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2022-03-31-accounts

Charity registration number 241743

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sister C. Boyle Sister E. Mann Sister C. Jordan Sister M. Whisstock (Appointed 7 October 2022) Sister J. Utting (Appointed 7 October 2022) Sister H. Jackson (Appointed 7 October 2022) Charity number 241743 Auditor Pitt Godden & Taylor LLP Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG Bankers Royal Bank of Scotland Wigan (G) Branch 1 Hardman Boulevard Manchester M3 3AQ Solicitors Carter Lemon Camerons 10 Aldersgate Street London EC1A 4HJ Investment advisors J.M. Finn & Co. 4 Coleman Street London EC2R 5TA Monasteries in England Monastery of Our Lady of Hyning Carnforth Lancashire LA5 9SE Monastery of Our Lady & St. Bernard Brownshill Stroud Glos GL6 8AL

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

CONTENTS

Page
Trustees' report 1 - 19
Independent auditor's report 20 - 22
Statement of financial activities 23 - 24
Balance sheet 25
Statement of cash flows 26
Notes to the financial statements 27 - 41

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report and accounts for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "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)" (effective 1 January 2019).

Objectives and activities

The object of the Charity of the Bernardine Sisters as set out in the Trust Deed is the furtherance of the Roman Catholic faith. The charity aims to support the religious and other charitable works carried out by the members of the Order and to care for those members throughout their lives.

Caring for the members of the Order

In common with many religious Orders and congregations in Britain, the age profile of the sisters continues to increase as members grow older and vocations (new members) do not come in the numbers seen in previous decades. The age profile is shown below.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

As can be seen, 9 of the 17 members are over 60. The Order has a duty to care for the Sisters, none of whom has resources of her own. Each one has given all her working life to the service of education in the Church, the development of the Order’s work of hospitality and to the mission of the charity. As the average age increases, more funds will be needed for the care of the older members. The Trustees continue to give careful consideration to this, now that the younger Sisters are no longer earning salaries following our departure from St Bernard’s Convent, Slough, in 2006. The Order is relying on income from guests, pensions, investments and capital invested from the sale of land and buildings.

The Bernardine Sisters’ ownership of land at their former property in Slough is now reduced to the cemetery and to one small strip of land without access. The hope of transferring this small sliver of land to Linden Homes, as mentioned in previous reports, has not been realised, despite our efforts. Instead, the Trustees agreed in March 2022 to transfer it to St Benedict’s Trust, Ealing, for a nominal sum of £1 if necessary. It is clear that we do not want to be left with this land which borders the brook. St Bernard’s Preparatory School needs access across this land for drainage purposes linked with its building extension project. The process of transferring this land and preparing the TP1 in view of submission to HM Land Registry Office is in the hands of StoneKing LLP.

Monastery of Our Lady of Hyning, Carnforth, Lancashire Monastery of Our Lady and St. Bernard, Brownshill, Stroud, Glos.

Our two communities of Sisters are first and foremost monastic communities, seeking God through a life of prayer and selfless service, offering our prayer and intercession for the needs of the world. This took on an added dimension during the Covid 19 pandemic as we held in prayer all who are suffering from the virus, all who are bereaved, all who are physically frail, the anxious, young people and students battling with education disruption and all who are struggling financially.

The community at Hyning now numbers 9 Sisters and that of Brownshill numbers 8 Sisters. In August 2021, one of our young Sisters, in temporary vows moved from Hyning to Brownshill and one of our French Sisters returned to the community at Lille. In February 2022, S Josephine Mary lost her battle with cancer after living courageously with the illness for several years. S Josephine Mary was one of the Trustees and a former Prioress General of our international Order, having also served as Prioress of Hyning from 2008 to 2020. In March 2022, another French Sister returned to the community at Lille.

The community of 9 at Hyning include 1 French Sister by nationality and an Indonesian Sister. The 8 at Brownshill includes one German and one French Sister.

We are delighted to have Sisters in our communities in various stages of initial monastic formation. On 1st October 2021, we celebrated the First Profession of S Audrey when she vowed herself to the monastic life for 3 years. A week later, S Reina made her Solemn (Life) Profession at Hyning – a day of great joy for us all. In February 2022, S Mary Gabriel renewed her monastic vows for a year. It always gives us much joy, hope and encouragement as we witness our young Sisters commit themselves in their spiritual monastic journey. Throughout this time, our ‘aspirant’ (someone who has expressed a serious interest in joining our Order) continued her journey of discernment, regularly visiting our community at Brownshill.

[UPDATE: November 2022

At the beginning of September, with sadness, we said goodbye to S Mary Gabriel after her decision to return to her native Germany and to her family. She was dispensed from her vows. After two years of discernment, our Aspirant decided not to pursue her formation].

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The presence of resident Chaplains in both communities is greatly appreciated: at Hyning, Fr Anthony Keefe, of the Diocese of Lancaster, and at Brownshill, Fr Peter Craddy OCSO of Mount St Bernard Abbey, Coalville. They celebrate the Eucharist each morning in the monastery Chapels for our communities and any guests who choose to participate. In terms of protocol, both communities continued to follow the guidelines set out by the Conference of Bishops for England and Wales for public worship, as they have at every stage of the pandemic. Fr Peter will be returning to his monastery in April 2022.

We welcome Fr Edward Wildsmith, a priest from the Society of the Missionaries of Africa, as Fr Peter’s replacement. We are very grateful for Fr Peter’s 16-year presence at Brownshill. He has been with us since the foundation of the community. His ministry has been much appreciated by the community, guests and the Clifton Diocese at large. His presence has certainly marked these first years at Brownshill. We are grateful to Mount St Bernard Abbey, Coalville, for enabling his time with us. We will also miss his electrical and plumbing skills that he so generously put at our disposal throughout his years at Brownshill!

We continue to explore ways in which we can share our Bernardine Cistercian charism and spirituality with lay people, in particular following the path of Oblature. These Oblates are Christians living ordinary lives who strive to make the monastic values of prayer, peace, silence, work and service a priority.

The main work of our two communities is offering hospitality. Through this work we welcome others to share in the rhythm of our daily life, the peace and prayerfulness of our guesthouses and the beauty of our gardens and the surrounding areas. Both monasteries are situated in designated ‘areas of outstanding natural beauty’ (AONB).

We have 14 bedrooms in the guesthouse at Brownshill. The 2021/2 renovation project at Hyning will reduce the number of guest bedrooms from 19 to 17. Non-residential accommodation is also offered to groups and individuals of all denominations and none, who benefit from some quiet time and our monastic hospitality.

Our welcome is discreet and non-intrusive, respecting the freedom of each individual. Our guests are free to make use of the Chapel (books are provided for those who wish to join us for our prayer services), the lounges, kitchenettes, libraries, art facilities (Hyning only) and gardens.

Most guests make a financial contribution for their stay and some give generous donations. This allows us to offer hospitality to those able to give little or nothing. We constantly examine our costs and aim to live a simple lifestyle within our communities.

The Trustees are acutely aware that one important source of the Charity’s income dried up overnight on 16[th] March 2020 at the start of the Covid 19 pandemic and has been very much reduced since the reopening of the guesthouses. They monitor the situation closely.

