||**Unrestricted**<br>**funds**<br>**£**|**Restricted**<br>**funds**<br>**£**|<br> <br> <br>**Total**<br>**funds**<br>**2023**<br>**£**|<br> <br> <br> <br>Unrestricted<br>funds<br>£|Restricted<br>funds<br>£|Total<br>funds<br>2022<br>£|
|---|---|---|---|---|---|---|
|Teaching costs<br>Welfare<br>Premises<br>Support costs (see below)|**1,532,636**<br>**325,880**<br>**553,541**<br> <br>**353,484**<br>**2,765,541**|**—**<br>**—**<br>**—**<br>**—**<br>**—**|**1,532,636**<br>**325,880**<br>**553,541**<br>**353,484**<br>**2,765,541**|<br>1,414,213<br> <br>305,656<br> <br>415,098<br> <br>364,476<br> <br>2,499,443|—<br>—<br>—<br>—<br>—|1,414,213<br>305,656<br>415,098<br>364,476<br>2,499,443|



Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **45** 



## **Notes to the accounts** 31 August 2023 

## **6 Expenditure on: Provision of education** (continued) 

Support costs comprise: 


**----- Start of picture text -----**<br>
Unrestricted funds<br>Total  Total<br>2023  2022<br>£  £<br>Staff costs  162,021  159,159<br>Printing, postage, stationery, telephone  51,357  38,631<br>Courses  10,763  12,363<br>Insurance  30,577  22,460<br>Subscription and inspection costs  5,523  10,726<br>Professional fees including property related  74,784  103,547<br>Miscellaneous expenses  1,047  1,222<br>Governance costs   17,412  16,368<br>353,484  364,476<br>**----- End of picture text -----**<br>


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** 


**----- Start of picture text -----**<br>
Unrestricted funds<br>Total  Total<br>2023  2022<br>£  £<br>Premises  89,069  164,068<br>Sisters' personal expenses  48,161  62,890<br>Education, training and spiritual renewal  71,619  68,469<br>Depreciation of property  53,217  50,433<br>Other support costs  11,236  71,293<br>Governance costs   20,810  17,990<br>294,112  435,143<br>**----- End of picture text -----**<br>


## **8 Net income (expenditure) for the year before net losses on investments** 

This is stated after charging: 


**----- Start of picture text -----**<br>
Total Total<br>funds  funds<br>2023  2022<br>£ £<br>**----- End of picture text -----**<br>


|Staff costs (note 9)<br>Auditor’s remuneration<br>. Statutory audit services<br>.. Current year<br>.. Prior year<br>. Non statutory audit services<br>.. Current year<br>.. Prior year<br>(Surplus) deficit on disposal of tangible fixed assets<br>Depreciation|**1,726,225**<br>**19,710**<br>**1,100**<br>**17,400**<br>**12**<br>**(1,889)**<br>**268,196**|1,608,054<br>17,500<br>460<br>16,068<br>300<br>48,509<br>204,132|
|---|---|---|



Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **46** 



**Notes to the accounts** 31 August 2023 

## **9 Staff costs, remuneration of key management personnel and Trustees’ remuneration** 


**----- Start of picture text -----**<br>
Total Total<br>funds  funds<br>2023  2022<br>£ £<br>Staff costs during the year were as follows:<br>Wages and salaries  1,225,722 1,178,819<br>Social security costs  132,618 128,389<br>Other pension costs  228,941 192,108<br>1,587,281 1,499,316<br>Contractors’ fees  138,944 108,738<br>1,726,225 1,608,054<br>Staff costs per function were as follows:<br>Provision of education  1,706,455 1,588,879<br>Support of members of the Congregation and their ministry  19,770 19,175<br>1,726,225 1,608,054<br>**----- End of picture text -----**<br>


The number of employees who earned £60,000 per annum or more (including benefits but excluding pension contributions) during the year was as follows: 

||**2023**<br>**No.**|2022<br>No.|
|---|---|---|
|£60,001 - £70,000<br>£70,001 - £80,000<br>£80,001 - £90,000|**2**<br>**1**<br>**1**|—<br>1<br>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 £36,751 (2022 - £46,081) and total contributions to the defined contribution schemes amounted to £192,190 (2022 - £146,027). 

