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2025-08-31-accounts

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

Number 221319

Annual Report and Accounts

31 August 2025

Contents

Reports

Reference and administrative details of the Reference and administrative details of the
Charity, its Trustees and advisers 1
Trustees’ report 3
Independent auditor’s report 27
Accounts
Statement of financial activities 32
Balance sheet 33
Statement of cash flows 34
Principal accounting policies 35
Notes to the accounts 41

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 250 Bishopgate London EC2M 4AA Lloyds Bank plc 25 Gresham Street London EC2V 7HN Barclays Bank plc 1 Churchill Place London E14 5HP

Epworth Investment Management Limited 25 Tavistock Place London WC1H 9SF Santander UK plc 100 Ludgate Hill London EC4M 7NJ

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

Investment managers Charles Stanley Asset Management 25 Ropemaker Street London EC2Y 9LY BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London EC2N 2DL CCLA Investment Management Limited One Angel Lane London EC4R 3AB Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

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Trustees’ report 31 August 2025

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 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 35 to 40 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.

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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

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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:

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:

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“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.

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.

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.

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.

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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 2025, the Atlantic Europe Province continued to support Sisters in initial formation and vocational discernment. In this formation pathway, the Province accompanied five postulants; one Sister finishing her studies in Madrid in Universidad de Comillas; two Sisters in the renewal of their temporary vows; and celebrated two Perpetual Professions.

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

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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.

A new Wellbeing and Safeguarding Sub Committee will be operational from Spring 2026, reflecting the school’s continuing strategic focus on pupil welfare, inclusion, and risk mitigation. Four new governors have been appointed from 1 September 2025, bringing with them expertise in education and risk management, and further strengthening the Governing Body’s capacity for strategic oversight and challenge.

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. The Headteacher now also meets weekly with the Head Boy and Head Girl, providing a further opportunity for pupils to contribute to school development. 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 Y6 prefect roles and help create a good fit between child and role/responsibility. The Children’s Chaplaincy Team continues to thrive, supporting greater pupil participation in and ownership of the spiritual life of the school.

The main strategic focus this year has been the drafting and implementation of our five-year plan, Approaching 2030, which is built around four key pillars: Knowledge, Skills, Character Formation, and a Culture of Thinking. This vision now shapes all elements of school life, from curriculum development and pedagogy to pastoral care and leadership. The successful ISI inspection in Spring 2025 affirmed this direction and recognised the clarity of vision, strength of leadership, and the evident impact on pupils’ wellbeing and development.

Co-education continues to be a key priority. We currently operate a two-form entry in Year 1, with one form in all other year groups. The sector is facing significant demographic and economic challenges, and the school remains mindful of these pressures while continuing to offer a distinctive Catholic, co-educational provision.

Phase One of the school’s extension plan, which delivered a discrete EYFS area, additional classrooms, improved toilet and cloakroom facilities, and outdoor learning spaces for all key stages, has transformed both the learning environment and the appeal of the school. The

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addition of the multi-use games area (MUGA) has enabled all PE coaching to take place on site and has added greatly to the quality of pupils’ playtimes and physical development.

This year, the school timetable was rewritten from scratch, enabling greater efficiency and better alignment with strategic goals. PE for Years 5 and 6 is now delivered collectively, allowing us to make use of Regent’s Park and move towards more competitive sport against other schools.

A whole-school curriculum review took place during the year, and in 2025–2026, this will evolve into subject-by-subject reviews, beginning with core areas. The emphasis on stretch and challenge remains central, supported by a revised intellectual curiosity framework and a deeper understanding of how all pupils, including those with SEND or EAL, can access a rich curriculum.

The Senior Leadership Team was restructured, with the appointment of two Assistant Heads (Academic and Pastoral), alongside the formal inclusion of the Head of Early Years within the team from September 2025. The latter now also leads on sustainability and early childhood pedagogy across the school.

Significant curriculum enhancements this year included:

These developments ensure that Saint Christina’s remains outward-looking, ambitious, and aligned with best practice in modern education while remaining rooted in its Catholic identity and commitment to the whole child.

Alongside the formal curriculum, the school continues to champion a rich culture of intellectual curiosity. This commitment is reflected in the broad provision of enrichment activities and leadership opportunities that help pupils to think independently, question deeply, and engage fully with the world around them.

The school’s 'More Ability' programme remains an integral part of our ethos and has continued to evolve through the development of clubs and pupil-led learning experiences. Popular whole-school challenges such as Rubik’s Cube mastery, Pi recitation, and codebreaking have been maintained and remain embedded within the academic culture of the school. Pupils continue to earn recognition through achievement badges and house point awards linked to these challenges.

The Curious Question Board continues to stimulate discussion and problem-solving across year groups, with children in younger years, particularly Year 1, engaging enthusiastically.

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The school has retained its position in a number of academic competitions, including computing, maths and linguistics challenges, and many pupils continue to demonstrate high levels of success. STEM clubs using robotics, Lego kits, and Sam Labs remain extremely popular and are often oversubscribed.

A revised weekly Headteacher Bulletin was launched in January 2025 and has become a key vehicle for highlighting pupil achievement, showcasing enrichment, and sharing reflections with the wider community. Pupil voice has also been significantly strengthened through new channels of communication, including regular Head Pupil meetings, structured School Council feedback, and pupil surveys.

To further embed whole-school development priorities, the following strategic initiatives were introduced in 2025:

All of these actions support our strategic priorities of intellectual stretch, Catholic identity, and a nurturing school culture.

