VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 1/34
Charity number: 232014
LES FILLES DE LA CROIX
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 2/34
LES FILLES DE LA CROIX
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Trustees' responsibilities statement | 9 |
| Independent auditors' report on the financial statements | 10 - 13 |
| Statement of financial activities | 14 |
| Balance sheet | 15 |
| Statement of cash flows | 16 |
| Notes to the financial statements | 17 - 31 |
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 3/34
LES FILLES DE LA CROIX
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | Ellen Elizabeth Foskin (Sister Perpetua), Congregational Leader |
|---|---|
| Mary Monica Fallon (Sister Rose) | |
| Bridget Gabriel O'Brien (Sister Benignus) | |
| Bridget Cunningham (Sister Damian) | |
| Enid Gillian Knowles (Sister Julian) | |
| Bernadette Cunningham (Sister Cosmas) | |
| Charity registered number 232014 Principal office Dormy Court 40 Petitor Road Torquay Devon TQ1 4QF Independent auditors Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP Bankers Barclays Bank Plc LEICESTER LE87 2BB Solicitors Trowers & Hamlins The Senate Southernhay Gardens Exeter Devon EX1 1UG Investment Advisor Brewin Dolphin Vantage Point Pynes Hill Exeter EX2 5FD |
Page 1
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 4/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the audited financial statements of the Les Filles de la Croix for the 1 April 2024 to 31 March 2025.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
a. Policies and objectives
Under the Trust deed as amended by the 1999 Scheme and the 2015 Resolution the charities objectives are to hold the property of the Congregation ‘for such charitable purposes as shall advance the religious and other charitable work of the members of the Congregation resident in England or Wales as the Trustees with the approval of the Congregational Leader shall from time to time think fit.’ There are default provisions in the event that the Congregation ceases to exist or to carry on religious or other charitable work.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
b. Strategies for achieving objectives
The Trustees have reviewed their objectives and activities to ensure they continue to reflect the charity’s aims set out above. In carrying out this review they have considered the Charity Commission’s revised general guidance on Public Benefit. The Trustees are satisfied that they do indeed bring great benefit to the public including those in poorer circumstances, by their pastoral work in Parishes and by its work for the Diocese of Plymouth.
The charity fulfils its objectives by care and pastoral work in Roman Catholic Parishes in Torquay and Falmouth. Its charitable works include Sisters spending time in Parish work for the Plymouth Diocese including visiting the sick and Eucharistic Ministry. Sisters’ works include:
-
Episcopal Vicar for Religious in the Plymouth Diocese
-
working full time as the Diocesan Archivist and involvement in evening and weekend parish activities, such as church organist, choir management and Liturgical planning
-
Chairing the Parish Pastoral Council and collaborating in Evangelization, pastoral and prayer support for those most in need
-
facilitating Confirmation and RCIA programmes
-
acting as a fulltime Sacristan
-
acting as a fulltime Congregational Bursar
This is in addition to providing significant fulltime care to some of the elderly Sisters and undertaking key roles in the general running of the Convents; all of which are in an unpaid capacity.
The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commissioner's general guidance on public benefit in exercising their powers or duties. They have referred to this guidance when reviewing the Charity's aims and objectives and in planning its future activities.
Page 2
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 5/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Objectives and activities (CONTINUED)
c. Activities undertaken to achieve objectives
The charity’s main objective for the year was to continue its work and strategies as set out above in the face of a diminishing number of members.
The Trustees have had due regard to an actuarial assessment of the funds needed to sustain their pastoral work for the foreseeable future. The charity is committed to supporting its members who have spent most of their working lives in the furtherance of its aims, either voluntarily or by covenanting earned income from outside employment. In many instances they continue to give witness and support to the needy, lonely and those needing guidance and assurance, and thus they continue to provide great benefit to the public and especially those in need.