The guesthouse at Brownshill has been open throughout this financial year but with a reduced number of guests. The bookings diary is beginning to look healthier but it will take time to return to the pre-pandemic numbers.

The guesthouse at Hyning was open for a limited number of guests for a few months following the lifting of Covid restrictions, but closed in November 2021 for the major renovation project. During the works, only one room in Cottage 1 has been available for guests.

In both monasteries retreats which are led by the Sisters themselves are usually offered throughout the year. During the Covid-19 pandemic, these retreats were moved online and several Sisters very quickly learnt the art of managing Zoom! Such opportunities have been greatly appreciated by our retreatants and retreat givers. Hyning continued this online option during the months of the renovation project.

Both communities receive requests for the ministry of spiritual accompaniment and whilst a fee is not charged, we appreciate the generosity of those who donate an offering. We have noted that in recent years the demand for this ministry of listening and encouragement has increased. One of the Sisters at Brownshill completed a twoyear formation course in Spiritual Direction in 2019. Again, some of this ministry has moved and stayed online.

The icon studio at Hyning has continued its work, the modest project of hand-crafted cards has continued at Brownshill. During the closure of the guesthouse at Hyning, various other crafts were developed. These, together with our service to the former students and the wider Church community, will be commented upon in the section ‘Achievements and Performance’.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

Monastery of Our Lady of Hyning, Carnforth, Lancashire Monastery of Our Lady and St. Bernard, Brownshill, Stroud, Gloucestershire.

CARE OF MEMBERS OF THE ORDER

The average age of the Sisters in England has decreased from 64.1 to 63.8 with 8 out of 17 Sisters under the age of sixty. We note the continued physical diminishment of our elderly Sisters.

At Hyning, one Sister, having suffered 3 courses of chemotherapy, started immunotherapy in November 2021. During this time, she was cared for by the community. Unfortunately, in January 2022, this treatment was found to be ineffective and her health quickly deteriorated over the following weeks. She was admitted to St John’s Hospice, Lancaster for palliative care and died there on 16[th] February. We are very grateful to the Hospice for their care and expertise, and for their welcome on our daily visits.

In March 2022, we had the shock diagnosis of oesophageal cancer for one of our younger Sisters at Hyning. She followed a course of chemotherapy during the following months before major surgery in July 2022. Again, she was cared for throughout this time by the community at Hyning.

[CHANGES IN COMMUNITY RESPONSIBILITIES - UPDATE November 2022

The General Chapter of the international Order was held by video conference between April and August 2022. This had been postponed since July 2020 due to the Covid 19 pandemic. S Elizabeth Mary Mann was elected as Prioress General on 18[th ] May 2022. S Mary Helen Jackson, previously Prioress General, was named as Prioress at Hyning from 15[th] August 2022.

In August 2022, Sr Hilda Utting took over the responsibility of ‘provinicial’ Bursar from Sr Mary Colette Jordan, having shadowed her for the previous year. We are grateful to Sr Mary Colette for all her hard work since 2011.]

MONASTIC PRAYER

The most important aspect of daily life for the two communities is the celebration of Mass and the Divine Office. In this way, our life of prayer permeates all our other activities. Guests (resident and ‘the public’) are always welcome in Chapel to share these times of prayer with the communities, thus enriching their own prayer life and spirituality.

In order to ensure that this participation in our prayer was as accessible as possible for our guests during the pandemic, we turned to technology! Brownshill has uploaded a recording of the monastic office of Lauds (morning prayer) each morning since March 2020 and continues to do so. Hyning started live streaming, via facebook and the website, both Vespers (evening prayer) and Vigils (night prayer) in November 2020 but stopped in June 2022 due to the low number of viewers. The live streaming had served its purpose.

In August 2021, a camera was installed and cabling fitted at Brownshill to enable a video-link from the Chapel to the large projection screen in the conference room. The community was able to share with their Christmas guests, among others, the regular times of prayer, while reducing the risk of air-borne COVID infection, by asking them to join the community from the conference room. Hymns and books were provided as usual. One guest wrote “Thank you for streaming the Office to the conference room and so thoughtfully laying out the pages for us too.”.

The new installation includes a connection for live-streaming. This enabled us to share the celebration of Sr. Audrey’s First Profession in October 2021 with our other Bernardine communities around the world and members of Sr. Audrey’s family, who were unable to join us in person. For future events the video-link increases the capacity for any service in Chapel, with the option of live-streaming.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

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WELLSPRING COMMUNITY

The Hyning community received a request from the Rt. Rev. Richard Moth, Bishop of Arundel and Brighton, to help in the formation of two members of the WellSpring Community, which is based in Brighton. They take the Rule of St. Benedict as their guide, describing themselves as “a community of disciples, rooted in Jesus Christ, living in the freedom of the Gospel, sharing this life abundantly with others.”

Two members were hoping to start a ‘consecrated’ branch of the Wellspring Community, in addition to the single and married branches. Bishop Richard asked if the Hyning community would be willing to offer these two young women the invaluable experience of living within a monastic women’s community. After much reflection, we agreed to provide this opportunity. The two arrived at Hyning on 30[th] June 2021. They quickly settled in, generously immersing themselves in all areas of community life. The community enjoyed hosting them. One of the two moved to Brownshill at the beginning of March 2022 and lived her final 4 months there. The other remained at Hyning until the end of August 2022.

The benefits of the year were mutual and we wish them both every blessing as they continue to explore and discern their vocation within the Church.

PROMOTION OF MONASTIC LIFE, VOCATIONS and ‘ADVERTISING’

The communities continue to look at initiatives which would make us better known and to assist in the promotion of vocations to our Order and within the Church.

All national and local initiatives and activities moved online during the Covid pandemic but momentum was maintained. Some of these online initiatives and practices have continued.

Sisters from both communities volunteer regularly for ‘Vocation Cafes’, working with members of other Religious congregations, to ‘meet’ virtually those interested in vocation discernment, answer questions etc. In addition, several Sisters participated in the 2[nd] Living Joyfully Days, organised nationally in May 2022. This involved Zoom or MS Teams sessions with classes (years 5 to 9) from a number of Catholic Schools. It is always a privilege to share and explain our vocation and daily life with these school groups and to respond to their questions.

S Maria continued to work with the National Office for Vocation and the Clifton Diocese Vocation team and S Elizabeth Mary with the Lancaster Diocese Vocation Team. The latter was replaced by S Mary Helen from August 2022.

Groups of young people and school parties often ask for input from a Sister, which is an opportunity to talk about monastic life.

WEBSITE

S Michaela and S Reina continue to manage the English and Hyning pages of the Bernardine Order’s website. S Hilda and S Audrey assume this responsibility for Brownshill.

The website enabled the communities to live stream or upload recordings of our major times of prayer (Lauds – Brownshill, Vespers and Vigils – Hyning).

This has been very much appreciated by our regular guests who, deprived of their visits to our monasteries, are able to unite themselves (virtually) with us in prayer.

In addition, the homilies of our Chaplains have been uploaded regularly.