Nursery outreach and school partnerships continue to play an important role in our admissions and transition strategy. We maintain strong links with a range of feeder nurseries and are placing particular emphasis on reaching families with boys now that the school is fully coeducational. Partnerships with London prep schools, both day and boarding, as well as maintained secondary schools, remain a core part of our Year 6 transition planning.

Pupil numbers remain healthy across the school, with most year groups close to capacity. We now operate two forms in Year 1 and one form in all other year groups. While the school has not been immune to the wider economic challenges facing the independent sector, including the introduction of VAT on school fees and the continued impact of falling birth rates, we remain confident in our model and strategic direction.

As part of our commitment to providing high-quality professional development, the school has partnered with a number of organisations to offer colleagues both formal and self-directed training. The launch of the TES CPD platform has enabled colleagues to engage in professional learning on demand. All colleagues have also participated in training focused on metacognition, critical thinking, oracy, and Philosophy for Children (P4C), forming the foundation of our whole-school strategy for teaching and learning from September 2025. In

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addition, we have worked with external partners including and Resilience to strengthen both staff and pupil wellbeing, with a specific focus on emotional regulation, reflective practice, and coaching conversations.

We continue to make the most of our internal facilities, with the EYFS provision, MUGA, and outdoor spaces all actively used throughout the school week. Use of the upper terrace for outdoor learning and horticulture has resumed following the resolution of initial snagging issues. The club programme remains strong, including judo, ballet, filmmaking, drama, and instrumental music. Children continue to achieve very well in their musical learning, and the full return of peripatetic provision has made a marked difference to confidence and performance.

We place a high value on enrichment and the hidden curriculum, and have worked hard to ensure that the school’s Catholic identity and values are visible and lived. The Children’s Chaplaincy remains a source of pride and impact, with children leading liturgies, planning charitable initiatives, and shaping the collective worship programme. The school continues to benefit from the close relationship with the Handmaids, and the Advent and Lent workshops have supported pupils in deepening their spiritual understanding.

We remain proud of the outcomes of our most recent inspections. Our Section 48 inspection, which took place two years ago, recognised the school as outstanding in all areas. This was reaffirmed in our ISI inspection in March 2025, which praised the school’s leadership, valuesdriven culture, and focus on pupil wellbeing.

Pupils participated in many activities including Forest School, Primrose Hill litter picking, Caterpillar release, Science and Artist led workshops, Self Defence sessions and on-site productions of Life in Fairy-tale Castle and the Selfish Giant. There were trips to London Zoo, Verulamium Roman Villa, Ragged School Museum, Florence Nightingale Museum, Kew Gardens and residential trips to PGL and Formula 1 in Schools.

The school has continued to stretch and encourage children to develop their mathematical understanding. Over the course of the year, pupils have taken part in the Primary Maths Challenge and the UKMT Junior and Intermediate Maths Challenges, with several children certificating at the top end of these national competitions.

Pupils in Years 5 and 6 also participated in the annual Linguistics Competition, continuing our commitment to high-level academic enrichment and language-based problem-solving.

The school production in 2024 - 2025 was The Wizard of Oz, a joyful and ambitious performance that brought together children from Years 3 to 6 in acting, music, and dance.

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The production showcased the strength of the Performing Arts provision and was warmly received by parents and the wider school community.

The school has enjoyed a full year of sporting provision, with pupils taking part in netball, football, cricket, and athletics. Fixtures have resumed, and the school continues to build links with local schools and clubs to support skill development and competitive opportunities.

Destination of Leavers 2025

We are delighted with another year of outstanding outcomes for our Year 6 pupils. The cohort of 16 children approached the secondary transition and assessment process with considerable maturity and great character, not only securing a range of incredible offers from schools in and beyond London, but gathering a very respectable number of scholarships and honours on the way. It goes without saying that we are very proud of the children and the staff who have worked so hard to prepare them for the 11+ process.

Our First Cohort of Boys: A Remarkable Start

2025 marked a special milestone as it was the first year our boys took part in the full 11+ process, following our transition to a fully co-educational school. We are delighted to report that they, too, achieved outstanding results and have received offers from top-tier senior schools, just as our girls have over the years. This success reaffirms our confidence in the co-ed approach and the comprehensive preparation we offer all pupils at Saint Christina’s.

Offers Made by Secondary Settings

Schools offering places included:

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Offers Accepted by Our Families Families accepted places at:

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Additional Scholarships and Honours Awarded in 2025

Out of this cohort of 16 children:

These results reflect the consistently high academic standards of the school, the impact of excellent preparation, and the breadth of opportunity available to every pupil.

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

These donations were paid directly to the charities via JustGiving.

Religious education

As a Catholic school in the Diocese of Westminster, we devote 10% of our curriculum to Religious Education. Our commitment to Catholic life, mission, and worship remains at the heart of our provision, supported by our Golden Thread of kindness and service.

In April 2024, the school was inspected under the national Section 48 inspection framework and was awarded ‘Outstanding’ in all areas: Religious Education, Catholic Life and Mission, and Collective Worship. This was a deeply affirming outcome and a significant moment for the community, recognising both the strength of our teaching and the authenticity of our lived

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Catholic ethos. The inspection team noted that the children spoke confidently and meaningfully about their faith, and that worship was joyful, inclusive, and well led.

The school continues to embed Catholic Social Teaching (CST) through our curriculum, assemblies, charitable work, and the fully adopted Rooted in Love and Ten:Ten Plus programmes. The Children’s Chaplaincy continues to thrive and plays a leading role in collective worship, liturgical planning, and outreach activities throughout the year.