At the end of the financial year the Congregation consisted of 11 (2024: 12) Religious Sisters, two of whom were in nursing homes requiring full-time nursing care. There were no novices or postulants under training for the religious life. The Congregation does not rely on unpaid volunteers. At the date of approval of the report the Congregation consisted of 9 Religious Sisters.
Achievements and performance
a. Key performance indicators
The Trustees have not set any specific measurable targets since the nature of the Charity’s work does not lend itself to such detailed analysis. However, that work continues very satisfactorily and there have been significant savings in premises and professional costs following the disposal of the former Stoodley Knowle School site during the year ended 31 March 2018. Investments are regularly reviewed with their advisers and the Trustees are satisfied that their investment objectives have been met satisfactorily.
In common with other religious orders, the Congregation has continued carefully to review both its resources and its future role in this country.
Meeting the objectives of the Charity, as set out above, continues to be a key indicator.
Other than stated above there has been no material change in the objectives or policies of the Congregation and no other important events affecting it have occurred between the date of the Balance Sheet and the date of this Report.
b. Review of activities
The charity has continued providing a Christian witness, education and pastoral support (including through hospitality) within the Diocese of Plymouth (South West of England). Its members are engaged in various religious educational programmes within the parishes of the Diocese, working with groups from young people to adults.
The Sisters who are physically able to do so remain involved in parish and other pastoral work for the advancement of the Roman Catholic religion and, when necessary, care for the less able members of the Congregation.
c. Fundraising activities and income generation
The Congregation relies principally on investment income for the support of its Religious Sisters and their works. The Congregation does not actively engage in fund raising activities.
Page 3
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 6/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance (CONTINUED)
d. Investment policy and performance
The Trustees have the statutory trustee investment powers under the Trustee Act 2000 and any additional powers given to them by the donors of any donated trust funds. The Trustees have a broad based portfolio.
The Trustees’ policy is to invest in products that are ethically sound and appropriate to the Congregation’s needs, particularly with a view to securing capital growth to meet rising income needs in future years. In planning investment for the future they have also adopted a Reserves Policy on the lines set out below.
During the year the portfolio was actively managed, and the overall capital value increased. There was also an increase in investment income from the portfolio to £404,693 (2024: £366,367). Gains and losses on investments (realised and unrealised) amounted to net loss of £246,687 (2024 - gain of £636,352) which was a reflection of market conditions and performance during the year.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Principal risks and uncertainties
The Trustees have identified any major risks facing the Congregation and have taken such steps as they consider necessary to mitigate those risks.
The principal risks and uncertainties affecting the Congregation are considered in the risk management section of the Trustees' Report.
Page 4
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 7/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
c. Financial review and reserves policy
Apart from investment performance, the overall result for the year was net income before investment gains/losses of £635,882 (2024: net expenditure of £188,156). However, the 2025 figure includes a gain on disposals of tangible fixed assets of £723,617, without which the total for the year is net expenditure of £87,735.
For the purposes of these accounts, no financial value has been placed on the administration and other services provided by members of the Congregation.
Income overall increased significantly due to the profits from the sale of Bethany house, to £1,208,653 (2024 - £466,456).
Pension income has decreased compared with the prior year £57,746 (2024: £73,074) and there was an increase in total investment income from £366,830 to £405,574.
Expenditure decreased in total from £654,612 to £572,771 particularly from a decrease in community costs of £25,063 and nursing costs of £24,392. The latter does fluctuate year on year.
Losses on investments (realised and unrealised) amounted to £246,687 (2024: gain of £636,352).
Overall, the Statement of Financial Activities shows a surplus for the year of £389,195 after investment gains/losses (2024: Surplus of £448,196).
The cost of maintaining the Sisters continues to be significantly greater than their pension and other income, the balance being provided for out of investment income and other funds.
