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2023-04-05-accounts

Charity registration number 246045

Company registration number 00221066 (England and Wales)

THE SOCIETY OF RETREAT CONDUCTORS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

THE SOCIETY OF RETREAT CONDUCTORS

LEGAL AND ADMINISTRATIVE INFORMATION

Officers Of The Council Of Management The Revd M Godson
The Revd N Helm (Appointed 4 January 2023)
Secretary K Redington
Charity number 246045
Company number 00221066
Registered office c/o St Mary's Church
30 Bourne Street
London
United Kingdom
SW1W 8JJ
Independent examiner Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
Solicitors Lee Bolton & Lee
1, The Sanctuary
Westminster
London
United Kingdom
SW1P 3JT
Investment advisors J M Finn
25 Copthall Avenue
London
EC2R 7AH
United Kingdom

THE SOCIETY OF RETREAT CONDUCTORS

CONTENTS

Page
Chairman's Report 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Notes to the financial statements 10 - 22

THE SOCIETY OF RETREAT CONDUCTORS

CHAIRMAN'S REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The Council has forged a closer working relationship with the Spiritual Exercises Network and maintained its involvement with the Coach House Kilmuir Trust. The Council is pleased to note the progress made towards the provision of staff accommodation at the Coach House, Kilmuir, and the inclusion of new members on its board of trustees.

The Council has adopted new provision for supporting the work of individuals and groups in emerging contexts, and the website will be updated to reflect this.

The Council has sought to mitigate risk to our activities and investments during the pandemic, adapting our policies and practices accordingly. The Council will continue to monitor the situation.

.............................. The Rev'd M Godson SRC

Chairman

Date: .........................

THE SOCIETY OF RETREAT CONDUCTORS

REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2023

The Council of Management present their report and the financial statements of the charity for the year ended 5 April 2023. The Council of Management have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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 charity’s objectives are to promote and enable training for conducting of retreats and the ministry of spiritual direction within the tradition of the Spiritual Exercises of St Ignatius Loyola, and to conduct retreats, provide spiritual direction and occasional conferences, and to assist those engaged in these ministries. The charity seeks to promote its charitable aims through fund-raising activities.

The Trustees and Council of Management confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on the public benefit when reviewing the charity’s aims and objectives and in the planning of future activities.

The members of the Council of Management have authority to invest funds on behalf of the charity.

Achievements and performance

The charity is fortunate to own the freehold interest in two cottages in an idyllic setting situated in Kent, which are currently let to tenants. Rental income from these properties is applied for the charity’s charitable objectives.

The charity is also joint owner, with the Coach House Kilmuir Trust (a Scottish Charitable Incorporated Organisation) of several properties near the village of Kilmuir on the shores of the Moray Firth. The Coach House itself, a retreat centre, has been modernised and extended, the work being completed in 2017. In 2023 building work was completed on a new house, intended to accommodate the Co-ordinator of the centre. The Trust’s purposes are to promote the advancement of religion and spirituality by maintaining a residential centre for retreats and workshops, and so comply with the objectives of this charity. The properties are owned by the two charities in the proportion of 67% to 33%, the larger share belonging to this charity.

The Society agreed to increase its investment in the Coach House Kilmuir Trust (CHKT) by supporting the development of the building known as The Steadings to provide accommodation for staff. The 67% stake remains the same. Two SRC trustees are appointed as members of the CHKT Board, and they continue to provide essential oversight and support for the work of the trust.

As well as being able to make available the above facilities, the Council of Management is able to make grants to assist those undergoing training in Ignatian Spirituality and the giving of Spiritual Exercises. People applying for spiritual direction training grants will normally be expected to be able to demonstrate ample evidence of being in regular spiritual direction in the years leading up to their application. Grants totalling £147,766 (2022: £70,218) were approved during the year ended 5 April 2023.