We are proud that the Head of Religious Education has been appointed as a Catholic Schools Inspector, further strengthening our internal expertise and deepening our relationship with the Diocese. We continue to enjoy strong and supportive links with diocesan advisors and colleagues, and the impact of this can be seen clearly in the confidence, engagement, and spiritual development of our children.

Care of the elderly

The Sisters continue to give close attention to the needs of elderly and isolated individuals, visiting them in their homes and in hospital. These visits bring not only human warmth and friendship but also the spiritual comfort of prayer and Holy Communion, nurturing both the emotional and spiritual wellbeing of those they accompany.

One Sister continues her dedicated voluntary presence at St John’s Wood Hospice, where she is a regular and warmly valued visitor. This ministry keeps her closely in touch with contemporary approaches to end-of-life care and allows her to bring that sensitivity and experience back into the community, enriching the care given to the Sisters at home.

Within the community, one Sister required full-time care during the year. The Trustees remained committed to their policy of supporting Sisters in their own home for as long as this was safely possible.

Social and pastoral work

The ACI Family, which upholds the legacy of St Raphaela’s spirituality in Boscombe, continues to carry forward the mission and spirit of the Handmaids in the Bournemouth area. The Sisters maintain their connection with this community through visits and ongoing support, accompanying them in their apostolic activities and celebrations.

The Portuguese-speaking Catholic group in the area continues to receive the Sisters’ occasional assistance in organising community events and celebrations, fostering the bonds of fellowship and faith that have grown over many years.

In London, the Sisters continue their faithful and impactful presence both within Saint Christina’s School and in the wider community.

One of the Sisters volunteers as a support teacher at Christ Church Bentinck Church of England Primary School and at Saint Christina's School, offering individual accompaniment to children in their learning. She also leads sacramental preparation for the Sacraments of Reconciliation and First Eucharist, both at Our Lady of Grace Church in Lisson Grove and within Saint Christina's School. Her careful preparation of the Friday Mass liturgy at Saint

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Christina's — selecting simple readings and prayers that draw children into the feasts of the Church — reflects her quiet commitment to nurturing faith from an early age. On Sundays, she animates the Parish Mass, encouraging young people to take an active part through readings and song, keeping them motivated and rooted in the life of the Church.

This year, the Province launched its new website (www.acieuropatlantic.org), representing a significant accomplishment born of considerable dedication on the part of the sisters. Available in three languages — English, Portuguese and French — the site reflects the international character of the Atlantic Europe Province and offers a rich window into the life and mission of the Congregation.

It is organised around four main areas: About Us, which explains the identity, spirituality and formation of the Handmaids; What We Do, covering six fields of apostolate — Education, Spirituality, Social Apostolate, Pastoral Work, Houses of Prayer, and Network Collaboration; Our Presence, featuring an interactive world map with detailed profiles of each community across the 24 countries where the Congregation is active; and ACI Space, a growing library of articles and publications on themes of vocation, Ignatian spirituality, the Eucharist, and the life of Saint Raphaela Mary.

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The site also includes dedicated pages for those discerning a vocation, wishing to volunteer, or seeking to support the mission. Modern in design and comprehensive in content, the website has become an important tool for the Province's communication and outreach.

Formation of younger Sisters

The year to 31 August 2025 brought joyful moments of celebration, as two members of the Atlantic Europe Province made their Perpetual Profession of Vows.

On 12 October 2024, one of the Sisters celebrated her Final Profession in Paris. The Sister had spent several years serving in Bournemouth, where she built deep bonds of friendship and ministry with the community there. Her Final Profession was a moment of great joy, and a number of friends from Bournemouth made the journey to Paris to accompany her on this special occasion, bringing with them the warmth and gratitude of all who had been touched by her presence.

On 28 December 2024, another Sister made her Perpetual Profession of Vows and in August 2025 two Sisters renewed their vows.

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During the year to 31 August 2025, a number of Sisters continued to engage in various phases of initial formation, preparing themselves spiritually, emotionally, and intellectually for a full commitment to the mission and life of a Handmaid. One of them continued her theological studies at Comillas Pontifical University in Madrid, a highly respected Jesuit institution known for its academic excellence and the shared Ignatian spirituality it holds in common with our Institute.

The Sisters of our Province, together with those from across Europe who are also in the early years of formation, continue to gather for personalised retreats and sessions dedicated to specific themes of ongoing formation.

Property and Stable Patrimony

In response to guidance from the Holy See regarding the formal identification of the Institute’s Stable Patrimony, the Trustees have undertaken a process of property valuations and surveys across their holdings in England. These assessments, carried out during the year, have provided a clearer picture of the Charity’s property assets and will inform ongoing discernment about the stewardship of these resources.

The properties in Beckenham’s 25 and 27 Village Way were successfully sold during the year, completing the Province’s withdrawal from that community. In March 2025 the charity sold the property 25 Village Way, Beckenham, for the sale price of £819,000; and in July 2025 the property 27 Village Way, Beckenham, for the sale price of £661,500.

The property at Bournemouth, however, has presented significant challenges. Despite sustained efforts over several months and negotiations with prospective buyers, the sale was only finalised in April 2026. The Trustees were always committed to reaching a dignified and appropriate conclusion to this chapter, mindful of the deep affection and many years of ministry that this house represents.

Sister Marta Silva, Provincial Bursar, continued to represent the Province in the Association of Provincial Bursars (APB) and the Church Investors Group (CIG), as well as serving on the International Affairs Commission. These engagements provide valuable professional formation and allow the Province to contribute to and benefit from best practice across the Church.