The Trustees have previously obtained specialist accountants’ and actuarial advice on the level of provision required for those no longer engaged in pastoral or educational work. These calculations are reassessed from time to time to take account of changes in the Congregation and actuarial principles. The Trustees consider it appropriate to decrease the designated retirement fund to £4.65M having regard to the current number of Sisters and expected future costs. Having reviewed their available funds and income against immediate and foreseeable needs, the Trustees will make further adjustments where appropriate, with the aim of providing sufficient resources to meet the cost of care and welfare of the elderly Sisters, all of whom have given their lives to the Order’s charitable work.
This level of funding is essential if the important and often unpaid work carried on by the remaining active Sisters is to continue in the long term.
The balance sheet shows total funds of £13.3M (2024: £12.9M). Of this, approximately £2.0M has been described as a tangible fixed assets fund. Those assets, comprising land and buildings and fixtures, fittings and equipment, are essential to the day to day work of the charity and the care of members of the Congregation. Property is not regarded as realisable in order to meet the ongoing costs of the charity and is therefore also excluded from freely available reserves under the definition in the Charity SORP, i.e. excluding those that are either permanent or expendable endowment or restricted or ‘unrestricted funds not readily available for spending’.
A sum of £50,000 is held towards the cost of essential repairs to the properties owned by the Congregation.
Reserves currently available to support the work of the Congregation in future are shown on the balance sheet as general funds as at 31 March 2025: £6,617,859 (2024: £5,495,273). The Trustees consider that, given the nature of the Congregation’s work, reserves should be at least 12 months’ ongoing expenditure net of pension income which equates to at least £520,000. The Trustees also have the ability to utilise an element of the designated retirement fund should this be necessary. The reserves of the Congregation will also continue to be boosted by the investment income that continues to be generated. Accordingly, the Trustees regard the current level of reserves as more than adequate when viewed in the light of the above concerns and the commitment to look after the Sisters in future years. The Trustees are reviewing their plans and required future reserves levels. In particular, the Trustees plan to consider increasing the level of grants and donations made to other charitable institutions that have appropriate objectives and activities.
Page 5
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 8/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
The Trustees are also mindful of obligations to those who may have left the Congregation but for whom continuing support is required, according to the Congregation’s obligations and resources. No specific sum is allocated for the purpose, since it is not possible to quantify amounts due and is given as an Act of Charity. No commitments or guarantees have been given in this or any other respect.
Structure, governance and management
a. Constitution
The Les Filles de la Croix (Daughters of the Cross) charity is an unincorporated charitable association established by a Trust Deed made on 4 October 1962 in respect of properties held by or for the congregation of Roman Catholic religious women known as Les Filles de la Croix.
A Charity Commission Scheme made in 1999 permits investment of the charity’s human and financial resources outside England and Wales as the Trustees decide in furtherance of its objects, so that they can better meet the spiritual and other needs of especially disadvantaged people and continue the advancement of the Roman Catholic religion. It also permits amendment of purely administrative provisions of the Trust Deed without reference to the Commissioners.
On 10 February 2015 the Trustees passed a Resolution updating definitions in the amended Trust Deed, so that:
-
The Society (as defined) is now referred to as the Congregation;
-
The Superior is now called the Congregational Leader;
-
the Congregation is now defined to mean the congregation or institute of Roman Catholic religious women
-
known as Les Filles de la Croix whose mother house is now at Dormy Court 40 Petitor Road Torquay
-
the Congregational Leader is the person who either holds that office or is for the time being entitled to
-
exercise her functions; and
-
the list of properties held subject to the Trust Deed was updated and simplified.
b. Methods of appointment or election of Trustees
Under the Trust Deed (as amended) the Congregational Leader (who is also the Chair of Trustees) has the power to appoint new trustees. Given its nature, it is not appropriate to recruit trustees from outside the Congregation and no policy has been adopted in that regard.
c. Organisational structure and decision-making policies
The Congregational Leader and the Trustees administers the funds in accordance with the Congregation’s own Rules and Constitutions. Formal decisions affecting its charitable activities are taken at regular meetings of the Trustees.
d. Policies adopted for the induction and training of Trustees
Some training has been given to the Trustees and they are satisfied that they have sufficient access to professional and practical advice to understand their responsibilities as charity trustees.