The average number of employees during the year, analysed by function, was as follows: 

||**2023**<br>**No.**|2022<br>No.|
|---|---|---|
|Provision of education<br>Support of members of the Congregation and their ministry|**29**<br>**2**<br>**31**|30<br>2<br>32|



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 (2022 - £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 **47** 



**Notes to the accounts** 31 August 2023 

## **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 £228,323 (2022 - £214,215). 

## **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** 


**----- Start of picture text -----**<br>
Freehold land and<br>buildings<br>Plant and<br>building Computer Furniture and Motor<br>Residential Educational improvements  equipment equipment vehicles Total<br>£ £ £ £ £ £ £<br>Cost or valuation<br>At 1 September 2022  3,169,221 5,834,519 1,236,573 161,694 264,799 33,586 10,700,392<br>Additions  — — 228,004 — 35,615 — 263,619<br>Disposals   — (72,069) — — — (33,586) (105,655)<br>Reclassification (see below)  457,358 — — — — — 457,358<br>At 31 August 2023  3,626,579 5,762,450 1,464,577 161,694 300,414 — 11,315,714<br>At cost  741,451 4,513,200 1,464,577 161,694 300,414 — 7,181,336<br>At deemed cost – 1994 and<br>1999 valuations  2,885,128 1,249,250 — — — — 4,134,378<br>3,626,579 5,762,450 1,464,577 161,694 300,414 — 11,315,714<br>Depreciation<br>At 1 September 2022  1,148,738 1,009,371 511,070 86,348 210,776 18,746 2,985,049<br>Charge for the year  50,433 115,248 60,110 28,311 14,094 — 268,196<br>On disposals  — — — — — (18,746) (18,746)<br>At 31 August 2023  1,199,171 1,124,619 571,180 114,659 224,870 — 3,234,499<br>Net book values<br>At 31 August 2023  2,427,408 4,637,831 893,397 47,035 75,544 — 8,081,215<br>At 31 August 2022  2,020,483 4,825,148 725,503 75,346 54,023 14,840 7,715,343<br>**----- End of picture text -----**<br>


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. 

During the year, one of the Charity’s freehold properties (previously classified as a programme related investment) has been reclassified as a tangible fixed asset. The property had previously been used by another charitable organisation for purposes consistent with the objects of the Charity but was vacated during the year.  It is now used by the Charity for its own purposes. The property is stated at deemed cost which is based on Trustees’ valuations determined in 1994 and 1999 adjusted for the cost of subsequent additions. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **48** 

**48** 



## **Notes to the accounts** 31 August 2023 

## **12 Investments** 


**----- Start of picture text -----**<br>
2023  2022<br> £   £<br>Listed investments<br>Market value at 1 September 2022  10,019,847  13,311,219<br>Additions at cost   536,839  775,667<br>Disposals at book value (see below)  (340,735) (3,172,168)<br>Net unrealised investment losses   (341,136) (894,871)<br>Market value at 31 August 2023  9,874,815  10,019,847<br>Cash held by investment managers  221,622  332,381<br>10,096,437  10,352,228<br>Cost of listed investments at 31 August 2023  7,638,343  7,301,805<br>**----- End of picture text -----**<br>


Disposals at book value included above are made up of the following: 

||**2023**<br>**£**|2022<br>£|
|---|---|---|
|Proceeds<br>Losses (gains)<br>Disposals at book value|**340,318**<br>**417**<br>**340,735**|3,001,020<br>171,148<br>3,172,168|



Listed investments held at 31 August 2023 comprised the following: 


**----- Start of picture text -----**<br>
2023  2022<br> £   £<br>UK fixed interest  720,630  850,298<br>Charity specific unitised funds  2,407,183  2,548,789<br>UK equities  3,308,108  3,193,836<br>Foreign investment trusts   2,829,704  2,655,109<br>Alternatives  609,190  771,815<br>9,874,815  10,019,847<br>**----- End of picture text -----**<br>


At 31 August 2023 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**<br>**value of**<br>**holding**<br>**£**|**Percentage**<br>**of portfolio**<br>**%**|
|---|---|---|
|BlackRock Catholic Charities Growth and Income Fund<br>COIF Charities Ethical Funds|**1,653,076**<br>**754,107**|**17**<br>**8**|



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 **49** 

**49** 



**Notes to the accounts** 31 August 2023 

## **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: 

||**2023**<br>**£**|2022<br>£|
|---|---|---|
|Land and buildings<br>Interest free loan|**—**<br>**59,152**<br>**59,152**|457,358<br>59,152<br>516,510|



The land and buildings comprised a property owned by the Charity but used by another charitable organisation for purposes consistent with the objects of the Charity. During the year, the charitable organisation vacated the property and it now used by the Charity for its own purposes.  Therefore, it has been reclassified as a tangible fixed asset (see note 11). 