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FINANCIAL REVIEW

Results for the year

A summary of the year’s results can be found on page 32 of the attached accounts.

Total income for the year to 31 August 2025 amounted to £4,817,982 compared to £3,398,230 in 2024. Expenditure during the year totalled £3,350,545 (2024 - £3,294,330).

The Charity’s income includes £3,411,889 (2024 - £2,889,734) being the fees and charges of Saint Christina’s Preparatory School, £407,556 (2024 - £383,647) being income from investments and interest receivable, £28,378 (2024 - £70,819) being donations and legacies, and £959,070 (2024 – £nil) being the surplus from the disposal of tangible fixed assets, mostly relating to the sale of two properties in the year.

Expenditure includes £3,014,547 (2024 - £2,909,396) relating to the School.

Net gains on investment assets amounted to £395,086 (2024 - gains of £988,369) and losses on the revaluation of fixed assets of £172,558 (2024 - £nil) relating to one of the charity’s properties which was sold at a loss post year end, resulted in a net increase in funds for the year of £1,689,965 (2024 - increase of £1,092,269). Total funds carried forward at 31 August 2025 were £22,135,844 (2024 - £20,445,879).

Reserves policy and financial position

Reserves policy

The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets and programme related investments; designated for specific purposes; or otherwise committed.

The Trustees are very aware of the importance of the annual income generated by the Charity’s investments to ensuring that there are sufficient incoming resources each year to support the members of the Congregation and their ministry, both now and in the long term. In order to meet the commitment to care for the Sisters, to provide for contingencies and enable the Charity to respond to unforeseen emergencies, the Trustees believe that free reserves of the Charity of up to £2.5 million may be held at any one time.

Financial position

The balance sheet shows total reserves of £22,135,844 (2024 - £20,445,879). Of this, £7,030,442 (2024 - £7,812,710) 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 (2024 - £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.

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

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Trustees’ report 31 August 2025

At 31 August 2025, the Charity held restricted funds of £3,600 (2024 - £nil). Further details are given in note 16 to the accounts.

The Saint Christina’s Preparatory School designated fund of £1,848,131 (2024 - £1,543,103) 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.

£1,351,519 (2024 - £1,259,396) 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 £1,736,541 (2024 - £1,750,437) 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 (2024 - £4,250,000), 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 £5,856,459 (2024 - £3,771,081).

The Trustees acknowledge that the current level of free reserves significantly exceeds the £2.5 million stated in the reserves policy. The Charity is currently in a period of significant strategic transition, including the reconfiguration of residential arrangements for the Sisters, the ongoing management and disposal of property assets, and a review of the Charity's legal structure. Proceeds from recent property sales have not yet been allocated to the Charity's revised strategy, which is in the process of being formalised. The Trustees are actively working to align reserves with the Charity's evolving strategic priorities and expect to review and update the reserves policy once the strategic direction and legal structure have been confirmed.

Investment policy and performance

At 31 August 2025, the Charity held listed investments with a market value of £11,568,425 (2024 - £10,821,971) and, at that date, a further £281,204 was held as cash (2024 - £238,721). All of the Charity’s investments are managed by professional investment managers who operate within specific guidelines which are set and regularly reviewed by the Trustees. The Trustees meet with the fund managers on a regular basis. The strategy is to maximise total returns, within acceptable levels of risk but with regards to certain ethical principles.

The investment objective is to maintain and enhance the real value of the Charity’s assets over the long term by investing in portfolios that comprise equities, fixed income stocks and cash. The Trustees have agreed a balanced investment objective between medium and low risk.

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Trustees’ report 31 August 2025

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 Trustees are engaged in an ongoing process of discernment regarding the future presence of the Congregation in England. In light of the evolving size and profile of the Atlantic Europe Province, and the Congregation’s wider commitments across Europe, the Trustees are carefully considering how best to steward the mission entrusted to them, in a manner that is both faithful to the charism of the Handmaids and responsive to present realities.

The Trustees remain committed to accompanying Quinta da Casa Velha in Ourém, Portugal — an ecology and spirituality centre co-founded by the Congregation alongside the Alvim family and the Jesuit Province of Portugal, dedicated to contemplation, ecological formation and rural community development in the spirit of Laudato Si'. Following the year end, the Trustees extended their programme-related investment to support the acquisition of full ownership of the property by the founding family, securing the long-term future of a mission to which the Congregation has been committed since its beginnings.

The move towards a leaner and more sustainable administrative structure continues. As part of this effort, the Charity is progressing a transition to a Charitable Incorporated Organisation (CIO) structure, which offers a more streamlined and legally integrated model for governance. Following the year end, and as part of this same effort, the Trustees took steps to appoint a lay Provincial Treasurer, marking a significant step in the Congregation's approach to stewardship and institutional organisation. This appointment reflects the Trustees' commitment to drawing on lay expertise in the management of the Charity's affairs, whilst keeping the charism and values of the Congregation central to all financial and administrative decisions.

With regard to Saint Christina’s Preparatory School, the Trustees continue to accompany the School’s governance and strategic direction, drawing on the wisdom of both lay and religious advisers in an ongoing and collaborative manner. The Trustees remain committed to ensuring that any decisions taken remain faithful to the mission and values of the Institute and serve the best interests of all those connected to the work of the Charity. More broadly, they remain open to the Spirit’s guidance as they discern the shape of the Congregation’s future presence and mission in the United Kingdom.