Most enquiries from new guests come through the website, as a result of their on-line search for a retreat or a monastery. Bookings for retreats and events are increasingly made as on-line submissions from the web-site.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

INITIAL FORMATION OF OUR YOUNGER SISTERS

This is another area of Bernardine life that has been greatly affected by the pandemic with all residential sessions for initial formation cancelled or postponed for the year April 2021 to March 2022.

However, formation within the monastery and online has enabled the Sisters to continue this important aspect of their lives. This included sessions with monks and nuns in initial formation in other Cistercian monasteries (see next section), and a course to obtain the Catholic Certificate in Religious Studies.

Some younger Sisters have continued training in singing and playing the piano/organ, which is important for our monastic prayer. They have also been included in the training sessions on health and safety issues and other formation sessions undertaken by the communities.

FORMATION

Community life at both monasteries during the pandemic has been enriched by online formation sessions. We continued to participate in many sessions, including those organised by the Conference of Religious in England and Wales. It has been good to ‘meet’ other Religious and to share/discuss issues with them in smaller groups within Zoom breakout rooms. In particular, we mention the monthly sessions on Safeguarding which resulted in the formation of the Catholic Safeguarding Standards Agency (CSSA) and the Religious Life Safeguarding Service (RLSS).

Our younger Sisters, joined by others in the communities, followed two online monastic formation courses offered by the OCSO Cistercian region. The first on Conversatio Morum Suorum (our vow of Conversion of Life) was in November 2021; the second on St Paul’s First Letter to the Corinthians was in February 2022.

The communities, particularly Hyning, have also followed a number of courses given by the Margaret Beaufort Institute of Theology, based in Cambridge. As stated in last year’s report, in September 2021, one of the Sisters at Hyning started a part time two year MA in Spirituality with the Margaret Beaufort Institute of Theology. She is enjoying this greatly and is very grateful for the chance of this formation.

S Michaela writes: “I am studying for a Masters in Spirituality at the Margaret Beaufort Institute of Theology. The Institute works within the Roman Catholic Church and sets out to offer transforming experience through education and theological study. The MA course is run through the Cambridge Theological Federation in Association with Anglia Ruskin University. It offers courses, study days, workshops, seminars and conferences that promote the study of theology, ethics, philosophy, pastoral practice, spirituality and theological reflection in dynamic ways that seek to meet and address twenty-first century global needs. The MA is a 2 year part-time online course consisting in various modules and a dissertation. The course began in September 2021 and continues until September 2023. I hope to use what I will have learnt to give talks to the guests on relevant and modern aspects of theology and its impact on ethical and religious issues.

Below is a summary of my modules:

Term 1 (Autumn 2021) “Human condition”: The aim was to consider some of the theological resources that thinkers have used to make sense of human distinctiveness in creation, how is humanity made in 'imago Dei', as well as considering the way discussions of that distinctiveness have shaped wider theological enquiries. The focus of the sessions is spiritual anthropology, apophatic anthropology, and other considerations such as the problem of work and economics in relation to human nature, especially debates over homo economicus (economic human) and the market economy.

Term 2 (Spring 2022) “Spirituality in Context”: The aim was to introduce students to some of the major figures and themes in Christian spirituality, beginning with the spirituality of the Early Church, to early monastic expressions, the Late Middle Ages, early modernity up to the present day. The approach was to consider the socio-historic and theological context in which they appeared and developed and to relate the ideas to contemporary society.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Term 3 (Summer 2022) Ecology: This module discussed some of the underlying questions raised by ecological awareness and the environmental crisis: How do we regard and value the natural world? How do we see the role of the human being in creation and in relation to other creatures? How does this influence the way we live on earth and use its goods?

OBLATES

As mentioned in the section above, Oblates are Christians living ordinary lives who strive to make the monastic values of prayer, peace, silence, work and service a priority in their often very busy lives.

At Hyning, the group of Oblates was unable to meet together as they normally do several times a year, although a small group attended an afternoon in Advent 2021. Each Oblate is ‘mentored’ by a Sister who ensures regular contact, support and care. This continued online or by telephone throughout the pandemic. Those who were able made day visits to the monastery. All are looking forward to the reopening of the guesthouse. During the year, two Oblates made their life commitment, while two others renewed for one and three years.

The Brownshill community usually welcome the group of Oblates every 6 months for a week-end of prayer and conferences. This was restarted in May 2021 and at the meeting in November 2021 there was great joy in celebrating the life commitment of one of our Oblates. A series of virtual meetings with Sr. Catherine, the Oblates’ mentor at Brownshill, continued throughout the year on the subjects of ecology and recent publications of Pope Francis. The need for on-line meetings diminished greatly as in-person meetings became easier again.

HOSPITALITY

The government guidelines for the hospitality industry were followed at all times throughout the pandemic.

Hyning, which found itself in the highest tier of pandemic regional restrictions (tier 3 then tier 4), due to its location just within the county border of Lancashire, remained closed until June 2021. A limited number of guests was welcomed until November 2021 when the guesthouse closed in preparation for the major renovation project. During this time, only one room in one of the cottages was available for guests.

Brownshill adapted to the changing restrictions on hospitality due to COVID, opening up a little more at every opportunity, first with self-catering in March 2021. In-person retreats were offered again for Advent 2021 and Lent 2022 and the guesthouse was open for Christmas. The numbers were reduced, but among them were guests who had not been here before.

[Update: At Easter 2022 we welcomed a full house of guests, who joined in with all the ceremonies and celebrations, as in previous years.]

The arrival of new guests is a welcome feature of post-pandemic re-opening. These include a young person’s group (YouCAN), Sisters, priests and others, who appreciate the prayerful atmosphere, beautiful location and contact with the community. Comments received in gratitude include:

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Groups are benefitting from the 2020 renovation of, and improvements to, the conference room, which were completed weeks before the COVID pandemic took hold. They have access to a robust internet connection, inbuilt projector, and pleasant space for lectures, meditation or dance.

In addition to retreat days for the priests of the RC Diocese of Clifton, the monastery serves as a regular venue for events run by the CofE Diocese of Gloucester and other Christian and non-Christian groups.

SPIRITUAL ACCOMPANIMENT and the MINISTRY OF LISTENING

The distress and stress caused by the onslaught of the Covid 19 pandemic, and the difficulties suffered by so many due to the strict national lockdowns and various restrictions, highlighted the need for this ministry of listening.

We note each year: ‘guests appreciate the fact that a ‘listening ear’ of one of the Sisters is always available. So many people take this opportunity to share something of the burdens which they carry. The encouragement provided by short informal chats between individual Sisters and guests, for example when meeting in a corridor, should not be underestimated. Guests feel supported in the difficulties through which they are living e.g. the sickness or death of a close relative, troubles in the workplace, personal illness, financial worries during this time of rising cost of living, etc.’

ICON and ART STUDIO - Hyning

With the relaxation of the Covid 19 restrictions in July 2021, the icon studio reopened for a reduced number (due to the requirements of social distancing) of icon writers on Wednesday afternoons.

S M Stella continued her own work of icon writing and was rarely without a commission throughout the year.