Cambridgeshire Courses in Spiritual Direction (CCSD)

CCSD successfully completed training of 16 people who undertook its course in The Art of Spiritual Direction. Nearly all of them intend to go on to practise this ministry. This was the culmination of a re-vamped 2-year programme which changed format in response to Covid safety requirements, and updated content following CCSD's own audit of its syllabus against the models for spiritual direction teaching that have been discussed by the UK's new national SD forum. All participants, tutors and students alike, were positive about the new-look course.

CCSD also delivered its annual development day for practising spiritual directors in the eastern region. This first, large, in-person gathering since the 2020 pandemic lockdown began, was much appreciated.

THE SOCIETY OF RETREAT CONDUCTORS

REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2023

The Ignatian Spirituality Course (ISC)

ISC introduces people to the richness of the spirituality of Ignatius of Loyola (1491–1556) who was a pioneer in proposing ways for the individual to attain spiritual freedom. It is an ecumenical Christian course and is open to people of goodwill from all traditions. On 26 July 2023 the trustees resolved to include the ISC in the same way as the CCSD. Charity Commission approval was obtained and the ISD has been included in the Society's accounts as of 1 August 2022. The ISC ran two courses in the year:

The course is led by an experienced staff of laypeople, religious and clergy, and runs for one day a week (11:00 –16:00) over three years from September to July.

In addition to the usual ‘in-person’ Course based at the Jesuit Centre in London, we also offer an online version of the Course, also running from September 2023.

The course provides participants with the opportunity to engage with the theory and application of the text of the Spiritual Exercises. Participants are helped to develop their skills in spiritual direction, especially the competence and reflective practice needed to be able to give the Spiritual Exercises by the 19th Annotation. This course may also be suitable for previous graduates from the 3-year Ignatian training as a way to refresh their ability in giving the Exercises.

Financial review

The charity's total income from all sources, including investment income, rental income and donations, amounted to £164,158 (2022: £90,306) and total expenditure amounted to £257,783 (2022: £132,169) resulting in net (expenditure) before gains on investments of £93,625 (2022: deficit £41,863). Realised and unrealised gains/ (losses) arising on the charity’s quoted investment portfolio during the year amounted to a loss of £430,913 (2022: gain £68,272), and a net loss of £292,018 (2022: £nil) on the charity's investment properties, giving a total loss on investments of £722,931 (2022: gain £68,272).

As a result, the charity’s unrestricted funds decreased in value by £844,045 (2022: increase £26,599) and restricted funds increased by £27,489 (2022: decreased £190) during the year.

The charity’s unrestricted reserves amounted to £4,131,475 at 6 April 2022, and these have decreased to £3,287,430 at 5 April 2023. Whilst the charity’s quoted investment portfolio together with its freehold property formed the majority of the reserves at 5 April 2023, it has net current assets for day to day operations of £20,647 (being net current assets of £24,964 excluding £34,694 held for restricted purposes, plus £30,377 with the Charity’s investment managers, primarily for application within the Quoted investment portfolio, but over which the Council of Management had absolute discretion to apply for day to day needs as required).

The Charity’s restricted reserves amounted to £7,205 at 6 April 2022, and these have increased to £34,694 at 5 April 2023. These reserves are restricted for the sole use of the Cambridgeshire Courses in Spiritual Direction (£6,158) and the Ignatian Spirituality Course (£28,536).

THE SOCIETY OF RETREAT CONDUCTORS

REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2023

Investment Policy

The Council of Management continues to monitor and review the charity’s investments in consideration of current market conditions, after receiving and considering advice of the charity’s investment managers, and in the context of the charity’s objectives.

Reserves Policy

It is the policy of the charity (excluding CCSD and ISD) to ultimately maintain ‘free’ reserves (being that element of the unrestricted income funds which is not funding Fixed Assets) of approximately 2 years running costs (covering property expenditure and administration costs); this equates to approximately £32,500p.a. (2022: £24,830). As at 5 April 2023 the free reserves of the charity amounted to £23,712 (2022: £7,556). The Council of Management consider the closing level (being roughly equivalent to 9 months (2022: 6 months) of running costs) and growth of free reserves to be adequate, allowing for unplanned expenditure. The 2022 and 2023 financial year were exceptional due to the investment made in the new development at the Coach House (see notes 14 & 15).