Page 6
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 9/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Structure, governance and management (CONTINUED)
e. Related party relationships
There are no related parties or connected charities associated with the Congregation, but some of its members carry out services for other charities including Plymouth Roman Catholic Diocese.
Part of the Congregation's purpose is to provide for the essential needs of all of its members who, by taking vows of poverty, have renounced all personal rights to income and capital. This leaves them free to carry out their prime purpose, to advance the Roman Catholic religion. The living costs of the Trustees are therefore borne by the Congregation in the same way as those of other Sisters and they receive no benefit by virtue of their position as Trustees.
f. Risk management
Little cash is held, and donations and other receipts are invariably by BACS, as is most expenditure. Internal controls over cash, donations and expenditure are therefore considered adequate.
The Trustees have identified any major risks facing the Congregation and have taken such steps as they consider necessary to mitigate those risks, including the maintenance of a risk register and certain steps referred to elsewhere in this Review. They concluded that the greatest risks to the Congregation were the lack of novices or postulants under training for the religious life and the consequent lack of Sisters able to provide nursing or other care for those Sisters who have retired. The Trustees also continue to give careful consideration to the need to demonstrate the public benefit derived from their pastoral work, in order to maintain the charitable status of the charity.
Despite the above concerns, the Trustees are satisfied that in the short to medium term all the charity’s obligations can be met as they occur. Adoption of a Reserves Policy as set out above is intended to ensure that the charity will continue to be able to fulfil such obligations.
g. Future developments
In common with other religious orders, the Congregation has continued carefully to review both its resources and its future role. It intends to remain actively involved in pastoral work for the advancement of its religious and other charitable objects. It is intended that all current works undertaken by the Congregation will continue.
The Congregation continues to review its spending plans and needs and makes every effort to manage its existing assets as efficiently as possible in order to generate the income necessary to achieve the charity’s aims, including provision for Sisters in retirement. The Trustees are satisfied that the overall position is sound.
The Trustees are satisfied that the Congregation can face the financial future with confidence. Its assets are available and adequate to fulfil its obligations in relation to its financial commitments. Their adoption of a Reserves Policy as mentioned above is intended to ensure that the Congregation will continue to be able to do so and the Trustees will be reviewing their future plans having regard to the current reserves levels.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
-
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Page 7
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 10/34
LES FILLES DE LA CROIX
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Auditors
The auditors, Bishop Fleming Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Ellen Foskin
Ellen Elizabeth Foskin (Sister Perpetua)
Trustee and Congregational Leader
Date: 26 January 2026
Page 8
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 11/34
LES FILLES DE LA CROIX
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate 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 financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Ellen Foskin
Ellen Elizabeth Foskin (Sister Perpetua)
Trustee and Congregational Leader
Date: 26 January 2026
Page 9
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 12/34
LES FILLES DE LA CROIX
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LES FILLES DE LA CROIX
Opinion
We have audited the financial statements of Les Filles de la Croix (the 'charity') for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the notes to the financial statements, including significant accounting policies. 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 financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements 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.
Other information
The other information comprises the information included in the Trustees' report and financial statements other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements 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 financial statements 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 financial statements 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.
Page 10
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 13/34
LES FILLES DE LA CROIX
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LES FILLES DE LA CROIX (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' responsibilities set out on page 9, the Trustees are responsible for the preparation of the financial statements and for being satisifed that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, 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.
Page 11
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 14/34
LES FILLES DE LA CROIX
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LES FILLES DE LA CROIX (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 financial statements.
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:
In assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included considering the following:
-
the nature of the sector, control environment and the Charity’s performance;
-
results of our enquiries of management and the Trustees, about their own identification and assessment of the risks of irregularities;
-
any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and identified the greatest potential for fraud as incorrect recognition of revenue and management override..
