2024-08-31-accounts

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

Number 221319

Annual Report and Accounts

31 August 2024

Reports

Reports	Reports
Reference and administrative details of the
Charity, its Trustees and advisers	1
Trustees’ report	3
Independent auditor’s report	30
Accounts
Statement of financial activities	35
Balance sheet	36
Statement of cash flows	37
Principal accounting policies	38
Notes to the accounts	45

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 Anne Petit Sister Marina Santos Sister Provincial Sister Marina Santos 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 Audit 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

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 Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

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

Governors’ report Year to 31 August 2024

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 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 38 to 44 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. This community also had to close in 2023.

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.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Governors’ report Year to 31 August 2024

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

Governors’ report Year to 31 August 2024

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

Governors’ report Year to 31 August 2024

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

Governors’ report Year to 31 August 2024

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 2024, the Atlantic Europe Province had 9 Sisters at different stages of the Handmaid’s Formation Program:

♦ One postulant in Fonte da Prata (a deprived area south of Lisbon), Portugal;
♦ Two juniors in Madrid, Spain. The Sisters continue to study in Universidad de Comillas;
♦ Another Sister is finishing her studies in Madrid, also in Comillas;

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Governors’ report Year to 31 August 2024

OBJECTIVES AND ACTIVITIES (continued)

Formation of younger Sisters (continued)

♦ Three other Sisters are working before their final vows: two in Oporto and another one in Fonte da Prata; and
♦ Two Sisters made their Third Probation (final stage of the initial formation) in Rome, leading to their Perpetual Profession of Vows, one in October and the other in December 2024.

Over the years, from this large group, some 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 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, work on this continues.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Governors’ report Year to 31 August 2024

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 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. Associated plans for the resurfacing and redesigning of the playground to include a multi-use games surface in the playground were realised in the summer of 2023 in time for the academic year 2023-24. This has been transformational and has enabled us to conduct all PE coaching on site whilst enhancing the experience of playtime alongside that coaching whilst further gilding the appeal of the school to prospective parents. We can now host football and netball matches on site.

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 which has been supplemented by a further review in Summer 2023 as our full-co-educational cohort reached Upper KS2. There is a greater emphasis on stretch and challenge through the implementation of an Intellectual Curiosity framework and provision for children who have need for support to gain access to the curriculum e.g. Special Education Needs (SEN) / English as an Additional Language (EAL) support. In addition to the expansion of EAL provision as reported within this report last year, the School added to resources to support its EAL provision in the academic year 2023-24 with a view to monitoring these going forward from 2024-25. The ‘More Ability’ programme was successfully piloted during the academic year 2021-22 and successfully taken forward and developed into 2022-23 as ‘curiosity club’. It is now maturing into an established part of our mind-set and thinking and will develop further in the academic year 2024-5 with additional elements through, for example, RL’s maths club initiative.

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 is more technical at the top end of the School, allowing children to apply their coding skills to their creations, the younger children have been able to enjoy the Lego club as a gateway activity for the more advanced extra-curricular STEM programme. The ISEB Science Curriculum is now embedded and end of year assessment indicates that the level of rigour within teaching and the opportunity for greater level of stretch have been enhanced. 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 winning elements of their competition in the academic year 2023-24.

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

Governors’ report Year to 31 August 2024

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 ‘More Ability’ programme forms part of the provision. In addition to this, the following have remained our emphasis beyond the curriculum in the form of whole School challenges such as mastering the Rubik’s Cube, (the number of children solving the cube has also increased with a good number of children doing it under a minute – achieving their Cube Master badge, and with one child setting a school record of 37 seconds), 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 Y6, and a new Pi-Master badge introduced in 2023-24 for children who achieve higher than 100 decimal places), code breaking and problem solving etc. The School’s STEM clubs which uses STEM Lego kits and material from the Sam Labs in order to facilitate the STEM clubs, coding and robotics competitions e.g. Robotics and AI design 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 encouraged by their teacher: 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 UKMT challenges, where KS2 children attempt the Junior (for ages 11-14) and Intermediate (for ages 14-16). Children certificated at both levels in the year 2023-24, 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. In addition, a group of children had their coding recognised by the competition where the prize included it being run in space. Further recognition was given to a child in Year 3 (2023-24) who came third in a national poetry writing competition and whose work has been illustrated, celebrated and displayed within school to provide inspiration to others.

A new Marketing Plan was developed with Reed Branding during the Academic Year 202122 to complement the changes in the School that ultimately aims to ensure that the 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 2023-24 we continued the work to embed these principles, developing our presence on social media and flowing our new branding through the School.

Our key strategic objectives for marketing remain:

To increase pupil numbers;
To establish Saint Christina’s as an aged 3-11 fully co-educational School; and
To project a positive narrative about the quality of the education and experience of children within the School.

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

Governors’ report Year to 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

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 2023-24 this included a number of London prep school settings, boys’ / co-educational schools, and boarding settings alongside more traditional London School destinations.
♦ Co-education: The School’s offer is being well-received within our catchment and the number of boys within the School will reach around 50% in 2024. 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 MUGA will add to this by massively enhancing safer on-site provision in sport.
♦ Pupil Numbers: Continue to grow. In the year 2023-24 the School welcomed 164 pupils and in September 2024, we started with 185 (prior to the implementation of our coeducational vision, we had 147 pupils). We now have very full year groups across the Board. Our journey to two-form entry took a very important step forward in the academic year 2023-24 as we welcomed a larger number of Nursery pupils than we would normally take. This has, in turn, enabled us to open two full Reception Classes (September 2024) comprising 42 children. Recruitment for September 2025 is currently healthy despite the confirmed government policy to charge VAT on school fees.

As part of our commitment to providing ongoing professional development, many courses were made available to and attended by staff. Annual safeguarding, and in-depth SEN training upskilling staff particularly around neuro-diversity has been provided to all staff and 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 / Allergy training etc.