Designated funds at 5 April 2023 total £3,263,688 (2022: £4,123,899) – see note 21 for details.

The Council of Management intends to build funds which should grow in real terms to provide funds for future charitable use. The total value of funds at the year end was £3,322,124 (2022: £4,138,680). The trustees believe this to be adequate to support the charity’s continued operations and to provide a fund for exceptional grants when they arise from time to time.

Plans for future periods

No further investment in the CHKT is planned. The Society will continue to support those undertaking Ignatian retreats and Ignatian focussed training in spiritual direction.

Risk Management

The Council of Management undertakes reviews to consider the risks faced by the charity together with systems to monitor and control these risks, as part of their strategy management.

Structure, governance and management

The charity is a company limited by guarantee and was registered as a charity in December 1999, number 246045. The charity is governed by its Memorandum and Articles of Association.

The directors of the company who are also the charity’s trustees are members of the Council of Management. There were two directors/trustees who held office during the year as follows:-

The Revd. M Godson (Chairman of the Council of Management), The Revd. D.R. Sutton (Vice Chairman - resigned 4 January 2023), and The Revd. N Helm (Vice Chairman - appointed 4 January 2023).

Overall control and strategic direction of the Charitable company is exercised by the Council of Management.

THE SOCIETY OF RETREAT CONDUCTORS

REPORT OF THE MEMBERS OF THE COUNCIL OF THE MANAGEMENT FOR THE YEAR ENDED 5 APRIL 2023

Appointments to the Council of Management are covered by the Articles of the company. Should it be necessary the Council of Management has authority under those Articles to appoint new members of the Council of Management as vacancies occur. Any member so appointed shall retain office until the next General Meeting when they shall then be eligible for re-election. During the year ended 5 April 2023 the Members of the Council of Management were as follows:-

The Revd. M. Godson (Chairman and Trustee) Elected 2021 for three years The Revd. D.R. Sutton (Vice Chairman and Trustee - until 4 January 2023) Elected 2019 for three years The Revd. N. Helm (Vice Chairman and Trustee - from 4 January 2023) Elected 2021 for two years The Revd. A. S. Walker (ISC representative) Co-opted 2022 for two years Mr. J. Summerell Co-opted 2021 for two years Ms. J Foster Elected 2021 for two years Mr. K. Browne Elected 2021 for two years The Revd. L. Tonge Elected 2021 for two years

Ms. K. Redington (Treasurer) (Company Secretary)

Cambridgshire Courses in Spiritual Direction (CCSD)

CCSD's training and administration are planned, arranged and delivered through a Management Committee comprising its tutors, treasurer and administrator/secretary; this committee reports at least annually to the Council of Management, and one of its members sits ex-officio on the Society's Council.

Ignatian Spirituaity Course (ISC)

ISC's training and administration are planned, arranged and delivered through a Management Committee comprising its tutors, treasurer and administrator/secretary; this committee reports at least annually to the Council of Management, and one of its members sits ex-officio on the Society's Council.

Taxation Status

The company is a registered charity, and as such is not liable to United Kingdom tax on its income.

Going concern

The Council of Management have no reason to believe that the charity will be unable to continue operating as a going concern (able to pay its debts and grant commitments as they fall due) for a period of at least 12 months from the date of approving these accounts

The Trustees' report was approved by the Board of Officers Of The Council Of Management.

.............................. .............................. K Redington The Revd M Godson Company Secretary Chairman Date: .............................................

THE SOCIETY OF RETREAT CONDUCTORS

INDEPENDENT EXAMINER'S REPORT

TO THE OFFICERS OF THE COUNCIL OF MANAGEMENT OF THE SOCIETY OF RETREAT CONDUCTORS

I report to the Officers of the Council of Management on my examination of the financial statements of The Society Of Retreat Conductors (the charity) for the year ended 5 April 2023.

Responsibilities and basis of report

As the Officers of the Council of Management of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Azets Audit Services

Globe House Eclipse Park Sittingbourne Road Maidstone Kent ME14 3EN United Kingdom

Dated: .........................