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We identified and obtained an understanding of the laws and regulations that are of significance to the Charity by discussions with Trustees and by updating our understanding of the sector in which the Charity operated in. Laws and regulations that are of direct significance to the Charity and of which non compliance could result in material misstatement are the Charities Act, Charities SORP and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or to avoid a material penalty.
Our procedures to respond to risks identified included the following:
-
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
-
enquiring of Trustees and management concerning actual and potential litigation and claims and breaches of laws and regulations;
-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
assessing whether the judgements made in making accounting estimates are indicative of potential bias; and
-
reading minutes of Trustee meetings;
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Page 12
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 15/34
LES FILLES DE LA CROIX
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LES FILLES DE LA CROIX (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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 Auditors' 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.
Alison Oliver
Bishop Fleming Audit Limited
Statutory Auditor
Chy Nyverow Newham Road Truro Cornwall TR1 2DP
Date: 29 January 2026
Bishop Fleming Audit Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 13
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 16/34
LES FILLES DE LA CROIX
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 4 Investments 5 Other income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds before other recognised gains/(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 71,631 405,574 731,448 1,208,653 52,795 519,976 572,771 635,882 (246,687) 389,195 389,195 12,887,482 389,195 13,276,677 |
Total funds 2025 £ 71,631 405,574 731,448 1,208,653 52,795 519,976 572,771 635,882 (246,687) 389,195 389,195 12,887,482 389,195 13,276,677 |
Total funds 2024 £ 88,587 366,830 11,039 466,456 47,716 606,896 654,612 (188,156) 636,352 448,196 448,196 12,439,286 448,196 12,887,482 |
|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the Year.
The notes on pages 17 to 31 form part of these financial statements.
Page 14
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 17/34
LES FILLES DE LA CROIX
BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 17 Net assets excluding pension asset Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
53,126 78,519 131,645 (15,326) |
2025 £ 1,958,818 11,201,540 13,160,358 116,319 13,276,677 - 13,276,677 13,276,677 - 13,276,677 13,276,677 |
19,839 33,662 53,501 (20,470) |
2024 £ 2,292,208 10,563,993 12,856,201 33,031 12,889,232 (1,750) 12,887,482 12,887,482 - 12,887,482 12,887,482 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Ellen Foskin
Ellen Elizabeth Foskin (Sister Perpetua)
Trustee and Congregational Leader
Date: 26 January 2026
The notes on pages 17 to 31 form part of these financial statements.
Page 15
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 18/34
LES FILLES DE LA CROIX
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Income from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Interest receivable Net cash provided by/(used in) investing activities Cash flows from financing activities Repayments of finance leases Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the Year Cash and cash equivalents at the end of the year |
2025 £ (489,965) 404,693 1,043,417 (23,385) 2,722,466 (3,606,700) 881 541,372 (6,550) (6,550) 44,857 33,662 78,519 |
2024 £ (7,033) 366,367 - - 3,033,957 (3,417,088) 463 (16,301) (4,800) (4,800) (28,134) 61,796 33,662 |
|---|---|---|
The notes on pages 17 to 31 form part of these financial statements
Page 16
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 19/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. GENERAL INFORMATION
Les Filles de la Croix is an unincorporated charitable association established by a Trust Deed in England. The principle office is Dormy Court, 40 Petitor Road, Torquay, Devon, TQ1 4QF.
Under the Trust Deed, as amended by the 1999 Scheme and the 2015 Resolution, the Charity's objects are to hold the property of the Congregation "for such charitable purposes as shall advance the religious and other charitable work of the members of the Congregation resident in England or Wales as the Trustees with the approval of the Congregation resident in England or Wales as the Trustees with the approval of the Congregational Leader shall from time to time think fit".