Much of our focus during the year 2023-24 has been to enjoy the new spaces that we now have both within the school and through the upgraded playground. The new EYFS setting, in particular, has been very well used. The all-year outdoor learning space and the kitchen have been great additions for the provision whilst also gilding the offer to prospective parents. Whilst there has been a delay to the full use of the upper terrace areas due to snags, limited use has been possible enabling the introduction of horticulture within the club programme and class activity. In addition, 2023-24 saw the further development of our extra-curricular provision: the further embedding of externally provided clubs, such as Judo (children have won numerous domestic and international competitions in the discipline) and Ballet alongside film-making and drama. Children have continued to achieve well within their solo instrumental learning too, following the reintroduction of full in-person peripatetic provision.

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

Governors’ report Year to 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

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 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. It should be noted that within the Diocesan Section 48 inspection, which focuses on the quality of teaching and learning within RE, and which assesses the quality of our Catholic Life and Mission and our Collective Worship, the School was awarded outstanding in each of these three areas. The children chaplaincy, in particular, is a very powerful tool for enabling our pupils to develop higher levels of independence whilst exercising significant pupil voice through leading collective worship sessions and planning and executing various charitable activities. Further opportunities, amongst others, for children to develop personal qualities through public performance and leadership include:

♦ School Assemblies;
♦ Class, Key Stage and Instrumental Assemblies;
♦ Y5
♦ 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, Trip to the Regent’s Park Mosque and, of course, Y5-6 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 caterpillars transitioning to butterflies – before releasing them on Primrose Hill.

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 2023-24 was Chitty Chitty Bang Bang. As a representation of the strength of Performance within the School it was very strong, involving all children from Year 3 to Year 6 within the acting and performance as well as discrete use of instrumental groups with a particularly impressive performance by the strings. Whilst we utilised the skills of Duncan McInnes around choreography, this year’s performance was notable as it was almost entirely delivered by our new Director of Music (appointed January 2024), Liz Bryant, showing great strength and depth within the team.

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

Governors’ report Year to 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

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 More Ability within this arena – e.g. football ‘master class’ club, with more to follow. 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:

♦ City of London School for Girls
♦ Channing
♦ Francis Holland School (NW1)
♦ Piper’s Corner School
♦ Queenswood
♦ South Hampstead High School (4)
♦ St Paul’s Girls School (2)
♦ University College London Academy
6 scholarships / Headteacher awards were secured from the class of 12 children, including
♦ 3 Academic Scholarships
♦ 2 Music Scholarships
♦ 1 Headteachers Award

The year group of 12 girls received an outstanding number of 54 offers of places from which the above were selected. Offers received but not taken up included:

♦ Belmont
♦ Camden School for Girls
♦ Channing (3 offers)
♦ City of London School for Girls (3 offers)
♦ Francis Holland School (NW1) (10 offers)
♦ Godolphin and Latymer
♦ Heathfield School, Ascot

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

Governors’ report Year to 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

♦ Latymer Upper
♦ Maida Vale School
♦ Northbridge House
♦ Notting Hill and Ealing
♦ Piper’s Corner School
♦ Queen’s College School (5 offers)
♦ Queenswood
♦ Royal Masonic School
♦ South Hampstead High School (6 offers)
♦ St Augustine’s Priory
♦ St James School for Girls
♦ St Michael’s Grammar
♦ St Paul’s Girls School (2 offers)
♦ University London Academy

The academic outcomes from this cohort have been extremely strong and represent one of the best in the past 6 years as evidenced by the number of academic scholarships offered and the range and competitive level of schools from which offers were made. It was particularly gratifying to receive so many offers from SPGS and CLSG. Value Added, as represented in the destination of leavers list, is very high.

Fundraising and involvement in the community

Saint Christina’s Preparatory School continued to encourage the children to choose and raise money for 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. Saint Christina’s Preparatory School raised money for many charities during the year including:

Tear Fund Toilet Twinning Challenge: Funds Raised £ 1,338 . As part of learning about the importance of clean water within the season of creation (September) the children raised funds that have enabled every toilet and toilet cubicle in the school to be twinned with a WC in a developing country.
Macmillan Coffee Morning, Funds Raised £349 . The MacMillan Coffee Morning event garnered substantial contributions towards cancer support, showcasing the school's dedication to supporting vital healthcare causes.

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

Governors’ report Year to 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

Fundraising and involvement in the community (continued)

Friendship Friday for The Catholic Children's Society, Funds Raised: £269 . The Friendship Friday initiative displayed the school's commitment to anti-bullying efforts and child safety, with proceeds directed toward the Catholic Children's Society charity.
Crisis at Christmas, Funds Raised: £1,111 +£175 Gift Aid. The school raised funds to help homeless individuals during the Christmas season.
Premadhar Creche and Nursery Fundraiser, Funds Raised: £195. Donations supported Premadhar Creche and Nursery in providing essential childcare services.
Comic Relief, Funds Raised: £385 +£63.75 Gift Aid. Funds raised helped Comic Relief tackle poverty and injustice in the UK and abroad.
Caritas Fundraiser for Ukraine, Premadhar Creche and The Passage, Funds Raised: £358 +£41.25 Gift Aid. The fundraiser supported those displaced due to the conflict in Ukraine, Premadhar Creche in Mumbai, and The Passage homeless charity.

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. 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 .’

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

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

Religious education (continued)

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 (Sept 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 CSED to the Board meeting in June 2023. The new emphases on child voice and Catholic Social Teaching (2023-24) 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’s Headteacher programme and is now a member of the NSF.

In May 2024 the School was re-inspected under the national inspection (Section 48) and received outstanding in all three areas (RE, Catholic Life and Mission, Collective Worship) – this was especially gratifying as the highly respected RI who led the inspection, had only awarded an outstanding rating in RE to one other school in the previous years, making SCS the second school in three years to be awarded outstanding in all areas. This achievement represents a huge endorsement of the work of the staff and leaders within SCS around the quality of teaching and learning within the school – albeit in one area) and on the quality of our community which is epitomised by our Golden Thread, and the teaching within assemblies etc.