THE SOCIETY OF RETREAT CONDUCTORS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Current financial year

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations
3
1,406
4,500
Charitable activities
4
-
55,267
Other income
5
-
28,629
Investments
6
74,356
-
Total income
75,762
88,396
Expenditure on:
Raising funds
7
26,599
-
Charitable activities
8
170,277
60,907
Total expenditure
196,876
60,907
Net (expenditure)/income before other gains and
losses
(121,114)
27,489
Net gains/(losses) on investments
12
(722,931)
-
Net (expenditure)/income for the year/
Net movement in funds
(844,045)
27,489
Fund balances at 6 April 2022
4,131,475
7,205
Fund balances at 5 April 2023
3,287,430
34,694		 Total
2023
£
5,906
55,267
28,629
74,356
164,158
26,599
231,184
257,783
(93,625)
(722,931)
(816,556)
4,138,680
3,322,124		 Total
2022
£
1,244
15,726
-
73,336
90,306
32,417
99,752
132,169
(41,863)
68,272
26,409
4,112,271
4,138,680

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SOCIETY OF RETREAT CONDUCTORS

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Prior financial year

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations
3
1,244
-
Charitable activities
4
-
15,726
Investments
6
73,336
-
Total income
74,580
15,726
Expenditure on:
Raising funds
7
32,417
-
Charitable activities
8
83,836
15,916
Total expenditure
116,253
15,916
Net gains/(losses) on investments
12
68,272
-
Net (expenditure)/income for the year/
Net movement in funds
26,599
(190)
Fund balances at 6 April 2021
4,104,876
7,395
Fund balances at 5 April 2022
4,131,475
7,205		 Total
2022
£
1,244
15,726
73,336
90,306
32,417
99,752
132,169
68,272
26,409
4,112,271
4,138,680

THE SOCIETY OF RETREAT CONDUCTORS

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Fixed assets
Tangible assets
14
Investment properties
15
Investments
16
Current assets
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
Restricted funds
20
Unrestricted funds
Designated funds
21
General unrestricted funds		 2023
£
£
582,259
800,000
1,914,901
3,297,160
7,258
94,475
101,733
(76,769)
24,964
3,322,124
34,694
3,263,688
23,742
3,287,430
3,322,124		 2022
£
£
-
1,595,043
2,532,790
4,127,833
5,048
38,899
43,947
(33,100)
10,847
4,138,680
7,205
4,123,889
7,586
4,131,475
4,138,680		 2022
£
£
-
1,595,043
2,532,790
4,127,833
5,048
38,899
43,947
(33,100)
10,847
4,138,680
7,205
4,123,889
7,586
4,131,475
4,138,680
4,127,833
10,847
4,138,680
7,205
4,131,475
4,138,680

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Officers Of The Council Of Management on .........................

.............................. The Revd M Godson Trustee

Company registration number 00221066

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Charity information

The Society Of Retreat Conductors is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o St Mary's Church, 30 Bourne Street, London, SW1W 8JJ, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, 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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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 freehold properties and to include investment properties and 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 Officers of the Council of Management have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Officers of the Council of Management 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 Officers of the Council of Management in furtherance of their charitable objectives.

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 Income

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.

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 donation.

Investment income is recognised when receivable by the charity.

Course training income is recognised on an accrual basis.

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

All expenditure is inclusive of irrecoverable VAT where incurred.

Costs of raising funds include the costs of managing the charity's investments, along with costs incurred in running the charity's investment properties.

The costs of charitable activities comprise grants payable in the furtherance of the activities of the charity’s objects. The grants are recognised when any conditions relating to their payment have been met.

Training fees are those costs incurred by each of the courses run by the associated entities included in these financial statements.

Other costs include those costs incurred in the governance of the charity and its assets, and are primarily associated with constitutional and statutory requirements.

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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2%

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 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 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.

1.9 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).

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

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.