MAINTENANCE OF BUILDINGS

Maintenance of our buildings both at Hyning and Brownshill, internal and external, is always an on-going project. The thrust of the year’s maintenance continued to be determined by the recommendation of the Umbrella Risk Assessment following the Health and Safety Audit of December 2019 commissioned by the Trustees. Please refer to last year’s report and below.

Hyning:

The electrical installation inspection was carried out in July / August 2020. Remedial work was immediately commenced: in November 2020, the remedial work in both cottages and in May 2021, the total renewal of the supply cable and a complete rewiring of the outbuildings, including the icon studio, gardeners’ sheds and greenhouses. The electrical work needed in the guesthouse is included in the renovation project. The community part was completed in September 2022.

In December 2021, one of the Sisters followed a course and qualified for PAT testing. She completed the PAT

testing for Hyning in June 2022.

A legionella risk assessment was completed in November 2020. Again, work was undertaken in the cottages and community area to address the recommendations from this. The remedial work needed in the guesthouse is included in the renovation project.

The renovation project included much maintenance, including the removal of all asbestos – see section overleaf.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Brownshill:

A new boiler for the guesthouse was installed in June 2021 to replace the one that was included in the property when the charity acquired it in 2006.

Repairs and maintenance of roofs and guttering, begun in 2020, continued throughout the year and facia boards were covered where necessary. Work on guttering included removal of an old asbestos drain pipe by a specialist company.

Facilities for our guests were improved by the purchase of a new set of chairs for the guests’ dining room and the installation, mentioned above, of the video-link from the Chapel to the conference room with the option of livestreaming.

CAPITAL PROJECT AT HYNING – ENSUITE RENOVATION OF GUESTHOUSE

The following was included in last year’s report:

“Listed Building Consent was granted, thankfully without preliminary conditions, on 3rd June 2021, although, legally, a decision should have been reached in March.

The tender documentation was then finalised, the tender list refined and the project went out to tender on 16th July 2021 with the original submission deadline of 20th August extended by a week to 27th August, due to Covid complications.

Our professional team, led by architect Mike Taylor, analysed the submissions for compliance and presented them to us over a series of meetings. It was agreed at the meeting on 3rd November to appoint Rosslee Construction. Work is now due to start on Monday 29th November 2021, with asbestos removal and soft stripping out of the first and second floors of the guesthouse foreseen to be completed before Christmas.

At the time of writing, the Sisters of the Hyning community are working hard to empty the guesthouse of all furniture in time for the anticipated commencement of the project”.

Following the preparation work as outlined above, the project started on site on Wednesday 1[st] December 2021. The first few months saw the removal of all asbestos from the property and some soft stripping. As the weeks went by, the number of vans in the car park increased as the various trades started their work. Rosslee Construction communicated very well with the on-site residential community who enjoyed watching the progress week by week. We have been very impressed throughout by the high quality of workmanship and the way in which the various subcontractors worked together, coordinated expertly by the site manager.

Unfortunately the discovery of a large number of bat roosts in the loft above the East Wing considerably slowed the progress of the project. Work was halted in that part of the building while various surveys were carried out. Thankfully, the report obliged work to be carried out under supervision, rather than under licence which would have caused further months of delay.

[UPDATE – November 2022

The main bulk of the work finished in August 2022, but there was a delay with the production and delivery of the fire doors.

The Certificate of Practical Completion was received on 18[th] October 2022 and the final Building Control Certificate was received 29[th] November 2022.]

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

GARDENS

The maintenance and renewal of the gardens of both Hyning and Brownshill continued.

The community at Brownshill contacted the local nature and conservation group, and worked with them to make the garden more hospitable to wildlife, for example by allowing the grass to grow longer, and planting flowering shrubs to attract insects.

SALARIED STAFF

Hyning continues with two long serving full time gardeners and two part time cooks. There are no employees at Brownshill.

VOLUNTEERS

Following the announcement of the first national lockdown in March 2020, all those who had so generously volunteered their time to help either of our two communities ceased to come in.

Gradually, following national and regional guidelines, two volunteers returned to Brownshill where we welcomed a third regular volunteer. They help in various areas, particularly reception, maintenance, bursar, administrative, sewing, driving….

However, with the building project and closed guesthouse at Hyning, there have been fewer activities and less work for them to cover. Their help has been less regular but rather for specific requests.

We are always very grateful for the help received, and both the volunteers and our communities appreciate the mutual support and friendships that develop.

COMMUNITY RETREAT

The annual Retreat for our English communities was held online in April 2021. It was given by Rev. Mgr. John Armitage, a priest of the Brentwood Diocese. His talks were enriching. Our resident Chaplains assured the sacraments during this week and while saddened that the two communities couldn’t be together for a second year running, we were very grateful to Fr John for enabling the retreat to take place.

OTHER WORK

At Hyning, bead bracelets, cards, key rings, home-made rosaries, candles, home-made marmalades, jams and chutney, as well as other seasonal home grown produce, are available to guests in the small shop and for people ordering and collecting them at the front door.

At Brownshill, the Sisters continued making handcrafted greetings cards.

FORMER STUDENTS SUPPORT

As acknowledged in previous years’ reports, the annual school reunions at Westcliff on Sea, Essex and at Slough, organised and attended by the Sisters, came to an end in October 2017 and March 2018 respectively, for a variety of reasons.

Much communication continues to be received, particularly at moments of sickness, bereavements, family worries etc. The loyalty of the former students attests to how much these individuals received from the Sisters involved in teaching and in various school duties through the decades.

The Sisters continue to correspond with former students and to support them on a personal, informal basis, but the annual newsletters no longer continue.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

We are still very much in touch with our former schools. In particular, we have continued the annual prayer partner ‘twinning’ of a Sister with each of St Bernard Preparatory School’s classes. The Sisters and young students remember each other in prayer and correspond. Parcels containing letters, drawings, paintings and a sharing of classroom life often arrive in the post from the school!

PORTFOLIO INVESTMENT REVIEW

As detailed in last year’s report, the Trustees commissioned PRS (Portfolio Review Services) to undertake a review of our investments in 2019. The report was received in April 2020 and the Governance and Objectives Review was accepted in July 2020 by the Trustees.

Following the recommendations of the report, the investments with J.M. Finn were restructured in February 2021, reducing the number of portfolios from five to three, with the express purpose of reducing management fees. In addition, the investments were diversified. £2 million was invested in the new CCLA Catholic Fund in April 2021 to reduce the amount of cash held in the bank and to diversify further our investments.

The renewed Investment Policy was discussed with our stockbroker, Michael Barlow, (JMFinn) at our meeting in June 2022. It remains in its first draft, not yet voted by the Trustees.

HEALTH AND SAFETY AUDIT

Having made significant progress in health and safety in crucial areas of risk assessment, electrical installation safety, training in safe working practices for our employees and the Sisters, and raising awareness of health and safety in our communities, the Trustees decided to continue working with the H&S Consultancy firm Safewell Ltd. In October 2021 a review of the Umbrella Risk Assessment (URA) was conducted for the charity by Dave Pixton of Safewell, based on a site-visit to Brownshill and a meeting with Sr. Elizabeth Mary and Sr. Hilda. Safewell noted in the review of the URA “Since the publication of the previous report significant progress has been made against the risks identified.”