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Trustees’ report 31 August 2025

School

During 2024-25 toilet provision has been expanded to manage the growth in pupil numbers moving from KS1 to KS2 and the school boilers have been replaced. New flooring in the entrance areas and new signage outside enhance the profile and appearance of the school to current and prospective families. IT systems have been reviewed and leased laptops have replaced staff PCs.

During 2025-26 the School Library will be fully renovated with support from Parent Link who have made this a focus of their fundraising over the last year. A rolling program of replacement of fire doors will commence.

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.

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

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Trustees’ report 31 August 2025

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.

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.

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

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Trustees’ report 31 August 2025

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:

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:

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Trustees’ report 31 August 2025

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

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

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

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

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

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

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

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Trustees’ report 31 August 2025

Approved by the Trustees and signed on their behalf by:

Marta Isabel Teixeira de Sousa e Silva

Trustee

Approved by the Trustees on: 11 June 2026

Assinado por: Marta Isabel Teixeira de Sousa e Silva Num. de Identificação: 09672980 Data: 2026.06.11 18:20:33+01'00'

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

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Independent auditor’s report Year to 31 August 2025

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 2025 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:

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.

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Independent auditor’s report Year to 31 August 2025

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:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 24, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Independent auditor’s report Year to 31 August 2025

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:

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

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Independent auditor’s report Year to 31 August 2025

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

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

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

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.

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Independent auditor’s report Year to 31 August 2025

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

Date: 15 June 2026

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Statement of financial activities Year to 31 August 2025

Notes
 Unrestricted
funds
£		 Restricted
funds
£		 Total
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Education fees and related charges
3
Other trading activities
4
Other income
. Surplus on disposal of tangible fixed
assets
Total income
Expenditure on:
Raising funds
. Investment managers’ fees
Charitable activities
. Donations and support of missions
5
. Provision of education
6
. Support of members of the
Congregation and their ministry
7
Total expenditure
Net income for the year before net
gains on investments
8
Net gains on investments
12
Net income
Transfers between funds
16
Other recognised losses
Loses on revaluation of fixed assets
11
Net movement in funds
Reconciliation of funds:
Balances brought forward
at 1 September 2024
Balances carried forward
at 31 August 2025
24,778

407,556

3,411,889

11,089
959,070		 3,600
—
—
—
—		 28,378
407,556
3,411,889
11,089
959,070		 21,169
383,647
2,889,734
54,030
—		 49,650
—
—
—
—		 70,819
383,647
2,889,734
54,030
—
4,814,382 3,600 4,817,982 3,348,580 49,650 3,398,230
64,021

9,255

3,014,547
262,722		 —
—
—
—		 64,021
9,255
3,014,547
262,722		 58,650
11,432
2,909,396
314,852		 —
—
—
—		 58,650
11,432
2,909,396
314,852
3,350,545 — 3,350,545 3,294,330 — 3,294,330
1,463,837

395,086		 3,600
—		 1,467,437
395,086		 54,250
988,369		 49,650
—		 103,900
988,369
1,858,923

—

(172,558)		 3,600
—
—		 1,862,523
—
(172,558)		 1,042,619
49,650
—		 49,650
(49,650)
—		 1,092,269
—
—
1,686,365
20,445,879		 3,600
—		 1,689,965
20,445,879		 1,092,269
19,353,610		 —
—		 1,092,269
19,353,610
22,132,244 3,600 22,135,844 20,445,879 — 20,445,879

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.

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

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Balance sheet 31 August 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Tangible assets
11
Investments
12
Programme related investments
13
Current assets
Debtors
14
Cash at bank and in hand
Short term deposits
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		 241,389
3,532,928
450,000		 7,030,442
11,849,629
59,152		 213,362
2,294,250
—		 7,812,710
11,060,692
59,152
18,939,223
3,583,121		 18,932,554
1,916,817
4,224,317
(641,196)		 2,507,612
(590,795)
22,522,344
(386,500)		 20,849,371
(403,492)
22,135,844 20,445,879
3,600
7,030,442
59,152
9,186,191
5,856,459		 —
7,812,710
59,152
8,802,936
3,771,081
22,135,844 20,445,879

Approved by the Trustees and signed on their behalf by:

Marta Isabel Teixeira de Sousa e Silva

Assinado por: Marta Isabel Teixeira de Sousa e Silva Num. de Identificação: 09672980 Data: 2026.06.11 18:21:39+01'00'

Trustee

Approved by the Trustees on : 11 June 2026

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

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Statement of cash flows Year to 31 August 2025

Notes 2025
£		 2024
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of short term deposits
Purchase of tangible fixed assets
Proceeds from the disposal of tangible fixed assets
Purchase of listed investments
Proceeds from the disposal of listed investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2024
B
Cash and cash equivalents at 31 August 2025
B		 365,894 (26,267)
368,652
(450,000)
(68,445)
1,416,428
(1,122,650)
771,282		 374,142
—
(93,754)
—
(136,059)
177,272
915,267 321,601
1,281,161
2,532,971		 295,334
2,237,637
3,814,132 2,532,971

Notes to the statement of cash flows for the year to 31 August 2025.

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

----- Start of picture text -----
2025 2024
£ £
Net movement in funds (as per the statement of financial activities) 1,689,965 1,092,269
Adjustments for:
Depreciation charge 274,959 279,183
Fixed asset impairment charge 172,558
Gains on investments (395,086) (988,369)
Investment income and interest receivable (407,556) (383,647)
Surplus on disposal of tangible fixed assets (959,070) —
Decrease (increase) in debtors 10,877 (22,625)
Decrease in creditors (20,753) (3,078)
Net cash provided by (used in) operating activities 365,894 (26,267)
B Analysis of cash and cash equivalents
2025 2024
£ £
Cash at bank and in hand 3,532,928 2,294,250
Cash held by investment managers 281,204 238,721
Total cash and cash equivalents 3,814,132 2,532,971
----- End of picture text -----

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.