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 Charitable status

The company was incorporated with charitable status and is limited by guarantee, not having a share capital. In the event of the charity being wound up the liability in respect of the guarantee is limited to £20 per statutory member of the charity.

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Officers of the Council of Management 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.

3 Donations

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations
1,406
4,500
Charitable activities
Cambridgeshir
e Courses in
Spiritual
Direction
Ignatian
Spirituality
Course
2023
2023
£
£
Training income
7,200
48,067		 Total Unrestricted
funds
2023
2022
£
£
5,906
1,244
Total
2023
Cambridgeshir
e Courses in
Spiritual
Direction
2022
£
£
55,267
15,726

4 Charitable activities

5 Other income

Restricted Total
funds
2023 2022
£ £
Transfer in of net funds of the Ignatian Spirituaily Course 28,629 -

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

6 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Rental income 11,250 10,350
Income from listed investments 58,742 60,408
Interest receivable 4,364 2,578
74,356 73,336

7 Raising funds

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Investment property costs
Fuel and light 2,466 2,088
Garden expenses 1,803 1,541
Other fundraising costs 5,722 7,584
Investment property costs 9,991 11,213
Investment management fees 16,608 21,204
26,599 32,417

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

8 Charitable activities

Charitable Charitable
activites activites
2023 2022
£ £
Cambridgeshire Courses in Spiritual Direction - training fees 8,247 15,916
Ignatian Spirituality Course - training fees 52,660 -
Other costs 22,511 13,618
83,418 29,534
Grant funding of activities (see note 9) 147,766 70,218
231,184 99,752
Analysis by fund
Unrestricted funds 170,277 83,836
Restricted funds 60,907 15,916
231,184 99,752

9 Grants payable

Charitable Charitable
activites activites
2023 2022
£ £
Grants to institutions (2 grants):
St Mary the Virgin Church - 1,200
Jesuit Prison 7,428 -
Street Talk 3,120 -
10,548 1,200
Grants to individuals 137,218 69,018
147,766 70,218

Included in other creditors is £16,260 (2022: £4,050) in grants payable.

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

10 Officers Of The Council Of Management

None of the Officers of the Council of Management (or any persons connected with them) received any remuneration or benefits from the charity during the year. However, expenses of £1,399 (2022: £478) and member grants of £2,648 were incurred in the furtherance of the charity’s objects, and included in other costs, were reimbursed as follows:

Trustees - travel: £402

Trustees - member grant £283 Council of Management - travel: £957 Council of Management - member grant: £1,765 Secretary - travel £39 Secretary - member grant: £600

11 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

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

12 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Gain/(loss) on sale of investments (430,913) 68,272
Revaluation of investment properties (292,018) -
(722,931) 68,272

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

14 Tangible fixed assets

Tangible fixed assets
Freehold land and buildings
£
Cost
Transfer from investment property 582,259
At 5 April 2023 582,259
Carrying amount
At 5 April 2023 582,259

As at 6 April 2022 and 5 April 2023 the charity owned a 67% share in The Coach House, Kilmuir, North Kessock. Following the completion of significant refurbishments to the property in 2017/18 and 2018/19 for which the charity has paid 67% of the costs, the historic cost of the property was £727,268. Based on a professional valuation from Allied Surveyors Scotland plc in September 2023, the proportion of fair value attributable to the charity was £385,250, therefore an impairment of £342,018 has been recognised.

During the year the charity owned a 67% share in the cost of developing a new property at The Coach House. Costs incurred in the year totalled £57,983 (2022: £131,114). The Council of Management believes the total cost paid by the charity for its property share to an appropriate estimate of its market value, and therefore fair value at 5 April 2023.

At 5 April 2023 the trustees considered the property at Kilmuir to be that akin to a place of worship rather than a property held for investment. The carrying value of The Coach House and associated buildings has therefore been transfered from Investment Propery to Land and Buildings.

15 Investment property

Investment property
Fair value
At 6 April 2022
Additions
Transfers to tangible fixed assets
Net gains or losses through fair value adjustments
At 5 April 2023		 2023
£
1,595,043
79,234
(582,259)
(292,018)
800,000

The Council of Management have confirmed that their estimate of market value of 1 and 2 Stackland Cottages at 5 April 2023 was £800,000 based on advice from Savills (historical cost £162,068).