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Les Filles de la Croix meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 GOING CONCERN
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Page 17
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 20/34
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LES FILLES DE LA CROIX
2. ACCOUNTING POLICIES (continued)
2.3 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 18
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 21/34
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LES FILLES DE LA CROIX
2. ACCOUNTING POLICIES (continued)
2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property 1% straight line Motor vehicles - 25% straight line - Fixtures, fittings & equipment 10% straight line
2.7 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 LIABILITIES AND PROVISIONS
Liabilities 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.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 19
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 22/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. ACCOUNTING POLICIES (continued)
2.11 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.12 FINANCE LEASES AND HIRE PURCHASE
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2.13 PENSIONS
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the Year.
2.14 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the depreciation and valuation of tangible fixed assets and the recoverability of debtors. In each case the Trustees have considered the values at which the assets are held and consider that no impairments or provisions are necessary.
Page 20
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 23/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. INCOME FROM DONATIONS
| DONATIONS Sisters pensions Other donations TOTAL 2024 5. INVESTMENT INCOME Listed investments Bank and building society interest TOTAL 2024 6. OTHER INCOMING RESOURCES Gains on disposal of fixed assets Other income TOTAL 2024 |
Unrestricted funds 2025 £ 57,746 13,885 71,631 88,587 Unrestricted funds 2025 £ 404,693 881 405,574 366,830 Unrestricted funds 2025 £ 723,617 7,831 731,448 11,039 |
Total funds 2025 £ 57,746 13,885 71,631 88,587 Total funds 2025 £ 404,693 881 405,574 366,830 Total funds 2025 £ 723,617 7,831 731,448 11,039 |
Total funds 2024 £ 73,074 15,513 88,587 |
|---|---|---|---|
| Total funds 2024 £ 366,367 463 366,830 |
|||
| Total funds 2024 £ - 11,039 11,039 |
|||
Page 21
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 24/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. OTHER INCOMING RESOURCES (CONTINUED)
Within gains on disposal of £723,617 is £717,117 which relates to the sale of a freehold property that was surplus to requirements.
7. INVESTMENT MANAGEMENT COSTS
| Unrestricted funds 2025 £ Investment management fees 52,795 TOTAL 2024 47,716 |
Total funds 2025 £ 52,795 47,716 |
Total funds 2024 £ 47,716 |
|---|---|---|
8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted funds 2025 £ Charitable Activities 519,976 TOTAL 2024 606,896 |
Total 2025 £ 519,976 606,896 |
Total 2024 £ 606,896 |
|---|---|---|
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Charitable Activities TOTAL 2024 |
Activities undertaken directly 2025 £ 376,844 438,964 |
Support costs 2025 £ 143,132 167,932 |
Total funds 2025 £ 519,976 606,896 |
Total funds 2024 £ 606,896 |
|---|---|---|---|---|
Page 22
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 25/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS
| Staff costs Catering Motor and travel Nursing homes Charity grants, donations and Church stipends Community costs Sundry expenses TOTAL 2024 ANALYSIS OF SUPPORT COSTS Depreciation Sundry expenses Professional and consultancy fees Accountancy and audit Premises costs including utilities & services TOTAL 2024 |
Charitable Expenditure 2025 £ 57,222 26,266 5,681 160,476 58,090 67,395 1,714 376,844 438,964 Charitable Expenditure 2025 £ 36,976 389 27,045 15,683 63,039 143,132 167,932 |
Total funds 2025 £ 57,222 26,266 5,681 160,476 58,090 67,395 1,714 376,844 438,964 Total funds 2025 £ 36,976 389 27,045 15,683 63,039 143,132 167,932 |
Total funds 2024 £ 69,108 38,336 9,324 184,868 41,932 92,458 2,938 438,964 |
|---|---|---|---|
| Total funds 2024 £ 43,569 604 18,390 18,210 87,159 167,932 |
|||
During the year ended 31 March 2025, the charity incurred £42,278 (2024: £36,600) in respect of governance costs.