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 2023/24 onwards. 

## **14 Debtors** 

|**Debtors**|||
|---|---|---|
||**2023**<br>**£**|2022<br>£|
|School fees receivable<br>Investment income receivable<br>Prepayments and accrued income<br>Other debtors|**27,788**<br>**122,900**<br>**28,316**<br>**2,228**<br>**181,232**|19,126<br>110,924<br>34,736<br>2,319<br>167,105|



## **15 Creditors: amounts falling due within one year** 


**----- Start of picture text -----**<br>
2023  2022<br> £   £<br>Expense creditors  57,635  18,142<br>Accruals  80,387  85,380<br>Assets under construction – amounts payable  83,076  173,331<br>School fees in advance and fee deposits from pupils  453,411  491,453<br>Taxation and social security  33,332  34,246<br>Other creditors  —  171<br>707,841  802,723<br>**----- End of picture text -----**<br>


Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **50** 



## **Notes to the accounts** 31 August 2023 

## **16 Restricted funds** 

|**Restricted funds**||||||
|---|---|---|---|---|---|
||**At 1**<br>**September**<br>**2022**<br>**£**|**Income**<br>**£**|**Expenditure**<br>**£**|**Transfers**<br>**£**<br>**(71,260)**|**At 31**<br>**August**<br>**2023**<br>**£**|
|Sundry funds|**4,877**|**66,383**|**—**||**—**|
|||At 1<br>September<br>2021<br>£|Income<br>£<br>4,877|Expenditure<br>£|At 31<br>August<br>2022<br>£|
|Sundry funds||—||—|4,877|



**Sundry funds** represented donations to be used in respect to specific purposes and will be spent in accordance with these restrictions. 

Transfers from restricted funds to unrestricted funds represent the book value of tangible fixed assets purchased from restricted funds in the year and applied for the purposes of the School. These and other tangible assets are now represented by the tangible fixed assets fund (note 17). 

## **17 Tangible fixed assets fund** 

|**Tangible fixed assets fund**|||
|---|---|---|
||**2023**<br>**£**<br>**7,715,343**<br>**365,872**<br>**8,081,215**|2022<br>£|
|At 1 September 2022<br>Net movement in year<br>At 31 August 2023||5,286,231<br>2,429,112<br>7,715,343|



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**<br>**£**<br>**516,510**<br>**(457,358)**<br>**59,152**|
|At 1 September 2022<br>Net movement in year<br>At 31 August 2023||



The programme related investment fund represents the value of the Charity’s programme related investments. 

At 1 September 2022 these investments included a property owned by the Charity but used by another charitable organisation for purposes consistent with the objects of the Charity. During the year to 31 August 2023, the charitable organisation vacated the property and it reverted back to the Charity to use for its own purposes and consequently has been reclassified as a tangible fixed asset. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **51** 



**Notes to the accounts** 31 August 2023 

## **18 Programme related investment fund** (continued) 

The remaining balance at 31 August 2023 comprised 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: 


**----- Start of picture text -----**<br>
At 1  At<br> September   New Utilised/  31 August<br>2022  designations released  2023<br>£  £ £ £<br>Mission fund  1,004,908  120,000 (15,170) 1,109,738<br>Saint Christina’s Preparatory School fund 1,354,084  2,883,067 (2,737,285) 1,499,866<br>Formation fund  1,856,796  — (71,204) 1,785,592<br>Sisters’ care fund  6,800,000  — (2,700,000) 4,100,000<br>11,015,788  3,003,067 (5,523,659) 8,495,196<br>At 1  At<br> September  New Utilised/ 31 August<br>2021  designations released  2022<br>£  £ £ £<br>Mission fund  1,032,223  60,000 (87,315) 1,004,908<br>Saint Christina’s Preparatory School fund 1,817,058  2,666,139 (3,129,113) 1,354,084<br>Formation fund  1,923,824  — (67,028) 1,856,796<br>Sisters’ care fund  6,800,000  — — 6,800,000<br>11,573,105  2,726,139 (3,283,456) 11,015,788<br>**----- End of picture text -----**<br>