As at 5 April the properties owed at Kilmuir were transferred to Tangible Fised Assets (see note 14).

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

16 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2022
2,528,876
Additions
199,470
Valuation changes
(429,408)
Other movements
-
Disposals
(414,414)
At 5 April 2023
1,884,524
Carrying amount
At 05 April 2023
1,884,524
At 05 April 2022
2,528,876		 Cash in
portfolio
3,914
(199,470)
-
(188,481)
414,414
30,377
30,377
3,914		 Total
£
2,532,790
-
(429,408)
(188,481)
-
1,914,901
1,914,901
2,532,790

Material investments (comprising more than 5% of the charity's overall share portfolio by value) at 5 April 2023 were as follows:

JP Morgan American Investment Trust - £120,088

Investments at fair value comprise:
Fixed interest
Equity
Managed funds
Alternatives
Cash
17
Debtors
Amounts falling due within one year:
Accrued income
Other debtors
Prepayments		 2023
£
199,772
556,645
627,747
500,360
30,377
1,914,901
2023
£
5,899
-
1,359
7,258		 2022
£
236,841
783,240
863,216
645,579
3,914
2,532,790
2022
£
1,505
249
3,294
5,048

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

18
Creditors: amounts falling due within one year
Notes
Deferred income
19
Other creditors
Accruals
19
Deferred income
Arising from Course fees paid in advance
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 6 April 2022
Resources deferred in the year
Deferred income at 5 April 2023		 2023
£
25,028
17,261
34,480
76,769
2023
£
25,028
2023
£
25,028
-
25,028
25,028		 2022
£
-
4,950
28,150
33,100
2022
£
-
2022
£
-
-
-
-

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at
6 April 2021
Income
Expenditure
Balance at
6 April 2022
£
£
£
£
Cambridgeshire Courses in Spritual Direction
7,395
15,726
(15,916)
7,205
Ignatian Spirituality Course
-
-
-
-
7,395
15,726
(15,916)
7,205		 Movement in funds
Income
Expenditure
Transfers in
Balance at
5 April 2023
£
£
£
£
7,200
(8,247)
-
6,158
52,567
(52,660)
28,629
28,536
59,767
(60,907)
28,629
34,694		 Movement in funds
Income
Expenditure
Transfers in
Balance at
5 April 2023
£
£
£
£
7,200
(8,247)
-
6,158
52,567
(52,660)
28,629
28,536
59,767
(60,907)
28,629
34,694
34,694

The restricted funds of the charity represent the assets ringfenced for the Cambridgeshire Courses in Spiritual Direction and the Ignatian Spirituality Course.

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

21 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:

Balance at
6 April 2021
£
Investment property fund
1,463,929
Investment fund
2,584,459
Freehold property fund
-
4,048,388		 Movement in funds
Income
Expenditure
Balance at
6 April 2022
£
£
£
131,114
-
1,595,043
68,493
(124,106)
2,528,846
-
-
-
199,607
(124,106)
4,123,889		 Movement in funds
Income
Expenditure
Transfers Revaluations,
gains and
losses
Balance at
5 April 2023
£
£
£
£
£
79,234
-
(579,162)
(295,115)
800,000
199,500
(414,412)
-
(429,408)
1,884,526
-
-
579,162
-
579,162
278,734
(414,412)
-
(724,523)
3,263,688		 Movement in funds
Income
Expenditure
Transfers Revaluations,
gains and
losses
Balance at
5 April 2023
£
£
£
£
£
79,234
-
(579,162)
(295,115)
800,000
199,500
(414,412)
-
(429,408)
1,884,526
-
-
579,162
-
579,162
278,734
(414,412)
-
(724,523)
3,263,688
3,263,688

Investment property fund – this fund holds the investment properties which are used for generation of income and/or capital appreciation. Included in this fund is £637,932 of revaluation reserve (2022: £587,932).