Page 23
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 26/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. AUDITORS' REMUNERATION
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor in respect of: | ||
| The auditing of accounts of associates of the Charity | 15,683 | 16,367 |
| All non-audit services not included above | - | 1,842 |
11. STAFF COSTS
| Wages and salaries Contribution to defined contribution pension schemes |
2025 £ 55,130 2,092 57,222 |
2024 £ 68,009 1,099 |
|---|---|---|
| 69,108 |
The average number of persons employed by the Charity during the Year was as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Domestic | 5 | 5 |
No employee received remuneration amounting to more than £60,000 in either year.
12. TRUSTEES' REMUNERATION AND EXPENSES
During the Year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the Year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).
Part of the Congregation's purpose is to provide for the essential needs of all its members who, by taking vows of poverty, have renounced all personal rights to income and capital. This leaves them free to carry out their prime purpose, to advance the Roman Catholic religion. The living costs of the Trustees are therefore borne by the Charity in the same way as those of the other sisters and they receive no benefit by virtue of their positions as Trustees.
Page 24
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 27/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1 April 2024 Additions Disposals At 31 March 2025 DEPRECIATION At 1 April 2024 Charge for the Year On disposals At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Freehold property £ 2,658,279 - (425,218) 2,233,061 395,811 22,331 (105,419) 312,723 1,920,338 2,262,468 |
Motor vehicles £ 87,081 16,490 (14,900) 88,671 70,559 11,039 (14,900) 66,698 21,973 16,522 |
Fixtures and fittings £ 191,664 6,895 (8,386) 190,173 178,446 3,606 (8,386) 173,666 16,507 13,218 |
Total £ 2,937,024 23,385 (448,504) 2,511,905 644,816 36,976 (128,705) 553,087 1,958,818 2,292,208 |
|---|---|---|---|---|
The net book value at 31 March 2025 represents assets used for direct charitable purposes. For details of the basis of valuation see note 2.
In the opinion of the Trustees it is not practicable to calculate the net book value of non depreciable assets included in land and buildings above without disproportionate cost to the Charity.
Page 25
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 28/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 1 April 2024 Additions Disposals Revaluations AT 31 MARCH 2025 NET BOOK VALUE AT 31 MARCH 2025 AT 31 MARCH 2024 |
Listed investments £ 10,506,967 3,583,689 (2,784,424) (184,729) 11,121,503 11,121,503 10,506,967 |
Unlisted investments £ 57,026 23,011 - - 80,037 80,037 57,026 |
Total £ 10,563,993 3,606,700 (2,784,424) (184,729) 11,201,540 |
|---|---|---|---|
| 11,201,540 10,563,993 |
In addition to the revaluation movements, the statement of financial activities also includes realised gains on disposal of £61,958.
15. DEBTORS
| DUE WITHIN ONE YEAR Prepayments and accrued income |
2025 £ 53,126 53,126 |
2024 £ 19,839 19,839 |
|---|---|---|
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| PAYE and social security Other creditors Accruals and deferred income |
2025 £ 607 - 14,719 15,326 |
2024 £ 916 4,800 14,754 20,470 |
|---|---|---|
Page 26
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 29/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Other creditors FINANCIAL INSTRUMENTS FINANCIAL ASSETS Financial assets measured at fair value through income and expenditure |
2025 £ - 2025 £ 158,556 |
2024 £ 1,750 |
|---|---|---|
| 2024 £ 90,688 |
18. FINANCIAL INSTRUMENTS
Financial assets measured at fair value through income and expenditure comprise cash at bank and cash held within the investment portfolio.