Care of the elderly

The Sisters are actively engaged in visiting elderly and isolated individuals, both in their homes and in hospitals. During these visits, they offer not only companionship but also bring them Holy Communion, fostering both spiritual and emotional connection.

Among the community, one Sister devotes herself fully to volunteering at St John’s Wood Hospice every day of the week. Her presence is warmly received, and through this work she remains in touch with the most current practices in end-of-life care. This expertise is shared at home, where it benefits the care of others. She also offers sensitive and meaningful support to families dealing with terminal illness and the grieving process.

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Social and pastoral work

As a result of the Province’s Planning Process, it was decided to permanently close the Bournemouth community in October 2023.

Nevertheless, the Sisters continue to provide significant support to the ACI Family, which upholds the legacy of St Raphaela’s spirituality in Boscombe. One of the members participated in the IV International Assembly held in Rome in February 2024.

The Assembly was held in Rome in the house of X X Settembre, in the centenary year of her death, where St Rafaela Mary lived during her last 20 years. The motto “ACI Family, Gift of the Spirit…journeying together toward a synodal Church” and the theme “Journeying together with active hope listening to the needs of the world.” It was an international group, with the richness that this brings with it, having 36 participants, 28 from the ACI Family and 8 Handmaids coming from 20 countries.

Ongoing contact is maintained with the Portuguese-speaking Catholic group. After local leaders were trained and prepared to assume responsibility for the community, the Sisters began offering occasional assistance in organizing events such as processions and traditional celebrations.

The friendship and support of many people have been expressed in numerous ways. Two particularly meaningful gestures stand out: the thoughtful maintenance of the Sisters’ graves in Highcliffe, and the generous assistance provided during the process of vacating the house in Boscombe in preparation for its sale.

The many friends of the Handmaids in Bournemouth wished to express their gratitude and bid a formal farewell. A celebration was held in June 2024, consisting of a Mass at Corpus Christi Parish, followed by a meal in the parish facilities. For this occasion, many Handmaids who had been part of the community’s history returned from various parts of the world.

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

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Social and pastoral work (continued)

A highlight of the day was the inauguration of St Raphaela’s Chapel at Corpus Christi Primary School. The ministry of the younger Sisters who served there left a lasting impression, and their presence was deeply appreciated. As a sign of the enduring connection, the community donated the best part of its library, liturgical vestments

and books, as well as sacristy vessels to the school. A small statue of St. Raphaela, modelled after the one in St Peter’s Basilica in Rome, was also gifted.

In London , the community continues its mission by supporting the work of Saint Christina’s School. This includes providing one-to-one attention to children who struggle to focus on large class settings, and more broadly, by being available to listen, offer guidance, and create a welcoming atmosphere for all members of the school community.

Additionally, one of the sisters volunteers several times a week at Christ Church Bentinck CE Primary School: “I go there three times a week to support children in the nursery and Year 1 who need help keeping up with their classmates, particularly in language development. As a state school, it lacks the resources to work with very small groups. I take one or two students at a time, and it is a joy to witness their progress.”

Grants and donations

Throughout the year, the Handmaids have supported various projects and responded to emergency appeals, consistently prioritizing organizations with a well-established reputation for transparency and impact. Among those supported are:

♦ Come and See Foundation – This foundation is responsible for the global distribution and promotion of The Chosen , an ecumenical television series that has become a worldwide success in Christian evangelization. The series aims to present the life of Jesus Christ in an accessible and compelling way to diverse audiences.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Grants and donations (continued)

♦ Red Cross – Libya Floods Appeal – In response to the devastating floods that struck Libya in 2023, the Handmaids supported the Red Cross's emergency relief efforts. The appeal provided urgent humanitarian assistance, including medical aid, shelter, clean water, and support for displaced families. The Red Cross’s longstanding reputation for neutrality and effective crisis response ensured that aid reached those most severely affected by the disaster.

♦ Laudato Si' Movement – Inspired by Pope Francis’ encyclical Laudato Si’ , this global Catholic movement mobilizes individuals and communities to care for our common home through ecological conversion, sustainability initiatives, and advocacy on climate justice.

♦ Avaaz – A global civic movement that uses online campaigns to promote activism on issues such as climate change, human rights, and political accountability. Avaaz empowers people to take collective action on pressing global challenges through petitions, advocacy, and media engagement.
♦ CrowdJustice – A platform based in the United Kingdom that enables individuals and communities to raise funds for legal actions in the public interest. It supports access to justice in cases involving human rights, environmental protection, and social equity.
♦ And many others – Additional contributions were made to various other trusted initiatives that align with the values of justice, peace, compassion, and care for the marginalized.

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

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Formation of younger Sisters

Between September 2023 and August 2024, we did not have the joy of celebrating any professions of vows marking the culmination of the early stages of initial formation—neither First Vows (following the novitiate) nor Perpetual Vows (following the Third Probation).

Nevertheless, nine young women are currently engaged in various phases of initial formation, preparing themselves spiritually, emotionally, and intellectually for a full commitment to the mission and life of a Handmaid. Three of them continued their theological studies at Comillas Pontifical University in Madrid, a highly respected Jesuit institution known for its academic excellence and shared Ignatian

spirituality, which it holds in common with our Institute.

The Sisters of our Province, together with those from across Europe who are also in these initial years of formation, have the privilege of gathering two to three times a year for personalized retreats and sessions dedicated to specific themes of ongoing formation.

In December 2023, following a recommendation from General Congregation XXI, a special encounter took place at the

community house in Martínez Campos—the first residence owned by the Handmaids and a place closely linked to the legacy of our Foundresses. This gathering brought together many Sisters who had recently made their Perpetual Vows, including eleven from our Province, for a weekend of reflection on the emerging paths of synodality within the Institute. Inspired by the invitation of Pope Francis, the participants explored how synodality may shape our style of governance. One of the General Assistants, who is responsible for the Third Probation, led this reflective process.