The only remaining “significant risk” was the lack of PAT testing at Hyning. In December 2021 Sr. Reina qualified as a PAT tester and immediately she began to test the portable electrical equipment at Hyning. By June 2022 PAT testing was completed.

Dave Pixton provided resources on the safe use of ladders and display screen equipment and in March 2022 he delivered awareness training by MS Teams on asbestos and the control of substances harmful to health (COSHH) to our gardeners, Trustees and all Sisters involved in maintenance or gardening.

Other areas of improvement were safety signage (fire assembly point, Health and Safety poster at Hyning, cattle grid signs); the safe use of ladders; introduction of a contractors’ check list to assess the risks presented by the work of contractors on site.

Fire Safety: Gloucestershire Fire Service conducted a routine audit at Brownshill in September 2021. No significant concerns were raised and all recommendations were followed. The Fire Risk Assessment and Evacuation plan continues to be reviewed annually.

Upon completion of the renovation project at Hyning a full Fire Risk Assessment and new evacuation plan is to be provided by the architect in collaboration with the community.

[At the time of writing, in the light of the significant progress made to health and safety practice and training of both employees and Sisters, the Trustees are considering how to proceed with an appropriate level of professional support.]

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

SAFEGUARDING

Following the IICSA public enquiry’s report on the Catholic Church and the subsequent Elliott report on Safeguarding, the Trustees have been involved, through COR (Conference of Religious in England and Wales), with the ‘One Church’ approach recommended by the Elliott Report. This has involved monthly Zoom meetings, ‘attended’ by three of our four Trustees. Through these, we have followed, and participated in, the progress of the setting up of the CSSA (Catholic Standards Safeguarding Agency) and the RLSS (Religious Life Safeguarding Service). The process was led for the Religious Orders and Congregations by Fr David Smolira SJ and then Sr Frances Orchard CJ.

In addition, our Safeguarding Representative, usually with one or two of our Trustees, continues to meet regularly with regional and diocesan safeguarding groups.

The Charity remains committed to Safeguarding.

TRANSFER OF TRUSTEESHIP OF ST BERNARD’S PREPARATORY SCHOOL

The Charity continues to receive the 6 monthly payments from St Benedict’s School Trust, Ealing, in line with the 2018 contract of transfer.

EFFECTS ON THE CHARITY OF THE COVID 19 PANDEMIC

We note, as Trustees, the continued loss of income of our guesthouses following the effects of the pandemic and the capital project undertaken at Hyning.

SERVICE TO THE WIDER CHURCH

In addition to the work of hospitality of the two communities, several Sisters hold offices or participated in the following:

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

SERVICE TO THE BERNARDINE ORDER WORLDWIDE

Owing to the ongoing Covid 19 pandemic, no overseas visits were possible, as in other years.

Financial review

A summary of the year’s results can be found on page 23.

During 2021/22 total incoming resources amounted to £343,221 compared to £441,921 in 2020/21. Of the incoming resources, a total of £27,638 (2021: £180,954) was received by way of donations, legacies and fundraising. 2021 included an exceptional legacy for £132,001. Pensions of the sisters amounting to £130,159 (2021: £129,926) were covenanted to the charity. Investment income and interest receivable totalled £121,568 (2021: £108,735).

Resources expenses totalled £592,889 compared to £531,643 in 2020/21. Expenditure incurred on maintaining the members of the Congregation and supporting them in their pastoral work and ministry amounted to £52,458 (2021: £27,371). Expenditure on governance, other resources and the fees paid to the charity’s investments managers during the year amounted to £430,431 (2021: £384,915).

Net outgoing resources for the year were £249,668. Investment losses of £736,870 resulted in a net decrease in funds for the year of £986,538.

Investment Performance

Following the upturn in the market at the end of the previous financial year and strong performance during the year, the portfolios were hit by the worsening economic climate, the war in the Ukraine and the political issues at play at the year end. J.M. Finn & Co continue to be the investment managers and invest the funds in accordance with the trustees’ investment policy set out in this report and comply with the ethical guidelines given to them.

The trustees are satisfied with the performance of the investments in light of external factors and remain happy that their investment objectives are being met.

Reserves Policy

The reader will discern from the foregoing that the charity carries out a diverse range of activities and is responsible for the care and support of sisters whose age is increasing and whose needs are changing. The trustees have examined the need for free reserves, i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purposes or otherwise committed. The trustees consider that, given the nature of the charity’s work and its commitments, the level of free reserves should be approximately equal to one year’s expenditure, taking into account future capital projects.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The balance sheet shows total reserves of £18,741,641. Of this £3,604,042 is represented by properties and other tangible fixed assets essential for the support and work of the Sisters.

In addition, the trustees have set aside £701,921 to meet the cost of the care and welfare of the Sisters in their retirement. Other designated funds include English Trust amounting to £6,339,051. Following the sale of land held by the charity in a previous year, there is a designated fund attributed to the Mother House of £3,718,830. The proceeds from the disposal of the Preparatory School have been set aside for Mother House requirements.

Funds available to support the work of the Sisters in the future and to support the Order’s missionary and educational work overseas are shown as general funds on the balance sheet and amount to £4,449,355. This figure needs to be considered in the light of the increasing age profile of the Sisters, the fact that the teaching salaries ceased in 2006 when the Order moved from Slough, with the consequences of this in terms of TPS future pension provision, and the need for the charity to continue to support the work of the Order. The trustees are of the opinion that the free reserves are adequate but not excessive and in line with the above policy.

Investment policy

Our investments are managed by J.M. Finn & Co.

We have a diversified portfolio providing a level of income as advised by the trustees from time to time. The Senior Investment Manager follows our ethical investment policy which precludes investing in any company profiting from an activity which is contrary to Christian principles. The investment strategy is set by the trustees whose objective is to maximise total return while keeping a balance between income and capital growth. Discussion is necessary with the Investment Manager who gives his view of the market prospects in the medium term and the risk profile. The performance of the portfolio is reviewed by the Trustees who meet with the investment manager at regular intervals.

Risk Management

The trustees are aware of their responsibilities in the areas of governance, management and reputation, operation and finance, as well as government laws and regulations. Both our communities have risk management procedures in place especially in the domain of Health and Safety and as already mentioned in this report. Both our properties at Brownshill and Hyning are checked every three years by an independent body arranged through our insurance brokers, Marsh. Strict controls are in place to reduce financial risks. Additionally, as mentioned above, the Trustees meet with the accountant. stockbroker and other advisors.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

The Trustees hope to continue to meet the following objectives:

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

The Bernardine Cistercians are an international Roman Catholic Religious Order, which has its Generalate in St Andre, Lille, France. The Order has one monastery in France, one each in Japan, Democratic Republic of the Congo Burkina Faso and a small number of sisters in Vietnam. In England, the Order has 17 sisters living in two monasteries at Hyning, Carnforth, Lancashire and Brownshill, Stroud, Gloucestershire.