Page 27
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 30/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTR'D FUNDS DESIGNATED FUNDS Fixed asset fund Retirement fund Essential repair fund GENERAL FUNDS Free reserves TOTAL UNRESTR'D FUNDS |
Balance at 1 April 2024 £ 2,292,209 5,050,000 50,000 7,392,209 5,495,273 12,887,482 |
Income £ - - - - 1,208,653 1,208,653 |
Expenditure £ (36,976) - - (36,976) (535,795) (572,771) |
Transfers in/out £ (296,415) (400,000) - (696,415) 696,415 - |
Gains/ (Losses) £ - - - - (246,687) (246,687) |
Balance at 31 March 2025 £ 1,958,818 4,650,000 50,000 6,658,818 |
|---|---|---|---|---|---|---|
| 6,617,859 | ||||||
| 13,276,677 |
Page 28
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 31/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTR'D FUNDS DESIGNATED FUNDS Fixed asset fund Retirement fund Essential repair fund GENERAL FUNDS Free reserves TOTAL UNRESTR'D FUNDS |
Balance at 1 April 2023 £ 2,335,778 4,500,000 50,000 6,885,778 5,553,508 12,439,286 |
Income £ - - - - 466,456 466,456 |
Expenditure £ (43,569) - - (43,569) (611,043) (654,612) |
Transfers in/out £ - 550,000 - 550,000 (550,000) - |
Gains/ (Losses) £ - - - - 636,352 636,352 |
Balance at 31 March 2024 £ 2,292,209 5,050,000 50,000 7,392,209 |
|---|---|---|---|---|---|---|
| 5,495,273 | ||||||
| 12,887,482 |
Page 29
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 32/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2025 £ Tangible fixed assets 1,958,818 Fixed asset investments 11,201,540 Current assets 131,645 Creditors due within one year (15,326) TOTAL 13,276,677 |
Total funds 2025 £ 1,958,818 11,201,540 131,645 (15,326) 13,276,677 |
|---|---|
The designated fund represents firstly the net book value of the charity’s property and tangible fixed assets used for the support and ministry of the sisters. This fund has been separated from other general funds to emphasise the fact that such funds will not be readily realisable to meet future contingencies if the important work carried on by the remaining active sisters is to continue in the long term. This element amounts to £1,958,818 (2024: £2,292,209).
Secondly, as detailed in the financial review section of the Trustees’ Report the trustees have also set aside monies in two additional designated funds. £4,650,000 has been set aside as a designated retirement fund. The decreased value (and the transfer during the year) follows a reassessment of ongoing costs during the year and the transfer during the year relates to that reassessment. A further £50,000 has been set aside to go towards the cost of essential repairs to the properties.
Having reviewed their available funds and income against immediate and foreseeable needs, the Trustees will make further adjustments where appropriate, with the aim of providing sufficient resources to meet the cost of care and welfare of the Sisters, in their old age, all of whom have given their lives to the Order’s charitable work.
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year TOTAL |
Unrestricted funds 2024 £ 2,292,208 10,563,993 53,501 (20,470) (1,750) 12,887,482 |
Total funds 2024 £ 2,292,208 10,563,993 53,501 (20,470) (1,750) 12,887,482 |
|---|---|---|
Page 30
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 33/34
LES FILLES DE LA CROIX
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 21. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW ACTIVITIES Net income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charges (Losses)/gains on investments Dividends, interests and rents from investments Profit on the sale of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors NET CASH USED IN OPERATING ACTIVITIES 22. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand TOTAL CASH AND CASH EQUIVALENTS 23. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2024 £ Cash at bank and in hand 33,662 Finance leases (6,550) 27,112 |
FROM OPERATING 2025 2024 £ £ 389,195 448,196 36,976 43,569 246,687 (636,352) (405,574) (366,830) (723,618) - (33,287) 503,173 (344) 1,211 (489,965) (7,033) 2025 2024 £ £ 78,519 33,662 78,519 33,662 Cash flows At 31 March 2025 £ £ 44,857 78,519 6,550 - 51,407 78,519 |
|---|---|
24. PENSION COMMITMENTS
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £607 (2024: £916). At the balance sheet date £167 (2024: £202) was payable to the fund and is included in creditors.
Page 31
VirtualSignature Transaction Ref. 7V2S-SGLK-XFX2 29 Jan 2026 08:54:47 GMT (UTC +0) D 1/2 P 34/34