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Principal accounting policies 31 August 2025

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 2025 with comparative information provided in respect to the year ended 31 August 2024.

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:

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.

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

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Principal accounting policies 31 August 2025

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 2026, 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.

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

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

36

Principal accounting policies 31 August 2025

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

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Principal accounting policies 31 August 2025

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.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

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.

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.

Handmaids of the Sacred Heart of Jesus

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

38

Principal accounting policies 31 August 2025

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.

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.

Handmaids of the Sacred Heart of Jesus

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

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Principal accounting policies 31 August 2025

Cash at bank and in hand and short term deposits

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.

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

40

Notes to the accounts 31 August 2025

1 Income from: Donations

Income from: Donations
Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Salaries and pensions of individual
religious received under Gift Aid
General donations		 13,114
11,664
24,778		 —
3,600
3,600		 13,114
15,264
28,378		 13,714
7,455
21,169
—

49,650

49,650		 13,714

57,105

70,819

2 Income from: Investments and interest receivable

Unrestricted funds Unrestricted funds
Total
2025
£		 Total
2024
£
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
Total		 23,305
41,255
65,409
132,619
77,049
1,256		 23,173
28,698
53,694
139,888
80,033
4,112
340,893 329,598
12,182
54,481		 8,046
46,003
66,663 54,049
407,556 383,647

3 Income from: Education fees and related charges

Income from: Education fees and related charges
Unrestricted funds
Total
2025
£		 Total
2024
£
Tuition fees
Less: Discounts and bursaries
Other fees and charges		 3,317,675
(86,948)		 2,801,565
(60,375)
3,230,727
181,162		 2,741,190
148,544
3,411,889 2,889,734

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

41

Notes to the accounts 31 August 2025

4 Income from: Other trading activities

Income from: Other trading activities
Hire of facilities
Miscellaneous		 Unrestricted funds
Total
2025
£		 Total
2024
£
10,336
753
11,089		 8,282
45,748
54,030

5 Expenditure on: Donations and support of missions

Expenditure on: Donations and support of missions
Unrestrictedfunds
Total
2025
£		 Total
2024
£
British Red Cross
Mission News
Avaaz Foundation
Crowd Justice
Share Action
Save the Children
Other donations under £1,000 each to institutions
Donations to individuals		 —
—
—
500
—
1,596
3,159		 2,000
2,115
500
—
2,000
—
4,817
5,255
4,000
9,255		 11,432
—
11,432

6 Expenditure on: Provision of education

Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2025
£		 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
2024
£
Teaching costs
Welfare
Premises
Support costs (see below)		 1,698,193
323,595
589,589

403,170
3,014,547		 —
—
—
—
—		 1,698,193
323,595
589,589
403,170
3,014,547		 1,525,509
314,466
650,662
418,759
2,909,396		 —
—
—
—
—		 1,525,509
314,466
650,662
418,759
2,909,396

Support costs comprise:

Unrestricted funds Unrestricted funds
Total
2025
£		 Total
2024
£
Staff costs
Printing, postage, stationery, telephone
Courses
Insurance
Subscription and inspection costs
Professional fees including property related
Miscellaneous expenses
Governance costs		 199,235
47,838
10,684
33,898
16,818
74,448
1,125
19,124
403,170		 182,565
38,962
10,392
24,134
13,949
119,773
10,192
18,792
418,759

Handmaids of the Sacred Heart of Jesus

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

42

Notes to the accounts 31 August 2025

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
2025
£		 Total
2024
£
Premises
Sisters' personal expenses
Education, training and spiritual renewal
Depreciation of property
Other support costs
Governance costs		 73,939
60,006
14,095
57,732
12,251
44,699
262,722		 113,014
63,105
36,015
57,735
15,030
29,953
314,852

----- Start of picture text -----
Total Total
funds funds
2025 2024
£ £
----- End of picture text -----

Staff costs (note 9)
Auditor’s remuneration
. Statutory audit services
.. Current year
.. Prior year
. Non statutory audit services
.. Current year
.. Prior year
.. VAT advice services
Surplus on disposal of tangible fixed assets
Depreciation
Fixed asset impairment
Operating lease costs		 1,928,870
22,380
3,600
17,000
(626)
2,720
959,070
274,959
172,558
9,203		 1,749,924
21,120
—
18,792
—
—
—
279,183
—
10,311

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

43

Notes to the accounts 31 August 2025

----- Start of picture text -----
Total Total
funds funds
2025 2024
£ £
Staff costs during the year were as follows:
Wages and salaries 1,434,506 1,325,949
Social security costs 158,267 142,171
Other pension costs 250,478 242,919
1,843,251 1,711,039
Contractors’ fees 85,619 38,885
1,928,870 1,749,924
Staff costs per function were as follows:
Provision of education 1,903,174 1,726,357
Support of members of the Congregation and their ministry 25,696 23,567
1,928,870 1,749,924
----- End of picture text -----

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

2025
No.		 2024
No.
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000		 4
1
1		 2
—
2

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

2025
No.		 2024
No.
Provision of education
Support of members of the Congregation and their ministry		 33
2
35		 30
2
32

As members of the Congregation, the Trustees’ living and personal expenses during the year were borne by the Charity, but they received no remuneration or reimbursement of expenses in connection with their duties as Trustees during the year (2024 - £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.