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

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

Formation of younger Sisters (continued)

In April 2024, the first formation meeting for new local superiors was held in Bikop, Cameroon. This gathering brought together the newly appointed superiors from the circumscriptions of Atlantic Europe, Spain, Italy, and Africa - a total of 19 Sisters, including members of the General Team. The meeting focused on deepening the understanding of our Institute’s style of governance and the mission entrusted to local superiors. Key topics included conflict resolution, the practice of good treatment, and the importance of servant leadership. One afternoon was set aside for a recreational outing, which included a peaceful canoe ride along the Nyong River and a walk through the surrounding rainforest—moments that offered rest and communion with nature. We are deeply grateful for the atmosphere of simplicity and mutual trust that marked the entire meeting, as well as for the generous sharing of each Sister. It was a meaningful experience of walking together as one universal body.

FINANCIAL REVIEW

Results for the year

A summary of the year’s results can be found on page 35 of the attached accounts.

Total income for the year to 31 August 2024 amounted to £3,398,230 compared to £3,312,325 in 2023. Expenditure during the year totalled £3,294,330 (2023 - £3,289,238).

The Charity’s income includes £2,889,734 (2023 - £2,851,968) being the fees and charges of Saint Christina’s Preparatory School, £383,647 (2023 - £344,260) being income from investments and interest receivable and £70,819 (2023 - £107,801) being donations and legacies. Expenditure includes £2,909,396 (2023 - £2,765,541) relating to the School.

Net gains on investment assets of £988,369 (2022 - losses of £341,553) resulted in a net increase in funds for the year of £1,092,269 (2023 - decrease of £318,466). Total funds carried forward at 31 August 2024 were £20,445,879 (2023 - £19,353,610).

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.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Trustees’ report 31 August 2024

FINANCIAL REVIEW (continued)

Reserves policy and financial position (continued)

Reserves policy (continued)

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 £20,445,879 (2023 - £19,353,610). Of this, £7,812,710 (2023 - £8,081,215) 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 (2023 - £59,152) represents 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.

At 31 August 2024, the Charity held no restricted funds (2023 - £nil). Further details are given in note 16 to the accounts.

The Saint Christina’s Preparatory School designated fund of £1,543,103 (2023 - £1,499,866) 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.

£1,259,396 (2023 - £1,109,738) 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 £1,750,437 (2023 - £1,785,592) 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 £4,250,000 (2023 - £4,100,000), 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 £3,771,081 (2023 - £2,718,047), The Trustees are of the opinion that this level of free reserves is acceptable and not inconsistent with the Charity’s reserves policy.

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

Trustees’ report 31 August 2024

FINANCIAL REVIEW (continued)

Investment policy and performance

At 31 August 2024, the Charity held listed investments with a market value of £10,821,971 (2023 - £9,874,815) and, at that date, a further £238,721 was held as cash (2023 - £221,622). 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.

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 THE FUTURE

The properties in Beckenham and Bournemouth are in the process of being sold. To support this process, we have engaged the services of Gerald Eve, a UK-based firm of chartered surveyors and property consultants. Their mandate includes not only managing the sale of these properties but also providing an updated assessment and valuation of all property owned by the Institute in the United Kingdom, in order to ensure compliance with canonical requirements concerning Stable Patrimony.

The move towards a leaner and more sustainable administrative structure continues. As part of this effort, the Charity is considering a transition to a Charitable Incorporated Organisation (CIO) structure, which offers a more streamlined and legally integrated model for governance.

In parallel, a dedicated commission - comprising both Sisters and lay collaborators who share the charism of the Handmaids of the Sacred Heart - is actively exploring various possibilities for the future. Particular attention is being given to the ongoing discernment surrounding the future of St Christina’s School, ensuring that all decisions remain faithful to the mission and values of the Institute.

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

Trustees’ report 31 August 2024

PLANS FOR THE FUTURE (continued)

School

Following the full refurbishment of the playground in the summer of 2023, replacement of the front and rear entrance doors to improve security and appearance, the addition of electronic access to EYFS external doors and the refurbishment of the Nun’s kitchen the school is now generally well appointed and equipped. During 2024-25 the school will review toilet access and provision to manage the increase in pupil numbers through KS1 and KS2 from September 2025. Parent Link have raised funds for the renovation of the School Library with a view to implementing this in the year 2024-25.

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 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.

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

Trustees’ report 31 August 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT

Trustees (continued)n

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 Audit 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.

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

Trustees’ report 31 August 2024

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);
♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts;
♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

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

Trustees’ report 31 August 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of Trustees’ responsibilities (continued)

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the relevant Charity (Accounts and Reports) Regulations and the provisions of the Charity’s trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk management

In line with the requirement for Trustees to undertake a risk assessment exercise and report on the same in their annual report, the Trustees have looked at the risks the Congregation currently faces in Britain and have reviewed the measures already in place, or needing to be put in place, to deal with them. The Trustees have identified five main areas where risks may occur:

♦ Governance and management;
♦ Operational;
♦ Financial;
♦ Reputational;
♦ Laws, regulations, external and environment.

Governance and management looks at the risk of the Congregation, and hence the Charity, suffering from a lack of direction, and at the skills and training of its members and staff, and the good use of its resources.

Operational looks at the risks inherent in the Charity’s activities including the operation of its School – the members engaging in inappropriate activities, the unsuitability of buildings, poor maintenance, shortcomings in the services provided, difficulties with staff, poor health and safety, lack of a disaster recovery policy, etc.

Financial risks include those arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, etc.

Reputational looks at possible damage to the Congregation’s and/or Charity’s reputation.

Laws, regulations, external and environment looks at the effects of government policies, the consequences of non-compliance with laws and regulations and poor risk assessment in the Charity’s School.