Investment fund – these funds are invested to maximise total return and generate income.

Freehold property fund – this fund holds the land and buildings which are used for charitable purposes by the charity.

THE SOCIETY OF RETREAT CONDUCTORS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

22
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 5
April 2023 are
represented by:
Tangible assets
582,259
-
Investment properties
800,000
-
Investments
1,914,901
-
Current assets/(liabilities)
(9,730)
34,694
3,287,430
34,694		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
582,259
-
-
800,000
1,595,043
-
1,914,901
2,532,790
-
24,964
3,642
7,205
3,322,124
4,131,475
7,205		 Total
2022
£
-
1,595,043
2,532,790
10,847
4,138,680

23 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 10,606 4,617

The only such costs paid by the Society, amounting to £5,856 (2022: £4,617) were to the administrator, who is the Treasurer and Company Secretary.

The Ignation Spirituality Course paid £4,000 to the course directors and £750 to their administrator.

The Cambridgeshire Courses in Spiritual Direction did not incur any costs in respect of key personnel in the current or preceiding period.

THE SOCIETY OF RETREAT CONDUCTORS

DETAILED INCOME AND EXPENDITURE ACCOUNT - SOCIETY ONLY FOR THE YEAR ENDED 5 APRIL 2023

----- Start of picture text -----
2023 2022
£ £
INCOME
Donations and legacies
- individuals 1,132 995
- Gift Aid receivable 274 249
Rents receivable 11,250 10,350
Deposit account interest 4,364 2,578
Investment income 58,742 60,408
75,762 74,580
EXPENDITURE
PROPERTY EXPENSES
-
Fuel and light 1,963
Garden expenses 2,466 125
Rates and insurance 1,803 1,541
-
Coach House property expenses 5,907
Let property expenses 5,723 7,584
15,899 11,213
GRANTS MADE 147,766 70,218
ADMINISTRATION EXPENSES
Administrator's salary 5,856 4,617
Rent 1,200 1,200
Subscriptions 35 994
Independent Examiner's fees 4,950 4,500
Legal and professional fees 13 13
Postage and telephone 1,053 921
Sundry expenses 504 58
Travel expenses 916 478
Computer expenses 2,076 837
Investment management expenses 16,608 21,204
33,211 34,822
196,876 116,253
SURPLUS/(DEFICIT) FOR THE YEAR ( 121,114 ) ( 41,673 )
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THE SOCIETY OF RETREAT CONDUCTORS

DETAILED INCOME AND EXPENDITURE ACCOUNT - CCSD FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
2023 2022
£ £
INCOME
Training 7,200 15,726
EXPENDITURE
Tutor and speaker fees 5,560 4,560
Tutor and speaker expenses 871 930
Venue hire 1,630 9,850
Printing, postage and stationery 35 40
Refreshments 8 33
Other costs 143 503
8,247 15,916
SURPLUS/(DEFICIT) FOR THE YEAR ( 1,047 ) ( 190 )
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This page does not form part of the statutory financial statements

THE SOCIETY OF RETREAT CONDUCTORS

DETAILED INCOME AND EXPENDITURE ACCOUNT - ISC FOR THE 8 MONTH PERIOD ENDED 31 MARCH 2023

----- Start of picture text -----
2023 2022
£ £
INCOME
-
Training 48,067
-
Bursary 4,500
-
52,567
EXPENDITURE
Administrator 750 -
Rent 7,000 -
Course directors 4,000
-
Tutor and speaker fees 37,550
Tutor and speaker expenses 1,754
Interview fees 800 -
Venue hire -
Printing, postage and stationery 243 -
Training 213 -
On-line hosting fees 350 -
-
52,660
SURPLUS/(DEFICIT) FOR THE YEAR ( 93 ) -
TRANSFER OF FUNDS INTO SOCIETY OF
RETREAT CONDUCTORS ON 1 AUGUST 2022 28,629
-
NET SURPLUS/(DEFICIT) FOR THE YEAR 28,536
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This page does not form part of the statutory financial statements