The Trustees of the Bernardine Sisters were established under this title on 31st May 1994. The Trust operates according to a Trust Deed dated 11th December 1964 under which its assets are to be used for the advancement of the Roman Catholic Religion in England and Wales. The Charity Registration No is 241743. The Trust was previously known as the Congregation Monastique des Bernardines d'Esquermes. The Trust Deed was amended 14th May 2019.

The trustees who served during the year were:

Sister C. Boyle Sister J. Miller (Deceased 16 February 2022) Sister E. Mann Sister C. Jordan Sister M. Whisstock (Appointed 7 October 2022) Sister J. Utting (Appointed 7 October 2022) Sister H. Jackson (Appointed 7 October 2022)

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Governance

In terms of the Canon Law of the Roman Catholic Church, the Order is governed at an international level by the Prioress General and her General Council in St Andre, Lille, France. They are elected every 6 years at a General Chapter which is made up of the superiors of each community and delegates from the different communities. The former Prioress General and her council are also members of the General Chapter.

Each monastery is governed by the local Prioress with the help of the House Council. The Prioress General appoints the local Prioress after consulting the local community. Each Prioress has a mandate of 3 years which can be renewed up to a total of 12 years in the same community. The Prioress General officially visits each monastery in Europe at least three times during her mandate of 6 years and keeps in close touch with each Prioress so that she is aware of the progress and development of the communities.

The General Chapter due in 2020 was postponed until 2022 due to the Covid-19 pandemic. Sister Elizabeth Mary Mann was elected Prioress General of the Order in May 2022. In August 2022 Sister Mary Helen Jackson was appointed Prioress of Hyning, having served as Prioress General for 14 years. She took over the role of Chair of Trustees in November 2022. In this capacity she will be working closely with Sister Elizabeth Mary, and will be able to liaise with her in matters pertaining to the needs of the English communities.

Brief biographical details are given below for each Trustee. All are members of the Order and have a detailed knowledge and experience of the work of the charity and of its structure. They receive no remuneration or expenses for their services as Trustees. On being appointed, a new trustee is expected to attend several training sessions and to study in depth the different publications available from the Charity Commission website relating to the role and responsibilities of trustees.

Sr Mary Helen Jackson joined the Bernardines in 1986 and spent her early years teaching Science at St Bernard’s Convent Slough. She was Novice Mistress from 1996 to 2002, Bursar at the Monastery of Our Lady of Hyning from 1999 – 2002, Prioress at Slough from 2002-2006, and Prioress at Hyning from 2006-2008. She served on the General Council of the Order from 2002-2008 and in 2008 she was elected Prioress General, remaining in this role at the Generalate House in France until May 2022. In August 2022 she returned to England and was appointed Prioress of Hyning. She became a Trustee in October 2022, and brings to the role the fruits of the various experience she has acquired nationally and internationally.

Sister Elizabeth Mary Mann joined the Bernardine Cistercians in 1990 at the age of 23 having obtained a BSc (Hons) in Mathematics and a Certificate in Education from Bath University followed by a year's teaching at a large RC Comprehensive school in Essex. During her novitiate and junior years she taught both RE and mathematics at our school of St Bernard's Convent, Slough and spent two years at our Monastery of Our Lady of Hyning, Lancs. After making Solemn Profession in 1998, she continued full-time mathematics teaching at Slough, becoming a member of the school's Senior Management team in 1999 and Head of Year 7 in 2000. In 2002, Sr Elizabeth Mary was appointed Prioress of the Monastery of Our Lady of Hyning where she was also Bursar and had responsibility for the kitchen in this busy monastic guesthouse. Sister Elizabeth Mary was the Sister in Charge of the new monastery at Brownshill, Gloucestershire, from its foundation in August 2006 until leaving in August 2020 to become Prioress at Hyning. In August 2008, she was elected on to the General Council of the Order. She was re-elected as a Councillor in 2014, and in May 2022 she was elected Prioress General of the Order.

Sr Catherine Boyle, Trustee, joined the Bernardines in 1963. She taught Maths, Physics and Religious Education for many years at St Bernard's Convent Grammar School, becoming Head of Science for several years. For 20 years, she taught IT part-time whilst being Assistant Bursar for the community at Slough and St Bernard's Preparatory School. In 2001, she became Provincial Bursar, holding the post until 2011. She joined the new monastery at Brownshill in August 2006.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Sr M Colette Jordan, Trustee, joined the Bernardines in 1977 having qualified as a teacher at Digby Stuart College, Roehampton, London followed by several years teaching in a catholic primary school. As a junior sister she taught in both Senior and Prep Schools at St. Bernards Convent, Slough before moving to Hyning Monastery in 1985 after her Solemn Profession. In 1991 she graduated with first class honours in theology at Southampton University. In 2002 she was named as novice mistress, a post she held for nine years and in 2011 became Provincial Bursar.

Sr Maria Whisstock, Trustee, obtained a B.Ed (Hons) degree from London University, specialising in music. She went on to teach in a R.C. primary school in Essex as a junior class teacher for some years before joining the Bernardines in Slough in 1989. As a sister, she taught full time in St. Bernard’s Preparatory School for many years and was a member of the Senior Management Team. In 2006, she became one of the foundresses of the new community at Brownshill before moving to Hyning Monastery in 2008. In 2011 she was appointed Novice Director for eleven years and continues to be responsible for vocations ministry. She is currently Prioress of the Monastery at Brownshill, a post she has held since 2020.

Sr Jane Frances Utting joined the Bernardine Cistercians in 2010. She graduated in physics from Oxford University in 1993, trained as a NHS medical physicist, obtained a PhD in the physics of magnetic resonance imaging in 2002; spent a year as a volunteer at the “Station Mission” in Hamburg, Germany; and then worked in University Hospitals and in the NHS as a Clinical Scientist. She completed her novitiate in 2013 at Hyning Monastery and in 2015 she moved to Brownshill, where she made Solemn Profession in 2018. In 2019 she was asked by the Trustees to lead the charity’s efforts to improve its management of health and safety. At the end of 2021 she became community bursar at Brownshill. In August 2022 she became provincial bursar and in October 2022 she was appointed a Trustee.

Structure and management reporting

The two communities in England keep in close touch with each other and with the Prioress General who visits England regularly. The superiors of the two communities are in frequent contact for questions of both a business and pastoral nature, and the sisters of the two communities take a lively interest in the developments in both houses and all co-operate according to their strengths with the work and mission of the Order.

The Monastery of Our Lady of Hyning was founded in 1974 and has a monastic guesthouse with pastoral facilities. Many guests visit Hyning on a regular basis as the rhythm of prayer followed by the sisters, the retreats and conferences that they give, as well as the tranquillity of the environment, meet a real need. The Monastery of Our Lady and St Bernard was founded in August 2006 on our departure from St Bernard's Convent, Slough. It has a monastic guest house, which attracts both individuals and groups, as day or residential guests. Many of them return regularly to enjoy the peace of the monastery and the times of prayer. Retreats and quiet days led by the Sisters are much appreciated.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the 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 incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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 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.

The accounts (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 Accounting and Reporting by Charities preparing their accounts 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.

The trustees' report was approved by the Board of Trustees.