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

Trustees’ report 31 August 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management (continued)

Having assessed the major risks to which the Charity is exposed, the Trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the Charity, they have established effective systems to mitigate those risks.

The key risks for the Charity, as identified by the Trustees, are described below together with the principal ways in which they are mitigated:

♦ An analysis of the age profile of the members of the Congregation shows that the average age at 31 August 2024 was 79 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.

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

Trustees’ report 31 August 2024

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management (continued)

♦ With regards to Saint Christina’s Preparatory School, long term accurate forecasting of student numbers continues to be difficult, and Governors are mindful of the continuing need to raise the profile of the School and to maintain and further enhance good working relationships with local authorities. A strategic group oversees marketing strategies and ensures that they are aligned with the key strategic aims.

Approved by the Trustees and signed on their behalf by:

Marta Isabel Teixeira de Sousa e Silva

Trustee

Approved by the Trustees on: 26 June 2025

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

Independent auditor’s report Year to 31 August 2024

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 2024 which comprise the statement of financial activities, the balance sheet, the statements of cash flows, 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 2024 and of its incoming resources and application of resources 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 2024

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the accounts themselves. 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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; 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 set out on page 27, 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.

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

Independent auditor’s report Year to 31 August 2024

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

Independent auditor’s report Year to 31 August 2024

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

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

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.

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

Independent auditor’s report Year to 31 August 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

27 June 2025

Buzzacott Audit 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

Statement of financial activities Year to 31 August 2024

Notes	Unrestricted funds £	Restricted funds £	Total 2024 £	Unrestricted funds £	Restricted funds £	Total 2023 £
Income from: Donations 1 Investments and interest receivable 2 Charitable activities . Education fees and related charges 3 Other trading activities 4 Total income Expenditure on: Raising funds . Investment managers’ fees Charitable activities . Donations and support of missions 5 . Provision of education 6 . Support of members of the Congregation and their ministry 7 Total expenditure Net income (expenditure) for the year before net gains (losses) on investments 8 Net investment gains (losses) 12 Net income (expenditure) Transfers between funds 16 Net movement in funds Reconciliation of funds: Balances brought forward at 1 September 2023 Balances carried forward at 31 August 2024	21,169 383,647 2,889,734 54,030	49,650 — — —	70,819 383,647 2,889,734 54,030	41,418 344,260 2,851,968 8,296	66,383 — — —	107,801 344,260 2,851,968 8,296
	3,348,580	49,650	3,398,230	3,245,942	66,383	3,312,325
	58,650 11,432 2,909,396 314,852	— — — —	58,650 11,432 2,909,396 314,852	57,584 172,001 2,765,541 294,112	— — — —	57,584 172,001 2,765,541 294,112
	3,294,330	—	3,294,330	3,289,238	—	3,289,238
	54,250 988,369	49,650 —	103,900 988,369	(43,296) (341,553)	66,383 —	23,087 (341,553)
	1,042,619 49,650	49,650 (49,650)	1,092,269 —	(384,849) 71,260	66,383 (71,260)	(318,466) —
	1,092,269 19,353,610	— —	1,092,269 19,353,610	(313,589) 19,667,199	(4,877) 4,877	(318,466) 19,672,076
	20,445,879	—	20,445,879	19,353,610	—	19,353,610

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

Balance sheet 31 August 2024

Notes	2024 £	2024 £	2023 £	2023 £
Fixed assets Tangible assets 11 Investments 12 Programme related investments 13 Current assets Debtors 14 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors:amounts falling due after one year . Fee deposits from pupils Total net assets The funds of the Charity: Restricted funds 16 Unrestricted funds . Tangible fixed assets fund 17 . Programme related investment fund 18 . Designated funds 19 . General funds	213,362 2,294,250	7,812,710 11,060,692 59,152	181,232 2,016,015	8,081,215 10,096,437 59,152
		18,932,554 1,916,817		18,236,804 1,489,406
	2,507,612 (590,795)		2,197,247 (707,841)

		20,849,371 (403,492)		19,726,210 (372,600)
		20,445,879		19,353,610
		— 7,812,710 59,152 8,802,936 3,771,081		— 8,081,215 59,152 8,495,196 2,718,047
		20,445,879		19,353,610

Approved by the Trustees and signed on their behalf by:

Marta Isabel Teixeira de Sousa e Silva

Trustee

Approved by the Trustees on: 26 June 2025

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

Statement of cash flows Year to 31 August 2024

Notes	2024 £	2023 £
Cash flows from operating activities: Net cash used in operating activities A Cash flows from investing activities: Investment income and interest received Purchase of tangible fixed assets Proceeds from the disposal of tangible fixed assets Purchase of listed investments Proceeds from the disposal of listed investments Net cash provided by (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 September 2023 B Cash and cash equivalents at 31 August 2024 B	(26,267)	(42,537)
	374,142 (93,754) — (136,059) 177,272	332,284 (353,874) 88,798 (536,839) 340,318
	321,601	(129,313)
	295,334 2,237,637	(171,850) 2,409,487
	2,532,971	2,237,637
Notes to the statement of cash flows for the year to 31 August 2024.

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

	2024 £	2023 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge (Gains) losses on investments Investment income and interest receivable Surplus on disposal of tangible fixed assets Increase in debtors (Decrease) increase in creditors Net cash used in operating activities	1,092,269 279,183 (988,369) (383,647) — (22,625) (3,078)	(318,466) 268,196 341,553 (344,260) (1,889) (2,151) 14,480
	(26,267)	(42,537)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2024 £	2023 £
Cash at bank and in hand Cash held by investment managers Total cash and cash equivalents	2,294,250 238,721	2,016,015 221,622
	2,532,971	2,237,637

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

Principal accounting policies 31 August 2024

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 2024 with comparative information provided in respect to the year ended 31 August 2023.

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

Principal accounting policies 31 August 2024

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.

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 2025, 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

Principal accounting policies 31 August 2024

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

Principal accounting policies 31 August 2024

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

Principal accounting policies 31 August 2024

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.