The total remuneration including employer pension and National Insurance contributions and other benefits of the key management personnel was £260,069 (2024 - £243,012).

Handmaids of the Sacred Heart of Jesus

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

44

Notes to the accounts 31 August 2025

10 Taxation

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

11 Tangible fixed assets

----- Start of picture text -----
Freehold land and buildings
Plant and Furniture
building Computer and
Residential Educational improvement equipment equipment Total
£ £ £ £ £ £
Cost or valuation
At 1 September 2024 3,626,579 5,762,450 1,464,577 168,272 304,514 11,326,392
Additions — — 88,991 25,789 7,827 122,607
— — —
Disposals (457,358) (46,370) (503,728)
At 31 August 2025 3,169,221 5,762,450 1,553,568 147,691 312,341 10,945,271
At cost 741,451 4,513,200 1,553,568 147,691 312,341 7,268,251
At deemed cost – 1994
and 1999 valuations 2,427,770 1,249,250 — — — 3,677,020
3,169,221 5,762,450 1,553,568 147,691 312,341 10,945,271
Depreciation
At 1 September 2024 1,249,604 1,239,867 644,412 141,592 238,207 3,513,682
Charge for the year 50,433 115,248 73,232 22,299 13,747 274,959
— — — —
On disposals (46,370) (46,370)
Impairment charge 172,558 172,558
At 31 August 2025 1,472,595 1,355,115 717,644 117,521 251,954 3,914,829
Net book values
At 31 August 2025 1,696,626 4,407,335 835,924 30,170 60,387 7,030,442
At 31 August 2024 2,376,975 4,522,583 820,165 26,680 66,307 7,812,710
----- End of picture text -----

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.

The impairment charge of £172,558 is made against the one of the charity’s properties which was sold for less than the net book value subsequently to the year end (see note 26).

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

45

Notes to the accounts 31 August 2025

12 Investments

----- Start of picture text -----
2025 2024
£ £
Listed investments
Market value at 1 September 2024 10,821,971 9,874,815
Additions at cost 1,122,650 136,059
Disposals at book value (see below) (758,790) (174,860)
Net unrealised investment gains 382,594 985,957
Market value at 31 August 2025 11,568,425 10,821,971
Cash held by investment managers 281,204 238,721
11,849,629 11,060,692
Cost of listed investments at 31 August 2025 8,012,995 7,607,419
----- End of picture text -----

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

2025
£		 2024
£
Proceeds
Gains
Disposals at book value		 771,282
(12,492)
758,790		 177,272
(2,412)
174,860

Listed investments held at 31 August 2025 comprised the following:

----- Start of picture text -----
2025 2024
£ £
UK fixed interest 1,188,020 744,817
Charity specific unitised funds 2,669,053 2,592,584
UK equities 3,903,111 3,766,838
Foreign investment trusts 3,333,530 3,104,024
Alternatives 474,711 613,708
11,568,425 10,821,971
----- End of picture text -----

At 31 August 2025 listed investments included the following holdings, which represented material holdings relative to the market value of the total listed investments portfolio held at that date:

Market
value of
holding
£		 Percentage
of portfolio
%
BlackRock Catholic Charities Growth and Income Fund
COIF Charities Ethical Funds		 2,178,770
790,283		 19
7

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

46

Notes to the accounts 31 August 2025

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:

2025
£		 2024
£
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 terms of the loan at 31 August 2025 were that 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 2025 (2024 – no payments were made).

Since the year end, the trustees agreed to advance a further €100,000 to the Quinta de Casa Velha. The terms of the loan were revised to state that the entire loan amounting to €165,000 is repayable within 10 years of the date of advance (9 December 2025) and repayments are to be made every six months, with the first repayment being made on 30 June 2026.

14 Debtors

Debtors
2025
£		 2024
£
School fees receivable
Investment income receivable
Prepayments and accrued income
Other debtors		 38,805
171,309
28,905
2,370
241,389		 22,124
132,405
42,707
16,126
213,362

15 Creditors: amounts falling due within one year

----- Start of picture text -----
2025 2024
£ £
Expense creditors 17,950 4,719
Accruals 64,550 71,766
Assets under construction – amounts payable 54,162 —
School fees in advance and fee deposits from pupils 326,812 478,022
Taxation and social security 45,961 36,098
VAT payable 131,761 —
Other creditors — 190
641,196 590,795
----- End of picture text -----

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

47

Notes to the accounts 31 August 2025

16 Restricted funds

Restricted funds
At 1
September
2024
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
August
2025
£
Sundry funds — 3,600 — — 3,600
At 1
September
2023
£		 Income
£
38,970
6,580
4,100		 Transfers
£
(38,970)
(6,580)
(4,100)		 At 31
August
2024
£
—
—
—
—
Playground funds
iPads
Piano
Total		 —
—
—
— 49,650 (49,650)

Other restricted funds represent donations received for specific purposes.

Playground funds represent donations used in respect to the provision of the new playground.

In the year to 31 August 2024, £10,680 of the 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. The remaining £38,970 transferred to unrestricted funds relates to works which were expensed.

17 Tangible fixed assets fund

Tangible fixed assets fund
2025
£
7,812,710
(782,268)
7,030,442		 2024
£
8,081,215
(268,505)
7,812,710
At 1 September 2024
Net movement in year
At 31 August 2025

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 2024
Net movement in year
At 31 August 2025

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

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

48

Notes to the accounts 31 August 2025

The balance at 31 August 2025 comprised interest free loans advanced to organisations with objects consistent with those of the Charity.