Sister C. Boyle

Trustee Dated: 14 December 2022

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

Opinion

We have audited the financial statements of Trustees of the Charity of the Bernardine Sisters (the ‘charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and 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:

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 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 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 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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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.

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 require us to report to you if, in our opinion:

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements 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 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 cease operations, or have no realistic alternative but to do so.

Auditor's 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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To assess 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:

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

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 directors and other management and the inspection of any relevant regulatory correspondence.

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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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 UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Pitt Godden & Taylor LLP

14 December 2022

Chartered Accountants Statutory Auditor

Unit 3 Ambrose House Meteor Court Barnett Way Barnwood Gloucester GL4 3GG

Pitt Godden & Taylor LLP 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.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Current financial year
Unrestricted Unrestricted
funds
funds
general
designated
2022
2022
Notes
£
£
Income from:
Donations, legacies and fundraising
3
27,638
-
Incoming resources from charitable activities.
4
63,856
130,159
Investments
5
59,161
62,407
Total income
150,655
192,566
Expenditure on:
Raising funds
6
34,258
43,079
Charitable activities
7
485,359
30,193
Total expenditure
519,617
73,272
Net gains/(losses) on investments
12
(273,176)
(463,694)
Net (outgoing)/incoming resources before transfers
(642,138)
(344,400)
Gross transfers between funds
76,580
(76,580)
Net movement in funds
(565,558)
(420,980)
Fund balances at 1 April 2021
5,014,913
14,713,266
Fund balances at 31 March 2022
4,449,355
14,292,286		 Total
2022
£
27,638
194,015
121,568
343,221
77,337
515,552
592,889
(736,870)
(986,538)
-
(986,538)
19,728,179
18,741,641		 Total
2021
£
180,954
152,232
108,735
441,921
64,108
467,535
531,643
3,579,302
3,489,580
-
3,489,580
16,238,599
19,728,179

The statement of financial activities includes all gains and losses recognised in the year.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022

Prior financial year

Unrestricted Unrestricted
funds
funds
general
designated
2021
2021
Notes
£
£
Income from:
Donations, legacies and fundraising
3
180,954
-
Incoming resources from charitable activities.
4
22,306
129,926
Investments
5
53,110
55,625
Total income
256,370
185,551
Expenditure on:
Raising funds
6
27,162
36,946
Charitable activities
7
457,581
9,954
Total expenditure
484,743
46,900
Net gains/(losses) on investments
12
1,480,458
2,098,844
Net (outgoing)/incoming resources before transfers
1,252,085
2,237,495
Gross transfers between funds
(4,249,792)
4,249,792
Net movement in funds
(2,997,707)
6,487,287
Fund balances at 1 April 2020
8,012,620
8,225,979
Fund balances at 31 March 2021
5,014,913
14,713,266		 Total
2021
£
180,954
152,232
108,735
441,921
64,108
467,535
531,643
3,579,302
3,489,580
-
3,489,580
16,238,599
19,728,179

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within
one year
18
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - designated
General unrestricted funds		 2022
£
£
3,604,042
13,548,357
17,152,399
4,757
1,155,604
1,253,047
2,413,408
(824,166)
1,589,242
18,741,641
14,292,286
4,449,355
18,741,641		 2021
£
£
3,166,684
12,109,332
15,276,016
5,269
1,254,868
3,835,366
5,095,503
(643,340)
4,452,163
19,728,179
14,713,266
5,014,913
19,728,179		 2021
£
£
3,166,684
12,109,332
15,276,016
5,269
1,254,868
3,835,366
5,095,503
(643,340)
4,452,163
19,728,179
14,713,266
5,014,913
19,728,179
15,276,016
4,452,163
19,728,179
14,713,266
5,014,913
19,728,179

The accounts were approved by the Trustees on 14 December 2022

Sister C. Boyle Trustee

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
Notes £ £ £ £
Cash flows from operating activities
Cash absorbed by operations 23 (88,321) (102,075)
Investing activities
Purchase of tangible fixed assets (440,071) (42,434)
Proceeds on disposal of tangible fixed
assets 400 -
Purchase of investments (3,912,779) (2,041,011)
Proceeds on disposal of investments 1,736,884 1,549,552
Interest received 121,568 108,735
Net cash used in investing activities (2,493,998) (425,158)
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (2,582,319) (527,233)
Cash and cash equivalents at beginning of year 3,835,366 4,362,599
Cash and cash equivalents at end of year 1,253,047 3,835,366

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

The Trustees of the Charity of the Bernardine Sisters is a registered Charity.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income comprises guest house revenue, donations and investment income.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the receipt of the tax recoverable.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Resources expended

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 are allocated on the portion of the asset’s use.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity and includes staff costs directly attributable to the activity and an allocation of general management and overhead costs.

Management and administration costs include expenditure on general administration, management and costs of compliance with constitutional and statutory requirements.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land and buildings are recorded at cost or, where this is not readily available, at a trustees' valuation. No depreciation is charged on convent freehold buildings as it is the policy of the trustees to maintain the buildings to a standard that ensures that their residual value is not less than their book value.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings nil Plant and machinery 20% reducing balance Motor vehicles 25% reducing balance

Freehold land and buildings show a nil depreciation charge. This is due to the estimated useful life and recoverable amount being in excess of the book cost and as such, any depreciation is immaterial.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Taxation

The charity is a registered charity and is therefore not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the statement of financial activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

3 Donations, legacies and fundraising

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Donations and gifts 19,951 46,953
Legacies receivable 7,687 134,001
27,638 180,954

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

4 Incoming resources from charitable activities.

Income within charitable activities
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated		 Pensions
2022
£
130,159
-
130,159
130,159		 Retreat
centres
2022
£
62,786
62,786
-
62,786		 Sundry
Income
2022
£
1,070
1,070
-
1,070		 Total
2022
£
194,015
63,856
130,159
194,015		 Pensions
2021
£
129,926
-
129,926
129,926		 Retreat
centres
2021
£
17,579
17,579
-
17,579		 Sundry
Income
2021
£
4,727
4,727
-
4,727		 Total
2021
£
152,232
22,306
129,926
152,232

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

5 Investments

Unrestricted Unrestricted
Total
funds
funds
2022
general designated
£
£
£
Income from listed investments
59,065
62,386
121,451
Interest receivable
96
21
117
59,161
62,407
121,568
For the year ended 31 March 2021
53,110
55,625
Raising funds
Unrestricted Unrestricted
Total
Unrestricted
Unrestricted
funds
funds
funds
funds
general
designated
general
designated
2022
2022
2022
2021
2021
£
£
£
£
£
Investment management
fees
34,258
43,079
77,337
27,162
36,946
34,258
43,079
77,337
27,162
36,946		 Total
2021
£
106,868
1,867
108,735
108,735
Total
2021
£
64,108
64,108