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

Principal accounting policies 31 August 2024

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 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.

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 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.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Principal accounting policies 31 August 2024

Fund accounting (continued)

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

Notes to the accounts 31 August 2024

1 Income from: Donations

Income from: Donations
	Unrestricted funds £	Restricted funds £	Total funds 2024 £	Unrestricted funds £	Restricted funds £	Tota funds 2023 £
Salaries and pensions of individual religious received under Gift Aid General donations	13,714 7,455	— 49,650	13,714 57,105	31,732 9,686	— 66,383	31,732 76,069
	21,169	49,650	70,819	41,418	66,383	107,801

2 Income from: Investments and interest receivable

Income from: Investments and interest receivable
	Unrestricted funds
	Total 2024 £	Total 2023 £
Income from listed investments . Unitised funds . UK fixed interest . Charity specific unitised funds . UK equities . Foreign investment trusts . Charities property fund Interest receivable . Interest on cash held by investment managers . Bank interest Income from programme related investments Total	23,173 28,698 53,694 139,888 80,033 4,112	22,801 27,747 54,136 132,833 65,925 3,166
	329,598	306,608
	8,046 46,003	2,968 27,184
	54,049	30,152
	—	7,500
	383,647	344,260

3 Income from: Education fees and related charges

Income from: Education fees and related charges
	Unrestricted funds
	Total 2024 £	Total 2023 £ 2,746,377 (59,385)
Tuition fees Less: Discounts and bursaries Other fees and charges Funding from local authorities	2,801,565 (60,375)
	2,741,190 148,544 —	2,686,992 132,039 32,937
	2,889,734	2,851,968

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

Notes to the accounts 31 August 2024

4 Income from: Other trading activities

Income from: Other trading activities
	Unrestricted funds
	Total 2024 £	Total 2023 £
Hire of facilities Miscellaneous	8,282 45,748	5,069 3,227
	54,030	8,296

5 Expenditure on: Donations and support of missions

	Unrestrictedfunds	Unrestrictedfunds
	Total 2024 £	Total 2023 £
Handmaids of the Sacred Heart – Dublin Handmaids of the Sacred Heart – Portugal Fundaҫão Santa Rataela Maria British Red Cross Mission News Avaaz Foundation Crowd Justice Share Action KIVA Other donations under £1,000 each to institutions	— — — 2,000 2,115 500 — 2,000 — 4,817	5,642 17,583 132,191 — — 500 1,000 4,000 1,977 9,108
	11,432	172,001

6 Expenditure on: Provision of education

	Unrestricted funds £	Restricted funds £	Total funds 2024 £	Unrestricted funds £	Restricted funds £	Total funds 2023 £
Teaching costs Welfare Premises Support costs (see below)	1,525,509 314,466 650,662 418,759	— — — —	1,525,509 314,466 650,662 418,759	1,532,636 325,880 553,541 353,484	— — — —	1,532,636 325,880 553,541 353,484
	2,909,396	—	2,909,396	2,765,541	—	2,765,541

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

Notes to the accounts 31 August 2024

6 Expenditure on: Provision of education (continued)

Support costs comprise:

	Unrestricted funds	Unrestricted funds
	Total 2024 £	Total 2023 £
Staff costs Printing, postage, stationery, telephone Courses Insurance Subscription and inspection costs Professional fees including property related Miscellaneous expenses Governance costs	182,565 38,962 10,392 24,134 13,949 119,773 10,192 18,792	162,021 51,357 10,763 30,577 5,523 74,784 1,047 17,412
	418,759	353,484

Governance costs include audit and accountancy fees and other professional fees pertaining to the governance of the School.

7 Expenditure on: Support of members of the Congregation and their ministry

	Unrestricted funds	Unrestricted funds
	Total 2024 £	Total 2023 £
Premises Sisters' personal expenses Education, training and spiritual renewal Depreciation of property Other support costs Governance costs	113,014 63,105 36,015 57,735 15,030 29,953	89,069 48,161 71,619 53,217 11,236 20,810
	314,852	294,112

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

This is stated after charging:

	Total funds 2024 £ 1,749,924 21,120 — 18,792 — — 279,183 10,311	Total funds 2023 £
Staff costs (note 9) Auditor’s remuneration . Statutory audit services .. Current year .. Prior year . Non statutory audit services .. Current year .. Prior year Surplus on disposal of tangible fixed assets Depreciation Operatinglease costs		1,726,225 19,710 1,100 17,400 12 (1,889) 268,196 11,091

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Notes to the accounts 31 August 2024

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

	Total funds 2024 £	Total funds 2023 £
Staff costs during the year were as follows: Wages and salaries Social security costs Other pension costs Contractors’ fees Staff costs per function were as follows: Provision of education Support of members of the Congregation and their ministry	1,325,949 142,171 242,919	1,225,722 132,618 228,941
	1,711,039 38,885	1,587,281 138,944
	1,749,924	1,726,225
	1,726,357 23,567	1,706,455 19,770
	1,749,924	1,726,225

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

	2024 No.	2023 No.
£60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000	2 — 2	2 1 1

Employer contributions were made on behalf of the above employees to a defined contributions scheme. Total contributions to the defined contribution schemes amounted to £82,712 (2023 - £77,852).

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

	2024 No.	2023 No.
Provision of education Support of members of the Congregation and their ministry	30 2	29 2
	32	31

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 (2023 - £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.

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.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Notes to the accounts 31 August 2024

9 Staff costs, remuneration of key management personnel and Trustees’ remuneration (continued)

The total remuneration including employer pension and National Insurance contributions and other benefits of the key management personnel was £243,012 (2023 - £228,323).

10 Taxation

The Handmaids of the Sacred Heart of Jesus (Regents Park, London and Christchurch, Hants) Charitable Trust is a registered Charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities, as they fall within the various exemptions available to registered charities.