The value of these programme related investments should not be regarded as realisable with ease in order to meet future contingencies and/or obligations.

19 Designated funds

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

----- Start of picture text -----
At 1 At
September New Utilised/ 31 August
2024 designations released 2025
£ £ £ £
Mission fund 1,259,396 92,123 — 1,351,519
Saint Christina’s Preparatory School fund 1,543,103 3,465,662 (3,160,634) 1,848,131
Formation fund 1,750,437 — (13,896) 1,736,541
Sisters’ care fund 4,250,000 — — 4,250,000
8,802,936 3,557,785 (3,174,530) 9,186,191
At 1 At
September New Utilised/ 31 August
2023 designations released 2024
£ £ £ £
Mission fund 1,109,738 149,658 — 1,259,396
Saint Christina’s Preparatory School fund 1,499,866 3,078,862 (3,035,625) 1,543,103
Formation fund 1,785,592 — (35,155) 1,750,437
Sisters’ care fund 4,100,000 150,000 — 4,250,000
8,495,196 3,378,520 (3,070,780) 8,802,936
----- End of picture text -----

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.

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Notes to the accounts 31 August 2025

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 the number of individuals in formation and where they are based. Expenditure against this fund in the year to 31 August 2025 was lower than anticipated, reflecting both the absence of Sisters undertaking university-level studies during the period and the fact that some formation costs were met from other funds for cash flow purposes. The Trustees nonetheless consider it appropriate to maintain this designated fund, as formation expenditure is expected to increase over the next two to three years. In particular, the Congregation has responsibility for supporting members currently in novitiate in Latin America, where travel and insurance costs related to formation are anticipated, and further university costs in future years are considered likely.

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.

20 Analysis of net assets between funds

General
fund
£		 Tangible
fixed assets
fund
£		 Programme
related
investment
fund
£
—
—
59,152
—
—
—
59,152		 Designated
funds
£		 Restricted
funds
£		 Total
2025
£
Fund balances at 31
August 2025 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		 —
3,721,286
—
2,178,025
(42,852)
—
5,856,459		 7,030,442
—
—
—
—
—
7,030,442		 —
8,128,343
—
2,042,692
(598,344)
(386,500)
9,186,191		 —
—
—
3,600
—
—
3,600		 7,030,442
11,849,629
59,152
4,224,317
(641,196)
(386,500)
22,135,844
General
fund
£		 Tangible
fixed assets
fund
£		 Programme
related
investment
fund
£		 Designated
funds
£
—
8,083,220
—
1,663,369
(540,161)
(403,492)
8,802,936		 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)
—
3,771,081		 7,812,710
—
—
—
—
—
7,812,710		 —
—
59,152
—
—
—
59,152		 7,812,710
11,060,692
59,152
2,507,612
(590,795)
(403,492)
20,445,879

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50

Notes to the accounts 31 August 2025

----- Start of picture text -----
2025 2024
£ £
Total unrealised gains included above:
On investments 3,555,430 3,214,552
Reconciliation of movement in unrealised gains
Unrealised gains at 1 September 2024 3,214,552 2,236,472
In respect to disposals in year (41,716) (7,877)
Net gains arising on revaluation in the year 382,594 985,957
Unrealised gains at 31 August 2025 3,555,430 3,214,552
----- End of picture text -----

21 Financial commitments

Operating leases

At 31 August 2025, the charity (the School) had total future commitments under noncancellable operating leases as follows:

cancellable operating leases as follows:
Other equipment
Total
2025
£		 Total
2024
£
Amounts due within one year
Amounts due between two and five years inclusive		 12,632
20,704
33,336		 8,882
22,443
31,325

22 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:

Handmaids of the Sacred Heart of Jesus

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

51

Notes to the accounts 31 August 2025

The result of this valuation will be implemented from 1 April 2024.The next valuation result is due to be implemented from 1 April 2027.

A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website.

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 2024 to 31 August 2025, the employer contributions amounted to £nil (2024 – £15,480).

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.

Independent Schools’ Pension Scheme

This is a defined contribution scheme and contributions paid by the School amounted to £4,495 (2024 – £5,448).

Royal London Pension Scheme

This is a defined contribution scheme and contributions paid by the School amounted to £245,265 (2024 – £221,323).

23 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.

24 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

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Notes to the accounts 31 August 2025

Covenant. During the year, the total amount donated by the Trustees to the Charity was £7,234 (2024 - £7,018).

In the year to 31 August 2025, the Charity paid £12,927 (2024 - £1,163) to the Handmaids of the Sacred Heart - Dublin in respect to pension income received into the UK charity belonging to Handmaids of the Sacred Heart - Dublin. As at 31 August 2025, an amount of £657 (2024 - £nil) was owed to Handmaids of the Sacred Heart - Dublin. Two of the Trustees of the Charity are also Trustees of the Handmaids of the Sacred Heart - Dublin.

During the year to 31 Auust 2024, 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. There was no equivalent amount in the year to 31 August 2025.

There were no further related party transactions requiring disclosure in the year to 31 August 2025 (2024 - none).

25 Capital commitment

There were no capital commitments at 31 August 2025 (2024 – none).

26 Post balance sheet events

Since the year end, the charity sold 6 Parkwood Road, Boscombe, Bournemouth for net proceeds of £475,000. The net book value of the property held in the accounts at 31 August 2025 was £647,558 and therefore the loss on disposal was £172,558.

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