## _**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, which 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 **52** 



**Notes to the accounts** 31 August 2023 

## **20 Analysis of net assets between funds** 


**----- Start of picture text -----**<br>
Programme<br>Tangible  related<br>General fixed assets  investment Designated Total<br>fund fund  fund funds 2023<br>£ £ £ £ £<br>Fund balances at 31 August 2023 are<br>represented by:<br>Tangible fixed assets  — 8,081,215 — — 8,081,215<br>Investments  2,347,000 — — 7,749,437 10,096,437<br>Programme related investments  — — 59,152 — 59,152<br>Current assets  426,463 — — 1,770,784 2,197,247<br>Creditors: amounts falling due within one<br>year  (55,416) — — (652,425) (707,841)<br>Creditors: amounts falling due after one<br>year  — — — (372,600) (372,600)<br>Total net assets 2,718,047 8,081,215 59,152 8,495,196 19,353,610<br>Programme<br>Tangible  related<br>General fixed assets  investment Designated Restricted  Total<br>fund fund  fund funds funds 2022<br>£ £ £ £ £ £<br>Fund balances at 31 August<br>2022 are represented by:<br>Tangible fixed assets  — 7,715,343 — — — 7,715,343<br>Investments  — — — 10,352,228 — 10,352,228<br>Programme related<br>investments  — — 516,510 — — 516,510<br>Current assets  460,631 — — 1,778,703 4,877 2,244,211<br>Creditors: amounts falling due<br>within one year  (41,073) — — (761,650) — (802,723)<br>Creditors: amounts falling due<br>after one year  — — — (353,493) — (353,493)<br>Total net assets  419,558 7,715,343 516,510 11,015,788 4,877 19,672,076<br>2023  2022<br> £   £<br>Total unrealised gains included above:<br>On investments  2,236,472  2,718,042<br>Reconciliation of movement in unrealised gains<br>Unrealised gains at 1 September 2022  2,718,042  3,784,832<br>In respect to disposals in year  (140,434) (171,919)<br>Net losses arising on revaluation in the year  (341,136) (894,871)<br>Unrealised gains at 31 August 2023  2,236,472  2,718,042<br>**----- End of picture text -----**<br>


Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **53** 



## **Notes to the accounts** 31 August 2023 

## **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 HM Treasury, 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%. 

## _Valuation of the Teachers’ Pension Scheme (continued)_ 

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 2022 to 31 August 2023, the employer contributions amounted to £36,751 (2022 – £46,081). 

The School became a phased withdrawal School in respect to the TPS with effect from 1 June 2022. 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **54** 



**Notes to the accounts** 31 August 2023 

## **21 Pension schemes and related commitments** (continued) 

## _**Scottish Widows**_ 

This is a defined contribution scheme and contributions paid by the School amounted to £nil (2022 – £10,354). In the year to 31 August 2023, the School received a refund from Scottish Widows amounting to £990 (2022 – £nil). 

## _**Independent Schools’ Pension Scheme**_ 

This is a defined contribution scheme and contributions paid by the School amounted to £5,015 (2022 – £9,609). 

## _**Royal London Pension Scheme**_ 

This is a defined contribution scheme and contributions paid by the School amounted to £188,165 (2022 – £126,064). 

## **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 £6,611 (2022 - £12,305). 

In the year to 31 August 2023, an amount of £132,191 (2022 - £127,915) was paid to the One of the Trustees of the Charity is on the Board of of the Trustees of the Charity is the Chair of T 

In the year to 31 August 2023, the Charity paid £5,642 (2022 - £7,328) 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 2023 (2022 - none). 

## **24 Capital commitment** 

There were no capital commitments at 31 August 2023 (2022 - £131,000 authorised in respect to improvements to buildings). 

Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust **55**