11 Tangible fixed assets

	Freehold land	and buildings	Plant and building improvement £	Computer equipment £	Furniture and equipment £	Total £
	Residential £	Educational £
Cost or valuation At 1 September 2023 Additions Disposals At 31 August 2024 At cost At deemed cost – 1994 and 1999 valuations Depreciation At 1 September 2023 Charge for the year On disposals At 31 August 2024 Net book values At 31 August 2024 At 31 August 2023	3,626,579 — —	5,762,450 — —	1,464,577 — —	161,694 6,578 —	300,414 4,100 —	11,315,714 10,678 —
	3,626,579	5,762,450	1,464,577	168,272	304,514	11,326,392
	763,362 2,863,217	4,513,200 1,249,250	1,464,577 —	168,272 —	304,514 —	7,213,925 4,112,467
	3,626,579	5,762,450	1,464,577	168,272	304,514	11,326,392
	1,199,171 50,433 —	1,124,619 115,248 —	571,180 73,232 —	114,659 26,933 —	224,870 13,337 —	3,234,499 279,183 —
	1,249,604	1,239,867	644,412	141,592	238,207	3,513,682
	2,376,975	4,522,583	820,165	26,680	66,307	7,812,710
	2,427,408	4,637,831	893,397	47,035	75,544	8,081,215

As permitted under FRS 102, the Charity has continued to adopt a policy of not revaluing its tangible fixed assets. The book value of the freehold land and buildings is based on valuations made in 1994 and 1999 with subsequent additions and improvements included at cost. As permitted under the transitional provisions of FRS 102 (section 35), the Charity Trustees have elected to use these valuations as deemed cost. Other tangible fixed assets are stated at cost.

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

Notes to the accounts 31 August 2024

12 Investments

Investments
	2024 £	2023 £
Listed investments Market value at 1 September 2023 Additions at cost Disposals at book value (see below) Net unrealised investment gains (losses) Market value at 31 August 2024 Cash held by investment managers Cost of listed investments at 31 August 2024	9,874,815 136,059 (174,860) 985,957	10,019,847 536,839 (340,735) (341,136)
	10,821,971 238,721	9,874,815 221,622
	11,060,692	10,096,437
	7,607,419	7,638,343

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

	2024 £	2023 £
Proceeds (Gains) losses Disposals at book value	177,272 (2,412)	340,318 417
	174,860	340,735

Listed investments held at 31 August 2024 comprised the following:

	2024 £	2023 £
UK fixed interest Charity specific unitised funds UK equities Foreign investment trusts Alternatives	744,817 2,592,584 3,766,838 3,104,024 613,708	720,630 2,407,183 3,308,108 2,829,704 609,190
	10,821,971	9,874,815

At 31 August 2024 listed investments included the following holdings, which represented material holdings relative to the market value of the total listed investments portfolio held at that date:

	Market value of holding £	Percentage of portfolio %
BlackRock Catholic Charities Growth and Income Fund COIF Charities Ethical Funds	1,769,197 823,387	16 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

Notes to the accounts 31 August 2024

13 Programme related investments

At the year-end, the Charity held investments which were held directly in pursuit of the organisation's charitable activities as follows:

organisation's charitable activities as follows:
	2024 £	2023 £
Interest free loan	59,152	59,152
	59,152	59,152

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. No payments were made in the year to 31 August 2024.

14 Debtors

Debtors
	2024 £	2023 £
School fees receivable Investment income receivable Prepayments and accrued income Other debtors	22,124 132,405 42,707 16,126	27,788 122,900 28,316 2,228
	213,362	181,232

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2024 £	2023 £
Expense creditors Accruals Assets under construction – amounts payable School fees in advance and fee deposits from pupils Taxation and social security Other creditors	4,719 71,766 — 478,022 36,098 190	57,635 80,387 83,076 453,411 33,332 —
	590,795	707,841

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

Notes to the accounts 31 August 2024

16 Restricted funds

Restricted funds
	At 1 September 2023 £	Income £	Expenditure £	Transfers £	At 31 August 2024 £
Sundryfunds	—	49,650	—	(49,650)	—
	At 1 September 2022 £	Income £	Expenditure £	Transfers £	At 31 August 2023 £
Sundryfunds	4,877	66,383	—	(71,260)	—

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
	2024 £	2023 £
At 1 September 2023 Net movement in year At 31 August 2024	8,081,215 (268,505)	7,715,343 365,872
	7,812,710	8,081,215

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 £ 59,152 — 59,152
At 1 September 2023 Net movement in year At 31 August 2024

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

The balance at 31 August 2024 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.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Notes to the accounts 31 August 2024

18 Designated funds

The income funds of the Charity include the following designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

	At 1 September 2023 £	New designations £	Utilised/ released £	At 31 August 2024 £
Mission fund Saint Christina’s Preparatory School fund Formation fund Sisters’ care fund	1,109,738 1,499,866 1,785,592 4,100,000	149,658 3,078,862 — 150,000	— (3,035,625) (35,155) —	1,259,396 1,543,103 1,750,437 4,250,000
	8,495,196	3,378,520	(3,070,780)	8,802,936

	At 1 September 2022 £	New designations £	Utilised/ released £	At 31 August 2023 £
Mission fund Saint Christina’s Preparatory School fund Formation fund Sisters’ care fund	1,004,908 1,354,084 1,856,796 6,800,000	120,000 2,883,067 — —	(15,170) (2,737,285) (71,204) (2,700,000)	1,109,738 1,499,866 1,785,592 4,100,000
	11,015,788	3,003,067	(5,523,659)	8,495,196

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 on various projects, including large refurbishments of Schools and Convents.

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. Formation costs are variable from year to year, depending on how many individuals there are and where they are based. The costs are expected to be higher in the year to 31 December 2025.