6 Raising funds

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Charitable activities

Staff costs
Premises expenses
Community expenses
Gifts, donations & contributions
Slough Patrimony
Provisions
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
For the year ended 31 March 2021
Unrestricted funds - general
Unrestricted funds - designated		 Retreat
Centres
Other
Designated
Funds
2022
2022
£
£
-
2,401
185,696
-
-
27,648
110,000
-
2,895
40,416
-
339,007
30,049
135,012
144
11,340
-
485,359
30,193
485,359
-
-
30,193
485,359
30,193
457,581
-
-
9,954
457,581
9,954		 Total
2022
£
2,401
185,696
27,648
110,000
2,895
40,416
369,056
135,156
11,340
515,552
485,359
30,193
515,552		 Total
2021
£
2,337
146,728
7,473
110,000
20,188
33,625
320,351
131,644
15,540
467,535
457,581
9,954
467,535
457,581
9,954
467,535

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8
Support costs
Wages and salaries
Office & admin costs
Community costs
Depreciation & disposal a/c
Gifts & donations
Audit fees
Accountancy
Legal and professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
63,204
-
43,021
-
24,810
-
2,313
-
1,808
-
-
3,630
-
7,710
-
-
135,156
11,340
135,156
11,340		 2022
£
63,204
43,021
24,810
2,313
1,808
3,630
7,710
-
146,496
146,496		 2021
£
60,697
44,406
19,898
2,420
7,951
3,600
7,620
4,320
147,040
147,184

9 Auditor's remuneration

The analysis of auditor's remuneration is as follows:
Fees payable to the auditor and associates:
Audit of the annual accounts
Non-audit services
All other non-audit services		 2022
£
3,630
7,710		 2021
£
3,600
7,620

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year. As members of the community, the trustees living expenses during the year were borne by the charity.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

11 Employees

Number of employees

The average monthly number of employees during the year was:

Convent
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
4
2022
£
59,165
3,133
906
63,204		 2021
Number
4
2021
£
56,877
2,950
870
60,697

There were no employees whose annual remuneration was £60,000 or more.

12 Net gains/(losses) on investments

Unrestricted Unrestricted
funds
funds
general
designated
2022
2022
£
£
Revaluation of
investments
(330,035)
(534,993)
Gain/(loss) on sale of
investments
56,859
71,299
(273,176)
(463,694)		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2022
2021
2021
£
£
£
(865,028)
1,450,470
1,859,655
128,158
29,988
239,189
(736,870)
1,480,458
2,098,844		 Total
2021
£
3,310,125
269,177
3,579,302

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13
Tangible fixed assets
Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 Land and
buildings
£
3,159,002
436,571
-
3,595,573
-
-
-
-
3,595,573
3,159,002		 Plant and
machinery
Motor vehicles
£
£
41,797
24,195
-
3,500
-
(7,350)
41,797
20,345
39,972
18,338
372
2,339
-
(7,348)
40,344
13,329
1,453
7,016
1,825
5,857		 Total
£
3,224,994
440,071
(7,350)
3,657,715
58,310
2,711
(7,348)
53,673
3,604,042
3,166,684

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 31 March 2022 12,109,332
Additions 3,912,779
Valuation changes (736,869)
Movement in cash 28,202
Disposals (1,765,087)
At 31 March 2022 13,548,357
Carrying amount
At 31 March 2022 13,548,357
At 31 March 2021 12,109,332
15 Financial instruments 2022 2021
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 1,155,604 1,254,868
Equity instruments measured at fair value 13,548,357 12,109,332

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

15
Financial instruments
Carrying amount of financial liabilities
Measured at amortised cost
16
Stocks
Raw materials and consumables
17
Debtors
Amounts falling due within one year:
Other debtors
Amounts falling due after more than one year:
Other debtors
Total debtors		 2022
2021
(Continued)
824,166
643,340
2022
2021
£
£
4,757
5,269
2022
2021
£
£
5,604
4,868
2022
2021
£
£
1,150,000
1,250,000
1,155,604
1,254,868		 2022
2021
(Continued)
824,166
643,340
2022
2021
£
£
4,757
5,269
2022
2021
£
£
5,604
4,868
2022
2021
£
£
1,150,000
1,250,000
1,155,604
1,254,868
2021
£
5,269
2021
£
4,868
2021
£
1,250,000
1,254,868

Other debtors falling due after more than one year relate to the deferred consideration for the sale of St. Bernard's Preparatory School. This is payable by 25 instalments of £50,000, twice per annum.

18 Creditors: amounts falling due within one year

Amount due to Mother House
Other creditors		 2022
£
627,439
196,727
824,166		 2021
£
619,526
23,814
643,340

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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:


Capital fund
Building fund
Retirement fund
English Trust
Mother House -
from Slough
Mother House -
from Slough
Mother House -
Prep School		 Balance at
1 April 2020
1,790,219
70,643
730,380
2,234,737
1,000,000
1,000,000
1,400,000
8,225,979		 Incoming
resources
-
-
130,162
55,389
-
-
-
185,551		 Movement in funds
Resources
expended
Transfers
-
-
(72)
-
(9,882)
(129,926)
(36,946)
2,442,700
-
(1,000,000)
-
3,037,018
-
(100,000)
(46,900)
4,249,792		 Investments
gains/losses

-
-
-
2,098,844
-
-
-
2,098,844		 Balance at
1 April 2021
1,790,219
70,571
720,734
6,794,724
4,037,018
-
1,300,000
14,713,266		 Incoming
resources
-
-
130,179
62,386
-
-
-
192,565		 Movement in funds
Resources
expended
Transfers
-
479,005
(72)
(7,239)
(30,121)
(130,158)
(43,078)
-
-
(318,188)
-
-
-
(100,000)
(73,271)
(76,580)		 Investments
gains/losses
-
-
11,287
(474,981)
-
-
-
(463,694)		 Balance at
31 March
2022
2,269,224
63,260
701,921
6,339,051
3,718,830
-
1,200,000
14,292,286

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

20
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Total
Unrestricted
funds
2022
2022
2022
2021
£
£
£
£
Fund balances at 31
March 2022 are
represented by:
Tangible assets
1,334,818
2,269,224
3,604,042
897,460
Investments
2,605,698
10,942,659
13,548,357
1,277,590
Current assets/(liabilities)
508,839
1,080,403
1,589,242
2,839,863
4,449,355
14,292,286
18,741,641
5,014,913
21
Capital commitments
At 31 March 2022 the charity had capital commitments as follows:
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment		 Designated
funds
2021
£
2,269,224
10,831,742
1,612,300
14,713,266
2022
£
571,000		 Total
2021
£
3,166,684
12,109,332
4,452,163
19,728,179
2021
£
-

22 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

At the year end, there is an amount due to the Mother House of £627,439 (2021: £619,526).

Sr. Elizabeth M. Mann, Trustee, sits on the General Council of the Order at the Mother House.

TRUSTEES OF THE CHARITY OF THE BERNARDINE SISTERS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

23
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in stocks
Decrease in debtors
Increase/(decrease) in creditors
Cash absorbed by operations		 2022
2021
£
£
(986,538)
3,489,580
(121,568)
(108,735)
(398)
-
(128,158)
(269,177)
865,028
(3,310,125)
2,711
2,421
512
68
99,264
113,060
180,826
(19,167)
(88,321)
(102,075)

24 Analysis of changes in net funds

The charity had no debt during the year.