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

Notes to the accounts 31 August 2024

19 Analysis of net assets between funds

	General fund £	General fund £	Tangible fixed assets fund £	Tangible fixed assets fund £	Programme related investment fund £	Programme related investment fund £	Programme related investment fund £	Designated funds £	Total 2024 £
Fund balances at 31 August 2024 are represented by: Tangible fixed assets Investments Programme related investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets	— 2,977,472 — 844,243 (50,634) —		7,812,710 — — — — —		— — 59,152 — — —			— 8,083,220 — 1,663,369 (540,161) (403,492)	7,812,710 11,060,692 59,152 2,507,612 (590,795) (403,492)
	3,771,081		7,812,710		59,152			8,802,936	20,445,879
	General fund £	Tangible fixed assets fund £					Designated funds £
Fund balances at 31 August 2023 are represented by: Tangible fixed assets Investments Programme related investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year Total net assets	— 2,347,000 — 426,463 (55,416) —	8,081,215 — — — — —		— — 59,152 — — —			— 7,749,437 — 1,770,784 (652,425) (372,600)
	2,718,047	8,081,215		59,152			8,495,196
							2024 £
Total unrealised gains included above: On investments Reconciliation of movement in unrealised gains Unrealised gains at 1 September 2023 In respect to disposals in year Net gains (losses) arising on revaluation in the year Unrealisedgains at 31 August 2024						3,214,552
						2,236,472 15,962 962,118
						3,214,552

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

Notes to the accounts 31 August 2024

20 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 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are:

♦ employer contribution rates set at 23.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.
♦ Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2028.

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 2023 to 31 August 2024, the employer contributions amounted to £15,480 (2023 – £36,751).

The School became a phased withdrawal School in respect to the TPS with effect from 1 June 2022 and withdrew completely from 1 April 2024.

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Notes to the accounts 31 August 2024

21 Pension schemes and related commitments (continued)

Scottish Widows

This is a defined contribution scheme and contributions paid by the School amounted to £nil (2023 – £nil). In the year to 31 August 2024, the School received a refund from Scottish Widows amounting to £nil (2023 – £990).

Independent Schools’ Pension Scheme

This is a defined contribution scheme and contributions paid by the School amounted to £6,116 (2023 – £5,015).

Royal London Pension Scheme

This is a defined contribution scheme and contributions paid by the School amounted to £221,323 (2023 – £188,165).

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 £7,018 (2023 - £6,611).

In the year to 31 August 2024, an amount of £nil (2023 - £132,191) was paid to the Fundaҫão Santa Rataela Maria. One of the Trustees of the Charity is on the Board of Governors of the Fundaҫão Santa Rataela Maria and one of the Trustees of the Charity is the Chair of Trustees of the Fundaҫão Santa Rataela Maria.

In the year to 31 August 2024, the Charity paid £1,163 (2023 - £5,642) to the Handmaids of the Sacred Heart - Dublin. As at 31 August 2024, an amount of £nil was owed to Handmaids of the Sacred Heart - Dublin (2023 - £1,163). The payment of £1,163 was made against the balance brought forward in the year to 31 August 2024. Two of the Trustees of the Charity are also Trustees of the Handmaids of the Sacred Heart - Dublin.

A relation to the Busar of St Christina’s Preparatory School, Joanne Reilly, provided sundry building work to the School and was paid the sum of £1,200 during the year to 31 August 2024 (2023 - £1,250).

There were no further related party transactions requiring disclosure in the year to 31 August 2024 (2023 - none).

24 Capital commitment

There were no capital commitments at 31 August 2024 (2023 – none).

Handmaids of the Sacred Heart of Jesus

(Regents Park, London and Christchurch, Hants) Charitable Trust

Notes to the accounts 31 August 2024

25 Post balance sheet events

Since the year end, the charity sold 25 Village Way, Beckenham for net proceeds of £818,560 and agreed a sale price for 27 Village Way, Beckenham of £661,500. The properties are included in tangible fixed assets at the year end with a combined net book value of £457,358.

Since the year end, the charity agreed a sale price for 6 Parkwood Road, Bournemouth of £500,000. The property is included in tangible fixed assets at the year end with a net book value of £647,558.

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

Annual Report and Accounts

Contents

Reports

Reference and administrative details of the Charity, its Trustees and advisers

Reference and administrative details of the Charity, its Trustees and advisers

CONSTITUTION

HISTORY

HISTORY (continued)

OBJECTIVES AND ACTIVITIES

Mission and policies

OBJECTIVES AND ACTIVITIES (continued)

Mission and policies (continued)

OBJECTIVES AND ACTIVITIES (continued)

Mission and policies (continued)

Care of the elderly

Safeguarding

Formation of younger Sisters

OBJECTIVES AND ACTIVITIES (continued)

Formation of younger Sisters (continued)

Fundraising policy

ACHIEVEMENTS AND PERFORMANCE

Education

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Fundraising and involvement in the community

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

Religious education

ACHIEVEMENTS AND PERFORMANCE (continued)

Education (continued)

Religious education (continued)

Care of the elderly

ACHIEVEMENTS AND PERFORMANCE (continued)

Social and pastoral work

ACHIEVEMENTS AND PERFORMANCE (continued)

Social and pastoral work (continued)

Grants and donations

Trustees’ report 31 August 2024

ACHIEVEMENTS AND PERFORMANCE (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Formation of younger Sisters

ACHIEVEMENTS AND PERFORMANCE (continued)

Formation of younger Sisters (continued)

FINANCIAL REVIEW

Results for the year

Reserves policy and financial position

Reserves policy

FINANCIAL REVIEW (continued)

Reserves policy and financial position (continued)

Reserves policy (continued)

Financial position

FINANCIAL REVIEW (continued)

Investment policy and performance

PLANS FOR THE FUTURE

PLANS FOR THE FUTURE (continued)

School

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

Trustees

GOVERNANCE, STRUCTURE AND MANAGEMENT

Trustees (continued)n

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Key management personnel

Statement of Trustees’ responsibilities

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of Trustees’ responsibilities (continued)

Risk management

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management (continued)

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)